BusinessBusiness RecoveryPortsmouth could have yet another owner

Portsmouth could have yet another owner

Vantis statement of financial affairs looked over by investment vehicle which could buy the club

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:

Portsmouth
pin survival hopes on fifth owner of the season

Vantis
helps Portsmouth FC

Related Articles

Ex-Vantis director takes board role at financial services business

Business Recovery Ex-Vantis director takes board role at financial services business

6y Rachael Singh, Writer
Grant Thornton appointed liquidators to Stanford International

Accounting Firms Grant Thornton appointed liquidators to Stanford International

6y Rachael Singh, Writer
HMRC to lose £10m from Vantis collapse

Accounting Firms HMRC to lose £10m from Vantis collapse

7y Rachael Singh, Writer
FRP took on £11m of debt from Vantis

Accounting Firms FRP took on £11m of debt from Vantis

7y Rachael Singh, Writer
Invasion of the IPs

Business Recovery Invasion of the IPs

7y Rachael Singh, Writer
Vantis sale process months in the making

Business Recovery Vantis sale process months in the making

7y Rachael Singh, Writer
Consortium buys seven Vantis offices

Business Recovery Consortium buys seven Vantis offices

7y Rachael Singh, Writer
Stanford liquidators fight to stay on after Vantis MBO

Business Recovery Stanford liquidators fight to stay on after Vantis MBO

7y David Jetuah, Reporter