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posted 10-02-2010 19:51
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I had a quick look to see if they play any league matches between now and the 19th, because it occured to me that the team or teams playing them would be undecided whether or not to go for a win as it may not matter.
It seems that they have Southampton in the FA Cup. What happens if they knock Southampton out? Does the team who would have drawn them next get a bye? I'm presuming so rather than let Southampton back into the competition.
And wouldn't it be ironic if Portsmouth's last ever game was a victory over their local rivals.
Also if it is a bye then the team that draws them is off to Wembley as thats where the Semi's are this year.
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Last Edit: 10-02-2010 19:54 By Villain.
Reason: add last para
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posted 12-02-2010 19:44
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So, with the PL gearing up to advance them their parachute from next year, they make a PL problem a Football League problem (as their policy has been all along). They'll start next year with contracts at PL prices, with their PL money already spent, and so likely to have a firesale in summer, which won't do much except give them a crap team. That still won't cut the financial mustard, and they'll be in administration, docked 10 points, and that combined with a poor team means Division 3 for season 2011-12.
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posted 12-02-2010 20:22
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A real concern for Portsmouth is that even before they were rich, they never had much of a youth team. This is a result of their own poor training facilities and Southampton using their long years in the top division to develop a far superior scouting network for finding young men.
I think Pompey have a winger on loan at Notts County, in addition to Mark Wilson who's made the first team with Kaboul now gone.
Assuming they sell off senior players this summer, I don't think they'll have anyone left to play at all.
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posted 18-02-2010 18:55
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As someone with no connection whatsoever to Pompey the turmoil on the south coast leaves me with mixed emotions.
Part of me thinks let them go bust because
- they should reap what they have sown
- I pay my taxes, they don’t pay theirs
- My club has been £20million in debt for years but lives within it’s (very limited) means which in turn means that our current level of bottom half of the Championship is about as good as it’s likely to get unless Mr Irvine is the miracle worker we all anticipte or the investment we seem to have been searching for since Adam were a lad comes to fruition
- It would be one in the eye for Mr Scudamore, one of the precious PL members is no more
Another part of me however thinks find a way to save them because
- No fans deserve this
- I’ve always seen them as a club supported by a hard core of fans not swayed too much by league status
- I like the Pompey chimes
On balance I hope they find a way through the mess they are in
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posted 19-02-2010 10:14
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www.guardian.co.uk/football/2010/feb/19/...ip-victor-cattermole
If this keeps going I expect somebody on OTF will be able to say he was Portsmouth owner by the end of next week.
Plus they want to sell players outside the transfer window - can any other clubs do so? Obviously the Premier League would want to see Portsmouth limp on to the end of the season, but they don't look capable of doing it. Peter Storrie had better get used to appearing in court.
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posted 19-02-2010 10:52
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You can buy and sell players whenever you like. What Portsmouth are asking for is for the buying clubs to be allowed to play them before the end of the season.
Which, doesn't have a precedent. However, if a club is in administration, any players bought from that club can play outside the window. It's one of the loopholes in the transfer system (to prevent clubs in administration or equivalent from going out of business), and there is also a precedent within the Premier League: When Ipswich were in administration in March 2003, the administrators sold Darren Ambrose to Newcastle and Hermann Hreidarsson to Charlton. Both players were actually injured at the time, but Ambrose was fit enough to make his debut at the end of the season.
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Last Edit: 19-02-2010 10:52 By David Agnew.
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posted 19-02-2010 11:04
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I caught the end of a 5live panel from Portsmouth last night debating the current plight in front of a delusional audience. One fan claimed that £60m (his estimated level of debt, though owners ad infinitum don't seem to be able to put a definitive figure on it) was a blinding deal for Portsmouth and much of the fault for any problems could be traced to media negativity. This rendered Steve Claridge incoherent - not for the first time.
Since the return on investment seems to be all that new owners understand it amazes me that anyone would consider Portsmouth a worthwhile investment. Agree with NHH - if they make it to the end of the season this fall still has a long way to go.
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Last Edit: 19-02-2010 11:06 By Mr Beast.
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posted 19-02-2010 11:06
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Exactly; what Pompey want is to be able to take advantage of being in administration without being deducted 10 points. That's what the current and potential owners would want, as their slim chance of a sale with value is on the basis that they might have a slither of a chance of being in the PL next year, but admin relegates them at a stroke, lowering the cash anyone would stump up.
It's a clever move by Pompey all told, and throws the ball back to the PL, who's attempts to fudge it lead to this impasse. They've been anxious to keep them out of admin for brand protection reasons, and Portsmouth are trying to push them to stick or twist.
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posted 19-02-2010 11:12
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NHH wrote:
Exactly; what Pompey want is to be able to take advantage of being in administration without being deducted 10 points. That's what the current and potential owners would want, as their slim chance of a sale with value is on the basis that they might have a slither of a chance of being in the PL next year, but admin relegates them at a stroke, lowering the cash anyone would stump up.
Or perhaps you could take the view that they know a proposed Administration Order would be opposed, and thus selling players now is their best chance of seeing the season out?
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posted 19-02-2010 11:49
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So, I did a quick internet search on the club's latest saviour, Endeavor Plan. It would appear to be a very, very shady internet investment company which engages in "network marketing", which appears to be a euphemism for the better known term "pyramid scheme". Read the FAQ section all the way through and then ask yourself if this is someone you'd want running your club.
There's an interesting article about their run in with the New Zealand securities commission here. This article suggests that the firm is not Hong Kong-based but rather is registered in the British Virgin Islands.
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posted 19-02-2010 11:54
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Even better - a note on Endeavor Plan from the New Zealand Securities Commission.
WARNING - WEBSITE SCHEME - WWW.ENDEAVORPLAN.COM
The Securities Commission has banned advertising for an investment scheme which appears on the web site www.endeavorplan.com. This web site appears to be administered by a company in the West Indies called Endeavor Portfolio Corporation Limited. The web site also states that its founder is Mr. Victor Cattermole. We understand that Mr. Cattermole is a New Zealander and resides in Wellington.
The scheme invites the public to contribute funds by way of credit card. It is said that these funds are then invested in a British Virgin Islands fund called CSA Absolute Return Fund Limited. This is done through a Hong Kong company. The scheme offers commissions to investors who introduce other investors.
The Commission banned advertising for the scheme because it does not comply with the law. To be offered in New Zealand the scheme must have a registered prospectus and an investment statement. These documents are not available.
The Commission warns people about committing any money to the scheme. The Commission warns people generally about investment schemes that they find on the Internet. Investments promoted on the Internet must still comply with New Zealand law.
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Last Edit: 19-02-2010 12:04 By Garamczy Antal.
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posted 19-02-2010 18:47
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Not really Pompey-related, but this interesting tidbit has just come out of the scorched earth campaign that is the Frank McCourt/Jenny McCourt divorce saga (McCourt owns the Los Angeles Dodgers).
Ms. McCourt's attorneys included in their filings a private placement memorandum, dated May 2009, where Mr. McCourt appears to be proposing to sell a share in the Dodgers as part of the creation of a global sports enterprise. The memorandum said that an entity---Global Sports Partnership LLC, to be run by Mr. McCourt's operation---would own the Dodgers and professional soccer teams in England and China. The memorandum was offering to sell a 7% stake in Global Sports for $150 million. The memorandum shows it was being presented to Citic Group, a Chinese industrial and financial conglomerate. The memorandum quotes Mr. McCourt welcoming Citic "as a founding partner" of Global Sports.
Given the figures quoted, the putative value for this global group would have been over USD 2 billion. The latest Forbes valuation on the Dodgers alone is "only" USD 722 million.
Who were they thinking of buying?
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posted 19-02-2010 23:39
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NHH wrote:
So, with the PL gearing up to advance them their parachute from next year, they make a PL problem a Football League problem (as their policy has been all along).
Just wondering, but is the Football League obliged to accept Portsmouth into the Championship regardless of their financial status?
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posted 20-02-2010 01:57
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Guardian says Portsmouth need to persuade the court that they can find £22m to finish the season.
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posted 20-02-2010 11:38
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Byekick wrote:
NHH wrote:
So, with the PL gearing up to advance them their parachute from next year, they make a PL problem a Football League problem (as their policy has been all along).
Just wondering, but is the Football League obliged to accept Portsmouth into the Championship regardless of their financial status?
I'd be very, very surprised if they weren't, as it's in the Football League's interest. If the FL stopped accepting relegated clubs, the PL might grant Phil Gartside his wish, and stop accepting promoted clubs.
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posted 20-02-2010 12:16
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The EPL have refused Portsmouth's request to operate outside the transfer window, bizarrely FIFA seemed open to the idea.
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posted 20-02-2010 12:47
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The tricky thing with that request is what if John Utaka scores the goal for his new club Bolton that relegates Burnley?
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posted 21-02-2010 14:08
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But the alternative may be that Portsmouth are liquidated next week, with the result being Burnley stay up at the expense of Bolton (as Bolton beat Portsmouth, but Burnley lost to them).
A current, de-Portsmouthed league table is this
| Code: |
Chelsea 26 40 58
Man Utd 25 31 51
Arsenal 25 27 49
Liverpool 25 18 44
Tottenham 25 18 40
Man City 23 12 39
Aston Villa 24 11 39
Everton 25 0 35
Birmingham 24 -3 34
Blackburn 26 -16 31
Fulham 24 0 28
Stoke 24 -5 28
Wigan 24 -19 25
Sunderland 24 -12 24
Wolves 25 -22 24
West Ham 24 -7 23
Burnley 24 -23 23
Hull 26 -29 23
Bolton 24 -18 20
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posted 21-02-2010 15:54
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Then again, on the basis of today's performance, Bolton may well manage thatwithout a need for any outside assistance.
It's now quite clear that the Statement of Accounts will reveal that Pompey are in even worse shape than they were thought to be, and that a mere advance of the parachute payments won't be enough to assure that they finish the season, As I don't see the Premier League loaning them funds beyond the parachute advance and Endeavor Plan does not appear to be credible, the alternatives would seem to be administration or liquidation. I still think that this chapter will end with them going into admin on the eve of the winding up hearing.
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