decision now iminent... maybe they have been an allowed an adjournemt for 28 days to find the money and/or mayeb the lawyesrs have tried to find out what the consequences of admininstration.. goong into admin today??
[cite]Posted By: Rudders22[/cite]decision now iminent... maybe they have been an allowed an adjournemt for 28 days to find the money and/or mayeb the lawyesrs have tried to find out what the consequences of admininstration.. goong into admin today??
So, is it pretty much three options now?
Portsmouth are granted 28 days to get their act together
Portsmouth go into administration (can they do this while the HMRC court hearing is going on?)
Portsmouth are wound up and go into liquidation
tbh i dont really understand the situation in full but did i read that Pompey offered to pay the taxman 1.75m now and try and get an extension on paying the rest but this was refused?.....surely 1.75m is better than nothing.
[cite]Posted By: ValleyGary[/cite]tbh i dont really understand the situation in full but did i read that Pompey offered to pay the taxman 1.75m now and try and get an extension on paying the rest but this was refused?.....surely 1.75m is better than nothing.
They must think they can get more if they wind the club up. Not sure if they get some preferred creditor status if it is them doing the winding up but they might think player and land sales could get them at least that much.
There is also the wider picture. It will focus the minds of lots of the other football clubs who haven't been paying their tax bills
Which reminds me. VAT due at the end of the month.
[cite]Posted By: ValleyGary[/cite]tbh i dont really understand the situation in full but did i read that Pompey offered to pay the taxman 1.75m now and try and get an extension on paying the rest but this was refused?.....surely 1.75m is better than nothing.
They must think they can get more if they wind the club up. Not sure if they get some preferred creditor status if it is them doing the winding up but they might think player and land sales could get them at least that much.
There is also the wider picture. It will focus the minds of lots of the other football clubs who haven't been paying their tax bills.
thats true ValleyGary.. trying to fathom all this out.... UK Customs are arguing and just announced in court that Pompey are insolvent. Pompey are areguing that they have 2 serious offers on the table to buy the club (mmmm hopefuly for them it is true) but who wants to buy a club that are probably in a bad debt than probably west ham?
I know there comes to a situatuib that a club or business gets to a point where there is NO WAY that the business can survie but surely they must allow them the opportunitiy to resort themselves out.... Its a mockery of football that assomeone said if every Premier players was take a 10% cut in their salary it would help other clubs.... There should be a Minister of Football or a Finance Director withing the League that is INDEPENDENT that has the rights to regularily check and audit football clubs books and there should be a "loan" facility from Premier League to assist clubs
HMRC are saying the club oew £11 million in tax debts !!
[cite]Posted By: ValleyGary[/cite]tbh i dont really understand the situation in full but did i read that Pompey offered to pay the taxman 1.75m now and try and get an extension on paying the rest but this was refused?.....surely 1.75m is better than nothing.
They must think they can get more if they wind the club up. Not sure if they get some preferred creditor status if it is them doing the winding up but they might think player and land sales could get them at least that much.
There is also the wider picture. It will focus the minds of lots of the other football clubs who haven't been paying their tax bills.
[cite]Posted By: Rudders22[/cite]Pompey are areguing that they have 2 serious offers on the table to buy the club
The Sky News article states "Chainrai is the club's fourth owner this year, following Alaxandre Gaydamak, Sulaiman Al Fahim and Ali Al Faraj.". If none of them have managed to sort out the financial mess at the club, why would HMRC believe that either of these two potential new owners would be able to?
[cite]Posted By: Rudders22[/cite]thats true ValleyGary.. trying to fathom all this out.... UK Customs are arguing and just announced in court that Pompey are insolvent. Pompey are areguing that they have 2 serious offers on the table to buy the club (mmmm hopefuly for them it is true) but who wants to buy a club that are probably in a bad debt than probably west ham?
I know there comes to a situatuib that a club or business gets to a point where there is NO WAY that the business can survie but surely they must allow them the opportunitiy to resort themselves out.... Its a mockery of football that assomeone said if every Premier players was take a 10% cut in their salary it would help other clubs.... There should be a Minister of Football or a Finance Director withing the League that is INDEPENDENT that has the rights to regularily check and audit football clubs books and there should be a "loan" facility from Premier League to assist clubs
HMRC are saying the club oew £11 million in tax debts !!
Look whats happened at West Ham when Sullivan suggested they take the 10% cut...........teddy's oot.
They have already had 4 owners this season, are HMRC going to believe there are viable buyers in the wings. I don't want to see Pompey or any other club go under, but, there comes a time when someone has to act and in Pompeys case they have been in this mess for months with no suggestion they are going to get out of it. Currently they have Premiership money coming in and can't survive financially what is going to happen when they are relegated ?
I wonder if the Prem League would give PFC a bridging loan.
As said can't be in there interest to see a club go under or even go into admin (which is what I guess Pompey will be in about 6 days time) but maybe they don't want to set a precedent or just don't have access to that much ready money.
It has to be dealt with now, the Premier League cannot just pass the buck on to the Football League.
Portsmouth will be relegated and if there is no buyer in place by the time that happens, they will implode, forget administration, they will just melt away and AFC Portsmouth will take their place at the bottom of the ladder.
The taxman knows football clubs have a history of this, why do they still allow it to happen? Why allow them to acrue such massive tax debts in the first place...?
Henry I don't think the PL have the money, they would have to use club money, but what club, a lot are struggling themselves at the moment - Man U and Liverpool's well documented problems, tight ship at Burnley, chaos at Hull etc., are going to put money into a "rival" with no reasonable prospect of return. The PL have to face up to the fact that the dream has died and unless they cannot produce the goods in 7 days, remove Portsmouth (unless the court feels administration is actually worthwhile, which at the moment seems unlikely perhaps given the level of liability and lack of assets). There can't just be extension after extension for the good of the league.
good points ISaw, shame that they is really no collective interest from the Prem clubs but then again if there was they wouldn't have formed the Prem league in the first place.
Comments
Are they expecting a consignment of rubber to dock at Tilbury?
Could be a very big moment for the Premier League just after 2
So, is it pretty much three options now?
Portsmouth are granted 28 days to get their act together
Portsmouth go into administration (can they do this while the HMRC court hearing is going on?)
Portsmouth are wound up and go into liquidation
The knock on effect would be too brutal
They must think they can get more if they wind the club up. Not sure if they get some preferred creditor status if it is them doing the winding up but they might think player and land sales could get them at least that much.
There is also the wider picture. It will focus the minds of lots of the other football clubs who haven't been paying their tax bills
Which reminds me. VAT due at the end of the month.
surely they can't let them crash & burn if that really is the case???
I know there comes to a situatuib that a club or business gets to a point where there is NO WAY that the business can survie but surely they must allow them the opportunitiy to resort themselves out.... Its a mockery of football that assomeone said if every Premier players was take a 10% cut in their salary it would help other clubs.... There should be a Minister of Football or a Finance Director withing the League that is INDEPENDENT that has the rights to regularily check and audit football clubs books and there should be a "loan" facility from Premier League to assist clubs
HMRC are saying the club oew £11 million in tax debts !!
The Sky News article states "Chainrai is the club's fourth owner this year, following Alaxandre Gaydamak, Sulaiman Al Fahim and Ali Al Faraj.". If none of them have managed to sort out the financial mess at the club, why would HMRC believe that either of these two potential new owners would be able to?
Look whats happened at West Ham when Sullivan suggested they take the 10% cut...........teddy's oot.
Adjournment for 7 days.
The poor fans
if Pompey were using these two apparent "bids" to play for time, they'd better hope that they materialise now
As said can't be in there interest to see a club go under or even go into admin (which is what I guess Pompey will be in about 6 days time) but maybe they don't want to set a precedent or just don't have access to that much ready money.
Portsmouth will be relegated and if there is no buyer in place by the time that happens, they will implode, forget administration, they will just melt away and AFC Portsmouth will take their place at the bottom of the ladder.
I have to pay mine up immediately...
All teams lose their points from Portsmouth (or receive 6 points extra) and the bottom two go down I'd imagine.
In a nutshell, Liverpool would currently be 3rd and West Ham rock bottom.