Doctoroncall

It's certainly not easy being a saints fan!

No, that the 5-0 was gained after the 5-1 win.

We still have to win though.

Yes. No idea about the significance of the 17th Sept. I have only seen a bit of info regarding the Barclays charge, but that arrangement would be solely with Miland (Gaydamak). I'm not sure the land would be valued as much as £17m although I see what you're trying to do ;-)

correct. S Gaydamak sold PCPF including FP. Ignoring Al Fahim and his botched take-over, Falcondrone (Al Mirage) are custodians of PCFC. Now there was a deal in place between Portpin (Baloo) and Falcondrone regarding a loan with Falcondrone's 90% shares in the club as security. This is now under scritiny and more should be known on the 15th March. Miland (Gaydamak) own the surrounding property, they have a floating charge arrangement with Barclays.

I see what you mean, but it's not for the HMRC to change the rule. They have contested the secured creditor status before and lost but I can see this course of action putting pressure on the football authorities to drop the football creditor status by going straight to a WU order as there is no advantage of Admin for them (as unsecured creditors) when clubs are seriously in debt.

We've Bavarian, we're Bavarian, we're Bavarian over here! Just nipped out from dinner for an update, glad to see a good scoreline against what I thought was a good team. Happy days. Time to go to the bar and drink some Weisse beer in celebration

I think this season is the first that they didn't sell their full quota of season tickets. It will be interesting to see if that trend continues into next season.

Jeez, bad timing for a week long meeting in Munich, I hope I have enough breaks to catch up on the skates gossip. Some of my own - saw Tevez held up at customs yesterday with a blond bint before kissing her full on to collect the baggage. I thought he was smitten with his new early arrival in Argentina????

They did it to Leeds even though they had an approved CVA so I can see the FL doing it again, especially if there are financial irregularites to consider.

Thanks, I knew a few seasons back it was two payments of £11m over two seasons so £16m makes sense.

Originally Posted by The9: One of the things they will request is advancement of £60m parachute payments due over next 2 years I think the parachute payments are half that considering the play-off final is often called the game with most at stake at £60m (£30m for first year and £30m for parachute payments). Can anyone confirm?

Yes, just ask Bournemouth. bonus negative points for being in admin before (2 or more), no cva thanks mainly to HMRC (15) and financial irregularities with Storrie, Redknapp and Mandrick alledgedly fiddling the books (~12).

I think there is also a "fair" price attached to the assets so they cannot sell anything at a knock down value even if authorised to sell.

Probably the wrong sort of rain and not falling in the right place!

Don't worry, I've thought about my two kids and they are fine about the split - so no tissues necessary.

Not sure that is the case as I remember players being able to vote when Leeds had there CVA reviewed. Happy to be corrected.

Thanks Weston, first time for me as well. I'll have to spend less time on the takeover thread to catch up on more interesting stuff!

The lower down you go in the leagues, the worse the penalties gets. I remember a conference team getting kick out of a cup for fielding an non-registered player and also a few teams have had points deduction for the same issue but for league matches.

Haven't seen this link listed, but confirming other reports of administrators already starting work: http://www.guardian.co.uk/football/2010/feb/25/portsmouth-administration and Fifa hoping this will be a wake up call to the PL: http://www.guardian.co.uk/football/2010/feb/24/fifa-portsmouth-premier-league

Well, all other fans are talking about it, this from a boro furum: Order of priority is: 1. Football creditors (players wages, managers wages, compenastion to ex managers, instalments of transfer fees owed to other clubs - and presumably owed to the premier league now) 2. The Secured Creditors (banks/anyone who has loaned money and taken either a mortgage on land or a debenture over the company's assets) 3. Preferential Creditors - this is now a very limited category of employee claims as set out in statute. Until 2002 the tax man had preferential status but no longer, hence why HMRC is getting more trigger happy 4. The Unsecured Creditors - basically everyone else 5. The shareholders - they only get anything if the unsecured creditors are paid in full and the reality is they will get nothing on administration or liquidation, certainly not from the shares. Near in mind these same people may actually have put in debt and may have security so that is where they may get a return. Each category ranks what we call "pari passu" so only if one class is paid in full does anything pass down to the next, subject to something called the "prescribed part" which allots a small pool of realisations if there is a debenture and "floating charge" assets which is available to the unsecured creditors. Costs of realisation of each class comes out of each pot first. In reality I would be amazed if there is anything for the unsecured creditors in this. As the winding up petition has been served they have to apply to the court for an admin order, they can't use the out of court routes. On the application for the order you are right, they have to show that it will result in a better return to creditors than an immediate winding up but that should be quite easy to show. On a winding up they have to cease trading and the player registrations revert to the league so the players become free agents. That won't happen on an admin at least in the interim. Any disposal since the winding up petition is void unless ratfied by the court but the inter relation with that and admin is complicated. Once in administration the administrator has wide powers to challenge transactions entered into in relevant periods prior to the onset of insolvency. All this however assumes the assets were all in the company that owns the football club. Assets could have been moved around ages ago and I think I have read that one of the previous owners owns either the stadium or land round it, probably via other companies. I'm afraid I don't know enough about the structure to comment. In addition any disgruntled creditor can apply to the court to set aside a transaction defrauding creditors but that is VERY hard to prove.

75% of creditors (Based on value owed) need to approve so as they owe so much elsewhere, they could get away with it.

I still find it hard to see that they can do this, especially on a day when wages are due and they have no money to pay them. Their income streams are limited to non-season ticket sales, previous player sales and FA Cup money, say £4-5m. Can an administrator tear up the first team contracts to reduce the wage bill straight away, almost treating administartion as a liquidation process from the start?

So we know nothing of the third party. It would be rather amusing if it was a journalist in an attempt to get to the bottom of all that is going on at FP for an inside scoop.

Another consideration due the folks in charge - They would try and obtain anything out of the company before it goes boom regardless of the promises made. If they could get £11m (or what ever it was) out before the WUO, they're done a great job.