Author Topic: Portsmouth FC out of Administration  (Read 48689 times)

Offline MrGrumpy

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Re: Portsmouth FC issued with winding up petition
« Reply #40 on: December 30, 2009, 07:24:46 PM »
Where is Harry Redknapp in all of this?
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Re: Portsmouth FC issued with winding up petition
« Reply #41 on: December 30, 2009, 07:26:24 PM »
Where is Harry Redknapp in all of this?
Laughing his way to the bank with more brown envelopes (it is almost the transfer window after all), well before he's officially charged for his OWN problems with HMRC.
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Re: Portsmouth FC issued with winding up petition
« Reply #42 on: December 30, 2009, 07:31:56 PM »
Hope they fuck Arsenal up though tonight.

Offline Immoral King Brian Blessed

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Re: Portsmouth FC issued with winding up petition
« Reply #43 on: December 30, 2009, 09:47:09 PM »
So if this goes through, they simply cease to exist, as opposed to a Leeds type scenario where they continue but get points docked?

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Re: Portsmouth FC issued with winding up petition
« Reply #44 on: December 30, 2009, 09:48:47 PM »
So if this goes through, they simply cease to exist, as opposed to a Leeds type scenario where they continue but get points docked?
All assets sold etc i guess?
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Offline Immoral King Brian Blessed

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Re: Portsmouth FC issued with winding up petition
« Reply #45 on: December 30, 2009, 09:50:30 PM »
All assets sold etc i guess?

Okay, I thought so. In other words, far, far worse that what has happened in the past. I suppose their stadium is the biggest asset, but who's going to buy it?

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Re: Portsmouth FC issued with winding up petition
« Reply #46 on: December 30, 2009, 09:52:01 PM »
More for the land than the Stadium, but i'd be fairly sure Tesco or someone similar would have that in a flash, great location for a Supermarket.
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Offline INABITSKI

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Re: Portsmouth FC issued with winding up petition
« Reply #47 on: December 30, 2009, 09:52:40 PM »
Okay, I thought so. In other words, far, far worse that what has happened in the past. I suppose their stadium is the biggest asset, but who's going to buy it?

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Re: Portsmouth FC issued with winding up petition
« Reply #48 on: December 30, 2009, 09:53:00 PM »
Or everton.
C'est la vie.

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Re: Portsmouth FC issued with winding up petition
« Reply #49 on: December 30, 2009, 09:56:22 PM »
More for the land than the Stadium, but i'd be fairly sure Tesco or someone similar would have that in a flash,
Or everton.

Same thing isn't it?
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Offline Una cerveza, por favor

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Re: Portsmouth FC issued with winding up petition
« Reply #50 on: December 30, 2009, 10:08:49 PM »
Indeed. Great minds and all that.
C'est la vie.

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Re: Portsmouth FC issued with winding up petition
« Reply #51 on: December 30, 2009, 10:21:30 PM »
Where is Harry Redknapp in all of this?

shhh - 'arry can do no wrong
"Clubs have virtually been destroyed by people making bad decisions."

You're not fucking wrong, Roy. There was one in particular in the summer which you might remember.

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Re: Portsmouth FC issued with winding up petition
« Reply #52 on: December 30, 2009, 10:36:13 PM »
Sorry if this sounds daft, but what exactly is a winding up petition and what does this mean for Pompey?
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Re: Portsmouth FC issued with winding up petition
« Reply #53 on: December 30, 2009, 11:29:17 PM »
The conspiracy theorist in me says we wouldn't have signed Glenn Johnson if we'd have though they'd cough up for Peter Crouch. All the time Rafa wanted Dani Alves and didn't buy him then we pay an obscene amount for Glenn Johnson.

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Re: Portsmouth FC issued with winding up petition
« Reply #54 on: December 31, 2009, 03:07:27 AM »
How did Al-Faraj manage to 'buy' the club in the first place? Truly baffling, if you ask me...

Al-Faraj mocked by fans as revolt breaks out at Pompey
Supporters heckle owner during 4-1 loss to Arsenal as club denies being served with winding-up petition

By Sam Wallace
Thursday, 31 December 2009

Portsmouth's fans broke into outright rebellion last night during their 4-1 defeat to Arsenal at Fratton Park and called for the owner Ali al-Faraj to step down as the club faced up to the prospect of having to sell their remaining decent players to pay a £6m tax bill.

The home crowd sang "You're not fit to own our club", "Where's all our money gone?" and "Sack the board" in reference to Saudi Arabian businessman Faraj, who bought the club in October.

The Inland Revenue announced yesterday that it had served the club with a winding-up petition to secure unpaid VAT debts. With a transfer embargo still in place from the Premier League, Portsmouth, who last night denied that they had been served with the petition, are on the brink of becoming the top-flight's first club to go into administration.

Their situation looks increasingly dire with the likes of last night's scorer Nadir Belhadj, Younes Kaboul, Kevin-Prince Boateng and David Nugent likely to be sold to raise funds. A club spokesman said that they were "shocked and surprised" to be hit with the demand and expected the case to be dropped at a hearing next month.

Eduardo da Silva, Samir Nasri, Aaron Ramsey and Alex Song scored last night at Fratton Park where Pompey fans turned on the captain Aaron Mokoena. They appealed for him to be sent off at one point and cheered when he was substituted.

The manager, Avram Grant, said he still believed he could keep Portsmouth, four points adrift at the bottom of the table, from relegation. "When I came to the club, I knew there were problems on the pitch," he said. "We'd lost seven games in a row. Off the pitch, I didn't know about this. I know the board are trying their best. Even if it's a difficult situation, the team can stay in the league. As far as I know, everybody knows we need to make the team stronger. No one has told me that Manchester City want to sign Kaboul. All the players in the team need to stay."

The club have total debts of around £60m and there is a residual bitterness towards former owner Sacha Gaydamak, who, among other things, has kept ownership of land around the stadium which is crucial to gaining permission for redevelopment.

The club said: "Since the takeover by Ali al-Faraj, extreme efforts have been made to reach payment arrangements with HMRC to allow the owner time to deal with inherited debt. 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."

In last night's other match, Manchester United thumped Wigan 5-0 at Old Trafford to maintain the pressure on Premier League leaders Chelsea.

Offline PaulF

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Re: Portsmouth FC issued with winding up petition
« Reply #55 on: December 31, 2009, 09:47:35 AM »
I'm not defending , or promoting our American owners, but I guess this shows we can't rely on shining white knights from the middle east either.

It's worrying, but the relative financial stability from Randy Lerner and the Glaziers could mean their clubs are real forces of the next decade.

We've yet to see what will happen at Chelsea or Man City, although Roman has hung around a lot longer than anyone predicted.
"All the lads have been talking about is walking out in front of the Kop, with 40,000 singing 'You'll Never Walk Alone'," Collins told BBC Radio Solent. "All the money in the world couldn't buy that feeling," he added.

Offline SP

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Re: Portsmouth FC issued with winding up petition
« Reply #56 on: December 31, 2009, 10:16:56 AM »
t's worrying, but the relative financial stability from Randy Lerner and the Glaziers could mean their clubs are real forces of the next decade.

The Glaziers have heaped more debt on the Mancs than our esteemed yanks have on us. They are feeling the pinch just like we are.
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Re: Portsmouth FC issued with winding up petition
« Reply #57 on: December 31, 2009, 10:24:06 AM »
The Glaziers have heaped more debt on the Mancs than our esteemed yanks have on us. They are feeling the pinch just like we are.
Stop posting shite like this SP, your fucking with peoples myopic agenda, It's not big and it's not clever. What next from you lad, you gonna start telling people that all football clubs are in debt? eh.....FFS!
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Offline Lent§

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Re: Portsmouth FC issued with winding up petition
« Reply #58 on: December 31, 2009, 10:24:57 AM »
The Glaziers have heaped more debt on the Mancs than our esteemed yanks have on us. They are feeling the pinch just like we are.
Exactly, where's the £80m from Ronaldo gone?
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Offline PaulF

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Re: Portsmouth FC issued with winding up petition
« Reply #59 on: December 31, 2009, 10:37:45 AM »
The Glaziers have heaped more debt on the Mancs than our esteemed yanks have on us. They are feeling the pinch just like we are.

I didn't realise that.
How does their debt compare to their income and thus ability to repay debt?
Did utd under the Glaziers tenure extend their stadium?
Do you think Ferguson genuinely avoided buying in the summer because prices were so inflated by Real and Man City, or do you think he is really having to cut his cloth accordingly?

(not having a go, just genuinely don't know)
"All the lads have been talking about is walking out in front of the Kop, with 40,000 singing 'You'll Never Walk Alone'," Collins told BBC Radio Solent. "All the money in the world couldn't buy that feeling," he added.

Offline SP

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Re: Portsmouth FC issued with winding up petition
« Reply #60 on: December 31, 2009, 10:41:25 AM »
The Mancs pull out of the Ljajic deal had a discussion of the Manc finances recently, included some contributions from our rather depressed tame Mancs.
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Offline SP

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Re: Portsmouth FC issued with winding up petition
« Reply #61 on: December 31, 2009, 10:43:04 AM »
From the above topic:

to be honest, there are a lot of 'bury the head in the sand - la la la not listening' merchants who think/are sure that no matter what, a gazillionaire will step in and save the day eventually (so there's nowt to worry about anyway  ::)), but a large percentage are waiting for a collapse.

phelan is doing tomorrow's press conference and in most people's eyes it's cos saf doesn't want to have to answer Q's about this very deal.
given that (as has been mentioned) only 6 weeks ago he (saf) was embiggening Ljajic to the world, and enthusing that "he couldn't wait until he was here and hoped there'd be no permit worries" then i'm gonna go with the guardian article above that opens with the doom filled line about the club's american owners cancelling the deal.
or he could be fuming because of it (which i doubt).

either way, he's more than complicit in what's gone on but to be honest, what's gone on worldwide hasn't helped and he couldn't have foreseen that, so i'll let him off a bit.

as has been mentioned above, it seems pretty clear that we're belt tightening as a necessity, and i agree that an 18 yr old for this money might be steep, but i also agree that if saf was allowed to get him (fiscally) we'd get him. i just think he isn't anymore.
the fact that we've pulled out, after parading him with tosic, and mentioning him in various press releases throughout the year, leads me to believe that it's the Partizan chairman who's telling the truth in all of this as well.
AND it's shabby to treat him like this, and makes us look like teds.

still, our worst is yet to come.

in 2013 our/the glazer's PIK loan repayments kick in, and if some of you didn't know, they're

2013 £75m
2014 £75m
2015 £150m 

i have to do this  :) or i'll be doing this every minute of every day  :'(
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Re: Portsmouth FC issued with winding up petition
« Reply #62 on: December 31, 2009, 10:50:46 AM »
I didn't realise that.
How does their debt compare to their income and thus ability to repay debt?
Did utd under the Glaziers tenure extend their stadium?
Do you think Ferguson genuinely avoided buying in the summer because prices were so inflated by Real and Man City, or do you think he is really having to cut his cloth accordingly?

(not having a go, just genuinely don't know)

Can't answer all of those but they didn't extend the stadium - the last expansion was in 2005/6 but was in hand when they bought the club in 2005. It will be interesting to see if they go ahead with plans to increase capacity to 95,000.

Debt is £660 million with repayments of £60+ million a year. It seems they can service that debt but it must have some impact on transfer funds.
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Offline MrGrumpy

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Re: Portsmouth FC issued with winding up petition
« Reply #63 on: December 31, 2009, 04:33:27 PM »
POMPEY DELAY PLAYER WAGES AGAIN

http://www.football365.com/story/0,17033,8652_5814617,00.html

As I mentioned earlier in this thread, I am no businessman. However, I do know that a company not up the proverbial creek pays its staff on time.
Shame on the English FA, South Yorkshire Police, and The Sun.

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Offline Gromit

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Re: Portsmouth FC issued with winding up petition
« Reply #64 on: December 31, 2009, 04:58:43 PM »
The FA/PL must be praying Portsmouth can hang on til the Summer, image the chaos if they folded before the fixtures were completed.  The press and supporters would be on them for their 'fit and proper' owenership rules.  How could they resolve any incomplete fixtures?  Just declaring all matches null and void would spark complaints from teams effectively losing points (and with Man U, Chelsea and Arsenal among them, I can't see it happening.)

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Re: Portsmouth FC issued with winding up petition
« Reply #65 on: December 31, 2009, 05:24:35 PM »
I didn't realise that.
How does their debt compare to their income and thus ability to repay debt?
Did utd under the Glaziers tenure extend their stadium?
Do you think Ferguson genuinely avoided buying in the summer because prices were so inflated by Real and Man City, or do you think he is really having to cut his cloth accordingly?

(not having a go, just genuinely don't know)

after close to the perfect season they couldnt repay their interest payments and have huge interest payments in 2013 to 2016 on other loans that they have failed to refinance 4 times
"Clubs have virtually been destroyed by people making bad decisions."

You're not fucking wrong, Roy. There was one in particular in the summer which you might remember.

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Re: Portsmouth FC issued with winding up petition
« Reply #66 on: December 31, 2009, 05:27:16 PM »
Just declaring all matches null and void would spark complaints from teams effectively losing points (and with Man U, Chelsea and Arsenal among them, I can't see it happening.)

it'd be great for us tho!!!

according to soccernet al faraj is trying to sell up once again
"Clubs have virtually been destroyed by people making bad decisions."

You're not fucking wrong, Roy. There was one in particular in the summer which you might remember.

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Re: Portsmouth FC issued with winding up petition
« Reply #67 on: December 31, 2009, 05:32:16 PM »
The FA/PL must be praying Portsmouth can hang on til the Summer, image the chaos if they folded before the fixtures were completed.  The press and supporters would be on them for their 'fit and proper' owenership rules.  How could they resolve any incomplete fixtures?  Just declaring all matches null and void would spark complaints from teams effectively losing points (and with Man U, Chelsea and Arsenal among them, I can't see it happening.)

Villa have 6 points off them, we have none. It would put us top 4 in the current table...
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Offline rafathegaffa83

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Re: Portsmouth FC issued with winding up petition
« Reply #68 on: December 31, 2009, 06:10:01 PM »
This and the Notts County debacle should be prime examples of the "fit and proper person's test" being a load of shite. This is now, the third (?) time Portsmouth's players and staff haven't been paid. The lessons of Leeds from earlier in the decade still haven't been learned at the decade's closing. Given that Hull are going to be in financial tatters if in all likelihood they also get relegated this season, it could turn out to be one very messy summer for the FA/PL.

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Re: Portsmouth FC issued with winding up petition
« Reply #69 on: December 31, 2009, 06:33:38 PM »
This and the Notts County debacle should be prime examples of the "fit and proper person's test" being a load of shite. This is now, the third (?) time Portsmouth's players and staff haven't been paid. The lessons of Leeds from earlier in the decade still haven't been learned at the decade's closing. Given that Hull are going to be in financial tatters if in all likelihood they also get relegated this season, it could turn out to be one very messy summer for the FA/PL.

as long as the shirts keep selling, the tv companies all over the world lap it up they wont give a fuck because as you said, its hull and portsmouth who people dont really give a fuck about in the grand scheme of things - only if someone like us or the mancs get into serious financial shit (which could concievably happen in the next few years) will they put in a real 'fit and proper' test and some long overdue financial rules on things like wages
"Clubs have virtually been destroyed by people making bad decisions."

You're not fucking wrong, Roy. There was one in particular in the summer which you might remember.

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Re: Portsmouth FC issued with winding up petition
« Reply #70 on: December 31, 2009, 07:01:29 PM »
From the above topic:


They'll surely renegotiate that before it comes to that though. £300m of loan repayments would cripple even them, and there must be contingencies in place to ensure they don't get to that position.

Seems like they're feeling the pinch as  you say though- I can't believe they didn't spend some of the £80m on Ronaldo on buying at least 2-3 top class players. It'll be interesting to see how much they spend in the next couple of transfer windows though.

This Portsmouth situation is mental though. Looks like they might have a fire sale in January, but who can they even sell for decent money? Also, it'll be a miracle if they don't get relegated and stay in the lower leagues for a long time.

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Re: Portsmouth FC issued with winding up petition
« Reply #71 on: December 31, 2009, 07:04:13 PM »
They'll surely renegotiate that before it comes to that though. £300m of loan repayments would cripple even them, and there must be contingencies in place to ensure they don't get to that position.

they've tried to refinance those loans a few times but failed
"Clubs have virtually been destroyed by people making bad decisions."

You're not fucking wrong, Roy. There was one in particular in the summer which you might remember.

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Re: Portsmouth FC issued with winding up petition
« Reply #72 on: December 31, 2009, 07:11:03 PM »
they've tried to refinance those loans a few times but failed

If they can't finance with new debt, they'll look into financing with an equity injection. It's probably the most commercial club in the world, so mightn't be *too* difficult to do that if it comes down to it.

Offline bravoco

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Re: Portsmouth FC issued with winding up petition
« Reply #73 on: December 31, 2009, 07:15:41 PM »
The FA/PL must be praying Portsmouth can hang on til the Summer, image the chaos if they folded before the fixtures were completed.  The press and supporters would be on them for their 'fit and proper' owenership rules.  How could they resolve any incomplete fixtures?  Just declaring all matches null and void would spark complaints from teams effectively losing points (and with Man U, Chelsea and Arsenal among them, I can't see it happening.)

Surely the legal stuff will drag on at least until the end of the season?

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Re: Portsmouth FC issued with winding up petition
« Reply #74 on: December 31, 2009, 07:15:48 PM »
If they can't finance with new debt, they'll look into financing with an equity injection. It's probably the most commercial club in the world, so mightn't be *too* difficult to do that if it comes down to it.


read something a while ago that they were looking to sell the buccaneers, so that could feasibly be to pay off a large chunk of the red football debt
"Clubs have virtually been destroyed by people making bad decisions."

You're not fucking wrong, Roy. There was one in particular in the summer which you might remember.

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Re: Portsmouth FC issued with winding up petition
« Reply #75 on: January 1, 2010, 12:02:01 AM »
tI speak from a PERSONAL point of view in the fact that my Brother hasn't been paid for the last 3 months, people who question what  is going on, PFC will CEASE TO EXIST in the nexxt 3 years.
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Re: Portsmouth FC issued with winding up petition
« Reply #76 on: January 1, 2010, 12:03:40 AM »
i said years, i meant months
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Re: Portsmouth FC issued with winding up petition
« Reply #77 on: January 1, 2010, 12:08:40 AM »
and btw, Notts County aren't paying his wages eithers, proper clubs, run by c*nts
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Re: Portsmouth FC issued with winding up petition
« Reply #78 on: January 1, 2010, 12:24:46 AM »
how do you know that??
"Clubs have virtually been destroyed by people making bad decisions."

You're not fucking wrong, Roy. There was one in particular in the summer which you might remember.

Offline Lent§

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Re: Portsmouth FC issued with winding up petition
« Reply #79 on: January 1, 2010, 12:29:55 AM »
how do you know that??
You have PM, but please keep it between us?
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