Portsmouth remain confident the Premier League will soon lift their
transfer embargo and provide £7million windfall in television
revenue.
Officials from the south-coast club met with league
counterparts on Tuesday to give details of their current position
as they challenge a winding-up petition served on them by HM
Revenue and Customs before Christmas, and continue to battle debts
to other clubs.
The Premier League are scheduled to pay all clubs their
latest portion of broadcasting income, around £7million, but
were considering directing Portsmouth's share on to creditor clubs
if outstanding monies for previous transfer deals were not paid.
However, the governing body will now review Pompey's latest
financial position before deciding how to move forward. A Premier
League spokesman said: "Portsmouth have provided the Premier League
board with new information regarding their outstanding debt to
other football clubs.
"The Premier League board will now consider this new
information and make a decision in due course."
It is understood the unsettled accounts are spread across
several deals, including the transfer of Glen Johnson from Chelsea
in August 2007, the full-back having since been sold on to
Liverpool for £18million.
Elsewhere, terms still have to be met over Younes Kaboul's
move from Tottenham, Sulley Muntari, now at Inter Milan, from
Udinese, John Utaka from Rennes as well as Nadir Belhadj and Aruna
Dindane from Lens, who are considering recalling Dindane and then
selling him on to a club who can afford the deal.
The total outstanding is believed to be around
£10million, so even were the Premier League to redistribute
the cash, Pompey would still be short. Nevertheless, Portsmouth are
confident the problems behind the scenes following two recent
changes in ownership will soon be stabilised, as manager Avram
Grant looks to guide the club off the foot of the Barclays Premier
League table.
Executive director Mark Jacob believes Saudi businessman Ali
Al Faraj, whose investment has so far enabled Portsmouth to stay
afloat and avoid administration despite paying players' salaries
late more than once, can take the club forward.
"There is now more transparency between the club and its
creditors and we have been pleasantly surprised that a lot of
people who may have been owed money by Portsmouth in the past now
understand and appreciate the efforts we have made to pay the
debts," Jacob said. "It is in no-one's interest to take matters to
court and threatening court proceedings.
"If there is an issue, we want to address it."
Jacob is also confident of a successful challenge to HMRC.
The club is due to go to court to argue the VAT portion of their
massive tax debt is too high by some £7.5million. Jacob added:
"We have inherited a huge tax liability and - since the takeover -
substantial sums have been paid to the Revenue. In fact, they have
been prioritised as a creditor.
"As for the matters reported, all I can say at this stage -
because it is subject to legal proceedings - is the Revenue are
being challenged and we will know more in the coming weeks.
"We have every confidence that the matter will be addressed."
