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Wind-up threat avoided - for now!
Portsmouth, 13:36, March 16, 2010 ,
Portsmouth's immediate future is a little safer after HMRC agreed to drop their legal challenge over the club's administration process.
HM Revenue and Customs had the power to issue a winding up order to Pompey and that was the outcome fans were fearing ahead of this latest High Court visit.
However, it would seem administrator Andrew Andronikou has convinced them against pursuing such a course of action despite the club's debts of over £65m, of which more than £12m is owed in unpaid VAT and PAYE.
A meeting of all of Pompey's creditors is now planned after reassurances about the administrators' independence and supply of certain key financial information.
Gregory Mitchell QC, representing HMRC, told High Court judge Mr Justice Lewison, "We take the view that the continuation of the administration offers the best chance of the club surviving and of a return to the creditors, including HMRC."