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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Nineteen Canteen

Nineteen Canteen

Posted
Posted
If there's justice in this country, they will not get let off.

 

They have had plenty of time to solve this problem - running away from issues like that is not running a company effectively.

 

All this hyperbole of 'everyone's against us' is tiresome. They are only against you because you sign players, don't pay them on time and DON'T PAY YOUR TAXES.

 

You only have yourselves to blame.

 

And, I hope that Pompey fans, those with a brain cell, realise this quick.

 

Blame Redknapp, Blame Mandaric, Blame Storrie, Blame Gaydamak

 

THOSE ARE THE FOUR ARCHITECTS IN YOUR DEMISE.

 

Not sure how you can blame Redknapp he is not the one holding the assets and if anything can only be blamed for raising their level of spending in accordance with the expectation he delivered. If his spending was out of line who authorised it?

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Channon's Sideburns

Channon's Sideburns

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Not sure how you can blame Redknapp he is not the one holding the assets and if anything can only be blamed for raising their level of spending in accordance with the expectation he delivered. If his spending was out of line who authorised it?

 

NC, I understand your point on this, however he has a HUGE part in their downfall. Need I mention how he did a runner at the first opportunity?

 

The whole club was riddled with dishonesty..

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Nineteen Canteen

Nineteen Canteen

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The thing against the 28 day adjournment is that PLC had three owners since the bill mounted up and none of them were inclined to settle. Also I am told that PFC had already agreed stage payments with HMRC the last time they could not pay and then failed to pay the first stage payment. I cannot see a lot of sympathy from the Registrar due to the many broken promises. That is why I have Administration as favourite

 

On that evidence WS I would have liquidation as favourite! But wouldn't administration in theory would allow the club to limp along not indefinitely but longer than it deserves I would have thought and without payment.

 

Is the 28 day adjournment a 'pay up period' or liquidation becomes definite?

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OldNick

OldNick

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'we as a club will always survive because we were born fighters, we have always had our best players sold, we have always been ripped off, but now we have the best leader in AVRAM GRANT there is real hope, this man was born to lead us! '

 

Typical nonsense taken from the news chat. They cant understand how they came to buy those star players in the first place, the reason why they are where they are.,

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Draino76

Draino76

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Would you drink beer with Essex on it if you had a choice?

 

The 'White high heel blend' brew:D

 

Well I did for a good seven years lol; so its not my fault. Incidentally I have a bottle of expensive champagne hidden in the back of my fridge for valentines, which I'm hoping to crack open for lunch. WOOOT.

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Minsk

Minsk

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Maybe they have known all along that admin won't save them. It isn't a solution, just extends the time you get to sort things out.

Apparently they are due some sky money at the end of May, but even optimistically it is £10million they are still fooked. They have seven home league games at (very optimistically) 20000 X £30, ie £4million, plus say another £1mill if they beat us and get a good cup draw. That is £15 mill max income until more Sky money in August. Out of that - £3 mill/month wages, plus another £1 mill/month to HMRC X 6 months = £24 mill. That excludes the £7.5 mill already owed to HMRC, other running costs, further instalments on transfers etc etc etc. Net assets of effectively zero (as per Portsmouth City Council). Even ignoring what any past or present owner might owe, how the hell can anybody consider them even close to being able to be solvent

 

I am certain you have overestimated their possible income. From the gate receipts you need to minus the 9-10k season ticket holders whose money has already come and gone; no way would they fill Farton again, so more likely average crowds of 16k, many of which would be kids and free tickets; and, of course, if Saturday goes ahead we will spank them!

 

Apart from that, and I feel this is the crucial factor that the Judge will take into account, I fully agree that there is no way they are capable as operating as a solvent business (and, indeed, have not been doing so for a long, long time).

 

Quite clearly, if they cannot pay at least half of the 7.5m up front today, how are they going to pay 3m of wages in 2 weeks time? Let alone repay any other debts!

 

To my mind, even without a biaised opinion, the ONLY conclusion the Judge could make today is that they are insolvent and thus liquidate them.

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Nineteen Canteen

Nineteen Canteen

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NC, I understand your point on this, however he has a HUGE part in their downfall. Need I mention how he did a runner at the first opportunity?

 

The whole club was riddled with dishonesty..

 

I agree that appears to be the case but that's a different argument and the comings and goings of Redknapp are really small change compared to what has gone on at the ownership / CEO level IMO.

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GenevaSaint

GenevaSaint

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From the P*mpey news...

 

Matthew: A source inside the Premier League has just told The News: 'I don't see why the judge would liquidate an organisation which even if the team are heading for relegation, would still be due to get two years of parachute payments worth about £25m. Why would you liquidate a company with that kind of money due to come in? That money could be used to pay back creditors over time. I think winding up is highly unlikely on that basis alone.'

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Joensuu

Joensuu

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Q: Would a winding up order mean full-blown liquidation of the club?

 

A Yes, it would spell the end of a club dating back to 1898. The court would not have the power to put the club into administration, which would have allowed the club to continue trading and protect it from its creditors. Instead, what we are talking about is the wholesale destruction of Portsmouth as a football club.

 

http://news.sky.com/skynews/Home/Business/HMRC-To-Push-For-Portsnmouth-Football-Club-To-Be-Wound-Up-Over-Unpaid-Taxes/Article/201002215546018?lpos=Business_First_Buisness_Feature_Teaser_Region__0&lid=ARTICLE_15546018_HMRC_To_Push_For_Portsnmouth_Football_Club_To_Be_Wound_Up_Over_Unpaid_Taxes

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sussexsaint

sussexsaint

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I am still suspecting the 28 day thing , but then I'm a Saints fan and am still not comfortable at 3-0 up and 10 minutes to go.

 

If they get wiped off the face of the planet - what happens to the points their opposition would have got from their fixtures - do they all automatically get 3 points? I mean they probably would have anyway - but they can't get nothing surely

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Weston Saint

Weston Saint

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On that evidence WS I would have liquidation as favourite! But wouldn't administration in theory would allow the club to limp along not indefinitely but longer than it deserves I would have thought and without payment.

 

Is the 28 day adjournment a 'pay up period' or liquidation becomes definite?

It is still a liquidation issue. The 28 days adjournment will be for them to find the money or reach an agreed payment plan with HMRC. Otherwise liquidation hearing in the 28 days will likely be their end
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Matthew Le God

Matthew Le God

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If they get wiped off the face of the planet - what happens to the points their opposition would have got from their fixtures - do they all automatically get 3 points? I mean they probably would have anyway - but they can't get nothing surely

 

All points/goals scored for/against Pompey get expunged from history.

 

Will change the Premiership table a lot but it is the only fair way to do it.

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bristolsaint29

bristolsaint29

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In case people haven't seen this let the Skate News is running a "web chat thing" with people at the High Court.

http://www.portsmouth.co.uk/sport/Pompey-in-The-High-Court.6058705.jp

 

Only Gary Double and Tanya Robins have turned up at court.

Storrieteller has stayed at Farton Dump (? by the shedder I assume)

 

Didn't Tanya Robins resign? They have an ex employee representing them......now that will look good!

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JonnyLove

JonnyLove

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"A source inside the Premier League has just told The News: 'I don't see why the judge would liquidate an organisation which even if the team are heading for relegation, would still be due to get two years of parachute payments worth about £25m. Why would you liquidate a company with that kind of money due to come in? That money could be used to pay back creditors over time. I think winding up is highly unlikely on that basis alone"

 

Well probably because their debt is allot more that £25m and rising daily :)

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Foxstone

Foxstone

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I am still suspecting the 28 day thing , but then I'm a Saints fan and am still not comfortable at 3-0 up and 10 minutes to go.

 

If they get wiped off the face of the planet - what happens to the points their opposition would have got from their fixtures - do they all automatically get 3 points? I mean they probably would have anyway - but they can't get nothing surely

 

All records are expunged except yellow and red cards..

 

Impact of this - Teams like Liverpool would gain 3 points ( because they lost to the skates) as opposed to others who beat them and see those 3 points expunged..

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hutch

hutch

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Not sure how you can blame Redknapp he is not the one holding the assets and if anything can only be blamed for raising their level of spending in accordance with the expectation he delivered. If his spending was out of line who authorised it?

Whichever director(s) signed the paperwork.

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St Marco

St Marco

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Yeah i don't think they will be wound up but it is still a possibility depending on how bad the debt really is.

 

The reason a company would be wound up even with parachute payments is because they need to get to those payment dates 1st. The slightest thing could send them into admin meaning their finances are so fragile that without change those payments are irelivent.

I think the judge will give them 28 days to change or the plug will be pulled. And then that really will be the final countdown.

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JonnyLove

JonnyLove

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All records are expunged except yellow and red cards..

 

Impact of this - Teams like Liverpool would gain 3 points ( because they lost to the skates) as opposed to others who beat them and see those 3 points expunged..

 

No they won't all teams who had a result against them will have those points removed. anyone who lost against them will not get extra points because they did not loose any in the first place. (you don't get negative points for a loss)

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Foxstone

Foxstone

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Lol at this comment from one of their boards:D

 

 

......They put Steve's Hire Company and the Gourmet Mushroom Company ahead of Pompey on the list for hearing!

 

What the f is going on down there. Talk about a lack of priorities!.....

 

Unbeleivable :D

 

Stress does affect sound thinking though!

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Channon's Sideburns

Channon's Sideburns

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Lol at this comment from one of their boards:D

 

 

......They put Steve's Hire Company and the Gourmet Mushroom Company ahead of Pompey on the list for hearing!

 

What the f is going on down there. Talk about a lack of priorities!.....

 

They'll blame the Gourmet Mushroom Co - just wait - and claim that Storrie is their hero.

 

Like I said, Delusional.

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Nineteen Canteen

Nineteen Canteen

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Posted
Interesting reports on Sky....

Why is it we're hearing soundbites from Skates about this passionate fanbase and yet for the two cup games they had 6-8,000 empty seats and last night had what, 2,000 empty seats? Avram Grant boasting about hundreds of thousands of people supporting Pompey and yet they can't fill their ground when they know need money to just pay the wages...

 

Sorry, but I can't feel any sympathy for a club that can't pay it's tax bill, can't pay it's staffs wages but can fly it's players up north and overnight at a 5 star hotel...

 

Oh, and surely if Pompey are given leeway then so must Southend and Cardiff..

 

Daren I think you have a very short memory and whilst I have no sympathy for the people won are responsible for this mess, I do feel genuinely sorry for their fans as like us they have in the main some decent supporters who have made their feelings clear by withdrawing their support in the run up to this day.

 

We are lucky to have a larger supporter base but given our crowds now and where they were post relegation from the Premiership we had our fair number of supporters who made their individual protests and it is unfair in the extreme to suggest their fans are deserving of their fate for the same reasons.

 

The fans have little control over the finances of a club and it's choice of travel arrangements.

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Foxstone

Foxstone

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No they won't all teams who had a result against them will have those points removed. anyone who lost against them will not get extra points because they did not loose any in the first place. (you don't get negative points for a loss)

 

Not suggesting they would..

 

But those that beat the Skates would lose 3 points which has the secondary impact of effectively giving back 3 points to those that lost to them.

 

Therefore teams like Liverpool would effectively gain 3 points on those above them and teams like Wolves and Wigan would benefit at the expense of Bolton for example.

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Nineteen Canteen

Nineteen Canteen

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Posted
It is still a liquidation issue. The 28 days adjournment will be for them to find the money or reach an agreed payment plan with HMRC. Otherwise liquidation hearing in the 28 days will likely be their end

 

Thanks, thats what i thought and why I think they will get the 28 day 'stay of execution' as that is what it amounts to.

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