Generic clubs in financial crisis Thread

[Mr Angry]

Underwater Hotel - tell me how does that work exactly? Or is it exclusively for use of marine life?

Well, as he is a "Sicilian/American businessman" I would imagine that concrete slippers are used........

[Terminal Boardom]

Underwater Hotel - tell me how does that work exactly? Or is it exclusively for use of marine life?

Considering most of Pompey's support is pond life...

[Ark Royal]

Excellent piece that concisely explains the shit storm at Pompey.

http://thetwounfortunates.com/turmoil-week-portsmouth/

[PieEater]

It is a good read, but totally fails to address the point of why they ran a squad with a wage bill that exceeded their income, which included parachute payments. They chose to pay for better players than they could afford to gain a competitive advantage against other clubs in the league, so I have absolutely no sympathy for their current mess.

Even now they could have a firesale of all their best players to pay the tax bill and balance the books, but they'd rather gamble on some white knight saving them.

[PieEater]

Just of comparison, read the similar blog from a Coventry fan.
http://thetwounfortunates.com/turmoil-w ... ntry-city/

Their austerity will probably cost them relegation. Parachute payments for them would make a massive difference.

[Svlad Cjelli]

Just of comparison, read the similar blog from a Coventry fan.
http://thetwounfortunates.com/turmoil-w ... ntry-city/

Their austerity will probably cost them relegation. Parachute payments for them would make a massive difference.

All depends on how you read it - the sentence that struck me was :

We know that at its most profligate, the club was losing £500,000 per month. This has now been reduced to around £300,000 per month, largely thanks to player exits greatly reducing the wage bill.

The austerity they're suffering now comes from past over-spending, that didn't work. And even under this austerity, they're still losing £3.6M a year. How can they justify throwing more money at the team?

[Friday's Legacy]

LOL, losing £300,000 a month... why do they not cut their cloth!??????

they have, by some £200k a month (2.4m a year), and they are rock bottom because of it, but more is obviously needed. the club is in dire straits.

[FiNeRaIn]

I hope they perish into obscurity. Grotty turd hole is coventry.

[PieEater]

Just of comparison, read the similar blog from a Coventry fan.
http://thetwounfortunates.com/turmoil-w ... ntry-city/

Their austerity will probably cost them relegation. Parachute payments for them would make a massive difference.

All depends on how you read it - the sentence that struck me was :

We know that at its most profligate, the club was losing £500,000 per month. This has now been reduced to around £300,000 per month, largely thanks to player exits greatly reducing the wage bill.

The austerity they're suffering now comes from past over-spending, that didn't work. And even under this austerity, they're still losing £3.6M a year. How can they justify throwing more money at the team?

My point was that £16m parachute payments would make a massive difference to any other team. Pompey can't even manage to run their squad without a loss with that massive financial advantage. On top of that they got another £10m from CSI!

[Franchise FC]

Just of comparison, read the similar blog from a Coventry fan.
http://thetwounfortunates.com/turmoil-w ... ntry-city/

Their austerity will probably cost them relegation. Parachute payments for them would make a massive difference.

All depends on how you read it - the sentence that struck me was :

We know that at its most profligate, the club was losing £500,000 per month. This has now been reduced to around £300,000 per month, largely thanks to player exits greatly reducing the wage bill.

The austerity they're suffering now comes from past over-spending, that didn't work. And even under this austerity, they're still losing £3.6M a year. How can they justify throwing more money at the team?

My point was that £16m parachute payments would make a massive difference to any other team. Pompey can't even manage to run their squad without a loss with that massive financial advantage. On top of that they got another £10m from CSI!

Mac Taylor has donated his episode fee ????
Didn't realise he was a Pompey fan

[Barry the bird boggler]

Remind me, how much are the reported salaries of Kitson and Lawrence etc. £20k a week is it? Nice to see one team really trying to cut their cloth after all the warnings and court proceedings.

[Vision]

LOL, losing £300,000 a month... why do they not cut their cloth!??????

they have, by some £200k a month (2.4m a year), and they are rock bottom because of it, but more is obviously needed. the club is in dire straits.

Also it's not far off what we lose operationally before player sales are taken into account is it really?

[Mr Angry]

Pompey are effectively bankrupt, with massive debts, massive financial commitments to previous owners, no means to expand the ground or to increase revenue and as a result Zero chance of finding any sort of genuine (rather than fantasist) purchaser.

I'm glad the author of that article enjoyed their FA Cup victory against Cardiff, and his pride in his team getting to a 2nd Final - sadly, it was all done on the fiddle at the expense of other clubs who, by and large, played to the rules.

He is right when he says that they won't be allowed to do another CVA when they haven't even honoured the first one.

Bluntly, Pompey should go under and there is no reason whatsoever for that not to happen, and for it to be a lesson to all other football clubs.

[Vision]

Pompey are effectively bankrupt, with massive debts, massive financial commitments to previous owners, no means to expand the ground or to increase revenue and as a result Zero chance of finding any sort of genuine (rather than fantasist) purchaser.

I'm glad the author of that article enjoyed their FA Cup victory against Cardiff, and his pride in his team getting to a 2nd Final - sadly, it was all done on the fiddle at the expense of other clubs who, by and large, played to the rules.

He is right when he says that they won't be allowed to do another CVA when they haven't even honoured the first one.

Bluntly, Pompey should go under and there is no reason whatsoever for that not to happen, and for it to be a lesson to all other football clubs.

Tbf to the guy that wrote the article the 2nd cup run was in the midst of not knowing if they were going to have a football club and while they were desperately trying to flog anything that moved player wise. I wouldn't be too harsh on their enjoyment at beating the team managed by the man who signed all those players they couldn't afford in the first place.

What I find interesting is that he seems to think the problems started when Milan sold the club rather than when he bought it. It's his MO.

Buy something on its uppers.
Relish your role of saviour amongst the fans
Spend money you know the club can't possibly afford to make it look far better than it really is.
Flog it asap to whoever can give you a tidy profit regardless of their credentials.
Repeat.

They were paying the likes of Merson and others ridiculous wages for this level while 'appy 'arry and his media mates spun his usual "spent nothing on players line" just because there wasn't an official transfer fee involved.

Despite this Mandaric is still revered by large sections of the Pompey support.

[Who Moved The Goalposts?]

Pompey are effectively bankrupt, with massive debts, massive financial commitments to previous owners, no means to expand the ground or to increase revenue and as a result Zero chance of finding any sort of genuine (rather than fantasist) purchaser.

I'm glad the author of that article enjoyed their FA Cup victory against Cardiff, and his pride in his team getting to a 2nd Final - sadly, it was all done on the fiddle at the expense of other clubs who, by and large, played to the rules.

He is right when he says that they won't be allowed to do another CVA when they haven't even honoured the first one.

Bluntly, Pompey should go under and there is no reason whatsoever for that not to happen, and for it to be a lesson to all other football clubs.

^This.

It's absolutely staggering that they are floundering so soon after taking this piss out of us all last time. There is certainly blame to be apportioned, and the author is right in that the FL should shoulder some of that. The farce of the F&PP test aside, how they allowed them to buy Kitson and Lawrence before the ink was dry on the CVA is beyond me. As for Andronikou, I best kept my thoughts on him private. For someone is his position - having seen the havoc the previous regime caused with unchecked spending - to sanction 20K per week on two new players and justify it as he did, is astonishing. If I was one of the creditors waiting for my first payment on 21p in the £, I would have wanted to ask him some serious questions.

[Dare to Dr£am]

Pompey are effectively bankrupt, with massive debts, massive financial commitments to previous owners, no means to expand the ground or to increase revenue and as a result Zero chance of finding any sort of genuine (rather than fantasist) purchaser.

I'm glad the author of that article enjoyed their FA Cup victory against Cardiff, and his pride in his team getting to a 2nd Final - sadly, it was all done on the fiddle at the expense of other clubs who, by and large, played to the rules.

He is right when he says that they won't be allowed to do another CVA when they haven't even honoured the first one.

Bluntly, Pompey should go under and there is no reason whatsoever for that not to happen, and for it to be a lesson to all other football clubs.

Couldn't agree more. They have more than taken the piss and it's time to make an example of them. If they can be seen to get away with this yet again then it sends out all the wrong signals to every other football club.

[Vision]

Whilst I don't disagree that what's gone on at Pompey has to be stopped I do get a little irked at who the "Them" are that need to be made an example of.

Lets face it, shutting Pompey down isn't going to effect those that were responsable for the demise in the first place from managers to the owners to the football League, Premier league, Administrators and even HMRC themselves who publicly stated over 2 years ago they were certain Pompey were trading insolvently but still gave them a stay of execution.

It's the fans that ultimately bare the brunt of this but do they (dickhead with the bell and a few neanderthals aside) really need to be made an example of just because they had the temerity to celebrate some success? That said it's probably kinder to put them out of their misery so they can start again with a new name and a clean slate.

[Mr Angry]

The very least is that the people who have presided over the management of Pompey should never be allowed near a football club every again - and that includes Mandaric and 'Arry.

As for the fans, they enjoyed the good times by seeing players they knew the club couldn't afford bringing them success at the expense of other clubs (how they - the Pompey fans that is - laughed at Southampton's demise for example) so they, through their acceptance of what was going on in their name as well as their demands for more and more unsustainable on field success constantly financed by financial dodginess, have to shoulder some of the blame as well.

Sorry, but I really have zero sympathy for them

[Uke]

The very least is that the people who have presided over the management of Pompey should never be allowed near a football club every again - and that includes Mandaric and 'Arry.

As for the fans, they enjoyed the good times by seeing players they knew the club couldn't afford bringing them success at the expense of other clubs (how they - the Pompey fans that is - laughed at Southampton's demise for example) so they, through their acceptance of what was going on in their name as well as their demands for more and more unsustainable on field success constantly financed by financial dodginess, have to shoulder some of the blame as well.

Sorry, but I really have zero sympathy for them

But would we not do the same?

By the time the fans know the books are shot to pieces it's always too late

[Barry the bird boggler]

Pompey are effectively bankrupt, with massive debts, massive financial commitments to previous owners, no means to expand the ground or to increase revenue and as a result Zero chance of finding any sort of genuine (rather than fantasist) purchaser.

I'm glad the author of that article enjoyed their FA Cup victory against Cardiff, and his pride in his team getting to a 2nd Final - sadly, it was all done on the fiddle at the expense of other clubs who, by and large, played to the rules.

He is right when he says that they won't be allowed to do another CVA when they haven't even honoured the first one.

Bluntly, Pompey should go under and there is no reason whatsoever for that not to happen, and for it to be a lesson to all other football clubs.

When's their court appearance on this one, I heard 16th Feb mooted?

Interesting decision for Chanrai to be had shortly if no new owner is found, does he pay off the tax bill and add that to the amount of cash he's already owed or just pull the plug completely?

Oh and someone mentioned the FL shouldering some of the blame, reading the article I think the PL perhaps could have done a little more...