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Official Premier League 2009/10 thread


Lineker

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I hear that Portsmouth had up until 5pm today to negotiate with the taxman a final offer.

Tomorrow is when the club goes to court over that money.

Thursday is the day Portsmouth cease to exist (should they not pay the taxman the full amount)

From what I hear, Portsmouth owe the taxman about 8m and tried to negotiate paying 1m upfront :/

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So this isn't a scare tactic, they could actually go out of business?

The only income from an outside source at the moment is from a Chinese loan, a Chinese loan that was brought in because no banks or reputable sources would put any money into Portsmouth.

There is no guarantee that the guy had the money in the first place... but the loan is guaranteed... meaning that if Portsmouth go under, then the loan would be paid back above anything else.

HMRC need the money right now. The choice is whether the Chinese guy decides to just sit back and collect the money, or whether he wants to pay off the HMRC and try and flog Pomey as a Championship club in 6 months time.

The only problem is that HMRC might contest the secured loan... and say that there is no way that he should be favoured above other creditors, meaning that Pompey will fold and this Chinese 'millionaire' will lose 17m that he paid into the club.

It all boils down to whether the HMRC want to contest his loan.

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I really do hope Pompey can keep themselves running. I can't even imagine how gutted I'd be if my team went bust after a lifetime of supporting them just because a few outsiders with no interest in the team mismanaged the club horribly. The Glazers are far from ideal but at least we have pretty much no chance of going out of business.

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So did that draw help Portsmouth at all, or did it just screw Sunderland?

If Pompey do go under then all results against them will be void, so everyone will lost their points they won against them.

From what I've seen on Sky Sports news, the sources say that the Inland Revenue have rejected a cash offer.

EDIT: Apparently the future of Pompey will be decided within the next hour

Edited by karlosJC
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Only just heard that the case has been adjourned until 2pm GMT.

And there are 4 options for Portsmouth.

1. they pay their tax bill

2. It get adjourned for a further 28 days.

3. Administration and a 9 point deduction (which would almost certainly mean relegation )

4. Liquidation. (No more Portsmouth FC)

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