Portsmouth Admin

[kieran]

and before that, say 2 years ago? 5 years ago? 10 years ago?

Pompey are a very similar club to ours, who are relatively local to us and who we've competed with to varying degree's over the years. They get discussed on here about as much as the likes of Brighton, Southampton, Oxford and 'the big 4.'

With the events of the last 18 months down there it isn't surprising that one of the football news stories of the year kicks off a lot of debate.

...throw in the fact that you lot have a massively over inflated opinion of yourselves, often coming here to prove it, and that it's such a pikey club and it's a no brainer you get good coverage here!

the only similarity in the clubs is that they are both in the south of England!

Seriuosly, compare the stats - all stats. Reading are way behind on nearly ALL levels. The only thing Reading currently have better is a stadium and that is because its new and Fratton Park is old. Fratton Park is better than Elm Park was, any new Pompey ground will be better and bigger than Readings.

[Terminal Boardom]

This is just fcking sick.

Meanwhile Salisbury City, despite paying every penny (albeit late), get relegated 2 divisions.

What is the point in it all?

You could easily say the same when comparing illegal payments by Tottenham and Swindon. Spurs got a fine and points deduction, which was later rescinded. Swindon were relegated 2 divisions, reduced to one on appeal.

It is one rule for the big clubs and the rest can go kiss a pig!

[Baines]

Seriuosly, compare the stats - all stats. Reading are way behind on nearly ALL levels. The only thing Reading currently have better is a stadium and that is because its new and Fratton Park is old. Fratton Park is better than Elm Park was, any new Pompey ground will be better and bigger than Readings.

LOL @ coming on here and then getting wound up*.

EDIT - or not, as the case may be, I guess.

[Dirk Gently]

and before that, say 2 years ago? 5 years ago? 10 years ago?

Pompey are a very similar club to ours, who are relatively local to us and who we've competed with to varying degree's over the years. They get discussed on here about as much as the likes of Brighton, Southampton, Oxford and 'the big 4.'

With the events of the last 18 months down there it isn't surprising that one of the football news stories of the year kicks off a lot of debate.

...throw in the fact that you lot have a massively over inflated opinion of yourselves, often coming here to prove it, and that it's such a pikey club and it's a no brainer you get good coverage here!

the only similarity in the clubs is that they are both in the south of England!

Seriuosly, compare the stats - all stats. Reading are way behind on nearly ALL levels. The only thing Reading currently have better is a stadium and that is because its new and Fratton Park is old. Fratton Park is better than Elm Park was, any new Pompey ground will be better and bigger than Readings.

tbh Portsmouth would have a whole lot more credibility if they had been wound up and a phoenix club had been setup, starting in the Conference.

[Urinal Mint]

The only thing Reading currently have better is a stadium and that is because its new and Fratton Park is old. Fratton Park is better than Elm Park was, any new Pompey ground will be better and bigger than Readings.

sorry, only? stadium, training ground, academy.. oh and financial position?

[exileinleeds]

The only thing Reading currently have better is a stadium and that is because its new and Fratton Park is old. Fratton Park is better than Elm Park was, any new Pompey ground will be better and bigger than Readings.

sorry, only? stadium, training ground, academy.. oh and financial position?

Are you forgetting our Chairman, players and manager?

[Hoop Blah]

and before that, say 2 years ago? 5 years ago? 10 years ago?

Pompey are a very similar club to ours, who are relatively local to us and who we've competed with to varying degree's over the years. They get discussed on here about as much as the likes of Brighton, Southampton, Oxford and 'the big 4.'

With the events of the last 18 months down there it isn't surprising that one of the football news stories of the year kicks off a lot of debate.

...throw in the fact that you lot have a massively over inflated opinion of yourselves, often coming here to prove it, and that it's such a pikey club and it's a no brainer you get good coverage here!

the only similarity in the clubs is that they are both in the south of England!

Seriuosly, compare the stats - all stats. Reading are way behind on nearly ALL levels. The only thing Reading currently have better is a stadium and that is because its new and Fratton Park is old. Fratton Park is better than Elm Park was, any new Pompey ground will be better and bigger than Readings.

If you say so....

Apart from a couple of periods of success 60 years ago and the cup win under 'Arry there isn't a great deal of difference over the last 40 seasons.

Prove me wrong if you want to though.

[Barry the bird boggler]

you lot are obsessed with Pompey - little man syndrome?

No, just interested in any club that flouts rules and/or effectively cheats its way to "success" when it does not have the money in the first place.

Overall I get sick and tired of football clubs thinking they they don't have to be run as a business and can run up huge debts and get into serious trouble and then get away with it via various loopholes.

Oh and look now it seems that Pompey are going to get out of it by only paying back a tiny percentage of what they owe (just like Leicester did in 2002) when any other business would have been liquidated.

The sooner a larger club goes to the wall the better for everyone.

[Thaumagurist*]

.

[Dirk Gently]

FTR,

The voting went to the wire, with 81.3% (based on money owed) voting in favour, the target for acceptance being 75%. The 18.7% consisted mainly of HMRC, but also one football agent owed £40,000 (2).

This is, of course, but a first step, and there are still hurdles to overcome:

• There is a 28-day ‘cooling off’ period when creditors can change their minds.
• HMRC may make a legal challenge. A core issue here is the percentage share of the overall vote they hold, which derives from the size of the debt. This has been somewhat of a moveable feast. HMRC have claimed £35m, Andrionikou £22m. The figure at today’s meeting is reported as £24m. If HMRC press their case and press the case regarding tax on image rights, there could be problems for the Administrator in keeping HMRC’s share at under 25% (or slightly less given there is at least the one football agent voting with them).
• If, for either of these reasons, the CVA is not formalised by the court in 28 days time, there is the threat of starting next season in the Championship on -17 points.
• Until the transfer embargo is lifted, the club can not sign new players, or even re-sign current but out-of-contract players. As thing stand, in theory we could see them turning out at Coventry for the start of the new season without 11 players under contract.
• In the longer term, Andronikou’s business plan to ensure that the necessary payments are made to move on from the CVA assumes no further relegation in the next five years. How realistic an assumption is this?

Andronikou can now concentrate on the major task of finding new owners, although little other due diligence can be expected before the CVA proposal is formally accepted by the court in a month’s time. Pompey with a CVA in place looks a bit more attractive than the Pompey we have been seeing of late. So, yes, the corner is being turned, but there are still some significant obstacles to be overcome.

[PieEater]

It seems the administrator makes up the debt and who owes what unilaterally to scupper HMRC, can't this be challenged/investigated to ensure that they are all real debts?

[Baines]

, can't this be challenged/investigated to ensure that they are all real debts?

Yes.

[Royal Rother]

Ken Bates wouldn't agree with you.

[Ian Royal]

I see our latest Pompey visitor has been rather less lol worthy than the last one.

I seem to recall Carlin claimed Reading would go into Admin before either Pompey or Saints, that all the clubs debts had been paid and that they were flush with money. 9 months later they are in administration with HMRC trying to liquidate the cheating scummers.

[Baines]

Ken Bates wouldn't agree with you.

It can be challenged. Whether it can be challenged successfully is perhaps the more interesting question.

[floyd__streete]

Seriuosly, compare the stats - all stats. Reading are way behind on nearly ALL levels. The only thing Reading currently have better is a stadium and that is because its new and Fratton Park is old. Fratton Park is better than Elm Park was, any new Pompey ground will be better and bigger than Readings.

Deluded. Some of us have memories that last longer than ten years and recall seasons competing against Portsmouth in the second tier not so long ago when your crowds at Fratton were on a par with ours at Elm Park. And how come you rarely sold out your home games in the last couple of seasons in the Premier League, with crowds often dipping subtantially below the capacity.

[Wimb]

Seriuosly, compare the stats - all stats. Reading are way behind on nearly ALL levels. The only thing Reading currently have better is a stadium and that is because its new and Fratton Park is old. Fratton Park is better than Elm Park was, any new Pompey ground will be better and bigger than Readings.

Deluded. Some of us have memories that last longer than ten years and recall seasons competing against Portsmouth in the second tier not so long ago when your crowds at Fratton were on a par with ours at Elm Park. And how come you rarely sold out your home games in the last couple of seasons in the Premier League, with crowds often dipping subtantially below the capacity.

m9 how can u xpect them to turn up when dey sold all their best playerz! :(:(



I feel sorry for the fans as it wasn't their fault what the club did at boardlevel but they have to take the rough with the smooth now and the memories of the 2 cup finals and years in the Premiership will stay with them for generations.

But the bottom line in my own opinion is that they cheated, they broke rules and that cheating had a knock on effect throughout the entire football league. Now they deserve to be punished and if that means being made insolvent and having to start over again then I'm sorry but tough titties my friends.

[Barry the bird boggler]

HMRC are currently reviewing their standpoint. They want to make the £37million debt they say they are owed stick. Guess they have to now take their argument to the court - although how the administrator can "make up" the amount the club owe to the HMRC is beyond me as the HMRC would/should have provided detailed invoicing on the amounts owed as well as drawing attention to the relevant legal clauses that support those claims.

[Messiah]

Is it still likely these pcunts are going to face another points deduction? Or are the scheming fckers getting away with almost everything?

[Stranded]

FTR,

The voting went to the wire, with 81.3% (based on money owed) voting in favour, the target for acceptance being 75%. The 18.7% consisted mainly of HMRC, but also one football agent owed £40,000 (2).

This is, of course, but a first step, and there are still hurdles to overcome:

• There is a 28-day ‘cooling off’ period when creditors can change their minds.
• HMRC may make a legal challenge. A core issue here is the percentage share of the overall vote they hold, which derives from the size of the debt. This has been somewhat of a moveable feast. HMRC have claimed £35m, Andrionikou £22m. The figure at today’s meeting is reported as £24m. If HMRC press their case and press the case regarding tax on image rights, there could be problems for the Administrator in keeping HMRC’s share at under 25% (or slightly less given there is at least the one football agent voting with them).
• If, for either of these reasons, the CVA is not formalised by the court in 28 days time, there is the threat of starting next season in the Championship on -17 points.
• Until the transfer embargo is lifted, the club can not sign new players, or even re-sign current but out-of-contract players. As thing stand, in theory we could see them turning out at Coventry for the start of the new season without 11 players under contract.
• In the longer term, Andronikou’s business plan to ensure that the necessary payments are made to move on from the CVA assumes no further relegation in the next five years. How realistic an assumption is this?

Andronikou can now concentrate on the major task of finding new owners, although little other due diligence can be expected before the CVA proposal is formally accepted by the court in a month’s time. Pompey with a CVA in place looks a bit more attractive than the Pompey we have been seeing of late. So, yes, the corner is being turned, but there are still some significant obstacles to be overcome.

All interesting but I'm amazed that they are able to appoint a manager this morning, Steve Cotterill, when they cannot sign players etc...