Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Portsmouth's Bank Account Frozen

Tue 31st Jan 2012 | Money & Finance

Portsmouth have failed to pay their players’ wages after its accounts were frozen following a winding-up petition that was issued by HMRC.

A statement released by the club yesterday read:

“Further to our recent update that a winding-up petition has been issued and publicised to Portsmouth Football Club, the club’s bank accounts have been frozen, which is the normal process in these circumstances.

“The club is now seeking a validation order from the court in order to have its bank accounts unfrozen so that staff wages and suppliers can be paid. This is expected to take a few days and once obtained this will allow our bank accounts to be reactivated.

“Based on our current information we expect this process to be completed by the end of the week and would like to thank all our staff, fans and suppliers for their ongoing support.”

HMRC issued the petition following the revelation by administrator Andrew Andronikou, that they had missed two tax payments of £800,000 to HMRC.

Portsmouth will now appear in court on the 20th Feb and face being forced out of business unless new funds can be found.

The club’s parent company, Convers Sports Initiatives (CSI), was placed in administration in November 2011 following the arrest of its Russian owner, Vladimir Antonov. But the club’s administrator has struggled to generate expected funds from the sale of other CSI businesses that might have assisted the club's position.

The club's working capital position has therefore been severely stretched while they seek to resolve the ownership situation and has resulted in the debts that are due to HMRC.

It’s reported by BBC South that any prospective purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Balram Chainrai and Alexandre Gaydamak.

Written by: Aaron Gourley

http://www.buttonshut.com http://www.buttonshut.com http://www.buttonshut.com

---------------------------------------------------------------------------------------------------

RETURN TO LATEST NEWS SECTION

SUBSCRIBE TO THE FCBUSINESS RSS FEED

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Shrewsbury Town’s Safe Standing Crowdfunding Campaign Success

Tue 17th Oct 2017 | Money & Finance

In an historic achievement, Shrewsbury Town Football Club are one step closer to being the first club in England and Wales to introduce safe standing at their Montgomery Waters Meadow stadium,...

Average Premier League Ticket Costs £32

Fri 13th Oct 2017 | Money & Finance

The average price of watching a Premier League match costs £32 according to research released today. The Premier League, working with professional services company EY, has conducted in-depth...

FC Barcelona to become world’s top earning sports club

Thu 12th Oct 2017 | Money & Finance

FC Barcelona announced on Wednesday the financial reports that it will present at the Club’s Ordinary General Assembly on 21 October, when it will share the annual report with member delegates...

Premier League clubs must sell over 2 million tickets to earn back total transfer spend this season

Thu 5th Oct 2017 | Money & Finance

Each year, the summer transfer window is the most highly awaited time of year for football fans, and clubs alike. It's an opportunity to sign top-quality players to heighten the club's chances of...