Portsmouth receive parachute money early to ease concerns

Championship Portsmouth have received a financial boost as their search for a new owner continues, BBC South understands.

Championship Portsmouth have received a financial boost as their search for a new owner continues, BBC South understands.

Pompey were issued with a winding-up petition by HM Revenue and Customs on 3 January and will appear at the Royal Courts of Justice on 20 February.

The latest instalment of Portsmouth's parachute money was expected in March but they have received it early.

It is understood Pompey will receive around £2.5m from the Premier League to help their short-term finances.

The Premier League parachute payment means clubs relegated in 2010 receive £48m over four years.

Most of the money has gone to football creditors while other creditors of the club are due to start receiving payments this year, in line with the Company Voluntary Arrangement reached after the club went into administration in February 2010.

 
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