Leaders
Dallmeier

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

Mats Hummels Joins Juan Mata For Common Goal

Thu 17th Aug 2017 | Money & Finance

Bayern Munich and Manchester United stars unite behind Common Goal #CommonGoal World Cup winner and Bayern Munich player Mats Hummels has become the second footballer to join Common Goal , pledging 1%...

Aldershot Town Gets Financial Support From Council

Tue 15th Aug 2017 | Money & Finance

Aldershot Town Football Club has confirmed that Rushmoor Borough Council has agreed to a package of financial support for the club, including rent and rates relief, until 2021. Following on-field...

Chinese debts emphasize need for local players’ association

Thu 27th Jul 2017 | Money & Finance

FIFPro is ready to offer assistance to professional footballers in China and other parts of the world where local player associations do not yet exist. Media reports this week revealed several Chinese...

SPFL: No fresh tax scheme sanctions against Rangers

Wed 26th Jul 2017 | Money & Finance

The SPFL Board today announced, following legal advice from eminent Senior Counsel, Gerry Moynihan Q.C., that there will be no further disciplinary proceedings taken by the SPFL connected with the use...