Tue, 14 Feb 2012 | ADMINISTRATION
Portsmouth Football Club has applied to enter administration for the second time in two years.
The Business Sale Report reported last week that the club’s manager, Michael Appleton, was preparing for administrators to be called in. A club spokesman said yesterday that the club has now taken the step of applying for administration, which will see them incur a 10-point penalty in the Championship and face a struggle against relegation.
"Portsmouth Football Club have made an application to the High Court to go into administration,” the spokesman said. “The club will not enter administration until the court endorses the application and appoints an administrator."
Peter Kubik, from the club's financial advisers UHY Hacker Young, said that the club is facing a winding-up hearing next week over an unpaid tax bill, and that their bank accounts have been frozen ever since HM Revenue and Customs applied for the winding-up. He added, “Once the administration order is in place the bank accounts will be made accessible again.”
Kubik said that the club has “lots of bills they need to pay”, including the tax bill that is between £900,000 and £1.2 million. The current crisis was prompted by the collapse of the club’s parent company, Convers Sports Initiatives (CSI), in November last year.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.