Source: Telegraph
Portsmouth's finances scrutinised by Inland Revenue officials
The club were ordered to set out their full financial position to the court by 4pm on Wednesday, with Her Majesty's Revenue and Customs given until Friday afternoon to file its response. [LNB]HMRC has brought a winding-up order against the club and a final hearing before a judge has been scheduled for March 1. [LNB] Related ArticlesWhelan tells Premier League to address debt crisisProud Portsmouth battle onPremier League may help PortsmouthSaints enjoy rivals' plightRedknapp supports PortsmouthSport on televisionPortsmouth were ordered to produce the statement of affairs last month to demonstrate that the club are not, as alleged by HMRC, trading while insolvent. [LNB]HMRC is claiming about £12 million in unpaid tax, with the club facing a further £1.5 million bill for PAYE and National Insurance at the end of the month. [LNB]Administration increasingly appears the most likely outcome for the club, with the search for new owners or investment yet to bear fruit. [LNB]The club have claimed that there are two interested parties but time is short before the court hearing to close a deal that would see the club's £60 million debts satisfied or guaranteed. [LNB]Voluntary administration would bring a nine-point penalty, but HMRC would recover a portion of its debt and Portsmouth's present owner, Balram Chainrai, would retain some control. [LNB]
