Portsmouth's debt

[blootoof]

£120 mill?? Who's to blame? More to the point, who the fuck is gonna pay for all this?

Full report(pdf file)---> http://www.uhy-uk.com/media/news/PFC%20 ... be%207.pdf

[Beefymcfc]

Strange as mate. Someone has estimated that their debt at one point must've been over a quarter of a billion which is staggering for such a club.

I blame Ole 'Arry!

[simon12]

£120 mill?? Who's to blame? More to the point, who the fuck is gonna pay for all this?

Full report(pdf file)---> http://www.uhy-uk.com/media/news/PFC%20 ... be%207.pdf

Football is astonishing. I`m a director of a company and if I did this I`d be royaly fucked and go away for a long time. However in football it`s different and whats more footballers in law get paid before HMRC..WRONG

David Nugent Image Rights?????????????????????????????????

`arrys fault I do beleive along with storrie and probably `arrys mate w. mckay(hope it`s him that`s owed the £9m)

[blootoof]

Pompey owe Tottenham a £1m sell on fee for Asmir Begovic – a player Spurs have never even owned.

During the last hectic days of the January transfer window the deal to sell Younes Kaboul and Begovic was constructed as one deal with pricing set accordingly.

When Begovic refused to sign for Spurs, it was agreed that they would receive a £1m sell on fee if Begovic was sold to anyone else in January.

When Begovic signed for Stoke hours later, Pompey apparently came out of the deal owing £1m to Tottenham.

[gillie]

Pompey owe Tottenham a £1m sell on fee for Asmir Begovic – a player Spurs have never even owned.

During the last hectic days of the January transfer window the deal to sell Younes Kaboul and Begovic was constructed as one deal with pricing set accordingly.

When Begovic refused to sign for Spurs, it was agreed that they would receive a £1m sell on fee if Begovic was sold to anyone else in January.

When Begovic signed for Stoke hours later, Pompey apparently came out of the deal owing £1m to Tottenham.

I wonder which financial wizard agreed to that with them already being in the shite financially.

[Stan]

I see one of the Agents & Scouting fee creditors is "ExtraTime" - I'll wager Baconface is one of the directors of that company!

[frannylee]

The FA should use Portsmouths parachute payment (?? £40 milion in total) to pay back creditors

In this way, creditors would get 33p in the pound on their monies owed, which looks like being significantly higher than they will currently get from the administrators, and the club get fuck all

Job done

[dario2739]

Hmmm... let's think about this one... Portsmouth in a big fucking financial mess, West Ham recently teetering on the edge, Southampton almost going to the wall... can anyone see the link here? Fucking 'Twitcher' Redknapp... I wouldn't mind betting he's had a big hand in fucking over all those clubs for a few brown envelopes (allegedly)!
Still look on the brightside... if the pattern continues, Spurs are fucked!

[john68]

Hmmm... let's think about this one... Portsmouth in a big fucking financial mess, West Ham recently teetering on the edge, Southampton almost going to the wall... can anyone see the link here? Fucking 'Twitcher' Redknapp... I wouldn't mind betting he's had a big hand in fucking over all those clubs for a few brown envelopes (allegedly)!
Still look on the brightside... if the pattern continues, Spurs are fucked!

D'yer reckon Twitchy could get the swamp gig and replace taggart?....Imagine the damage the Glazers and Twitchy could do if they worked as a partnership.....That would be fun.

[Niall Quinns Discopants]

Pompey owe Tottenham a £1m sell on fee for Asmir Begovic – a player Spurs have never even owned.

During the last hectic days of the January transfer window the deal to sell Younes Kaboul and Begovic was constructed as one deal with pricing set accordingly.

When Begovic refused to sign for Spurs, it was agreed that they would receive a £1m sell on fee if Begovic was sold to anyone else in January.

When Begovic signed for Stoke hours later, Pompey apparently came out of the deal owing £1m to Tottenham.

I wonder which financial wizard agreed to that with them already being in the shite financially.

Franny Lee would've loved piece of that deal though. Maybe get us involved with additional 500k for Spurs for "part ownership sell on fee", the way they'll do the deals in future you know.

[Vhero]

All fookin madness... When they declared bankruptcy I thought there debt got wiped? So this obviously means the rags couldn't get there debt wiped by filing bankruptcy for a 9 point drop as 9 points would hardly kill there season anyway. Not 100% sure how bankruptcy works with a football team works anyway.

[john@staustell]

All fookin madness... When they declared bankruptcy I thought there debt got wiped? So this obviously means the rags couldn't get there debt wiped by filing bankruptcy for a 9 point drop as 9 points would hardly kill there season anyway. Not 100% sure how bankruptcy works with a football team works anyway.

Stand to be corrected by financial wizards on here, but they are ´in administration` mate. Not so simple as bankruptcy.

The administrators keep the club going and pay off ´secured` creditors as much as they can - including this chinese fella who now owns it for the sole reason that the last owner borroweed about 13M off him and wouldn´t pay it back! So he´s got a charge against the club and a fair case.

The administrator looks for a buyer, who will have to pay off some of these secured debts (figures are in the press today). If no buyer can be found for this low-potential mess, then the club will be wound up and any remaining assets used to pay off secured creditors.

[guv111]

£120m? Pah, amateurs. Portsmouth need to man the fuck up and get a proper debt, then they'd be able to buy slow, useless Bulgarians for £30m, have laughable "campaigns" in other club's colours, and go on and on about Southampton's lack of success - even have a permanent banner about it.

Tsk. £120m, indeed.

[mr_nool]

My ice-hockey club went bust today. It's really sad, I played for the until I was 16-17 and have followed them since I was a little kid.

The debt was a measly 200 grand, which is nothing compared to Pompey, but it's a symptom of the same disease

[Montgomery Burns]

The FA should use Portsmouths parachute payment (?? £40 milion in total) to pay back creditors

In this way, creditors would get 33p in the pound on their monies owed, which looks like being significantly higher than they will currently get from the administrators, and the club get fuck all

Job done

That's a pretty good suggestion. To expand on your point, if the existing Portsmouth Football club (company) went to go to the wall. the football players, agents and clubs would not then receive preferential status accorded to them by the Football Authorities as per their current rules.

When the existing company went into liquidation, as happened with Leeds, the people behind Portsmouth would have a new company ready to take their place in the Championship next season. But it would be dependent on having their old 'share' transferred to them, and having the FAPL parachute payment(s) which would be normally due to the old company, to the new entity. Quite why the new company which would have no legal connection to the old company other than possibly shared directors and shareholders, should get their hands on this dosh is hard to fathom, but I agree that's the FAPL for you.

Deprived of their 'share' and the dosh, Pompey as a club would cease to exist and supporters etc would be left to form a new club like AFC Wimbledon did and Chester will probably do and then go play in a lower league.

Now here's the rub. At this stage, the old company, the one we see now is still in the process of being wound up. But presumably it will now be entitled to receive the parachute payments, possibly for 4 years if the clubs agree the new proposed rules. That's possibly an extra £48m owed to the club by the FAPL, that is, to the old club and its creditors rather than the new club.

By this approach the players, clubs and agents would no longer get the artificial preference given to them by the FAPL's insovency policy and would receive the same percentage of the amounts owed to them as the St John's Ambulance brigade and the Portsmouth Scout Association.

[Bingo Lewis]

The FA should use Portsmouths parachute payment (?? £40 milion in total) to pay back creditors

In this way, creditors would get 33p in the pound on their monies owed, which looks like being significantly higher than they will currently get from the administrators, and the club get fuck all

Job done

number 1000 next son, I better be in your speech.

[Vhero]

All fookin madness... When they declared bankruptcy I thought there debt got wiped? So this obviously means the rags couldn't get there debt wiped by filing bankruptcy for a 9 point drop as 9 points would hardly kill there season anyway. Not 100% sure how bankruptcy works with a football team works anyway.

Stand to be corrected by financial wizards on here, but they are ´in administration` mate. Not so simple as bankruptcy.

The administrators keep the club going and pay off ´secured` creditors as much as they can - including this chinese fella who now owns it for the sole reason that the last owner borroweed about 13M off him and wouldn´t pay it back! So he´s got a charge against the club and a fair case.

The administrator looks for a buyer, who will have to pay off some of these secured debts (figures are in the press today). If no buyer can be found for this low-potential mess, then the club will be wound up and any remaining assets used to pay off secured creditors.

Ah fair enough mate thought they declared full bankruptcy. I guess if they did do that though they would be do a Wimbledon and be wiped out the top flight completely??

[ross.mcfc]

All fookin madness... When they declared bankruptcy I thought there debt got wiped? So this obviously means the rags couldn't get there debt wiped by filing bankruptcy for a 9 point drop as 9 points would hardly kill there season anyway. Not 100% sure how bankruptcy works with a football team works anyway.

Stand to be corrected by financial wizards on here, but they are ´in administration` mate. Not so simple as bankruptcy.

The administrators keep the club going and pay off ´secured` creditors as much as they can - including this chinese fella who now owns it for the sole reason that the last owner borroweed about 13M off him and wouldn´t pay it back! So he´s got a charge against the club and a fair case.

The administrator looks for a buyer, who will have to pay off some of these secured debts (figures are in the press today). If no buyer can be found for this low-potential mess, then the club will be wound up and any remaining assets used to pay off secured creditors.

Ah fair enough mate thought they declared full bankruptcy. I guess if they did do that though they would be do a Wimbledon and be wiped out the top flight completely??

Except that never happend to Wimbeldon.

[Vhero]

Except that never happend to Wimbeldon.

Any idiot would know I meant wiped out the top flight completely not gone bankrupt but of course your American so I have to give you the benefit of the doubt your understanding of the English language isn't that good. I mean you can't even spell the team name even though I previously spelled it correctly for you.

[bluej]

Except that never happend to Wimbeldon.

Any idiot would know I meant wiped out the top flight completely not gone bankrupt but of course [highlight]your[/highlight] American so I have to give you the benefit of the doubt [highlight]your[/highlight] understanding of the English language isn't that good. I mean you can't even spell the team name even though I previously spelled it correctly for you.

Fantastic.