Mackenzie
Old Brightonian
Portsmouth were loose?
Got something to say or just want fewer pesky ads? Join us... 😊
Pompey 58m in debt!
- Thread starter Smirko
- Start date
They're going to need a bloody good estate agent.
Psychobilly freakout
HellBilly
Tin pot league with only 4/5 (big) teams involved for honours, complete waste of effort the only thing that keeps that league going is bigotry.
The previous (previous) owner.
They don't own the stadium.
They don't own the ground, or the land it stands on.
They don't own it!
They don't....
Its not their land. Even the oil wouldn't be theirs!
Hillian1
( . ) ( . )
So they don't own the land then?
Cadiz Seagull
Grey bearded old man
If they get liquidated before the end of the season it will cost us 6 points
There are restrictions on the land usage. These things can be changed though.
I don't think so, no...
Alex Alex Dawson oo! oo!
Primary data is fact
About time we started on the land surrounding Fratton Park then?
I'll kick it off - it's owned by another former Pompey owner, Alexandre Gaydamak, who bought the club in 2006.
Barrel of Fun
Abort, retry, fail
Didn't he decide to start charging staff and players to use the car parking facilities not so long ago?
Horrendous puzzle and mess of whom owns what and what they wish to do with it if nothing is resolved.
Astounding that they were not asked to pay upfront. I might start ordering Domino pizza, get it delivered to the ground, loiter outside the offices to intercept and tell them to bill the club. I wonder how many pizzas I can get before getting sussed out.
(Unless, of course, they have a Domino Pizza hut at Fratton Park)
grummitts gloves
New member
Apparently they have enough to see out the season, so that shouldn't happen.
That really IS low.
Hillian1
( . ) ( . )
How the hell does The Poppy Appeal become a creditor? I am genuinely confused by this.
Barrel of Fun
Abort, retry, fail
Presumably the shirt sales auction. Money goes straight to the club (through their ebay page) and then the club transfer to the Poppy Appeal or not as it seems...
Hillian1
( . ) ( . )
I had a great dislike of all things Pompey before I read that, words cannot adequately describe how outraged I am by this, if true of course.
By Rory McKeown
Published on Thursday 12 April 2012 07:01
POMPEY’S administrator Trevor Birch says he cannot rule out liquidation after revealing the club owes £59m.
Creditors were sent a report by administrators PKF yesterday detailing its findings since their appointment in February.
The report shows £40.5m is owed to unsecured creditors, of which £6.6m is due to football creditors.
It confirms Portpin – the firm of former Pompey owner Balram Chainrai – is owed £18.6m due to its fixed charge over Fratton Park.
Mr Birch said he had been in discussion with ‘a small number of interested parties, although no offers have been received to date’.
‘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,’ he said.
‘As things stand, we cannot rule out the possibility of having to liquidate the company if our efforts aren’t successful.
‘It would be irresponsible to claim otherwise. However, we want the club to have a sustainable long-term future and are working hard to make this vision a reality.’
PKF, which has run up costs of £524,000 since being appointed, says unsecured creditors include Pompey’s former parent company CSI, which is owed £10.5m, transfer and agents’ fees to English and overseas clubs, unpaid salaries, and Her Majesty’s Revenue and Customs. The £16.5m Company Voluntary Agreement (CVA) with creditors from the club’s last administration in 2010 is also listed.
Among the other known creditors are Domino’s Pizza, schools, Southampton Football Club, The Poppy Appeal charity, Real Betis Football Club and Wembley Stadium.
The amount unsecured creditors are due to receive will be decided when the club exits administration through a CVA, but Mr Birch says he is not in a position to estimate how much will be repaid.
Administrators warned creditors would receive even less if the club is liquidated and its assets sold off piecemeal. A creditors’ meeting will be held at the Victory Lounge in Fratton Park on April 26 from 11am.
Trust urges share support
THE Pompey Supporters’ Trust has urged fans to back its share scheme after Trevor Birch’s liquidation warning.
Spokesman Scott Mclachlan said: ‘The statement from Mr Birch reiterates the message that Pompey could be a matter of weeks from disappearing unless a buyer can be found.
‘The CVA is crucial as it is hoped it could deliver a debt-free Pompey to any prospective buyer and will make urgent restructuring to cut the club’s running costs easier.
‘It highlights that the trust’s pre-share issue is currently the only positive move anyone has made to save it.
‘We ask everyone to get involved in pledging to buy a share by visiting communitypompey.co.uk and depositing £100 to register your interest.’
Published on Thursday 12 April 2012 07:01
POMPEY’S administrator Trevor Birch says he cannot rule out liquidation after revealing the club owes £59m.
Creditors were sent a report by administrators PKF yesterday detailing its findings since their appointment in February.
The report shows £40.5m is owed to unsecured creditors, of which £6.6m is due to football creditors.
It confirms Portpin – the firm of former Pompey owner Balram Chainrai – is owed £18.6m due to its fixed charge over Fratton Park.
Mr Birch said he had been in discussion with ‘a small number of interested parties, although no offers have been received to date’.
‘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,’ he said.
‘As things stand, we cannot rule out the possibility of having to liquidate the company if our efforts aren’t successful.
‘It would be irresponsible to claim otherwise. However, we want the club to have a sustainable long-term future and are working hard to make this vision a reality.’
PKF, which has run up costs of £524,000 since being appointed, says unsecured creditors include Pompey’s former parent company CSI, which is owed £10.5m, transfer and agents’ fees to English and overseas clubs, unpaid salaries, and Her Majesty’s Revenue and Customs. The £16.5m Company Voluntary Agreement (CVA) with creditors from the club’s last administration in 2010 is also listed.
Among the other known creditors are Domino’s Pizza, schools, Southampton Football Club, The Poppy Appeal charity, Real Betis Football Club and Wembley Stadium.
The amount unsecured creditors are due to receive will be decided when the club exits administration through a CVA, but Mr Birch says he is not in a position to estimate how much will be repaid.
Administrators warned creditors would receive even less if the club is liquidated and its assets sold off piecemeal. A creditors’ meeting will be held at the Victory Lounge in Fratton Park on April 26 from 11am.
Trust urges share support
THE Pompey Supporters’ Trust has urged fans to back its share scheme after Trevor Birch’s liquidation warning.
Spokesman Scott Mclachlan said: ‘The statement from Mr Birch reiterates the message that Pompey could be a matter of weeks from disappearing unless a buyer can be found.
‘The CVA is crucial as it is hoped it could deliver a debt-free Pompey to any prospective buyer and will make urgent restructuring to cut the club’s running costs easier.
‘It highlights that the trust’s pre-share issue is currently the only positive move anyone has made to save it.
‘We ask everyone to get involved in pledging to buy a share by visiting communitypompey.co.uk and depositing £100 to register your interest.’
Tony Meolas Loan Spell
Slut Faced Whores
I would GLADLY sacrifice 6 points if it meant these wankers have to start again from the very bottom.
And YES the "long suffering" fans WILL have a team to support, even if its non league. But ya know what TOUGH.
And YES the "long suffering" fans WILL have a team to support, even if its non league. But ya know what TOUGH.
cloud
Well-known member
Ah, a bit like the Goldstone then
severnside gull
Well-known member
I would like to congratulate the administrators for saving enough on staff wages to almost (but not quite) cover their own charges 
Not that it makes much difference as both the players and the administrators will be creditors when the club is liquidated.............. oh I forgot. The players will be secured creditors under the FL's bizarre "football creditors first" rule whereas the staff and the administrators will be lumped in with all the other dross in the queue chasing pennies in the pound (theoretically - because the administrators aren't going to let that happen are they!)
Seriously though, they are going to be totally dependant on contracted players agreeing to the cancellation of their contracts at potentially no cost to the club if they are to survive. No-one is going to pay the silly salaries that Pompey have agreed let alone pay a transfer fee and they certainly can't afford the ten or so "£7.5K a week plus" players in League 1 and FL rules don't allow for redundancy. If someone like Ben Haim on an all-inclusive £50K a week with 2 years left to run on his current deal declines to play ball then forget not being able to meet running costs - he can scupper any potential deal to buy the club singlehandedly. Until he and the likes of Pearce, Norris, Ward, Kitson et al agree to walk away it's hard to see a buyer coming forward and by the time that mess is sorted it may well be too late.
Do I have sympathy for PFC? Read my previous posts
Not that it makes much difference as both the players and the administrators will be creditors when the club is liquidated.............. oh I forgot. The players will be secured creditors under the FL's bizarre "football creditors first" rule whereas the staff and the administrators will be lumped in with all the other dross in the queue chasing pennies in the pound (theoretically - because the administrators aren't going to let that happen are they!)
Seriously though, they are going to be totally dependant on contracted players agreeing to the cancellation of their contracts at potentially no cost to the club if they are to survive. No-one is going to pay the silly salaries that Pompey have agreed let alone pay a transfer fee and they certainly can't afford the ten or so "£7.5K a week plus" players in League 1 and FL rules don't allow for redundancy. If someone like Ben Haim on an all-inclusive £50K a week with 2 years left to run on his current deal declines to play ball then forget not being able to meet running costs - he can scupper any potential deal to buy the club singlehandedly. Until he and the likes of Pearce, Norris, Ward, Kitson et al agree to walk away it's hard to see a buyer coming forward and by the time that mess is sorted it may well be too late.
Do I have sympathy for PFC? Read my previous posts