Generic clubs in financial crisis Thread

[rhroyal]

It would be tough shite if they were liquidated.

Has anyone heard the story about Sol being on the 8th best paid player in Europe at the peak of his Pompey contract?

Complete mess and if they don't placate the HM Customs and Revenue, they'll have to start again.

Tough shit for the owners and those responsible. Not for the fans where it is just very cruel.

Penalties for administration should be lighter on the fans and tougher on the owners. Reduce points reductions to 5 points or something but heavily fine those responsible for the mess and ban them from having ANYTHING to do with football for the rest of their lives.

[Barry the bird boggler]

Surprise, surprise, 7 days granted and amazingly in that time some mug'll step in and clear the debts

[readingbedding]

Adjourned for a week

[weybridgewanderer]

It would be tough shite if they were liquidated.

Has anyone heard the story about Sol being on the 8th best paid player in Europe at the peak of his Pompey contract?

Complete mess and if they don't placate the HM Customs and Revenue, they'll have to start again.

Tough shit for the owners and those responsible. Not for the fans where it is just very cruel.

Penalties for administration should be lighter on the fans and tougher on the owners. Reduce points reductions to 5 points or something but heavily fine those responsible for the mess and ban them from having ANYTHING to do with football for the rest of their lives.

fine the people who have no money?

yet the fans of the teams that have managed their finances have missed promotion or been relegated at towing to the reckless and unsustainable debt incurred by others?

[weybridgewanderer]

I wonder if Pompey fans will be at football grounds this weekend with buckets asking for moeny??

i am sure the southampton fans will give generously at the cup tie this weekend

[Comfortably Numb]

they'll get away with it. kunting spastics.

best we can hope for is administration, points deduction next season and they have a fire sale and bomb to league 1

[Wycombe Royal]

It is actually a 9 day adjournment. Next hearing is on Friday 19th.

[readingbedding]

It would be tough shite if they were liquidated.

Has anyone heard the story about Sol being on the 8th best paid player in Europe at the peak of his Pompey contract?

Complete mess and if they don't placate the HM Customs and Revenue, they'll have to start again.

Tough shit for the owners and those responsible. Not for the fans where it is just very cruel.

Penalties for administration should be lighter on the fans and tougher on the owners. Reduce points reductions to 5 points or something but heavily fine those responsible for the mess and ban them from having ANYTHING to do with football for the rest of their lives.

Nope.

If anything the points deduction should be more.

But they now have 7 days to see whether these serious owners come into the light!

[Wycombe Royal]

But they now have 7 days to see whether these serious owners come into the light!

9 days.

[rhroyal]

It would be tough shite if they were liquidated.

Has anyone heard the story about Sol being on the 8th best paid player in Europe at the peak of his Pompey contract?

Complete mess and if they don't placate the HM Customs and Revenue, they'll have to start again.

Tough shit for the owners and those responsible. Not for the fans where it is just very cruel.

Penalties for administration should be lighter on the fans and tougher on the owners. Reduce points reductions to 5 points or something but heavily fine those responsible for the mess and ban them from having ANYTHING to do with football for the rest of their lives.

fine the people who have no money?

yet the fans of the teams that have managed their finances have missed promotion or been relegated at towing to the reckless and unsustainable debt incurred by others?

No money? Do the likes of Peter Risdale and Simon Jordan have "no money"? It's not right that Risdale has been allowed to land Cardiff in the shit after he'd already been stupid enough to oxf*rd up Leeds.

[Mr Angry]

I'd imagine that the price to buy Pompey from the Hong Kong businessman will be the £17m he put into the club - but is it that blokes club to sell??? Or is Al Mirage still in the picture? And who, in their right mind, would actually BUY Pompey??

[Dirk Gently]

It would be tough shite if they were liquidated.

Has anyone heard the story about Sol being on the 8th best paid player in Europe at the peak of his Pompey contract?

Complete mess and if they don't placate the HM Customs and Revenue, they'll have to start again.

Tough shit for the owners and those responsible. Not for the fans where it is just very cruel.

Penalties for administration should be lighter on the fans and tougher on the owners. Reduce points reductions to 5 points or something but heavily fine those responsible for the mess and ban them from having ANYTHING to do with football for the rest of their lives.

Nope - don't have penalties for administaration. Just have a situation of financial monitoring and a proper framework of rules that mean you can take action long before a club gets close to administration. If they get that far, the regulatary authorities have failed.

[Royal Rother]

I'd imagine that the price to buy Pompey from the Hong Kong businessman will be the £17m he put into the club - but is it that blokes club to sell??? Or is Al Mirage still in the picture? And who, in their right mind, would actually BUY Pompey??

To me that is the key point.

No-one in their right mind is going to buy the club and inject enough money to make it viable.

It is not just a question of HMRC getting their money and all the problems go away - I assume the court has a duty to protect the rest of the creditors and if there is not a viable investment on the table by the end of next week, (not just smoke and mirrors) then I fully expect the club to go down.

[weybridgewanderer]

if Pompie was a dog it would be put out of it's misery

[6ft Kerplunk]

What proof do they actually have to give the High Court that there are bids on the table?

[Mr Angry]

The club now have until 1600 GMT on 17 February to file a "statement of financial affairs" proving they can pay their creditors.

Her Majesty's Revenue and Customs had taken Portsmouth to court over an unpaid tax bill amounting to £7.4m.

If Pompey file the statement, the earliest the case could return to the High Court is Friday 19 February.

Court registrar Christine Derrett said she feared the company would continue to trade and build up more debts that would not be paid.

"I am very concerned about the financial status of this company," she said. "It seems to me there's a very real risk that this company is undoubtedly trading while it is insolvent.

"I'm obviously conscious that, by making a winding-up order, it would have very severe consequences not only for the company as a business but for the supporters themselves, but that's not a consideration that I strictly take into account."

Gregory Mitchell QC, who represented HMRC, said: "It's quite clear, beyond any doubt at all, that this company is insolvent.

"They have failed to provide any evidence at all as to their solvency. There are many debts and they are unpaid."

However, Pompey were granted extra time to settle their tax debt after arguing they had received two serious offers to buy the club

As well as the VAT bill Portsmouth is disputing with HMRC, it also owes £4.7m in unpaid PAYE and National Insurance which were not part of the court petition on Wednesday.




Seems to me that by stating in the Court that they had these 2 serious buyers, that was enough to give them the extra time; they now have 7 days to prove that they have the money to pay their debts - presumably that statement will be made by the new owners or as a result of extra funding. The Court then reconvenes and I suspect that the winding up petition will either be struck off, OR Portsmouth will be wound up. Clearly HMRC believe that they are insolvent and even the Court Registrar stated that she has serious concerns that they are trading whilst insolvent, and the time they have been given is it. I can't see administration as an option now.

[Comfortably Numb]

so why on earth have they caved in and offered 9 more days no proof is no proof, they feel they're trading while insolvent. if this was joe public, they'd be done and dusted today

[PieEater]

Seems to me that by stating in the Court that they had these 2 serious buyers, that was enough to give them the extra time; they now have 7 days to prove that they have the money to pay their debts - presumably that statement will be made by the new owners or as a result of extra funding. The Court then reconvenes and I suspect that the winding up petition will either be struck off, OR Portsmouth will be wound up. Clearly HMRC believe that they are insolvent and even the Court Registrar stated that she has serious concerns that they are trading whilst insolvent, and the time they have been given is it. I can't see administration as an option now.

Why have they chosen this route and not go into administration? Can the really believe they will not be relegated with or without a points deduction?

[Nick Shorey my Lord!]

"They have failed to provide any evidence at all as to their solvency.

Jesus. Someone is going to be busy on photoshop making up fake purchase invoices and emails. AF2, get on it! As stated, what on earth can they do in the next 9 days to prove otherwise?

Wouldn't it be in their interest to enter administration and be done with it?

[Comfortably Numb]

Seems to me that by stating in the Court that they had these 2 serious buyers, that was enough to give them the extra time; they now have 7 days to prove that they have the money to pay their debts - presumably that statement will be made by the new owners or as a result of extra funding. The Court then reconvenes and I suspect that the winding up petition will either be struck off, OR Portsmouth will be wound up. Clearly HMRC believe that they are insolvent and even the Court Registrar stated that she has serious concerns that they are trading whilst insolvent, and the time they have been given is it. I can't see administration as an option now.

Why have they chosen this route and not go into administration? Can the really believe they will not be relegated with or without a points deduction?

exactly delaying it increases the chances of the points deduction next season and putting a threat on their status at that level too.