Premier League diverts Portsmouth TV cash -
Friday, January 15 2010, 09:43 GMT
By Andrew Laughlin,
The Premier League has formally diverted Portsmouth FC's £7m share of the latest round of TV monies to settle a portion of its transfer debts.
Tottenham, Watford and Chelsea will all receive a portion of the cash, along with French clubs Lens and Rennes.
In a short statement, the League said that it met Portsmouth officials over the past two days to discuss the club's perilous financial predicament, including estimated debts of £60m.
"The Board of the Premier League has convened over the past two days to consider what action to take in relation to Portsmouth Football Club's football creditors and the distribution of broadcast fee payments that under normal circumstances would have been paid to the club this week," said the League.
"The Board has decided, in accordance with Premier League rules, to pay those undisputed football creditors that were overdue at the time of meeting. This includes both domestic and overseas clubs.
"The Board continues to work with the officers of Portsmouth Football Club to ensure that arrangements are in place to settle all club liabilities as and when they become due."
The League's approach is fully permitted under Rule C47, which enables funds to be diverted to creditors in exceptional circumstances.