Premier League - Portsmouth report to High Court

Eurosport - Wed, 17 Feb 10:21:00 2010

Portsmouth have delivered a complete statement of their finances to the High Court as they bid to stave off a winding-up order.

Portsmouth financial trouble - 0

The club faced a deadline of 4pm on Wednesday afternoon to submit details of their massive debts to both the court and HM Revenue and Customs.

Specialist insolvency firm Vantis had been appointed by the High Court to establish the club's true financial status in the report, which details Pompey's precarious financial situation and estimated 60 million debts - including 7.4m owed in unpaid VAT to HMRC and a further 4.7m in unpaid PAYE tax and National Insurance.

HMRC will issue a response to the document on Friday, with Portsmouth returning to court on March 1 for the winding-up hearing.

Portsmouth's financial situation has led to their players being paid late four times this season. In addition to the HMRC debts, the club is also being sued by former Pompey defender Sol Campbell over 1.7m in unpaid image rights.

They are also in dispute with former owner Sacha Gaydamak over a missed 9m installment of the 28m owed to him.

Earlier in the day the club was involved in further controversy after an arrest warrant was reportedly issued in Dubai for Portsmouth chairman Sulaiman Al Fahim over an unpaid debt.

The warrant relates to an alleged 1.4 million dispute following a property deal with an investor from Azerbaijan.

Al Fahim, one of four owners of Portsmouth this season, completed a buy-out of the club in August last year, but sold to Saudi business tycoon Ali Al Faraj six weeks later - although he remains at Fratton Park in a non-executive position.

The 32-year-old - whose company, Fahim Asia Associates Limited, still has a 10 per cent share in the crisis-stricken Premier League strugglers - claims he is not liable for the debt.

"My lawyers are currently handling the matter and I am positive it will be resolved very soon," he was quoted as telling a United Arab Emirates newspaper.

"It is rubbish - I am not involved, I am the victim here. I have done absolutely nothing wrong and that will be shown in a very short time."


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