POMPEY - what a mess!

[Dick Knights Mumm]

The main problem is their using the National Debt as their overdraft facility. Using St Johns Ambulance and the local schools for the same is just plain wrong.

 

[Pavilionaire]

Basically you and me the taxpayer were funding Pompey to pay Avram Grant a salary so massive he could afford to blow his load over some tarts face after training every day.

Now that's what I call "tax relief"!...

 

[Easy 10]

Basically you and me the taxpayer were funding Pompey to pay Avram Grant a salary so massive he could afford to blow his load over some tarts face after training every day.

Now that's what I call "tax relief"!...

An AUDIBLE gufffaw from my corner of the office

 

[Pavilionaire]

And maybe the £626 owed to the MOD is the cost of the clean-up op after an Israeli missile explosion?...

 

[Hiney]

£35,000 owed to Southampton FC

HAHAHAHAHAHAHAHAHAHA

What a bunch of twats

 

[bhafc99]

That hadn't really occurred to me, but it would make perfect sense to artificially inflate the debt so that HMRC are below the 25% threshold of total owed. They've been making aggressive noises all along that they want 100p in the £ or they'll issue a winding up order. Looks like Pompey can now dodge this and get away with a few pennies in the £.

Surely this has to be properly audited so they have to provide documetary PROOF of these debts outstanding ?

28 February 2010: "The debt is going to be slightly more than £70m. I would imagine it will bottom around £78m" - Portsmouth joint-administrator Andrew Andronikou.

21 April 2010: Portsmouth creditors report reveals total liabilities of £119m.

How convenient. HMRC's £17.1m share of the debt drops from 24.4% of £70m to 14.4% of £119m, meaning they can't block the CVA, can't insist on 100p in the £ – and Pompey get away with paying their creditors a few pence in the £, Leeds style, before merrily carrying on unpunished. Again, just like Leeds.

 

[hans kraay fan club]

Similarly then, they also owe King Edward VI School an eye-watering £41,714. Bet that punched a hole in their budget.
So you have underfunded schools trying to bridge the gap by hiring out their facilities, and then you get Pompey coming along and totally ripping them off.

Good effort.

Its a pretty well off, private school. Not that this makes it 'alright' in any way.

South Central Ambulance Service £19,535. Nice one.

Indeed

That hadn't really occurred to me, but it would make perfect sense to artificially inflate the debt so that HMRC are below the 25% threshold of total owed. They've been making aggressive noises all along that they want 100p in the £ or they'll issue a winding up order. Looks like Pompey can now dodge this and get away with a few pennies in the £.

Surely this has to be properly audited so they have to provide documetary PROOF of these debts outstanding ?

You would think so, but Bates got away with it.

 

[hans kraay fan club]

Err. No not underfunded. Jnr. Attends, ( when he's in the country) £12000 a year.
Bloody hell in a roundabout way I am sponsoring Pompey. I knew they used the playing fields because they get a bit hacked off when he wanders around in the stripes, so do his classmates.
I also wondered why they have to come to Southampton to train, probably it's closer to where their players live as they wouldn't want to live in Portsmouth.

Their training ground is in Eastleigh [by the airport] and is very close to King Edward's sports grounds on Wide Lane. I guess they needed extra space, or their own pitches were waterlogged, etc.

The Ministry of Defence are owed £ 626.92 .

What on earth do you need them to supply to play in the Premier League, or do they use Matelots as matchday stewards ?

Again, maybe pitch hire. United Services ground has a load of good grass and artificial pitches, and is very near Fratton Park.

 

[Westdene Seagull]

Johnston Newspapers £20,062

That's an awful lot of newspapers and porn mags !

 

[Miami Seagull]

How the hell can any finance director allow a tax debt of £ 16.5 M to go unaddressed.

Monumental mismanagement by every Club Director and Gaydamak must have been aware that this had to be paid, so why do nothing about it? I think we were served a winding up notice on a bill of only around £ 350 K before Belloti, Archer and Stanley took over, but at least we managed to beg, steal or borrow the money to pay it.

Didn't we pay this through the sale of Mark Beeney to Leeds? As I remember Howard Wilkinson was boss then at Leeds and effectively saved the club from a winding up order. I think also that the fee paid was the exact amount we owed??

 

[KNC]

I've had a brief look at the posts.
I totally agree with most of it. But... lets not forget how the supporters must be feeling.
They 'trusted' the people who ran it. Maybe, with all the success, the details of ownership was lost in the euphoria.
I think it's a reflection of the nonsense, that the PL is.

I am actually confident that TB will steer this club in the right direction. Maybe change the way in which clubs rise to the PL, and stay there.

God bless

 

[CliveWalkerWingWizard]

It is disgraceful to think they they may only have to pay 8p in the pound - we all know that as soon as they come out of administration they become a new company and will start buying multimillion pound players again. We just need legislation to prevent clubs buying any players until every penny of the debt is paid.Problem solved.

 

[BRIGHT ON Q]

I've had a brief look at the posts.
I totally agree with most of it. But... lets not forget how the supporters must be feeling.


God bless

I should think they are pretty excited about going to the cup final.

 

[Easy 10]

It is disgraceful to think they they may only have to pay 8p in the pound - we all know that as soon as they come out of administration they become a new company and will start buying multimillion pound players again. We just need legislation to prevent clubs buying any players until every penny of the debt is paid.Problem solved.

Bearing in mind under current FAPL proposals, they would receive £48m over the next 4 years in "parachute payments" (£16m for the first 2 years, then £8m for the following 2 years). There's a nice little incenctive to get the debts written off and start again, eh ?

I should think they are pretty excited about going to the cup final.

For the 2nd time in 3 years. Indeed. Those poor bastards.

 

[Vankleek Hill Seagull]

Bearing in mind under current FAPL proposals, they would receive £48m over the next 4 years in "parachute payments" (£16m for the first 2 years, then £8m for the following 2 years). There's a nice little incenctive to get the debts written off and start again, eh ?

But will / should they get the payments?

The current Pompey company should get the payments as they are eligible, but if they do go into administration and create a new company, why should the new company get the payments. The new company "technically" did not play in the Premiership and therefore shouldn't be entitled.

Could be a good way of setting a precedent for this.

 

[Gwylan]

But will / should they get the payments?

The current Pompey company should get the payments as they are eligible, but if they do go into administration and create a new company, why should the new company get the payments. The new company "technically" did not play in the Premiership and therefore shouldn't be entitled.

Could be a good way of setting a precedent for this.

Oh, that's a good suggestion. I imagine a legally watertight one too - the PL would never have the balls to act on it, however.

 

[Easy 10]

But will / should they get the payments?

The current Pompey company should get the payments as they are eligible, but if they do go into administration and create a new company, why should the new company get the payments. The new company "technically" did not play in the Premiership and therefore shouldn't be entitled.

Could be a good way of setting a precedent for this.

Hmmm...dunno if thats going to work. If the Football League can still hammer the "new" Leeds United and the "new" Southampton with further points deductions after coming out of their respective spells in administration, then I can't see how a "new" Portsmouth could also be denied their millions in parachute payments when they come out of admin.

What I'm saying is, you can't very well on the one hand deal punishment / points deductions to a "new" football club on the basis that it IS basically the same football club under a new guise, but then on the other hand, and at the same time, withhold monies due to them by saying the exact opposite, ie that its a "new" club and therefore nothing to do with the old one which would have been due the cash. Its got to be one thing or the other.

Of course, I hope they don't get a single penny in parachute payments. The whole concept of it is obscene, creates unfair competition, rewards failure, and almost encourages clubs to push the boat out further and further to try and stay up.

 

[Gwylan]

Hmmm...dunno if thats going to work. If the Football League can still hammer the "new" Leeds United and the "new" Southampton with further points deductions after coming out of their respective spells in administration, then I can't see how a "new" Portsmouth could also be denied their millions in parachute payments when they come out of admin.

What I'm saying is, you can't very well on the one hand deal punishment / points deductions to a "new" football club on the basis that it IS basically the same football club under a new guise, but then on the other hand, and at the same time, withhold monies due to them by saying the exact opposite, ie that its a "new" club and therefore nothing to do with the old one which would have been due the cash. Its got to be one thing or the other.

Of course, I hope they don't get a single penny in parachute payments. The whole concept of it is obscene, creates unfair competition, rewards failure, and almost encourages clubs to push the boat out further and further to try and stay up.

That was the FL though and I agree that such a stand would be inconsistent.

The point that's being made is that just because the FL says that to all intents and purposes Portsmouth Mark 2 is the same as the Portsmouth Mark 1, the PL doesn't have to.

 

[Publius Ovidius]

shame the PL don't pay the parachute payment direct to the HMRC&E which will pay off the debt owed to you and me as taxpayers, and the balance can be them paid to the creditors and Pompey can live within their means based on the money through the gate.

 

[Easy 10]

shame the PL don't pay the parachute payment direct to the HMRC&E which will pay off the debt owed to you and me as taxpayers, and the balance can be them paid to the creditors and Pompey can live within their means based on the money through the gate.

If only.
Sadly that is such a simple, fair and just solution to this horrendous situation that we all know it will never happen.