Portsmouth Admin

[PieEater]

Set the Sky+

Fit and Proper Persons?
Tony Husband investigates the financial crisis at Portsmouth Football Club, where problems including a bloated wage bill and a succession of short-term owners led to the club being placed in administration with debts of £119million

BBC1 South Sunday 9th May 3:15pm

[Royal With Cheese]

It looks like this additional debt is good debt.

From another forum:

It looks as though Pompey have been well and truly merked by HMRC.

Originally owed £17.1m when they went into administration, with the total unsecured debt estimated at around £60m, they would have been able to block a CVA, which would basically have meant liquidation.

All of a sudden, the administrator found another load of undiscovered debts, which took it up to the £105m that was presented to creditors in that report two weeks ago, which meant that HMRC were then marginalised.

Today, the day of the initial creditors' meeting where the administrator puts forward a proposal for a CVA, HMRC have hit Pompey with a fine of 100% of the total unpaid amount (as they are entitled to do), which now takes them back above the 25% threshold to block the CVA!

Get In!

I actually leapt out of my chair and clenched my fist when I read that.

Maybe, just maybe, justice will be done.

[TFF]

A twitter feed from a BBC journo in the meeting

http://twitter.com/bbc_matt

It looks like a CVA has been agreed

[AthleticoSpizz]

£138 million in debt


inexcusable in any way shape or form


I will have respect and sympathy for the fans that will turn up for the Step 5 games .....which is where they should be after this debicle.

My boys U12 team are better ran (financially) by one of the mums

[cmonurz]

They should be liquidated, simple as.

[Geekins]

They should be liquidated, simple as.

Totally agree!

[T.R.O.L.I.]

A twitter feed from a BBC journo in the meeting

http://twitter.com/bbc_matt

It looks like a CVA has been agreed

I may be missing the point, but if HMRC are owed £35M of the £138M (which actually reduces to nearer the £120M mark once "football creditor" debt has been removed), have HMRC changed their stance vis-a-vis CVA's for football clubs?

[wolsey]

A twitter feed from a BBC journo in the meeting

http://twitter.com/bbc_matt

It looks like a CVA has been agreed

I may be missing the point, but if HMRC are owed £35M of the £138M (which actually reduces to nearer the £120M mark once "football creditor" debt has been removed), have HMRC changed their stance vis-a-vis CVA's for football clubs?

IMO, for a start the terms of the CVA are probably as good (or less poor) as unsecured Creditors could reasonably hope for. and by imposing the fine they have ensured a better return for Taxpayers.

Secondly, I think that they will play a leading role in the Creditors Committee and ensure that that there is a full investigation of the events leading up to Administration and that those held responsible will be pursued, with the view to prosecution under the relevant legislation.

[Skyline]

A twitter feed from a BBC journo in the meeting

http://twitter.com/bbc_matt

It looks like a CVA has been agreed

Isn't it just that they've allowed the administrators to try and attempt to sort out a CVA? Which still needs to be approved by 75% of the unsecured creditors.

[Barry the bird boggler]

Yes.

[Stranded]

They should be liquidated, simple as.

If I understood BBC South last night they will be and a "new" company will take over the football club.

[Messiah]

They should be liquidated, simple as.

If I understood BBC South last night they will be and a "new" company will take over the football club.

Therefore dropping out of the FL? I hope so, it's nothing less than they deserve.

[Stranded]

They should be liquidated, simple as.

If I understood BBC South last night they will be and a "new" company will take over the football club.

Therefore dropping out of the FL? I hope so, it's nothing less than they deserve.

Don't think so - it would be similar to the situations at Bristol City and Boro IIRC - the football club remains but it's the company that owns it that is liquidated and a new company formed - I could be wrong though.

[Smoking Kills Dancing Doe]

I hope justice is served and the people responsible are punished.

Oh the people responsible get away with it?

That's great. Really lesson learnt. No one will ever do this again.

U lept out of ur chair with delight? Why? Because people who had nothing to do with this at all lose their jobs? So the fans lose their club? While Redknapp/Storrie/Gaydamak/Manderic just sit back and laugh?

Justice indeed....

[Geekins]

Apparentlt 2/3's of the debt will be written off and pompey only have to pay a third.

[Messiah]

Apparentlt 2/3's of the debt will be written off and pompey only have to pay a third.

I thought the proposed amount offered was 20p of every £1 owed? (i.e. 1/5)

[Dirk Gently]

Apparentlt 2/3's of the debt will be written off and pompey only have to pay a third.

I thought the proposed amount offered was 20p of every £1 owed? (i.e. 1/5)

Plus all small creditors (under £2,500) paid off in full.

[Wycombe Royal]

Apparentlt 2/3's of the debt will be written off and pompey only have to pay a third.

I thought the proposed amount offered was 20p of every £1 owed? (i.e. 1/5)

Plus all small creditors (under £2,500) paid off in full.

And there are also the football creditors weho get paid in full (which is around £38m I think).

[Barry the bird boggler]

Anyone catch the programme about Cheatsmouth on BBC1 yesterday afternoon? Did it reveal anying new?

[Stranded]

Not really - it was pretty much a woe is me, what a terrible shame it could get to this kind of programme.