Just come across this and although it relates to their 2010 Administration it seems they havent changed much. Its a good read.
"With 54 clubs having collapsed into insolvency since English football's boom began with the Premier League breakaway in 1992, the eye becomes practised at picking out the most shameful of a club's bad debts. There it was, as ever, on page 45 of the administrator's report issued yesterday itemising bust Portsmouth's £122.8m debts: St John Ambulance, of Worthy Lane in Hampshire, owed £2,702.
St John, along with schools, hospitals, the local ambulance service, HM Revenue and Customs and scores of small businesses in a total of £92.7m creditors left high and dry, will receive a fraction of what they are owed in any deal the administrator, Andrew Andronikou of Hacker Young, strikes with a new buyer. By hideous contrast, clubs owed transfer fees, and players due millionaires' pay packets, must be paid in full, according to Premier League and Football League rules, if Portsmouth are to continue as a club in either league.
That is the nature of the "football creditors" rule, whose self-regarding rationale is that it would represent unfair competition if clubs signed players they could not afford, achieved success like Pompey did, and were then allowed not to pay them.
But while Portsmouth were overspending on players, making losses of £23.5m in the year to May 2007, £17m in the following FA Cup winning season, and, now revealed by Andronikou, £13m in 2009, they were also taking on commitments to the tax authorities, the Scout Association of Guernsey (listed as owed £697), even Pompey's own supporters' club (owed £300), which they will now not need to pay in full.
Andronikou, who said he agrees with Her Majesty's Revenue & Customs' vehement objection to this rule, said in his report: "The Premier League has developed an insolvency policy. This policy protects football related creditors as they are required to be paid in full but may allow non-football related creditors to be compromised."
The list of "ordinary" creditors whose debts a new Portsmouth buyer can "compromise" runs to 15 closely typed pages. HMRC's £17.1m is the largest debt; the tax authorities are particularly bitter about the football creditors' rule because theirs is largely unpaid PAYE tax due on the millionaire players' wages which have to be paid in full.
Among the players owed lump sums by Portsmouth – leaving aside the ongoing wage bill of around £1.2m a month, which Andronikou is paying the current squad – are several who have not worn a Pompey shirt for some time. Peter Crouch, now at Spurs under his former Portsmouth manager Harry Redknapp, is owed £250,000. Glen Johnson, a Liverpool player since last July, must be paid £235,000; Silvain Distin, who left for Everton last summer, is due £300,000.
Nine current and former players are also owed a total £3m for image rights, some to companies registered in tax havens, such as the British Virgin Islands (Niko Kranjcar), and Delaware, USA (Lassana Diarra). Altogether 29 current and former players are owed £4.7m, which must be paid in full if Portsmouth are to compete in the Football League, while ordinary creditors' debts can be slashed to a proportion Andronikou has not yet specified.
Other clubs are still owed a total of £17.3m in transfer fee instalments, which again must be settled in full, some for originally signing players who have long since left. Chelsea are still owed £1m from when Portsmouth signed the now departed Johnson in 2007, Udinese £3.3m for Sulley Muntari, whom Pompey bought in May 2007 and sold to Internazionale a year later. The list, running alphabetically from Belhadj to Yebda, goes on, through 15 players with instalments still to be paid.
Compared with those galactic figures for football trading and wages, the list of unsecured "ordinary" creditors, who must take a hit, is a painful litany of the inexcusably unpaid. Here is the South Central ambulance service, owed £19,535.39, Portsmouth city council, £28,690 down in rates, Portsmouth Students' Union, owed £2,955. A number of schools are owed significant sums, apparently for the hire of sports facilities, including Cowplain Community School in Waterlooville, with £14,743.54 outstanding, the Priory Community Sports Centre in Southsea, owed £11,000, and King Edward School in Southampton, who will have to accept a fraction of a £41,714.01 bill the Premier League club ran up with them.
Andronikou's report confirms that Pompey's owner, Balram Chainrai, has mortgages over Fratton Park and other club assets for £14.2m in loans still outstanding to his company, Portpin, which gives him priority. The Premier and Football League rules require 75% of the unsecured, "ordinary" creditors, to whom Portsmouth owe £92.7m in total, including £9.8m to 27 football agents, to vote in favour of a settlement via a company voluntary arrangement.
HMRC can be expected, as ever, to vote against any which demands of them a cut in what they are owed and, if no CVA is agreed, as happened at Leeds, the League is likely to impose a further 15-point penalty.
Lord Mawhinney, who retired as the Football League's chairman last month, presided over this "football creditors" rule during his seven years in charge, but when he left, he wrote to all 72 clubs asking them to consider its morality.
"Talking about the moral strength of the [Football League] brand," he wrote, "are we all comfortable that, in financial and debt terms, we treat football clubs more favourably than we do our local communities and their businesses, other taxpayers (to whom we have a civic responsibility) or St John Ambulance? That is for you to decide."
So far there is no sign of clubs reconsidering. The Premier League's chief executive, Richard Scudamore, has said the rule must be followed in Portsmouth's case and he argues that Pompey's collapse reflects no wider shame on his glittering league. There is, though, no sporting nobility in paying long departed players millions in full, while St John Ambulance must take another hit from this awful mismanagement of football's boom.
Portsmouth save their money for millionaires while paupers go unpaid | David Conn | Sport | The Guardian
On another note, I know the school they are talking about - it looks like it will have to put off the repairs to the building which is leaking now. Well done Storey, well done Pompey, well done FA.
I love the fact that the football players are effectively getting a tax break as HMRC will not recover the tax it is owed on their wages whilst the players get paid in full.
Unbelievable."
