Source: Telegraph
Portsmouth await High Court decision over winding-up order
It had been suggested that the hearing would be delayed until 2pm to allow the club to put forward its defence.However, it is understood that the case is currently in session and a verdict will be announced shortly. Related ArticlesPortsmouth crisis: timelineGrant: I cannot fight against whole worldPortsmouth 1 Sunderland 1Portsmouth seek High Court adjournmentPremier League actionBenjani hopes to have last laugh on KanuAccording to reports, HMRC have already rejected a cash offer from the football club. Portsmouth supposedly offered a down payment of £1.5 million to settle debts of about £7.5m, but HMRC want £4m. A 28-day adjournment would give Portsmouth time to put their appeal together against the £7.5m that is being claimed for unpaid VAT, after a day of talks between the two parties failed to reach a settlement. Should Portsmouth fail, it could, ultimately, lead to the club becoming the first in the Premier League to go into administration and suffer a nine-point penalty. Worse still the club could even face liquidation and go out of business completely. Notts County were recently granted a period grace after being presented with a similar winding-up petition from HMRC and are still threatening with immediate liquidation proceedings if they fail to pay their debts. Portsmouth have a similar scenario but will argue that following Balram Chainrai's takeover last week, when Ali Al Faraj defaulted payments on a loan, the Hong Kong businessman is working to improve the finances, having paid off other creditors in the petition and is in talks with new investors. On Tuesday night chief executive Peter Storrie claimed there were interested parties, and said: 'We will be running the business and the priority will be to deal with the winding up order from HMRC and to find a long-term owner for this great club.' Portsmouth have debts of £60 million and are bottom of the Premier League. Their financial woes have meant their staff have been paid late on four occasions this season.