Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

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

Portsmouth FC could exit administration

Thu 17th Jun 2010 | Money & Finance

Portsmouth's creditors have voted overwhelmingly in favour of a deal which should see the club exit administration according to Football365.com.  

A total of 81.3% of the creditors voted in favour of the Company Voluntary Arrangement (CVA) which will see them receive only 20p for every pound they are owed over the next five years.

That would allow the club to come out of administration and avoid any points deduction in the Championship next season.

However HM Revenues and Customs, who opposed the agreement, still have 28 days to appeal against the decision.

Portsmouth's administrator Andrew Andronikou told the meeting that the CVA had been "duly approved". He also said that he had managed to reduce HMRC's claim from £37million to £24million, in effect preventing them blocking the CVA agreement.

HMRC could still go to court to challenge the amount of debt the administrators says they are owed.

Nigel Tresidder, chairman of the Pompey Supporters' Club central branch, attended the meeting and said he was buoyed by the outcome but concerned about the likelihood of HM Revenue and Customs appealing.

He said: "It's excellent news other than HMRC have 28 days to appeal against it.

"I think the people in charge of the club are confident of winning any appeal but it's time the uncertainty came to an end."  

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

Watford FC: An Unlikely Financial Success Story?

Wed 26th Apr 2017 | Money & Finance

The business model carried out by the owners of Watford FC is unlikely to be adopted by too many sectors outside of football, but by hiring and firing a conveyor belt of managers, they have managed to...

Newcastle United & West Ham Face Tax Investigation

Wed 26th Apr 2017 | Money & Finance

Newcastle United and West Ham United have been targeted by HMRC for alleged Tax and National Insurance fraud. Officers are understood to have raided the offices at St James’s Park and the London...

Premier League Revenues Grow But Losses Return

Thu 20th Apr 2017 | Money & Finance

Premier League clubs’ revenues increased to a new record of £3.6bn in 2015/16, according to Deloitte, the business advisory firm. Analysis of the financial results of Premier League clubs...

7 Tips From The Best Online Football Merchandise Stores

Thu 13th Apr 2017 | Money & Finance

CEO, Lewis Holland and the team at DiscountIF team have been studying various merchandise stores of football clubs in the UK. This article was originally posted here. We’ve compiled a short list...