Originally published Wednesday, December 30, 2009 at 9:21 AM

Pompey could face bankruptcy after court hearing

Portsmouth could become the first Premier League soccer club to be declared bankrupt after being given a deadline to clear its debts by British revenue officials.

By ROB HARRIS

AP Sports Writer

LONDON —

Portsmouth could become the first Premier League soccer club to be declared bankrupt after being given a deadline to clear its debts by British revenue officials.

HM Revenue and Customs filed a winding-up petition against Portsmouth at London's High Court on December 23, but a full hearing will not be held until Feb. 10, according to details provided Wednesday by the court.

If HMRC hasn't recovered its money from Portsmouth by then, the club could be declared bankrupt and a receiver appointed.

Portsmouth, which is bottom of the league, was preparing a statement Wednesday to issue to the media.

The south-coast club, which has had three owners since August, has been struggling financially for several months - failing to pay its players twice this season.

The south-coast club has been subject to a transfer ban by the Premier League since October because of its outstanding debts.

The indefinite sanction, which stops the club buying players in January's transfer window and beyond, was imposed to prevent the last-place club's liabilities and wage bill increasing.

Pompey was on the brink of administration before the season started in August as Sacha Gaydamak tried to sell the cash-strapped club. Premier League officials are understood to been working with the club since the offseason to prevent it from going into administration.

The desperate financial situation looked to have been eased in late August when Sulaiman Al-Fahim completed his protracted takeover, but the Dubai businessman's tenure lasted less than six weeks as he failed to refinance the club and pay the players' wages on time.

Saudi Arabian property magnate Ali Al-Faraj's subsequent takeover was portrayed as rescuing the club, but he has struggled since October to find investors to pay off the debts owed to other clubs and HMRC.

E-mail article Print Share

More Sports

NFL, union resume labor talks at mediator's office

UPDATE - 08:52 AM
Hundreds attend funeral for fallen Mich. player

UPDATE - 09:40 AM
Norway's Tarjei Boe wins men's biathlon at worlds

Crying is OK, but admitting it is apparently not

NEW - 08:46 AM
Tripoli ruled unsafe for international soccer

More Sports headlines...

Comments

No comments have been posted to this article.

Read all comments / Share your thoughts