Source: Team_Talk
Pompey creditors accept deal
Portsmouth's future remains shrouded in doubt after tax officials insisted they still owe £37million in unpaid bills to HM Revenue and Customs.[LNB] Apart from HMRC, Portsmouth's creditors have voted overwhelmingly - by 81.3% - in favour of a deal which would see the club exit administration and avoid any points deduction in the npower Championship next season.[LNB]HMRC, who oppose the Company Voluntary Arrangement (CVA) which will see non football creditors receive only 20p for every pound they are owed, are not backing down.[LNB]They have 28 days to appeal but it is understood they are keen to avoid a court fight against Portsmouth's administrators.[LNB]HMRC said in a statement: "HMRC notes that the result of today's vote was to accept the CVA proposals. We will now be carefully considering our position.[LNB]"HMRC stands by the full amount of its claim. We will now carefully consider our position following chairman's decision to reduce the amount of our claim for voting purposes."[LNB]HMRC are challenging the Premier League and Football League's rule that 'football creditors' get priority in having their debts paid off first and in full.[LNB]The statement added: "HMRC believes the so called "football creditors rule" is unfair, unlawful and unacceptable.[LNB]"It cannot be right for millions of pounds worth of assets and income of Portsmouth FC to be earmarked for payment of football debts in full while other creditors - including the public purse - have been offered a mere 20p in the pound over five years."[LNB]Andrew Andronikou, the man appointed by an insolvency court to be Pompey's administrator, only gave HMRC voting rights for £24million debt rather than £37million, in effect preventing them from blocking the CVA vote which needed 75% of creditors in favour.[LNB]He claims the other money relates to image rights and should be not be considered part of the club's debts.[LNB]Andronikou told a meeting of creditors today that the CVA had been "duly approved".[LNB]Nigel Tresidder, chairman of the Pompey Supporters' Club central branch, attended the meeting and said he was buoyed by the outcome but concerned about the continuing uncertainty.[LNB]He said: "It's excellent news other than HMRC have 28 days to appeal against it.[LNB]"I think the people in charge of the club are confident of winning any appeal but it's time the uncertainty came to an end."
