Clubs in trouble

[eastie]

What a tragedy for mr Portsmouth, (or that twat with a bell )as previously described!

[1_Pablo_Angel]

Most of Bent Arry's overpriced signings which came with ridiculous wages were made after Guydamak took over. Painting him as the innocent party in this is ridiculous.

[1_Pablo_Angel]

What a tragedy for mr Portsmouth, (or that twat with a bell )as previously described!

John Westwood, and he's actually alright when he's not pissed out of his face. A rare occurance admittedly.

[Chris Jameson]

What a tragedy for mr Portsmouth, (or that twat with a bell )as previously described!

John Westwood, and he's actually alright when he's not pissed out of his face. A rare occurance admittedly.

I refuse to believe that, somebody will be saying David Cameron is a great bloke next.

[hawkeye]

if your coments were not so out of context i might try, so when do you think Gaydermark found out about the deficit? you said i was incorect that the problems go back to the previous era, so Gaydermark would have stumped up his £30mil if he had known the true extent of the debt? My information and knowledge about this is not based upon Radio 5 or News paper speculation, this is for Pdiddy

[Chris Jameson]

With 'Arry aving an 'and in dealings at Bournemouth, West Ham, Southampton and Portsmouth all of whom have hit financial difficulties fairly spectaculary i really can't wait for the moment he jumps ship at Spurs when he's told he has to sell players.

[pdiddybaby]

if your coments were not so out of context i might try, so when do you think Gaydermark found out about the deficit? you said i was incorect that the problems go back to the previous era, so Gaydermark would have stumped up his £30mil if he had known the true extent of the debt? My information and knowledge about this is not based upon Radio 5 or News paper speculation

Can not see your point, Gaydamek should have true due dilengence to check the books and whatever Mandaric left him, if not his fault but Pompey are a small team buying the likes of Campbell, Diarra, Defoe

that is the problem, if he knew about the deficit why did he OK the signing of such players on such high wages.

[hawkeye]

if your coments were not so out of context i might try, so when do you think Gaydermark found out about the deficit? you said i was incorect that the problems go back to the previous era, so Gaydermark would have stumped up his £30mil if he had known the true extent of the debt? My information and knowledge about this is not based upon Radio 5 or News paper speculation

Can not see your point, Gaydamek should have true due dilengence to check the books and whatever Mandaric left him, if not his fault but Pompey are a small team buying the likes of Campbell, Diarra, Defoe

that is the problem, if he knew about the deficit why did he OK the signing of such players on such high wages.

yep that was it, i have edited to explain more, it is in the public domain regarding the contrasting views on the crown debt,the inland revenue actions, it is surely not too hard to imagine that thier might be other liabilities that were not recognised.

[pdiddybaby]

Gaydamak took over 4 years ago you would have thought the debt could have been sorted out and finances worked out

From what I understand and please Hawkeye correct me on this, despite selling the likes of Johnson, Diarra, Crouch etc. the debt level never got reduced.

so if this is true where did the money go, my guess is siphoned off to pay off Gaydamak's snr debts.

this is where the authorities should have stepped in and the failure to do so will be the epitaph to this sad episode

[lovejoy]

When Pompey sold Glenn Johnson and Jermaine Defoe for c £34m where did the money go? From the above posts it suggests to repay Gaydamak his loan. What this means is that any owner who funds a club can effectively decide to run them into the ground (or assets stripping them if you like) to recover their loan. Other owners may write off the debt or just take it as equity in the club instead. Theoretically Randy could just sell all our best players and we would sink like a stone. Given the Premier League is the most lucrative in the world I am amazed we have come to this.

One more thing the fit and proper test is nothing to do with an owners financial means or intention for the club its just a check to see if someone has criminal background which would preclude them for owning a club - much like the with any company director. Given that Thaksin Shinawatra (?) passed this test you can see where the water mark is.

[pdiddybaby]

Other owners may write off the debt or just take it as equity in the club instead. Theoretically Randy could just sell all our best players and we would sink like a stone.

That is exactly it.

Man City owner has took the equity route, Roman has done the same at Chelsea but still they owe £300m

for us there is the £200m available for Randy to trun the debt into shares but we owe the money to a trust which is bound by financial rules.

What we have to do is to trust Randy on this

but because he brought us very low, then he sells us tomorrow he gets back the vast majority of the debt, or more accurately the trust does.

[pauliewalnuts]

What we have to do is to trust Randy on this

but because he brought us very low, then he sells us tomorrow he gets back the vast majority of the debt, or more accurately the trust does.

The operative word being "have" - we'd have absolutely no choice in the matter.

Having lent the club 140 million pounds, if he decided to call in his debt tomorrow, we'd be fucked.

Getting the money back through selling the club for a figure which includes sale price plus debt is one thing, but it is only meaningful if someone is prepared to actually pay that much money, and in the current financial climate, not many people would be.

Pompey living way beyond their means and getting caught out is something which is unfortunate for their fans, but we are in absolutely no position to go for the moral high ground on this one - if our investor demanded his money back tomorrow, we too would be fucked, as we too have been living way beyond our means.

[hawkeye]

Gaydamak took over 4 years ago you would have thought the debt could have been sorted out and finances worked out

From what I understand and please Hawkeye correct me on this, despite selling the likes of Johnson, Diarra, Crouch etc. the debt level never got reduced.

so if this is true where did the money go, my guess is siphoned off to pay off Gaydamak's snr debts.

this is where the authorities should have stepped in and the failure to do so will be the epitaph to this sad episode

the debt didnt get reduced because they hadnt paid for those players then add salarys and agents fees and err other disbursements and they end up worse off as a result of buying and selling those players, also the money paid out and money rcvd on transfers are not necessarily those that have been quoted, i am not trying to say that gaydermark is totaly blameless but he did get stitched up

[BannedUserIAT]

Hawkeye, if you're going to give lessons on Portsmouth's finances, spelling 'Gaydamak' correctly may help in giving you some added credibility.

[peter w]

I think the biggest problem with Portsmouth at the moment is that they are still simply not big enough for people to really care, including those that run our game.

Yes we do, as fans, care for all (ish) teams and want to  keep them going. Also, I'm not saying that the powers that be want Portsmouth to go bust, or don't care.

But, they are not one of the clubs that would really shock the footballing family to the core if they were to go bust. Yes, a big name no doubt but not big enough to bring consciences to a shuddering halt.

Not using us through rose tinted spectacles, but I think that if Aston Villa were on the brink of collapse it would run deep through every strand of football. Fans, the FA, Premier League, and even more importantly the media.

If a truly big name in English football were to look shaky then the media would be all over the story and would be demanding action to ensure they didn't go under.

Taking the rights and wrongs of what's happening at Portsmouth to one side, and whilst recognising that of course they're important and have a history themselves, they simply aren't important enough for enough people to care to want to stop any potential liquidation happening.

MOTD. Portsmouth the biggest story at the moment - even stated so by Alan Hansen - a huge game for them where 3 points are vital in order to try and stave off relegation and interest further investment and what happens? A game with 3 goals, 1 disallowed, a sending off, a last-minute winner all in the climate of fear, trepidation, loathing, hope and they get 5 minutes at best.

Says it all. Until someone big goes, or face the real possibility, no-one who can make a difference will really care.