Premier League hold back Portsmouth cash
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Premier League will hold on to more than £2million from Portsmouth's player sales in January to cover money owed to other clubs as more financial pressure was today heaped on the south coast side.
Chelsea and Watford will both receive cash owed from when financially-stricken Pompey signed Glen Johnson and Tommy Smith respectively.
Once the players' wages have been covered, the £4million remainder from the £8million Portsmouth earned from selling defender Younes Kaboul and keeper Asmir Begovic could be an important lifeline.
The club will use a chunk of the cash to try to persuade HM Revenue and Customs to reschedule the payments on the £7.5million owed in VAT.
However, another creditor has also joined in with HMRC's winding-up petition to the High Court on Wednesday next week.
Grosvenor Basingstoke Properties are claiming they are owed money by Portsmouth though that is being disputed by the club.
Meanwhile, Portsmouth are also involved in a separate dispute with former owner Sacha Gaydamak over whether they have missed a deadline in paying a £9million chunk of the £28million they owe to him.
It is unlikely however that Gaydamak will take any action to push the club towards administration because that would not be in his best interests in terms of reclaiming his debt.
Portsmouth say they expect to pay the players' wages for January "in the next day or two".
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments