Portsmouth FC - Liquidated

[Mister Chops 7]

[quote user="Graham Humphrey"]Unfortunately, I feel CT is right, in that something like this needs to happen to force English football to get its act together for good.  It shouldn''t need it, but with the mentality of the people in charge of many ''big'' clubs and the way the Premier League and the FA deal with the situation (i.e. not at all) sadly it''s the only way it will hit home.[/quote]I''d agree with you, but the fact is that Portsmouth haven''t been exceptionally mismanaged relative to most other clubs.  It''s kind of a Northern Rock-type scenario where nearly every other Premier League and Championship club are being run, to an extent, in the same way as Portsmouth, i.e. at a massive operating loss because of the ridiculous cost of player wages - like Northern Rock, Portsmouth are only unlucky in that they are the first ones to get found out.  (I''m not saying that paying John Utaka £75k a week is anything other than stupidity, but in my opinion paying any footballer that much money is pretty rank stupidity regardless of whether they are crap or not.)So it''s not like every other club can now say "oh, well, we''d better stop paying players £40-100,000 a week and start balancing our books" because for 95% of those clubs, this would mean instant relegation with a crap squad, and worse financial hardship.  There''s no way out of this debt cycle almost every club is locked into, and Portsmouth will be the first of many clubs to go under. 

[InLambertWeTrust! 0]

It was supposed to be ironic!

[Mister Chops 7]

[quote user="CT"]Sensible posts from now on![/quote]Nothing could be more ironic than your signature.

[paul moy 235]

[quote user="Mister Chops"][quote user="Graham Humphrey"]Unfortunately, I feel CT is right, in that something like this needs to happen to force English football to get its act together for good.  It shouldn''t need it, but with the mentality of the people in charge of many ''big'' clubs and the way the Premier League and the FA deal with the situation (i.e. not at all) sadly it''s the only way it will hit home.
[/quote]

I''d agree with you, but the fact is that Portsmouth haven''t been exceptionally mismanaged relative to most other clubs.  It''s kind of a Northern Rock-type scenario where nearly every other Premier League and Championship club are being run, to an extent, in the same way as Portsmouth, i.e. at a massive operating loss because of the ridiculous cost of player wages - like Northern Rock, Portsmouth are only unlucky in that they are the first ones to get found out.  (I''m not saying that paying John Utaka £75k a week is anything other than stupidity, but in my opinion paying any footballer that much money is pretty rank stupidity regardless of whether they are crap or not.)

So it''s not like every other club can now say "oh, well, we''d better stop paying players £40-100,000 a week and start balancing our books" because for 95% of those clubs, this would mean instant relegation with a crap squad, and worse financial hardship.  There''s no way out of this debt cycle almost every club is locked into, and Portsmouth will be the first of many clubs to go under. 

[/quote]

I strongly disagree with your analogy with Northern Rock. The Rock had assets (people''s houses as security) to back up loans made and was making an operating profit when the money markets dried up due to the mess that the other banks had got into with the buying of dodgy US securities, whereas Portsmouth has just spent with no regard to the assets to back up that spending and were totally loss-making. The Rock will be sold at a profit to the government, and thus any debt will be covered but obviously most creditors of Portsmouth will lose their money. Therefore there is no similarity with the Rock whatsoever and I would also add that Rock shareholders are pushing for compensation through the European Court of Human Rights as there were a number of offers for the company prior to the governments decision to nationalise, including one from Lloyds Bank at 3.50 pounds a share, Richard Branson, and an American Hedge Fund.  

 

 

[Mister Chops 7]

[quote user="paul moy"]

[quote user="Mister Chops"][quote user="Graham Humphrey"]Unfortunately, I feel CT is right, in that something like this needs to happen to force English football to get its act together for good.  It shouldn''t need it, but with the mentality of the people in charge of many ''big'' clubs and the way the Premier League and the FA deal with the situation (i.e. not at all) sadly it''s the only way it will hit home.[/quote]I''d agree with you, but the fact is that Portsmouth haven''t been exceptionally mismanaged relative to most other clubs.  It''s kind of a Northern Rock-type scenario where nearly every other Premier League and Championship club are being run, to an extent, in the same way as Portsmouth, i.e. at a massive operating loss because of the ridiculous cost of player wages - like Northern Rock, Portsmouth are only unlucky in that they are the first ones to get found out.  (I''m not saying that paying John Utaka £75k a week is anything other than stupidity, but in my opinion paying any footballer that much money is pretty rank stupidity regardless of whether they are crap or not.)So it''s not like every other club can now say "oh, well, we''d better stop paying players £40-100,000 a week and start balancing our books" because for 95% of those clubs, this would mean instant relegation with a crap squad, and worse financial hardship.  There''s no way out of this debt cycle almost every club is locked into, and Portsmouth will be the first of many clubs to go under.  [/quote]

I strongly disagree with your analogy with Northern Rock. The Rock had assets (people''s houses as security) to back up loans made and was making an operating profit when the money markets dried up due to the mess that the other banks had got into with the buying of dodgy US securities, whereas Portsmouth has just spent with no regard to the assets to back up that spending and were totally loss-making. The Rock will be sold at a profit to the government, and thus any debt will be covered but obviously most creditors of Portsmouth will lose their money. Therefore there is no similarity with the Rock whatsoever and I would also add that Rock shareholders are pushing for compensation through the European Court of Human Rights as there were a number of offers for the company prior to the governments decision to nationalise, including one from Lloyds Bank at 3.50 pounds a share, Richard Branson, and an American Hedge Fund.  

 [/quote]

I think you take my analogy a bit too literally, but I could have been clearer.

My point was, like all banks which were trading beyond their means, Northern Rock was dependent on money it didn''t have.  In the same way that Portsmouth are no different to 90% of Premier League and Championship clubs.

[Shack Attack 0]

[quote user="cityangel"]

Its the fans who suffer and yet it''s not their fault.

[/quote]

Why isn''t it their fault?

The debts at Portsmouth were never a big secret. The fans knew that they were living way beyond their means but whilst Pompey were winning the FA Cup, staying in the Premiership and playing in Europe they didn''t give a sh*t. Now they have been found out and might go bust we''re supposed to feel sorry for them?

I''m sick of feeling for the fans. Whether it''s the poor little Man Yoo fans who were so shocked that Tabloid Wayne might want out or the Pompey fans who have sat idly by whilst various owners and managers have maxed out their credit cards. Constantly bloody moaning about some perceived insult from a player/manager/referee/owner. Whining about the inflated wages that the players earn and never acknowledging that their tickets, Sky subscriptions, replica shirts, programmes and assorted other nonsense are the very things that allow the clubs to pay them.

Screw Portsmouth and their fans.

[Mello Yello 2,281]

[quote user="Shack Attack"][quote user="cityangel"]

Its the fans who suffer and yet it''s not their fault.

[/quote]

Why isn''t it their fault?

The debts at Portsmouth were never a big secret. The fans knew that they were living way beyond their means but whilst Pompey were winning the FA Cup, staying in the Premiership and playing in Europe they didn''t give a sh*t. Now they have been found out and might go bust we''re supposed to feel sorry for them?

I''m sick of feeling for the fans. Whether it''s the poor little Man Yoo fans who were so shocked that Tabloid Wayne might want out or the Pompey fans who have sat idly by whilst various owners and managers have maxed out their credit cards. Constantly bloody moaning about some perceived insult from a player/manager/referee/owner. Whining about the inflated wages that the players earn and never acknowledging that their tickets, Sky subscriptions, replica shirts, programmes and assorted other nonsense are the very things that allow the clubs to pay them.

Screw Portsmouth and their fans.

[/quote]

If NCFC had unfortunately gone into administration, (Paul Lambert reiterated last night on the local news, that we were close to administration last season) would it then, have been the NCFC fans fault?

The debts at NCFC aren''t a big secret.....and we the fans are certainly aware and know about them.

But we weren''t close to administration according to Mr Doncaster our previous CE, and he stated that our ''debt was manageable,'' and that therefore, administration wasn''t an issue - and the rest of the board at that time didn''t disagree with him?

That administration myth - was then soon dispelled, by his immediate successor....

Have NCFC, been living within their means?

When we were winning the league last season, we didn''t give a plop....So, we  aren''t really that much different (apart from the amount of debt) to the likes of Pompey....

Would we have any sympathy from other clubs if we''d gone to the wall?

Probably not, because the other clubs would have said "24,000 plus gates every week? Must be mismanagement and misuse of finances - so Norwich deserve all they get - and so do their whining supporters"....

I sympathise with the Pompey fans....like us, all they''ve done is support their club.

 

 

[Herman 9,717]

[quote user="NCFC-47"][quote user="norfolkbroadslim"]I''d take a punt on Nugent[Y][/quote]

Mullins and kitson id give a trial to aswell
[/quote]

So,the vultures are in the air!?

(Kitson for me).

[First Wizard 0]

It won''t happen, its just a bluff to force the last owner to agree the deal, in my humble opinion of course.

[a1canary 0]

Thank god for the CA''s of this world. James Brown had it right!

This is rubbish Shack. Pompey fans have been demonstrating all year against the situation down there. Do you really think that any fans in the same situation would have achieved a different outcome? Of course the sky subs, merchandising and tickets pay all the inflated wages but are you somehow expecting all the fans to just stop? And that even if they did it would make a blind bit of difference. If it is to make a difference, YOU have to stop buying too. To suggest that the Pompey situation is the fans fault because they didn''t stop paying their subs and buying merchandise is ridiculous.

If we want to change something, all fans need to come together to do something that will actually have an effect on Sky. All fans across the land need to get together and cancel their sky subs for two months as a protest. THAT would make them sit up and take notice. Although it still wouldn''t save Pompey!

[pete_norw 0]

[quote user="Mello Yello"][quote user="Shack Attack"][quote user="cityangel"]

Its the fans who suffer and yet it''s not their fault.

[/quote]

Why isn''t it their fault?

The debts at Portsmouth were never a big secret. The fans knew that they were living way beyond their means but whilst Pompey were winning the FA Cup, staying in the Premiership and playing in Europe they didn''t give a sh*t. Now they have been found out and might go bust we''re supposed to feel sorry for them?

I''m sick of feeling for the fans. Whether it''s the poor little Man Yoo fans who were so shocked that Tabloid Wayne might want out or the Pompey fans who have sat idly by whilst various owners and managers have maxed out their credit cards. Constantly bloody moaning about some perceived insult from a player/manager/referee/owner. Whining about the inflated wages that the players earn and never acknowledging that their tickets, Sky subscriptions, replica shirts, programmes and assorted other nonsense are the very things that allow the clubs to pay them.

Screw Portsmouth and their fans.

[/quote]

If NCFC had unfortunately gone into administration, (Paul Lambert reiterated last night on the local news, that we were close to administration last season) would it then, have been the NCFC fans fault?

The debts at NCFC aren''t a big secret.....and we the fans are certainly aware and know about them.

But we weren''t close to administration according to Mr Doncaster our previous CE, and he stated that our ''debt was manageable,'' and that therefore, administration wasn''t an issue - and the rest of the board at that time didn''t disagree with him?

That administration myth - was then soon dispelled, by his immediate successor....

Have NCFC, been living within their means?

When we were winning the league last season, we didn''t give a plop....So, we  aren''t really that much different (apart from the amount of debt) to the likes of Pompey....

Would we have any sympathy from other clubs if we''d gone to the wall?

Probably not, because the other clubs would have said "24,000 plus gates every week? Must be mismanagement and misuse of finances - so Norwich deserve all they get - and so do their whining supporters"....

I sympathise with the Pompey fans....like us, all they''ve done is support their club.

 

 

[/quote]

 

Pompy have been conning the courts and the tax man for a year or more now, they have no one to blame but themselfs, the courts don''t give this amount of breathing space to small lower league clubs, Why should this lot get away with it   

[Yobocop 1,096]

CT Said: It was supposed to be ironic!

No it wasn''t lol

[a1canary 0]

At the risk of turning this thread into a 20 pager about the owners...

...has anyone mentioned in this last few years of financial football meltdowns at the hands of outside owners, that Delia''s stance on ownership of NCFC appears all the more pertinent? None more so than with the Pompey situation where the entire future existence of the club now rests in the hands of a Russian born Frenchman with nothing but a purely financial interest in the club.

[First Wizard 0]

[quote user="Shack Attack"][quote user="cityangel"]

Its the fans who suffer and yet it''s not their fault.

[/quote]

Why isn''t it their fault?

The debts at Portsmouth were never a big secret. The fans knew that they were living way beyond their means but whilst Pompey were winning the FA Cup, staying in the Premiership and playing in Europe they didn''t give a sh*t. Now they have been found out and might go bust we''re supposed to feel sorry for them?

I''m sick of feeling for the fans. Whether it''s the poor little Man Yoo fans who were so shocked that Tabloid Wayne might want out or the Pompey fans who have sat idly by whilst various owners and managers have maxed out their credit cards. Constantly bloody moaning about some perceived insult from a player/manager/referee/owner. Whining about the inflated wages that the players earn and never acknowledging that their tickets, Sky subscriptions, replica shirts, programmes and assorted other nonsense are the very things that allow the clubs to pay them.

Screw Portsmouth and their fans.

[/quote]

Ruddy well said that man.

[nutty nigel 7,513]

Are our fans no different?

There are some on here who were saying that administration wasn''t a bad thing a couple of seasons ago. They were saying that it hadn''t done other clubs any harm. And many of our fans show no pride in the fact our club have always put things right themselves rather than go into administration like some tin pot clubs do. Yes we have been close to administration a couple of times, but the fact we haven''t done so is credit to the folk who have managed to avoid it and not some great slice of luck.

 

[Mello Yello 2,281]

[quote user="pete_norw"][quote user="Mello Yello"][quote user="Shack Attack"][quote user="cityangel"]

Its the fans who suffer and yet it''s not their fault.

[/quote]

Why isn''t it their fault?

The debts at Portsmouth were never a big secret. The fans knew that they were living way beyond their means but whilst Pompey were winning the FA Cup, staying in the Premiership and playing in Europe they didn''t give a sh*t. Now they have been found out and might go bust we''re supposed to feel sorry for them?

I''m sick of feeling for the fans. Whether it''s the poor little Man Yoo fans who were so shocked that Tabloid Wayne might want out or the Pompey fans who have sat idly by whilst various owners and managers have maxed out their credit cards. Constantly bloody moaning about some perceived insult from a player/manager/referee/owner. Whining about the inflated wages that the players earn and never acknowledging that their tickets, Sky subscriptions, replica shirts, programmes and assorted other nonsense are the very things that allow the clubs to pay them.

Screw Portsmouth and their fans.

[/quote]

If NCFC had unfortunately gone into administration, (Paul Lambert reiterated last night on the local news, that we were close to administration last season) would it then, have been the NCFC fans fault?

The debts at NCFC aren''t a big secret.....and we the fans are certainly aware and know about them.

But we weren''t close to administration according to Mr Doncaster our previous CE, and he stated that our ''debt was manageable,'' and that therefore, administration wasn''t an issue - and the rest of the board at that time didn''t disagree with him?

That administration myth - was then soon dispelled, by his immediate successor....

Have NCFC, been living within their means?

When we were winning the league last season, we didn''t give a plop....So, we  aren''t really that much different (apart from the amount of debt) to the likes of Pompey....

Would we have any sympathy from other clubs if we''d gone to the wall?

Probably not, because the other clubs would have said "24,000 plus gates every week? Must be mismanagement and misuse of finances - so Norwich deserve all they get - and so do their whining supporters"....

I sympathise with the Pompey fans....like us, all they''ve done is support their club.

[/quote]

Pompy have been conning the courts and the tax man for a year or more now, they have no one to blame but themselfs, the courts don''t give this amount of breathing space to small lower league clubs, Why should this lot get away with it   

[/quote]

What''s that got to do with the rank and file Pompey fans?.....They don''t control the finances or sit in the boardroom and run the club....into ruin.

[Shack Attack 0]

[quote user="a1canary"]This is rubbish Shack. Pompey fans have been demonstrating all year against the situation down there. [/quote]

Of course they have been demonstrating all year..........things have gone massively tits up and they''re about to go bust. But they''re not about to go bust just because of the events of the past twelve months are they? They were fine with massive debt and huge wages when they were doing well but as soon as things turn nasty they start whining about the unfairness of it all. They knew the risks when they were signing the likes of Sol Campbell on massive wages and enourmous signing on fees but they turned a blind eye to it because that''s what all football fans do.

[quote user="a1canary"]

Of course the Sky subs, merchandising and tickets pay all the inflated wages but are you somehow expecting all the fans to just stop? And that even if they did it would make a blind bit of difference. If it is to make a difference, YOU have to stop buying too. To suggest that the Pompey situation is the fans fault because they didn''t stop paying their subs and buying merchandise is ridiculous.

[/quote]

Why not just stop? Look around at the various places where fans discuss the game these and all you see is people moaning about the state of the game. Inflated wages, arrogant players, billionaire owners, overpriced ticket and merchandise, Sky, FIFA, UEFA and so on and so on. Nobody seems happy. It''s like we''re stuck in a loveless marriage, staying together for the sake of the kids whilst endlessley sniping at each other. Occasionally we''ll spot a glimpse of what it was that made us fall in love in the first place but moments like that are getting rarer and rarer.

Portsmouth are a victim of the bloated nature of the game in this country but every fan of every club has played their part in pushing football in this direction. We''ve allowed the people who run the game and their cronies in the media to brainwash us into believing what we must do to be a loyal fan. We''ve bought into this ridiculous notion that ''football is not a matter of life and death....it''s much more important than that". We''re incapable of taking a step back and looking at where this is heading because to miss just one minute of one match would make us disloyal. They''ve got us right where they want us and we''ve hardly put up a fight at all.

Football is f*cked. I think I''ve had enough.

[Metatron 0]

[quote user="Shack Attack"]

Why not just stop? Look around at the various places where fans discuss the game these and all you see is people moaning about the state of the game. Inflated wages, arrogant players, billionaire owners, overpriced ticket and merchandise, Sky, FIFA, UEFA and so on and so on. Nobody seems happy. It''s like we''re stuck in a loveless marriage, staying together for the sake of the kids whilst endlessley sniping at each other. Occasionally we''ll spot a glimpse of what it was that made us fall in love in the first place but moments like that are getting rarer and rarer.

Portsmouth are a victim of the bloated nature of the game in this country but every fan of every club has played their part in pushing football in this direction. We''ve allowed the people who run the game and their cronies in the media to brainwash us into believing what we must do to be a loyal fan. We''ve bought into this ridiculous notion that ''football is not a matter of life and death....it''s much more important than that". We''re incapable of taking a step back and looking at where this is heading because to miss just one minute of one match would make us disloyal. They''ve got us right where they want us and we''ve hardly put up a fight at all.

Football is f*cked. I think I''ve had enough.

[/quote]

It''s a good point Mr Shack.

I think this whole Pompey thing is more to do with brinkmanship, property deals, tax evasion and (possibly) money-laundering rather than football.

Conversely, it''s symptomatic of the average football fan though that we don''t care where the money comes from if the team is doing well.

Should we give it all up? I don''t know but I''m about to head off to Carrow Road as I''m addicted to it like everyone else...

[Metatron 0]

Damn this new forum...

[Mister Chops 7]

[quote user="Mello Yello"][quote user="Shack Attack"][quote user="cityangel"]

Its the fans who suffer and yet it''s not their fault.

[/quote]

Why isn''t it their fault?

The debts at Portsmouth were never a big secret. The fans knew that they were living way beyond their means but whilst Pompey were winning the FA Cup, staying in the Premiership and playing in Europe they didn''t give a sh*t. Now they have been found out and might go bust we''re supposed to feel sorry for them?

I''m sick of feeling for the fans. Whether it''s the poor little Man Yoo fans who were so shocked that Tabloid Wayne might want out or the Pompey fans who have sat idly by whilst various owners and managers have maxed out their credit cards. Constantly bloody moaning about some perceived insult from a player/manager/referee/owner. Whining about the inflated wages that the players earn and never acknowledging that their tickets, Sky subscriptions, replica shirts, programmes and assorted other nonsense are the very things that allow the clubs to pay them.

Screw Portsmouth and their fans.

[/quote]

If NCFC had unfortunately gone into administration, (Paul Lambert reiterated last night on the local news, that we were close to administration last season) would it then, have been the NCFC fans fault?

The debts at NCFC aren''t a big secret.....and we the fans are certainly aware and know about them.

But we weren''t close to administration according to Mr Doncaster our previous CE, and he stated that our ''debt was manageable,'' and that therefore, administration wasn''t an issue - and the rest of the board at that time didn''t disagree with him?

That administration myth - was then soon dispelled, by his immediate successor....

Have NCFC, been living within their means?

When we were winning the league last season, we didn''t give a plop....So, we  aren''t really that much different (apart from the amount of debt) to the likes of Pompey....

Would we have any sympathy from other clubs if we''d gone to the wall?

Probably not, because the other clubs would have said "24,000 plus gates every week? Must be mismanagement and misuse of finances - so Norwich deserve all they get - and so do their whining supporters"....

I sympathise with the Pompey fans....like us, all they''ve done is support their club.

 [/quote]

Agree wholeheartedly.

[Mister Chops 7]

Shack, I would be interested to hear your views on what the Portsmouth fans could or should have done to avoid this situation, as I can only assume your lack of sympathy for their plight is because you think they might have been able to influence the club''s direction.

[. 0]

[quote user="Shack Attack"]

[quote user="a1canary"]This is rubbish Shack. Pompey fans have been demonstrating all year against the situation down there. [/quote]

Of course they have been demonstrating all year..........things have gone massively tits up and they''re about to go bust. But they''re not about to go bust just because of the events of the past twelve months are they? They were fine with massive debt and huge wages when they were doing well but as soon as things turn nasty they start whining about the unfairness of it all. They knew the risks when they were signing the likes of Sol Campbell on massive wages and enourmous signing on fees but they turned a blind eye to it because that''s what all football fans do.

[quote user="a1canary"]

Of course the Sky subs, merchandising and tickets pay all the inflated wages but are you somehow expecting all the fans to just stop? And that even if they did it would make a blind bit of difference. If it is to make a difference, YOU have to stop buying too. To suggest that the Pompey situation is the fans fault because they didn''t stop paying their subs and buying merchandise is ridiculous.

[/quote]

Why not just stop? Look around at the various places where fans discuss the game these and all you see is people moaning about the state of the game. Inflated wages, arrogant players, billionaire owners, overpriced ticket and merchandise, Sky, FIFA, UEFA and so on and so on. Nobody seems happy. It''s like we''re stuck in a loveless marriage, staying together for the sake of the kids whilst endlessley sniping at each other. Occasionally we''ll spot a glimpse of what it was that made us fall in love in the first place but moments like that are getting rarer and rarer.

Portsmouth are a victim of the bloated nature of the game in this country but every fan of every club has played their part in pushing football in this direction. We''ve allowed the people who run the game and their cronies in the media to brainwash us into believing what we must do to be a loyal fan. We''ve bought into this ridiculous notion that ''football is not a matter of life and death....it''s much more important than that". We''re incapable of taking a step back and looking at where this is heading because to miss just one minute of one match would make us disloyal. They''ve got us right where they want us and we''ve hardly put up a fight at all.

Football is f*cked. I think I''ve had enough.

[/quote]This is a perfect description of the state of the game and what has been allowed to happen since the ''Premier League'' was spawned. Long have I despised the spin coming out of the football hierarchy.... none more so than the cynical re-naming of Division Two to the ''Championship''. It''s utter bollox and designed to deceive.I think alot of the older fans were affected by this earlier than the younger generation due to the dramatic decline seen in football within their lifetime.... and the loss of what they considered the whole principle of the ''working man''s game''. Now a new generation is experiencing a similar disappointment and without those locally based ''regulars'' and ''casuals'' in stock the clubs will enter a spiral downwards in terms of interest.It''s sad.... but just as the Pompey fans revelled in the glow of foreign owners and players.... they are now reaping the harvest from ''success at any price''.

[CantonsHero 0]

The table without Portsmouth.The column on the left are the position they''re in now. The big winners as Leicester and more so Bristol City, where Coventry, Reading, Palace and Preston will be praying that Portsmouth survive. No real Norwich affecting changes.The other point is how will this effect Portsmouth''s next game/s? Are they playing for new clubs and contacts or are they in "what''s the point mode?". Today could see them absolutely hammered.

1	QPR	13	21	29
2	Cardiff	11	9	23
3	Watford	11	10	20
4	Burnley	12	10	20
5	Norwich	12	3	20
6	Swansea	12	3	20
7	Derby	12	7	18
8	Ipswich	11	2	17
10	Leeds	12	-2	17
12	Millwall	11	2	16
13	Nott''m Forest	12	1	16
14	Doncaster	12	-1	16
11	Reading	11	3	15
9	Coventry	11	-1	15
16	Barnsley	12	-4	15
18	Scunthorpe	12	-2	14
19	Hull	12	-7	13
17	Sheff Utd	11	-7	12
21	Middlesbrough	11	-9	10
24	Bristol City	12	-9	10
20	Leicester	11	4	9
22	Crystal Palace	11	-11	8
23	Preston	11	-11	7

[Fromage Frais 10]

Maybe I missed something but why are Portsmouth going to be liquidated?

One would assume retaining the club as a going concern was the primary function of the administrators as the club has no/little value outside the leagues?

Its in administration so I presumed the shareholders and the debtors would get shafted and the club would then continue less players etc as contracts would be cancelled.

Do Portsmouth own their ground...ergo its worth winding them up to get to the assets?

Viable business seldom vanish/close unless someone owns them outright and chooses to close them down we even have prepack administrations where the owners can go under and restart (unless negligent).

You would have to e a foreigner to close the club down and develop the stadium land as its a little dangerous for a local.

[dhickl 0]

[quote user="Fromage Frais"]Maybe I missed something but why are Portsmouth going to be liquidated? One would assume retaining the club as a going concern was the primary function of the administrators as the club has no/little value outside the leagues? Its in administration so I presumed the shareholders and the debtors would get shafted and the club would then continue less players etc as contracts would be cancelled. Do Portsmouth own their ground...ergo its worth winding them up to get to the assets? Viable business seldom vanish/close unless someone owns them outright and chooses to close them down we even have prepack administrations where the owners can go under and restart (unless negligent). You would have to e a foreigner to close the club down and develop the stadium land as its a little dangerous for a local.[/quote]The situation is that to exit administration the majority of the owners of the debt have to agree on the deal.  Gaydamak, an ex owner, is owed money that is secured on the assets of a club.  That means that if it is liquidated he will get his money back first, along with the players getting their wages.  The new deal will mean that his debt is not secured and if it later goes into admin, he will get the same deal as everyone else.  That is why he is saying he will only agree if he gets a percentage of the debt paid off up front (worth about £2.5m).  The others (Barclays, etc) haven''t and won''t agree to that.  Therefore unless he changes his position they will be liquidated, Gaydamak will get his money and the rest will all be shafted!

[dhickl 0]

Looks like it was all just hype...

http://sports.yahoo.com/soccer/news?slug=ap-portsmouth-future

 

[paul moy 235]

So, Gaydemak has agreed to sign and allow Portsmouth out of administration. What a surprise !!   LOL

 

 

[First Wazzock 902]

[quote user="Cluckbert Chase"]Another piece of media spin I reckon. Can''t see it happening as it will then be a damning indictment for the Premier League set up.....

Not so lucky for the likes of Kings Lynn etc for whom no-one but the locals fans have any interest.
[/quote]

Totally agree.

[First Wazzock 902]

[quote user="CT"] Dont insult me you wa***r...[/quote]

This is no battle of wits between you and me. I never pick on somebody who is unarmed.

[First Wazzock 902]

[quote user="First Wizard"]It won''t happen, its just a bluff to force the last owner to agree the deal, in my humble opinion of course.[/quote]

Yup, spot on.