The FA to withhold Portsmouth's FA Cup prize money
Mon 8th Mar 2010 | Money & Finance
The FA is preparing to withhold the £600,000 prize money and broadcast fees that Portsmouth have accrued from reaching the last four because they owe £3 million in transfer fees to their rivals as reported in The Times newspaper today.
It’s noted that the FA is unlikely to pay Portsmouth’s various football creditors directly, but will withhold prize money until they have settled their debts. Under FA rules, all clubs participating in the FA Cup are required to make a written request for prize money, broadcast fees and other pool payments to the Professional Game Board. Each case is considered on its merits and other factors, including ensuring that the club have met all their obligations to other clubs in the competition, are taken into account.
The news comes after Portsmouth who qualified for the a semi-final place at Wembley after beating Premier League rivals Birmingham City on Saturday. The club who went into administration two weeks ago have already had nearly £7 million in broadcast fees withheld by the Premier League
Portsmouth’s £60 million debt is thought to include £3 million in unpaid transfer fees, meaning that the FA will withhold prize money unless the club can demonstrate that all their creditors are foreign sides.
The south coast club have had more than their fair share of bad press lately and still face a winding up petition by HMRC who is contesting the voluntary administration of the club. HMRC believes that Portsmouth will be unable to meet its debt repayments and is unhappy that the club have been allowed to enter administration.
However, Portsmouth’s administrator Andrew Andronikou is confident that a buyer can be found for the ailing club and has reported that up to twelve parties have expressed an interest in taking over the club.
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