Source: Daily_Mail
Pompey look to settle £7.5m debt in order to save club from administration
Portsmouth were locked in talks on Monday night to reach a deal over their £7.5million tax debt in a last effort to save the club from administration.The Barclays Premier League's bottom club are due in the High Court in London on Wednesday to face a winding-up order from HM Revenue and Customs after failing on Monday morning to get the case postponed. Caught up in it all: Despite the efforts of the players boardroom uncertainty is continuing to damage PortsmouthEmperors new clothes: Balram Chanrai is the club's fourth owner already this seasonBut instead Pompey's latest owner Balram Chainrai openednegotiations to reach a settlement on the bill which relates to VAT on transfer dealings.Club spokesman Gary Double confirmed: 'We have started discussing a settlement and those talks will go on all day if necessary to reach a solution.'Chainrai and club chief executive Peter Storrie have been pleading for more time to find new investors to save thecrisis-ridden club which currently lies six points adrift at the foot of the Premier League table.Storrie said: 'We need time for a new buyer to come in and then we will be in a position to pay.'The only alternative for Chainrai is to make Portsmouth the first Premier League club to go into administration, but that would put at risk the £17m he has loaned them to pay players' wages and other debts in recent months.Portsmouth manager Avram Grant is signing former Blackburn striker Shabani Nonda in a last-ditch attempt to spearhead a miracle relegation escape. Ex-Roma and Monaco star Nonda, 32, is a free agent after being released by Galatasary last month. Nonda scored seven goals in 26 games during a six-month loan at Ewood Park during the 2006-07 season. Pompey have scored just 19 goals in 24 League games. Portsmouth chief reveals club are set for their FIFTH owner of the seasonPortsmouth FC: Born 1898, died 2010? Financial meltdown could spell end for proud Fratton Park club after 112 yearsPortsmouth attempt to delay winding up order as judgement day approachesManchester United 5 Portsmouth 0: Grant still pining for John TerryPORTSMOUTH FC