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Looks like they're very much on borrowed time to me.

 

It looks like the Prem will withold their Sky money to pay football creditors, esp. Watford and the ones that are in financial trouble.

 

That leaves any other creditors that will have been promised some of the Sky money more than a bit peed off and one of them will more than likely try and pull the plug on them. Then it's just down to the administrators and whether they can make the creditors and any potential buyer agree on a price, or whether they're wound up and assets sold off to pay the creditors what they can...

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The Guardian report that they still owe Chelsea a "seven figure sum" for Glenn Johnson. Surely this is something the football authorities have to look at? Clubs, when trading players, should surely be obliged to pay off any outstanding debt on that player, before banking the transfer fee. What they've allowed Portsmouth to do here is akin to selling a house and banking the money without paying off the mortgage.

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The Guardian report that they still owe Chelsea a "seven figure sum" for Glenn Johnson. Surely this is something the football authorities have to look at? Clubs, when trading players, should surely be obliged to pay off any outstanding debt on that player, before banking the transfer fee. What they've allowed Portsmouth to do here is akin to selling a house and banking the money without paying off the mortgage.

 

Reports suggest that £750,000 is due to Chelsea in Jan'.

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From the sun today :)

 

http://www.thesun.co.uk/sol/homepage/sport/football/2771817/Chelsea-make-money-order.html

 

 

"CHELSEA have rejected Portsmouth's request for more time to pay the £750,000 still owed from Glen Johnson's transfer to Fratton Park.

Crisis club Pompey asked the Premier League yesterday to lift their current transfer embargo - but the ban will remain in place until they can prove they are in a position to pay ALL of their outstanding transfer debts to English clubs.

 

Premier League chiefs now look certain to withhold the £7.5million TV money due in January in order to settle Pompey's missed payments.

 

Portsmouth, who are £35m in debt, agreed to pay £3m for right-back Johnson when they signed him from Chelsea in August 2007.

 

But they have been unable to stump up all the cash, despite selling the player to Liverpool for £18m this July.

 

The south coast club also still owes money over the purchases of Sulley Muntari, John Utaka, Lassana Diarra, Younes Kaboul, Nadir Belhadj, Mike Williamson and Tommy Smith.

 

But in all those cases a payment schedule has now been agreed with the selling club.

 

Chelsea, though, are not prepared to wait and have demanded their money immediately"

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I can't remember where I saw it, but a Premier League spokesman was quoted today as saying that the league couldn't countenance a Premier League team causing a Football League club to go into administration. I think he's referring to Watford. That would indeed be shocking - and hopefully a sign that Pompey won't be easily let off the hook over the £10 million-worth of debts that need to be repaid within the month.

 

I'm sticking with my end of January prediction for Adminsitration at Pompey. It can't possibly go on beyond that.

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Off at a slight tangent - Watford's Board all resigned tonight at their AGM.

 

Probably for financial reasons - shame if it was because they weren't paid what they were owed.

 

In fairness if my company was in the poo and I had sold two of the company's most valuable assets to another company that couldn't pay and ultimately could go bust without the possibility to recover those assets on default - I'd be made to resign by the shareholders.

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Off at a slight tangent - Watford's Board all resigned tonight at their AGM.

 

Probably for financial reasons - shame if it was because they weren't paid what they were owed.

 

Owner has also called in his loans to the club; secured against the stadium, so it looks like they're gonna lose that unless they get the money Pompey owe them...

 

Any and all good feeling that previously existed towards Pompey will disappear if they can't pay up.

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Owner has also called in his loans to the club; secured against the stadium, so it looks like they're gonna lose that unless they get the money Pompey owe them...

 

Any and all good feeling that previously existed towards Pompey will disappear if they can't pay up.

 

As the Skates are a creditor, and the owner has called in all money, could he inadvertantly send them into Admin?

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As the Skates are a creditor, and the owner has called in all money, could he inadvertantly send them into Admin?

 

More techincally than inadvertantly, but i guess you prioritise who you pay when you are in their situation. I'm guessing Watford have just shot up list in terms of who gets paid next

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More techincally than inadvertantly, but i guess you prioritise who you pay when you are in their situation. I'm guessing Watford have just shot up list in terms of who gets paid next

 

He might make Watford's need to be harsh with the skates more pressing (although they seem to be pretty up against it in any event) however the skates don't owe the watford chairman (in his personal capacity) any money.

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Not necessarily. While you are of course right that fees are usually paid over a period of time, this is not always the case. ManU asked Real Madrid for all payment up front with Ronaldo. I imagine that a club in dire straits like Watford would have asked for payment on a much shorter term than the norm as well.

 

It is a contract and there are no set terms.

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Watford won't be due that much immediately because of the way transfer fees are generally paid these days. Most players are bought on hire purchase these days, so they'd only be due a relatively small percentage of the overall fees.

Surely all that will change if they go into administration. Maybe totally wrong but the administrators would be calling in all owed money wouldn't they?

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Surely all that will change if they go into administration. Maybe totally wrong but the administrators would be calling in all owed money wouldn't they?

No, because they will have agreed terms on when they are paid.

 

They may do what we did with the Theo Walcott and Gareth Bale transfers and negotiate a reduced but final settlement so they get more money immediately but less overall, but given that they'll be trying to negotiate with a club with a similar number of pots to p!ss in, I can't see how they'll get any agreement there.

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No, because they will have agreed terms on when they are paid.

 

They may do what we did with the Theo Walcott and Gareth Bale transfers and negotiate a reduced but final settlement so they get more money immediately but less overall, but given that they'll be trying to negotiate with a club with a similar number of pots to p!ss in, I can't see how they'll get any agreement there.

That's fair enough then Steve just not sure of the intricacies of administration & what they can & cannot ask/demand of debtors.

Whatever it is a sorry sorry mess all around.

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After this fiasco do you think the EPL should set up some sort of clearing house for transfer funds so when a player is sold on, the EPL will pay out to any club who is owed money prior to paying the balance to the selling club. That would avoid some of the mess that currently exists.

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http://www.wfcforums.com/showthread.php?t=31657

 

This is all interesting, talk of a merge with QPR and an extra promotion place from league one!!!!!

 

Got to be a wind up surely!? The weirdest thing is that the majority of Watford fans on there seem happy enough to let it happen. I know for sure if back in the summer we were offered a merger with Reading for example or start from scratch I know what my choice would be.

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Got to be a wind up surely!? The weirdest thing is that the majority of Watford fans on there seem happy enough to let it happen. I know for sure if back in the summer we were offered a merger with Reading for example or start from scratch I know what my choice would be.

 

but we are a much larger club than reading. If reading had asked for a merger with us?

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if that's the way forward for football we will have the holy war consortium from down the road knocking on the door for a chat pretty soon.

And what would Pompey bring to the party?...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A data base we could sell to Lidl? Tips on where to sell our scrap gold? Towbar advice?

 

Not much else these days - don't think we'll get too deep into merger talks ta.

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if that's the way forward for football we will have the holy war consortium from down the road knocking on the door for a chat pretty soon.

And what would Pompey bring to the party?...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A data base we could sell to Lidl? Tips on where to sell our scrap gold? Towbar advice?

 

Not much else these days - don't think we'll get too deep into merger talks ta.

 

I could just see NC & ML going for that!

 

Along with us fans.

 

I need to lie down, my brain hurts.

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if that's the way forward for football we will have the holy war consortium from down the road knocking on the door for a chat pretty soon.

And what would Pompey bring to the party?...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A data base we could sell to Lidl? Tips on where to sell our scrap gold? Towbar advice?

 

Not much else these days - don't think we'll get too deep into merger talks ta.

 

Nowt! Except...................................................:-k

 

 

 

 

 

 

 

Premier League status!!! :-k

 

 

 

Na, second thoughts, we'll get that by ourselves!!!

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How could a merger work half way through the season anyway?

 

Two sets of season ticket holders. Will they all fit into one stadium?

Obviously they cant fulfill both sets of fixtures, so what happens to the missing games? Are they awarded to the opposition by default? Very unfair to teams who have lost points to either side already this season.

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After this fiasco do you think the EPL should set up some sort of clearing house for transfer funds so when a player is sold on, the EPL will pay out to any club who is owed money prior to paying the balance to the selling club. That would avoid some of the mess that currently exists.

 

They should enforce a full payments only transfer system with an optional future%transfer clause to stop this staggered payments nonsense that's a large part of this mess and help the smaller clubs further down the pyramid, they should also limit squad sizes (with an increased squad size for teams in european competition) to stop top clubs hoarding talent.

 

2 simple steps to draw back inline the money madness that we've seen in recent years, yes it may damage the EPL brand and mean we cant get the best talent in europe but it would stop clubs gambling on future success to save a managers or chairmans arse.

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