[Archived] Time Up Pompey?

[PAFELL]

Yes.

It also means they will get their advance from the Premier League to pay the tax man and some of the wages.

The PFA may have to foot some of the wages too.

The main thing is that the other Premier League teams don't lose points for games that would have been wiped off the slate if they had gone bust.

I suppose the sale of players must wait until end of season. Which in the meantime will mean the debts increase. You would have thought they would have allowed pompey to sell players, especially as it was the prems idea in the first place.

Ironically pompey owe less than man u, Liverpool and West ham, yet go into administration. If a club or business is insolvent with £60-70m debts, When is a business with 7 to 8 hundred mill considered to be insolvent.

The pompey situation is a bad advert for the prem. Surprised the prem didn't step in earlier to save the embarrassment of recent events - forced administration for example.

[OscarRaven]

I suppose the sale of players must wait until end of season. Which in the meantime will mean the debts increase. You would have thought they would have allowed pompey to sell players, especially as it was the prems idea in the first place.

Ironically pompey owe less than man u, Liverpool and West ham, yet go into administration. If a club or business is insolvent with £60-70m debts, When is a business with 7 to 8 hundred mill considered to be insolvent.

The pompey situation is a bad advert for the prem. Surprised the prem didn't step in earlier to save the embarrassment of recent events - forced administration for example.

When its no longer able to finance that debt.

[broadsword]

Wishing them bust due to the actions of some fly-by-nights shows a mean spiritedness and a lack of empathy for fellow football fans.

My mate had his nose broken by a Portsmouth fan, so I say (Please don't use that word again) 'em!

Don't want them to go bust, but if they don't reach the top flight again for 30 years, I'm not too fussed.

Although if they did go bust, they'd reform and start again in the Beazer Homes League or whatever. So it would be like getting relegated 10 divisions at once. Suits me.

[Hughesy]

According to the press....they are close to administration where they will lose 9 points, however they have been told they can have thier £11m parachute payment early to solve the other problem!

[magicalmortensleftpeg]

I dont want them to go out of business, just so long as they remain a club but are relegated is fine by me, especially as there is no certainty whatsoever that they'll be even able to compete in the championship.

I wouldnt be surprised if in two years time Pompey are struggling in League 1. The side they have at the moment wouldnt be a strong championship team if you strip away the loan deals.

Considering they're going to be selling anyone and anything in order to survive over the summer, Im just glad im a Rovers fan. Plus, when Rovers say they reinvested transfer profits into paying off debt, I hope people now realise how worthwhile that was.

[only2garners]

There is some talk, although far from confirmed, that Portsmouth will have a points penalty in the Championship next year as well, maybe 15 points.

[Claytons Left Boot]

When its no longer able to finance that debt.

It's more a case of if, after selling all of its assets (football stadium, players, training ground, cars, or whatever), Portsmouth FC would be unable to meet its creditors and there would be a shortfall.

I bet, when they won the FA Cup a short while ago, Portsmouth never imagined this was round the corner. The "investors" (what a futile word that is in football terms) have proved themselves to be less than useless and those employed by Portmouth on the accountancy side of things just as much so.

Oh to have a John Williams in charge along with a sensible financial policy/strategy. I know the Walker Trust want out but I dread the day an "investor" takes the reigns. Clubs at our level do not need investors, they need long term benefactors.

[Earlydoors]

Assuming Pompey go into Administration, how do they exit it?

I suppose they must reach agreement with all their creditors including HMRC.

Where do the players stand? If they say to John Utaka that he can't have his 80k a week does he become a creditor too?

[Hughesy]

There is some talk, although far from confirmed, that Portsmouth will have a points penalty in the Championship next year as well, maybe 15 points.

Shame!

Back playing Southampton in 18 months?!

[LeChuck]

Assuming Pompey go into Administration, how do they exit it?If they say to John Utaka that he can't have his 80k a week does he become a creditor too?

That was all nonsense apparently, he's on about 30k...which makes far more sense.

[stuwilky]

There is some talk, although far from confirmed, that Portsmouth will have a points penalty in the Championship next year as well, maybe 15 points.

I dont remember the exact rule but there is something in place that the points penalty can be rolled to the following season if relegation (or safety) is already assured.

Can't remember the exact wording though!

[gumboots]

That was all nonsense apparently, he's on about 30k...which makes far more sense.

And makes the question"Where's our money gone?" even more pertinent.

[modes98]

It all relates to the timing. To stop teams going into Administration when tehy are already relegated.

So if your points total without the deduction would take you down then it rolls over to the next season. If you would survive then it applies to the current season, but I think there is a point in time during the season after which that applies.

[Iceman]

Is the whole fit and proper test for real?

[Hughesy]

Pompey have been told by the premier league that they wont be getting any help from them....Admin looks very likely!

[Kelbo]

Assuming Pompey go into Administration, how do they exit it?

I suppose they must reach agreement with all their creditors including HMRC.

Where do the players stand? If they say to John Utaka that he can't have his 80k a week does he become a creditor too?

This is far more serious, if a player is not paid, his contract with the club becomes void, also, he will have a case for breach of contract, I also believe that the owners get fined and if they dont pay are banned from any involvement in football until they pay!!

(Thats what happened to the owner of Colne Dynamos who had a few players under contract, the club were disbanded and the owner fined £10,000.00 - that was quite a few years ago, around the early 1980s

[nicko]

Pompey will go into admin...they will take the 9-point penalty...the Premier League WILL give them their 'due' money very quickly to pay the wages and the tax bill...Pompey will come out of admin when they have sorted out all of the creditors...if they do that quickly enough they will start in the Championship without any second points loss.

[Earlydoors]

So I'm sure the Creditors won't be happy but assuming they are forced to accept 10p in the pound, does the whole deal get held up until the players agree the same or are their contracts just cancelled ?

[nicko]

So I'm sure the Creditors won't be happy but assuming they are forced to accept 10p in the pound, does the whole deal get held up until the players agree the same or are their contracts just cancelled ?

The players HAVE to be paid in full or they can walk out.

The tax man and the other creditors will have to agree deals too.

If they get an advance on TV and parachute money that should take them to the summer.

About seven players are on loan and will go back...a few more will be frees...some good ones will stay, some bad ones will be offered frees to leave.

The Gaydamak 'loan' and the Chainrai 'loan' are two separate issues, probably solved in a final deal about the ownership of the land.

[Iceman]

Hmmm, Nicko what has happened to the whole fit and proper test? Who does this test, because clearly its not working if Pompey have had 4 owners already.

[nicko]

Hmmm, Nicko what has happened to the whole fit and proper test? Who does this test, because clearly its not working if Pompey have had 4 owners already.

It's a waste of tiem. They don't even meet the people involved in some cases.

There will be a new test brought in shortly. Apparently.

The point is you can't regulate who owns what businesses too easily.

The ownership of many Premier League clubs is shrouded in some degree of secrecy.

Nobody cares until it goes horribly wrong like this one.

[modes98]

Hmmm, Nicko what has happened to the whole fit and proper test? Who does this test, because clearly its not working if Pompey have had 4 owners already.

Surely the test only makes sure they are suitable owners (although Man City somehow got there first guy cleared), it doesn't look at their bank accounts or motives that is up to the club. Peter Storrie is the man who has been in charge of selecting the correct buyers and has made a hash of it 4 times by believing people who have no interest in the club and are just after a quick buck.

Having read the sky article I couldn't help laughing at Storrie's comment

I will work with him and I believe he wants me to help him sell the club to the right person.

because he's done such a good job of doing just that in the past!

[patrickvalery]

This whole thing stinks! The Premier League shouldn't be saving this bunch of cowboys. In any other walk of life you make your bed and you bloody well lay in it. Storrie seems to be getting sympathy from every direction yet people are forgetting he's been charged with tax evasion. Hardly a flamin saint! I appreciate this isn't the fans mess and they don't deserve to suffer. But if the Premier league bail this lot it sets a precedent they can ill afford to start. I genuinely hope they slide a long way down the footballing ladder and linger down there for years to come.

[Earlydoors]

This guy is unbelievable

Meanwhile, Pompey chief executive Peter Storrie has confirmed he has already been in talks with an administrator - and that he is prepared to take a substantial pay cut.

Storrie is one of the highest-paid chief executives in the Premier League, with an annual salary believed to be at least £1.2million.

He told Portsmouth News: "I have already spoken to the administrator and he wants to keep things settled, which means me staying on. I will work with him and I believe he wants me to help him sell the club to the right person.

"There will be cuts at all levels. That's something for the administrator to do to make sure the club keeps going. I will be taking a big cut as well. I've seen salary figures of £1.4million bandied around for me but my basic salary is less than half of what has been reported."

One of longest serving muppets around...want to know where the money has gone..look no further

[nicko]

This whole thing stinks! The Premier League shouldn't be saving this bunch of cowboys. In any other walk of life you make your bed and you bloody well lay in it. Storrie seems to be getting sympathy from every direction yet people are forgetting he's been charged with tax evasion. Hardly a flamin saint! I appreciate this isn't the fans mess and they don't deserve to suffer. But if the Premier league bail this lot it sets a precedent they can ill afford to start. I genuinely hope they slide a long way down the footballing ladder and linger down there for years to come.

The Premier League are not SAVING them. They are advancing them money they are due down the line. This way they get through the season and then toddle off.

It's a better solution that seeing them go bust on Monday, all of the points get wiped, games get cancelled, season tickets refunded and we have nine games every weekend instead of ten.

Pompey don't GAIN from this, nobody else loses...it just makes the problem go away until the summer. They get penalised points, they go down.

It's a fair plan.