Portsmouth Relegated...

[clapham_gull]

Surely once they're relegated they are in the clutches of the Football League, and will therefore be subject to their 10 point deduction ?

Clay is correct (I think), it can only roll over if you go into admin after 26th March.

It's a point though.

A team can potentially come down from the Premiership on -9 into the Championship, where there may be other teams who (for being in the Championship) have been given a stiffer penalty.

 

[clapham_gull]

This is what the Guardian had to say a couple of days ago regarding Pompey's fate next season. I don't know what CVAs are all about, I must say, but they seem to be suggesting that PFC are unlikely to have one in place.

Entering administration will result in an automatic nine-point penalty from the Premier League, leaving Portsmouth 17 points adrift of safety. But the punishment from the Football League next *season is likely to be far harsher.

Portsmouth would only avoid a *further points deduction from the Football League if the administrator can reach a company voluntary arrangement, a deal with creditors to accept only a proportion of the club's debts.

That will be extremely hard to achieve, however, because league rules state that football creditors must be paid in full and Her Majesty's Revenue and Customs will insist on the same. Portsmouth must find at least £22m to settle with them alone. Some £10m is outstanding in unpaid transfer fees, including for their former midfielder Sulley Muntari, signed from Udinese and now with Internazionale, and at least £12.1m is owed to HMRC.

There have been four previous cases of Football League clubs failing to reach CVAs, involving Leeds United, *Rotherham, Bournemouth and Luton Town, and they were handed penalties of 15, 17, 17 and 20 points respectively.

I'm not sure that's 100% accurate. Don't you only need to ensure a CVA with 75% of creditors.

 

[Lady Whistledown]

Ah yes, March 26th !

Administration prior to that date ensure points are only deducted this season.

Is that the case in the Premiership ?

No idea, but as I understand it, they either go into administration now, or they get wound up, because their deadline for proving they had sufficient funds to continue trading was 1st March, ie way before any League deadline regarding points.

They have taken the hit in terms of administration to protect themselves from being compulsorily wound up. I don't think they were in any position to try and play the game as far as points deductions went.

 

[clapham_gull]

No idea, but as I understand it, they either go into administration now, or they get wound up, because their deadline for proving they had sufficient funds to continue trading was 1st March, ie way before any League deadline regarding points.

They have taken the hit in terms of administration to protect themselves from being compulsorily wound up. I don't think they were in any position to try and play the game as far as points deductions went.

Not sure there is a game to be played much anymore on that front.

 

[Sheebo]

Why is it 9 points? Was thinking this earlier!!!

Hey Laura!!!

Hope u's all good

 

[crodonilson]

.....and this man has been taking away £1.3 million per year for the running of the football club.

 

[Deleted member 2719]

:yahoo:


Great news that will shut the smug F*ckers up around me for a few years.

 

[perseus]

They be lucky to be in existence for next season. Will they get a new Chairman, or will the current one be fighting an extradiction order?

 

[wigman]

:yahoo:


Great news that will shut the smug F*ckers up around me for a few years.

True mate,whenever i go to Chi i always see a few of them about.
If it happens tomorrow they will all go into hibernation.

 

[LA1972]

Will this effect the amount of portsmouth shirts seen in West Sussex sports shops ?

 

[Ninja Elephant]

I'm not gloating about another club being so right royally screwed. I'm not getting all moral high ground (though the accusation will be thrown around, I'm sure), I just don't find it funny. Hopefully they don't go bust, they're a rubbish team and relegation was assured the moment they left Paul Hart in charge in the close season in my opinion. But to be so happy about their demise is just bitter and a bit pathetic.

Makes you appreciate the work of Dick Knight and his accomplices.

 

[Uncle C]

I expect they will still get their handsome parachute payment.

 

[Easy 10]

I don't think anyone wants them to disappear completely Mr Elephant.
But they ARE getting a long overdue come-uppance, and its very enjoyable seeing them collapse back into the Championship and (hopefully) even lower if they can actually keep going. I am genuinely LOVING the goings on at Fratton right now. Its the gift that keeps on giving.

With the strife Palace are in as well, and at the same time we see those elegant sweeping white arches going up in that field, its like all our Christmasses have come at once. As long as we stay up, this will truley be a season to remember for all kinds of reasons.

 

[Lady Whistledown]

I am genuinely LOVING the goings on at Fratton right now. Its the gift that keeps on giving.

Amen to that, brother

 

[Gordon the Gopher]

Who the hell would buy Pompey? They are saying some New zealand guy is interested but just seen this below. turns out they will no longer own the ground and have sold their merchandising rights for the next 3 years!



...............Chainrai has two charges over Portsmouth, the first secured on Oct 6 against the ground, and a second charge against "the whole of [Porstmouth's] undertaking and all its property and assets" agreed on Jan 7.

This second charge significantly strengthens his hand, and he has further protected his position by transferring the freehold of the ground into a privately-controlled company.

He is thought to have agreed to write off some of his debt in exchange for the ground, which will be leased back to the club for an annual rental of about £1million, but it is unclear how much.

The last accounts valued the stadium at £11million, but the local council has argued that the ground has limited real value as it can only be redeveloped if the club is found an alternative home. Given that condition, Chainrai may have written-off only a moderate sum.

The impact of Chainrai's secured position is that he could be paid the bulk of the £20million the club are due to receive in broadcast revenue and parachute payments from the Premier League between now and next August.

That would leave the administrator having to sell players to satisfy other creditors, and if Chainrai retains control of the ground the club's appeal, as an investment to new owners, would be strictly limited.

Attempts to sell Portsmouth as a going concern this week have foundered as potential investors discovered the extent of the club's indebtedness.

Interest from a South African-based consortium cooled when they discovered that the club's merchandising revenue has already been licensed to a third party for three years, cutting off a crucial source of revenue. It is understood to be one of many examples of future income being sold to meet current debts.

 

[Northstander]

Man Utd lose 6 points then due to that, Chelsea 3

 

[philsussex]

I heard that Gold and Sullivan had offered to 'give' them £10million to help keep them going until the end of the season - but this has to be approved before it can happen.

Obviously trying to secure West Ham's 4 points earned from Pompey.

Anyone know whether this has been agreed to?

 

[Deleted member 2719]

I don't think anyone wants them to disappear completely Mr Elephant.
But they ARE getting a long overdue come-uppance, and its very enjoyable seeing them collapse back into the Championship and (hopefully) even lower if they can actually keep going. I am genuinely LOVING the goings on at Fratton right now. Its the gift that keeps on giving.

With the strife Palace are in as well, and at the same time we see those elegant sweeping white arches going up in that field, its like all our Christmasses have come at once. As long as we stay up, this will truley be a season to remember for all kinds of reasons.

Spot on Easy i don't wanna be ageist but perhaps the young Ninja hasn't been about long enough to understand what a good old bit of comeuppance is all about.






.

 

[clippedgull]

Man Utd lose 6 points then due to that, Chelsea 3

That only happens if the club gets wound up.

Going into administration just gets Pompey points deducted.

 

[PILTDOWN MAN]

The biggest issue regarding Portsmouth and the football league is not whether they have agreed cva's or not but will they be a going concern and able to full fill their fixtures for the coming season? Portsmouth have no given right to enter the league and as such it will be up to the league chairman to agree this. Much the same as the granting of our ground share. The rules regarding entering the league apply to not just those promoted from the Conference but also those relegated the Premiership. The league may consider further restrictions on Portsmouth and a bond to secure against their fixtures. The ball is very much in the league's court.