Pay Up Pompey, Pompey Pay Up

This morning, the HMRC rejected Portsmouth's cash offer to resolve their debt with them and the south-coast club were made to face a High Court winding-up hearing, which started today at 11:30am.

The HMRC not only wanted an up-front cash payment of a proportion of the debt (which Portsmouth had ready), but also assurances and timescales for the remaining monies owed to them; including a schedule of repayment.

The club could be entered into administration, but the worst-case-scenario may be the club's liquidation; a far cry from two years previously when Pompey lifted the FA Cup.

Avram Grant, said: "I ask the court to think not about the situation they see on the papers, football is not just papers"

Current owner Chainrai, a Hong Kong businessman, is looking to sell the club quickly and has significant funds invested within Pompey; a fact that means he would not want the club to go-under.

As well as the £8m owed to HMRC, Portsmouth are also in dispute with previous owner Gaydamak, who claims that they missed a deadline to pay an instalment of the £28m that is owed to him.

The club are also being sued by former player Sol Campbell, over an alleged £1.7m owed for unpaid image rights.

Portsmouth are rock-bottom of the Premier League, are six points off safety and have debts in excess of £60m.

Thinks are not looking at all bright, at the sea-side club.

Update: Portsmouth have been given a seven-day stay of execution after getting more time to fight a winding-up petition.
The club now have until 1600 GMT on 17 February to file a` "statement of financial affairs" proving they can pay their creditors.