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Pompey to start with -10 points
- Thread starter AgerBomb22
- Start date
Gordon the Gopher
Active member
Looking at the statement from the FL, someone might actually be starting to see the bigger picture!
A statement released by the Football League this afternoon read:
The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club. The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the Club going forward.
The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs. Through its Insolvency Policy, The League aims to secure the continuation of the club in its local community. In seeking to achieve this it requires that:
a) all football debts have been settled in full (although these may be compromised by mutual agreement).
b) creditors have been given the opportunity to indicate their satisfaction (or otherwise) at the proposed arrangements (normally through the acceptance of a Company Voluntary Arrangement (CVA)).
In Portsmouth’s previous administration, a significant amount of unsecured debt was compromised in a CVA approved by creditors in June 2010, with an anticipated outcome of twenty pence in the pound. In the event, these creditors had not had their claims settled prior to the Club’s further administration in February 2012.
Under the new CVA these claims would be further compromised to less than one penny in the pound without creditors having the opportunity to indicate whether they find this acceptable. This is because the claims rest in the liquidation of the previous company and the liquidator of that company has voted to accept the terms of the new CVA.
Therefore, the Board were faced with the prospect of numerous unsecured creditors receiving less than one penny in the pound, without having the opportunity to indicate their satisfaction (or otherwise) in the normal way. In the Board’s view, these arrangements do not respect a key principle of The Football League’s Insolvency Policy (as described above in b).
Therefore, as a condition of membership, any new company established to apply for ownership of Portsmouth Football Club’s share in The Football League will be required to:
1. Accept a deduction of 10 points in the 2012/13 season;
2. Agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.
3. Pay all football creditors in full, unless mutually acceptable compromise agreements are put in place.
4. Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons.
It will now be for the administrator to seek to finalise arrangements for the sale of the club with interested parties. The Board will consider the application for transfer of membership once the administrator has selected the final purchaser.
A statement released by the Football League this afternoon read:
The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club. The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the Club going forward.
The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs. Through its Insolvency Policy, The League aims to secure the continuation of the club in its local community. In seeking to achieve this it requires that:
a) all football debts have been settled in full (although these may be compromised by mutual agreement).
b) creditors have been given the opportunity to indicate their satisfaction (or otherwise) at the proposed arrangements (normally through the acceptance of a Company Voluntary Arrangement (CVA)).
In Portsmouth’s previous administration, a significant amount of unsecured debt was compromised in a CVA approved by creditors in June 2010, with an anticipated outcome of twenty pence in the pound. In the event, these creditors had not had their claims settled prior to the Club’s further administration in February 2012.
Under the new CVA these claims would be further compromised to less than one penny in the pound without creditors having the opportunity to indicate whether they find this acceptable. This is because the claims rest in the liquidation of the previous company and the liquidator of that company has voted to accept the terms of the new CVA.
Therefore, the Board were faced with the prospect of numerous unsecured creditors receiving less than one penny in the pound, without having the opportunity to indicate their satisfaction (or otherwise) in the normal way. In the Board’s view, these arrangements do not respect a key principle of The Football League’s Insolvency Policy (as described above in b).
Therefore, as a condition of membership, any new company established to apply for ownership of Portsmouth Football Club’s share in The Football League will be required to:
1. Accept a deduction of 10 points in the 2012/13 season;
2. Agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.
3. Pay all football creditors in full, unless mutually acceptable compromise agreements are put in place.
4. Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons.
It will now be for the administrator to seek to finalise arrangements for the sale of the club with interested parties. The Board will consider the application for transfer of membership once the administrator has selected the final purchaser.
ferring seagull
Well-known member
- Dec 30, 2010
- 4,607
Come on guys let's not wind them up.
We don't want them kicking the sh1t out of our boys before the start of the season !
PS Does look a bit like the FL is intent on giving them a hard time, but in all honestly and as has been pointed out, they would have been better going for liquidation and a completely fresh start in order to get the vultures off their backs.
We don't want them kicking the sh1t out of our boys before the start of the season !
PS Does look a bit like the FL is intent on giving them a hard time, but in all honestly and as has been pointed out, they would have been better going for liquidation and a completely fresh start in order to get the vultures off their backs.
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severnside gull
Well-known member
Looks possible that by the time we are scheduled to play them in Spain they may no longer exist as a league club
SeagullSongs
And it's all gone quiet..
Can't beat the classic 3-2-5 formation 
Wrong choice of words?
ferring seagull
Well-known member
- Dec 30, 2010
- 4,607
Indeed an unfortunate choice of words! LOL
Last edited:
- Jul 7, 2003
- 47,630
"I think most people would agree"?
I don't think so, Trevor Birch. "Most people" are frankly pleased to see Lower League Pompey get a richly deserved points deduction, and still consider that to be the bare minimum that could have been expected.
I don't think so, Trevor Birch. "Most people" are frankly pleased to see Lower League Pompey get a richly deserved points deduction, and still consider that to be the bare minimum that could have been expected.
Going down going down going down.
As much as I'd love to see them go out of business I do hope they make it through another year just because I'd love to see Kanu playing in league 2, I imagine he'd be essentially stationary on the pitch if they ever reached that point but it'd still be funny to watch.
As much as I'd love to see them go out of business I do hope they make it through another year just because I'd love to see Kanu playing in league 2, I imagine he'd be essentially stationary on the pitch if they ever reached that point but it'd still be funny to watch.
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severnside gull
Well-known member
Hopefully an appeal will cement the FL's determination and when Balram Chanrai refuses to back away they will withdraw the golden share. It is too late to start again in a lower league next season so Portsmouth FC and the best fans in the world will be consigned to cheating history
Worthingite
Sexy Pete... :D
is that it? FL are a f***ing joke. Why was it so easy to bin off Rangers, and yet this seems to have been dragging on for years. Won't someone just put this pathetic club with it's pathetic fans out of their misery?
Because no one wanted to buy Rangers, people keep 'buying' Portsmouth.
seagullsovergrimsby
#cpfctinpotclub
Chainrai only wants to buy the club to ensure he gets all of the parachute money instead of the creditors due to the previous administrator arranging this for him.
- Jul 7, 2003
- 47,630
Incredibly, it seems neither their staff nor players grasp it yet:
"[MENTION=16109]Greg[/MENTION]Halford15: Another 10 points deducted! Why?? Y couldn't they have deducted 20 points last year?"
"[MENTION=16109]Greg[/MENTION]Halford15: Another 10 points deducted! Why
?? Y couldn't they have deducted 20 points last year?"
D
Deleted member 18477
Guest
Amazing.
Isn't it the same person who keeps buying them?!
It would appear the Football League are wise to this.
D
Deleted member 2719
Guest
Poor old Pompey.
