Pompey seem to be in a tad of bother

[Lady Whistledown]

What an absolute piss take by the FA. Why on earth should Pompey be exempted from rules that apply to every other club simply because of their own financial incompetence?

It's a joke. The media seem to perpetuating this myth that Pompey are somehow hard done by in all of this. I trust the FA will be as accommodating to smaller clubs in the same situation...

 

[Golden Oldie]

Are there any players that are out of contract at the end of the season, and would therefore be entitled to a free, but could be sold for cash now?
If so I could see other clubs kicking up if they had someone in the same circumstances they wanted to sell, but were prevented from doing so by the rules.

 

[Smythe]

So smaller league clubs are on the verge of going out of business for less money than some premier players earn in a week but every rule can be broken to help keep a prem club in business when its the clubs fault for living beyond its means for god knows how long anyway!!!!! The whole thing is a total joke. They already got a player who they wont play again for rest of the season otherwise they got to pay the club they bought him off another 4 million. Now there will probably be some rediculous pre sale contracts where Pompey receive the cash up front but they wont be able to play that player for rest of season so they will end up playing a reserve team for remaining games which may well effect results and maybe relegation and european qualification for other clubs.......how can this be allowed.
Im glad people helped us so much when the Goldstone was sold and we were on the verge of going under

 

[Kinky Gerbil]

I had the pleasure of seeing them yesterday, They didnt play to bad but only had 5 subs.

James went of injured as did Heriderson, who doesnt look like playing again this year

 

[Barrel of Fun]

BBC Sport - Football - Portsmouth stars will play in FA Cup final - Hughes

Portsmouth's Richard Hughes expects the club's players to find a way to settle a potential issue over bonuses to play in the FA Cup final against Chelsea.

With Pompey in administration, reports have suggested the club's inability to pay bonuses may rule some players out.

Potentially, a club can't afford to pay their best players to play in the premier domestic cup?

 

[strings]

Portsmouth are expecting to announce debts of £119m today.

:thud:

£119,000,000.00

From the Times

 

[beorhthelm]

Portsmouth are expecting to announce debts of £119m today.

that does look bad. but... whats the debt owed to HMRC? wouldnt it be convienient if this new debt meant the HMRC share is less than 25% required to block a CVA?

 

[sten_super]

Portsmouth are expecting to announce debts of £119m today.

:thud:

£119,000,000.00

From the Times

Absolutely incredible. Looks like they could have serious problems exiting administration as well.

“We now have a business plan in place that is a projected target over the next three to five years to pay back the creditors," Andronikou said. "The creditors will get a percentage of their debts back over a number of years, rather than all in one go.”

So you're not in a position to offer your creditors ANYTHING in the short-term? I can't see many of them going for that. What happens if they don't agree a CVA? Can they still go to the wall? I sincerely hope that the Football League don't allow them in if their finances are still in this ridiculous state...

 

[sam86]

Surely a team can't start a new season (in a new division) with £119m worth of debt.

 

[Stoo82]

Wow. £119 million. Surely they can't last in the Championship with that level of debt?

 

[hans kraay fan club]

that does look bad. but... whats the debt owed to HMRC? wouldnt it be convienient if this new debt meant the HMRC share is less than 25% required to block a CVA?

Exactly this.

How much of this newly emerged 'debt' is owed to untraceable Seychelles-based funds?

 

[Easy 10]

The question is whether HMRC has enough "clout" (debtwise) to veto a CVA.
Being as its basically a theft of public funds, I hope the club is wound up and has to do an Aldershot.

 

[hans kraay fan club]

The question is whether HMRC has enough "clout" (debtwise) to veto a CVA.
Being as its basically a theft of public funds, I hope the club is wound up and has to do an Aldershot.

This is what we are alluding to. If the 'creditors' who hold the votes aligned to this newly revealed extra 'debt' vote in favour, the HMRC might be stitched, a la Leeds.

 

[SurreySeagulls]

I hope they go to fcuking wall. Their 'wonderful' supporters. OK the big fat guy with all the tats and a bell have riden the crest of a wave over the last few years on the back of borrowed and borrowed money with no hope of anyway in paying back. And not one of them thought for one minute where they were going to get the cash when the creditors came a calling. They let that old rag 'Arry spend money like he was Monty Brewster in the hope that it would earn them more millions and now they are asking for the authorities to rewrite their own rules book to blag their wayout. Where were the authorities for clubs like Farsley Celtic in their hour of need. The Premiership is akin to being a Grand Lodge and only those on the inside are looked after, everyone else can go to the wall. Be interesting to see how much help they get from the Premiership once they are plying their trade in the Championship or Ryman South. Anyway, I hope they drown under their £119m of debt

 

[seagullsovergrimsby]

£119M of debt is reduced to about £10M of what will be paid back to the creditors over a 3-5 year period.

 

[Papa Lazarou]

£119M of debt is reduced to about £10M of what will be paid back to the creditors over a 3-5 year period.

How? I'm not being obtuse, I just would like this explained. Thanks.

 

[Easy 10]

How? I'm not being obtuse, I just would like this explained. Thanks.

If they come out with an agreed CVA that enables them to pay their creditors back 8p or 9p in the £ towards the total debt (which seems a fairly common amount when it goes down this route). The rest is written off.

HMR&C will fight tooth and nail against this happening though, its just whether they've got >25% of the overall debt owing that'll dictate whether or not they can block the CVA.

 

[seagullsovergrimsby]

How? I'm not being obtuse, I just would like this explained. Thanks.

The Leeds United principle applies , only pay 8p in the £ back to the creditors with the rest written off.

 

[perseus]

Portsmouth are expecting to announce debts of £119m today.

:thud:

£119,000,000.00

From the Times

I am not sure I anticipated dates this large, but I am not surprised. I said before it will only be 50/50 they will last out the year 2010.

The trouble I saw was that they were in such bad debt that the FA could not give them the parachute payments, because there was no guarantee they could fulfill their fixtures next season.

 

[Bwian]

If they come out with an agreed CVA that enables them to pay their creditors back 8p or 9p in the £ towards the total debt (which seems a fairly common amount when it goes down this route). The rest is written off.

HMRC will fight tooth and nail against this happening though, its just whether they've got >25% of the overall debt owing that'll dictate whether or not they can block the CVA.

I want to know how so many football clubs and businesses manage to get out of paying their taxes? I don't have the same options available to me-I'm being hounded by HMRC at the moment for a trifling amount but they'll hang me out to dry if I don't pay-when they say. Meanwhile, football clubs don't pay them their VAT, National Insurance, and all other taxes they should be paying for frigging years and the bastards are allowed to walk away from their debts of millions. No matter what their creditors agree to-HMRC should squeeze them for every penny they are owed or seize their assets.

Now it seems as though Hull City will go into administration if they get relegated because they've over spent chasing the Premiershit dream. I really want The Albion to be playing in the top flight of English football-but not if it means ending up in the same financial shit as Portsmouth, and Hull, and Palarse, and Leeds, etc., etc.