Portsmouth Set to Evade High Court Wind Up

Tuesday, 9th February 2010

Portsmouth claims they are close to sealing a deal with Her Majesty’s Revenue & Customs to ensure the avoidance of being wound up in the High Courts. It is believed a large portion of the debt will be paid by new temporary owner Balram Chainrai, with the rest to be rescheduled – saving Portsmouth from being the first top-flight club to go into administration.

Gordon Farquhar of BBC Radio 5 live said, "With the new, albeit probably temporary, owner in place and some cash in hand from player sales in the transfer window, Portsmouth are in a much better position to negotiate with HMRC to try to find a way around their demands.”

Portsmouth have been suffering from financial crisis throughout their season, and with the recent takeover of Chainrai, are spectacularly under their fourth owner of the season.

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