The continuing demise of Portsmouth thread

Gazza Bee

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The PST have offered Chainrai £2.75m, which includes the cost of buying Fratton Park. Chainrai has £12m secured credit against the club (as well as owning the stadium).

If he is a secured creditor then surely he's owed the whole £12m.

In theory yes but in practice I would have thought this was a deal made because the value of the companies assets would not allow full repayment of the secured credit after all the other preferential creditors had been paid off - basically a take it or leave it scenario. However it is difficult to know whether this represents a decent return without knowing the asset values :confused: anyway I think they are screwed at this point :cool:
 

Niyx

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Really surprised the Football League haven't said 'enough is enough'. The silence is deafening.

Sorry, it is being discussed tomorrow http://www.portsmouth.co.uk/sport/p...perate-for-football-league-go-ahead-1-4162670


Among the matters expected to be addressed is whether the Blues can be considered ‘competitive’ heading into Saturday’s League One opener against Bournemouth.

Sods law isn't it! Bournemouth will be allowed to play against a team of 15 year olds, and when we have to play them in November, they'll have Van Persie,Messi and Ronaldo.
 

Stanley

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Not sure Appleton really gets it, how can he sign players when they have no owner and no money, whatever the FL say.

With the League starting Saturday the FL have a difficult decsion to make, Pompey cannot put out a competitive team so surely that is the end for them?

The sporting integrity of the league now must supersede an understandable desire to keep this club alive.
 

Herbert

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if they have to play their youth all season,then so be it,that should be the case till their house is in order
 

ladbroke

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if they have to play their youth all season,then so be it,that should be the case till their house is in order

But for sporting fairness, bournemouth must be loving it... playing against kids first game.. likely get high scoreline cause of it, and when pompey can bring in some more experience players, those who play them then may suffer on terms of lesser goal difference and points...

Sporting integrity gone...
 

hypa123

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It's quite clear that Portsmouth FC are in no position to field a competitive team at the present time. For the opening weeks of the season, and perhaps for some months to come, they will be reliant on a team consisting largely of youth team and second-string players. L1 teams scheduled to play Portsmouth in the opening stages of the season will receive an unfair advantage and the L1 end-of-season table will be skewed as a result. The Football League meeting tomorrow should disqualify Portsmouth from competing in the coming season. That will be hard on the club's supporters but it's the inevitable consequence of the mismanagement of the previous years.
 

Bill Benn

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It's quite clear that Portsmouth FC are in no position to field a competitive team at the present time. For the opening weeks of the season, and perhaps for some months to come, they will be reliant on a team consisting largely of youth team and second-string players. L1 teams scheduled to play Portsmouth in the opening stages of the season will receive an unfair advantage and the L1 end-of-season table will be skewed as a result. The Football League meeting tomorrow should disqualify Portsmouth from competing in the coming season. That will be hard on the club's supporters but it's the inevitable consequence of the mismanagement of the previous years.

The team they put out is the least of their problems the club is still in administration and last Fridays deadline has past,with only PST in with a bid,that was considered not viable last week l can't see them surviving past Fridays league meeting.
 

kevalutonbee

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RodBee

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Football League are a real joke.

Imagine Bury, Burton, etc, being treated with kid gloves!

Surely the League 'Golden Share' cannot be transferred to Pompey as they cannot confirm they can complete the season.

Therefore they should not start the season.
 

markyst

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You don't need the Golden Share to start the season, you can play the whole season in admin if you want.
 

RodBee

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You don't need the Golden Share to start the season, you can play the whole season in admin if you want.

Oops!
I thought they could not get the Golden Share unless they could show that they have sufficient funds to complete the season.

Without that certainty then no share no league place!

Obviously my mistake. Sorry Pompey fans but I still feel that the club is getting preferential treatment.
 

markyst

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Oops!
I thought they could not get the Golden Share unless they could show that they have sufficient funds to complete the season.

Without that certainty then no share no league place!

Obviously my mistake. Sorry Pompey fans but I still feel that the club is getting preferential treatment.

Other clubs - ie Luton, Bournemouth, Rotherham were told the rule was you had to have the Golden Share and exit admin before you could start the season and also had to show funds and a business plan that demonstrated you could complete the season. Which was fair enough as it was their 2nd and 3rd admins.

However, it's Pompey's 3rd admin too and there's no doubt they are being treated differently. Previously clubs have started a season in admin & not come out of it until the following Summer though, so the FL basically make the rules up as they go along.
 

Bill Benn

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Other clubs - ie Luton, Bournemouth, Rotherham were told the rule was you had to have the Golden Share and exit admin before you could start the season and also had to show funds and a business plan that demonstrated you could complete the season. Which was fair enough as it was their 2nd and 3rd admins.

However, it's Pompey's 3rd admin too and there's no doubt they are being treated differently. Previously clubs have started a season in admin & not come out of it until the following Summer though, so the FL basically make the rules up as they go along.

I agree with you regarding how the FL have handled this,a bloody disgrace
 

BuzzBeeSi

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So Appleton is trying to sign 10 players before Saturday on month-long contracts. What a farce!
 

absenteebee

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Wtf? Why are they different? I don't get it.
 

markyst

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but no better financially.

No but they're still perceived as a Premier League club in size and also the administrator Trevor Birch is ex-Chelsea CEO so maybe he has friends in high places?
 

Niyx

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Would Bournemouth taking on Pompey at 4/7 be tasty odds if they still can only field a youth team?

They've been allowed and have signed 10 players today.

McLeod,Walker,Compton,Howard,Dumbuya,Eastwood,Djilali,Harley,Williamson (all on monthly contracts)

Walker is a bloody good find.

Still fancy Bournemouth, but I'm avoiding a bet now.
 

Niyx

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None of them have been approved by the FL or FA yet - they are just going ahead & doing what they want basically.

I'm not justifying it by the way. Just a bit gutted I didn't lump more on when they played Plymouth. Feel a bit sick thinking about what my bank balance "could" have looked like now :D
 

markyst

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I'm not justifying it by the way. Just a bit gutted I didn't lump more on when they played Plymouth. Feel a bit sick thinking about what my bank balance "could" have looked like now :D

I had £200 on at 21/20.
 

Hullbee

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So what happens in the unlikely event that they are still in admin and trading next May if

1) They gain automatic promotion by 9 points
2) They secure a play off place by 9 points
3) They avoid relegation by 9 points

They stay in administration until they once again join the promised land that is the priemer league!!! Absolute joke how must Luton and Chester city fans feel.....
 

markyst

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They basically don't have enough money to see them through til May though so they would have to be out of admin by then - so the only 2 options are they come out of admin and the 10 points come off as soon as they do so or they don't make it out of admin and are liquidated.

Although in Luton's case if we'd had minus 30 taken off at the end of the season say rather than the start it would have been a massive boost as the biggest problem is psychologically looking at the league table and seeing you haven't yet reached 0 points.
 

Niyx

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They stay in administration until they once again join the promised land that is the priemer league!!! Absolute joke how must Luton and Chester city fans feel.....

They can only stay in admin for 12 months, so this all has to be sorted by mid December. And if it goes on that long, the admin bill will be a headache!
 

hobbsy

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They can only stay in admin for 12 months, so this all has to be sorted by mid December. And if it goes on that long, the admin bill will be a headache!

Not if your name is Mr Birch!
 

bees66

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they've just signed 10 players

Kieran Djilali - 21-year-old winger, most recently at AFC Wimbledon
Mustapha Dumbuya - 25-year-old right-back, left Doncaster in summer
Jon Harley - 32-year-old former Chelsea left-back, left Notts County in summer
Brian Howard - 29-year-old midfielder most recently at Reading. Will be Pompey captain
Izale McLeod - 27-year-old striker who left Barnet this summer
Lee Williamson - 30-year-old midfielder, formerly of Sheffield United
Simon Eastwood - 23-year-old goalkeeper who played in the Plymouth defeat
Jack Compton - 23-year-old midfielder who left Falkirk in the summer
Luke Rodgers - 30-year-old former Lillestrom striker
Liam Walker - 24-year-old midfielder who played for Spanish side San Roque last season

Reading keeper Mikkel Anderson is also expected to come in on loan this week as is West Ham goalkeeper Peter Kurucz, Chelsea midfielder Connor Clifford and Celtic defender Josh Thompson.
 

Holysmit

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Think Pompey might be in for a bit of a shock when they find out the feelings of other clubs. Have a feeling they think everyone feels sorry for them.

As for the points deduction being reversered and being able to sign players on a one month contract that is a ****ing joke.

What if they can't afford to sign them in say mid January and there's one team they've played twice and not played another one at all. How is that fair.

The football league should be ashamed of themselves.
 

Stanley

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Kieran Djilali - 21-year-old winger, most recently at AFC Wimbledon
Mustapha Dumbuya - 25-year-old right-back, left Doncaster in summer
Jon Harley - 32-year-old former Chelsea left-back, left Notts County in summer
Brian Howard - 29-year-old midfielder most recently at Reading. Will be Pompey captain
Izale McLeod - 27-year-old striker who left Barnet this summer
Lee Williamson - 30-year-old midfielder, formerly of Sheffield United
Simon Eastwood - 23-year-old goalkeeper who played in the Plymouth defeat
Jack Compton - 23-year-old midfielder who left Falkirk in the summer
Luke Rodgers - 30-year-old former Lillestrom striker
Liam Walker - 24-year-old midfielder who played for Spanish side San Roque last season

Reading keeper Mikkel Anderson is also expected to come in on loan this week as is West Ham goalkeeper Peter Kurucz, Chelsea midfielder Connor Clifford and Celtic defender Josh Thompson.

A strange mix of players it has to be said, not a cheap one mind I would have thought if any are here for the long term. This presumably is the basis of Appleton's £5m squad he was putting together?

Those Pompey supporters better have deep pockets.
 

Garybaldbee

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A strange mix of players it has to be said, not a cheap one mind I would have thought if any are here for the long term. This presumably is the basis of Appleton's £5m squad he was putting together?

Those Pompey supporters better have deep pockets.

I believe that they are all only on month to month contracts so the club hasn't taken on any long term liabilities. And presumably, since the players were all available just two days before the season starts, and prepared to play on monthly contracts, they are so desperate that they are unlikely to be costing a great deal.
 

hobbsy

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I believe that they are all only on month to month contracts so the club hasn't taken on any long term liabilities. And presumably, since the players were all available just two days before the season starts, and prepared to play on monthly contracts, they are so desperate that they are unlikely to be costing a great deal.

But why do [all?] clubs have an enforced transfer embargo when in administration except Pompey?
 

ladbroke

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I'd have thought those players, some of them probably very good for our division to be honest, were on a high wage for this month alone... why else would they commit themselves to a club that can only offer 1 month security over say us who could give them much more?
 

markyst

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they have a large amount of cash to come from the Premiership still...

All that's already been promised to the likes of Kanu for their pay-offs - there isn't a penny of it left for them to spend.
 

Bill Benn

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All that's already been promised to the likes of Kanu for their pay-offs - there isn't a penny of it left for them to spend.

Don't think you are right there,the parachute payments 20 mill + over next 12 months will only be paid when they come out of admin.and think the players payouts are under half of that l have been told.
 

Niyx

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From http://www.telegraph.co.uk/sport/fo...deferred-until-club-exits-administration.html

The Daily Telegraph can reveal that the £3.4 million parachute payment from the Premier League, received last week, could paradoxically increase the threat of liquidation.

The funds are currently being used as working capital to keep the club trading into the season. However some creditors may seek to wind up the club now in the knowledge that, due to the Premier League windfall, their dividend would unusually be greater in liquidation than through a rescue.

Birch is buttressed legally by Portpin’s 2p-in-the-pound offer that unsecured creditors approved to form a company voluntary arrangement; the Trust is offering those creditors marginally more than Portpin would have.

But that may not stop aggressive creditors. HM Revenue & Customs put in the winding-up petition that initially put the club into administration. Despite his withdrawal from the takeover process on Wednesday, Balram Chainrai remains an influential figure.

His offshore Portpin vehicle holds around 40% of the votes in the administration process. Having repeatedly cast himself as the club’s “savior” it would be the richest of ironies were he now to press for liquidation.
 

Holysmit

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they have a large amount of cash to come from the Premiership still...

ah the old turnover verus profit arguement.

What ever money they get in is irrelevant if they can't keep up with their overheads. Bearing in mind the settlements they've made I really don't think they will be able to.
 

Herbert

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But for sporting fairness, bournemouth must be loving it... playing against kids first game.. likely get high scoreline cause of it, and when pompey can bring in some more experience players, those who play them then may suffer on terms of lesser goal difference and points...

Sporting integrity gone...

i cant see how theyre going to be able to bring in anyone good enough
 

markyst

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According to Chainrai the next 2 seasons parachute money has been allocated - "the fact that all the money from the parachute payment which were supposed to carry the club for the next two seasons was spent and committed by the administrator on players' compromises and fees: total £12million."

Read more: http://www.dailymail.co.uk/sport/fo...withdraws-Portsmouth-offer.html#ixzz23kNqwchq

They may be owed another 8 million but they won't get that for another 2 years.
 

Judio1999

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And how much are Pompey wasting in Agents Fees to get the One month deals in place ????
 

maddogging

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I thought you could only name 5 loannees in your squad?
 

Stanley

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It seems to change daily

Or even hourly, all very confusing, but maybe some need it like that to avoid the real picture coming out.

I am still bemused as to why they have lifted at the start their 10 point deduction and that Birch seems hopeful it will be lifted altogether, where's the fairness in that?
 
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