sotonjoe

A "utd fan" born and raised in Portsmouth. 😂

Why do you lot care so much about them anyway? Saints are as good as they've ever been and you're still all bitter about that lot down the road. Time to get over it me thinks.

An English teacher actually.

Brilliant. ... Shift+R improves the quality of this image. CTRL+F5 reloads the whole page.

Where did you hear this? I never saw anything of the like reported during or after the takeover process. We were led to believe that Markus paid a lump sum of cash, reportedly about £13m, to buy out all debts and take control of the club.

Cripes yeh. Shocking!

Yes, your mistake was applying common sense to Pompey! Accruing £24m of debt in approx 16 months is staggering. It's £150k a month I think! And they've been shafting the same range of local businesses etc all over again.

Correct. That's how it seems to me after having read through the whole report. The report even makes it clear that the current admin are unclear how much of the £16.5m debt will remain payable once the liquidation of OldCo is complete. In other words, they're hoping they can erase a lot of the old £16.5m debt which will take a big chunk off the total £40m currently owed.

I don't think it is. Portpin / the OldCo are owed £16.5m on this new list for the CVA which was arranged as the partial repayment of the old debts. The remaining £24m of the total £40m would appear to be new.

There are also some charges being made by UHY for pre-admin work which, I'm guessing, relates to their cancelled appointment as administrators. It's good to see that they're trying to extract more money from the club despite not actually being appointed.

I was unsure what I wanted to happen them till now. I said liquidate them as a knee-jerk 'I hate Pompey' reaction, but after reading the figures this morning I really want them liquidated as some sort of punishment for what they've done. In the few months since coming out of admin they have accrued new debts of £24m, that's ignoring the existing CVA debt of £16m. There's no way they could have accrued these new debts so quickly as some sort of accident or due to some sort of unfortunate set of circumstances. The only thing I can think is that the've deliberately gambled by taking on players

current admin has charged them just over £500k for a month's work. Think you've read a different figure from somewhere.

I think you're missing the point. They are loaning out big earners to reduce the wage bill and then presumably looking to take players on loan who they will either pay low wages or no wages at all (wages paid by parent club). The point is that they'll still have a team to put out, but that their wage bill will be much lower. There's nothing against the rules, or even faintly dubious, about this. Close them down.