Portsmouth creditors accept debt deal

June 18, 2010

The future of relegated Premier League side Portsmouth looks to have finally been secured after creditors voted in favour of a deal which should see the club exit administration this summer.

Creditors of the Championship club are owed a total of US$155 million, but have now accepted a deal which will see them repaid at least 20p in the pound over five years.

The acceptance of a Company Voluntary Agreement (CVA) was passed with 81.3 per cent of the vote, with the only opposition coming from HM Revenue and Customs who are currently in dispute with club’s adminstrators.

HMRC issued a statement after the meeting, saying: “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 amountof its claim (US$54 million).

“We will now carefully consider our position following (the administrator’s) decision tor educe the amount of our claim for voting purposes.”