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HM Revenue & Customs Drop Portsmouth Administration Challenge
Owner Balu Chainrai confident of recovering money he loaned club...
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Mar 11, 2010 3:55:00 PM
By Kevin Emery
HM Revenue & Customs will not pursue its dispute over the validity of the administration at Portsmouth, giving the club some positive news amid the gloom surrounding Fratton Park.
Officials from HMRC have written to Portsmouth administrator Andrew Andronikou and assured him that they will not further challenge his appointment as administrator.
Despite the club entering administration, which sees them face a nine point deduction, owner Balu Chainrai remains confident he will recover the money he has loaded the club.
The Hong Kong businessman took control of the south coast outfit in February and has spent a reported £17 million to keep the club afloat.
He told Bloomberg TV: "I don't feel I've lost the money, I feel the money is there, I can see it. If the club is alive my money is alive.
"There were court cases against the club, it was a possibility that the club would have been wound up, and if that happened everybody would have lost their jobs.
"I would have lost my money and my main focus was to actually stabilise the club, to try and get my money back. The only way I could do it was to exercise my right to seize the shares."
Meanwhile, Pompey goalkeeper David James tried to do his bit to help, by reportedly offering to pay the wages of two training ground staff made redundant on Tuesday.
But the Daily Mirror claims Andronikou turned down the offer.
Officials from HMRC have written to Portsmouth administrator Andrew Andronikou and assured him that they will not further challenge his appointment as administrator.
An HMRC statement read: "Despite HMRC continuing to have a number of remaining questions and concerns around the relationships of various parties, and a lack of detail of financial affairs, HMRC has now advised the administrators that we will no longer challenge the validity of the administrator's appointment.
"This comes in light of the additional material now provided following the judge's directions of 2 March 2010.
"HMRC would expect that now that the issue of validity is no longer in question, the administrator will be able to make early and real progress with the administration in order to get the best and most equitable return for all creditors."
Mr Andronikou was appointed administrator last month and on Wednesday cut 85 jobs at the club.Despite the club entering administration, which sees them face a nine point deduction, owner Balu Chainrai remains confident he will recover the money he has loaded the club.
The Hong Kong businessman took control of the south coast outfit in February and has spent a reported £17 million to keep the club afloat.
He told Bloomberg TV: "I don't feel I've lost the money, I feel the money is there, I can see it. If the club is alive my money is alive.
"There were court cases against the club, it was a possibility that the club would have been wound up, and if that happened everybody would have lost their jobs.
"I would have lost my money and my main focus was to actually stabilise the club, to try and get my money back. The only way I could do it was to exercise my right to seize the shares."
Meanwhile, Pompey goalkeeper David James tried to do his bit to help, by reportedly offering to pay the wages of two training ground staff made redundant on Tuesday.
But the Daily Mirror claims Andronikou turned down the offer.
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