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Building D5
Fairoaks Airport
Chobham
Surrey
GU24 8HU
Tel: 0871 399 0089
Fax: 01276 858010
View map
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Portsmouth in financial storm
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Portsmouth is apparently far from financial stability. While players and staff were not paid again in December, the club have also seen Her Majesty's Revenue and Customs (HMRC) apply for a winding-up order in relation to tax disputes. Former owner, Sacha Gaydamak, has also came forward and told the Guardian that he is owed at least GBP 28 million by the new owner Ali al-Faraj.
The club, that had to borrow GBP 5 million to pay the wages for November and October, announced that the outstanding salaries will be paid on 5 January. "Portsmouth Football Club expect to pay their first team squad's December salaries on Tuesday 5 January," read a club statement. "The club have been speaking to the PFA and the players have been informed. The club have been assured of receipt of funds by Tuesday and the owner and board have been working hard on resolving the short term delay." The club admitted that they are involved in a dispute with HMRC over outstanding VAT amounts, however the winding-up move came as a surprise and now Portsmouth could be the first club in the Premier League history to be issued with such petition. A statement released by the club read: "Portsmouth Football club has not been formally served with a winding up petition and is shocked and surprised this action has been taken in respect of VAT, PAYE and National Insurance contributions which either have been, or are about to be paid, or are disputed. "The club is disputing the VAT amount outstanding and has formally notified HMRC of this. We expect HMRC to withdraw their demands forthwith. "Otherwise we anticipate a hearing being held in early January 2010 during which we will request that the High Court order HMRC to withdraw their demands. Since the takeover by Ali Al Faraj in October 2009 the new owner has injected a total of GBP 9.7 million to HMRC. |
