Portsmouth FC in yet more trouble - administration again?

[Fatwax]

I'm not the most financially knowledgeable person on here, so can someone explain to me in the easiest way possible how Portsmouth have not ended up in administration? If the likes of Palace have surely Pompey should aswell...?

[relámpago blanco]

I'm not the most financially knowledgeable person on here, so can someone explain to me in the easiest way possible how Portsmouth have not ended up in administration? If the likes of Palace have surely Pompey should aswell...?

Probably because they are aprem club and their projected earnings should they stay in prem would be enough to pay ff the debt in the future.

 

If they go down they'll instantly go into admin.

[Fatwax]

I'm not the most financially knowledgeable person on here, so can someone explain to me in the easiest way possible how Portsmouth have not ended up in administration? If the likes of Palace have surely Pompey should aswell...?

Probably because they are aprem club and their projected earnings should they stay in prem would be enough to pay ff the debt in the future.

 

If they go down they'll instantly go into admin.

 

That makes sense I guess, cheers.

 

 

[ikri]

I'm not the most financially knowledgeable person on here, so can someone explain to me in the easiest way possible how Portsmouth have not ended up in administration? If the likes of Palace have surely Pompey should aswell...?

 

Just a guess, but so far they're just really struggling to keep up with their debts but haven't actually defaulted on any. 

 

That may change with the HMRC court hearing.  If, like Notts County, they end up with 28 days to pay or face being wound up they'll have to find the money very quickly.  Failure to pay up at that point won't just mean administration, Portsmouth FC will cease to exist as a business.  I've no idea if at that point another buyer could come in and allow the club to continue or whether they'd have to start again from scratch.

 

If they're facing an imminent winding-up petition then calling in the administrators might be their last hope.

[Guest toonlass]

I'm not the most financially knowledgeable person on here, so can someone explain to me in the easiest way possible how Portsmouth have not ended up in administration? If the likes of Palace have surely Pompey should aswell...?

 

Apparantly, and don't quote me on this because I am only repeating what I heard on the radio, it wasn't Simon Jordan who called in the administrators at Palace but the Hedge Fund who were joint directors of the company. Seeing that Pompey is owned by one guy, it would take a court order petitioned by the clubs creditors to put Portsmouth into administration if the owner doesn't put the club into administration himself.

[GG]

The directors are trying desperately to get the club put into admin, rather than be wound up. If a couple of the things I've heard are true, I wouldn't be surprised if they were to go out of existence completely, rather than just into admin.

[Guest HGB1892]

The directors are trying desperately to get the club put into admin, rather than be wound up. If a couple of the things I've heard are true, I wouldn't be surprised if they were to go out of existence completely, rather than just into admin.

 

Something like this was bound to happen sooner or later. The fuckers have been cooking the books for years and now getting everything they deserve.

[Amir_9]

Clubs in crisis are fun to watch, no wonder why people had fun watching us last season.

[Guest HGB1892]

Clubs in crisis are fun to watch, no wonder why people had fun watching us last season.

 

To be fair, when we do Crisis, we do it very, very well.

[Guest kingdawson]

The directors are trying desperately to get the club put into admin, rather than be wound up. If a couple of the things I've heard are true, I wouldn't be surprised if they were to go out of existence completely, rather than just into admin.

 

That's Liverpool for 4th spot then.

[hakka]

Selling Kaboul and Begivic to pay this months wages. What happens next month when they can't sell anyone?

 

 

Keep selling players until you have none left to pay any wages for. 

[LoveItIfWeBeatU]

http://www.mirrorfootball.co.uk/news/Portsmouth-reprieved-by-last-gasp-sale-of-Younes-Kaboul-to-Tottenham-article307071.html

 

Portsmouth reprieved by last-gasp Kaboul deal

 

Published 23:00 30/01/10 By Paul Smith

 

Portsmouth were yesterday just 24 hours away from becoming the first Premier League club to enter administration.

 

Asmir Begovic’s decision to reject a move to Tottenham saw the White Hart Lane club threaten to pull out of the double deal for keeper Begovic – who was not prepared to be second choice at Spurs – and Younes Kaboul.

 

The collapse of the £7million deal would have triggered Pompey’s demise. However, a Tottenham source revealed: “Pompey’s chief executive Peter Storrie was called in and has managed to resolve the problem. Kaboul will join us alone in a £6m transfer.”

 

That fee will keep Pompey afloat for the time being.

 

Sunday Mirror Sport can reveal that owner Ali Al Faraj, who fronts a group of Israeli businessmen who have invested only £4m into the club and crippled them with loans, were ready to pull the plug last week.

 

The money for the sale of Kaboul still didn’t arrive in time to pay the players, who were left waiting for funds to be deposited into their accounts for a third successive month.

 

A winding-up petition by Her Majesty’s Revenue and Customs over tax payments could still signal the end for Pompey who are in such dire straights and need a new investor urgently.

 

http://www.newsoftheworld.co.uk/sport/711963/PORTSMOUTH-WEEKS-FROM-GOING-BUST.html

 

PORTSMOUTH 'WEEKS FROM GOING BUST'

Sales needed before deadline

 

By Alex Crook, 30/01/2010

CRISIS club Portsmouth are weeks away from going bust, chief executive Peter Storrie has revealed.

 

Penniless Pompey, who have not paid their players for the third month running, will be granted a stay of execution by selling defender Younes Kaboul and goalkeeper Asmir Begovic to Tottenham.

 

Storrie says the Premier League's bottom side will be forced out of business unless a new owner can be found "within the next month or two".

 

Worried Storrie has been negotiating with horse racing tycoon John Magnier and Saadi Gaddafi, son of Libyan dictator Colonel Gaddafi, in a desperate bid to save the 2008 FA Cup winners from oblivion.

 

Storrie said: "The sale of these players will give the club longer to find investment but it needs investment or finance or a new bank loan.

 

"We have to get that in the next month or two so we can keep this club going."

 

Portsmouth are also trying to offload midfielder Nadir Belhadj to Birmingham, goalkeeper David James to Stoke and midfielder Hayden Mullins to Middlesbrough before the transfer window shuts tomorrow.

 

Storrie added: "It is a very unusual occurrence for a Premier League side to be in this position but at the moment there is no finance.

 

"The owners are actively looking for investors into the business or new owners. You cannot go through this on an ongoing basis. There comes a point where it has to come to a head."

[gray]

Can you imagine if your club just ceased to exsist... wtf??

[macca888]

It couild have happened to us two years ago, if it werent for Ashley buying out Hall and Shepherd.

 

I feel sorry for their fans bit I daresay in these current times with transfer fees and players salaries spiralling out of control, Portsmouth will be the first of many.

[BlueStar]

Can you imagine if your club just ceased to exsist... wtf??

 

Are any Pompey fans trying to start an FC United of Manchester style replacement team?

[gdm]

My local club did cease to exist

[GuyP]

I havent read through all the thread, but if they do "cease to exist", does that mean that just 2 teams go down? and its not really ourselves that benefit but the clubs below as they try to shift an extra team up to replace them and make up the numbers?

[gdm]

as they are rock bottom it would make sense for just 2 clubs to go down

[ikri]

I havent read through all the thread, but if they do "cease to exist", does that mean that just 2 teams go down? and its not really ourselves that benefit but the clubs below as they try to shift an extra team up to replace them and make up the numbers?

 

If they cease to exist then the Premiership temporarily becomes a 19 club division, the bottom two clubs will go down at the end of the season and three will go up to bring the numbers back up to 20 clubs.

[James]

I havent read through all the thread, but if they do "cease to exist", does that mean that just 2 teams go down? and its not really ourselves that benefit but the clubs below as they try to shift an extra team up to replace them and make up the numbers?

 

If they cease to exist then the Premiership temporarily becomes a 19 club division, the bottom two clubs will go down at the end of the season and three will go up to bring the numbers back up to 20 clubs.

 

That is right. Then there is an increase in the number of promotions from the leagues below us.

[Dokko]

Pompey taken over again

 

Chainrai seizes control from Al-Faraj

 

Sky Sports News understands that Portsmouth have been taken over for a fourth time this season after Balram Chainrai seized control.

 

Chainrai has taken over the 90 per cent shareholding in Pompey that was held by Ali Al-Faraj after the club continually defaulted on loan repayments.

 

The Hong Kong businessman had loaned at least £17m to Faraj to keep Portsmouth afloat through Portpin, the company he owns with his Israeli business partner, Levi Kushnir, and their associates. Those loans were secured against the stadium, the club's future television revenue and Faraj's 90 per cent share.

 

Angered by Portsmouth's failure to make the repayments, despite Portpin continually extending the deadlines, Chainrai's patience ran out on Wednesday.

 

Under the terms of the loan Faraj's 90 per cent shareholding in Portsmouth was frozen and passes to Chainrai, who has confirmed Portpin will now look after the club's best interests.

 

"Portpin have made substantial loans to Portsmouth to try and ensure the club's future," he told The Guardian. "Portpin will [now] continue to work for the best interests of the club."

 

Portsmouth are due in court to appeal against the petition before the hearing next Wednesday. Chainrai appealed to HMRC to understand the club's financial predicament, adding: "To help Portsmouth succeed we need the support and understanding of Her Majesty's Revenue to work out a solution."

[Dokko]

Is this an Millionaire version of pass the parcel? Or in this case Pass the Pompy.

 

 

[Liam Liam Liam O]

It's an attempt by one of his mates to buy more time ahead of the court hearing next Wednesday.

[NG32]

crazy.

[Liam Liam Liam O]

Interesting that when you google him, apart from the articles confirming this, the rest of the articles from the end of last year say no way will he be the new owner.