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Crisis club Portsmouth have asked the Premier League for permission
to sell some of their players outside of the transfer window.
However, the move will depend on their request being
sanctioned by the Football Association and FIFA as well as the
Premier League.
Pompey want to sell some of their players in a bid to pay
their bills and have asked the Premier League for permission to do
so.
A spokesman for the south coast club said: "I can confirm we
have put in a request to the Premier League to sell players outside
the transfer window. It is something we are exploring."
Pompey have not identified any specific players for sale but
reports suggest Algeria World Cup star Nadir Belhadj, midfielder
Kevin Prince-Boateng and young defender Mark Wilson could be made
available.
But Pompey are facing a race against time to gain permission
to sell anyone.
While the Premier League and the FA may make an exception for
Pompey, it is unlikely FIFA will sanction the move.
The club are still understood to be in negotiations with two
interested buyers but any deal will have to be done swiftly if
either of the parties involved is to come to Pompey's rescue.
The club faces a winding-up petition from Her Majesty's
Revenue and Customs over an unpaid £11.7million tax bill on
March 1 and will require a major injection of cash if they are to
avoid being wound up.
Portsmouth lodged their Statement of Affairs with the High
Court yesterday in a bid to prove they are still a solvent company.
The Statement of Affairs, a detailed look at the club's
accounts, was prepared by accountants from Vantis and delivered in
time for the 4pm deadline
Six members of the business recovery service worked
tirelessly on the statement since last Wednesday when Pompey were
given a week to hand the document to the High Court.
Pompey will return to the High Court on March 1 after HMRC
officials have examined the document.
But there are a number of potential problems for Pompey even
if they gain permission to sell players now.
Belhadj needs games as he is going to the World Cup while
Boateng has already played for two clubs.
But if Pompey are wound up then it would present the Premier
League with a massive headache.
Pompey would throw the competition into turmoil if they fail
to fulfil their fixtures and that is something Premier League
officials are desperate to avoid.
Simon Wilson, a partner with Zolfo Cooper the restructuring
experts, warns that Pompey, despite handing in their Statement of
Affairs, still face the very real threat of extinction and that
going into administration is an unlikely salvation.
"Arguably, the level of debt associated with this case, will
mean that it is unlikely that a suitable or willing benefactor will
be found," said Wilson.
"Portsmouth therefore face the very real threat of
liquidation because it is increasingly unlikely that an
administration order will be sought or granted.
"In this eventuality, the players contracts are no longer
assets of the club and it would lose its membership of the Premier
League.
"The role of the liquidator would be to realise whatever free
and available assets still remain.
"The value of these assets would be nominal. While the
unsecured creditors, including HMRC, would likely see no return
from such a process, it is not in their interests to continue to
support a business that is simply not viable and has no financial
substance.
"To continue to underwrite the club would most likely result
in greater losses at a later date. This would be an unprecedented
case in the realms of the Premier League and would throw light on
the fact that clubs can no longer rely on 'white knights' to rescue
them from financial ruin.
"Many football clubs have allowed their levels of debt to
grow to immense proportions. These debts cannot be serviced and
investors simply don't have the appetite or ability to take on such
poor business propositions."
