16 Jul 2010HMRC appeals against Portsmouth deal

Football Clubs News | Football Finance News

Recently-relegated Championship football club Portsmouth have had their current transfer embargo extended while an appeal against a recent Company Voluntary Agreement (CVA) is resolved.

According to BBC Sport, HM Revenue and Customs (HMRC) has registered its disapproval of a CVA which would have seen the South Coast outfit's unsecured creditors receive repayments of 20p in the pound.

"We are acting in the interests of all those creditors who are not in the football industry. We don't think it's right that they are offered 20p in the pound against full repayment all others," an HMRC spokesman explained.

It is understood that newly-appointed manager Steve Cotterill, who joined from Notts County during the close season, will have little opportunity to strengthen his playing squad before the new season gets underway next month.

Portsmouth are hoping to bounce back after a torrid final season in the English Premier League, during which they were deducted nine points for entering administration.

Written by Mark Thompson

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