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Portsmouth FC in yet more trouble - administration again?


GG

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The HMRC challenge to the administration is interesting, won't make the government popular in portsmouth.

 

Which is odd  but not surprising as everything I have read has shown it is being dealt with by civil servants.

 

Well yeah, but civil servants carry out the policies of the government.

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wonder if grant would be interested in Newcastle or am I being silly

 

Why would that be silly ???

 

 

just could'nt imagine Ashey going for him.

 

But he's just proved this season that he'll work on a frayed shoe string and put up with absolutely anything without walking away or even causing a fuss, sounds perfect for Ashley surely?

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Premier league meeting has been delayed until after today's court hearing, so no points deduction yet.

 

Well I hope their either wound up today or they get the 9 points deducted, it's gone on for far to long now.

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Premier league meeting has been delayed until after today's court hearing, so no points deduction yet.

 

Well I hope their either wound up today or they get the 9 points deducted, it's gone on for far to long now.

 

Bit harsh?

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they won't be wound up today, due to going into administration. HMRC are pissed that they are not listed as a preferred creditor with the adminstrators, and are seeking another winding up order as they believe pompey should not have been allowed to go into administration.

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Premier league meeting has been delayed until after today's court hearing, so no points deduction yet.

 

Well I hope their either wound up today or they get the 9 points deducted, it's gone on for far to long now.

 

Bit harsh?

 

Well I actually don't want them to go out of business, I just think everything is getting dragged out now, the 9 point deduction should of been made as soon as they entered administration aswell.

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Guest icemanblue

Premier league meeting has been delayed until after today's court hearing, so no points deduction yet.

 

Well I hope their either wound up today or they get the 9 points deducted, it's gone on for far to long now.

 

Bit harsh?

 

Well I actually don't want them to go out of business, I just think everything is getting dragged out now, the 9 point deduction should of been made as soon as they entered administration aswell.

 

http://www.youtube.com/watch?v=oQoPcUXyf3g

 

tbh.

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Crisis-club Portsmouth are offering financial advice to supporters on their website. Pompey, who are in administration and have huge debts, are advertising PFC Financial Services division, which claims to bring everyday financial solutions to fans' families. One supporter said: "It's got to be a sick joke."

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The HMRC challenge to the administration is interesting, won't make the government popular in portsmouth.

 

it might amongst tax payers - but there are few of those in Portsmouth I guess

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The HMRC challenge to the administration is interesting, won't make the government popular in portsmouth.

 

it might amongst tax payers - but there are few of those in Portsmouth I guess

 

Rather a few, since between them and Glasgow they got all of our ship building.

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From The Times

 

Portsmouth must find £7 million before the end of the month if they are to avoid being wound-up, the High Court heard today.

 

Her Majesty's Revenue and Customs (HMRC) laid bare Portsmouth's dire financial situation as the Premier League’s bottom club returned to court this morning after the basis on which they entered administration last Friday was challenged.

 

HMRC said that Portsmouth must pay them £7 million before the end of March and a further £7 million before the end of May to avoid being wound up. It had been thought that Portsmouth had avoided the threat of liquidation by entering voluntary administration last week, but HMRC claimed today that the threat remains.

 

Balram Chainrai says he will provide the £15 million Portsmouth need to get through to the end of the season, although Mr Justice Norris said that he "acid test" would only come when the administrators asked for the money. Both parties will return to the High Court in the week beginning March 15.

 

...

 

Lawyers told the court that Portsmouth's debts stood at £86 million and that they valued the squad at £21 million - £17 million less that Peter Storrie's estimation last week.

 

So, even after going into administration they need to find £7 million sharpish or they'll still be wound up and if they debt figures are true then it looks like they've been trading insolvent for some time now which could mean a criminal case should they be wound up.

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at least they are a premiership club eh ?

Feel for the fans, but all to happy to take their undeserved place in the premierleague.

how is it undeserved ?

Arguably it's undeserved because they've spent far beyond their means on the players that has kept them in the league. Not saying I agree with the sentiment mind.

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at least they are a premiership club eh ?

Feel for the fans, but all to happy to take their undeserved place in the premierleague.

how is it undeserved ?

Arguably it's undeserved because they've spent far beyond their means on the players that has kept them in the league. Not saying I agree with the sentiment mind.

not a kick in the arse off what we done then.
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at least they are a premiership club eh ?

Feel for the fans, but all to happy to take their undeserved place in the premierleague.

how is it undeserved ?

Arguably it's undeserved because they've spent far beyond their means on the players that has kept them in the league. Not saying I agree with the sentiment mind.

 

Isn't it a bit "glass houses" for a Newcastle fan - or, for that matter, a fan of about three quarters of the teams in the Premier League, including the one I support - to criticise Portsmouth for spending far beyond their means, though?

 

This isn't just Portsmouth's problem, it is football's problem, and if something doesn't change soon, it will all go to tit.

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at least they are a premiership club eh ?

Feel for the fans, but all to happy to take their undeserved place in the premierleague.

how is it undeserved ?

Arguably it's undeserved because they've spent far beyond their means on the players that has kept them in the league. Not saying I agree with the sentiment mind.

 

Isn't it a bit "glass houses" for a Newcastle fan - or, for that matter, a fan of about three quarters of the teams in the Premier League, including the one I support - to criticise Portsmouth for spending far beyond their means, though?

 

This isn't just Portsmouth's problem, it is football's problem, and if something doesn't change soon, it will all go to tit.

 

The whole of football is one big glass house, from chairmen, managers, players to fans.

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at least they are a premiership club eh ?

Feel for the fans, but all to happy to take their undeserved place in the premierleague.

how is it undeserved ?

Arguably it's undeserved because they've spent far beyond their means on the players that has kept them in the league. Not saying I agree with the sentiment mind.

 

Isn't it a bit "glass houses" for a Newcastle fan - or, for that matter, a fan of about three quarters of the teams in the Premier League, including the one I support - to criticise Portsmouth for spending far beyond their means, though?

 

This isn't just Portsmouth's problem, it is football's problem, and if something doesn't change soon, it will all go to tit.

 

The whole of football is one big glass house, from chairmen, managers, players to fans.

 

Amen to that, brother Liam(s).

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at least they are a premiership club eh ?

Feel for the fans, but all to happy to take their undeserved place in the premierleague.

how is it undeserved ?

Arguably it's undeserved because they've spent far beyond their means on the players that has kept them in the league. Not saying I agree with the sentiment mind.

 

Isn't it a bit "glass houses" for a Newcastle fan - or, for that matter, a fan of about three quarters of the teams in the Premier League, including the one I support - to criticise Portsmouth for spending far beyond their means, though?

 

This isn't just Portsmouth's problem, it is football's problem, and if something doesn't change soon, it will all go to tit.

 

But surely you can see that there's quite a huge difference between how Newcastle United (or indeed any other Premiership club) have overspent in comparison to Portsmouth.  Their wages were about 100% of their turnover FFS!  Over spending is certainly a problem in general in Football, but Portsmouth took it too an entirely new level (at least for a Premiership club anyway).

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That's the point, there isn't a huge difference.

 

Pompey was the extreme instance, but plenty of football clubs are run with sufficient disregard to the basic principles of business to find themselves in potentially the same problem pretty soon.

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That's the point, there isn't a huge difference.

 

Pompey was the extreme instance, but plenty of football clubs are run with sufficient disregard to the basic principles of business to find themselves in potentially the same problem pretty soon.

 

There are other clubs out there spending 100%+ of their income on wages alone?  Serious question that like, I'd be interested to know.

 

Certainly in comparison to most Premiership clubs (including us until this season) its a pretty large difference.

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at least they are a premiership club eh ?

Feel for the fans, but all to happy to take their undeserved place in the premierleague.

how is it undeserved ?

Arguably it's undeserved because they've spent far beyond their means on the players that has kept them in the league. Not saying I agree with the sentiment mind.

 

Isn't it a bit "glass houses" for a Newcastle fan - or, for that matter, a fan of about three quarters of the teams in the Premier League, including the one I support - to criticise Portsmouth for spending far beyond their means, though?

 

This isn't just Portsmouth's problem, it is football's problem, and if something doesn't change soon, it will all go to tit.

Fair point, but there's quite a difference when a club hasn't been able to pay their players for several months this year IMO. Not saying the overspending doesn't need to stop, but there's quite a difference between Pompeys overspending and anyone elses.

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