Exactly - Dr Faustus got a better deal, he got 25 years of glory
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Lower league Pompey
- Thread starter pornomagboy
- Start date
Exactly - Dr Faustus got a better deal, he got 25 years of glory
severnside gull
Well-known member
In all reasonable probability we won't see a penny of it but the cash sales their end will contribute to them limping on to the end of the season. If that happens and we make the play-offs it will turn out to be a very fair investment
Won't we get back if they survive as we'd be a football creditor?
of course, that does assume they'll pull out of this mess - something that does look increasingly unlikely
severnside gull
Well-known member
In the context of chronicling the demise of Portsmouth Football Club that is sheer f***ing poetry!
severnside gull
Well-known member
theoretically although my understanding is that they still owe ticket sales money to clubs from 2 years ago.
I may be wrong but I suspect that may have something to do with Reading's reaction to allowing them to handle ticket sales direct.
What's the worst that could happen to Pompey, after all this cheating? They start again in the conference with no ground, but a ground in Pompey that would be there to hire. We were 45 minutes from being a lot worse than that, and we did nothing wrong.
CliveWalkerWingWizard
Well-known member
I really can't see abuyer coming in, this chap has been interested on a few occassions (i think) but this statement says it all.
BRIAN Howe will not be taking over Pompey, his business partner has confirmed.
American businessman Vince Wolanin has tonight issued a statement saying they are not in a position to mount a takeover. Mr Howe, former frontman of the group Bad Company and a life-long Pompey fan, has been rumoured to be interested in taking over at Fratton Park.
In the statement, Mr Wolanin said: ‘After looking over extensive materials we then tried to ascertain if the club could actually work as a commercial venture since we felt the capital requirements would be outside the short-term fund raising capabilities of a CIC.
‘There are just too many cumbersome and fiscally imprudent contracts signed that in our view would only further plunder the club all over again even if someone could buy it for zero pounds sterling since the loss carried forward is insurmountable.
‘We were hoping contract cancellations could be executed how they are under US law when a company enters administration; but, it turns out UK law prevents that.
‘Personally, I am a fan of this great club, but our parent company directives prevent us from investing in a venture where the outlook is in the red rather than the black.
‘I really feel the FA needs to revisit some of the now out of date policies of fiscal operations, capital expenditures, and outspending of the capital base and revenues as this is going to be a financial plague if changes are not made sooner than later. Still hoping for a miracle, sadly which we do not have.’
Earlier today administrator Trevor Birch confirmed the club is running out of time to find a buyer.
BRIAN Howe will not be taking over Pompey, his business partner has confirmed.
American businessman Vince Wolanin has tonight issued a statement saying they are not in a position to mount a takeover. Mr Howe, former frontman of the group Bad Company and a life-long Pompey fan, has been rumoured to be interested in taking over at Fratton Park.
In the statement, Mr Wolanin said: ‘After looking over extensive materials we then tried to ascertain if the club could actually work as a commercial venture since we felt the capital requirements would be outside the short-term fund raising capabilities of a CIC.
‘There are just too many cumbersome and fiscally imprudent contracts signed that in our view would only further plunder the club all over again even if someone could buy it for zero pounds sterling since the loss carried forward is insurmountable.
‘We were hoping contract cancellations could be executed how they are under US law when a company enters administration; but, it turns out UK law prevents that.
‘Personally, I am a fan of this great club, but our parent company directives prevent us from investing in a venture where the outlook is in the red rather than the black.
‘I really feel the FA needs to revisit some of the now out of date policies of fiscal operations, capital expenditures, and outspending of the capital base and revenues as this is going to be a financial plague if changes are not made sooner than later. Still hoping for a miracle, sadly which we do not have.’
Earlier today administrator Trevor Birch confirmed the club is running out of time to find a buyer.
Not Andy Naylor
Well-known member
I thought it was just me - hilariously deluded, aren't they? I liked the one who was pleased they'd gone into administration because their bank accounts would be unfrozen and they could sign more players ... they just don't get it.
- Jul 7, 2003
- 47,640
Never mind the rest of it, I cannot believe we are letting them sell tickets to their fans and not sorting it out ourselves.
That £50k could have made or broken us in years gone by. Why should we write that off??
That £50k could have made or broken us in years gone by. Why should we write that off??
Dick Knights Mumm
Take me Home Falmer Road
I am torn on that one. Part of me says that we should just keep on doing the right thing. I'd like to know what TB thinks though - whether anyone actually thought about it or we simply followed procedures.
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To the best of my knowledge there is no mechanism for a Phoenix club to start in the Conference?
Does the ticket money count as a priority football debt?
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I am here: http://tapatalk.com/map.php?wkugpu
Does the ticket money count as a priority football debt?
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I am here: http://tapatalk.com/map.php?wkugpu
isn't his a standard part of the play book... to get various 'interested' parties to come out and say 'sadly' things are too bad for them to take it over? and then, miraculously, at the 11th hour, someone comes forward with what would have been an insulting and derisory offer, and amazingly everyone accepts it?
CliveWalkerWingWizard
Well-known member
The problem pompey have got is that it is not a good business proposition even if the club was given away for free. Chenrai wants his money back and the club will rack up another 9M debt this year according to the administrator. The club has no assets as they do not own the ground. They are in real trouble this time.
Dave the OAP
Well-known member
...and one of the "contracts" is with paying you and me tax and national insurance they have deducted from employees.
I cannot understand this bollocks that football clubs think they can welsh on paying the treasury what is owed just because they are a football club. Let alone the likes of St John's ambulance.
The rest of us are 5 minutes late paying tax that is owed and we are persued to death!
BensGrandad
New member
The point that seems to be missed is that as employers they would have deducted the tax and NI in the case of their employees and as such are only 'looking after it' for HMRC. It was never theirs to use in the first place and if showing it on a wage slip is this not theft.
It's not football clubs though, it's businesses generally. PFC are part of an environment where businesses believe they don't have to pay all the taxes owing to them. The HMRC take a big part of the blame for this as they're perfectly happy to write off millions of pounds in revenue from businesses. They do it with football clubs - how much in the pound did Pompey, Leeds, Palace, Leicester etc pay (or not pay in Pompey's case)? How much was written off from Vodafone's debt after a cosy lunch? As I know to my cost, if an employer deducts tax and NI from an employee's salary and pockets the amount itself, HMRC turns a blind eye. And how much is lost by companies closing down one day, opening up the next just wiping off all debts?
You can't blame football clubs for exploiting the business culture.
Dick Knights Mumm
Take me Home Falmer Road
HMRC are sorting this out. PAYE and NI deducted by organisations and then paid to HMRC is currently reconciled and notified to HMRC at the tax year end. Under current procedures being implemented PAYE and NI deductions will be reconciled monthly.
Iggle Piggle
Well-known member
- Sep 3, 2010
- 5,960
The parachute money has to go to Chanrai who according to the Tory Graph is owed £29 mill. I'll repeat. £29 million. Pounds.
If he really is owed £29 mill, do any of our resident pompey experts know how much of this is wonga.com style interest rates?
Portsmouth may fold before the end of Championship season says administrator of cash strapped club - Telegraph
In response to the article though there is a one pompey fan with an IQ larger than your average house fly.
Why, in this story, does everybody, including the journalists, overlook the real reasons for the mess?
The club has been bought by a succession of foreign investors for 1 reason and 1 reason only. It is the same reason that the previous investors are still so heavily involved.
Fratton Park is situated right in the middle of one a prime pieces of land in the second most densely populated part of Britain. It is, in short, a gold mine. The club is just an excuse to them to get the city council "on side", by making token gestures to the club they are hoping to get popular support for planning processes.
This problem could be made to go away really easily. How? Get Portsmouth City Council to make Fratton Park and all the land surrounding it only useable for sporting purposes or recreational purposes. No houses, no business parks and no shops. Land instantly worthless.
Next (and I am a Pompey fan and an ex season ticket holder), wind the club up. Yes I did say that. Wind the club up. Then Gaydamak, Chanrai and all the others trying to asset strip our famous old club will be millions out of pocket and it will serve them right for being greedy.
Next, either start up an "AFC Portsmouth" selling them the now worthless land or get the fans to support Havant and Waterlooville Hawks, who, not being based on the island, will have much more room to grow and develop. Yes we'll have to start at the bottom but it will be worth it when we make it back to the championship in 10-15 years.
Hopefully all this will have a sobering effect on any other "investors" trying to do this to either our, or any other, club
If he really is owed £29 mill, do any of our resident pompey experts know how much of this is wonga.com style interest rates?
Portsmouth may fold before the end of Championship season says administrator of cash strapped club - Telegraph
In response to the article though there is a one pompey fan with an IQ larger than your average house fly.
Why, in this story, does everybody, including the journalists, overlook the real reasons for the mess?
The club has been bought by a succession of foreign investors for 1 reason and 1 reason only. It is the same reason that the previous investors are still so heavily involved.
Fratton Park is situated right in the middle of one a prime pieces of land in the second most densely populated part of Britain. It is, in short, a gold mine. The club is just an excuse to them to get the city council "on side", by making token gestures to the club they are hoping to get popular support for planning processes.
This problem could be made to go away really easily. How? Get Portsmouth City Council to make Fratton Park and all the land surrounding it only useable for sporting purposes or recreational purposes. No houses, no business parks and no shops. Land instantly worthless.
Next (and I am a Pompey fan and an ex season ticket holder), wind the club up. Yes I did say that. Wind the club up. Then Gaydamak, Chanrai and all the others trying to asset strip our famous old club will be millions out of pocket and it will serve them right for being greedy.
Next, either start up an "AFC Portsmouth" selling them the now worthless land or get the fans to support Havant and Waterlooville Hawks, who, not being based on the island, will have much more room to grow and develop. Yes we'll have to start at the bottom but it will be worth it when we make it back to the championship in 10-15 years.
Hopefully all this will have a sobering effect on any other "investors" trying to do this to either our, or any other, club
I hope you are right. This would be a salutory lesson to any prospective football club speculators. And about time too.
The parachute money is going to Gaydamak, not Chanrai.
And despite being more realistic than most Pompey fans, that chap is still wrong. The CAUSE of their problem was not asset strippers. The asset strippers and opportunists are a sympton of their problems, which are plainly and simply, a result of a few years of hideous overspending.
And he's deluding himself about the land value too. The area is a pit.
And finally - this idea they have that they can simply just go and take over Havant and Waterlooville pisses me off too. How arrogant is that? Do H&W get a say?