Portsmouth given deadline for £7m TV money
The Premier League have given Portsmouth until 5pm today to repay football creditors or face not receiving their latest TV money payment.
Should the south coast club miss the deadline, the money -estimated to be around £7 million -will be distributed amongst the clubs that Portsmouth owe money to.
Under Premier League rules, the redirecting of television revenue is allowed in order to protect clubs that are still owed money from player transfers.
Debt-ridden Portsmouth are reported to owe in excess of £60m and face a winding up petition from HM Revenue and Customs.
Despite their precarious financial situation, Portsmouth have been quick to reassure fans that there will be no quick-fire sale of players in the January transfer window to generate funds.
“I can assure fans that won’t happen,” Portsmouth executive director Mark Jacob told the BBC.
“But, quite clearly every player has their price and if manager Avram Grant feels there are players surplus to requirements then we will support him.