A statement on the official Premier League website read:
"The board has decided, in accordance with Premier League rules, to pay those undisputed creditors that were overdue at the time of meeting. This includes both domestic and overseas clubs.
The board continues to work with Portsmouth Football Club to ensure that arrangements are in place to settle all club liabilities as and when they are due."
So this means that the transfer embargo remains in place for the time being and the club are now £7 million poorer than the board thought not so long ago.
So, how are you going to spin this one then, Mr. Jacob?