BusinessBusiness RecoveryTaxman increases Pompey debts

Taxman increases Pompey debts

Administrators to Portsmouth FC confirm a further £17m claim from HMRC

Portsmouth FC’s debts increased to an estimated £138m, including a fresh £17m
claim from HMRC. Adminstrators for the club said the debt had increased from
£92m.

Andrew Andronikou, administrator and partner at
UHY
Hacker Young
, revealed the figures at a creditor meeting. He added the
increased HMRC claim could be due to revenue on image rights, which are usually
paid to players off-shore accounts,
The
Guardian
reported.

“The HMRC [debt] went up from £17.5m to £35m, they have had a review of
possible tax outstanding from player salaries or from image rights and they have
made an assessment,” said Andronikou.

Administrators proposed a company voluntary arrangement (CVA) earlier this
year with the details to be published later this month. A CVA is essentially an
agreement, voted for by more than 75% of the creditors, to write off a
proportion of the debts and repay the rest.

Andronikou, who was asked to give an indication of the CVA proposals, said
creditors could expect to receive 20p return in the pound for the first year and
5p per year for the next four years.

A decision on the CVA proposal is expected towards the end of this month.

Further reading:

Pompey
administrator to go for CVA

Pompey
receives £2m to cover running costs

Pompey
administrator to go for CVA

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