Guided Missile Posted 1 March, 2012 Share Posted 1 March, 2012 Is the agreement about when secure creditors are to be paid not in the UHY document about the CVA? Sure it has been quoted here? Read it and weep: THE PROPOSAL Completion of the CVA As you are aware, the CVA proposals obligated PFC10 to pay a contribution which enabled a minimum dividend of 20 pence in the pound before costs and expenses to be paid to all unsecured creditors and stated that PFC10 had a 5 year period from the date of the CVA in which to comply with this obligation. The CVA proposal referred to the current level of unsecured creditors as being in the region of £83 million and stipulated a dividend of 20 pence in the pound which, therefore, translated to an approximate contribution of £16.5 million. The CVA also elucidated that ‘the only anticipated contribution into the CVA would be a sum of £3 million from the sale of a number of player registrations’ and, accordingly, ‘if £3 million is paid during the first nine months (ie. from the said anticipated player sales) then the balance required to meet the obligation at point 1 would be payable over the remaining four years and three months. Any player sale contribution to the CVA, whether £3 million or otherwise, was clearly only ‘anticipated’ and not in any way guaranteed or included as a condition of the CVA. Indeed those drafting the CVA were fully aware at the time of drafting that any player sales were not definite and were, therefore, not signed off. Those monies could not be considered a guaranteed contribution towards the CVA. This is apparent within the wording of the CVA. It is clear that an obligation lies with PFC10 to pay a contribution which enables a minimum dividend of 20 pence in the pound before costs and expenses to all unsecured creditors, regardless of whether monies are received from player sales. The proposal’s reference to ‘anticipated’ player sales, and what would happen if those sales were achieved, detailed how monies raised from player sales would be deducted from PFC10’s obligated contribution. Other requirements of the CVA which were/ are to be met: (1) The dividend to unsecured creditors will be further enhanced by a dividend of 5 pence if PFC10 achieves promotion to the Premier League within 5 years of approval of the CVA. This obligation has been passed to PFC10 as a term of the sale and purchase agreement; and (2) Portpin Limited was to pay all unsecured creditors with claims of up to £2,500 in full and pay any amounts owed to Charitable Organisations in full. I advise that Portpin Limited has paid all Charitable Organisations in full and has passed all creditors’ claims of £2,500 for review and payment. (3) For any other assets realised within the Liquidation, following the CVA, to be made available for the general body of creditors. This is obviously a future requirement to be complied with subsequent to the term of the CVA. Contributions As detailed above PFC10 is obligated to make a contribution to the Liquidation which ensures a dividend of 20 pence in the pound, before costs and expenses, is paid to all unsecured creditors. I have detailed below the dates and quantum of the contributions due. Please note that the percentages are that of 20 pence in the pound: Contribution due 15% of 20% of the unsecured creditors’ In equal installments on 1 April 2012 and 15 August claims agreed 2012 25% of 20% of the unsecured creditors’ In equal installments on 1 April 2013 and 1 September claims agreed 2013 30% of 20% of the unsecured creditors’ 1 April 2014 claims agreed The balancing figure required by 17 June 2015in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 There are two secured creditors in this matter, being Alexandre Gaydamak and Portpin Limited: Alexandre Gaydamak (“AG”) AG holds a fixed and floating charge over all Club assets. The debenture is subrogated following the payment in full of Barclays Bank Plc’s loan facility. Barclays Bank Plc registered a fixed and floating charge over the Club’s assets on 19 August 2008. AG is currently owed circa £2,400,000 under his debenture and will be paid from contributions received into the Liquidation as per the sale agreement and from any other assets realised in accordance with the Insolvency Act 1986. Portpin Limited (“Portpin”) Portpin hold a fixed and floating charge over all assets, which was registered with Companies House on 21 October 2009. Portpin hold a deed of priority over the Freehold stadium, known as Fratton Park, in priority to Barclays Bank Plc and AG’s debenture. I advise that under the terms of the sale and purchase agreement Portpin have now transferred this debenture to PFC10. Link to comment Share on other sites More sharing options...
Danish Saint Posted 1 March, 2012 Share Posted 1 March, 2012 PMSL!!!! So the guy, who "saved" the club in their second admin, signing autographs left, right and center, basically bribed Gaydamak to vote for the CVA? That bribe, is now seems to be the final nail in the coffin for Pompey?! You really couldn't make this up Link to comment Share on other sites More sharing options...
ALWAYS_SFC Posted 1 March, 2012 Share Posted 1 March, 2012 The wailing and whinning on the news site is most entertaining.......Bo hoo.....baaaaaaahhhaaaaaaa.....snivel..... Lots of pennies finally dropping... TOAST!!!! Link to comment Share on other sites More sharing options...
Sour Mash Posted 1 March, 2012 Share Posted 1 March, 2012 The thing I don't get is they still have a fairly strong, very well paid first XI at the club. I can't believe they can't find anyone to take the majority off their hands, even if the deal was very unfavourable to the skates - for example Skates still picking up two-thirds of the wages? I can't believe the likes of Leeds, Forest, Brum, Ipswich wouldn't be interested in some kind of deal, but they've acheived pretty much nothing in that regard? Yes, their problems run deeper than that, but for immdeiate cash flow I can't beleive they can't do more than they have. Link to comment Share on other sites More sharing options...
anothersaintinsouthsea Posted 1 March, 2012 Share Posted 1 March, 2012 Has anyone mentioned toast? Link to comment Share on other sites More sharing options...
trousers Posted 1 March, 2012 Share Posted 1 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans_bid_to_pack_the_park_raises_2_000_1_3575003 By Rory McKeown Published on Thursday 1 March 2012 07:33 A STAGGERING £2,000 was raised in just 36 hours thanks to a fans-backed initiative to bring supporters flocking to Fratton Park. £2,000 = "Staggering" Link to comment Share on other sites More sharing options...
View From The Top Posted 1 March, 2012 Share Posted 1 March, 2012 The thing I don't get is they still have a fairly strong, very well paid first XI at the club. I can't believe they can't find anyone to take the majority off their hands, even if the deal was very unfavourable to the skates - for example Skates still picking up two-thirds of the wages? I can't believe the likes of Leeds, Forest, Brum, Ipswich wouldn't be interested in some kind of deal, but they've acheived pretty much nothing in that regard? Yes, their problems run deeper than that, but for immdeiate cash flow I can't beleive they can't do more than they have. Birch has said that he's surprised that there hasn't been more interest but, apparently, there is a queue of clubs wanting Pearce but they are simply biding their time. Link to comment Share on other sites More sharing options...
qwertySFC Posted 1 March, 2012 Share Posted 1 March, 2012 Fans trying hard to reduce costs with new team bus "Boys what can I say - I'm a Saints fan after all" Link to comment Share on other sites More sharing options...
Lifelongsaint83 Posted 1 March, 2012 Share Posted 1 March, 2012 As much as I love reading all of this, Im still not getting my hopes up. Its one of those I believe it when I see it deals because this is Pompey after all.... Link to comment Share on other sites More sharing options...
dronskisaint Posted 1 March, 2012 Share Posted 1 March, 2012 Yes, sorry Dubya but it's very, very busy at the moment getting everything sorted for next Xmas. You know, looking at budgets and that kind of thing. You'd know about that wouldn't you, being the expert on the subject? Remind me, what was CSI's budget again? When was Antonov seen driving that McLaren F1 that he hasn't got in Sandbanks where he doesn't own a house when he'd dropped his interest in Pompey and was going to buy Bournemouth? Jeez, Dubya, I've got to hand it to you, you're one clued up fella. Never been known to get anything wrong have you? Or should that be never known to get anything right?* Talking about Barbie, are you referring to your much younger Polish girlfriend again? Well done for going a whole post without mentioning golf though. Quick question for the experts/ investigative geniuses on here (you can sit this one out then Dubya) - what's going to happen to Pompey? Are we "toast" or will someone buy us? You're the experts so I assume you know the answer. After all, like Dubya, none of you has ever been wrong on the subject so far, have you? *I had to try desperately hard not to type PMSL at this point The meltdown continues.... Link to comment Share on other sites More sharing options...
buctootim Posted 1 March, 2012 Share Posted 1 March, 2012 £2,000 = "Staggering" I can only assume they used that word because it took up less newsprint than "toe curlingly awful and cringeworthy". Link to comment Share on other sites More sharing options...
stevegrant Posted 1 March, 2012 Share Posted 1 March, 2012 The thing I don't get is they still have a fairly strong, very well paid first XI at the club. I can't believe they can't find anyone to take the majority off their hands, even if the deal was very unfavourable to the skates - for example Skates still picking up two-thirds of the wages? I can't believe the likes of Leeds, Forest, Brum, Ipswich wouldn't be interested in some kind of deal, but they've acheived pretty much nothing in that regard? Yes, their problems run deeper than that, but for immdeiate cash flow I can't beleive they can't do more than they have. The wage situation is probably not an "immediate" problem because they've agreed a 75% wage deferral until the end of the season, although clearly all that does is delay the payment of wages rather than avoid them, and if the club ends up being liquidated, the players join the queue along with everyone else for a slice of the proceeds of the sale of whatever assets remain. Link to comment Share on other sites More sharing options...
View From The Top Posted 1 March, 2012 Share Posted 1 March, 2012 The wage situation is probably not an "immediate" problem because they've agreed a 75% wage deferral until the end of the season, although clearly all that does is delay the payment of wages rather than avoid them, and if the club ends up being liquidated, the players join the queue along with everyone else for a slice of the proceeds of the sale of whatever assets remain. 75%?? Thought it was 25%? Link to comment Share on other sites More sharing options...
Doctoroncall Posted 1 March, 2012 Share Posted 1 March, 2012 75%?? Thought it was 25%? You're right I'm sure TB will try and change it to the former now! Link to comment Share on other sites More sharing options...
saintjay77 Posted 1 March, 2012 Share Posted 1 March, 2012 (edited) 75%?? Thought it was 25%? Was going to say the same, I thought it read that only 25% was defered and it made me giggle that they made a song and dance about it? Edited 1 March, 2012 by saintjay77 Link to comment Share on other sites More sharing options...
Sour Mash Posted 1 March, 2012 Share Posted 1 March, 2012 The wage situation is probably not an "immediate" problem because they've agreed a 75% wage deferral until the end of the season, although clearly all that does is delay the payment of wages rather than avoid them, and if the club ends up being liquidated, the players join the queue along with everyone else for a slice of the proceeds of the sale of whatever assets remain. Surely 75% of their wage bill is still more than enough to drag them under? What are their most immediate problems if not player wages? Link to comment Share on other sites More sharing options...
stevegrant Posted 1 March, 2012 Share Posted 1 March, 2012 Ah, ok, I was under the impression they'd managed to negotiate a 75% deferral in order to make it through the season, otherwise I don't see where the money's coming from. I guess the article on the News site today has shown where they expected it to come from... Link to comment Share on other sites More sharing options...
mickn Posted 1 March, 2012 Share Posted 1 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans_bid_to_pack_the_park_raises_2_000_1_3575003 By Rory McKeown Published on Thursday 1 March 2012 07:33 A STAGGERING £2,000 was raised in just 36 hours thanks to a fans-backed initiative to bring supporters flocking to Fratton Park. £2,000 = "Staggering" Not sure if it's that or 'supporters flocking to Fratton Park' that is the funniest part of that statement. Link to comment Share on other sites More sharing options...
pedg Posted 1 March, 2012 Share Posted 1 March, 2012 Ah, ok, I was under the impression they'd managed to negotiate a 75% deferral in order to make it through the season, otherwise I don't see where the money's coming from. I guess the article on the News site today has shown where they expected it to come from... Articles like this one in the guardian http://www.guardian.co.uk/football/2012/feb/23/portsmouth-fans-administrator-community-buyout Portsmouth's administrator, Trevor Birch of PKF, which has laid off 33 Pompey staff members and is agreeing a 25% deferral of wages with the players until the end of the season, is positive about the idea of such a community buyout, pointing to the Swansea structure as one which could work for Portsmouth. possibly ambiguous about this. Does it mean they have deferred 25% or they are now on 25%? Not sure we know the correct answer. Link to comment Share on other sites More sharing options...
Saint Mikey Posted 1 March, 2012 Share Posted 1 March, 2012 So, the players will have to defer more now then. If they don't agree to a further percentage of wage deferrals, that could be it. If they don't and the club goes bust, they'll lose out. Didn't our players defer 100% of wages, when we went into admin? Link to comment Share on other sites More sharing options...
Sour Mash Posted 1 March, 2012 Share Posted 1 March, 2012 Articles like this one in the guardian http://www.guardian.co.uk/football/2012/feb/23/portsmouth-fans-administrator-community-buyout possibly ambiguous about this. Does it mean they have deferred 25% or they are now on 25%? Not sure we know the correct answer. I read that as deferring 25%, so still being paid 75%. That's still probably cin the region of £500k-£1m they need to cover each month? Link to comment Share on other sites More sharing options...
saintjay77 Posted 1 March, 2012 Share Posted 1 March, 2012 Articles like this one in the guardian http://www.guardian.co.uk/football/2012/feb/23/portsmouth-fans-administrator-community-buyout possibly ambiguous about this. Does it mean they have deferred 25% or they are now on 25%? Not sure we know the correct answer. Well I still read it as defering 25% which means the likes of Kiston and Lawrence put the club first and agreed that they can survive on just £15k a week while the club try's to save its self. Im not sure how they can cope on so little! Link to comment Share on other sites More sharing options...
Sour Mash Posted 1 March, 2012 Share Posted 1 March, 2012 So, the players will have to defer more now then. If they don't agree to a further percentage of wage deferrals, that could be it. If they don't and the club goes bust, they'll lose out. Didn't our players defer 100% of wages, when we went into admin? Think a couple of our players did, not all of them though. Link to comment Share on other sites More sharing options...
qwertySFC Posted 1 March, 2012 Share Posted 1 March, 2012 http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2115224529 Just about sums it up really - What a nice bunch of fans they are... Link to comment Share on other sites More sharing options...
saintjay77 Posted 1 March, 2012 Share Posted 1 March, 2012 (edited) So, the players will have to defer more now then. If they don't agree to a further percentage of wage deferrals, that could be it. If they don't and the club goes bust, they'll lose out. Didn't our players defer 100% of wages, when we went into admin? I think there were 1 or 2 players that didnt get paid for a while but dont think that was their choice or with their acceptance. Didnt Euell not get paid for quiet a while? Edited 1 March, 2012 by saintjay77 Spelling of a fish! Link to comment Share on other sites More sharing options...
dellboypete Posted 1 March, 2012 Share Posted 1 March, 2012 Birch did sound like a man resigned to the inevitable. He couldn't have sounded more glum if he'd tried. But I guess that is standard 'last gasp' tactics to flush out any dilly-dallying potential buyers He certainly sounded depressed - but who wouldn't if you you were faced with getting out of bed every morning and having to try and save that pile of sh*t. He essentially said it was an impossible task. Couple of things I caught were: - again commented that they were a poor championship club on Prem wages - that creditors who got 20p in the £ from the first fiasco, are only now going to get 20p in the £ of that - ie 4p in the pound. - touch n go whether they'll make it to the end of the season - at the end of the chat the football league creditors rule was very briefly discussed and birchy seemed to think it was inevitable that hmrc would win (eventually), but he then went on to say that the Prem an FL would likely change the rules again, implying (to me) that they had something up their sleeve to **** the taxman off again. All in all it sounded as if the toast id beginning to burn (at last) Link to comment Share on other sites More sharing options...
saintjay77 Posted 1 March, 2012 Share Posted 1 March, 2012 He certainly sounded depressed - but who wouldn't if you you were faced with getting out of bed every morning and having to try and save that pile of sh*t. He essentially said it was an impossible task. Couple of things I caught were: - again commented that they were a poor championship club on Prem wages - that creditors who got 20p in the £ from the first fiasco, are only now going to get 20p in the £ of that - ie 4p in the pound. - touch n go whether they'll make it to the end of the season - at the end of the chat the football league creditors rule was very briefly discussed and birchy seemed to think it was inevitable that hmrc would win (eventually), but he then went on to say that the Prem an FL would likely change the rules again, implying (to me) that they had something up their sleeve to **** the taxman off again. All in all it sounded as if the toast id beginning to burn (at last) I would of thought that the rule changes would relate more to the punishment of a club that was unable to pay its footballing debts in full. Currently its a removal of the golden share and kicked out of the league. The FL dont actually want that so it will probably be an automatic relegation if the CVA agreed is anything less than 100% which would suit all parties I would guess. Clubs would think twice selling on defered payments to a club with a bad credit rating, any clubs that do get into admin would either get lucky and find a buyer that will clear all previous debts so they start fresh in the same league they finished, or be open to fans buyout with little money in a lower league and little debt to pay back. Might make a few clubs think twice about how much debt they have in their club or how they do business in the future. The current rules are supposed to do that but just favour those in football while screwing over small creditors. Link to comment Share on other sites More sharing options...
positivepete Posted 1 March, 2012 Share Posted 1 March, 2012 - at the end of the chat the football league creditors rule was very briefly discussed and birchy seemed to think it was inevitable that hmrc would win (eventually), but he then went on to say that the Prem an FL would likely change the rules again, implying (to me) that they had something up their sleeve to **** the taxman off again. Probably the new licence system announced yesterday by the FA, the licence fee will no doubt be variable and will probably include a sum at least equal to the outstanding football creditors debts, which the FA as the licence holder will donate as a gift to those individuals or clubs owed money. This way the PL and FL are not implicated in insisting all football related debts are paid in order to get the golden share. Link to comment Share on other sites More sharing options...
St Jim Posted 1 March, 2012 Share Posted 1 March, 2012 I always thought AA stood for Andrew Andronikou, now I realise it stands for Agent Andronikou. Link to comment Share on other sites More sharing options...
holepuncture Posted 1 March, 2012 Share Posted 1 March, 2012 Trevor Birch on Solent just after 8am. £2.2M expected to the club in parachutes is going straight to Gaydamak..... They don't know if they can last days.....haha Urine everywhere RE: GunRunner Boy... as long as he gets that wonga, the childrens cancer charities and small businesses can shove it! Standard administrator speak a matter of days isnt it? Just putting a few guns to peoples heads... shame the Russians are no longer involved, they have some large me whom carry revolvers and are fantastically good at persuading people. Birch basically confirming that he was relying on the £2m+ parachute money to keep the club going but that has now been diverted to Gaydamak. So he's got no money left to run the club. Whoops... Also confirmed the old CVA won't be honoured. ooh dear, although we have seen this coming for a long time. Is that a 17 point deduction for failing to exit a CVA satisfactorily? Birch mentioned he was unsure of incurring additional points penalties, perhaps he was aluding to the CVA and how they will be screwing creditors over. This is how a football league community club of the year rolls! ...and the sweetest thing about all of this... Gadymack and Chainrai still aint going nowhere - their secured baby! Blow off the CVA, liquidate the club or giant points penalties... two things will remain constant: 1)TCWTB - he aint going anywhere - although the big question must be asked; will his (and the other 300) season tickets for life be accepted in PFC2012/3 NewCo/Moneyfields AFC? 2) Gadymack and Chainrai are here to stay - in the words of the great man Chainrai "my position is secured, I will get my money back" Pay them millions and they still hold all the tangible assets of skate fc, even if they are giant liabilites! Time for one of my most treasured images, which will look the same pre/post admin/liquidation: More urine, PMSL As for the "dinlo moaning disabled Leeds fan", he/she should expect some basic facilities really, no need to get angry about your own inability to provide them. St.Marys does indeed have superb facilities for the disabled and carers. Appleton buys all the bog rolls for the players, maybe he could help here too? Shalala Link to comment Share on other sites More sharing options...
Viking Warrior Posted 1 March, 2012 Share Posted 1 March, 2012 I have decided to give the skates my old saints shares paper work.. Its wherew they belong they are are worth nothing just like the blue few Link to comment Share on other sites More sharing options...
Viking Warrior Posted 1 March, 2012 Share Posted 1 March, 2012 AA stands for absolute Aresole Link to comment Share on other sites More sharing options...
mcjwills Posted 1 March, 2012 Share Posted 1 March, 2012 - that creditors who got 20p in the £ from the first fiasco, are only now going to get 20p in the £ of that - ie 4p in the pound. Again, what is the further punishment for this? I asked the FL and have no response. If there is no punishment, I assume this is the green light for every club with large debts to write them off?? This is assuming the second CVA gets passed, it may be more benificial for the creditors on the original CVA to allow them to go to the wall as there may be a better payout. Either that or the HMRC will tell Baker Tilley to vote against or no more business their way. Link to comment Share on other sites More sharing options...
Gemmel Posted 1 March, 2012 Share Posted 1 March, 2012 I appear to have missed all the fun. Going to stuck my neck out though............. The FA will have to give points deductions if the original CVA fails. It might even be a straight relegation to divsion 2. This really could be the end Link to comment Share on other sites More sharing options...
OttawaSaint Posted 1 March, 2012 Share Posted 1 March, 2012 Haven't been on the forum for absolutely ages and it is somehow comforting to see this thread appears to be chugging along on a loop. OK some of the words have changed but the tune is the same. It's because P*mpey are circling the drain... Link to comment Share on other sites More sharing options...
hutch Posted 1 March, 2012 Share Posted 1 March, 2012 - that creditors who got 20p in the £ from the first fiasco, are only now going to get 20p in the £ of that - ie 4p in the pound. That's not what he said. What he actually said was: The CVA that was performed here at Portsmouth was giving them 20 pence in the pound, but obviously that has now failed so, at the moment they'll receive nothing Talk of 20p of 20p, i.e. 4p in the pound, was a hypothetical example IF there is another CVA in the future. Link to comment Share on other sites More sharing options...
rallyboy Posted 1 March, 2012 Share Posted 1 March, 2012 How glorious would your team have to be to gamble the whole future? Would you take a Champions League final victory over Barcelona with a 50-50 chance of liquidation? Would a single Premier League title be worth the risk? Or would you see your club liquidated in return for a forgettable 1-0 win over a bankrupt mid-table Championship side in a fading cup competition? I thought the arms dealer's payment would signal the CVA starting correctly but if Birch says there are other payments he can't make then it's a heap of trouble. Failing to exit with a CVA is a massive points penalty, failing to honour one must be the same surely? That would immediately relegate them. Anyone want to buy an insolvently-trading League One club with £100M+ of debt? But if cashflow is that poor it's irrelevant - they won't finish the season. Is their final act going to be dodging a St Marys humiliation? Unlike some I don't specifically wish to see them liquidated, BUT I'd just like them to pay the price for cheating - and the seriousness of the sentence has been in their own hands for two years. Had they behaved post-admin they would be okay, but they chose to gamble EVERYTHING. Difficult to be sympathetic in those circumstances. In fact the more they talk of shafting the creditors, the less sympathetic I feel. They just flick the Vs at every opportunity, judgement day will come. And as PaulS points out, looks like the club is about to step on the financial equivalent of one of Gaydamak's finest - BOOM! Is that Gaydamak the cup-financing hero, or Gaydamak the bloke responsible for all woes? - I forget which one we have to pretend he is. Lucky things only went wrong the day AFTER the cup final, or that would look like it was cheating all along. Link to comment Share on other sites More sharing options...
Jimmy_D Posted 1 March, 2012 Share Posted 1 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_administrator_admits_club_funds_are_running_out_1_3578934 Link to comment Share on other sites More sharing options...
aintforever Posted 1 March, 2012 Share Posted 1 March, 2012 If the previous CVA has, in the words of the administrator, failed then it HAS to be an additional points deduction similar to Bournemouth's otherwise all clubs have to do in the future is agree a CVA they cannot service and blow off their debt. Link to comment Share on other sites More sharing options...
trousers Posted 1 March, 2012 Share Posted 1 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_administrator_admits_club_funds_are_running_out_1_3578934 In a statement, Mr Birch said: ‘Following our discussions with the Premier League and Football League over the past few days, it has emerged that Portsmouth Football Club is unlikely to receive any further parachute payments or other league funding. ‘We had previously stated that there was a real danger of the club running out of cash before the end of the season. The risk of this happening increases substantially without the money from the football authorities. Unless something significant happens, there is a real possibility that we may not be able to fulfil the season’s fixtures. ‘One potential issue appears to come from the assignment of £2.2 million of parachute payments that was made by the old company to a previous owner. We have instructed lawyers to challenge this, but the process may take time. ‘The club is also still owed nearly £300,000 by the CSI administrators and their lawyers, who are withholding the funds as payment for their work in applying to court for administration. PKF is talking to its lawyers to see if this money can be returned to the club. ‘Despite the tremendous support that we’ve received from everyone involved with Portsmouth Football Club, it seems that the club isn’t getting any of the breaks that it needs. The more we uncover, the worse the picture appears to get. ‘The only consolation I can give supporters, staff and players at the moment is that my PKF colleagues and I have not given up hope and will continue to do all we can to save the club. But the clock is ticking. Link to comment Share on other sites More sharing options...
Lord Duckhunter Posted 1 March, 2012 Share Posted 1 March, 2012 Just heard on Talksport that Rangers have made 11 players redundant, and the rest face wage cuts. I didn't think they could do that, perhaps the Jocks are different. Link to comment Share on other sites More sharing options...
stevegrant Posted 1 March, 2012 Share Posted 1 March, 2012 Just heard on Talksport that Rangers have made 11 players redundant, and the rest face wage cuts. I didn't think they could do that, perhaps the Jocks are different. There's no Football Creditors Rule in Scotland. Link to comment Share on other sites More sharing options...
Crazy Diamond Posted 1 March, 2012 Share Posted 1 March, 2012 The bastards would rather go out of business than play us. They're that worried. LOLZ. Link to comment Share on other sites More sharing options...
aintforever Posted 1 March, 2012 Share Posted 1 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_administrator_admits_club_funds_are_running_out_1_3578934 Looks like the penny has dropped with one of the blue few at least... harswa Thursday, March 1, 2012 at 12:38 PM Remember HMRC want us liquidated, and the administrator is the choice of HMRC! Link to comment Share on other sites More sharing options...
Crazy Diamond Posted 1 March, 2012 Share Posted 1 March, 2012 Link to comment Share on other sites More sharing options...
100%Red&White Posted 1 March, 2012 Share Posted 1 March, 2012 I take it they'll all be helping out in the ticket office again this week to cope with the demand of yet another 'Pack the Park' (or as someone suggested on the UI more appropriately 'Evacuate the Park'!). Don't tell me it was just a cheap publicity stunt from the "world's most passionate" DFCSBs? WTFILN. Link to comment Share on other sites More sharing options...
Waterside.saint Posted 1 March, 2012 Share Posted 1 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_administrator_admits_club_funds_are_running_out_1_3578934 Oooer! I reckon they're going all scriptural Matthew 13:42 ".... there shall be wailing and gnashing of teeth" Link to comment Share on other sites More sharing options...
gaz Posted 1 March, 2012 Share Posted 1 March, 2012 ‘Despite the tremendous support that we’ve received from everyone involved with Portsmouth Football Club, it seems that the club isn’t getting any of the breaks that it needs. The more we uncover, the worse the picture appears to get. Is Trev looking at the books or reading this thread? Link to comment Share on other sites More sharing options...
tony13579 Posted 1 March, 2012 Share Posted 1 March, 2012 The meltdown continues.... Like butter melting on TOAST? Link to comment Share on other sites More sharing options...
Crazy Diamond Posted 1 March, 2012 Share Posted 1 March, 2012 Should the Skates survive I think they ought to send out some thank you letters to the likes of the 3000 Leeds fans that attended last week. Imagine where they'd be without away fans this season. They're probably doing more for the club than Portsmouth fans themselves. Link to comment Share on other sites More sharing options...
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