[Archived] Time Up Pompey?

[CrazyIvan]

SSN now reporting decision imminent.

I expect that to happen for at least another hour...

[philipl]

Cardiff and Southend had their decisions delayed by 28 days. From a Pompey perspective I fear HMRC are going to make an example from them.

Pompey had the chance of raising the money by making sales and chose not to sell enough players. The behaviour of their Board is beyond reprehensible.

I believe that one owner did indeed take a lot of cash out which is why he is not chasing his unsecured £9m debt but generally, Pompey's huge debts have been caused by spending far more than they had on transfer fees and wages. They can truly be said to have bought the FA Cup.

The options today are

- Pompey pay up

- 28 day deferral to allow Pompey to plan to pay up in full

- administration ordered

- winding up ordered (if this, Pompey can appeal but effectively they are out of business and disappear)

What happens in administration is described here. As I see things, I'd say it is a 75% chance that administration will be ordered.

[RibbleValleyRover]

They say they have two serious buyers interested in the club, probably a stalling tactic to get a further 28 days?

[PAFELL]

Cardiff and Southend had their decisions delayed by 28 days. From a Pompey perspective I fear HMRC are going to make an example from them.

Pompey had the chance of raising the money by making sales and chose not to sell enough players. The behaviour of their Board is beyond reprehensible.

I believe that one owner did indeed take a lot of cash out which is why he is not chasing his unsecured £9m debt but generally, Pompey's huge debts have been caused by spending far more than they had on transfer fees and wages. They can truly be said to have bought the FA Cup.

The options today are

- Pompey pay up

- 28 day deferral to allow Pompey to plan to pay up in full

- administration ordered

- winding up ordered (if this, Pompey can appeal but effectively they are out of business and disappear)

What happens in administration is described here. As I see things, I'd say it is a 75% chance that administration will be ordered.

Court told pompey are 11m in debt and not the 7m as first reported.

[den]

Court also told Portsmouth FC is insolvent.

[BuckyRover]

My gut feeling is that they will either be put into administration or wound up today. No more chances, it sets a bad example to the general population. Everyone has to pay tax, regardless of what the Pompey owners think.

[den]

Given 7 days.

[RibbleValleyRover]

Given 7 days.

What a joke.

Looks like it will all come down to whether they can find a new owner in 7 days willing to pump a large amount of money into the club. Just can't see it happening...

[BuckyRover]

Needn't have bothered posting my thoughts really!

7 days for £7m (or £11m?). Good luck!

[horatio_nelson]

Looks like our 3 points we gained against portsmouth are safe ! just been watching sky sports news. from what i can make out pompy are not skint at all... its just a big wind-up!

[PAFELL]

My gut feeling is that they will either be put into administration or wound up today. No more chances, it sets a bad example to the general population. Everyone has to pay tax, regardless of what the Pompey owners think.

Sad for pompey supporters, but may be good for football as a whole, as this may cause a shake up.

Pompey just been given a weeks grace.

[LeChuck]

Am I the only one hoping they get through this okay? They're getting relegated regardless, and they'll probably slip down the leagues because they'll be crippled for years. I'm not sure why anyone would take pleasure in another going potentially going bust, it's not the fans' fault dodgy owners have ruined the club.

[CrazyIvan]

Next hearing will be in 9 days at the earliest, Sky just reported. I still think administration will be the end result for them.

In all this it occurs to me 'there but for the grace of Jack'...

[PAFELL]

Am I the only one hoping they get through this okay? They're getting relegated regardless, and they'll probably slip down the leagues because they'll be crippled for years. I'm not sure why anyone would take pleasure in another going potentially going bust, it's not the fans' fault dodgy owners have ruined the club.

I wouldn't be delighted in one sence but in another I would. Sad for the supporters, but football financially needs bringing down a large peg or two. There hasn't been a level playing field for many a year. Mostly caused by players and agents, transfers / wages etc. If one club has to fall in order to get the game in order, then so be it. After all that is waht we all want, football to get its own house in order. The warning signs have been there for years, we have all seen it, spoken about it, yet nothing was every done. So what other choice is there??

Pompey still owe 11.5 mill to the tax man and still another 60mill to others. 71.5 mill needed to get the club out of debt.

[den]

Pompey said they had two buyers willing to take over the club and pay off their debts. I assume the 7 days grace will be to allow them to demonstrate that they will undoubtedly pay their tax bill.

If they can do that, they will live to fight another day.

[RibbleValleyRover]

Pompey said they had two buyers willing to take over the club and pay off their debts. I assume the 7 days grace will be to allow them to demonstrate that they will undoubtedly pay their tax bill.

If they can do that, they will live to fight another day.

Well there was the reported interest from Gaddafi's son, Another 'suitable' owner .On a serious note it may be a lot harder to get a new owner in, the FA have seen their 'fit and proper' test fail several times with Pompey, they might be a lot stricter with any new owners coming in.

[Paul]

Am I the only one hoping they get through this okay? They're getting relegated regardless, and they'll probably slip down the leagues because they'll be crippled for years. I'm not sure why anyone would take pleasure in another going potentially going bust, it's not the fans' fault dodgy owners have ruined the club.

I don't wish ill on Pompey especially but do believe it's time for a wake up call in the PL. I forget the exact figues but PL clubs are in debt to a tune of £3.5bn, with half that debt in the north-west!! Man Utd are responsible for 20% of the debt. If, or when, Sky and the other TV outlets fall out of love with football the game will simply collapse. I'm perfectly serious in this, I cannot see how the clubs will survive without Sky money. I won't go on a rant about this as my views are well known but the simple fact is the game as a whole is living well beyond its means. I wouldn't be surprised to discover if the PL goes down at some point clubs like ours will suffer disproportionately. For this reason I think Pompey have to pay the price.

The other issue is one of competitiveness. While it hasn't done them much good in the long run Pompey have enjoyed the unfair advantage of trading insolvently for years. Now this may not be technichally true but basically they've lived the dream and now have to pay the price. If Rovers faced relegation because Portsmouth had better results and this debt how would you all feel.

[philipl]

Report of Court procedings. Rough translation- if you weren't a football club you'd be gone.

OK they have seven more days but this is increasing the risk the Court will order a winding up rather than administration. In effect the statement the Court is asking for is part of the job administrators would do so if it looks really bad, the Court might decide there is no business to be salvaged.

[ada2020]

The other issue is one of competitiveness. While it hasn't done them much good in the long run Pompey have enjoyed the unfair advantage of trading insolvently for years. Now this may not be technichally true but basically they've lived the dream and now have to pay the price. If Rovers faced relegation because Portsmouth had better results and this debt how would you all feel.

I agree 100% with this, its just cheating put simply. We have paid our taxes, we live within our means (by and large).

I feel for the fans, but they need to ask questions of the owners, the people who agreed the stupid contracts for players, and ask where the cash has gone from player sales.

Fit and proper test??? Don't make me laugh.

[FourLaneBlue]

Am I the only one hoping they get through this okay?

I don't understand any of the glee regarding Pompey that some on this board seem to have. Those involved in creating such a shambles at Pompey are by and large nowhere near the club. Those players who benefitted are almost all hundreds of miles away. The unscrupulous or incompetent owners have upped and left. All these things of course happened with the approval of the Premier League who did not apply their fit and proper person test.

If we weren't in the lucky situation of having The Walker Trust it could very easily have happened to us. It wasn't the fans who were running the company into the ground and yet they are the only ones still there supporting the club.

As for making an example...an example of WHO exactly? All those that have done the damage have buggered off with their pockets full.

If anything should come from this it should be a completely different way of running football clubs. They have always been pathetically run and allowed to amass huge debts. Time they are treated and regulated just like other businesses. Yet they get away with ripping people and other businesses off time and again.

Something will eventually be worked out and all those local businesses will be getting 5p in the pound or something. Oh and HM will be getting almost all back somehow...

I wouldn't be delighted in one sence but in another I would. Sad for the supporters, but football financially needs bringing down a large peg or two. There hasn't been a level playing field for many a year. Mostly caused by players and agents, transfers / wages etc. If one club has to fall in order to get the game in order, then so be it. After all that is waht we all want, football to get its own house in order.

If Pompey did fall nothing much would happen in football.

You want a wake-up call...a Man Utd with the ridiculous levels of debt or a Liverpool need to be truly affected.

Not some provincial, traditional second tier club like Pompey in their dilapidated stadium.

If, or when, Sky and the other TV outlets fall out of love with football the game will simply collapse. I'm perfectly serious in this, I cannot see how the clubs will survive without Sky money.

How would Sky survive without the Premiership? They wouldn't. Sky is nothing without football.

There is no way on earth Sky will fall out of love with football...it would be a turkey voting for Christmas.

[Paul]

How would Sky survive without the Premiership? They wouldn't. Sky is nothing without football.

There is no way on earth Sky will fall out of love with football...it would be a turkey voting for Christmas.

No idea how Sky would survive and I don't really care. It's junk TV with or without the football. There will though come a time when the money which is supporting the whole game in this country will dry up.

[RibbleValleyRover]

Interesting statement on the Pompey site:

Portsmouth Football Club Statement

Portsmouth Football Club today welcomed the decision by the High Court to allow the club time to demonstrate its plans to restructure and stabilise the business under new owner Balram Chainrai.

The club was given seven days to produce a statement of affairs for the court and HMRC and this will be produced in conjunction with Vantis plc, a firm of accountancy and insolvency practitioners.

Following this submission a hearing will be convened on the first available date after Friday, February 19.

In January, the club was granted leave to appeal the judge’s decision on the application to strike out the HMRC petition.

The total outstanding on the petition in December was £11.5m.

This includes £5.8m of disputed VAT, £1.1m of undisputed VAT and £4.6m due on PAYE and NIC.

In relation to the PAYE and NIC, £4.5m has subsequently been paid, leaving £7m outstanding. However, the total amount of VAT included which is subject to a dispute is £7.4m (of which £5.8m has been petitioned for).

Therefore we contest that there is no payment due.

[only2garners]

How would Sky survive without the Premiership? They wouldn't. Sky is nothing without football.

There is no way on earth Sky will fall out of love with football...it would be a turkey voting for Christmas.

But they don't necessarily have to pay what they are currently paying do they? They could easily bid less and get what they want and that might be enough to put some clubs in crisis. It wouldn't be great for Rovers and we are one of the more sensibly run clubs.

[philipl]

Several clubs have been seriously late in paying HMRC. HMRC probably want to naila Prem club to send the message to all clubs that over paying footballers is not a legitimate excuse for scrounging off other tax payers.

[matts5]

Not sure if this has been mentioned on here already, I have been led to believe that if Pompey do get a winding up order then all the points that teams have got against them this season will be wiped off. This would reduce our points tally by three points and put our local neighbours only two points behind with a game in hand. It could also affect other clubs around us who have not got points against Pomey either. It seems a bit unfair that we would have points taken off us that we fully deserved (based on the second half)to get.

Anyone any ideas on if this is the case.

Hopefully if it is true they last the season then we don't get penalised for their poor money management.

It is harsh on the fans, but I'm sure that they probably weren't too fussed when the millions were brought into the club, gotta take the rough with the smooth.