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Recently-relegated Championship club Portsmouth have announced their creditors have accepted a deal which should see them finally exit administration following a particularly difficult season.
The south coast side finished bottom of last term's English Premier League after the scale of their debts became apparent, but 81.3 per cent of creditors voted in favour of Portsmouth's offer, which will see them receive 20p in the pound until 2015.
However, HM Revenue and Customs has already registered its opposition to the arrangement and reiterated its opposition to the football creditors rule, which it described as "unfair, unlawful and unacceptable".
"It cannot be right for millions of pounds worth of assets and income of Portsmouth FC to be earmarked for payment of football debts in full while other creditors - including the public purse - have been offered a mere 20p in the pound," it said.
Portsmouth are now believed to be on the verge of appointing former Notts County boss Steve Cotterill as their new manager.
Written by Paul Roberts
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
