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Portsmouth to reveal it's financial situation at court today

Wed 17th Feb 2010 | Football Club Administration

The full extent of Portsmouth's financial problems will be revealed to the High Court today

The cash-strapped south coast club survived a winding-up order on the condition that they provided a detailed statement of their finances.

That statement must be submitted to the court and Her Majesty's Revenue and Customs (HMRC) by 1600 GMT.

Portsmouth, who are understood to be £60m in debt, will then return to court on 1 March over the winding-up petition.

The financial statement is being prepared by accountancy and insolvency experts Vantis, which was appointed by the High Court to examine the club's accounts.

HMRC had taken Portsmouth to court over an unpaid tax bill amounting to £7.4m.

As well as the VAT bill Portsmouth is disputing with HMRC, it also owes £4.7m in unpaid PAYE and National Insurance which were not part of the court petition last week.

Hong Kong-based businessman Balram Chainrai recently became the club's fourth owner of the season after taking 90% of the club shares after the previous owner Ali Al Faraj defaulted on loan payments due to him.

The club are also involved in a separate dispute with former owner Sacha Gaydamak over whether they have missed a deadline in paying a £9m chunk of the £28m they owe to him.

The Premier League are considering giving Portsmouth the parachute payments it would receive next season should they be relegated to help pay its debts.

Also in court today Burscough Football Club to face winding up petition.

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