Pompey issued winding up petition

[Virgo's Haircut]

Sky Sports News have breaking news that Pompey have been issued a winding up Petition by the Inland Revenue.

Does this mean they are doomed?

 

[Kinky Gerbil]

Who are they going to sell to raise money?

 

[Barrel of Fun]

No. A winding up order would be much more serious. This will be over some unpaid bill that a creditor wants paying. Doesn't look too rosy though.

 

[beorhthelm]

Does this mean they are doomed?

it means that we might see a premiership club do the Leeds company name shuffle. followed but a lot of writing about how football finances are out of control and how something must be done... nothing will change though.

 

[Badger]

So could they come along and reposess Fratton Park? Assuming they even own Fratton Park

 

[Kinky Gerbil]

So could they come along and reposess Fratton Park? Assuming they even own Fratton Park

That will raise £5

 

[Badger]

That will raise £5

That's a lot of money to some of the folks that live round there!

 

[readingstockport]

Petition is from hmrc and they play hard ball now they are no longer prefered creditors. Pompey could be in deep shit depending on the amount the owe hmrc.

 

[Gully]

I guess that technically a buyer could come in and pick them up for a bargain price... asset strip the club, sell off anything of any value (ground and players) and pretty much close them down in all but name...can't really see it coming to that, but in these harsh economic times it has to be rated a possibility.

When was the last time a club ceased trading during the season?

 

[Kinky Gerbil]

That's a lot of money to some of the folks that live round there!

Including the club

 

[Juan Albion]

That will raise £5

Only if someone has left an Albion programme on one of the seats.

 

[Barrel of Fun]

I think various pockets of land are owned by a company seperate to the football club. Their latest owner claimed he knew nothing of football and was looking to make a quick profit from the team.

Apparently the owners all passed (whoever they are) the 'fit and proper' test from the FA. But then so did Thaksin and a variety of other crooks..?

 

[surrey jim]

BBC News - Portsmouth faces wind up petition

Portsmouth Football Club has been issued with a winding up petition by HM Revenue & Customs, the BBC has learned.
The petition was presented on 23 December but a full court hearing will not take place until February.
If the club is unable to strengthen its financial position by then, the club could be declared bankrupt.
Portsmouth has been the subject of much takeover speculation and has reportedly been unable to pay some player wages.

 

[Barrel of Fun]

Lets Get One Thing Straight - North Stand Chat

Perhaps TopDogsPFC could let us know what is going on...

 

[Gully]

Fair comment BoF, but when have the FA been in a position to judge whether someone was "fit and proper" to run a football club...our club history shows a distinct lack of sense by the FA...whose initials ironically suggest how much use they were in our case!

 

[Pavilionaire]

It strikes me that the fit and proper test is all very well but it takes time to establish whether a buyer meets the test and some clubs (like Portsmouth) are in such debt they'll take who they can get as soon as they can.

As an accountant I have first-hand evidence of how HMRC are getting much tougher on late payment of tax. The fact Portsmouth can't pay their players implies they are insolvent and HMRC won't be happy to miss out of PAYE/NIC.

God knows the VAT position at Pompey is like. That doesn't get any headlines but the penalties for late payment of VAT are severe and there is ZERO tolerance.

HMRC must think if they let one organisation get away with it then every club in trouble will swing the lead. What with the cash sloshing around football I can see the case for pushing for Pompey to be wound up, although rivalry or no rivalry it's genuinely sad for the fans. If you were a kid who supports Pompey and they went under you'd be heartbroken.

 

[Questions]

Just spoken to my Pompey season ticket holding mate and he says that no one there knows what the f*** is going on.

Remember that ?

 

[Yorkshire-Seagull]

When was the last time a club ceased trading during the season?

I think Kings Lynn have just done it. Rumours are that Durham City are going the same way too.

In the case of Kings Lynn, their results have just been struck from the records.

 

[Pavilionaire]

They have Norfolk-ing hope, then...

 

[beorhthelm]

... The fact Portsmouth can't pay their players implies they are insolvent and HMRC won't be happy to miss out of PAYE/NIC.

[...]
HMRC must think if they let one organisation get away with it then every club in trouble will swing the lead.

surely if they havent paid the players, no PAYE or NI is due

as i recall HMRC chases down football clubs severly because they've been tucked up by the FA/PFA whatever agreement that makes players and other clubs the priority debts. If a player isnt paid in two weeks they can walk from their contract, if other clubs are paid the club faces transfer embargo and other sanctions. HMRC is fairly understandably pissed at being 3rd down the list, which does happen anywhere else. if the football powers came to a more normal arrangment with the HRMC they might be more lenient.