Portsmouth escape all but complete?

[manilaseagull]

Portsmouth FC

Not heard much about the cheating thieving scum recently,

when are they back in court and what is likely to happen?

 

[Spun Cuppa]

Just thought, I used to win loads of tickets for them and Fulham on the Barclays atm receipt promotion, so with them getting relegated, my win opportunities will be halved

 

[strings]

From BBC Sport

Portsmouth should exit administration later this summer, creditors so get at least 20p in the pound, over the next 5 years.

81.3% of the creditors voted in favour - it needed more that 75% to go through. One wonders how much of that 6.3% were 'extras' put in by the owners to avoid facing the full consequences.

HMRC was the only main opponent to the agreement, they have 28 days to appeal.

 

[pasty]

Dunno, but my Millwall supporting mate is rather looking forward to Boxing Day

 

[strings]

It turns out that HMRC had claimed they were owned £37 million, which would have been enough for them to block the CVA. However, the clubs administrators managed to drop this claim to £24 mllion, meaning HMRC didn't have enough clout to block the CVA.

HMRC are still claiming to be owed 37m, which is why they are likely to appeal.

From the Guardian

 

[CHAPPERS]

So they are screwing the tax payer out of 20 million eh?

cunts

 

[Bozza]

BBC Sport - Football - Portsmouth creditors vote in favour of deal over debts

Portsmouth creditors vote in favour of deal over debts

Portsmouth's long-term prospects look much brighter after creditors backed a deal which should see the Fratton Park outfit exit administration this summer.

Needing the support of those owed at least 75% of unsecured debt, Pompey's proposed Company Voluntary Agreement (CVA) received 81.3% of the vote.

The administrator will now press on with the plan to repay creditors at least 20p in the pound over five years.

Creditors of the Championship club are owed a total of £105m.

The only real opposition to the CVA - a requisite for clubs hoping to avoid further points penalties - came from HM Revenue and Customs (HMRC), which has 28 days to appeal against the decision.

Any hopes of success HMRC might harbour will depend on its ability to convince the courts the public purse is owed considerably more than the £24m Pompey's administrators claim.

That figure is up from the £17.1m which was made public in April but half what the taxman has been claiming more recently.

Crucially for Portsmouth, £17.1m (or £24m) does not give HMRC enough votes to block the CVA.

After the meeting, HMRC issued a terse statement that gave little away apart from its continued annoyance with the situation at Portsmouth.

"HMRC notes that the result of today's vote was to accept the CVA proposals. We will now be carefully considering our position," it said.

"HMRC stands by the full amount of its claim (£37m). We will now carefully consider our position following (the club's) decision to reduce the amount of our claim for voting purposes."

 

[Tony Meolas Loan Spell]

Disgusting.

An example should be made of them.

Oh its not the fans fault. No its not so in consolation they will still have a club to support - but it should be in the non league (if they let them in).

Same for Stains, Leeds, Leics, Palace etc

 

[Foolg]

For someone simple like me, could someone just inform me whether or not they will/are likely to get a points deduction.
Many thanks, just havent had the time recently to keep up to date.

 

[hans kraay fan club]

Disgusting.

An example should be made of them.

Oh its not the fans fault. No its not so in consolation they will still have a club to support - but it should be in the non league (if they let them in).

Same for Stains, Leeds, Leics, Palace etc

For the THOUSANDTH time, Southampton paid back, ALL of their debts. It is really not the same as Portsmouth [20p/£], Palace [1p/£], etc.

 

[sten_super]

For someone simple like me, could someone just inform me whether or not they will/are likely to get a points deduction.
Many thanks, just havent had the time recently to keep up to date.

Assuming that the HMRC challenge fails, then they will exit administration via a CVA, which is the Football League's preferred method, and as a result will not suffer any points deduction for the new season. Which makes the entire thing a farce, especially when they start shelling out on multi-million pound players.

I really feel for all those that face the quandry of voting on the CVA. Of course the vast majority of creditors will just take whatever they can get, even if that is 20p in the pound, or only 1p in the pound. Ultimately, that is better than nothing to them. Only the largest (and most often screwed) creditors, such as HMRC, can afford to write the money off in an attempt to send a 'signal' to these clubs.

 

[Foolg]

Assuming that the HMRC challenge fails, then they will exit administration via a CVA, which is the Football League's preferred method, and as a result will not suffer any points deduction for the new season. Which makes the entire thing a farce, especially when they start shelling out on multi-million pound players.

I really feel for all those that face the quandry of voting on the CVA. Of course the vast majority of creditors will just take whatever they can get, even if that is 20p in the pound, or only 1p in the pound. Ultimately, that is better than nothing to them. Only the largest (and most often screwed) creditors, such as HMRC, can afford to write the money off in an attempt to send a 'signal' to these clubs.

Cheers
So if im getting the gist of this correctly, they have agreed to pay 20p in the pound of all their debts, and if the challenge fails therefore will not be required to live out any form of points deduction?
If so, then that is a f***ing joke. They'll be spunking money down the drain before we know it again.

 

[CHAPPERS]

Cheers
So if im getting the gist of this correctly, they have agreed to pay 20p in the pound of all their debts, and if the challenge fails therefore will not be required to live out any form of points deduction?
If so, then that is a f***ing joke. They'll be spunking money down the drain before we know it again.

That is entirely correct.

Takes the piss, doesn't it.

 

[Brovion]

It's worse than Palace isn't it? At least Palace didn't really achieve anything in the ten years between Jordan's CPFC2000 and the new lot's CPFC2010. Portsmouth on the other hand won the FA Cup, reached another final, had a European campaign to say nothing of all the years in the Prem.

So c'mon Tony get that cheque book out. Spend spend spend and spend again to get us into the Prem and win us the FA Cup. There are absolutely NO consequences if you screw up, we'll simply start again one divison lower. (Or maybe even in the same division if we're lucky as Palace have proved).

 

[Foolg]

That is entirely correct.

Takes the piss, doesn't it.

It does. All the while the majority of my family (Being STH at Fratton Park) go on and on about Premiership football, Cup finals, seeing the worlds stars, and this is how its paid for. The fact that, it appears to me, they have bought they're way into the Premier league and spent money they could never afford to keep them there, and they're punishment is to be sent back to the Championship, which would have happened without the points deduction.

At VERY LEAST they should have a -17 deduction next season, because at the moment i cant see where they have been punished, they were relegated even if they had the 9 points taken off.

Its a f*cking joke how any club is allowed to get away with this, pretty much pisses in the faces of all the well run clubs, who live within their means. Hardly sending out a good message is it.

 

[seagullsovergrimsby]

The FL could hold an EGM in August to tighten the rules for clubs that enter administration. The present points deduction is not an effective deterrent , I would like to see the 10 points deduction increased to 30 and for clubs going into administration for a 2nd time (within 15 years) a 60 points deduction which would be carried over to the following season if the club amassed less points than that playing their fixtures.

 

[HampshireSeagulls]

Been invited over next week to discuss supplying new stewards for the ground. They are sacking the current lot and want some properly trained and effective ones. Going to load them up with 300 decent ones who actually know what they are doing!

 

[manilaseagull]

Been invited over next week to discuss supplying new stewards for the ground. They are sacking the current lot and want some properly trained and effective ones. Going to load them up with 300 decent ones who actually know what they are doing!

Make sure you get cash in advance

 

[HampshireSeagulls]

Make sure you get cash in advance

Oh there will be some interesting discussions on this front. There are ways of accessing cash that do not involve the club but external agencies (educational, grants, training). Portsmouth dropped most of their Community Working Staff but that is an area where they actually could develop an income stream - and we may have the option and experience to do this for them. Trouble is that clubs need qualified stewards as part of the FA Operating Standards otherwise they cannot open their doors. Was talking to some guys that work with Ipswich yesterday and they were talking about another club in their area that is so strapped they are trying to find a way of using stewards that are not licensed...it's a low level club with very little history of crowd management issues but if something happens then they could be sued out of existence.