[Archived] Time Up Pompey?

[den]

12 parties interested in taking Pompey.

[BlueWhiteDynamite]

wonder how many of the 12 are Southampton Fans waiting to sink the ship!

Just like Burnleys 40 odd job applicants, when at least half were quite clearly Rovers fans citing Football manager champions league glory!

[nicko]

I think the Football League can withhold the 'Golden Share' until a club in administration agree a Creditor Voluntary Agreement. Therefore if Pompey don't reach agreement with their creditors in time they will not start next season's fixtures.

Portsmouth will be allowed to start next season, but if they have not come out of administration they will be hit with a second points penalty.

[roversnick]

12 parties interested in taking Pompey.

How much is rovers available for

Why is nobody ever interested in buying us?

[Seggie]

Probably because anyone with any common sense is steering clear of buying into football at the moment. Also after whats gone on at Pompey would you want new owners?

[Amo]

How much is rovers available for

Why is nobody ever interested in buying us?

At the moment we are far safer in the Trust's hands. The last thing we would ever want is a cowboy who doesn't have the readies.

[gumboots]

I suspect our fit and proper persons test is far more rigorous than the one the premier league uses. I suspect we actually ask to see the cash or at least concrete evidence it exists before we even think of talking to anyone.

[Seggie]

Even when concrete evidence exists with the money situation you don't actually know if they are going to invest it in the club. They could purchase the club sell the more saleable assets to get their money back and not invest another penny. You don't know what these business people are thinking until they take control proper. At least in our situation we know were we stand.

[Kelbo]

Not my turf at all but I thought that HMRC was 'preferred' and was always at the top of the pile of creditors. Even handedness and the issues of preference (fraudulent or otherwise) I thought belonged to the other asset classes. These big words sound like I know what I'm talking about, but I don't, genuine question.

No response from anyone on my earlier question - can the Championship refuse to take a relegated club if they are not 'fit and proper'. If they haven't they should have. Pompey would then effectively cease to exist as they would have no pro league to play in and therefore no revenues. Any ideas? Nicko?

As I understand it, assuming Pompy are a Limted Company, the pecking order of creditors is this, HMRC, Banks, employees and then the rest are on a par but most certainly the Revenue have first shout, Secured loans to the banks are next and then wages, after that, its what is left, that is an administration scenario (of course, the administrators are a prefferred creditor too.

[philipl]

As I understand it, assuming Pompy are a Limted Company, the pecking order of creditors is this, HMRC, Banks, employees and then the rest are on a par but most certainly the Revenue have first shout, Secured loans to the banks are next and then wages, after that, its what is left, that is an administration scenario (of course, the administrators are a prefferred creditor too.

That all changed in 2002. HMRC have no preferred status.

Assuming Pompey want t remain a football club, the pecking order is football debts (wages, loan and transfer fees), secured creditors which means Chainrai with his claim on all fixed assets, banks if they have any security then everybody else including the HMRC.

This means the HMRC would prefer Pompey to be wound up as it would dump the football debts down to the same level as themselves and they could have a legal go straight at Chainrai and his security. Whilst there is an administrator and a sort of functoning football club, football takes precedence.

Incidentally, I am confident nicko's story is true in terms of PL intent but I don't think they have worked out how they can legally get enough of the £32m to the tax man to make him back off trying to wind up Pompey. I guess this needs to be done before Andronikou goes back to the High Court trying to remove the shadow from himself in ten days' time. The consequences of the Administrator effectively being sacked by the Court could be spectacular if the HMRC immediately request an injunction against Chainrai from appointing another shadowy administrator and go straight for a winding up order. The very best Pompey could hope for in those circumstances is that they accept the Court imposing Vantage as the Administrator which I suspect would trigger a war between Administrator and Chainrai over his security. The stuff which could come out in Court if that gets slugged out will keep the press busy for weeks and represent Scudamore's worst nightmares all at once in terms of how it would reflect on the PL's ability to manage itself.

[Baz]

If Pompey have the 9 point deduction imposed, but still fall more than 9 points from safety, before the deduction, can the FL impose the penalty the following season?

Also, as a proposal to stop this kind of thing in the future...

The PL and Football Leagues should insist that if a club falls into administration, that any agreement must include repayment of 100% of all debts, or they will be relegated to the conference for the following season, and made to work their way back up through the league system?

This way the lesser creditors to these clubs (often the businesses who can afford to lose money the least) will have more protection, especially in such a cash rich industry.

[sparky12]

imagine if they do get liquidated... and how there die hard who changed his name to have 'Portsmouth Fc' in the middle will feel

[yoda]

12 parties interested in taking Pompey.

I bet this one of the interested paties, they are looking for a new home

http://www.thisislancashire.co.uk/news/5043028.Tenant_evicted_from_Blackburn_house_says_it_s__inhuman_/

[Tris]

imagine if they do get liquidated... and how there die hard who changed his name to have 'Portsmouth Fc' in the middle will feel

He would have to be liquidated as well, along with his stupid bell - them's the rules.

Champagne all round

[deryck guyler's spoon]

Perhaps Pompey could save themselves from financial oblivion by running a nationwide raffle with the first prize being the opportunity to shove John Portsmouth FC Westwood's bell right up his arse.

[thenodrog]

Perhaps Pompey could save themselves from financial oblivion by running a nationwide raffle with the first prize being the opportunity to shove John Portsmouth FC Westwood's bell right up his arse.

I wouldn't bet against the most tickets for that raffle being sold in Southampton........ with the City of Portsmouth a close second!

[yoda]

I wouldn't bet against the most tickets for that raffle being sold in Southampton........ with the City of Portsmouth a close second!

Wonder if he is related to Ranoff, which he seems to have done these days

[thenodrog]

Wonder if he is related to Ranoff, which he seems to have done these days

Nah Runuff won't have Burnley tattoed on his chest that will be reserved for a lifesized portrait of Andy Payton........ no doubt one revealing hiding in an airing cupboard with his pants around his ankles.

[deryck guyler's spoon]

Nah Runuff won't have Burnley tattoed on his chest that will be reserved for a lifesized portrait of Andy Payton........ no doubt one revealing hiding in an airing cupboard with his pants around his ankles.

There's something deeply disturbing yet quite Brian Rix about that imagery.

[yoda]

Nah Runuff won't have Burnley tattoed on his chest that will be reserved for a lifesized portrait of Andy Payton........ no doubt one revealing hiding in an airing cupboard with his pants around his ankles.

There's something deeply disturbing yet quite Brian Rix about that imagery.

To much information!

[philipl]

Pompey fans contingency plan for life outside the League and away from Portsmouth

'Drog note the response to the suggested Southampton groundshare.

[thenodrog]

'Drog note the response to the suggested Southampton groundshare.

I wouldn't expect anything else. Their pride has been shot to pieces. Philip please rem what happened to the dinosaurs when they couldn't adapt to changing conditions!

[den]

I wouldn't expect anything else. Their pride has been shot to pieces. Philip please rem what happened to the dinosaurs when they couldn't adapt to changing conditions!

A comet dropped on their heads?

[cn174]

They're at it again, wanting different rules to the rest:

Other clubs who have started life as new, non-League entities, among them Aldershot and Newport County, had to fight their way up through many more levels to reach the Conference. But Bone said: "There is no precedent for a club of our size going out of business, and we think we would be admitted into the Conference [one league higher than their landlords]. With the number of away fans we have, clubs in lower leagues wouldn't be able to cope."

Because Pompey are known for thier massive away followings

In the first couple of seasons FC United reguarly took 2000 people to away games and most seemed to cope well enough.

[Stuart]

They're starting to get on my nerves now. No precedent this, unfair rules that.

Portsmouth FC seem to think they are some kind of billy-big boots club. Winning the FA Cup last year, with players they couldn't afford, has just made them more arrogant.

No grace whatsoever.