A vote on the 20p in the pound offer is expected to be taken to a creditors meeting tomorrow, 17th June, and the largest creditor, HMRC, who are owed £35 million will look for a better offer.
A statement issued by HMRC said:-
“HMRC is determined to achieve a fair deal for the taxpayer”.
If HMRC oppose the offer it would severely threaten Portsmouth’s chances of securing a CVA (company voluntary arrangement) which would allow them to come out of administration and avoid being deducted any points next season.
Portsmouth needs 75% of creditors to agree to their offer.
HMRC, according to Portsmouth’s administrator Andrew Andronikou, hold only 21% of that vote.
“According to my calculations they would not be able to block the deal – we are working with all the creditors to achieve the best result for everybody.”
Portsmouth’s administrators do not believe that the £35 million HMRC are claiming is all due and payable.
They agree to £21 million but believe that the remaining £14 million is in relation to image rights and is therefore challengeable.
It has been reported that HMRC have not completely ruled out the possibility of voting in favour of the 20p in the pound offer but they would need convincing that would be the only possible option in order to recoup some funds for the taxpayer.
Currently, HMRC still believe they can recover more money back from the club.