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Pompey plead for 28-day delay after no HMRC deal

Peter Storrie is negotiating with two parties interested in owning Portsmouth © Getty Images

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Portsmouth have failed to reach agreement with the Her Majesty's Revenue and Customs over a £7.5 million debt and will go to the High Court begging for a 28-day delay to a winding-up order.

Pompey officials are expecting that the Revenue will treat them in the same way as they did Notts County, who were granted a 28-day extension when they pleaded that they were close to new investment and would be be able to pay in full.

Similarly, Pompey chief executive Peter Storrie has been negotiating with two interested parties who want to become the fifth owner of the stricken club since the start of the season.

Pompey's lawyers have been locked in talks since Monday morning, but Pompey's offer of a £1.8 million down payment and to pay the remaining amount in installments has so far failed to stave off the 10.30am appointment in the High Court to answer a winding-up order from the Revenue claiming £7.5m outstanding on VAT and PAYE

Portsmouth will continue frantic negotiations with the Revenue and Customs right up until the 2pm hearing. Pompey may have to pay at least £3 million to be given "extra time" by the Revenue to find all of the money with a firm schedule of payments.

Storrie has argued passionately for more time as he is on the brink of bringing in the club's fifth new owners of an incredible season with an Irish/American consortium ready to move into due diligence.

A number of businesses planned to join the Revenue's winding-up order, but deals have been successfuly done to prevent that occurring, however the Revenue are the major headache and that issue has yet to be resolved.

Pompey would be hit with a ten-points deduction and virtually write off their slim chances of avoiding relegation if they are pushed into administration by the Revenue - the first Premier League club to go under since the league was formed in 1992.

Storrie, back in control of Portsmouth after the fourth takeover of this tumultuous season, told Soccernet that latest owner Balram Chainrai, who moved in when Ali Al-Faraj defaulted on his £17 million loans, is desperately trying to fight off the winding-up order in order to find yet another new owner.

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