Topic: Portsmouth FC out of Administration

[Tommy_W]

On the breaking news ticker on the BBC. Not good news!

[gazzalfc]

Just saw it on SSN as well. I'm sure the money is there. Just the owners want to put off paying up until the last minute

[rednile]

Yeah i signed that petition , to stop winding the away fans up with them fuckin bells .

[niallo27]

Will we get our 3 points back if they go tits up

[Tom_B]

This is going to be interesting.

[Alan_X]

Doesn't necessarily mean a lot. Anyone can issue a winding up order. It's a common last resort if someone hasn't been paid. We have considered it a couple of times for clients who don't pay up.


Oh, just looked at the story and it's HM Revenue and Customs...


Bye Bye Pompey...   

[Dr Cornwallis]

I hope they also look into the crooked world of the FA and ask why these fuck-wits were allowed to play with expensive toys when they obviously were not 'fit and proper'. 

[MrGrumpy]

I don't run a business, but would someone who does tell me why a business would not set aside money during the course of a year to pay its taxes?

[nayia2002]

I don't run a business, but would someone who does tell me why a business would not set aside money during the course of a year to pay its taxes?

its difficult to put money "aside" if your making a loss week in week out.

[Alan_X]

I don't run a business, but would someone who does tell me why a business would not set aside money during the course of a year to pay its taxes?

Business doesn't always work like that. You work on cash-flow, balancing the timing of your income and expenditure and trying to forecast when you need cash to pay certain things. If you have unforeseen expenditure or expected income doesn't happen it can fuck up your planning. It sounds like Pompey's business plan is completely shot to pieces - they can't pay wages (always a bad sign) and aren't paying their tax bills.

Bottom line is that their expenditure is higher than their income so there's nothing to put aside...

 

[Finn Solomon]

Business doesn't always work like that. You work on cash-flow, balancing the timing of your income and expenditure and trying to forecast when you need cash to pay certain things. If you have unforeseen expenditure or expected income doesn't happen it can fuck up your planning. It sounds like Pompey's business plan is completely shot to pieces - they can't pay wages (always a bad sign) and aren't paying their tax bills.

Bottom line is that their expenditure is higher than their income so there's nothing to put aside...

Fire sale in January? We could do with a few new faces.

[MrGrumpy]

Business doesn't always work like that. You work on cash-flow, balancing the timing of your income and expenditure and trying to forecast when you need cash to pay certain things. If you have unforeseen expenditure or expected income doesn't happen it can fuck up your planning. It sounds like Pompey's business plan is completely shot to pieces - they can't pay wages (always a bad sign) and aren't paying their tax bills.

Bottom line is that their expenditure is higher than their income so there's nothing to put aside...

 

Thanks for is explanation, can we assume that they didn't put 'tax' on their list of outgoings?

[Alan_X]

Thanks for is explanation, can we assume that they didn't put 'tax' on their list of outgoings?

It would be, in fact it would be there in fucking great big red numbers on the cash forecast.... but if there's no cash, there's nothing you can do to pay it. Businesses in that sort of trouble will pay the short-term stuff to keep themselves going while trying to sort out the large scale and long term problems. There's no point keeping aside the money to pay the tax if you've already gone out of business because your suppliers have stopped giving you credit.

They were obviously banking on someone coming in with the cash to meet their liabilities - doesn't look like it's going to happpen.

It's a nasty horrible business when the shit hits the fan.

[CHOPPER]

Quite sad really if they did go tits up.

Who's next I wonder.

[MagicHat]

I hope they also look into the crooked world of the FA and ask why these fuck-wits were allowed to play with expensive toys when they obviously were not 'fit and proper'. 

They are meant to be able to tell who is fit to own a company how? Don't think the FA can do a thing if a person doesn't have a proven criminal record?

[CheshireDave]

You can still get Pompey at 1/2 to go down.

Might put my mortgage on it.

[Stussy]

Wonder what happens to the balance we owe them of Glen Johnson's fee.

[rafathegaffa83]

Amazing they've gone from winning the FA Cup to less than two years later looking like completely folding. A team who definitely overstepped and overreached their financial limitations.

[Lush is the best medicine...]

Amazing they've gone from winning the FA Cup to less than two years later looking like completely folding. A team who definitely overstepped and overreached their financial limitations.

i think that fella who owns brum has promised a £40m transfer fund which has more or less all come from borrowed money, so they could concievably be next

and i've read somewhere else that utaka is on £80k a week - harry doing a sterling job as ever

[gazzalfc]

Wonder what happens to the balance we owe them of Glen Johnson's fee.

Wasn't that all signed off from the money they already owed us for Crouch?

[SP]

Amazing they've gone from winning the FA Cup to less than two years later looking like completely folding. A team who definitely overstepped and overreached their financial limitations. employed 'Arry.

[Una cerveza, por favor]

Good. Hope the fuckers go down.

[SP]

Wonder what happens to the balance we owe them of Glen Johnson's fee.

HMRC will ensure that we pay as it is their cash as the preferential creditor.

[Stussy]

Damn.

[Grushko]

They're not up in court until February, so there's plenty of time to sell a couple of players in the transfer window and pay the taxman.

[MrGrumpy]

I thought a large part of the Johnson fee was us agreeing to write off money owed on the Crouch transfer. How much did we actually pay?

[rafathegaffa83]

They're not up in court until February, so there's plenty of time to sell a couple of players in the transfer window and pay the taxman.

They did that in the summer (Kranjcar, Johnson, Crouch) and it didn't get them anywhere. I still think they have an ongoing transfer embargo that has yet to be lifted, which won't help when they lose half a dozen players to the African Cup of Nations

[nayia2002]

You can still get Pompey at 1/2 to go down.

Might put my mortgage on it.

are any bookies taking that bet and will it stand?

[Lush is the best medicine...]

I thought a large part of the Johnson fee was us agreeing to write off money owed on the Crouch transfer. How much did we actually pay?

i think they owed between £8-10m of the crouch fee

[Lent§]

Living in Pompey, and having some ties to the club through family i've heard allsorts from various sources, but Gaydamak is still after the money HE's owed and has been taking it back, most of the money raised from Diarra Muntari Defoe etc etc (#£100m) went to him. Pompey are fucked, simple as.

[SP]

Pompey statement.

Portsmouth Football Club has not been formally served with a winding up petition and is shocked and surprised this action has been taken in respect of VAT, PAYE and National Insurance Contributions which either have been, or are about to be paid, or are disputed.
 
The club is disputing the VAT amount outstanding and has formally notified HMRC of this. We expect HMRC to withdraw their demands forthwith.
 
Otherwise we anticipate a hearing being held in early January 2010 during which we will request that the High Court order HMRC to withdraw their demands.
 
Since the takeover by Ali Al Faraj in October 2009, extreme efforts have been made to reach payment arrangements with HMRC to allow the owner time to deal with inherited debt.
 
To date the new owner has injected a total of £9.7m of new funds to HMRC - £5.7m paid and security to the value of £4M.
 
In such a tough economic environment the club finds it hard to understand this action by HMRC.
 
It is well known that the business has been in a difficult position following former owners’ decisions and the current owner is committed to resolving this and moving forward.

http://www.portsmouthfc.co.uk/LatestNews/news/PFC-Statement-433.aspx

[Lent§]

Pompey statement.
http://www.portsmouthfc.co.uk/LatestNews/news/PFC-Statement-433.aspx

What a load of bollocks. Peter Storrie is a crook aswell, just ask Notts County fans. Or the fact he's in court soon!

[SP]

Portsmouth Football Club has not been formally served with a winding up petition and is shocked and surprised this action has been taken

So they are claiming not to have been formally served with a petition and are shocked and surprised that they have not been formally served with a winding up order.

Great copywriting there.

[OLDIE]

HMRC will ensure that we pay as it is their cash as the preferential creditor.

I may be wrong but the Crown no longer has preferential status in the matter of insolvency, that is why Portsmouth have put security up for the value of £4m.

It is a sad state of affairs and shows that the money chase since 1992 has become the biggest issue in our game. We all thought Platini was being anti English when he commented about debt in our league, we used the big Spanish clubs as examples of his "hidden agenda". It appears that the man was right to question the level of debt in the English game.

Who is next ? I would not bet against it being either us or United, the level of debt at both clubs is extremely worrying or should be worrying to all fans.

The lessons of Leeds United seem to have been missed.

Good Luck to Portsmouth I hope they can sort it out, If Storrie et al are crooks then they ought to be charged, in any case its the loyal fans who suffer, we can count ourselves lucky FOR NOW

[SP]

I may be wrong but the Crown no longer has preferential status in the matter of insolvency, that is why Portsmouth have put security up for the value of £4m.

It is a sad state of affairs and shows that the money chase since 1992 has become the biggest issue in our game. We all thought Platini was being anti English when he commented about debt in our league, we used the big Spanish clubs as examples of his "hidden agenda". It appears that the man was right to question the level of debt in the English game.

Who is next ? I would not bet against it being either us or United, the level of debt at both clubs is extremely worrying or should be worrying to all fans.

The lessons of Leeds United seem to have been missed.

Good Luck to Portsmouth I hope they can sort it out, If Storrie et al are crooks then they ought to be charged, in any case its the loyal fans who suffer, we can count ourselves lucky FOR NOW

OK, even if they are not preferential, the bastards won't let us off...

[The Manhattan Project]

The teams they owe money to should have the first choice of which players they want to take, if Pompey go tits up.

[Lent§]

The teams they owe money to should have the first choice of which players they want to take, if Pompey go tits up.

Ludicrous. Pompey owe £10m to teams for players, that's all. Younes Kaboul is worth that alone (imo).

[Franck Le Poof]

Sorry if this sounds daft, but what exactly is a winding up petition and what does this mean for Pompey?

[Cusamano]

Sad.

What happens when you are run by clowns with nothing to lose.

[Lent§]

An order made by the Court for a company to be placed into compulsory liquidation.

Pompey are fucked.