Portsmouth FC in yet more trouble - administration again?

[Fugazi]

7 day adjournment.

 

Yawn

[jdckelly]

last chance saloon

[WarrenBartonCentrePartin]

Surely if nowts done in the next week, they must go bust?

[BlueStar]

What are they going to do for those 7 days, buy scratchcards?

[WarrenBartonCentrePartin]

technically 9 days as the court is busy until a week on Friday.

[Guest johnson293]

What are they going to do for those 7 days, buy scratchcards?

 

Hope and pray that one of the two potential buyers is genuine, and can move quickly!

[TRon]

7 day adjournment.

 

There's a surprise.

[jdckelly]

Surely if nowts done in the next week, they must go bust?

yup they're doomed if this aint sorted by then

[madras]

Surely if nowts done in the next week, they must go bust?

yup they're doomed if this aint sorted by then

all comes down to the two supposed bids to buy them. if one of them doesn't come off and pays off the tax man in full then pompey will be gone next week.

[PRL]

"Clubs like AFC Wimbledon who've risen again."

 

Is that some sick joke?

 

I can't stand AFC Wimbledon.

 

Would be a completely different case. AFC Wimbledon were formed when Wimbledon FC were still playing. Wimbledon FC only stopped when the name was changed to MK Dons but they are a continuation rather than a new club. You try telling an AFC Womble fan that his club are a new entity and not the phoenix from the flames of the FA Cup winning Wimbledon FC and they practically explode.

 

Timing schmiming, IMO.  What used to be Wimbledon FC might not have been formally finished by the time that AFC Wimbledon started, but it was in the post.  What other choice do ex-Wimbledon FC fans have?  It's either AFC Wimbledon; follow MK Dons (which, as the most evil/hateable team in England, is not an option for anyone in possession of a soul); or stop watching football.

 

AFC Wimbledon get the  from me.

 

You've clearly never met them then. It's only an hour drive from London to MK. It takes that long to get from Ploough Lane to Selhurst Park on a good day. FYI there are plenty of 'old' Wimbledon fans who are now MK Dons fans. I've met a few. The majority of AFC Wimbledon fans are bandwaggoners who have jumped on board as they rise ough the leagues. They have a nasty bunch of fans and believe it is their divine right to get into the football league.

 

I can't stand them.

 

Poppycock of the highest degree. I think I've read from your other posts that you are London-based, and with your kids supporting Chelsea I'm going to assume West / South West London. If Brentford got bought up by Islington would you expect their fans to suck it up and support the 'Islington Bees'? Football is all about community and in London especially that community is a pretty small demographic due to the number of professional clubs in and around the area. Wimbledon is part of London, Milton Keynes is most certainly not (a quick check on trainline shows a 3 train 1.5 hour journey up to the other side of London and out to Milton Keynes). Moving to Selhurst Park was never supposed to be the permanent solution and they always wanted to come back to Wimbledon, so suggesting that a permanent switch to a totally different city with a change of names constitutes anything other than a change of club is not true.

 

I'm friends with a fair few AFC fans, all of whom were avid Wimbledon fans, none of whom could be described as 'bandwagon jumpers'. In their first season playing in the Isthmian League they averaged over 3k for home games!

 

AFC are, without doubt, Wimbledon FC; MK Dons are a franchised football team that stole a league positioning and set a precedent that should never ever be allowed to be actioned again.

[ikri]

Who in their right mind is going to buy Portsmouth now?  They owe millions to the tax man, look destined for relegation and they're trading insolvent, what assets they do have can't even be sold easily.  The transfer window has closed so they can't sell their squad, the ground has to be used for football so they can't even flog that off to a property developer.

 

Their only hope now is that they can find someone who wants a play thing they can throw their cash at.  I'm not even sure whether they could go into administration now or if HMRC could put a block on an administration petition until their winding up petition is dealt with.

[madras]

seems a tad unfair on others that go into administration to avoid this and get penalised 10points when pompey go this far in the hope of a buy ouy. if the buy out comes off they wont be penalised.

[PRL]

seems a tad unfair on others that go into administration to avoid this and get penalised 10points when pompey go this far in the hope of a buy ouy. if the buy out comes off they wont be penalised.

 

Yep, if this had been a team in any other English league they'd have been pushed into administration and slapped with the 10 point penalty. Premier League seems to get / give as much special dispensation as possible.

 

Re raising funds, if they went into administration would they not be able to sell players like when we bought Ambrose?

[geordieglory]

"Clubs like AFC Wimbledon who've risen again."

 

Is that some sick joke?

 

I can't stand AFC Wimbledon.

 

Would be a completely different case. AFC Wimbledon were formed when Wimbledon FC were still playing. Wimbledon FC only stopped when the name was changed to MK Dons but they are a continuation rather than a new club. You try telling an AFC Womble fan that his club are a new entity and not the phoenix from the flames of the FA Cup winning Wimbledon FC and they practically explode.

 

Timing schmiming, IMO.  What used to be Wimbledon FC might not have been formally finished by the time that AFC Wimbledon started, but it was in the post.  What other choice do ex-Wimbledon FC fans have?  It's either AFC Wimbledon; follow MK Dons (which, as the most evil/hateable team in England, is not an option for anyone in possession of a soul); or stop watching football.

 

AFC Wimbledon get the  from me.

 

You've clearly never met them then. It's only an hour drive from London to MK. It takes that long to get from Ploough Lane to Selhurst Park on a good day. FYI there are plenty of 'old' Wimbledon fans who are now MK Dons fans. I've met a few. The majority of AFC Wimbledon fans are bandwaggoners who have jumped on board as they rise ough the leagues. They have a nasty bunch of fans and believe it is their divine right to get into the football league.

 

I can't stand them.

 

Poppycock of the highest degree. I think I've read from your other posts that you are London-based, and with your kids supporting Chelsea I'm going to assume West / South West London. If Brentford got bought up by Islington would you expect their fans to suck it up and support the 'Islington Bees'? Football is all about community and in London especially that community is a pretty small demographic due to the number of professional clubs in and around the area. Wimbledon is part of London, Milton Keynes is most certainly not (a quick check on trainline shows a 3 train 1.5 hour journey up to the other side of London and out to Milton Keynes). Moving to Selhurst Park was never supposed to be the permanent solution and they always wanted to come back to Wimbledon, so suggesting that a permanent switch to a totally different city with a change of names constitutes anything other than a change of club is not true.

 

I'm friends with a fair few AFC fans, all of whom were avid Wimbledon fans, none of whom could be described as 'bandwagon jumpers'. In their first season playing in the Isthmian League they averaged over 3k for home games!

 

AFC are, without doubt, Wimbledon FC; MK Dons are a franchised football team that stole a league positioning and set a precedent that should never ever be allowed to be actioned again.

[ikri]

seems a tad unfair on others that go into administration to avoid this and get penalised 10points when pompey go this far in the hope of a buy ouy. if the buy out comes off they wont be penalised.

 

Yep, if this had been a team in any other English league they'd have been pushed into administration and slapped with the 10 point penalty. Premier League seems to get / give as much special dispensation as possible.

 

Re raising funds, if they went into administration would they not be able to sell players like when we bought Ambrose?

 

Possibly, it would depend on the FA, Ipswich were given special dispensation to sell Ambrose to us outside the transfer window.  But as I mentioned, would Portsmouth even be able to petition for administration now or could HMRC block it until the winding up petition is dealt with?

[PRL]

Good point. I've no idea. There always seems a fair few accountants on here - any bankruptcy experts?!

[jdckelly]

Good point. I've no idea. There always seems a fair few accountants on here - any bankruptcy experts?!

no expert but what i understand is it would be a scramble for creditors to get as much cash as they can out of the corpse of portsmouth fc

[Superior Acuña]

I have sympathy for them and of course I would for the mackems. I also side with Wimbledon fans going to AFC. "Only an hour away". Moved the team from an area of London to some new town! Imagine moving Newcastle to north of Berwick.

[Cronky]

Portsmouth have said that there are interested buyers, which seems strange.

 

Someone more familiar with the business world may correct me here, but why should anyone buy the company at this point, when its debts have destroyed its value? Wouldn’t they be better off waiting till the administrators come in, and then put in an offer for the club as part of a deal to pay off the creditors at a reduced rate?

 

I suppose the value of saving the club now would be that there’s a better chance of avoiding relegation than there would be if there was administration and a 9 point penalty. All the same, the likeliest outcome at the moment is relegation regardless.

 

[NG32]

I'd take the admin hit and prepare for next season in the champ

[ikri]

Portsmouth have said that there are interested buyers, which seems strange.

 

Someone more familiar with the business world may correct me here, but why should anyone buy the company at this point, when its debts have destroyed its value? Wouldn’t they be better off waiting till the administrators come in, and then put in an offer for the club as part of a deal to pay off the creditors at a reduced rate?

 

I suppose the value of saving the club now would be that there’s a better chance of avoiding relegation than there would be if there was administration and a 9 point penalty. All the same, the likeliest outcome at the moment is relegation regardless.

 

 

If the winding up petition is carried through there aren't going to be administrators around trying to sell off as much of the club as they can to repay the debts, the club will simply cease to exist.  No 9 point penalty, no fire sale of their assets, they're just gone.

[quayside]

Portsmouth have said that there are interested buyers, which seems strange.

 

Someone more familiar with the business world may correct me here, but why should anyone buy the company at this point, when its debts have destroyed its value? Wouldn’t they be better off waiting till the administrators come in, and then put in an offer for the club as part of a deal to pay off the creditors at a reduced rate?

 

I suppose the value of saving the club now would be that there’s a better chance of avoiding relegation than there would be if there was administration and a 9 point penalty. All the same, the likeliest outcome at the moment is relegation regardless.

 

 

If the winding up petition is carried through there aren't going to be administrators around trying to sell off as much of the club as they can to repay the debts, the club will simply cease to exist.  No 9 point penalty, no fire sale of their assets, they're just gone.

 

And apparently every match they have played this season will be null and void, and the Premiership table recalculated with points and goals the other teams have scored from matches against Portsmouth deducted.

[PRL]

But surely in the event of liquidation there would still be a firesale? By definition they must have to liquidise the assets, meaning selling the players contracts, etc. I've got an amusing image of bailiffs turning up at Pompey training and loading the players into the back of a van and then the lot of them showing up at one of those govt. auctions as bankrupt stock.

[Keefaz]

How can they trade contracts outside the transfer window?

[PRL]

How can they trade contracts outside the transfer window?

 

No idea. Sure there must be special dispensation somewhere in rules if club goes out of business