Business Directory

Browse the Directory

Sign Up to the Directory

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

HMRC to challange Portsmouth's CVA

Tue 8th Jun 2010 | Money & Finance

It has been reported that the taxman is set to reject Portsmouth Football Club's plans to save itself from collapse, as it regards the troubled club's offer of 20p in the pound return to creditors as too low according to Accountancy Age.

A source from HMRC told the finance magazine "[Portsmouth Football Club] have offered 20p in the pound to creditors, which we don't regard as an acceptable return to the taxpayer,"

Portsmouth is hoping to hammer out a Company Voluntary Arrangement (CVA), giving the South Coast outfit the ability to carry on as a football club - with a creditor meeting scheduled for next week.

The club needs 75%, or more, of creditors to vote in favour of the CVA for it to be approved.

Because of the amount of money owed to the taxman, the agency holds 25% of the vote.

"We are determined to achieve a decent return to the taxpayer," the source added.
HMRC had previously changed the first draft of a CVA as it wanted the proposal to include a liquidation in order to investigate antecedent activities.

Accountancy Age revealed earlier this month that HMRC filed a writ against the Premier League regarding its controversial "football creditors rule ".

The FCR essentially means all football creditors, including players and managers will be paid in administrations, with the money usually deducted from payments received through TV rights.


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

Don’t forget to subscribe to F.C. Business Magazine to keep up to date with the latest comment from the football world. Click here to subscribe

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...