Will Pompey fold? (merged threads)

[severnside gull]

Now that Rangers have broken ranks and sought (successful) recourse through the civil courts it is going to be interesting to see how long the football closed shop can be retained. I suspect Rangers 12 month transfer prohibition will be replaced by a ban on competing in the Scottish Cup (now THAT will worry them won't it ) but the real test will be whether UEFA and/or FIFA propose sanctions on Scottish football. If not then I think we will begin to see the civil courts engaged more and more often and more clubs going into liquidation as the current ringfencing ceases to protect them.


EDIT: ]some precedents which indicarte that it is surely unlikely that the administrator can so categorically state thay they can continue in admin without further points deduction (unless I am misreading the situation) :

Leeds United were originally deducted 10 pts, but they were deducted 15 pts for not exiting administration via a Company Voluntary Arrangement.

Luton Town were deducted 10 points in the 2007–08 League One season. Unable to agree to a CVA and exit administration, Luton were deducted a further 20 points at the start of the 2008–09 League Two season (this was in addition to 10 more points deducted for misconduct).

Bournemouth were originally deducted 10 pts for the 2007–08 season. Having failed to exit administration before the start of the 2008–09 season, they started that side with −17 points.

Rotherham were originally deducted 10 pts for the 2007–08 season. Having failed to exit administration before the start of the 2008–09 season, they started that side with −17 points.

Southampton were deducted 10 pts when it was found that the football club was "inextricably linked as one economic entity"[ to the holding company Southampton Leisure Holdings PLC which had gone into administration on 2 April 2009] As Southampton were relegated in the 2008–09 Championship season the points were deducted at the start of the 2009–10 League One season.

 

[redneb]

Published on Tuesday 29 May 2012 07:07

POMPEY will not be docked any points next season for remaining in administration.

The football club’s administrator, Trevor Birch of PKF, has been discussing the issue with the Football League ahead of its annual summer conference meeting this week.

There were fears that if Pompey were not able to get out of administration by the time the meeting was held, the Football League could decide to dock as many as 17 points from Pompey next season.

But while the Football League is publicly staying silent on the issue, Mr Birch and his team have been told that they will begin their season in League One without any deductions.

Andy Konieczko, PKF’s spokesman, said: ‘Trevor has been in constant contact with the Football League and letting them know what is likely to happen at the club.

‘He knows there will not be any further points deduction for Pompey, so that’s some good news.’

The summer conference, which will take place from Thursday morning to Friday lunchtime, officially marks the end of the old season and the beginning of the new.

It has been seen as the deadline for Pompey to get a new owner in place or risk being thrown out of the Football League and, just three seasons after being relegated from the Premiership, being forced to play non-league football.

As previously reported in The News, former Pompey owner Balram Chainrai has come forward with a proposal to buy back the club.

That bid was today still being finalised by his lawyers.

The bid was presented to PKF more than a week ago, and outlines how much money the club’s creditors can expect to get back if Mr Chainrai’s company, Portpin, buys the club.

Once the lawyers have finished thrashing out the details, the bid documents will be sent out to all Pompey’s creditors.

They will then get the chance to vote on whether to accept his proposals or not.

A second bid to buy the club may come from the Pompey Supporters’ Trust.

Members of the trust held a crunch meeting last night with an insolvency specialist in order to get their bid up and running.

Trevor Birch was not involved in the meeting.

But The News understands some of Pompey’s richer fans, who have pledged sums of five-figures or more to the trust’s cause, were in attendance.

There are fears that without a successful takeover bid, the club will run out of money entirely before the end of May.

If no buyer is accepted and the cash runs out, the administrators would have no option other than to liquidate the club and sell of its assets to the highest bidders.

What assets exactly??

 

[northstandnorth]

What assets exactly??

Don't know,you tell us.After all you have been down this route,stiffing hard working businesses,the taxman and the St Johns.Still,something left to CHEAT with though.

 

[Easy 10]

Don't know,you tell us.After all you have been down this route,stiffing hard working businesses,the taxman and the St Johns.Still,something left to CHEAT with though.

The bloke who carked it (Liebher ?) paid off Southamptons creditors in full, before it went to a CVA.

 

[northstandnorth]

Thank you,I stand corrected,the lying cheating diving scum only fiddle on the pitch then.

 

[Easy 10]

Unlike Palace and their new owners, who were only interested in picking up the club AFTER all the creditors had been stiffed, to the tune of 1.8p in the £.

 

[philsussex]

Unlike Palace and their new owners, who were only interested in picking up the club AFTER all the creditors had been stiffed, to the tune of 1.8p in the £.

Odd, considering we're always being told how they are gazillionaires.

 

[northstandnorth]

About time a club was kicked out of league football,the true fans can always start again from the bottom AFC and FCMU have shown the way that a club need never die.Honesty pays in the long run.

 

[redneb]

Don't know,you tell us.After all you have been down this route,stiffing hard working businesses,the taxman and the St Johns.Still,something left to CHEAT with though.

Oh do me a f***ing favour. Our debts were a fraction of theirs and most were paid off. We got into debt by getting a mortgage for a stadium we needed in order to have long term stability whereas the skates just bought a team to win trophies. We took a calculated risk knowing that if we got relegated and didnt get back up within 2 years, we'd be in trouble. You cant compare us with that scumbag of a club.

s

 

[cjd]

Getting Kanu and Ben Haim off the wage bill means the administrators , PKF , can justify charging £300+ per hour for Mr Birch to do his job.

I see also that Rangers administrators fees to date are a mouth-watering £5.5 million.....!

If the oustanding creditors, aren't totally f***ed over by the owners......the Administrators finish the job for them.

 

[El Presidente]

Oh do me a f***ing favour. Our debts were a fraction of theirs and most were paid off. We got into debt by getting a mortgage for a stadium we needed in order to have long term stability whereas the skates just bought a team to win trophies. We took a calculated risk knowing that if we got relegated and didnt get back up within 2 years, we'd be in trouble. You cant compare us with that scumbag of a club.

s

I think he has retracted. Fair play to Lieberh.

 

[eagleseatseagulls]

Let's hope not. We've been in their situation many times before and know how terrible it is to be in admin. With any luck they'll find new owners and bounce straight back up.

 

[philsussex]

With any luck they'll be dead and buried well before the next season starts

 

[Peever]

Published on Tuesday 29 May 2012 07:07

POMPEY will not be docked any points next season for remaining in administration.

The football club’s administrator, Trevor Birch of PKF, has been discussing the issue with the Football League ahead of its annual summer conference meeting this week.

There were fears that if Pompey were not able to get out of administration by the time the meeting was held, the Football League could decide to dock as many as 17 points from Pompey next season.

But while the Football League is publicly staying silent on the issue, Mr Birch and his team have been told that they will begin their season in League One without any deductions.

Andy Konieczko, PKF’s spokesman, said: ‘Trevor has been in constant contact with the Football League and letting them know what is likely to happen at the club.

‘He knows there will not be any further points deduction for Pompey, so that’s some good news.’

The summer conference, which will take place from Thursday morning to Friday lunchtime, officially marks the end of the old season and the beginning of the new.

It has been seen as the deadline for Pompey to get a new owner in place or risk being thrown out of the Football League and, just three seasons after being relegated from the Premiership, being forced to play non-league football.

As previously reported in The News, former Pompey owner Balram Chainrai has come forward with a proposal to buy back the club.

That bid was today still being finalised by his lawyers.

The bid was presented to PKF more than a week ago, and outlines how much money the club’s creditors can expect to get back if Mr Chainrai’s company, Portpin, buys the club.

Once the lawyers have finished thrashing out the details, the bid documents will be sent out to all Pompey’s creditors.

They will then get the chance to vote on whether to accept his proposals or not.

A second bid to buy the club may come from the Pompey Supporters’ Trust.

Members of the trust held a crunch meeting last night with an insolvency specialist in order to get their bid up and running.

Trevor Birch was not involved in the meeting.

But The News understands some of Pompey’s richer fans, who have pledged sums of five-figures or more to the trust’s cause, were in attendance.

There are fears that without a successful takeover bid, the club will run out of money entirely before the end of May.

If no buyer is accepted and the cash runs out, the administrators would have no option other than to liquidate the club and sell of its assets to the highest bidders.

Maybe I am uneducated about all this but what I dont understand is how Pompey is getting away with massive debt/administration etc with minimal punishment and Darlington get dumped 4 leagues on top of their relegation....

 

[cjd]

Let's hope not. We've been in their situation many times before and know how terrible it is to be in admin. With any luck they'll find new owners and bounce straight back up.

What...? You know how terrible it is.....? Apart from stiffing your creditors, the only difference it made was wiping out your debts...twice....so you could continue to pay high wages for players you simply couldn,t afford.

On neither occasion did any points deductions affect what division you were playing in.

"Know how terrible it is"...my arse.

 

[eagleseatseagulls]

With any luck they'll be dead and buried well before the next season starts

Spoken like a true fan.........

 

[cjd]

Let's hope not. We've been in their situation many times before and know how terrible it is to be in admin. With any luck they'll find new owners and bounce straight back up.

What...? You know how terrible it is.....? Apart from stiffing your creditors, the only difference it made was wiping out your debts...twice....so you could continue to pay high wages for players you simply couldn,t afford.

On neither occasion did any points deductions affect what division you were playing in.

"Know how terrible it is"...my arse.

The difference between your previous owners and Portsmouths previous owners, is one club has been run by crooks....the other..by idiots....not unlike some of their fans who post on here.

 

[philsussex]

Spoken like a true fan.........

Cheats shouldn't prosper. I wouldn't expect you to agree with this.

 

[eagleseatseagulls]

What...? You know how terrible it is.....? Apart from stiffing your creditors, the only difference it made was wiping out your debts...twice....so you could continue to pay high wages for players you simply couldn,t afford.

On neither occasion did any points deductions affect what division you were playing in.

"Know how terrible it is"...my arse.

Wow, you really don't have a clue about administration do you? Let's see what happens when your sugardaddy gets in way over his head ala Jordan.

 

[cjd]

Wow, you really don't have a clue about administration do you?

Really..?

Please remember, that many clubs have gone into administration and has resulted in much media coverage and interest from all football supporters. We can actually read reports, financial statements, etc etc etc you know.

Your club is special......they,ve done it twice, so that if we didn't quite grasp it the first time.....you,ve done it again...to emphasise the points.