Football: Portsmouth Saved By Bank.
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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|Publication:||The Mirror (London, England)|
|Date:||Feb 2, 1999|
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