Generic clubs in financial crisis Thread

[Barry the bird boggler]

Have Portsmouth run out of cash (again) yet?

Possibly but they seem to have found a new stash for them all to jolly off to Spain for pre-season training.

If I was a creditor I'd be fuming.

Agreed, that is a disgrace.

[Wimb]

Pompy will start next season with a 10 point deduction.

[Barry the bird boggler]

Pompy will start next season with a 10 point deduction.

Sauce?

[Silver Fox]

"if they are to be allowed into league one" says the beeb, they might want to decide on that soon?

[Wimb]

Pompy will start next season with a 10 point deduction.

Sauce?

http://www.portsmouthfc.co.uk/LatestNew ... -3522.aspx

“We are extremely disappointed that the Football League has decided to impose yet another penalty on the club.

“I think most people would agree that the 10-point deduction imposed last season was sufficient, particularly as it played a huge part in the club’s relegation to League One.

“The fans, players and staff have suffered enough for something for which they weren’t responsible. We feel it is unjustified for the club to be punished further.

[Who Moved The Goalposts?]

Pompey's points reduction is the least of their worries. It's the other conditions that could kill them (or leave the door open for the PST bid if Chanrai decides enough is enough as he'll have to kiss goodbye to a good portion of his "secured" debt).

And reading the local news website, even now some of their fans are playing the hard-done-by victim. Good on the FL for imposing such tight restrictions. They have had this coming to them for a long time.

[PieEater]

Ten points is still not enough for writing off around £100m of debt.

The league still want the overpaid players to paid in full first, something which both PST and Chainrai have said they won't do. Birch has been trying to negotiate contract terminations with all of them but they now can stick it out to get their full payment and have no incentive to settle unless they feel that they might make the club fold.

The league statement also makes it sound like Birch has made a massive cockup by not including the previous creditors in the vote for the new CVA.

[Who Moved The Goalposts?]

Ten points is still not enough for writing off around £100m of debt.

The league still want the overpaid players to paid in full first, something which both PST and Chainrai have said they won't do. Birch has been trying to negotiate contract terminations with all of them but they now can stick it out to get their full payment and have no incentive to settle unless they feel that they might make the club fold.

The league statement also makes it sound like Birch has made a massive cockup by not including the previous creditors in the vote for the new CVA.

Maybe, but their ineptitude and financial doping has now cost them successive relegations, and a short to medium term constrained by such tight conditions that recovery is going to be a long haul. There is even a realistic chance of a third relegation, and the comfort that Chanrai is not going to be able to pocket his supposed 15m debt.

As for Birch, I am sure he knew the risks. He was playing a game of brinkmanship with the league that didn't work out in his favour - either that or he's working towards a liquidation after all.

[floyd__streete]

Pompy will start next season with a 10 point deduction.

[Ian Royal]

Pompy will start next season with a 10 point deduction.

8 players and -10 points. It's looking good for their campaign isn't it!

[soggy biscuit]

They will still be just fine. We all know it.

[Super_horns]

They will still be just fine. We all know it.

Probably spend a few million again in no time.

[Jackson Corner]

Kanu is taking them to court over unpaid wages and bonuses. Rumoured to be in the region of 5 million!! Good for him. He is entitled to that money as they offered it to him. How ironic it would be if the player who scored the goal to win the cup puts them out of busines?

[soggy biscuit]

Rangers newco expected to be voted into Div 3 today. Some reports that 22 of the SFL clubs will vote that way

[Wax Jacket]

Rangers newco expected to be voted into Div 3 today. Some reports that 22 of the SFL clubs will vote that way

fingers crossed

[cmonurz]

http://www.guardian.co.uk/football/blog ... all-league

Useful and concise (as it can be) summary of the goings-on at Rangers ahead of today’s vote.

[Dare to Dr£am]

Rangers into the Scottish 3rd Division and Pompey 10 points deduction is fantastic news. Both deserve it, and more.

I would love to see Pompey slip into League 2 this season.

[southbank1871]

Pompey would have struggled next season without the points deduction, so they're going to have to do very well to stay up now.

[Spirit of Elm Park]

I would love to see Pompey slip into League 2 this season.

Why stop at league 2?, I'd take Conference.

[Mr Optimist]

Rangers into the Scottish 3rd Division and Pompey 10 points deduction is fantastic news. Both deserve it, and more.

I would love to see Pompey slip into League 2 this season.

I don't see why they should be gifted a place in Division 3 when the Highland league teams have to win promotion to the leagues.