|
|
19 Feb 2010
Premier League football club, Portsmouth, could be bought for the fifth time this season by a Hong Kong investment vehicle.
Portsmouth was recently embroiled in liquidation disputes with the club being forced to prove it was not insolvent in February this year.
HMRC took Portsmouth, along with several other clubs, to the High Court earlier this month with a winding up petition for unpaid taxes.
The taxman believes the football club owes them £12.1m in VAT, PAYE and National Insurance contributions, however Portsmouth are disputing £7.1m in VAT The Guardian reported.
Accountancy firm Vantis were appointed to provide "a statement of financial affairs" for the club to be submitted to the court. The club is expected to have another high court hearing on 1 March 2010 on its debt issues.
A spokeswoman for Vantis said they were not "aware" of any plans for the firm to "undertake any restructuring" work.
Endeavour Plan, the Hong Kong investment vehicle, is reported to have seen documents relating to the clubs financial position and has informed the club's chief executive of its interest in buying it from current owner Balram Chainrai.
The revelation came to light when the club produced its financial statement of affairs to the court on Wednesday 17 March.
The investment company believes that they will be able to repay creditors in
a year.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
17 March?
the next time this is a Wednesday is ijn 2011
did the article mean Tuesday 17 Feb 2010?
Posted by: geoff wolf, 19 Feb 2010 | 00:00