Portsmouth eye escape route
Published 22:09 08/02/10 By Darren Lewis
PORTSMOUTH could be given a stay of execution tomorrow over an unpaid £7.5million tax bill.
They face being wound up in the High Court, but Revenue and Customs have more chance of getting their money if the Premier League’s bottom club continues as a going concern.
And last night Portsmouth offered to pay £3m of the debt in a lump sum and the rest in instalments.
Pompey are due more funds from TV payments this term and could argue that they can improve their finances by selling players in the summer.
The most likely scenario is they will go into administration – with a nine-point penalty confirming relegation – then receive parachute payments of about £25m over the next two years.
Balram Chainrai became the fourth owner this season when he acquired a 90 per cent share in the club. But he is largely intent on recovering money owed to him and is looking for other investors to take responsibility for the long term.
Boss Avram Grant insists they will go out fighting should the High Court hearing go against Pompey and tonight’s clash with Sunderland prove to be their last.
He said: “I've told my players we’re not going to give up,” he said. "When things get difficult you have to show more spirit and more fight.
"This city gave me my first chance in the Premier League and I want to keep this team and this club with its dignity until the very end."
