Ian Royal I think Pompey sold some long term STs a couple of years ago... 20 year jobs or something. I may be wrong.
Did the people who did that also invest in Enron shares, and have a bet on finding Elvis alive on the Moon?
Portsmouth fc
Did the people who did that also invest in Enron shares, and have a bet on finding Elvis alive on the Moon?
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Once were Biscuitmen
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Ian Royal I think Pompey sold some long term STs a couple of years ago... 20 year jobs or something. I may be wrong.
I know Leeds did this, probably not looking a terrible buy now. Assuming you are happy to watch a team of thugs pootle around mid table of the 2nd tier for much of this time.
Franchise FCArch had they not capitulated to Fulham.
This is my main reason for me hoping they go bust and we never hear from them again...especially not the bellend with the stupid hat and the ...er ...bell.
All in all they are a vile club, football is better off without them.
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Barry the bird boggler
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Portsmouth makes job cuts before creditors meeting
By Nabil Hassan BBC Sport
More jobs have been cut at debt-hit Portsmouth prior to a meeting intended to pave the way for the club to exit administration.
Four staff have been made redundant, with club ambassador Linvoy Primus one of those believed to have departed.
Portsmouth's administrator Trevor Birch will meet with creditors on Thursday.
There were 30 redundancies at the club, £58m in debt and searching for new owners, in February. Pompey were relegated to League One on Saturday.
Continue reading the main story
“As things stand, we cannot rule out the possibility of having to liquidate the company
Trevor Birch Thursday's meeting at Fratton Park should see the formation of a creditors' committee, which will represent the views of those owed money by the club.
Unsecured creditors will be asked to accept the contents of the report. The 1100 BST gathering at the Victory Lounge will also give creditors a chance to air their views to the administrator.
Administrators PKF issued a report on 11 April to Pompey's creditors.
On Saturday, the club were relegated to League One with Birch telling BBC Radio Solent that would cost them £1.3m.
Birch added that he had "several interested parties" looking at buying the club but that he was still awaiting a firm offer, with liquidation still a distinct possibility.
"As things stand, we cannot rule out the possibility of having to liquidate the company if our efforts aren't successful," he said.
"It would be irresponsible to claim otherwise. However, we want the club to have a sustainable long-term future and are working hard to make this vision a reality."
Pompey's administrator will also give an update on the club's future at Thursday's meeting with creditors.
"We continue to believe that we can find a buyer for the club before the money runs out and are doing everything we can to achieve this," said Birch.
"It's what the club's supporters, staff and players deserve after the turbulence and uncertainty of the past few years. It will also result in the best possible outcome for the creditors as whole, in our view."
A further £10.5m investment made by former owners Vladimir Antonov's Convers Sports Initiatives (CSI) remains outstanding.
CSI themselves will be represented by administrators UHY Hacker Young at Thursday's meeting.
Players are due £3.5m in wages and bonuses for the last two seasons, while £2.3m is owed to HM Revenue and Customs. Additionally, £3.7m is owed for general trade.
In order to exit administration, Pompey's creditors will have to accept a Company Voluntary Arrangement (CVA).
A CVA is an agreed mechanism for exiting administration and means creditors are likely to have to accept a percentage of what they are owed.
In 2010, when Portsmouth were last in administration, they offered to pay their creditors 20 pence in every pound they owed.
A similar or lesser offer is likely this time but the CVA will need to be supported by 75% of unsecured creditors.
"Since our appointment, my PKF colleagues and I have been focused on getting Portsmouth out of administration as soon as is practically possible through the sale of the club as a going concern and a subsequent CVA," added Birch.
By Nabil Hassan BBC Sport
More jobs have been cut at debt-hit Portsmouth prior to a meeting intended to pave the way for the club to exit administration.
Four staff have been made redundant, with club ambassador Linvoy Primus one of those believed to have departed.
Portsmouth's administrator Trevor Birch will meet with creditors on Thursday.
There were 30 redundancies at the club, £58m in debt and searching for new owners, in February. Pompey were relegated to League One on Saturday.
Continue reading the main story
“As things stand, we cannot rule out the possibility of having to liquidate the company
Trevor Birch Thursday's meeting at Fratton Park should see the formation of a creditors' committee, which will represent the views of those owed money by the club.
Unsecured creditors will be asked to accept the contents of the report. The 1100 BST gathering at the Victory Lounge will also give creditors a chance to air their views to the administrator.
Administrators PKF issued a report on 11 April to Pompey's creditors.
On Saturday, the club were relegated to League One with Birch telling BBC Radio Solent that would cost them £1.3m.
Birch added that he had "several interested parties" looking at buying the club but that he was still awaiting a firm offer, with liquidation still a distinct possibility.
"As things stand, we cannot rule out the possibility of having to liquidate the company if our efforts aren't successful," he said.
"It would be irresponsible to claim otherwise. However, we want the club to have a sustainable long-term future and are working hard to make this vision a reality."
Pompey's administrator will also give an update on the club's future at Thursday's meeting with creditors.
"We continue to believe that we can find a buyer for the club before the money runs out and are doing everything we can to achieve this," said Birch.
"It's what the club's supporters, staff and players deserve after the turbulence and uncertainty of the past few years. It will also result in the best possible outcome for the creditors as whole, in our view."
A further £10.5m investment made by former owners Vladimir Antonov's Convers Sports Initiatives (CSI) remains outstanding.
CSI themselves will be represented by administrators UHY Hacker Young at Thursday's meeting.
Players are due £3.5m in wages and bonuses for the last two seasons, while £2.3m is owed to HM Revenue and Customs. Additionally, £3.7m is owed for general trade.
In order to exit administration, Pompey's creditors will have to accept a Company Voluntary Arrangement (CVA).
A CVA is an agreed mechanism for exiting administration and means creditors are likely to have to accept a percentage of what they are owed.
In 2010, when Portsmouth were last in administration, they offered to pay their creditors 20 pence in every pound they owed.
A similar or lesser offer is likely this time but the CVA will need to be supported by 75% of unsecured creditors.
"Since our appointment, my PKF colleagues and I have been focused on getting Portsmouth out of administration as soon as is practically possible through the sale of the club as a going concern and a subsequent CVA," added Birch.
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Tony Le Mesmer
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Bring Back The SB They're going to get away with this.
Theyve already been relegated twice due to their finances, hardly getting away with it. And there will be more to follow. i say keep them afloat and watch them die slowly.
http://www.portsmouth.co.uk/sport/pompe ... -1-3777767
The longer this man hangs around, with his £17M debt at the forefront of his thinking, the worse for PFC.
The fans would be better off with a phoenix club
The longer this man hangs around, with his £17M debt at the forefront of his thinking, the worse for PFC.
The fans would be better off with a phoenix club
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Bring Back The SB
When will we find out the result of today's meeting?
They might have been relegated twice however I'm sure they would rather be in league 1 and be stabalised than start again in the Evostick!!!
Just have a feeling they will survive this somehow.
They might have been relegated twice however I'm sure they would rather be in league 1 and be stabalised than start again in the Evostick!!!
Just have a feeling they will survive this somehow.
speaking to a pompey fan mate of mine yesterday who said that the only thing that can save the club now is if they go phoenix. the set-up there now is so confused that itll take years to fall apart gradually and is beyond saving (the russian, apparently, still owns the car parks around fratton and could block a sale on the basis of that).
what, though, would be the process if pompey left the FL? an extra team bumped up from conference and so on?
what, though, would be the process if pompey left the FL? an extra team bumped up from conference and so on?
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Deadlock
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One fewer team relegated from each division affected.
Bring Back The SB They're going to get away with this.
How do you envisage that happening?
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Bring Back The SB
Mr AngryBring Back The SB They're going to get away with this.
How do you envisage that happening?
Chenrai (or however you spell it) wont see the club liquidated untill he gets his money back. He wont get it back any time soon so will start to bankroll the club again.
Chanrai confirmed that today at the creditors meeting.
http://www.portsmouth.co.uk/sport/pompe ... -1-3777767
As far as I can tell there wasn't anything significant coming out off the meeting other than HMRCs request to liquidate and investigate the old club getting refused by the other creditors. They also appear to have set up a creditors team (of 4 or 5) to agree proposals or otherwise. Chanrai is still saying he will settle small creditors (if they haven't given up waiting)
http://www.portsmouth.co.uk/sport/pompe ... -1-3777767
As far as I can tell there wasn't anything significant coming out off the meeting other than HMRCs request to liquidate and investigate the old club getting refused by the other creditors. They also appear to have set up a creditors team (of 4 or 5) to agree proposals or otherwise. Chanrai is still saying he will settle small creditors (if they haven't given up waiting)
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Franchise FC
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Bring Back The SBMr AngryBring Back The SB They're going to get away with this.
How do you envisage that happening?
Chenrai (or however you spell it) wont see the club liquidated untill he gets his money back. He wont get it back any time soon so will start to bankroll the club again.
My mate owes me £500.
He has no means of paying it back
I give him another £500 to keep him afloat until he can pay me
He has no means of paying it back
Repeat until I run out of money
Only Morecambe & Wise could make this work.
Bring Back The SBMr AngryBring Back The SB They're going to get away with this.
How do you envisage that happening?
Chenrai (or however you spell it) wont see the club liquidated untill he gets his money back. He wont get it back any time soon so will start to bankroll the club again.
I can see how that might have worked if Pompey were still in the Prem, or even - at a push - in the Championship, but League 1? They simply won't have the income generation to satisfy their outgoings, even if they manage to secure a 2nd CVA.
Don't forget that the single biggest debt that Chanrai is owed by the club is the £17M "loan" he supposedly gave to the club, secured on Fratton Park (which was only valued at £3M); this was the exact same amount he claimed he was owed by Boris Gaydamak, and most people accept that he only did this to ensure that he got his money back as a secured creditor.
Eventually though, he will have to accept that the money has gone, and that he will be simply throwing good money after bad to try and keep Pompey afloat to then get that £17M; and thats all dependent upon someone actually then buying Pompey, which frankly, isn't going to happen any day soon.
Franchise FC's illustration above is fundamentally correct......
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Royal Rother
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I can see Portsmouth being put back in the PL to help them out.
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soggy biscuit
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I have no idea how but they will survive this, it's the Pompey way
Wouldn't be all that shocked if they were up near the top of league 1 next season
Wouldn't be all that shocked if they were up near the top of league 1 next season
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Bring Back The SB
soggy biscuit I have no idea how but they will survive this, it's the Pompey way
Wouldn't be all that shocked if they were up near the top of league 1 next season
Me neither
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Jackson Corner
- Hob Nob Regular
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They will somehow squirm out of it they always do. Win div one and go in to administration in two years. In and ideal world they would be wound up the ground sold off flattened and used as land to house the traveling community. Reform as AFC Portsmouth play home games at Waterloville in the Isthmian league.
Trevor Birch has publically stated that Pompey only have enough money to survive until June (not clear if thats the beginning or the end of June, but there you go), but not beyond then.
He has also spoken to 2 "interested parties" but the talks have got nowhere - presumably the moment he said "Ok, show us your money?" they melted away......
A representative of Chanrai stated at the recent creditors meeting that he "won't let the club die"; presumably to do so would mean him losing his £17M that is owed to him...
The PFA has said that their members are owed £26M - IF Pompey get liquidated.
Greg Halford and Jason Pearce have already got new clubs to move to (undisclosed) whilst Joel Ward is off to Ipswich. Appleton has said that Kitson, Benjani and Kanu HAVE to leave the club "...otherwise the club will not survive". He is hopeful that an agreement can be reached for those players to agree to leave.
He has also spoken to 2 "interested parties" but the talks have got nowhere - presumably the moment he said "Ok, show us your money?" they melted away......
A representative of Chanrai stated at the recent creditors meeting that he "won't let the club die"; presumably to do so would mean him losing his £17M that is owed to him...
The PFA has said that their members are owed £26M - IF Pompey get liquidated.
Greg Halford and Jason Pearce have already got new clubs to move to (undisclosed) whilst Joel Ward is off to Ipswich. Appleton has said that Kitson, Benjani and Kanu HAVE to leave the club "...otherwise the club will not survive". He is hopeful that an agreement can be reached for those players to agree to leave.
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