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Portsmouth Football Club has been issued with a winding-up petition by HM Revenue & Customs, the BBC has learned.
The petition was presented on 23 December, but a full court hearing will not take place until February.
If the club is unable to strengthen its financial position by then, the club could be declared bankrupt.
Portsmouth has been the subject of much takeover speculation and has reportedly been unable to pay some player wages in recent weeks.
The club currently lies bottom of the Premier League and has recently appointed ex-Chelsea manager Avram Grant to try to revive its fortunes on the pitch.
Transfer ban
Portsmouth has been the subject of takeover bids and speculation since the summer.
Dubai businessman Suleiman al-Fahim bought the club in August, having initially agreed a deal in May.
But after questions were raised about Mr al-Fahim's finances, he then sold on a 90% stake in the club to Saudi property tycoon Ali al-Faraj.
Despite promises of significant investment from its new owner, the club remains in financial difficulties.
It has even been banned from buying any new players until it pays off debts owed to other English clubs.
Portsmouth said it would be issuing a statement shortly.
Under manager Harry Redknapp, Portsmouth won the FA cup in 2008. However, since Mr Redknapp left for Tottenham Hotspur, the club's fortunes have been in decline.
It has sold many of its cup-winning team, some of which have moved to Spurs to rejoin Mr Redknapp.

10.Goater_Legend wrote:That's what five years of Harry Redknapp does to a club, now let's hope the same happens to Spurs in the future. ;)

saulman wrote:

10.Goater_Legend wrote:That's what five years of Harry Redknapp does to a club, now let's hope the same happens to Spurs in the future. ;)

The difference being that Spurs have an endless supply of money from fuck-knows-where.

walmai wrote:*ahem*

Pay up Pompey, Pompey pay up.

For whom the bell tolls, eh?

Mate(NOT ME) i cannot say too much for fear of getting a good friend into trouble but one perticular player uses a cab to collect dry cleaning,milk when they only live 1 minute from the shop apparently it is so frequent they leave a cab in a particular street north of the city and the driver just walks to the shop and delivers without starting the engine.
My source is 100% works there and is not a driver.

Pompey - No winding-up order

Crisis club Portsmouth have denied that they have been served with a winding-up petition by HM Revenue and Customs.

The news broke on Wednesday morning and appeared to represent the latest off-field setback for the Premier League's rock-bottom club, with the petition issued on 23rd December and a court hearing set for February.

Portsmouth are the subject of a Premier League transfer embargo due to unpaid fees to other clubs, while players and staff have twice experienced a delay in receiving their salaries during the current campaign.

But Portsmouth claim that they expect HMRC to withdraw its demands 'forthwith' regarding a VAT dispute and insist Ali Al Faraj, the club's third owner since the summer, is continually making efforts to reach payment agreements.

A statement on the club's official website read: "Portsmouth Football Club has not been formally served with a winding-up petition and is shocked and surprised this action has been taken in respect of VAT, PAYE and National Insurance Contributions which either have been, or are about to be paid, or are disputed.

"The club is disputing the VAT amount outstanding and has formally notified HMRC of this. We expect HMRC to withdraw their demands forthwith.

"Otherwise we anticipate a hearing being held in early January 2010 during which we will request that the High Court order HMRC to withdraw their demands.

"Since the takeover by Ali Al Faraj in October 2009, extreme efforts have been made to reach payment arrangements with HMRC to allow the owner time to deal with inherited debt.

"To date the new owner has injected a total of £9.7m of new funds to HMRC - £5.7m paid and security to the value of £4m.

"In such a tough economic environment the club finds it hard to understand this action by HMRC.

"It is well known that the business has been in a difficult position following former owners' decisions and the current owner is committed to resolving this and moving forward."

A Premier League spokesman said: "We continue to monitor Portsmouth's situation closely and remain in frequent dialogue with the club.

"Clearly, we hope they settle any issues they have with the HMRC before the court hearing in February."

from skysports.com