Will Pompey fold? (merged threads)

[The Andy Naylor Fan Club]

When you delve into the latest financial figures produced by the Administrator it does make you wonder how there going to get out of this.

They owe £2m+ to the administrator, £1.5m to a law firm advising them, apparently £11m+ to former players and other football creditors that has to be paid when the Trust takes over, £3m+ to Chanrai, (if they can persuade the court, he wants triple that). Their wealthy supporters have bankrolled them for the last 6 months to the tune of hundred of thousands of pounds and there still losing money hand over fist! Even with the Administrator cutting like mad they have lost a further £0.5m in the last 4 months! The last parachute payment is due later in the year for about £7m and they might have about £2m due from fans who have bought £1000 shares, (if they all cough up). On top of that the Local Council have offered them a loan of about £1.5m,
(more debt to start with).

So basically they owe about £17.5m+ and probably might have £10.5m if there lucky. The Trust has also based its business plan on Pompey being in the Championship or at least League One next season rather than League Two if they even get that far. As there losing money now each week, and with a lot of income drying up soon at the end of the season how on earth can they possibly get the books to balance. The Football League have said that nobody but the Trust can takeover so that rules out any white night appearing with oodles of cash. My god what a complete mess.

There only hope I reckon is liquidation and start again in the lower leagues. At least they would be debt free and still have a club.

Please correct me if I am wrong, by going with what you have said then Portsmouth are an extra £3.5 million in debt by going into administration due to fees to administrators and legal fees. If this is this case then no wonder they are up shit creek. Where is the benefit to the club?

 

[portslade seagull]

The only benefit is the administrators because they are guaranteed their money before anybody else on payout day

 

[carlzeiss]

When you delve into the latest financial figures produced by the Administrator it does make you wonder how there going to get out of this.

They owe £2m+ to the administrator, £1.5m to a law firm advising them, apparently £11m+ to former players and other football creditors that has to be paid when the Trust takes over, £3m+ to Chanrai, (if they can persuade the court, he wants triple that). Their wealthy supporters have bankrolled them for the last 6 months to the tune of hundred of thousands of pounds and there still losing money hand over fist! Even with the Administrator cutting like mad they have lost a further £0.5m in the last 4 months! The last parachute payment is due later in the year for about £7m and they might have about £2m due from fans who have bought £1000 shares, (if they all cough up). On top of that the Local Council have offered them a loan of about £1.5m, (more debt to start with).

So basically they owe about £17.5m+ and probably might have £10.5m if there lucky. The Trust has also based its business plan on Pompey being in the Championship or at least League One next season rather than League Two if they even get that far. As there losing money now each week, and with a lot of income drying up soon at the end of the season how on earth can they possibly get the books to balance. The Football League have said that nobody but the Trust can takeover so that rules out any white night appearing with oodles of cash. My god what a complete mess.

There only hope I reckon is liquidation and start again in the lower leagues. At least they would be debt free and still have a club.

Don't forget the 2 CVA's to non football creditors that still have not received 1p

 

[Mileoakman]

Don't forget the 2 CVA's to non football creditors that still have not received 1p

Quite right. There is also a disputed £3m 'floating charge', that the previous owner says is due to him which is on top of these figures.

Incidently the fees due to the Administrator and the law firm are only up to early January. There will be a few months more of that to add no doubt.

I understand that Sol Campbell is still suing them for so called 'Image Rights' (!) that he reckons he's owed which also runs into a six figure sum.

I think there only hope is to bung everything on the next Euro Lottery, its there only chance.

 

[seagullsovergrimsby]

When you delve into the latest financial figures produced by the Administrator it does make you wonder how there going to get out of this.

They owe £2m+ to the administrator, £1.5m to a law firm advising them, apparently £11m+ to former players and other football creditors that has to be paid when the Trust takes over, £3m+ to Chanrai, (if they can persuade the court, he wants triple that). Their wealthy supporters have bankrolled them for the last 6 months to the tune of hundred of thousands of pounds and there still losing money hand over fist! Even with the Administrator cutting like mad they have lost a further £0.5m in the last 4 months! The last parachute payment is due later in the year for about £7m and they might have about £2m due from fans who have bought £1000 shares, (if they all cough up). On top of that the Local Council have offered them a loan of about £1.5m, (more debt to start with).

So basically they owe about £17.5m+ and probably might have £10.5m if there lucky. The Trust has also based its business plan on Pompey being in the Championship or at least League One next season rather than League Two if they even get that far. As there losing money now each week, and with a lot of income drying up soon at the end of the season how on earth can they possibly get the books to balance. The Football League have said that nobody but the Trust can takeover so that rules out any white night appearing with oodles of cash. My god what a complete mess.

There only hope I reckon is liquidation and start again in the lower leagues. At least they would be debt free and still have a club.

I think the £1.5M council loan is only available on the basis that the loan is repaid from the parachute money or the PST board members are personally liable if it isn't repaid within the agreed time limit.

 

[seagullsovergrimsby]

Don't forget the 2 CVA's to non football creditors that still have not received 1p

Haven't they been screwed over ? for example , non football creditors from the first admin would only get 20% of 20% of 20% or whatever the correct percentages are.

 

[Mileoakman]

Quite right again. However the PFA are certain that the parachute payment is promised to the poor destitute footballers they represent which is why they arn't overjoyed with the Trust taking over.

Quite honestly if you were trying to produce the biggest financial mess possible you would need to go a long way to beat this shambles. Like a lot of people I have every sympathy with the genuine Pompey Fans, (Bell ringer excepted), but I think the holes too deep now to get out of.

Start again has to be the best option surely.

 

[carlzeiss]

Haven't they been screwed over ? for example , non football creditors from the first admin would only get 20% of 20% of 20% or whatever the correct percentages are.

Of course they have been shafted by PFC already , however they are still owed 10% of 20% or what ever the exact % is , if or when the club does exit administration .

 

[seagullsovergrimsby]

That would be excellent. They are down this year anyway, so the points deduction is a meaningless penalty. Let them pay it properly next year when it counts.

If they manage to exit administration before the end of the season and avoid expulsion , will the FL impose an additional points deduction in L2 because they started this season without a points deduction being imposed ? ie 20 points to be docked.

 

[portslade seagull]

Sounds an absolute shambles ... used to work in an office full of pompey fans in Petersfield and the bell ringer idiot used to run a bookshop and drink in the pub we used to frequent at lunchtime. They were always full of themselves and how much money they had and always mocking BHA and Withdean .... So no sympathy for them now from me

 

[Blackadder]

I understand that Sol Campbell is still suing them for so called 'Image Rights' (!) that he reckons he's owed which also runs into a six figure sum.

This is what I find so annoying. A football club does not have pot to pi$$ in and a footballer who has been on premier league wages for the vast majority of his career still wants his pound of flesh. That must have been a couple of weeks wages to Campbell.

 

[carlzeiss]

One Pompey fan at least has worked thing out



saveportsmouthfc, I wish I had some of whatever you are on! What colour is the sky in your world? I've been a regular season ticket holder at Fratton Park for many years (North Stand, Section E , Row C, seats 23 and 24). I've been a supporter since 1969 and have turned up to watch four different leagues of football! You ask the stupid question of why supporters have not dug deep and coughed up a £1k. I'll tell you why. This is one fool who is not easily parted from his money! The Support Truss are not the answer to our problems. If anything, they are the new dawn of the next catastrophic phase of our once glorious history. PFC is like a Norwegian Blue Parrot. It is dead, it ceases to be, it is no more, it has gone to meet it's maker..it is a dead parrot! Why on earth would anyone want to put money on or in a dead parrot? I'd rather put a fiver each way on a Tesco burger!

 

[carlzeiss]

Pompey fans not all sugar and spice ...... ?


Joe Michalczuk

 

[TheMajor]

Pompeys current plight is fitting. Just wish "others" had suffered similarly.

 

[Vicar!]

Pompey fans not all sugar and spice ...... ?


Joe Michalczuk

Astonishing! The reason we survived is we all fought together as one.

 

[severnside gull]

Pompey fans not all sugar and spice ...... ?


Joe Michalczuk

I was with him all the way until he said the louts "are not representative of the city of Portsmouth or Portsmouth football club"

The man clearly hasn't a clue

 

[portslade seagull]

What a load in inbred replys surely they should be asking questions of the trust

 

[Barry Izbak]

Nothing I have seen or heard has summed up my attitude to Pompey better than this.

The club have been purchased by one dodgy bastard after another while the blinkered fans cheered.

And when the ship started sinking, no imaginative campaign to save the club, just a blame culture by a handful of uninspiring individuals.

Now this guy (whoever the hell he is) shows how split and rancourous the fanbase is.

You could try ringing the football league to ask why they allow one of their members to behave in this way, but they won't be able to answer the phone as they have been sitting on their hands for years.

Fcuk Off Pompey, Pompey Fcuk Off

 

[severnside gull]

On the positive side they are pretty much doomed to relegation this season with or without a points deduction which under Football League rules means that whenever they come out of admin between now and the start of next season (effectively early July when fixtures are published) the automatic deduction of points will be applied to next season meaning they will probably start on -12 points.

If they fail to exit admin by then they will lose the golden share and with it membership of the Football League.



Everything comes to he who waits...
.
..
.

 

[Iggle Piggle]

Interesting article that but whilst most of the comments are typically knuckle dragging, you'd have to ask why he doesn't criticise the current owners? You don't have to be DI Burnside to realise the current ownership is bent to the core which makes any mention of them a bit puzzling.