Portsmouth creditors accept deal 18/06/2010 |
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Portsmouth’s future looks to have been secured following the decision by creditors to back a deal which will help the club climb out of administration.
Creditors of the Championship club are owed £105m and the acceptance of a Company Voluntary Agreement (CVA) was passed with 81.3% of the vote.
The only opposition came from HM Revenue and Customs who are currently in dispute with the club’s administrators.
HMRC has 28 days to appeal against the decision and could make a move with the authorities claiming they are owed far more than the £24 million being suggested by Portsmouth’s administrators.
After the meeting, HMRC issued a terse statement that gave little away apart from its continued annoyance with the situation at Portsmouth.
"HMRC notes that the result of today's vote was to accept the CVA proposals,” said HMRC in a statement.
“We will now be carefully considering our position. HMRC stands by the full amount of its claim (£37m). We will now carefully consider our position following (the administrator's) decision to reduce the amount of our claim for voting purposes."
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