Pompey granted stay of execution

Portsmouth were kept in business yesterday following a High Court hearing and now have a week to prove they have an adequate plan to pay off their debts.

Registrar Christine Derrett gave Pompey seven days to detail their financial situation in a “statement of affairs” to Her Majesty’s Revenue and Customs, who have lodged a winding-up petition for the Barclays Premier League’s bottom club over unpaid tax.

Nigel Hood, representing Pompey in court, claimed there were two “serious” offers to buy the club, one received on the morning of the hearing and another the previous evening – and it is hoped the extra time will allow one of the deals to be completed.

After the decision was made by Derrett, Pompey issued a statement welcoming the time granted to produce their “statement of affairs”, which will be done with Vantis plc.

A hearing will then take place before a judge on the first date available after February 19.

HMRC claim Pompey owe them more than £11m (€12.5m) in total. A figure of £7.4m (€8.4m) of VAT is included in the winding-up petition, which Pompey are disputing.