Portsmouth fc

[PieEater]

Well they have £16m in parachute payments, and even after paying the players and paying off Chainrai they still have which is £5m more than anyone else in league 1. Deciding to spend that on a team isn't looking such a great decision now, you have to feel sorry for the players when their 1 month contracts don't get renewed.

Anyone else in their position would have long given up the idea of fielding a "competitive" team and just put the kids out while they rebuild.

[Alexander Litvinenko]

Well they have £16m in parachute payments, and even after paying the players and paying off Chainrai they still have which is £5m more than anyone else in league 1. Deciding to spend that on a team isn't looking such a great decision now, you have to feel sorry for the players when their 1 month contracts don't get renewed.

Anyone else in their position would have long given up the idea of fielding a "competitive" team and just put the kids out while they rebuild.

I suspect the reality will be somewhere in between, if they get control. As well as the administrator, they have to sell the idea of supporter ownership to the fans who don't understand anything about football finance and just want to see a winning team. A manifesto that says "we're playing kids and inevitably getting relegated" won't do much to convince them of the benefits.

But what you're all forgetting/not realising/ignoring is that an IPS (which the Pompey Trust is) cannot,legally, get into debt.

[PieEater]

I hadn't realised that Dirk, if they get the council loan does that count as debt? Does deferred player payments (to be met from next season PP) count?

[cmonurz]

Those parachute payments should be going directly to creditors. What situation transpired where those payments were not available to pay back monies owed, but suddenly are now the club wants to build a team again? Absolutely disgusting.

[Ian Royal]

Those parachute payments should be going directly to creditors. What situation transpired where those payments were not available to pay back monies owed, but suddenly are now the club wants to build a team again? Absolutely disgusting.

If they cease to exist, I don't see why they'd be due the parachute payments. They're to cover wages for seasons following relegation because of the massive differences in income between the PL and Champ.

[WestCoast Life]

Looks like another fake sheik on the horizon : http://www.arabianbusiness.com/mideast-investors-launch-20m-bid-for-portsmouth-472349.html

[Rax]

Looks like another fake sheik on the horizon : http://www.arabianbusiness.com/mideast-investors-launch-20m-bid-for-portsmouth-472349.html

LOL - say hello Mr Sheik Mahandie!!

I wish this sorry excuse of a football club would FOAD soon - taking their odious bell ringing fans with them!

[Rax]

...updated post below

[Rax]

"Pompey Dave - a completely deluded Portsmouth fan" wrote.......
Wow sounds like another twist in my clubs very interesting life! A message to the investors - you would be buying a fantastic club with real supporters who follow Pompey through thick and thin. Once you've experienced Fratton Park there's no turning back:-) Good luck and I hope you're genuine and please take care of my wonderful club

Wow sounds like another twist in my clubs very interesting life! A message to the investors - you would be buying an absolute financial pink elephant with fans who are proper hangers on cos we know the twat with the bell will be on TV. Once you've experienced Fratton Park, we know you won't be back - but we won't care because by then we would have had your money! Good luck with that one!!

Corrected for him!!

[ankeny]

"Pompey Dave - a completely deluded Portsmouth fan" wrote.......
Wow sounds like another twist in my clubs very interesting life! A message to the investors - you would be buying a fantastic club with real supporters who follow Pompey through thick and thin. Once you've experienced Fratton Park there's no turning back:-) Good luck and I hope you're genuine and please take care of my wonderful club

Wow sounds like another twist in my clubs very interesting life! A message to the investors - you would be buying an absolute financial pink elephant with fans who are proper hangers on cos we know the twat with the bell will be on TV. Once you've experienced Fratton Park, we know you won't be back - but we won't care because by then we would have had your money! Good luck with that one!!

Corrected for him!!

Fukin knobhead,let's hope he's another fake and the parasites go under

[cmonurz]

Those parachute payments should be going directly to creditors. What situation transpired where those payments were not available to pay back monies owed, but suddenly are now the club wants to build a team again? Absolutely disgusting.

If they cease to exist, I don't see why they'd be due the parachute payments. They're to cover wages for seasons following relegation because of the massive differences in income between the PL and Champ.

Clearly that differential is the least of Pompey's worries. This sort of money should simply not be flowing into the club when creditors have been left with virtually nothing, it's disgusting.

[Alan Partridge]

They were atrocious, and even though I absolutely despise Gatwick Town FC and what they stand for, I found the Pompey fans giving it the big one towards the end of that game a bit mince really. Only won against 9 men and you shouldn't even have a club to support so act with some dignity maybe? Not a chance of that was there really?

Crawley v Portsmouth where the only winner would be if Al Qaeda bombed that sh!thole and took everyone in the ground with it.

[Schards#2]

They were atrocious, and even though I absolutely despise Gatwick Town FC and what they stand for, I found the Pompey fans giving it the big one towards the end of that game a bit mince really. Only won against 9 men and you shouldn't even have a club to support so act with some dignity maybe? Not a chance of that was there really?

Crawley v Portsmouth where the only winner would be if Al Qaeda bombed that sh!thole and took everyone in the ground with it.

^^this

"how shit must you be, we're winning away" err.....against 9 men afetr some of the worst refereeing ever seen on these isles.

Please just fold, quietly.

[cmonurz]

I know I’m going on about it, but can someone clarify – is it correct that Portsmouth were not allowed to claim parachute payments whilst in administration etc, and so the system is actually set up in a way by which the club gets to screw over it’s creditors and then claim however many millions to see the club through the season?

[Schards#2]

I know I’m going on about it, but can someone clarify – is it correct that Portsmouth were not allowed to claim parachute payments whilst in administration etc, and so the system is actually set up in a way by which the club gets to screw over it’s creditors and then claim however many millions to see the club through the season?

From what's happened it does appear that way.

As you say, it's an outrage that Portsmouth can spend money on players who are better than most Div 1 clubs can afford whilst simultaneously shafting St John's Ambulance, various charities and lots of small local businesses.

[Mr Angry]

This might be of interest if you fancy wading through it....

http://www.pkf.co.uk/web/pkf.nsf/82D34E ... posals.pdf

Sections 3.23 - 3.26 inclusive deal with Parachute payments.

When PKF were appointed, Portsmouth FC had £2.584M in the bank, yet the Management Accounts only showed £2.413M....

[watfordroyal]

I know I’m going on about it, but can someone clarify – is it correct that Portsmouth were not allowed to claim parachute payments whilst in administration etc, and so the system is actually set up in a way by which the club gets to screw over it’s creditors and then claim however many millions to see the club through the season?

From what's happened it does appear that way.

As you say, it's an outrage that Portsmouth can spend money on players who are better than most Div 1 clubs can afford whilst simultaneously shafting St John's Ambulance, various charities and lots of small local businesses.

If they're not paying St Johns Ambulance - who's covering their home games for them, No ambulance - no safety certificate.
Either St.J's are being muppets to carry on or this is another burden to the taxpayers!

[Alexander Litvinenko]

I thought St John's Ambulance was a charity that didn't charge for their services - instead they accept voluntary donations in arrears.

The statuary requirement for medical services required by their safety certificate will be provided by South Central NHS Ambulance Trust, at cost.

[Schards#2]

I thought St John's Ambulance was a charity that didn't charge for their services - instead they accept voluntary donations in arrears.

The statuary requirement for medical services required by their safety certificate will be provided by South Central NHS Ambulance Trust, at cost.

This articles suggests they were owed money

http://www.express.co.uk/ourcomments/view/171301

Mind you, firstly, it's quite old and, secondly, the scouts are listed too so maybe its just a charity collection that has not been passed on.

[Alexander Litvinenko]

Mind you, firstly, it's quite old and, secondly, the scouts are listed too so maybe its just a charity collection that has not been passed on.

It was the latter.

And Pompey supporters raised the money themselves for all the charities owed : http://www.sportspromedia.com/notes_and_insights/portsmouth_fc_fans_a_credit_to_club_as_they_begin_to_clear_its_debts_themse/