Pompey reveal financial affairs

Published Feb. 17, 2010 10:40 a.m. ET

foxsports

The club were handed a deadline of Wednesday to disclose a statement of their financial details after they survived a winding-up order last week. Portsmouth have confirmed the statement was delivered to the court and Her Majesty's Revenue and Customs by the 4pm deadline. The club will return to the High Court on 1st March to find out their fate after HMRC officials have taken a close look at the document. At the original hearing the court heard that Portsmouth owed more than £11.5million in unpaid taxes with representatives from the revenue informing the court that Pompey are insolvent. However, Portsmouth representatives told the court they have received 'two serious offers' to buy the club. Portsmouth face a VAT bill of £7.4million which they are disputing with HMRC. They also owe £4.7million in unpaid PAYE and National Insurance which were not part of Wednesday's petition. The Premier League strugglers are believed to still owe former owner Sacha Gaydamak close to £30million, while the Premier League recently withheld £2m of transfer payments and a £7m slice of television revenue to give to Chelsea and Watford for the signings of Glen Johnson and Tommy Smith respectively.