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Pompey 58m in debt!





BRIGHT ON Q

Well-known member
Jul 5, 2003
9,089
Write it off and go again...............
 










From Insolvency Today Liquidation threat still looms large for Pompey


Liquidation threat still looms large for Pompey

11 April 2012

Portsmouth administrator Trevor Birch has admitted the club still faces the threat of liquidation.

Despite a number of interested parties displaying interest in the relegation-threatened club no “substantive offers” have yet been made for the south coast side.

The club has been advertised for sale in both the UK and Asia since falling into administration in February.

“As things stand, we cannot rule out the possibility of having to liquidate the company if our efforts aren’t successful,” explained Birch of PKF.

“It would be irresponsible to claim otherwise.

“We continue to believe that we can find a buyer for the club before the money runs out and are doing everything we can to achieve this.

“It’s what the club’s supporters, staff and players deserve after the turbulence and uncertainty of the past few years.

“It will also result in the best possible outcome for the creditors as whole, in our view.”

It comes as administrators, Birch, Bryan Jackson and Ian Gould issue their report to creditors summarising the work undertaken since their appointment on February 17.

The report confirms their post appointment time costs to March 30 are £524,262, consisting some 1,647.8 hours at an average hourly rate of £318.

According to the report, in terms of player transactions, the administrators secured a net reduction in payroll costs of c£205k per month following due to transfer market activity.

The club owes its primary group of unsecured creditors some £40.5m.

Birch added: “Since our appointment, my PKF colleagues and I have been focused on getting Portsmouth out of administration as soon as is practically possible through the sale of the club as a going concern and a subsequent CVA.

“With this in mind, we have stabilised the club to enable it to fulfil its remaining fixtures this season and restructured the operations to make the business as attractive as possible to potential buyers.”

By Andy Pearce
 


Superphil

Dismember
Jul 7, 2003
25,401
In a pile of football shirts
Time to close the door on that dinosaur
 






Driver8

On the road...
NSC Patreon
Jul 31, 2005
15,952
North Wales
www.pkf.co.uk/web/pkf.nsf/82D34E3438E9E594802579DC0052E1E9/$file/pkfjaproposals.pdf

St johns ambulance only owed £6000 this time (p32 onwards for the latest list of people being screwed by Portsmouth)
 
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Willy Dangle

New member
Aug 31, 2011
3,551
could be some pickings for us if they get liquidated......??

We dont need the curtains, we got blinds. Roller blinds. We got smokey gleaming shiny glass. We got padded seats.

Maybe some chips we could take off their hands.
 


raymondbriggs

New member
Dec 21, 2008
1,579
on a snowman plough
The report confirms their post appointment time costs to March 30 are £524,262, consisting some 1,647.8 hours at an average hourly rate of £318.


How T.F. do bean counters justify that hourly rate.
Shakespear's Henry V1 should have said "The first thing we do, let's kill all the lawyers, then slaughter the Accountants"
 


beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,265
how come they paid the previous administrators 38m for the club? how was it worth anything as it was bankrupt. theres a fiddle under all this, shirley?
 










Willy Dangle

New member
Aug 31, 2011
3,551
Do they own the ground or is it council or previous owners??

Assets can be everything apart from land and fabric of building. It can be players, turf, seats, light bulbs, copper pipes etc etc.

Assets stripped there could be a lot of dough.
 




grummitts gloves

New member
Dec 30, 2008
2,796
West Sussex, la,la,la
Time to say goodbye. Taken the piss once to often. Who in their right mind would want to invest in that. Nothing to offer, shit hole stadium, no chance of building a new one and a waste of time developing the one they've currently got. Good riddance.
 





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