Portsmouth could have yet another owner

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

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:

pin survival hopes on fifth owner of the season

helps Portsmouth FC

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