Will Pompey fold? (merged threads)

[northstandnorth]

Agreed, it isn't the fans fault any more than we were responsible for the troubles in our past. There by the grace etc

We have never had these problems,we are not serial thieves of the public purse or cheaters of local tradesmen.
The troubles in our past came from someone who wanted to PROFIT from the sale of an asset not avoid a debt.The sale of the beloved Goldstone generated a surplus over debt,that debt inflated by penalty clauses on loans to directors.
We have never had a problem paying our bills even if it meant selling a goalkeeper or centre half.

Dont confuse our clubs battle with those seeking to exploit our club with those teams up and down the land that spend big expect others to pick up the bill.

 

[Barrel of Fun]

I just don't get some people on here.

You obviously aren't football fans...any fan worth anything could see past a little rivalry to realise that real fans care about Pompey, just as real fans care about the albion.

Pathetic.

They are still going to have a club, whether that be a club in a county league and/or a club with a slightly different name. Portsmouth is always going to have a football team, despite swindling millions from the public purse. I haven't an ounce of sympathy for Portsmouth fans. I've been actively watching football since 1990 and as far back as I can remember, they were struggling with cash. Years of football in the top flight, a brief stint in Europe and an FA Cup trophy would suggest they haven't had it all that bad.

Don't waste your breath mate

Public purse. Small businesses. Individual creditors. Knock on effects to other businesses. Yeah, f*** that. As long as the fans have a league club to support. Gimp.

 

[Barnham Seagull]

The creditors of Portsmouth Football Club (2010) Ltd have approved a Company Voluntary Arrangement (CVA) on the basis of an offer from Portpin, but also unanimously agreed a modification to the proposals that will allow PKF, the administrator, to consider offers from potential bidders such as the Pompey Supporters’ Trust.

Trevor Birch, a partner at PKF accountants & business advisers and joint administrator of Portsmouth Football Club, said: “Today’s decision is another important milestone for Portsmouth and takes the club a significant step closer towards leaving administration.

“We are beginning to see light at the end of what has, at times, been a very long and dark tunnel. This is, however, still dependent on restructuring the player cost base, which is a condition of both the existing offers.

“As well as securing approval of the CVA, we have also agreed modifications that will enable us to enter negotiations with other interested parties.

“As a result, we plan to meet with the Pompey Supporters’ Trust, which submitted an indicative offer for the club last Friday, in the next few days in order to discuss its bid.

“The shareholders have also approved the CVA.

“My PKF colleagues and I would like to thank the creditors, not only for their support today but also for their patience and understanding during the last few months.

“Portsmouth Football Club needs stability – it is the least that fans, players and staff deserve after their unwavering support in very difficult circumstances.

“There are still plenty of obstacles, and much work to do, but the approval of the CVA and the modification to the proposals means that progress is being made towards achieving this objective.”

So if they cut the wage bill they will have suceeded in wiping out over £100m in debt, while companies go bust every day owing a fraction of this.

 

[severnside gull]

I'm just hoping that Kanu and Ben Haim and co stand firm against the Cameron-style bullyboy tactics and refuse to walk away from their legally negotiated contracts.



The Supporters' Trust bid is a side show - the administrators aren't interested in anything other than Portpin which is the quick easy option and guarantees their payday as preferential creditors ahead of the taxpayer et al.

 

[SurreySeagulls]

One thing to bear in mind is that Portsmouth agreed a previous CVA which todate they have not paid a single penny of. So I would be too hopeful of the tax doging scum bags paying anything this time. Chanrai's offer of paying those who are owed £2500 is very noble NOT. But it is just to protect his original investment, he has no plans to want to PFC to flourish really, he is just interested in getting his money out of them so if it costs him a couple of hundred grand to small businesses then he will do it for the long term return of his cash.

 

[SurreySeagulls]

I also see in the press that Rangers are slowly being told no one likes them and they will have to join the SFL. Almost as rotten to the core as PFC

 

[Falkor]

The paper reveals that defender Tal Ben Haim is still earning a staggering £36,000 a week, while the club has 10 players on their books that are costing them a total of £11m a year in wages.
Ben-Haim also has an image rights contract worth £1m a year, while Nwankwo Kanu is picking up £10,000 a week at the Hampshire club, who were relegated from the Championship last season.
Aaron Mokoena, Greg Halford, Liam Lawrence, Hayden Mullins, David Norris, Erik Huseklepp, Luke Varney and Dave Kitson are the other big-earners at Fratton Park.
The club are still in administration, but the players are entitled to be paid in full under the football creditors’ rule.
"For the club to survive, we have to sell them," administrator Trevor Birch admitted to the Mail.
"They are on wages that are unsustainable at League One level. They are all for sale. We have already made some savings, but it isn’t enough to save the football club."
The wage bill is one of the key things stopping prospective owner Balram Chainrai from investing in the club, while he claims he is owned £19m from his previous spell in charge.
The big wages are remnants from Portsmouth's days in the Premier League, when they overspent in pursuit of glory. Portsmouth were a Premier League club as recently as 2010.
The Mail also claims that former players - such as Michael Brown, Richard Hughes, Aruna Dindane, Benjani, David Nugent, Hassan Yebda, Ricardo Rocha and David James - are all owed 'substantial sums of money'.
"We are negotiating with the (ex) players, but so much depends on whether an agreement can be reached," said Birch.
"The sums of money are so vast that it complicates the matter and the players can always fall back on the football creditors ruling, which means they must get paid."

The League One player on £36,000 a week - Yahoo! Eurosport UK

My god, see ya pompy

 

[Dick Knights Mumm]

So Ben Haim is on £55K per week. With no relegation clause. Unbelievable. There was a dereliction of duty by Storrie when he allowed that to happen.

 

[CHAPPERS]

They're gone, aren't they.

Shame.

 

[Hillian1]

For a moment there I actually felt slightly sorry for Portsmouth reading that, the moment soon past however.

Die you horrible club, DIE.

 

[James Bond's body double]

They're gone, aren't they.

Shame.

This

 

[Oscar]

Staggering. What a hideous mess. What the hell were the board thinking when they offered these contracts? And how can these players face the Pompey fans knowing they are ultimately destroying the club with their demands.

 

[jackanada]

Staggering. What a hideous mess. What the hell were the board thinking when they offered these contracts? And how can these players face the Pompey fans knowing they are ultimately destroying the club with their demands.

Its not the players fault the clubs been run by various crooks for many years, that the supporters are blinkered, or that their agents got a fantastic deal out of future relegation and financial troubles specialist 'onest 'arry (sure none of his dogs profited from those deals either).

Also my new theory is that many players aren't that mercenary and devious - it's their wives and agents, neither of whom will go for a pay cut.

 

[Worthingite]

This thread does my head in - every time I see it bumped I think they've finally gone. Shame

Why couldn't they get done as quickly as Rangers?

 

[Barnham Seagull]

How mad can they get?

They have now apointed a player recruitment manager! They seem to think they are going to make signings to make sure they get promoted.

 

[tubaman]

Can they go into the new season still in administration or is there a cut off date by which they have to prove they can remain solvent for a whole season?

 

[Mileoakman]

Can they go into the new season still in administration or is there a cut off date by which they have to prove they can remain solvent for a whole season?

If there still in administration with no agreed CVA by the time the league kicks off I believe its a minimum 15 points deduction. The CVA wont be finally agreed until their expensive players are shipped out and nobody seems to want them, (suprise). I suspect a number of clubs are waiting to see if they eventually fold because any players worth having will be free so they might as well wait and avoid any transfer fee. Mind you at the moment their wage bill is over £9 million a year, (bigger than us by a long shot I would think), and the Administrator will happliy give them away if someone would take them.

At the moment the Football League have said no new players in until the high wage earners are shipped out so at the moment they only have 10 professionals, no goalkeeper and there first game against Havent is just 10 days away. My monies on Havent at the moment!

 

[jackanada]

They have enough bodies to play 4-3-3, no subs, kitson in goal.

 

[Ernest]

Tal Ben Haim isn't worth 36p a week let alone 36k so how are they going to get rid of him and his wages ?

 

[cyrilthesinik]

For a moment there I actually felt slightly sorry for Portsmouth reading that, the moment soon past however.

Die you horrible club, DIE.

This, apart from feeling slightly sorry!