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Football: Portsmouth Saved By Bank.

PORTSMOUTH were yesterday cleared to see out the rest of this season after their bank agreed to back the club's application to go into administration.

Pompey applied last week to go into administration because of debts totalling pounds 5million and because they were losing pounds 40,000 a week.

Now the Co-Operative Bank have agreed to back their proposals after threatening to send in receivers to retrieve their own pounds 500,000 debt and to protect other creditors.

After a four-hour meeting in London the bank said it would fund Pompey's's financial requirements for the rest of the season.

But Pompey still have to answer a winding up order in the High Court tomorrow brought by the Inland Revenue who are claiming pounds 600,000 in unpaid taxes.
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Title Annotation:Sport
Publication:The Mirror (London, England)
Date:Feb 2, 1999
Words:128
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