Will Pompey fold? (merged threads)

[jackanada]

Pompey's prospective new owners must agree that only a limited proportion of the secured debt can be carried forward into the new company.

is explained in this bit

"The Football League have said Portpin are owed £18m and they don't want £18m rolled over into a new company.
"So what they are saying is, whatever the market value of the property is, that is the extent they can roll over debt.
"So if that is £5m for example, then it is only £5m of debt they can roll over into the new company. That has to be something that Portpin are comfortable with for them to proceed with the purchase.

"

Its oddly clued up of the league as part of the problem pompey have is each time they are sold (by someone dodgy to themselves while shafting creditors) the crippling unsecured debts come with them.

I think...

EDIT: and what the previous posts said!

 

[Icy Gull]

I find it quite strange that there is virtually no banter with Pompey fans on this board. Why is that?

 

[Lady Whistledown]

I find it quite strange that there is virtually no banter with Pompey fans on this board. Why is that?

Because they're all too busy taking the moral high ground over the fact that, while they have robbed the taxpayer and hundreds of small businesses, charities and schools of about a hundred million pounds, a Southampton player (Claus Lundekvam) once made some cash, spot-betting on the time of the first throw-in during some games in the 1990s.

 

[beardy gull]

Portsmouth Football Club | Squad | First Team


Oh dear.

 

[SurreySeagulls]

Portsmouth Football Club | Squad | First Team


Oh dear.

nothing wrong with a 3-2-5 system. Not sure how they will get round playing rush goalie. Then again I don't care and hope the team rots in hell with all their debts they refuse to pay

 

[Gordon the Gopher]

As I understand it Portpin which are the company owned by Chainrai are supposedly owed £18.6 million. The football league are saying you can only carry over a proportion of that debt and its believed that this will only be around £3 - £5 million. This means that if Chainrai takes over, (which most Pompey fans don't want), he will lose about £14 million plus what he has to pump in to keep the club going in the short term.

This makes it highly unattractive to him, (he only wants to keep control to get his money back), and therefore liquidation is now highly probable. The Portsmouth Trust owned by the fans are the only likely people who can assume control but there is some doubt as to whether they can raise sufficient dosh. At the moment they only have promises for a few million and its not likely to be enough.

Thanks Mileoakman. Just want to be fully in the know next time I'm down visiting the in-laws in Southsea.

 

[BensGrandad]

My brother had a book of Christmas made up of old press cuttings through the years about BHA. I was reading it the other day and came across a story of 19th September 1978 which said generous Gilligham had donated £100 to cash strapped crisis club Portsmouth to help them pay their player wages. It looks like this has been happening for many years not just since Arry and Storrie got involved.

 

[krakatoa]

Because they're all too busy taking the moral high ground over the fact that, while they have robbed the taxpayer and hundreds of small businesses, charities and schools of about a hundred million pounds, a Southampton player (Claus Lundekvam) once made some cash, spot-betting on the time of the first throw-in during some games in the 1990s.

Ridiculous to say that 'they' - Pompey fans - robbed the taxpayer etc. Utterly ludicrous remark.

 

[Kalimantan Gull]

Surely its about time to stop jumping up and down in glee at the demise of Portsmouth? We fought to save Plymouth but are delighting at the same thing happening to Pompey? I thought Fans United was supposed to transcend rivalries?

 

[Mutts Nuts]

Surely its about time to stop jumping up and down in glee at the demise of Portsmouth? We fought to save Plymouth but are delighting at the same thing happening to Pompey? I thought Fans United was supposed to transcend rivalries?

Serial tax dodgers,fcuk em.Think of all the small businesses they owe money too, fcuk em again.

 

[itszamora]

Serial tax dodgers,fcuk em.Think of all the small businesses they owe money too, fcuk em again.

I seldom agree with you, but I do here. They cheated their way to the Premier League, then won the FA Cup and got into Europe using our (taxpayers') money.

 

[Lady Whistledown]

Ridiculous to say that 'they' - Pompey fans - robbed the taxpayer etc. Utterly ludicrous remark.

Oh FFS, alright, perhaps I could have worded it more succinctly, but I'd have thought it was plainly obvious I was referring to their football club and not Pompey fans personally?

And as for sympathy, I suggest you read this thread in its entirety, not just the last few pages, to find out why there is a distinct lack of sympathy with them.

 

[Falkor]

I sympathise for the fans, but not the club

 

[Seagull Steve]

Surely its about time to stop jumping up and down in glee at the demise of Portsmouth? We fought to save Plymouth but are delighting at the same thing happening to Pompey? I thought Fans United was supposed to transcend rivalries?

The thing is, they would have the potential to be a better club if they went bust and then regrouped ie Wimbledon. We know it isn't the fans fault, but surely a surge up the leagues with a well financed club, is infinitely better than struggling year on year. Meanwhile that will have the knock on effect of stopping small businesses going bust or struggling because they haven't been paid by the club.

 

[severnside gull]

Portsmouth go bust while carrying debts that they know will cripple their future but they "do a deal" anyway.........despite knowing full well that it cannot possibly work out.

Then the same guys who are owed the biggest secured debts bleed the club still further until it once again becomes unsustainable and they go bust............... again.

Then they repeat the cycle.


IT HAS TO STOP

and that is why people are happy to see them finally sink beneath the waves. It....... has.......... to.......... stop

For the good of football. For the good of honest creditors. For the good of the taxpayer

And to the detriment of the money launderers.






Sadly Portsmouth are not the only club being used as a vehicle to move money. Football as a sport and as an integral part of popular culture offers a perfect medium for large scale fraud, money laundering, and tax avoidance. It will only get worse.

 

[PILTDOWN MAN]

I'm surprised that the league have allowed the situation to carry on. Bringing in the measures they have announced has done nothing to safeguard the existence of the club for the forthcoming season. Not being too bothered about Portsmouth myself I do not care much for their continued existence. I'm more concerned about the revenue that will be lost, and the ramifications felt by all the other clubs should they not fulfil their fixtures, which as present looks unlikely considering they only have a handful of players.

 

[Worthingite]

I feel for some of the fans, but the club itself needs to go under for those fans to have something to support.

 

[Kalimantan Gull]

They're already bust though. They will cease to exist unless a buyer is found and an admin deal worked out, and whatever happens those debts are never going to be paid in full. The first-team squad is virtually non-existent. So I think its fair to say the punishment has been had, the previous owners have gone, and right now I'm on the side of the fans wanting their club to continue to exist. Fans United shouldn't stop just because its Pompey.

 

[CHAPPERS]

They're already bust though. They will cease to exist unless a buyer is found and an admin deal worked out, and whatever happens those debts are never going to be paid in full. The first-team squad is virtually non-existent. So I think its fair to say the punishment has been had, the previous owners have gone, and right now I'm on the side of the fans wanting their club to continue to exist. Fans United shouldn't stop just because its Pompey.

Start a new club. That's what needs to happen.

 

[krakatoa]

Oh FFS, alright, perhaps I could have worded it more succinctly, but I'd have thought it was plainly obvious I was referring to their football club and not Pompey fans personally?

And as for sympathy, I suggest you read this thread in its entirety, not just the last few pages, to find out why there is a distinct lack of sympathy with them.

Well i do sympathise with the fans - same as I do with any fans who've had dodgy owners shafting all and sundry and f***ing up their club. I just think i'm getting a little tired with the implication that Albion fans are somehow a superior breed and it couldn't happen here. As Rangers fans have found out, it can happen anywhere.