The club’s administrators will now continue with the plan to repay creditors 20p in the pound over the next five years.
This should see the Fratton Park club come out of administration this summer.
The only real opposition to the Company Voluntary Agreement came from HMRC who now have 28 days to appeal against the decision.
HMRC’s only chance of success in appealing depends on whether they can prove to a court that the public purse is owed more than the £24m Pompey claim to owe.
The total amount owed to unsecured creditors is £105m but as HMRC are only owed £24m, they do not have enough votes to block the CVA.
After the decision HMRC gave a small statement which seemed only to express their exasperation at the long-running situation with Portsmouth.
“HMRC notes that the result of today’s vote was to accept the CVA proposals. We will now be carefully considering our position.
HMRC stands by the full amount claimed (£37m). We will now carefully consider our position following (the club’s) decision to reduce the amount of our claim for voting purposes.”
Portsmouth’s Supporters’ Club chairman, Nigel Tresidder, expressed his relief at the outcome of the tense meeting.
“It’s excellent news other than HMRC have 28 days to appeal against it. I think the people in charge of the club are confident of winning any appeal but it’s time the uncertainty came to an end.”
It may be that HMRC do not want to get dragged into a bitter court dispute but the other option is to accept the decision and potentially lose out on a great deal of unpaid tax.
The decision may mean that Pompey can finally press on with the business of selling the football club after their current owner, Hong Kong based businessman Balram Chainrai, has publically expressed his intention to sell the club at the earliest opportunity.
Although it seems that Pompey, at the moment, may have got away with it this time it sends a very clear message out to its fellow football clubs – PAY YOUR TAXES.