Portsmouth FC have managed to hang on to their CVA, by the skin of their teeth. Well done Portsmouth!! See the article in Accountancy Age here.
It still doesn't sort out the unfair Football Creditors Rule, but at least sense has prevailed! CVA's can work in the right circumstances. It's now down to Portmouth to ensure that the terms of the CVA are met. We shall see if their performance will bring them back to the Premiership next year!
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