Pompey now owe £138m

[HampshireSeagulls]

If they enter a CVA, then they will come out of administration - they will avoid a points deduction that way. It's financial manipulation by the administrators and the owners. 20p in the pound - that's tax, which means it's our money - HMRC should be shot for accepting that when they could simply seize all the assets and strip them out. Perhaps they would take 20p in the pound from my tax bill?

 

[Captain Haddock]

When £120m was announced they stated the figure could rise even further....so £138.6m it is, then.......mere peanuts!

 

[auschr]

destroy portsmouth

 

[Dick Knights Mumm]

It is financial chicanery at our expense.

 

[SUIYHP]

Im just remembering the last time something was called pompey...

 

[Barrel of Fun]

Possible additional liability of Portsmouth football club of £50 million to football league pension fund!

 

[Gersgull]

Me thinks this is an all about making sure that HMRC's debt does not amount to more than 25% of the total debt.

 

[Billy Mays]

If (and I'm sure I don't understand the full ins and outs of running up a debt of over 130 million quid) they get out of admin and suffer no points deduction next season while effectively writing off 80% of the debt to "non-football creditors" I will be extremely pissed off. They have 5 years to pay back this tiny amount , presumably with no interest and have parachute payments and Cup Final revenue. Can anyone explain why they weren't kicked out of the FA Cup when presumably the basis of their points deduction (which remember had no bearing on their ulimate relegation which would have happened anyway BECAUSE THEY ARE SHIT!!!) was for effectively fielding ineligible players - namely every one they have been paying for with taxpayers money? Arguably the Monkey Hangers points deduction for a pretty honest mistake could potentially lead to a more serious punishment. Portsmouth FC = unutterable cheating scumbags.
They will ever after be my most hated team and every football fan should feel the same way. Palace's situation is totally different.

 

[m20gull]

The administrator's fees will also bump up the debt; no doubt they will ensure they are paid in full.

Of course; otherwise no-one would be an adminstrator.

 

[BensGrandad]

SSN report that Portsmouth administrators say the figure will rise evn higher when a full audit of the club is completed.

 

[Barrel of Fun]

So they are effectively insolvent. Why are they being allowed to compete in the premier domestic competition (and top flight)?

 

[desprateseagull]

is this goona be another Leeds? i cant see how they can be allowed to continue in ANY league, by any name, if cant pay their way..

 

[Dick Knights Mumm]

is this goona be another Leeds? i cant see how they can be allowed to continue in ANY league, by any name, if cant pay their way..

once the debt is written off though ........................

I would be embarrassed to support them.

 

[auschr]

just destroy them

 

[portslade seagull]

No club should be able to write of their debt and screw any creditors ... Aldershot paid the penalty Pompey should be demoted to the conf

 

[newhaven seagull 85]

no all payments to portsmouth from the FA and Premier league parachute payments should be paid to the taxman first (politicians need to make this law) then to all other creditors and then finally to football creditors.
then no one will sign for afootball club with dodgy finances and transfers would only be done on a cash up front basis, this would reduce transfer fees and wage demands therefore clubs would not go out of business as they would be forced to run thier affairs correctly.

 

[Lady Whistledown]

just destroy them

Sadly I am starting to agree.

 

[BensGrandad]

So they are effectively insolvent. Why are they being allowed to compete in the premier domestic competition (and top flight)?

Why are they allowed to continue trading as a company.

 

[The Modfather]

The football related debts have to be paid in full - the businesses and suppliers have to wait at the back for their crappy 20p in the pound. And didn't I read somewhere that Portsmouth get five years to pay this back?

I can think of many reasons why Pompey managed to get to the premiership, managed to stay in the premiership, managed to win a cup final and get to another cup final - in fact - 138 million reasons.

Spot on fella.

Football debts paid first so multi millionaire, Sol Campbell gets the million quid he is owed for image rights, while HMRC gets a poxy 20 in the pound.

If only we a had a goverment to bring in legislation to ensure HMRC are paid first

 

[itszamora]

Interesting stuff here - Good news for Portsmouth … Guardian finds missing £4m | Football | The Guardian

... in an article bizarrely called 'good news' for Pompey. Quite a few paragraphs down it mentions that HMRC's claim is now £35m - which is more than the 25% they need to block the CVA. Interesting times.