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Portsmouth Going Into Administration?

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  • [cite]Posted By: razil[/cite]would the taxman actually get anything tho after the football debts or does that not apply?

    Article on the BBC says this:

    "Portsmouth therefore face the very real threat of liquidation because it is increasingly unlikely that an administration order will be sought or granted.
    In this eventuality, the players' contracts are no longer assets of the club and it would lose its membership of the Premier League.
    The role of the liquidator would be to realise whatever free and available assets still remain.
    The value of these assets would be nominal. While the unsecured creditors, including HMRC, would likely see no return from such a process, it is not in their interests to continue to support a business that is simply not viable and has no financial substance."
  • so i guess the question would be would administration enable them to become viable again, presumably the judgement is no.

    Would liquidation enable them to sell the franchise or would it just disappear?

    How does this compare to what happened to us in 1984 - sorry my history is vague on this?
  • So Premier League have refused to give permission to Pompey to sell players outside of the transfer window - they are now fooked !! Taht smells of desperation and shows there are no buyers for the club.. end of football as we know it !!
    I hope we never end up like that again !!
  • Yep my reading of this aswell. they need £22 million till end of season , and then £ 30 million or so to pay off the players /expenses who they cannot offload if you use the Charlton figures on the other posting over 3 years and that is looking at it that Pompey ran a tighter ship than Charlton!. If they are paying John Utaka £30,000 or the alleged £80,000 a week as reported, and the 'image rights' , agents fees etc etc. Does not look good for pompey!
  • Hello Ken, I know its their own fault pompey.... but can you imagine heaven forbid if Liverpool or Chelsea or Man Utd were in this position. and wthat is all this "fit and proper test". I ca't understand why people moan at Parky. We have no money to spend we are in debt to the tune of £20 odd million (yep about £8 million on hostile debt), very little or next to nothing tv income... we just simply havven't got enough quality players to mount a successful prmotion campaign. We are not down here by bad luck coz a few results wern't good enough. We are here for a reason... The only our great club can survive is that we need gradually get rid of the high earners and NEED to invest in a proper youth acamadey that can bring young players through that are good enough to do well in this league. Forget Premiership thats history. Get rid of your debts and have a long term Strategy
  • Exactly Rudders! Man Utd could not balance the books despite selling Ronaldo and offloading Tevez... Chelsea live in a fantasy world where having a loss of £30 million a year is seen as prudent financial management, who's fans hate the board! second only to Liverpool. Having said all that the European clubs are no better!. Football at the highest level sucks all the money out of the game, through corporate and tv deals. The football league is probably unsustainable at present.

    My concern for Charlton is how do you generate income at this level, to service the debts we have, let alone the players who will not move/cannot move. I agree about the stratergy, but 2 games is a long time in football! let alone 2-3 seasons!.

    I get the feeling, that if the board are asked for more money it will not be forthcoming next time!. In this climate I would not blame them!. If we go up, how much are the club prepared to spend to establish ourselves in the Championship!, with the likes of Palace, and others already there( at present) sinking into the mire with each week!.
  • [cite]Posted By: Rudders22[/cite]we just simply havven't got enough quality players to mount a successful prmotion campaign.

    We should have a damnsight better squad than most of the league as we have far more resources than them.

    Weak excuse for a weak joke of a manager.
  • [cite]Posted By: Stu of HU5[/cite]
    [cite]Posted By: Rudders22[/cite]we just simply havven't got enough quality players to mount a successful prmotion campaign.

    We should have a damnsight better squad than most of the league as we have far more resources than them.

    Weak excuse for a weak joke of a manager.

    We have got a damnsight better squad than most most of the league, that's why we're 4th.

    The problem is Norwich & Leeds have better squads !
  • I hate to sound callous here. I quite like Portsmouth and wouldn't wish any team. However if they get chucked out of the league and two teams get relegated from the Prem. That mean that 3 teams would still have to go up from the Champ and so you'd have to promote 4 from League One?

    Could work in our favour.
  • [cite]Posted By: nottsaddick[/cite]If I was a pompey fan I'd be praying for Administration right now - it will be nasty, for sure (as their friend Harry would say), but at least they'll have a club. It all sounds very desparate at the moment.

    Their fans are already wishing for that it seems. But its not a case of calling the administrators in anymore. They can't do that - they had a full 2 months to consider it before the court hearing earlier this month but they decided to put their whole future on the line a the chance of getting the winding up petition withdrawn.

    There are rumours today that the debt they owe to HMRC to avoid going out of business is £18m now. That means the overall debt of the club is £70m +

    There are also rumours that they're on the verge of another takeover from some South African group with some 'serious' money. It puzzles me because they're not an attractive club at the moment. They don't own Fratton Park, they train in Southampton, they owe so much money out. There are far more attractive clubs in The Championship and even a couple in League One.

    Being a Saints fan may come across that I'm loving this - it is quite amusing but I want them to survive, but they really don't have nothing to offer a serious business man imho.
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  • Looks like its happening, no proof of cash from the buyers
  • I'm very dissapointed that with all our South African connections and history that we've not attracted some serious interest from there....well maybe we have but just not heard about it.
  • Bookies have paid out on relegation today.
  • Regardless of whether those interested have 'proof of funds' or not, surely they wouldn't want to invest in Portsmouth BEFORE administration anyway?
  • [cite]Posted By: SoundAsa£[/cite]I'm very dissapointed that with all our South African connections and history that we've not attracted some serious interest from there....well maybe we have but just not heard about it.

    Reported elsewhere that Peter Varney was on the Beeb and said that buyers were waiting for clubs to go into admin. so they could pick up clubs at a much lower price.
  • [cite]Posted By: Chris_from_Sidcup[/cite]Regardless of whether those interested have 'proof of funds' or not, surely they wouldn't want to invest in Portsmouth BEFORE administration anyway?

    At the moment admin would appear their BEST option!
  • [cite]Posted By: Stu of HU5[/cite]
    [cite]Posted By: Chris_from_Sidcup[/cite]Regardless of whether those interested have 'proof of funds' or not, surely they wouldn't want to invest in Portsmouth BEFORE administration anyway?

    At the moment admin would appear their BEST option!

    Unless of course you are a creditor.
  • Rumours about Coppell going to Pompey with Grant moving upstairs.
  • It puzzles me because they're not an attractive club at the moment. They don't own Fratton Park, they train in Southampton, they owe so much money out. There are far more attractive clubs in The Championship and even a couple in League One.
    ..........

    Relegation is a cert even if they beat the nine point penalty for going into admin, but bear in mind that the new owners will inherit a debt free club and receive two year's parachute payments. As most of the expensive players are off the books (barring John Utaca) that money if used wisely could be the basis for a new set of players.

    Then there is the FA Cup money.
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  • [cite]Posted By: BlackForestReds[/cite]Relegation is a cert even if they beat the nine point penalty for going into admin
    How so?
  • They are falling apart, they are either going bust or into into the CCC.
  • 9pts for admin in the Prem 10 in the football league, anyone know why this is so?
  • Only 20 Clubs in the Premiership.
  • Fewer matches.

    Admin it is, then
  • anyone just see that fella ripping into Peter Storrie on sky sports , what a legend

    "1.2 million pound a year Peter , you 'aving a laugh , are you gonna resign now?!"
  • mmmm. how many clubs has peter storrie been involved in and run (with Harry) and they have ended up finacially worse - same patters
  • edited February 2010
    .
  • IAIA
    edited February 2010
    (edit) John Portsmouth Football Club Westwood talks about it. I've never heard him talk before.
  • [cite]Posted By: buckshee[/cite]anyone just see that fella ripping into Peter Storrie on sky sports , what a legend

    "1.2 million pound a year Peter , you 'aving a laugh , are you gonna resign now?!"

    Just seen that. Fair play to the bloke.
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