pedg

http://www.sportbusiness.com/blog/tackling-administration-171944 Last week Portsmouth obtained a temporary reprieve to another HMRC winding up petition but the fact that they have been asked to provide a ‘statement of affairs’ within the next week does not bode well. As any insolvency practitioner will tell you, when a company is asked to produce this it usually means one thing: administration. Given the Premier League’s minimum nine point penalty for clubs going into administration, this ‘statement of affairs’ will likely be made on the basis that Portsmouth is shortly going to be a Championship rather than Premier League club.

Not to mention that the contents of the trophy cabinet will generally all be replica's anyway I assume so if you are so attached to having copies of what you have won then you can just commission some new replica's.

Must be some punishment before then otherwise if the report says they are in trouble and will get liquidated they would just not send it in at all and who knows what might happen before the 1st then?

Think as things stand you might have to trawl round some pawnbrokers to retrieve the contents of your trophy cabinet.

I suppose its that although a lot of debts are known could the possibly 'massage' (no Avram not that sort) the value of the assets at all?

Question is how much of this statement that Vantis are preparing is fixed in stone and would be the same who ever prepared it and how much is down to the judgement of the person preparing the statement? As Vantis are being paid by PFC to prepare this report one assumes their brief is to prepare it within the rules but that within these rules to err on the side that is most beneficial to PFC where possible? So basically wondering how 'flexible' can they be in preparing the report?

But Vantis, the business recovery service putting together the report, said it was working hard at producing the document which will list all of the club's debts and incoming money such as ticket sales, Premier League money, FA Cup cash as well as details of potential new investors. Strange. I thought that the statement of account was supposed to deal in definitive facts not Storys wishful thinking.

It's all gone rather quiet at the moment hasn't it? Only official word out of FP is Grant saying how well all his injured players have done, or something similar. Earlier posted that Story was quoted on both the 14th and 15th saying 48 hours. Now realise the one of the 15th was just quoting the one of the 14th which means they must be being taken over any second now. I assume those with contacts in the media will already have advanced notice of the press conference later today when the new owners will be revealed and the statement of account will be ripped up in front of the assembled hacks???

Also of possible interest is this one showing the AFC wimbledon attendances: http://en.wikipedia.org/wiki/List_of_AFC_Wimbledon_seasons Which shows that when they were first established they got about 3K, then even as they were being promoted up the leagues this fell to 2.5K then recovered to 3K the year they won conference south.

Milan Mandaric suddenly realised that spending more money that you have is a bad idea. http://www.guardian.co.uk/football/2010/feb/16/milan-mandaric-portsmouth-administration Pompey not getting much sympathy from wolves. http://www.skysports.com/story/0,19528,11661_5953493,00.html

Possibly an interesting question for Birmingham. Which would they prefer? A bye to the next round without TV money, share of gate and possibly prize money(should they get it if they didn't have to beat anyone?) or match against league 1 team with the TV money, share of gate and prize money as well if they won?

http://www.telegraph.co.uk/sport/football/facup/7231636/Portsmouth-beat-Southampton-but-High-Court-date-looms.html The quarter-finals are scheduled for the weekend of March 6, five days after Portsmouth are back in the High Court to face a winding-up petition from Her Majesty’s Revenue and Customs. If a buyer has not emerged by then, the club are believed to be considering going into voluntary administration, despite the attendant nine-point penalty from the Premier League which would virtually condemn them to relegation. Can they actually do this though? In a meeting with the supporters’ group SOS Pompey, Premier League chairman Richard Scudamore made the case for a consortium of local businesses and supporters taking over the club. In the minutes of the meeting, seen by Telegraph Sport, Scudamore argued that this kind of “grassroots takeover” is possible because the club actually has very little bank debt left and the wage bill has been reduced to near manageable levels. The tricky part would be working out a deal with former owner Sacha Gaydamak, who remains the club’s major creditor. If a local consortium does not emerge to rescue the club, Portsmouth could go into voluntary administration which, despite the points penalty, would at least speed up possible investment. Yes after all without the bank debt they ONLY owe 60 million. Ripe for community take over they are.

We also need to know: * your full name * your postal address (including your postcode) * your contact telephone number(s) * how many tickets you require (up to a maximum of 4 per request). I think they missed off.. * If you intend to dress like a clown and bring along an annoying bell

Thinking about it I think I prefer the trivia quiz question of "In 2010 what team made it to two wembley cup finals" (and looking on the bright side for birmingham supporters it's not like it would change their travel plans much is it?).

Its a tricky one with possibly being readmitted. On one hand there would be a certain poetic justice if we took pompey's place. On the other do we want to end up being the trick quiz question about what team got beaten twice in one season in the FA cup?

Wonder if we will get another statement today from Story to say that the take over will happen in the next 48 hours. February 14, 2010 Peter Storrie has announced to Soccernet that he anticipates Portsmouth will be saved from going bust as he believes that the fifth takeover of the season is now likely to be confirmed within the next 48 hours. February 15, 2010 Peter Storrie has told ESPNsoccernet that he anticipates Portsmouth will be saved from going bust as he believes that the fifth takeover of the season is now likely to be confirmed within the next 48 hours.

Think you will find that this is probably just a local government policy and as such with enough time and money could be overturned. Sort of thing that tesco and the like have often used. Put in planning permission and if its rejected by the council and then on a home office inspector then they threaten to take it to an expensive judicial appeal. Often the local authority will baulk at cost and will change their decision as they can't afford the cost of the appeal.

You know its almost as if today's 'story' about the vicious money attack by saints fans making story consider quitting was designed to give the newspapers something to print about pompey without anything being said about the 'takeover'. But surely not!

Maybe the other is the sunday mirror?

Hopefully he will get a single letter as well so he can have the complete set.

Would make rearranging the division easier. One more promotion from all the other divisions and then AFCP fit into the conference.

One assumes that the bottom line of the report will be assets against what is owed and its hard to see how they can come up, even with the most generous of valuations, with assets being the higher figure.

457,055 as of a few seconds ago.

This appears to be a point of some debate. On one hand they are not due in court till the 1st, on the other are those that believe that if the statement of account comes in and shows unequivocally that they have been trading whilst insolvent that things would happen before the court date. Not sure which is right.

Anyway as has been pointed out earlier the whole 'advance the PL money' thing was something proposed by Gold to the PL and then 'miraculously' appeared in the papers as something the PL were considering doing such that the PL had to issue a press release to say that it was not something they could do. Non story really.