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Page last updated at 16:07 GMT, Wednesday, 17 February 2010

Portsmouth reveal financial position to High Court

Fratton Park
The Fratton Park club have had four owners already this season

The full extent of Portsmouth's financial problems was revealed to the High Court on Wednesday.

Last week, the cash-strapped club survived a winding-up order on the condition that they provided a detailed statement of their finances.

Portsmouth said that statement was delivered to the court and Her Majesty's Revenue and Customs (HMRC) by the 1600 GMT deadline.

Pompey will return to court on 1 March over the winding-up petition.

The Premier League's bottom-placed club are understood to have debts of around £60m but are hoping to show they will be able to repay their debts.

The financial statement was 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.

Eight points from safety, the Premier League's basement club's financial woes have meant their players have been paid late on four occasions this season.

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 recently withheld £2m of transfer payments and a £7m slice of television revenue to divert to Chelsea and Watford for the signings of Glen Johnson and Tommy Smith respectively.

The Fratton Park club are also being sued by former defender Sol Campbell for £1.7m for unpaid image rights.

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see also
Pompey chairman denies debt claim
17 Feb 10 |  Portsmouth
Utaka hits out at salary reports
17 Feb 10 |  Portsmouth
Pompey draw strength from crisis
13 Feb 10 |  Portsmouth
Pompey get provisional court date
12 Feb 10 |  Portsmouth
Pompey given extra time by court
10 Feb 10 |  Portsmouth
Pompey takeover to be challenged
04 Feb 10 |  Portsmouth
Cardiff winding-up order delayed
10 Feb 10 |  Cardiff
Southend court hearing adjourned
10 Feb 10 |  Southend
Groups 'express Pompey interest'
07 Feb 10 |  Portsmouth
Man Utd 5-0 Portsmouth
06 Feb 10 |  Premier League
Pompey site back after shutdown
28 Jan 10 |  Portsmouth
Portsmouth give wages assurance
02 Feb 10 |  Portsmouth
Storrie refuses to quit at Pompey
29 Jan 10 |  Portsmouth
Portsmouth transfer embargo ended
26 Jan 10 |  Portsmouth
Pompey 'working hard' to pay debt
15 Jan 10 |  Portsmouth

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