Portsmouth Admin

[TFF]

Fair play to the Pompey Fans

http://www.justgiving.com/pompeyfans4stjohnsambulance

I've even lobbed a fiver in there myself.

[Deadlock]

There's some right bastards at that club...

TWO cancer charities are owed almost £15,000 by Pompey a year after the money was raised by the club.

The News can reveal Pompey has kept £12,000 raised for Tom Prince Cancer Trust and £2,300 owed to Harbour Cancer Support Centre.

...

Clint Prince, 51, of Tom Prince Cancer Trust - named in memory of his son who died of bone cancer in 2004, said: 'We have not received any of this money yet but we have not let it be known widely or gone to the papers because we have a good relationship with Portsmouth Football Club and didn't want to jeopardise that. However, we feel now is the right time to let those people who bought shirts in support of the trust know the situation and I want to ensure them we have not given up trying to secure the funds.'

The charity will recoup £12,500 after Pompey agreed with Ticketmaster to donate 50p from each FA Cup final ticket sold by the club.

Tom Purnell has been on the case, and the fans have already raised money to cover the Harbour Cancer Support Centre, and have started on the South Central Ambulance Charitable Trust debt.

[ankeny]

That admin bloke got a face that looks like hes taking the piss all the time.This club should have been kicked out of football long before they went into administration

[Messiah]

There's some right bastards at that club...

TWO cancer charities are owed almost £15,000 by Pompey a year after the money was raised by the club.

The News can reveal Pompey has kept £12,000 raised for Tom Prince Cancer Trust and £2,300 owed to Harbour Cancer Support Centre.

...

Clint Prince, 51, of Tom Prince Cancer Trust - named in memory of his son who died of bone cancer in 2004, said: 'We have not received any of this money yet but we have not let it be known widely or gone to the papers because we have a good relationship with Portsmouth Football Club and didn't want to jeopardise that. However, we feel now is the right time to let those people who bought shirts in support of the trust know the situation and I want to ensure them we have not given up trying to secure the funds.'

The charity will recoup £12,500 after Pompey agreed with Ticketmaster to donate 50p from each FA Cup final ticket sold by the club.

Tom Purnell has been on the case, and the fans have already raised money to cover the Harbour Cancer Support Centre, and have started on the South Central Ambulance Charitable Trust debt.

Just when you think they couldn't sink any lower..

[Barry the bird boggler]

The Mary Rose is more seaworthy in its current state than Cheatsmouth FC.

[Wax Jacket]

Fair play to the Pompey Fans

http://www.justgiving.com/pompeyfans4stjohnsambulance

I've even lobbed a fiver in there myself.

totally fair play to the fans, who many twats on here seem to blame for the current predicament

would be nice if you heard about the players chipping in too, although to be fair IIRc they did help out for the staff who were made redundant

[rhroyal]

Some true scumbags have been involved with this club. They should not be allowed near football again. For failing to pass on money raised to charities they should be facing prosecution. Fair play to some of the fans, they clearly don't deserve this. Can't they just hang the men responsible out to dry with hefty sentences for fraud? That will put more people off this sort of activity in the future.

[Wycombe Royal]

Another day and the debts goes up by a few more million - £138m now......

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8664722.stm

[TFF]

Infuckingcredible

[Barry the bird boggler]

I do hope that HRMC dispute this figure in the courts meaning that at thevery least Pompey will still be in administration in August

[Skyline]

According to the PFA they misled their players over payment of wages:

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8655397.stm

[Deadlock]

I'm shocked, shocked to find that Portsmouth have not been completely truthful.

[6ft Kerplunk]

If the debt is increasing by that much a month isn't it proof to the administrator that the club just isn't financially viable in any way and should be wound up? Plus won't in make Chainrai's stake much less than the 75% needed for the CVA or is the extra debt magically linked to their 'friendly' creditors. How haven't the fraud squad not been called in to investigate?

[TFF]

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!

[Stranded]

If they were owed £17.1m - the fine makes that £34.2m - as the total debt is apparently now £138m unforunately that leaves them just under the 25% - not by much mind (about 0.2% under).

[TFF]

At that kind of level they'll only need to find one friendly fellow stakeholder to block the CVA

[Stranded]

Very true - need someone owed £60k or more to block it too.

[exileinleeds]

Come on HMRC!

[Deadlock]

If they were owed £17.1m - the fine makes that £34.2m - as the total debt is apparently now £138m unforunately that leaves them just under the 25% - not by much mind (about 0.2% under).

A CVA needs the support of 75% of the unsecured creditors. Chainrai's got £14m of secured debt, and "football" has another £17m, so that mean's the unsecured debt is only £107m. £34m is easily over the threshold.

[Barry the bird boggler]

Let's hope the administrator doesn't find another 50m worth of debt down the back of the settee in the next few days then.