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posted 22-02-2010 01:41
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What difference would being in administration make to the winding-up order?
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posted 22-02-2010 03:04
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A nine point penalty versus the club ceasing to exist entirely.
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posted 22-02-2010 10:54
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No, what I meant is, how does administration change the fact that the wolf is at the door? HMG still needs their pound of flesh, right?
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posted 22-02-2010 11:27
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Phoebe wrote:
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.
Sounds very familiar to the FL stance on Chester City, doesn't it. It would be funny to see their own policy on relegated clubs bite them in the ass.
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posted 22-02-2010 11:35
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Antonio Gramsci wrote:
No, what I meant is, how does administration change the fact that the wolf is at the door? HMG still needs their pound of flesh, right?
Once in administration the clubs administrators will negotiate what amount of the debt can be paid off, dependent on assets and ability to pay. This can be as little as 1p in the pound. HMRC would rather accept a small payment than get bugger all if the club is wound up. Unlike in the Conference, where appendix E looks like expelling any club that has entered administraion who don't pay up 100p in the pound, all Portsmouth have to do under Football league rules is come out administration with their negotiated debts settled. In time for next season I presume.
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posted 23-02-2010 09:20
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Peter Storrie angered by MOTD pundits
Some of the comments coming out of Pompey during this saga are unbelievable. Avram Grant moaning during the transfer window that the Premier League won't allow them to sign any players as this somehow goes against English fair play. Never mind that they don't have a pot to piss in let alone pay any new transfer fees. But Grant's only arrived at Pompey relatively recently, the damage was done before he got there. Storrie however has been chief exec since Mandaric, has he not? And he has the nerve to have a pop at what was fairly mild criticism on MOTD. WTF has he been doing, as chief exec, all this time as the debts racked up? This quote in particular frustrates me: "I am fed up with everyone highlighting the debts without ever bothering to look at the assets of this football club." FFS Storrie - why are the HMRC trying to wind the club up then?! I am fed up with bellends like you who have no business sense.
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Last Edit: 23-02-2010 09:20 By Kid A.
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Etienne
Life sorted but now lacking time for OTF
Posts: 6670
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posted 23-02-2010 09:39
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Storrie's been raking in a salary that make him one of the best paid Chief Execs in the country. His business sense has worked out fine for him.
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posted 23-02-2010 09:42
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He seems a little too proud of the 'accounts' that he keeps mentioning. I bet they're a work of art.
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posted 23-02-2010 11:03
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Peter Storrie, Venables and a few others once had a legendary night out in Portsmouth where Venables eschewed a wallet in favour of a wad of 50 pound notes stuck in the breast pocket of his shirt.
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posted 23-02-2010 11:08
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Can I just say, with all respect to TG and the rest of the Spurs Otfers, that Pompey's predicament is a big reason why I'm desperate for Spurs not to finish 4th this year.
The already-soft/uncritical media coverage of 'Arry would become unbearable, and his responsibility for some of this mess would never get mentioned again.
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posted 23-02-2010 11:43
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Peter Storrie, Venables and a few others once had a legendary night out in Portsmouth where Venables eschewed a wallet in favour of a wad of 50 pound notes stuck in the breast pocket of his shirt.
Hahaha. Who needs Marbella when you can be flashing the cash in Southsea's "fashionable Albert Road area".
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posted 25-02-2010 17:01
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Once in administration could the company still be wound up if there isn't any way to salvage anything?
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Etienne
Life sorted but now lacking time for OTF
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posted 25-02-2010 17:20
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Yes. I'd be surprised if they don't survive the season now though.
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posted 25-02-2010 17:34
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They'll surely complete the season.
The bigger question is whether they will be able to agree a CVA. The attractiveness of the club as a business proposition still isn't clear to me, particularly given all of the shenanigans regarding the ground and surrounding area.
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posted 25-02-2010 19:56
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Quite; I can imagine them starting next season on -15 points with a bunch of kids.
The administrator's previous doesn't fill me with much hope. Swindon Town's finances for the 2000s were a complete shambles, and their governance even worse, and the likely Portsmouth guy was completely and intimately involved in that.
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posted 01-03-2010 19:04
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Pompey back in court tomorrow, as the Taxman is appealing against their going into administration.
Presumably because they entered administration the day after their seven day stay of execution.
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posted 02-03-2010 13:46
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www.guardian.co.uk/football/2010/mar/02/...smouth-need-7m-march
About time the process of administration was investigated. What a pity the independence of the administrator wasn't more closely questioned when Leeds went into administration and the creditors got shafted so Ken Bates could stay in power.
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posted 02-03-2010 16:56
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This administrator bloke's getting on my tits already.
Everytime I turn the TV/radio/internet on or pick up a paper he's getting his name in there bluffing about something or other. He was even at the League Cup Final in the royal box!.
Have other clubs administrations been "done" by publicity whores like him or were they more "behind the scenes" type affairs?
He's losing Pompey any sympathy they may have left with his attempts to weasel out of the nine points deduction. After years of shennanigans surely Im not alone in expecting an administrator to come in and stop the cheating? This blokes taking it to an entirely new level.
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posted 02-03-2010 19:52
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What a pity the independence of the administrator wasn't more closely questioned when Leeds went into administration
Agreed. I may never understand why HMRC just suddenly let that go.
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