tony13579

At the moment there is an offer of 20p in the pound over 5 years (or 4p a year. If the football creditors rule was overturned, and the club was liquidated/ asset stripped after the first parachute payment arrives the creditors may well get more now than the 4p proposed.

They are going to put Pompey on the spit roast and not take them off till they have a nice bit of crackling :smt038

http://www.portsmouth.co.uk/frattonlatest/Taxman-sues-Premier-League-for.6338476.jp Taxman sues Premier League for £35m Date: 03 June 2010 The taxman is suing the Premier League in the wake of Pompey's financial meltdown. Her Majesty's Revenue and Customs has launched legal action against the league over its football creditors rule, which ensures teams, players and managers get paid back in full if a club goes into administration. 'We believe the football creditors rule is fundamentally unfair to HMRC and other creditors and we will be going the whole hog to try and overturn it,' said a HMRC source. It is not yet known if the legal action will have a bearing on how HMRC will vote on Pompey's proposals to offer unsecured creditors 20p back for every pound they are owed. HMRC has issued writs against both the Premier League and the Football League on the basis it thinks it is unfair clubs, players and managers are repaid in full, leaving taxpayers and the rest of the unsecured creditors out of pocket. In Pompey's case, HMRC is owed £35m but will only receive around 20 per cent of the cash back if it accepts the club's Company Voluntary Agreement proposal on June 17. However, football creditors will be paid the full £22m owed to them out of future TV revenue and parachute payments. HMRC said it was taking legal action to 'protect the integrity of the tax system.' Last night, a Premier League spokesman said: 'The league will robustly defend its position.' HMRC previously challenged the football creditors rule in 2004 as part of a case involving Wimbledon, but that attempt failed. However, HMRC believes it has a better case on the back of Pompey going into administration.

Now why didnt I work that out .... great one Hutch With the writ, an added bonus that all the PL/Pompeys dirty washing will be washed in court and they will blame Pompey

Lol, no special inside knowledge.... I would like to claim a nose for the right places and words to google, newsnow. And a compass to sniff out the story. But on this occasion my colleage Mark spotted it.

Its taken two weeks to leak out. add it togetther with the PL imposing the limpitt. the dots are indeed begining to join up

http://www.financialdirector.co.uk/accountancyage/news/2263990/hmrc-lines-football-creditor Breaking news: HMRC tackles Premier League football creditor rule Rachael Singh, Accountancy Age, 02 Jun 2010 Taxman issues writ against Premier League, aiming a kick at the controversial football creditor rule The taxman is taking the Premier League to court in what is another attack by HM Revenue & Customs against the controversial football creditors rule. Accountancy Age has learned that HMRC filed a legal writ against the Premier League on 18 May. Currently if a club enters administration they are bound by the football creditors rule, meaning some creditors such as players and managers will be paid in full from the administration and the remaining payments divided between the unsecured creditors including HMRC. The tax office said that due to the duty of confidentiality it could not comment on individual cases, but made no secret of its disdain for the football creditors rule, labeling it "unlawful". "HMRC‘s view is that there is nothing in insolvency legislation that provides for unsecured debts due to “football creditors” to be paid in preference to other unsecured creditors such as HMRC. "Our view is that the practical application of the so called 'Football Creditors Rule' may be unlawful. We have nothing further to add at this stage." In the Portsmouth administration the football creditors are expected to receive their full repayment of £22.4m funded by the Premier League’s deductions in the club's allocated TV revenue. However, unsecured creditors who are owed an estimated £83m are expected to be repaid around £16.5m over the lifetime of the CVA - usually five years. In the CVA proposal document administrators claim that HMRC is taking action against the unfair advantages by football creditors. "It is understood that a separate action is being initiated by HMRC against the football creditors rule, it is therefore not intended that a challenge to the football creditor rule will be undertaken by the future liquidators of the original company," it said. The Premier League declined to comment on the details of the legal case.

I would agree that Pompey fans are being cheated financially. But on the pitch you have cheated by playing players you can't afford and shouldn't have. On a possitive side you have had world class players to watch for a couple of years and only paid a fraction of what they realy cost. I guess the pay back will be the next 5 years, enjoy the trip.

http://www.portsmouth.co.uk/sport/Storrie-set-for-Blues-exit.6329667.jp http://www.portsmouth.co.uk/sport/Pompey-to-sell-stars-to.6330246.jp this could be prep for something bigger

Page 16 of the PFC in admin report. So why is Storrie still there? The creditors were mislead that ISM were to do this work BECAUSE THEY HAD NO PREVIOUS DEALINGS WITH THE CLUB.

I recall reading "agree conditionally" refered to there must be an investigation into the financial goings on at Pompey.

Done

Is this a simple revenue avoidance charge or a test case over image rights tax avoidance?

If found guilty , there is a nice house on Hayling Island that can be taken as "Proceeds of crime"

That has made my morning

1,000,040 tssk AghhhhhHHHHHHH .... thud

I have this image in my mind of a coffin at the crem.... and the family and the voice comming out "I want to get out of the gox"

http://www.portsmouth.co.uk/sport/Storrie-to-have-say-in.6314730.jp Storrie to have say in search for new boss Peter Storrie will help Pompey identify Avram Grant's replacement. Andrew Andronikou has revealed the Blues' former chief executive will have a say in the search for a new boss. Storrie is currently at Fratton Park in a consultancy capacity, a role which is expected to continue until the end of June. He is presently charged with dealing with player sales as Andronikou seeks to raise £15m this summer. New chief executive David Lampitt will be on board on June 1, when he has served out his notice with the FA. The current head of football integrity will front a new board earmarked to be in place should the CVA be granted next month. Ultimately, Lampitt will have the biggest say as Pompey attempt to identify the right man to lead them in the Championship next season. But Andronikou has admitted it would be folly not to also seek Storrie's input considering his extensive experience in the game. He said: 'Peter is focused on selling players at present. 'His experience is second-to-none and he will also have his opinions, which we will consider. 'We will obviously be interested in his views regarding potential candidates and will be speaking to him about those. 'Really, the decision is down to our in-coming chief executive. It is his decision, 100 per cent. 'But we will also be using Peter's experience in the process.'

If they got into Europe (but they wont) With the players they will have next year (If they suvive the summer!) they willl be totally outclassed and an embarasement. (They are allready)

Aruna Dindane close to £2.5m Bolton switch as former Portsmouth striker turns back on Panathinaikos Read more: http://www.dailymail.co.uk/sport/football/article-1279327/Aruna-Dindane-close-2-5m-Bolton-switch-Portsmouth-striker-turns-Panathinaikos.html?ITO=1490#ixzz0oHRL5iOQ Michael Brown 'leaving Portsmouth to join West Brom in Premier League' http://www.metro.co.uk/sport/football/826708-michael-brown-leaving-portsmouth-to-join-west-brom-in-premier-league Woo Hoo PS: does Storrie get a transfer bonus for each player sold still or does that just put them in more debt?

I was thinking about hiring out thick perspex sheets to put infront of the telly just incase they score or you want to throw coins at them.

http://www.telegraph.co.uk/sport/football/leagues/premierleague/chelsea/7719775/FA-Cup-final-Chelsea-v-Portsmouth-preview.html This is the 129th FA Cup final and the first time these teams have met in the competition at this stage. In all, they have played three times previously in the FA Cup with one win apiece and one game drawn. But Portsmouth have failed to beat Chelsea in their last 27 meetings, in all competitions. Since Portsmouth beat Chelsea 1-0 in a League Cup tie, in December 1960, the teams have met 27 times with the London club winning 21 games and the remaining six finishing in draws.

I watched BBC Breakfast this morning and there was loads about football world cup, Beckham... but not, not a word about FA Cup... Have some in the BBC got the message? This years underdogs are C H E A T S!

£34 thousand??? £34 million??? If thier pension deficit was revalued in a tri-annual valuation based on the low stockmarket values around over the last year I can easily see a £34 million debt turning into £50 million.

Rob lloyd said the figures are going to be tight at 20p in the £1. ..... But he isnt paying it! Its 4p in the pound now and 4p a year coming out of parachute money! What help to any bussiness or school whos had thier fingers burnt by pompey is 4p? Does it pay the wages? the fuel? 4p in the pound isn't even realy the interest on the money! Its not 20p in the pound... its 4p.... do you realy think they will vote to accept? I would rather see them melt down than accept 4p.