Generic clubs in financial crisis Thread

[Terminal Boardom]

And Portsmouth's players have not been paid. I guess that means that they won't owe HMRC any additional PAYE

[Royal Rother]

lol @ ransom payments - that's jsut lazy

"what shall I code it as"
"oh I dunno, anything you fancy"
"OK"

But that's exactly what the club called Gaydamak's last minute demands that a large cash sum be paid to him before he would sign papers related to a supposed rescue package.

£308.50 was presumably all they had in their bank account at the time...

[Barry the bird boggler]

Where are we with this at the moment (besides waiting for the court case)? According to what I saw on SSN earlier Portsmouth FC are in Administration due to being issued with a winding up order by the HMRC, therefore does that not mean they should be getting a minimum 10 point penalty but presumably greater as they still have a CVA hanging over them from the previous debacle?

[andrew1957]

It really is looking gloomy for Pompey this time.

Hard to see anyone would be insane enough to buy the club before the Court hearing on 20th Feb and hard to see how the Court could allow administration again when the business is clearly insolvent.

Just hope the situation is sorted out one way or another before we play them on 6th March. Just imagine how frustrating it would be if we played them - lost a couple lf key players injured and then the result was expunged before the end of the season.

Everyone playing Pompey at the moment - like Brum tonight must be wondering if it is worth the trouble at the moment.

This really needs to be sorted quickly for the good of the division.

[andrew1957]

Where are we with this at the moment (besides waiting for the court case)? According to what I saw on SSN earlier Portsmouth FC are in Administration due to being issued with a winding up order by the HMRC, therefore does that not mean they should be getting a minimum 10 point penalty but presumably greater as they still have a CVA hanging over them from the previous debacle?

As I understand it they have to get the Court to approve the administration and this has to be done before the winding up petition on 20th Feb. However, it is unlikely that a new administration would be approved this time which means they will be liquidated on 20th Feb and all their results expunged.

However, past history suggests that they will worm their way out of it - but I cannot see how this time.

Their best case scenario is administration and 10 points deducted. But as you say points deduction could be even higher this time.

[Cobi]

Where are we with this at the moment (besides waiting for the court case)? According to what I saw on SSN earlier Portsmouth FC are in Administration due to being issued with a winding up order by the HMRC, therefore does that not mean they should be getting a minimum 10 point penalty but presumably greater as they still have a CVA hanging over them from the previous debacle?

Their best case scenario is administration and 10 points deducted. But as you say points deduction could be even higher this time.

On current form a 10 point deduction wont hardly affect them. I want 20 points minimum or a double relegation. If you can't get tough with a club that has repeat offended like this then you never will.

[Geekins]

PFC are not in administration though, only the parent company. So they won't receive a points deduction. Also Andronikou who is the adminstrator for CSI has asked Portsmouth City Council if they can stump up the cash...

Link to new article. http://www.portsmouth.co.uk/sport/pompe ... _1_3494391

[Silver Fox]

Cllr Vernon-Jackson is a bit of a thicky isn't he?

[Deadlock]

Some of the comments are hilarious
"Add £5 per month to all Council Tax bills in the "PO" postal area. That would generate more money than you imagine."
Yes, that would be really popular in Bognor and Cowes, wouldn't it?

[floyd__streete]

Cllr Vernon-Jackson is a bit of a thicky isn't he?

Yep, he couldn't have looked more of a plumb with those comments if he'd referred to 'Hopelessly-Drivelly-Can't-Govern-For-Toffee-Crappy-Cameron-Weed!' I paticularly liked the part about the sitaution not being the club's fault; whose fault is it then, Henry Kissinger's? As a particularly self-righteous tax-payer, I demand that all others pay their taxes in full too. Get them in court and wound-up pronto.

PAY UP POMPEY
POMPEY PAY UP.

[Platypuss]

Cllr Vernon-Jackson is a bit of a thicky isn't he?

But, happily, not so thick as to consider bailing them out.

[Wax Jacket]

Some of the comments are hilarious
"Add £5 per month to all Council Tax bills in the "PO" postal area. That would generate more money than you imagine."
Yes, that would be really popular in Bognor and Cowes, wouldn't it?

tbf knowing quite a lot of people in the Bognor area - a hell of a lot of them are Pompey fans

[cmonurz]

PFC are not in administration though, only the parent company. So they won't receive a points deduction.

I thought that loophole had been closed ages ago.

[andrew1957]

PFC are not in administration though, only the parent company. So they won't receive a points deduction. Also Andronikou who is the adminstrator for CSI has asked Portsmouth City Council if they can stump up the cash...

Link to new article. http://www.portsmouth.co.uk/sport/pompe ... _1_3494391

No the club is not in administration yet but it might well be by 20th Feb

The options open to Pompey before 20 Feb are as follows;

1/ Find a new owner - very unlikely as no one in their right mind would pay what they will have to for the club to buy out old owners.

2/ Accept liquidation - unlikely

3/ Chanrai will decide to cover the costs until the end of season with a short term loan to be recouped by selling the whole squad at the end of the season. This will help protect his position in the short term – provided he is given a 100% guarantee that he will be bale to extract the money.

4/ Administration - if they are allowed to.

Whatever happens they are stuffed as far as I can see. 3/ is probably the most likely outcome and a slow death. Many Pompey fans are now wondering if 2/ might be the best outcome, so they can start again.

[From Despair To Where?]

PFC are not in administration though, only the parent company. So they won't receive a points deduction.

I thought that loophole had been closed ages ago.

I was going to say, Southamption tried that one and didn't get away with it.

[PieEater]

When do they get the parachute payments?

That must come into Chanrai's thinking, if it's in arrears it's worth paying a few million now to get 16M later, if it's in advance then ditto but I guess he might have to pay it back if they fold.

[andrew1957]

When do they get the parachute payments?

That must come into Chanrai's thinking, if it's in arrears it's worth paying a few million now to get 16M later, if it's in advance then ditto but I guess he might have to pay it back if they fold.

I don't think there are any parachute payments due. Pretty sure future payments were signed over as part of the last settlment.

[Geekins]

PFC are not in administration though, only the parent company. So they won't receive a points deduction.

I thought that loophole had been closed ages ago.

I was going to say, Southamption tried that one and didn't get away with it.

I know and i don't know the reason why not but it's common knowledge they won't have a points deduction and not in administration. As Andrew1957 said that could change on 20th Feb.

[Silver Fox]

3/ Chanrai will decide to cover the costs until the end of season with a short term loan to be recouped by selling the whole squad at the end of the season. This will help protect his position in the short term – provided he is given a 100% guarantee that he will be bale to extract the money.

If I was one of the creditors (particularly HMRC) I think I might be tempted to tell Chanrai to fvck right off if he wanted to do this

[andrew1957]

3/ Chanrai will decide to cover the costs until the end of season with a short term loan to be recouped by selling the whole squad at the end of the season. This will help protect his position in the short term – provided he is given a 100% guarantee that he will be bale to extract the money.

If I was one of the creditors (particularly HMRC) I think I might be tempted to tell Chanrai to fvck right off if he wanted to do this

I think he would have to pay off HMRC in full by 20th Feb - otherwise you are right and they will block any agreement. This will go to the wire I think.

Probably West Ham will end up giving Pompey 5M just to keep the 6 points!!