Portsmouth appears to be heading for a winding up order in
the High Court on Wednesday, struggling to reach a deal with
the government's customs authority over overdue tax
payments.
The winding up order goes to court in London and, if granted,
Portsmouth could become the first Premier League team to go
out of business. Last in the Premier League standings and
with its fourth different owner in six months, Portsmouth has
run into one financial problems after another this season.
The southcoast club, which won the FA Cup two seasons ago,
has missed paying its players and staff on time on four
different occasions this season. It was banned from buying
players in the January transfer window and, when it sold
players, the Premier League passed the money on to clubs
which were owed cash.
Now it is the subject of a winding up order by the Revenue
and Customs authority and such a ruling could put it out of
business.
Its latest owner, Hong Kong businessman Balram Chainrai, said
within days of taking over that it was only a short-term
arrangement and he was looking for someone else to buy the
ailing club. Chainrai only took over Portsmouth because he
had loaned the club money and he had reportedly become
frustrated after and it had missed several repayment
deadlines.
When the season started, Israel-based businessman Sacha
Gaydamak was in charge of Portsmouth and sold it to United
Arab Emirates investor Sulaiman Al-Fahim. His ownership
lasted less than six weeks as he failed to refinance the club
and told it on to Saudi businessman Ali Al-Faraj.
Al-Faraj's takeover was portrayed as rescuing the club. But
he struggled since October to find investors to pay taxes and
the debts owed to other clubs.
Portsmouth chief executive Peter Storrie said ahead of
Tuesday's Premier League game against Sunderland that there
appeared to be progress towards finding new owners.
"I already have more than one interested party and am hopeful
that we can finally find owners who have the best interests
of everyone at the club at heart in order to move us
forward," he wrote in the club's match magazine.
