I know this could well be based on circumstances that might not have happened, but from where I'm sitting it looks like they did a deal to wave their £150m debts and reduce them to a 'more manageable' £20m and now they are presumably going to knock that £20m to £2m, which ultimately means that they would have managed to reduce their spending by £148m
If they'd offered £2m on £150m two years ago they would have been wound up. At this stage it probably makes sense for the creditors to accept 10p in the £ as they have, since the original deal, sold many of the assets that would have had to pay the costs of servicing the reduced debts for a couple of years.
I have nothing against Portsmouth personally, but this club has no right to be still trading. If it had been any other kind of business that spend £150m it didn't have it would have been forced to cease trading, and it is so unfair on all the other clubs that suffered as a result.
They should have the their FA Cup win expunged from the records on account of the fact that it was won with money that they borrowed and never paid back.
Wouldn't wish for a club to fold completely (and that includes our neighbours). But there has to come a time when enough is enough. Take away the fans from the equasion and you're left with a business and should be treated as such.
Is it better or worse than what happened to Wimbledon? I think if the team had been 'sold' to St Ives five years ago the team could have re-started back then and would be back to about conference level by now. As it has been they have been in the death-throws for that whole time and will ultimately die.
Would it have been better to shut down asap and restart from scratch back then?
Feel sorry for there fans but they wont lose supporting portsmouth just have to start again from a much lower postion like other clubs have had to do, would be gutted if it was us but in the end id still be supporting the new Charlton, could be worse they could have there team stolen like Wimbledon.
I watched their match against Blackpool on Saturday and though that Huseklepp fella looked decent. Looked him up (after what felt like typing the entire alphabet into Google until he appeared) and found out that Pompey signed him for £1.5 million. £1.5 million!! What the hell is a team in their financial poisition doing spending that kind of money on a single player. If their entire transfer policy over the past 4 years added up to that I'd feel they'd overspent, and yet they still pay whatever they want for players and then muck about until they don't have to pay anymore. I quite like Pompey but I have absolutely no idea how they're getting away with this
Massive shame, Portsmouth have a fantastic fan base, some good young players and a manager who has started well. You'd imagine another relegation could mean them doing a Plymouth but they are 10 points clear of the bottom 3 and hopefully they can be saved again.
What the hell is a team in their financial poisition doing spending that kind of money on a single player. If their entire transfer policy over the past 4 years added up to that I'd feel they'd overspent, and yet they still pay whatever they want for players and then muck about until they don't have to pay anymore. I quite like Pompey but I have absolutely no idea how they're getting away with this
Much the same way as football clubs in general are getting away with it. If I ran my business like some football clubs run theirs I would have had the plug pulled by all sorts of people years ago.
A lot of football clubs are on the brink, and if one goes out of business from one of the four main divisions i.e. closes down for good I think others will follow because the banks will be very nervous, not all clubs have wealthy owners.
we were on the brink 2 summers ago up until the buy-out! someone i know worked at an administrators firm and they had been contacted by the charlton board about possible avenues to take for administration etc
we were on the brink 2 summers ago up until the buy-out! someone i know worked at an administrators firm and they had been contacted by the charlton board about possible avenues to take for administration etc
Fair point but adminstration seems to accepted as the norm now in the game, wipe out the debts, lose 10 points and go again, this is not what I class as on the brink.
Sooner or later a club from the Prem, Championship or Div 1& 2 is going to fold, drop out the league completely and send a shudder through the footballing world, when this happens the banks and the lenders will get very nervous so others will follow.
It's one thing to go into administration, it's another to continually go from crisis to crisis, and not cut your cloth accordingly. Palace, since administration, have been run sensibly with a reliance on their youth team. Buying Huseklep for £1.5m suggests that the new owners last summer still hadn't got it...
The sooner a club is wiped out / relegated / kicked out of the league, the sooner the others will wake up and stop shelling out other people's money "living the dream"
Clubs should be banned from signing players unless they have the readies and parachute payments from the premier league should be ring fenced for creditors, not used to pay the players who got them relegated
Smaller clubs (Aldershot, Newport etc.) have folded in the past but I expect the debts were less than 2% of what Portsmouth, Leeds Southampton and Palace have walked away from
Much as I feel for the fans of one of our greatest rivals (meaning one of the clubs we have played most games against in our history), they must now be wound up for good. If they get away with it again it simply encourages others to live the dream whilst taking money from the likes of you and me - the taxpayer. Pompey should start again at the foot of the football pyramid, and if Fred Goodwin can lose his knighthood they should be stripped of their FA Cup. After all it was bought with taxpayer's money!
Comments
Don't want anything to happen that makes it easier for Millwall and Palace to stay up.
And bad for Pompey fans too I guess. Soton fans must be in 7th heaven right now.
Guardian understands Portsmouth FC are about to go into administration. Statement in due course
Would it have been better to shut down asap and restart from scratch back then?
A lot of football clubs are on the brink, and if one goes out of business from one of the four main divisions i.e. closes down for good I think others will follow because the banks will be very nervous, not all clubs have wealthy owners.
Sooner or later a club from the Prem, Championship or Div 1& 2 is going to fold, drop out the league completely and send a shudder through the footballing world, when this happens the banks and the lenders will get very nervous so others will follow.
Pompey might argue that this is the first time it has happened in the football league.
The real bad new is that this would it even harder for Millwall to be relegated.
Palace, since administration, have been run sensibly with a reliance on their youth team. Buying Huseklep for £1.5m suggests that the new owners last summer still hadn't got it...
Clubs should be banned from signing players unless they have the readies and parachute payments from the premier league should be ring fenced for creditors, not used to pay the players who got them relegated
Smaller clubs (Aldershot, Newport etc.) have folded in the past but I expect the debts were less than 2% of what Portsmouth, Leeds Southampton and Palace have walked away from
Shame for the supporters who are amongst the best in the country
In the 80s it kicked off with them home and away every time we played them.
They may have quietened down a bit these days but it can still be a dodgy place to go.