There was a point in the BBC article that I hadn't considered, the non-payment of general staff. Sure I have some sympathy for players, but many of them will likely have earned enough to have at least some savings to fall back on (if they don't then that's their own fault). However staff from the shop etc... must be finding it really hard right now.
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Shocking unpredictable news - Pompey in administration again
- Thread starter shaolinpunk
- Start date
There was a point in the BBC article that I hadn't considered, the non-payment of general staff. Sure I have some sympathy for players, but many of them will likely have earned enough to have at least some savings to fall back on (if they don't then that's their own fault). However staff from the shop etc... must be finding it really hard right now.
seagullsovergrimsby
#cpfctinpotclub
They must have made a part payment otherwise Tuesday's evening game at Fratton wouldn't have gone ahead as they needed the floodlights etc.
MORTY
Well-known member
No more midweek games then!
Hotchilidog
Well-known member
- Jan 24, 2009
- 9,165
I seem to recall last time this happened, David James and maybe some of the other players actually helped pay some of the staff. Not much chance of that happening this time I'd wager.
HawkTheSeagull
New member
No games at all, it isnt daylight all the time yet
Only 12PM kick-offs would work...if its sunny.
seagullsovergrimsby
#cpfctinpotclub
I feel sorry for the general staff that will end up having their homes repossessed
Including John Keeley.
How come Luton got -30 then?
Who owns the ground now? Could be another Goldstone situation.
Luton got a 10 point deduction for paying agents through a third party, and a 20 point deduction for failing to agree a CVA, and it was the third time in 10 years they had been in that position.
BBC SPORT | Football | My Club | L | Luton | Luton to face 30-point deduction
seagullsovergrimsby
#cpfctinpotclub
Bournemouth and Rotherham were also given 17 points deductions at the beginning of the same season.
Yep, also after failing to agree a CVA, but only 17 points because it was a first time for them, I imagine.
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readingstockport
New member
Hopefully the creditors will push for a proper settlement from pompey this time and not let them walk away with a paltry cva of pennies in the pound.
17 pints!?!
Curious Orange
Punxsatawney Phil
I think he lost his job at Pompey last time around.
Woodchip
It's all about the bikes
As well as Saints, I'm sure.
The hangover was the punishment.
On the Left Wing
KIT NAPIER
This is the FOURTH or FIFTH time in 35 years that Pompey have been in either severe financial crisis or administration: 1976, 1992, 1998, 2008/09 and now 2012.
In November 1976 Pompey needed raise £25,000 to pay off debts and so avoid bankruptcy. The money was raised from supporter contributions.
In 1992 Chairman Jim Gregory called in the money he had lent the club over preceding seasons, and so players were sold with little funds available to buy replacements.
Pompey's centenary season, 1998-99, saw a serious financial crisis hit the club, and in December 1998 Portsmouth went into receivership.
At the start of the 2008-09 Pompey were facing crippling debts due to their recent heavy spending. Al-Fahim took the club over in August but he did not have enough money to run the club and manage the £70 Million debt.
Portsmouth were issued with a winding up order due to unpaid taxes.
And Now this: It looks like the end to me!
In November 1976 Pompey needed raise £25,000 to pay off debts and so avoid bankruptcy. The money was raised from supporter contributions.
In 1992 Chairman Jim Gregory called in the money he had lent the club over preceding seasons, and so players were sold with little funds available to buy replacements.
Pompey's centenary season, 1998-99, saw a serious financial crisis hit the club, and in December 1998 Portsmouth went into receivership.
At the start of the 2008-09 Pompey were facing crippling debts due to their recent heavy spending. Al-Fahim took the club over in August but he did not have enough money to run the club and manage the £70 Million debt.
Portsmouth were issued with a winding up order due to unpaid taxes.
And Now this: It looks like the end to me!
[yt]NoBFhdeR9PE[/yt]
m20gull
Well-known member
This shows why the 10 point punishment for administration is not right. The purpose of administration in business is to allow a breathing space while an insolvent business is restructured to a point where it is solvent. So some of the business is sold, some redundancies occur, some debt is written off and a smaller, leaner organisation results - e.e. Ethel Austin.
But in Football nothing seems to happen. Because all the clubs live on the hoof anyway and the football debt has high priority administration does not result in a smaller, leaner club. With the 10 point deduction it results in a club about the same size as before but with no debts. And that's where it is not fair. Sport, even professional sport, is supposed to have an element of level competition to it. Allowing Pompey to walk away from their spending AGAIN is farcical. The club should be properly restructured during admin so that income exceeds outgoing on a sustainable basis and if that means they end up in Conference South because that is the quality of players they can afford, then so be it.
Personally I would treat clubs in administration the same as clubs in liquidation - out of the pyramid and reapply. That might concentrate a few minds.
But in Football nothing seems to happen. Because all the clubs live on the hoof anyway and the football debt has high priority administration does not result in a smaller, leaner club. With the 10 point deduction it results in a club about the same size as before but with no debts. And that's where it is not fair. Sport, even professional sport, is supposed to have an element of level competition to it. Allowing Pompey to walk away from their spending AGAIN is farcical. The club should be properly restructured during admin so that income exceeds outgoing on a sustainable basis and if that means they end up in Conference South because that is the quality of players they can afford, then so be it.
Personally I would treat clubs in administration the same as clubs in liquidation - out of the pyramid and reapply. That might concentrate a few minds.