Weston Saint

Probably looking down the barrel of Administration. Remember Chester did not contest the Winding Up order in the end

Nothing to do with precedents. The law states that if a secure creditor puts the business into administration any winding up order is stayed. HMRC accept Chainrai is a secure creditor. Therefore the stay will be put in place. They may not be happy (and nor should they) but throwing more money at a forgone conclusion is a waste of taxpayers money. As I have said previously if there are any wrong doings the Administrator is legally bound to report it to the right authority ie Fraud Unit or Money Laundering Unit.

Nick, They have to play Liverpool & Spurs away with Chelsea and Aston Villa at home. Unlikely they will get any points from the. That leaves 6. Let's say they win them all 18points, less 9 penalty puts them on 28 points at end of the season. At present Hull, Burnley and Wolves have 24, West Ham 27 and Wigan 28. It is a certainty they will be going down. Even the bookies have stopped bets and are paying out already.

Exactly

Not heard any more. May have been one of those rumours that had no real basis.

The SoA is superceeded by the Administration. If there are any criminal discrepancies that is for the Administrator to report to the correct authorities ie the police fraud unit

No that will be the end of their involvement. All they can do now is sit and wait for the creditors meeting. If any decision is made to liquidate the club because of a lack of buyer for the Football Club and continuing shortfall of revenue it will be the Administrators decision. He has all the power now that HMRC are not challenging his appointment further.

If HMRC are not persuing then they are obviously satisfied with the documentation the Administrator has produced. They did say they were not against Administration as such. So we are now in a position where -9 will apply. Even trying to be generous to PFC on points from remaining matches and having them 15th in the table, applying the -9 bought them back to 19th. We can content ourselves that Administration has damaged them and they are going to have to cut back even further and that assumes they will find a buyer. The game is not up, it is just moving into a new phase and PFC is still on the critical list

No. Another of my contact is out of the loop at present so cannot contact his source.

Nugent has just equalized for Burnley against Stoke. Poetic justice for Pompey

Guardian report of press conference http://www.guardian.co.uk/football/2010/mar/10/portsmouth-redundancies-football-premier-league

Before the job cuts the club had a staff of 166 full-time employees, and 154 part-time.

Important we do not forget the 85 employees who have lost a livelyhood they can ill afford. A sad day and all that has gone on will have been completely beyond their control. As for Storrie, the Administrator clearly thinks he needs him for the present as the link to the clubs day to day football affairs. He has, says the Administrator, taken a 40% pay cut. So what! He is the catalyst of this whole sorry story of incompetence and serial overspending. He says he has had positive talks with HMRC yesterday and passed documents showing Chainrai's involvement and right to be a preferred creditor and therefore able to appoint him as Administrator. He expects the HMRC to respond tomorrow. He has not cut any of the players wages. A couple have expressed a view of taking a pay cut but nothing has happened. They are protected by the PFA in the event the business collapses. He says he has the full co-operation of the PL & FL (sounds like he is planning for FL as he should) He did not suggest any interested parties at advanced discussions. Anyone expressing an interest will have to pay a small administration fee to get any details. Anyone wishing to go further will have to produce proof of funds. So let us wait and see. The -9 is a given and so is relegation.

Widley Chimes is the friend I was referring to

It did cross my mind

H e says it is from the same source that told him Redknapp was going to Spurs so a track record. I emphasize though.....only rumour at the moment. I am trying to check out other sources.

Friend of mine, a pompey season ticket holder has said there is a massive rumour of the Guardian breaking a big story in the next 48 hours. May involve money laundering.

Wigan....a team higher in the league than you on merit. Get it in your blue skull you are bottom of the league for one reason only and that despite cheating the tax man and consequently all of us who dutyfully pay tax. Go find another forum

Another lie to the courts then. He told the judge they had funding. HMRC & Judge asked for better evidence than a signed note from Chainrai. Seems to me the Administrator, by various actions and comments in the last few days, knows that Chainrai did not have the power to put them into Administration and that Chainrai is not likely to fund without that status. It gets worse for the blue few but nothing more than we have been saying on here for a while now

Solent reporting the Administrator may delay redundancies until after the next court hearing. The Administrators confidence is slipping fast

OK prediction time. PFC go back to court but admit Chainrai is not a secure creditor because he loaned the money to Falcondrome. Court ask if funds will still be available to continue administration but the Administrator admits he has no idea and without, PFC cannot continue to trade. They are wound up. Alternatively the Administrator confirms that the PL have agreed to release parachute payments which garantees the club can continue to May. Court allow the Administrator to continue. PL impose the 9 points penalty. That means almost certain relegation at the end of the season. End of the season arrives. Loanee's go back to their clubs. Certain players out of contract leave and other high earners are put up for sale. New owners are found..the SA syndicate who purchace the remains of the club for £20m and that money is used to pay off creditors. HMRC are an unsecure creditor and have at least 25% interest. They refuse to agree CVA. New owners pay off the remainder of the football creditors and then appraoch FA for return of "golden share" which is granted subject to 15 point penalty. So PFC start a new season in the Championship with -15, no parachute payment to rely on and owners who have used most of their investment capital already so do not have major funds to release but will rely on "championship players" and a few young Premier loanee's. (Why would they bother to purchase in the first place!!) Every chance that PFC will fail to avoid a second relegation. This is not a dream or a hope. This is a real posibility

Not just yesterday. Bales form has returned since he was put in midfield.

LB? He is not a left back. Surely Spurs are using him as left of midfield!

Good post and a view I entirely support.

Never forget "empty vessels make most noise" Certainly applies to many Pompey fans don't you think