Pompey welcome week’s grace

Crisis club Portsmouth have welcomed the High Court's decision to give them another seven days to sort out their financial problems.

Pompey have been handed the extra week's grace so that they can demonstrate their plans to restructure and stabilise the business under new owner Balram Chainrai.

At a hearing in London on Wednesday Pompey avoided going out of business altogether, with a packed court schedule meaning that their next hearing will not take place until a week on Friday at the earliest.

During the proceedings, it was claimed that the South Coast club were insolvent and owed in the region of £11.5million, with the Premier League strugglers having previously stated that their debts were around £7.5million.

A statement from Pompey read:"The club was given seven days to produce a statement of affairs for the court and HMRC and this will be produced in conjunction with Vantis plc, a firm of accountancy and insolvency practitioners.

"Following this submission a hearing will be convened on the first available date after Friday, February 19."

Balram Chainrai's trustees, chief executive Peter Storrie and Ashok Patel of Balsara and Co, are in advanced discussions with more than one interested party who have the ability to further stabilise and grow the business."

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