Portsmouth Admin

[TFF]

Portsmouth's actual level of debt is far worse than reported, with £119 million owed to various creditors - including astonishing amounts to agents.

.....

Of the £105 million debt, £9 million is owed to 15 agents. In one deal alone, an agent is owed £2.3 million.

The breakdown includes: £90 million owed to unsecured creditors - of which £38 million is due to three previous owners in the form of loans, £5 million to trade creditors, £9 million to agents. There is also £1 million owed on hire purchase. A sum of £14 million which is "off the balance sheet" because it relates to players.

There is also £14 million owed to secured creditors, which is the last owner, Balram Chainrai, in the form of loans

.

http://soccernet.espn.go.com/news/story?id=774063&sec=england&cc=5739

Crikey. Those are some silly numbers.

Does anybody know how much of that is owed to HMRC (who'll need to agree a CVA if they have any chance of getting out of this) and how much in total is "football related" debt which as far as I understand is inescapable by any prospective owner.

[wolsey]

Even more eye watering detail: -

http://www.sportingintelligence.com/2010/04/20/exclusive-extracts-portsmouth%E2%80%99s-debts-laid-bare-in-administrators-bombshell-report-210401/

[Silver Fox]

I know nothing about bankruptcy law but is there any suggestion the acounts they submitted to everyone to avoid being wound up and paying the country back all the money they owe in tax were in fact a fairytale (unsurprising, given the comedy administrator) and is there any chance they're in some sort of contempt of court or whatever the finacial version of perjury is (maybe with some fraud or false accounting thrown in or something)

[TFF]

I know nothing about bankruptcy law but is there any suggestion the acounts they submitted to everyone to avoid being wound up and paying the country back all the money they owe in tax were in fact a fairytale (unsurprising, given the comedy administrator) and is there any chance they're in some sort of contempt of court or whatever the finacial version of perjury is (maybe with some fraud or false accounting thrown in or something)

Certainly looks creative.

In a 70-page report, Andronikou reveals that the club now owes £105m, of which £91m is to “unsecured creditors” and £14m in “secured” debt to Balram Chainrai, the most recent owner before the club went into administration.

So what happens next? All the creditors will read Andronikou’s astonishing and painstaking report then attend a meeting at 11am on 6 May (general election day) at Fratton Park, when the administrator will tell them how many pennies in the pound he is offering to settle their debts.

That figure is likely to be in the region of 20p to 23p we understand, although Andronikou insists that he has yet to decide and will not speculate.

If creditors holding 75 per cent of the total unsecured debts or more agree to the deal by a set date thereafter (6 June is likely), then Pompey will emerge reborn from administration, in the Championship.

HMRC owed £17.1M of £91M so about £5.65M short of the amount required to block a CVA.

We, the taxpayer, might get £3.4M of our money back and St John's Ambulance will still be expected to attend their matches next season. Pcunts.

[Barry the bird boggler]

It is utterly disgraceful how a club in this much financial mess

is allowed to carry on trading
is not liquidated and wound up immediately
was still allowed to bring players in in January, albeit on loan
and then has the nerve to appeal a decision to not allow them into Europe for making it to the cup final

For the record has enough money come in from the cup run, come in from Middlesbrough for Gary O'Neil, come in for DinDane to reduce the debt and allow HRMC to block any CVA?

[Jimmy the Tree]

http://www.independent.co.uk/sport/football/premier-league/pompey-anatomy-of-a-crisis-1949428.html

Reading the Independent's article, I hadn't realised that the Players and Agents weren't considered as football creditors (just the clubs). I'll be looking forward to the Players accepting 23p in the pound for their tax avoiding 'Image Rights' payments.

Bet the Agents will be increasing future 'fees' to recover their share.

Agents and scouts from 26 different organisations are owed £9.76m between them, including £2.1m owed to "super agent" Pini Zahavi. Players and former players are owed historic bonuses of £1.86m and image rights cash of £3.04m, while "trade creditors", mostly local suppliers, are owed £4.4m. These are all "unsecured" creditors.

[Silver Fox]

HMRC owed £17.1M of £91M so about £5.65M short of the amount required to block a CVA.

I sense a Ken Bates "we've invented some debt to people who will vote for the CVA" situation. Utterly crooked behaviour that the authorities couldn't give a toss about, magic.

[6ft Kerplunk]

Personally I'm hoping they get wound up at 5:30pm 14th May 2010.

[TFF]

from f365 forum

Sky just said they spoke to one of the agents named in the document who is owed a 'considerable amouont of money' and he didn't even know he was on the list and says they don't owe him anything.

Sounds fishy.

I don't have access to SSN - can anyone confirm?

[exileinleeds]

from f365 forum

Sky just said they spoke to one of the agents named in the document who is owed a 'considerable amouont of money' and he didn't even know he was on the list and says they don't owe him anything.

Sounds fishy.

I don't have access to SSN - can anyone confirm?

SSN currently speaking to an agent - included in the figures is £1m to Spurs- because (?)Bogdanovic was supposed to go to with Kabul to them, but he refused and went to Stoke- at the cost of £1m to Spurs. Obviously 'arry had nothing to do with this.

Anyone would be thinking the administrator is desperately trying to make the numbers look as bad as possible so creditors accept anything they are offered.
Also saying that some people named on the list have already been paid and are saying they are not owed anything.
Distinct whiff of fraud and dodgy dealings.

[PieEater]

I thought some of the Premier League cash was withheld to pay clubs for transfers directly. These transfers seem to have been included.

[Messiah]

Personally I'm hoping they get wound up at 5:30pm 14th May 2010.

It wont happen though. It probably should, but it wont. HMRC don't have the balls to do it.

[6ft Kerplunk]

Its not down to HRMC.

[Messiah]

Its not down to HRMC.

Who has the final say on winding then up? Either way, they wont have it in them to do it. It's too high profile, and yet the best opportunity to make a point by punishing them with the maximum punishment possible.

[Tinrib]

You can download the tale of woe (Full creditors report) here:-

http://www.uhy-uk.com/pages/posts/ports ... ing729.php

and click on the link halfway down the page...

Interestingly, Neil Webb is owed £150..!

[Stranded]

Its not down to HRMC.

Who has the final say on winding then up? Either way, they wont have it in them to do it. It's too high profile, and yet the best opportunity to make a point by punishing them with the maximum punishment possible.

The High Court has the final say.

[ZacNaloen]

So, now Portsmouth are making up debt so they don't have to pay as much to people and in theory don't lose as much money?

[weybridgewanderer]

yes still we have the mantra on the team board and club policy about "lack of ambition" and the investment we need to make to challenge

we only need to make such an investment becasue clubs such as pompie are living way beyond their means.

should we risk our future by trying to compete with them?

[TFF]

One other interesting snippet:

Neither UHY Hackey Young, or any of its employees, have had any prior connections or dealings with the debenture holder or any connected or associated partner

As the owl would say... O RLY?

http://www.mediafire.com/imageview.php?quickkey=ryzymcj5zie& amp;thumb=6

:suspicious:

[YateleyRoyal]

http://www.skysports.com/story/0,19528, ... 28,00.html

Pompey owe Spurs one million for Begovic, despite the fact he never played for them....Storrie's really oxf*rd them over