Portsmouth Admin

[Deadlock]

They have also rejected a £3M bid for Marc Wilson from West Brom.

Shame that; some of the cash raised could have gone to pay the St John's Ambulance Brigade.

Which would be silly, seeing as the fans paid that through personal denotions within 2 days of it beeing announced.

The fans made personal contributions to SJA to ensure the charity did not end up out of pocket. This is to their credit.

That doesn't stop the club owing what they owe.

[Barry the bird boggler]

Technically it's still owed by the club though, although as the debt is now to the fans no-one will count it!

[Mr Angry]

Pompey have resigned both Rocha and Kanu, on 2 year and 3 year contracts. I bet those wages won't come cheap, nor the signing on fees, agents fees etc etc.

Business as usual then.

Pompey already seem to have forgotton what happened over the Summer and appear to be making the same business decisions that got them into a situation where they were very very fortunate not to go out of business. I wonder if they end up in court again whether a different judge will be quite so lenient.....

[Rev Algenon Stickleback H]

They also signed Kitson & Lawrence on £20000 a week each, double their salary limit, with the administrator saying "gone are the days when high pay packets put us in financial trouble"

[Franchise FC]

They also signed Kitson & Lawrence on £20000 a week each, double their salary limit, with the administrator saying "gone are the days when high pay packets put us in financial trouble"

The fact that ANYONE in the Championship is paying £20k per week is

[Rev Algenon Stickleback H]

They also signed Kitson & Lawrence on £20000 a week each

Are you serious?

Lawrence is "only" on £19000 a week, but yes.

http://www.mirrorfootball.co.uk/news/Tr ... 75765.html

"Pompey administrator Andrew Andronikou told creditors that the club's huge Premier League wage bills had contributed to debts of around £130m.

Andronikou pledged to put in place a £10,000 a week wage limit following relegation and an agreement to pay creditors at the rate of 20p in the pound owed.

But Andronikou said: "We have had to push out the boat for Kitson and Lawrence.

"Their wages are £19,000 and £20,000 but it was something we are comfortable with.

"Gone are the days when extraordinary pay packets put the club in financial trouble.'

[roadrunner]

Well there's a contradiction if I ever saw one. How can they do this??
Their wages alone would ammount to 2M+ per year.

4 years of parachute payments (or is that as of this season?) would have changed things a lot for all clubs relegated.

[Mr Angry]

Pompey are behaving like a Chav who has splurged his credit cards for a new motor, the holiday to Disneyland etc etc, has got other loans and remortgaged the house so its now worth half what is owed on it. He then goes to Ocean Finance (other respectable loan shark comapanies are available) and takes out one super loan to pay off all the other loans.

Nothing wrong with that you may think.

Except Pompey Chav, being a thick moron, instead of realising that the days of splashing the cash are over, as every penny he earns has to go to pay of the Ocean Finance super loan, starts to spend spend spend again.

You don't have to have a Business MBA from Havard to foretell the inevitable outcome of such a strategy.......

[roadrunner]

You don't have to have a Business MBA from Havard to foretell the inevitable outcome of such a strategy.......

Which is administration, and Portsmouth get away with it again. Until clubs receive the strongest punishment and are shut down, or at least removed from the premier league/football league, they will not learn.

[Mr Angry]

You don't have to have a Business MBA from Havard to foretell the inevitable outcome of such a strategy.......

Which is administration, and Portsmouth get away with it again. Until clubs receive the strongest punishment and are shut down, or at least removed from the premier league/football league, they will not learn.

And that, sadly, is EXACTLY what will happen.

Meantime, other clubs who have done their level best to live within their means will miss out on promotions and FA Cup runs.

[Royal Rother]

I don't know what's more shocking - Pompey being allowed to pay wages of £20k pw, or the fact that someone is still prepared to pay Kitson that much.

Extraordinary on both counts.

[Barry the bird boggler]

It's a joke isn't it, Portsmouth (and to a lesser degree Cardiff) obviously living well beyond current means. Here's hoping a season of ultimate misery lies ahead for both.

[exileinleeds]

Be fair, they have got to spend money on a squad to get them straight back to the Prem where they clearly belong. Salaries of 50 times the average supporters wages is, naturally, a good thing. It is not as if they got their parachute payments early to pay for the last lot of "stars." I am sure the insurance against Kitson being injured and being able to play for more than 10 games a season, are no more than say the average 17yo insurance on a Fararri.

It is clearly a sound business plan, it must be working already, just take a look at the league.

[SpaceCruiser]

they have got to spend money on a squad to get them straight back to the Prem

I disagree, they don't have to.

where they clearly belong.

Are you kidding?

Unless you are on a wind up.

[roadrunner]

I think it's safe to assume her tongue was very much in cheek.

[Geekins]

Spacey gets a WHOOOOSH!

[SpaceCruiser]

I think it's safe to assume her tongue was very much in cheek.

Hi Jay.

[The whole year inn]

Kitson scores

[Royal With Cheese]

But they're losing 3-1 at the mo.

[Wax Jacket]

to a James Vaughan hat-trick. hang on aren't Palace bust, who's paying his wages, etc etc