Generic clubs in financial crisis Thread

[Jimmy the Tree]

This is probably the most easily digestible and succinct breakdown of the Pompey situation;

http://www.bbc.co.uk/blogs/mattslater/2010/02/portsmouth_fc_in_crisis_qa.html

This bollox again:

"in this case [liquidation] would mean the end of Portsmouth FC as we know it: a fate not witnessed in professional football since Aldershot went to the wall in 1992."

In the google era is it really too hard to get these basic facts right?

The clubs I can think of are Scarborough, Telford and Halifax.

Not sure what is happening at Chester, have they been liquidated or did the Danish buy-out save them?

[Platypuss]

This is probably the most easily digestible and succinct breakdown of the Pompey situation;

http://www.bbc.co.uk/blogs/mattslater/2010/02/portsmouth_fc_in_crisis_qa.html

This bollox again:

"in this case [liquidation] would mean the end of Portsmouth FC as we know it: a fate not witnessed in professional football since Aldershot went to the wall in 1992."

In the google era is it really too hard to get these basic facts right?

The clubs I can think of are Scarborough, Telford and Halifax.

Not sure what is happening at Chester, have they been liquidated or did the Danish buy-out save them?

Maidstone United was the last professional league club to be liquidated, not Aldershot.

[Barry the bird boggler]

This bollox again:

"in this case [liquidation] would mean the end of Portsmouth FC as we know it: a fate not witnessed in professional football since Aldershot went to the wall in 1992."

In the google era is it really too hard to get these basic facts right?

The clubs I can think of are Scarborough, Telford and Halifax.

Not sure what is happening at Chester, have they been liquidated or did the Danish buy-out save them?

The statement is correct if you only take professional football to mean the top 4 divisions. All the clubs mentioned above were relegated from the FL first (except Telford who had never made it in the first place). I can't recall whether they collapsed mid season in the Conference or managed to struggle through to a close season before pulling the plug but were likely to have been professional at the time.

Chester are still a going concern, they will more than likely make it to the end of the season. Whether they are able to continue beyond then though remains to be seen.

[readingbedding]

Pompey, given the Premier League's fervent desire to avoid any further embarrassment (or the need to remove the club's results from this season's competition), should be able to complete the season. Player sales outside the transfer window will be permitted and TV money advanced. In the parlance, the company should be "cash positive" for the next few months.

Shot down in flames for saying that, seems I'm not the only one sayiing it...

[Platypuss]

This bollox again:

"in this case [liquidation] would mean the end of Portsmouth FC as we know it: a fate not witnessed in professional football since Aldershot went to the wall in 1992."

In the google era is it really too hard to get these basic facts right?

The clubs I can think of are Scarborough, Telford and Halifax.

Not sure what is happening at Chester, have they been liquidated or did the Danish buy-out save them?

The statement is correct if you only take professional football to mean the top 4 divisions.

No it isn't - see above.

[readingbedding]

A question:

A CVA requires the backing of 75% of the creditors.

I'm wondering how's that worked out?

[Baines]

By value.

[readingbedding]

So the Taxman will have a large say then?
If so, I reckon Pompey might start next season -10 points...

[Royal Rother]

By value.

Of those that voted.

[Sarah Star]

http://news.bbc.co.uk/1/hi/business/8535297.stm
Shows what we already knew, but I didn't realise it was quite as high as 56% of the total European debt.

[Ian Royal]

I can't remember why Luton got such a stiff penalty, but 10 looks like a minimum tbh.

Wasn't it actually two infringements (one of them being the administration and the other I can't remember), both costing them 10 points which totalled 20 points?

I think the second 10 point deduction was for not having the CVA in place for the start of the next season. Didn't they get another 10 point deduction for some dodgy agent payments, making 30 points? Or did that get reduced under appeal?

Wasn't it 13 for a second administration, 10 for no CVA and 7 for breaching agent payment rules...?

[Uke]

Storrie defends his value for money!

He will take a pay cut if necessary

http://news.bbc.co.uk/sport1/hi/footbal ... 535510.stm

ROFLMAO!

BTW

Andrew Andronikou of accountants Hacker Young has been engaged as Pompey's administrator by the crisis-hit club.

[weybridgewanderer]

Wasn't it 13 for a second administration, 10 for no CVA and 7 for breaching agent payment rules...?

Supporters will need a calculator to work out what is going on in Coca-Cola League Two next season after Luton Town lost their appeal against a ten-point deduction by the FA for financial irregularities, involving payments to agents, in London yesterday.

The decision means that Luton, who were also docked 20 points by the Football League on Thursday for failing to comply with its insolvency policy, will start the season on minus 30 points. Bournemouth and Rotherham United are also likely to be punished by a deduction of at least 15 points by the League for failing to exit administration with a Company Voluntary Agreement.

http://www.timesonline.co.uk/tol/sport/ ... 340138.ece

[Dirk Gently]

Chester are still a going concern, they will more than likely make it to the end of the season. Whether they are able to continue beyond then though remains to be seen.

Not really. Chester pleaded guilty to all 5 charges the The Conference brought agiant them - and the Conference has recommended that they be expelled and is in the process of arranging an EGM for their members to vote on this recommendation.

[Jimmy the Tree]

Storrie defends his value for money!

He will take a pay cut if necessary

http://news.bbc.co.uk/sport1/hi/footbal ... 535510.stm

ROFLMAO!

BTW

Andrew Andronikou of accountants Hacker Young has been engaged as Pompey's administrator by the crisis-hit club.

http://www.portsmouth.co.uk/pompeyinves ... 6098638.jp

'I've seen salary figures of £1.4m bandied around for me, but my basic salary is less than half of what has been reported.

'The rest of it has been a bonus given by Sacha Gaydamak every year. That's in recognition of me keeping the club going for him by selling players.

Wow, just wow! So the more players he sells, the bigger bonus he gets. He'll be able to buy a Caribbean Island by the end of this then!

[Vision]

Storrie defends his value for money!

He will take a pay cut if necessary

http://news.bbc.co.uk/sport1/hi/footbal ... 535510.stm

ROFLMAO!

BTW

Andrew Andronikou of accountants Hacker Young has been engaged as Pompey's administrator by the crisis-hit club.

http://www.portsmouth.co.uk/pompeyinves ... 6098638.jp

'I've seen salary figures of £1.4m bandied around for me, but my basic salary is less than half of what has been reported.

'The rest of it has been a bonus given by Sacha Gaydamak every year. That's in recognition of me keeping the club going for him by selling players.

Wow, just wow! So the more players he sells, the bigger bonus he gets. He'll be able to buy a Caribbean Island by the end of this then!

An where have a big chunk of these players been sold to?

Oh yeah his mate 'arry down the lane.

[Uke]

Storrie defends his value for money!

He will take a pay cut if necessary

http://news.bbc.co.uk/sport1/hi/footbal ... 535510.stm

ROFLMAO!

BTW

Andrew Andronikou of accountants Hacker Young has been engaged as Pompey's administrator by the crisis-hit club.

http://www.portsmouth.co.uk/pompeyinves ... 6098638.jp

'I've seen salary figures of £1.4m bandied around for me, but my basic salary is less than half of what has been reported.

'The rest of it has been a bonus given by Sacha Gaydamak every year. That's in recognition of me keeping the club going for him by selling players.

Wow, just wow! So the more players he sells, the bigger bonus he gets. He'll be able to buy a Caribbean Island by the end of this then!

Maybe its all image rights

[Barry the bird boggler]

Please god, just let the club go to the wall.

[PieEater]

A question:

A CVA requires the backing of 75% of the creditors.

I'm wondering how's that worked out?

In the BBC blog they mention that the HMRC debt may "only" be about 20% so they may be able to agree a CVA with the other creditors.

[Bowman's Quiver]

My sympathy has suddenly run out. Portsmouth supporters taking the piss out of us:

http://www.pompeyonline.com/forums/show ... hp?t=56037