Portsmouth Wound up tomorrow wed?

[Alex Alex Dawson oo! oo!]

The problem is what people like Gayadamak or whatever he is called values it as ie how much he put in and what the Revenue will want just to get their money.

Theoretically you could buy the best bits of the club say all the players they own off their hands for £12M (what the revenue will want) and close the rest down with all the debt left with whats his name and whoever else was stupid enough to put the cash in.

There is a warning for us here as I don't think Pompey own the ground and that seems the difference between every club in trouble and every one that is ok (ish).

I do hope ManUre sell Old Trafford soon....

How could anyone buy the players atm, the transfer window is closed?

 

[Chicken Runner61]

How could anyone buy the players atm, the transfer window is closed?

Thats a very good point, presumably they would no longer have contracts so .........


They would have to go on loan with a view to purchase or sold abroad I guess

 

[Easy 10]

Most of the players are probably there on tick anyway.
They hadn't even finished paying for Johnson before they flogged him to the bindippers.

 

[Brixtaan]

Its a joke.
If theres one club that absolutely NEEDS the Administrators to run that circus freakshow right now, its Pompey. They've been allowed to lurch from one crisis to the next for far too long. Storrie and the Directors have already proved themselves utterly incompetent and not fit for purpose in (a) running the club properly and (b) actually finding a VIABLE buyer with some clout, and not just another fat arab chancer with a dodgy Rolex who fancies having his chubby face in the tabs for a couple of weeks.

I cannot for the LIFE of me see how they have avoided administration thus far. Clubs have had to go down that route for a fraction of the debt this mob have saddled themselves with. It can only be the FAPL activdly colluding with them to stave it off until their debt-ridden carcasses finally drop into the Championship, then Scudamore can breathe a BIG sigh of relief at seeing the back of that basketcase, and can go back to spending his days dreaming up stupid f***ing ideas like a 39th game on the moon or whatever.

The post of the thread.
No clubs ever goes out of business.Looking back to Leeds and a host of others there always seem to be numerous stays of execution before they're saved resulting in a pathetic punishment.

ps Brovion,actively looking to take back Bognor (assuming this is the key Border town we're talking about) would be nothing like Charltons behaviour.I'm not asking for buses to be sent there,just let the kids know there's a new far more attractive option down the same road, but in the opposite direction.
Having said that perhaps the club should concentrate on getting Brighton itself on-side first.

 

[CliveWalkerWingWizard]

All my better halves family support Pompey and have revelled in their success. It does not displease me to see them at the bottom of the league and hope they go down. However with my little business knowledge they look like they are in big big trouble and I can only see the problem getting worse if they go down. I can only see them surviving if a true rich fan bails them out. I do not want to see fans suffer - we have all been there.

Although lots of teams get in this position and find a way out somehow - what happened to the leeds debt ? or southampton ? Is the debt still there at these clubs and 'restructured'

Reading the BBC report it appears that PFC had no evidence to present to HMRC.

 

[Dick Knights Mumm]

We live in a world of limited consequence. The banks f*** up completely - and the consequence is they are bailed out. The lesson - if you f*** up - f*** up big time. And if it all goes pear-shaped - no probs - Joe Public will bail you out.

It looks to be the same for Portsmouth.

 

[Dick Knights Mumm]

For the Defence:

He said any move to force the club to wind up would have "very serious consequences".
Mr Hood said: "There would be irreparable harm caused not only to the suppliers but to the employees, 600 staff, suppliers, people who have paid in advance for their season tickets would lose their money."

600 Staff !!!!!!!!

Madness.

 

[perseus]

I don't like Portsmouth one little bit and I don't like Portsmouth FC one little bit either.

This does not mean that I want Pompey to sink into the sea and their club to go bust. However, it does look as they have been "tucked up a treat". In bed with some people a darn site worse than Bill Archer.

I am not so sure they will get out of it!


Portsmouth: Portsmouth, owned by the French-Israeli businessman Alexandre Gaydamak since July 2006, is believed to owe at least £30m to the banks, although some estimates put the figure at double that. The club's wage bill has risen to some 90 per cent of turnover. The club said in a statement in September that "should the right offer be forthcoming [to buy the club] serious consideration would be given to the proposal".

Read more: English football: The debt time bomb - Premier League, Football - Belfasttelegraph.co.uk

 

[seagullsovergrimsby]

A points deduction for going into administration is a joke as Pompey cant realistically escape relegation. If they are wound up how will affect the clubs at the top who will lose points when the results are nullified ?

 

[pasty]

A points deduction for going into administration is a joke as Pompey cant realistically escape relegation.

I thought the rule was recently changed so that if they would have been relegated anyway, the 10 point deduction is applied the following season?

 

[perseus]

Q&A with Former Portsmouth Owner Sulaiman al Fahim
Asharq Al-Awsat Exclusive
16/10/2009
By Mohammed Basneed

... Full Text

Q) What were the reasons for selling Portsmouth after owning it for only six weeks?

A) It was purely a matter of investment. I saw that there was a good opportunity in selling for an excellent profit. Praise be to God as Ali al Faraj’s presence helped me a lot, as he was interested in buying the club when I was negotiating with the former owner. That helped me buy the club and then put it up for sale again.

 

[perseus]

PS: I think it is about 3 to 1 that Portsmouth F. C. will go completely out of business by the end of 2010.


What League are Waterlooville in ?

 

[sten_super]

For the Defence:

He said any move to force the club to wind up would have "very serious consequences".
Mr Hood said: "There would be irreparable harm caused not only to the suppliers but to the employees, 600 staff, suppliers, people who have paid in advance for their season tickets would lose their money."

600 Staff !!!!!!!!

Madness.

I'm assuming (hoping) a pretty large proportion of those are part-time match day stewards. Surely they can't have much more than 100-120 full time staff?!

I thought the rule was recently changed so that if they would have been relegated anyway, the 10 point deduction is applied the following season?

That's only after a certain cut-off date, which I think (although I'm probably wrong) is the end of March.

 

[severnside gull]

Is it just me?

Didn't "trading whilst knowingly insolvent" used to be a criminal offence?

Reading the published transcripts of yesterday's court case that is exactly what Portsmouth are doing so shouldn't the OFT be getting involved?

 

[strings]

Is it just me?

Didn't "trading whilst knowingly insolvent" used to be a criminal offence?

Reading the published transcripts of yesterday's court case that is exactly what Portsmouth are doing so shouldn't the OFT be getting involved?

I think the papers, which will be presented at their next court date will clear this up. HMRC argued that Portsmouth were insolvent, the registrar agreed that they probably were insolvent, but the finances are such a mess that they weren't able to confirm it for sure.

And yes, knowingly trading while insolvent is illegal uless you are a charity. If you are a charity it is still very bad practice.

 

[Easy 10]

The Pompey lawyers will probably argue that they are not insolvent, as (for now) the club still receives regular multi-million pound windfalls in TV money from the FAPL, which is obviously not something any "normal" business in this situation ever has. They'll also have the parachute payments when they go down.

However, I gather the debts are in the region of £70m. Even if they were able to sell Fratton Park and their entire squad of players, I doubt it'd come close to covering that, so to all intents and purposes, they are surely insolvent.

 

[Napper]

I think they will survive, seems to me that they should of been wound up yesterday so I expect them to get through it just.

Best scenario now would be 9 point deduction, they go down anyway, flog a load more players then start the championship on minus. With any luck and God willing they will then go down to League 1

 

[Lady Whistledown]

That "600 staff" must include stewards, lottery ticket sellers and so on, the sort of people who work part time & earn only pocket money. They just thought it would sound more dramatic in court if they could say 600 people would be made redundant.

If Redknapp had still been in charge, mind, I might have believed it. A first team squad of 340 players, and he'd still be moaning to the press about injury crises and being down to the bare bones.

 

[hans kraay fan club]

The Pompey lawyers will probably argue that they are not insolvent, as (for now) the club still receives regular multi-million pound windfalls in TV money from the FAPL, which is obviously not something any "normal" business in this situation ever has. They'll also have the parachute payments when they go down.

However, I gather the debts are in the region of £70m. Even if they were able to sell Fratton Park and their entire squad of players, I doubt it'd come close to covering that, so to all intents and purposes, they are surely insolvent.

By those criteria alone, though, Manchester United are also insolvent.

 

[Easy 10]

By those criteria alone, though, Manchester United are also insolvent.

Well, quite.
But I guess the crucial difference is whether the club is capable of servicing the debt or not. A homeowner in negative equity could possibly be described as being "insolvent" if the value of his assets didn't cover the shortfall - but as long as he's still covering the mortgage, he can carry on unmolested.