SurreySeagulls
Well-known member
How he fcuk has is gone from £60m in February to £120m a month or so ago and now £138m. Have they borrowed funds off the telly where the APR is 2368%
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Pompey now owe £138m
- Thread starter SurreySeagulls
- Start date
surrey jim
Not in Surrey
Those parachute payments wont be much use with a debt like that!BensGrandad
New member
Probaly a form of creative accounting by making the debt bigger there is less chance of any one creditor having a large enough share to hold the power of vote in a CVA.
- Jul 7, 2003
- 47,501
BensGrandad
New member
Is this legal as I am sure that people like the Board of Trade and HMRC etc would be watching. I suspect that when anybody lists their debts for a financiakl plan whether it be repayment bankruptcy or whatever there are some debts that are missed that you think of later, but not to that extent.
It must be noted that the administrator has been slated bya judge previously for his dealings.
It must be noted that the administrator has been slated bya judge previously for his dealings.
Tricky Dicky
New member
The administrator had not been appointed in Feb, so the true indebtedness would not have been known, so the 60m figure would have been a guess - possibly deliberatly underesitmated, I suppose. With regard to the increase in the last month, I am only guessing here , but hey had deals in place, such as the one for David James,. where they had to pay more installments, based on clauses - I know James forewent his one, but there were probably others that have kicked in.
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.
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.
- Jul 7, 2003
- 47,501
I have visions of Peter Storrie sitting on a really ugly sofa, looking mournfully at the camera for an Ocean Finance advert.Consolidate all your debts into one GIANT debt! Monthly repayments of only £18.4 million!
Monthly APR 2368%. Total loan period 120 months. Total amount repayable £884,927,172.74. Initial deposit required of one month's payment. Interest rates may go up as well as down. Subject to status, terms and conditions apply. Your football stadium is at risk if you do not keep up payments on a loan or credit agreement.
BensGrandad
New member
Consolidate all your debts into one GIANT debt! Monthly repayments of only £18.4 million!
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His forthcoming trial/ court appearance is a good reason and example as to why such trials should be tried by professional people who understand everything about the way finance and fraud works rather than a jury consisting of your average man in the street.
Mackenzie
Old Brightonian
Financial mismanagement of epic proportions to run up debts of £138M when there has never been so much money in football. No wonder our country is in such a mess if the financial system allows this to happen. Things need to change.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,854
corrected... i dont beleive you can just increase debts like that. old loans or money put in by the owner(s) and write downs of asset values are being readjusted to increase the debt. Leeds done the same thing, so that they have more debt than those opposed to a CVA can veto.
- Jul 7, 2003
- 47,501
Must be so galling to be one of the small creditors, knowing you'll get absolutely fook all in terms of payment, while watching even the shittest of their players strutting out at Wembley safe in the knowledge they'll still get their £30 grand per week and appearance/cup final/win bonuses.
Nottseagull
Well-known member
The administrator's fees will also bump up the debt; no doubt they will ensure they are paid in full.
They've announced an offer of 20p/£ for 'major creditors', but that small creditors and charities will be paid in full. It seemed a bit vague.
Gritt23
New member
I would assume there are penalty clauses kicking in on various loans from dodgy previous owners.
- Jul 7, 2003
- 47,501
Just said on BBC South Today that HMRC has upped it's demand to over £30m now. Hope this stops them weaselling out of the CVA business by magically increasing the number of other creditors.
As a taxpayer, I resent paying for Pompey's excesses and watching OUR money go on Richard Hughes's cup final bonus. Give us our money back now
As a taxpayer, I resent paying for Pompey's excesses and watching OUR money go on Richard Hughes's cup final bonus. Give us our money back now
HampshireSeagulls
Moulding Generation Z
They've pulled this to get out of the points deduction for next year.
They also tried to put their remaining cash on horses recommended by NSC punters. That's what the debt has spiralled. Big Vinny wants his cash back, and he takes priority over HMRC...
They also tried to put their remaining cash on horses recommended by NSC punters. That's what the debt has spiralled. Big Vinny wants his cash back, and he takes priority over HMRC...
sir albion
New member
How on earth a club gets to carry on with debts like that is beyond beliefNo doubt they will be spending money in 6 months time
No doubt they will be spending money in 6 months time
seagullsovergrimsby
#cpfctinpotclub
With that amount of debt will they be allowed to play in the Championship next season ?
No, They've borrowed it of the Labour party.