Clubs in trouble

[Hammer]

Administration looks certain now. Why would anyone looking to invest in them bother behorehand? They could take over later without having to pay off major creditors.

Talking of creditors, I hope HMRC continue to pursue them for every penny though.

[Karlos96]

Pompey are going into administration, so they won't be wound up any time soon. So we'll keep our points, and they might yet knock the filth out of the cup.

And I had £20 on them at the start of the season to get relegated...

I did christmas 2008..  ;-))     good bloody odds too

I put £20 on Portsmouth, Burnley and Hull at the start of the season will get not far off £500 if they all go.

[Guy M]

Pompey are going into administration, so they won't be wound up any time soon. So we'll keep our points, and they might yet knock the filth out of the cup.

And I had £20 on them at the start of the season to get relegated...

I did christmas 2008..  ;-))     good bloody odds too

What odds did you get Juan Pablo?

The day 'Onest 'Enry dumped his key to the city and scuttled off to Spuds, I said Defoe and Crouch would join him within a year. Wish I'd put a few quid on that too.

[UK Redsox]

I doubt the Prem league will allow it to happen though. They will expect administration before meltdown. It is going to the wire because Portsmouth want to try and avoid the 10 point deduction, for obvious reasons.

I don't undersatnd that myself?

They're pretty much fucked in terms of being certainties for the drop anyway, so if I was them I'd rather take the 10 points now when it won't have any effect than have it wreck any promotion hopes next season!

if they go into adminstration then Chanrai and Gaydamk lose probably 90% of the money they are owed as the IR has preferred creditor gets first dibs.
that is the last thing they want and the IR know this, hence their action because the last thing they want is for the sky money at the end of the season to go into these crooks hands.

This is incorrect since the Enterprise act, The HMRC only get 20% of floating charge assets capped at £600k

I think that "football creditors" rank ahead of HMRC due to the special rules which seem to apply to Admins of Football Clubs.

Therefore, its us, the taxpayer, that'll lose out.

[CJ]

From what I heard the PL have said if Pompey go into administration rather than being wound up they wil guarantee £5m in May and £16m in August, sufficient to pay their main creditors, including HMRC, so we as taxpayers won't be footing their bills

[pdiddybaby]

From what I heard the PL have said if Pompey go into administration rather than being wound up they wil guarantee £5m in May and £16m in August, sufficient to pay their main creditors, including HMRC, so we as taxpayers won't be footing their bills

but leaves them with hardly any other income for the rest of the season so still will be in big trouble.

[Concrete John]

From what I heard the PL have said if Pompey go into administration rather than being wound up they wil guarantee £5m in May and £16m in August, sufficient to pay their main creditors, including HMRC, so we as taxpayers won't be footing their bills

but leaves them with hardly any other income for the rest of the season so still will be in big trouble.

If this not just the parachute payments, with £5m of it coming early?  If so they should still have their normal income from gate receipts and TV money!

[pdiddybaby]

From what I heard the PL have said if Pompey go into administration rather than being wound up they wil guarantee £5m in May and £16m in August, sufficient to pay their main creditors, including HMRC, so we as taxpayers won't be footing their bills

but leaves them with hardly any other income for the rest of the season so still will be in big trouble.

If this not just the parachute payments, with £5m of it coming early?  If so they should still have their normal income from gate receipts and TV money!

as I read it that £21m is the payment for this season but the parachute payment will also be claimed by creditors as well if they are not paid off then. The hope I guess is that they stay into admin until the end of the season. Pay off what they can, sold off and start again, will the credtiros accept that though, knowing parachute payment is also there.

[CJ]

From what I heard the PL have said if Pompey go into administration rather than being wound up they wil guarantee £5m in May and £16m in August, sufficient to pay their main creditors, including HMRC, so we as taxpayers won't be footing their bills

but leaves them with hardly any other income for the rest of the season so still will be in big trouble.

Absolutely - they are in deep shit and the more cynical among us see the PL's 'help' for Portsmouth is aimed at avoiding the club being wound up on their watch. It's pretty embarrassing for the PL to reveal that the level of debts sustained by PL clubs is such that it now threatens the very existence of top flight clubs (although there are clubs going bust from top to bottom leagues now). In my view the 'help' they are giving Pompey sees them relegated (which would happen anyway) and shifts the longer term problem to the Football League

[pdiddybaby]

just wondering but can the IR in particular appeal against administration if they feel it is a way of Pompey reneging on thier commitments ?

Would they want to ?

[Concrete John]

From what I heard the PL have said if Pompey go into administration rather than being wound up they wil guarantee £5m in May and £16m in August, sufficient to pay their main creditors, including HMRC, so we as taxpayers won't be footing their bills

but leaves them with hardly any other income for the rest of the season so still will be in big trouble.

Absolutely - they are in deep shit and the more cynical among us see the PL's 'help' for Portsmouth is aimed at avoiding the club being wound up on their watch. It's pretty embarrassing for the PL to reveal that the level of debts sustained by PL clubs is such that it now threatens the very existence of top flight clubs (although there are clubs going bust from top to bottom leagues now). In my view the 'help' they are giving Pompey sees them relegated (which would happen anyway) and shifts the longer term problem to the Football League

I think that's exactly what they want.

[Toronto Villa]

So it's official. Portsmouth will go into administration tomorrow. Better than being wound up I suppose, but the "little" people still end up being screwed. People like the suppliers to the club, the caterers etc, while the likes Storrie and the players get their bags of cash.

Sad day really, but relegation and the chance to rebuild may be their best long term option.

I'm glad the "fit and proper" test thingy helped them out . . .

[Guy M]

So it's official. Portsmouth will go into administration tomorrow. Better than being wound up I suppose, but the "little" people still end up being screwed. People like the suppliers to the club, the caterers etc, while the likes Storrie and the players get their bags of cash.

Sad day really, but relegation and the chance to rebuild may be their best long term option.

I'm glad the "fit and proper" test thingy helped them out . . .

The worst example of this sort of shittiness has to be Ken Bates taking Leeds into administration or receivership and then buying them back the very next bloody day.

I think this "football creditors" stuff is crap and am surprised it hasn't been challenged in court. I suppose the problem is that it's the small fish who probably usually miss out and can't afford litigation on top of the 99p in the £1s they're owed going missing.

[richard moore]

Interesting to see William Hill have paid out today on my £20 bet placed at the start of the season for them to go down...just in time for a little flutter on Wembley this weekend!

[Dave Cooper please]

Chester have gone

They may be accepted into a lower division but realistically it will be a new fans club if anything playing in Chester next season.