Generic clubs in financial crisis Thread

[Terminal Boardom]

Not exactly a club in financial meltdown but...

http://theforeigner.no/pages/news/norway-royal-death-sparks-football-uncertainty/

[andrew1957]

Will Pompey get their just deserts at last?

http://news.bbc.co.uk/go/rss/-/sport1/h ... 652130.stm

[Who Moved The Goalposts?]

Will Pompey get their just deserts at last?

http://news.bbc.co.uk/go/rss/-/sport1/h ... 652130.stm

Can only hope so, Andrew.

But it's a shame Cala has withdrawn in a way as he was much like their previous long list of questionable owners and may have been the final straw. They might - just might - find a decent owner now after all.

[Bowman's Quiver]

http://www.portsmouth.co.uk/sport/pompe ... _1_3443262


I don't know how they get away with it.....

[Friday's Legacy]

Andronikou admits new owners need to be found quickly

http://www1.skysports.com/football/news ... g-up-order



Portsmouth are facing a winding-up order from Her Majesty's Revenue and Customs, according to the administrator of the club's parent company.

Pompey, who have been blighted with financial problems in recent years, reportedly owe HMRC an unpaid PAYE bill of £1.6million, with Andrew Andronikou, administrator of Convers Sports Initiatives, which owns the Championship club, describing the situation as "extremely serious".

"The club effectively ran out of cash at the end of December," Andronikou told The Observer. "We're under extreme pressure to find a buyer and time is against us.

Petition

"The issuing of the petition effectively means the club loses its ability to use its bank accounts. But we've made other provisions. We're not fazed or worried by it. The club's debts are not significant, we haven't got millions and millions of liabilities.

"We pretty much have two months' PAYE outstanding. We're waiting to see what the Revenue will do. They will probably advertise the petition [in the London Gazette] next week. I think there is a hearing date at the end of February.

"We need to focus on finding a buyer to completing a transaction to raise cash. In terms of working capital and cash it's only going to come from two sources: a buyer or player sales. We're working on both."

[Ian Royal]

What's that Pompey, had all your debt wiped for you bar a paltry amount (which you still haven't paid yet) and you've already managed to run out of money and build up a new £1.6m of debt to HMRC in two months?

Pretty convincing evidence you should have just been wound up in the first place. Die you miserable excuse for a football club.

[Svlad Cjelli]

What's that Pompey, had all your debt wiped for you bar a paltry amount (which you still haven't paid yet) and you've already managed to run out of money and build up a new £1.6m of debt to HMRC in two months?

Pretty convincing evidence you should have just been wound up in the first place. Die you miserable excuse for a football club.

Serves 'em right for blindly believing all the wonderful promises made by their great new foreign owners.

[Rev Algenon Stickleback H]

What's that Pompey, had all your debt wiped for you bar a paltry amount (which you still haven't paid yet) and you've already managed to run out of money and build up a new £1.6m of debt to HMRC in two months?

Pretty convincing evidence you should have just been wound up in the first place. Die you miserable excuse for a football club.

That £1.6 million debt is two months' worth of unpaid PAYE. Assuming the players are paying 50% tax, that works out at a yearly wage bill of £19.2 million.

It's probably also fair to assume that if they can't pay their bills now, they won't be able to again until next year's season ticket money and parachute cash comes in.

Unless they can raise several million in sales before the end of the month, or find a mug willing to pay the debt off, it does look pretty serious. Scarily for them the talk seem to be about trying to not sell anyone.

Then again, who in their team could raise that amount of cash? And who would want to pay the salaries they are paying?

[Svlad Cjelli]

What's that Pompey, had all your debt wiped for you bar a paltry amount (which you still haven't paid yet) and you've already managed to run out of money and build up a new £1.6m of debt to HMRC in two months?

Pretty convincing evidence you should have just been wound up in the first place. Die you miserable excuse for a football club.

That £1.6 million debt is two months' worth of unpaid PAYE. Assuming the players are paying 50% tax, that works out at a yearly wage bill of £19.2 million.

It's probably also fair to assume that if they can't pay their bills now, they won't be able to again until next year's season ticket money and parachute cash comes in.

Unless they can raise several million in sales before the end of the month, or find a mug willing to pay the debt off, it does look pretty serious. Scarily for them the talk seem to be about trying to not sell anyone.

Then again, who in their team could raise that amount of cash? And who would want to pay the salaries they are paying?

Is it all PAYE, or is there a VAT component too? That would significanly change the equation, and it's hard to believe that while not paying the PAYE on players' wages they've been diligently keeping up to date with the VAT on ticket sales etc.

[roadrunner]

Any chance of a points deduction for the lolz?

[Schards#2]

Don't tell me, "saturday could be their last ever game"

zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

[Barry the bird boggler]

The Pompey non story rumbles on. They'll be "saved" again by the end of the month and everything will be paid off.

[Deadlock]

The Pompey non story rumbles on. They'll be "saved" again by the end of the month and everything will be written off leaving their creditors penniless.

Fixed your typo.

[Mr Angry]

Until the chains are put on the gates, and Mr Portsmouth is shown on Meridian blubbling into his comedy top hat, I will doubt that what should have happened to them 24 months ago is going to happen to them now.

Oh - and doesn't the bloke who pulled out of the deal sound EXACTLY the sort of person that would pass the fit & proper test......



"Sicilian American businessman"

"The 50-year-old underwater hotel visionary"

Just

Incidentally, if you want to read some seriously delusional people writing about this subject, read the comments section of the articles in the Portsmouth Evening News; people suggesting that Portsmouth Council should do a compulsary purchase of all the land surrounding Fratton Park and give it to the football club!!

[Mr Angry]

This one made me laugh!!

It's quite tough being a Pompey fan these days, we've got our a £1.8m bill from HMRC that's not been paid, again! We're flirting with Administration yet again, We've got our Ex-Manager up in court today on a charge of cheating the public purse, we've got one of our Ex-Owners up on a similar charge. We've got our Ex-CEO up on a similar charge later in the year. Our last owner is fighting extradition to face a charge of defrauding his own bank. Another owner was the son of a convicted Arms Dealer, (who it should be pointed had nothing to do with the running or financing of the football club in any way whatsoever), yeah right! We have another owner, a Hong Kong Businessman who sued the Arms Dealer for £30m about the same time that he took over the club. Whilst the son of the Arms Dealer owns the land surrounding the ground, his adversary seemingly still owns the rest. We've also had more shakes than an american diner, with the Fat, skint Sheikh, along with the Invisible sheikh. All this without even mentioning the Man from Atlantis, who thought he was buying Pompeii or Rory's and his positivity column. And you ask me Do I watch Eastenders?.....Couse not, It's nothing like real life !

[PieEater]

How can the publicity whore administrator who knew in detail their financial situation let them build and run such an expensive team in the hope that someone else would pay for it. They had enough parachute money and gate receipts to run a competitive team, but again they decided to gamble on running a team they couldn't afford.

HMRC should really not give them any more chances.

[Arch]

HMRC didn't want to give them any more chances two years ago, but they got shafted by Andronikou. I'm certain if they can bring the whole edifice down, they will.

[Royal Rother]

The bell will soon be tolling for the final time.

[FiNeRaIn]

The bell will soon be tolling for the final time.

Too much to hope for, they'll be let off again, don't worry.

[Mr Angry]

HMRC issue the winding up petition on Pompey.

http://news.bbc.co.uk/sport1/hi/football/16706372.stm


"BBC South understands that any purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Balram Chainrai and Alexandre Gaydamak"

So, a new purchaser would need to find £32M simply to pay off the previous owners before CSI, and to prove they have the funds available.