SurreySeagulls
Well-known member
Pompey have lost their appeal to play in Europe next season. Not that they had a hope in hell the complete knobs.
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POMPEY - what a mess!
- Thread starter robbie c
- Start date
severnside gull
Well-known member
good news that they won't be rewarded with a place in europe. Now I really hope that their parachute payments are included in the CVA and go to their creditors
Easy 10
Brain dead MUG SHEEP
We will stay debt-free pledges Storrie - Portsmouth Today
We will stay debt-free pledges Storrie
Published Date: 17 May 2005
POMPEY have vowed not to follow Saints into the type of financial meltdown reaped by relegation.
The Blues have pledged not to go into debt to build their Premiership team or a new stadium.
Saints have plunged into the Championship with reported debts of £23m on their St Mary's ground.
Relegation will cost Saints around £17m in lost Sky revenue, while gates will drop.
Chairman Rupert Lowe has been shrewd by inserting a clause in players' contracts to cut wages upon relegation.
But he still faces pruning the biggest wage bill and squad of the three relegated clubs.
Pompey made a £3m profit last season – and have trimmed an estimated £6m off their annual salaries by releasing 16 players since November.
Work is due to start on a new ground in August – with costs offset by the Pompey Village development, Premiership revenue and prudent housekeeping.
Blues chief executive Peter Storrie said: 'If you chase dreams and let finances get out of control, you go out of business.
'But if you're clever, that doesn't happen. It all boils down to not getting into debt. You can't spend more than the income coming in. That's why we're trying to make prudent decisions.
'Wages and transfer fees are where the money goes. That's the thing you can't let spiral. The wage bill has to be sensible in relation to the income.
'We're getting the balance right. We brought in too many players in the past, but now were remedying that.
'Chelsea operate with a smaller squad of around 25 players, and we have the same ideals. In the past we've had 44 players.'
Un
Believable
We will stay debt-free pledges Storrie
Published Date: 17 May 2005
POMPEY have vowed not to follow Saints into the type of financial meltdown reaped by relegation.
The Blues have pledged not to go into debt to build their Premiership team or a new stadium.
Saints have plunged into the Championship with reported debts of £23m on their St Mary's ground.
Relegation will cost Saints around £17m in lost Sky revenue, while gates will drop.
Chairman Rupert Lowe has been shrewd by inserting a clause in players' contracts to cut wages upon relegation.
But he still faces pruning the biggest wage bill and squad of the three relegated clubs.
Pompey made a £3m profit last season – and have trimmed an estimated £6m off their annual salaries by releasing 16 players since November.
Work is due to start on a new ground in August – with costs offset by the Pompey Village development, Premiership revenue and prudent housekeeping.
Blues chief executive Peter Storrie said: 'If you chase dreams and let finances get out of control, you go out of business.
'But if you're clever, that doesn't happen. It all boils down to not getting into debt. You can't spend more than the income coming in. That's why we're trying to make prudent decisions.
'Wages and transfer fees are where the money goes. That's the thing you can't let spiral. The wage bill has to be sensible in relation to the income.
'We're getting the balance right. We brought in too many players in the past, but now were remedying that.
'Chelsea operate with a smaller squad of around 25 players, and we have the same ideals. In the past we've had 44 players.'
Un
Believable
7th will get Europe now, Good....
I agree that the shear scale of this mess and the quite obvious mis-management issues are startling and to finance this by using money that belongs to the long list of creditors whilst enjoying a footbaling status that they have no right to have is wrong, however some comments need to be put into some perspective.
I would suspect that our own set of accounts as most clubs look decidedly flakey at present, albeit us having a wealthy benefactor to keep us afloat and even progressing the club and we are all grateful.
But any club enjoying their existence on the back of any sugar daddy should be cautious whilst lambasting another clubs crisis.
But it might be worth remembering that Pompey have been an institution and at times a thriving business to different degrees for over 100 years.
Its a living organism which has at times been financially sound or even profitable and sometimes has struggled to exist, but due to its formation and continuation it has previously helped to sustain many local/national businesses, maybe even some of those that now find themselves on that long list of creditors.
If I was a business/HM Revenue included, that had been a recipient of £1,000,000's of pounds of revenue/business over many many years solely down to that clubs existence then it does offer another slant to this.
I note that any player that might have been left out of pocket doesn't levy the same sympathy as we suspect they have over time had their fair share, the same might be said of some of those creditors.
I would suspect that our own set of accounts as most clubs look decidedly flakey at present, albeit us having a wealthy benefactor to keep us afloat and even progressing the club and we are all grateful.
But any club enjoying their existence on the back of any sugar daddy should be cautious whilst lambasting another clubs crisis.
But it might be worth remembering that Pompey have been an institution and at times a thriving business to different degrees for over 100 years.
Its a living organism which has at times been financially sound or even profitable and sometimes has struggled to exist, but due to its formation and continuation it has previously helped to sustain many local/national businesses, maybe even some of those that now find themselves on that long list of creditors.
If I was a business/HM Revenue included, that had been a recipient of £1,000,000's of pounds of revenue/business over many many years solely down to that clubs existence then it does offer another slant to this.
I note that any player that might have been left out of pocket doesn't levy the same sympathy as we suspect they have over time had their fair share, the same might be said of some of those creditors.
Marshy
Well-known member
I expect to see them in the tenth tier of english football very soon.
There screwed in my opinion.
There screwed in my opinion.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,837
clubs have always been so, the difference is between the local businessman who is a life long fan and accepts the losses, and the businessman who thinks they can make a commercial operation and profit. they fail and usually f*** the club up in the process.
Easy 10
Brain dead MUG SHEEP
I've been trawling around a few of the Pompey messageboards today, and there is a feeling of shock, anger and embarrassment now amongst many of their fans in the wake of the publication of these accounts. Some are questioning whether they want anything to do with the club any more.
I've been of the opinion that they've had a bloody good ride off the back of their clubs profligacy these last few years, and thats still the case. But I do feel a smidgeon more sympathy for their fans today. Not a lot, mind.
Given the circumstances, if I was a Pompey fan I think I'd actually be embarrassed to turn up at the Cup Final and cheer that team on now.
I've been of the opinion that they've had a bloody good ride off the back of their clubs profligacy these last few years, and thats still the case. But I do feel a smidgeon more sympathy for their fans today. Not a lot, mind.
Given the circumstances, if I was a Pompey fan I think I'd actually be embarrassed to turn up at the Cup Final and cheer that team on now.
pasty
A different kind of pasty
I'm begining to agree with Monsieur Platini in that it's time for a wage cap to be implemented. Clubs chase the dream of success by luring the players with astronomical salaries, and then when they don't get the success, they get into serious financial shtuck. According to the Torygraph this morning, last years accounts showed the wage bill at Pompey was 108% of the annual turnover. Absolutely ridiculous state of affairs.
I think there could be a case for a wage cap, HOWEVER why should clubs who manage there funds be punished?
I see Hull are pretty screwed as well
Easy 10
Brain dead MUG SHEEP
Impose a wagecap and it'll just lead to maHOOsive bonuses instead. Clubs will always find a way around it if they're desparate enough to secure someones signature.
Simon Morgan
New member
It's true, Mido and Sol Campbell may appear to be on small wages, but both, I'm pretty sure, have some pretty tasty bonuses in their contracts.
Barrel of Fun
Abort, retry, fail
The most damaging criticism of Andronikou is within a High Court ruling in December 2008. An appeal judge overturned an attempt by Shami Ahmed, the founder of Joe Bloggs, the clothing company, to avoid bankruptcy through an individual voluntary arrangement (IVA) handled by Andronikou.
HMRC and a spread-betting firm then known as Tradindex had opposed the IVA, which needed approval from three-quarters of Ahmed’s creditors. The fashion boss had run up more than £4m in gambling debts. But the IVA was successful because Andronikou had accepted the validity of £8m in alleged loans to Ahmed from members of his family, thereby making them creditors and giving them a vote on the IVA.
At an appeal by Tradindex, the judge took a different view and disallowed £5m of these family loans, thereby overturning Ahmed’s IVA, and he was forced into bankruptcy.
The judgment said: “Mr Andronikou’s conduct in these proceedings, particularly in relation to evidence filed by him on behalf [of Ahmed and his family], was manifestly inappropriate.” The judge also found that Andronikou “did fail to meet the standard to be expected of a reasonably competent insolvency practitioner”.
HMRC and a spread-betting firm then known as Tradindex had opposed the IVA, which needed approval from three-quarters of Ahmed’s creditors. The fashion boss had run up more than £4m in gambling debts. But the IVA was successful because Andronikou had accepted the validity of £8m in alleged loans to Ahmed from members of his family, thereby making them creditors and giving them a vote on the IVA.
At an appeal by Tradindex, the judge took a different view and disallowed £5m of these family loans, thereby overturning Ahmed’s IVA, and he was forced into bankruptcy.
The judgment said: “Mr Andronikou’s conduct in these proceedings, particularly in relation to evidence filed by him on behalf [of Ahmed and his family], was manifestly inappropriate.” The judge also found that Andronikou “did fail to meet the standard to be expected of a reasonably competent insolvency practitioner”.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,837
therein lies the problem. the obvious solution, one i've seen mentioned, is a cap based on turnover. but then you effectivly lock in most clubs to their current position, very little scope for improving uless you get a big stadium from somewhere. but then thats the case presently anyway, so what difference would it make? so the discussion tails off....
Garry Nelson's Left Foot
Well-known member
Ooh, is that the boney finger of circumstantial evidence pointing at mr 'arry Redknapp?
At the time of press(may 2005) pompy aiming to have a squad of 25. They had previously had squads of 44 and had released 17 players since nov 2004-the time that Redknapp left to join Southampton.
6 months after the article is written Redknapp returns to Portsmouth says the squad is lacking in numbers and starts building it up again. The wage bill spirals out of control until in 2009 they accounted for 109% of revenues.
He might not be the main culprit but looking at those facts it's difficult not to jump to conclusions isn't it?
How is it Redknapps fault....
Boris Yeltsin
MR PRESIDENT to you, mate
Mr 10, do you have the various links by any chance? Saves having to search for them, see.