There's plenty of talk about Portsmouth today after the High Court adjourned its winding-up order for seven days.

Her Majesty's Revenue and Customs (HMRC) revealed the club owes £11.5 million and declared it "insolvent", but Portsmouth's representatives claimed they have two firm offers of fresh investment and convinced the court they deserve more time to complete a business sale.

In Wales, meanwhile, all eyes have been on yet another football club facing the threat of administration after a winding-up petition was issued by HMRC. Cardiff City, like Portsmouth, appeared in court today for the application.

The 2008 FA Cup finalists were given another 28 days to settle their tax bill after presenting a payment of £1 million this week, made as a result of land sales around their Cardiff City Stadium ground.

Another winding-up order will be issued if a further £1.6 million isn't produced by 10 March, though the club's most recent accounts suggest it had debts totalling nearly £33 million as of May 2008.

Cardiff City originally received a winding-up order last November, when the club was ordered to settle its debts within 70 days. It then defaulted on the arrangement, prompting HMRC to issue another petition.

No related posts.

This entry was posted on Wednesday, February 10th, 2010 at 6:10 pm and is filed under Tax Issues. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.