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Winding-up petition STAYS in place

The application to have the winding-up petition handed to Pompey blocked has been REJECTED by the high court...

I received a text shortly after 1 (then several phone calls hence the 'slight delay' on getting anything up) saying it was the case then looked at The News site to see them saying: 'Pompey's attempt to block a winding up order in the High Court has failed.'

A spokesperson for the Judicial Communications Office is quoted on sky sports as saying: 'At the High Court today Mr Justice Newey dismissed an application from Portsmouth City (sic) Football Club Limited for a winding up petition to be struck out.

'A further hearing to consider HMRC's winding up petition will take place in due course.'

The fact that this ruling was taking so long was something that was being clung to as a possible 'positive thing,' although that has not proven the case and this will now go to court next month as planned.

Being rejected is not really that much of a 'surprise' is it though really?

Further player departures are surely a NAILED ON certainty now as we need to raise money and fighting this embargo any longer is also 'pointless,' right...

PLAY UP POMPEY!

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Writer: pompeyrug

Date:Tuesday January 19 2010

Time: 1:43PM

Your Comments

Administration by the end of the week, or even today perhaps, after the Premier League meeting this afternoon?

yellowcheesemonkey

administration mite be the best thing to happen now .... rather than ten points deducted next year..

pompeyhussler

i would imagine that we would not enter admin before this further court date - and even then would only go into it if forced into it, altho you have to say this is looking more and more likely now...
forget fighting for this embargo to be lifted now, there is absolutely no chance of this happening, i would fight more for special dispensation to 'at least' extend o'hara's loan tho as that was agreed prior to the embargo being put in place. even then, is that even worth it?

pompeyrug

admin is the 'easy' way out but think of the knock-on affects to so many others, including countless local businesses that would probably go BUST as a result!

pompeyrug

7and a half million too much vat equates to 42m gross sales. What was the argument . Sales abroad? If so Diarra was not that high. And whatever is related to it must have been ages ago. Won't be much left in the Piggy after this.

dedmans

I am an optimist at the best of times, but 'nail' and 'coffin' come to mind. If the PL are withholding £2m, and this was a fight over a £7.5m discrepancy, then the club are potentially £9.5m worse off than if both appeals had come through in their favour. For a business that doesn't have the working capital to raise £1.8m for wages, this is disastrous. The West Ham takeover press conference was a real eye opener. West Ham are in a lot of trouble, but the new owners came straight out and explained the situation to the fans, and it was quite refreshing to see a bit of honesty, despite the bad news. David Sullivan also teased the press with the announcement that he would be very surprised if a PL club that will remain nameless wasn't bankrupt by the end of the season because his understanding of the figures made the debt out to be larger than the value of the club... Did anybody else get that sinking feeling that people in football are probably a bit more in the know than we are?

frattonchorus

if we i dont go into admin soon its -10pts next year in the cc league. feel like we are just dragging out the inevitable

Super Bock 1898

Chorus - I heard an half hour interview with Sullivan on Talk Sport this morning and (although he was a little emotional) h was open frank and honest with the press and the fans... yet some still rang in to complain that he'll take them in the wrong direction ...Back to Pompey .. I've a feeling that we are now sinking and that firesale that wasn't gonna happen just might.... and the buyers are come looking for a bargain .. forget Kaboul for £14m .. you watch us take £7 or £8 now.. It might be crazy but I don't think we'll have a choice..

Chix

It was fun while it lasted. I would like to pass on my thanks to all the players & staff who have made the last few seasons so memorable. Deep down it was always going to end in tears whilst we had such a small ground & no training facilities.

Ihatemidweektvgames

Administration has to beckon, get your £1 ready and we could own a football club between us!

bluedr

What a sad and sorry affair administration seems to be calling.

evildwarf

Any faint hopes of surviving in the Prem are rapidly evaporating....can the people in charge of the club do something quickly to sort this mess out? I'm not optimistic to say the least...

Tantona

i hate to say it, or sound defeatist, but we are surely done for now (this season anyway), right?
we have no chance of staying up do we as players are nailed on to leave but NONE will come in, admin - which probably will kill many local businesses aswell - is a near certainty aswell now before the season is out?
Lets just hope that it does not get any worse than this, altho I am seriously worried (always have been) for our future once relegation is confirmed...

pompeyrug

Clucking Bell! Ahhh well the memories of the 'good times' will keep us going to keep fighting & rebuilding.

storagematt

well sadly Ive been banging on for ages now trhat the writing was on the wall. I think everyother fan in the country could see it. We have such a poor fan base numerically and no assets such as ground training facillities etc unlike other large profile clubs-large profile not necessarily large clubs- like southampton leeds, Newcastle WHU etc etcso we have Nout to attract investors. The recent owners have all been crooks and second rate buisness men out to make a buck and clear off. When we go into Administration we will find out that FP will be sold to some "property development"..Gatdamak recently stated on another fan site that the land is worthless to a developer because the council would never give permission to developers with out PFC having a ground/a home etc...but if there was no PFC....

plymouth graham

Blimey peeps.....Have I logged on to www.defeatist.com or what !!! Pull yourselves together! Sure, the fat lady is playing with the mouthwash, but we ain't dead and buried yet. FFS Get a grip, and if we are going down, we go down with OUR heads held high, shouting and singing to the last.........PUP

BarneyArmy

There ain't no more manouvering space left, it's put up the cash or shut up the Pompey shop. Farj has to put up or lose everything and ultimately it was Storrie and Gaydamak that ran up the debt; thanks for the new level Pete! I'm still clinging on that somebody will come in to guarantee the debts and then buy. The financial flaw in my plan is why buy for millions when you can wait until next pay day and b us for a £1. I guess we are unlikely to get the embargo lifted so are probably going down in anycase.

russellm

i agree with your sentiments barney...and its not the first time ther has been financial crisis at Pompey is it..the 70's 80's 90's and now...we were in trouble when Milan sold up if the truth be known..but never, never to this extent...I saw the Gold/Sullivan interview today...he said there was a PL club who's debts were in excess of its worth....was that us...Jonathon pearce on the local news spot on BBC last night said a bigger club that us will go bust ...I even wonder about the mighty Liverpool... AFC Wimbledon is the model boys, ..I'd be carefull about signing up to SAF's 10% of debt too.

plymouth graham

Milan, there's only one Milan!

bluedr

First I would like to thank Mr Storrie for taking us to this new level; thank you Peter. That's the formalities out of the way. I'm still hoping that one of the owners steps in, they stand to lose any chance of any financial recovery if they don't. What does seem sure now is that the embargo won't be lifted so relegation is highly likely.

russellm

Rug I think we'll be okay. If we go into administration soon then yes, we'll go down, but come the start of next season we'll be fine. A fresh balance sheet is what we need and we can build on it - hate to say it but look at Scum - they went into administration just before relegation and they are doing well in League One this season (all things considered) - we could do the same, just a league higher. Have faith people!!

PFCGino

I'm not sure that today's decision changes anything - at least until the 10th Feb. We were always going to have to raise the money to pay the R&C, it's just a matter of how many millions (that we don't have). All that would have happened for certain is that the hearing would have been put back, the debt is still there. At least this puts pressure on the PL who don't want us going into administration on their watch. Still tomorrows another day ........ PUP.

NorfolknBlue

Surely although I would hate to see it, selling Kaboul and Belhadj must give us enough dosh to pay of everybody? What about monies we are owed for Crouch, Distin, Johnson, Kranjcar and Defoe, surely that must be instalments as well, as this seems to be the way clubs do things nowadays. We also have got James, Utaka and Nugent who although not worth a lot in transfer terms would certainly reduce the wage bill as thoise three alone must amount to best part of £200k a week if reports are to be believed on what they 'earn'. Sorry re-phrase that, what they 'receive'

blarmy

We would be better going into administration and off loading these arab owners who havent got a cent and getting some new faces with some money and know what they are doing. Like i have said before. We are in a corner and the owners need to face reality. There are wolves already waiting to pounce as soon as this goes belly up!!!

evildwarf

If we do go into administration and I think this is probably as sad as it seems the best option then I'm sure there will be takers. The parachute payments alone must be attractive to someone.

bluedr

bluedr, there wont be any parachute payments, these will g t the HMRC and any or ccredto tat cmes forward.

russellm

maybe Bluedr, however, if we attract somebody because they find the parachute payments attractive, then by association, said buyers are likely to be as penniless as the last 2 owners !!! If we do go in to administration, and I sincerely hope we do not, then hopefully the FA & Prem Lge will have got together by that point to ensure that a solid and fair FAPPT is in place !!!

BarneyArmy

Who is likely to take the biggest hit if we go into Administration? Gaydamak?, Al-Fahim (nope only invested £5M), Al-Faraj (who knows how much). Somebody is going to be severely out of profit unless they can find £7.5M.

bluedr

Here's the man we need, didn't get the West Ham gig! And Cellino, the president of modest Italian Serie A club Cagliari, has hit out at Icelandic bank Straumur as he thought he - and not Sullivan and Gold - was close to a deal. "I am astonished more than disappointed. In many years in football I've never seen anything like this," he told Italian news agency ANSA. "Everything was ready, I was poised to buy 100% of the club and, instead, this morning when I arrived in London I discovered they'd decided to sell to people they've been talking to for eight months, who have taken only 50%. "I would have paid all the debts and I was ready to make some big buys. I think England didn't want me."

bluedr

My understanding is that Gaydamak will take the biggest hit on paper with the £29m that he is owed which is due, in full, by like 2013. However, all the time he has the land he is actually pretty well covered in all scenarios. If we go into administration and someone buys us he will get a tiny portion of that £29m, but if the club over the years was to stay within the professional divisions it will eventually need the land he owns to build/develop Fratton. If we go into admin and no one saves us, which due to the lack of assets is a concern, then without the club he could potentially sell or redevelop the land for a lush set of houses or retail etc. And best case scenario, if someone comes in soon, or Al Faraj actually invests a proper amount, then like before, Pompey will need the land from Gaydamak to develop or rebuild Fratton. Gaydamak is a shrewd business man and will re-coup at least £28m one way or another.

frattonchorus

I've actually been fairly optimistic this season through all the rubbish but my bubble has just been well and truly burst. We went into court insisting to the fans that the amounts were wrong and this was going to get overturned. I believe these were Jacobs words, he's a lawyer so you would think has a fairly good grip on the situation and the likely outcome yet to come out and say that means the courts have got it completely wrong or he was lying through his back teeth. I'm currently leaning towards the latter. If we go into administration the premier league don't just have the power to dock us 9 points according to their own rule book they can suspend us from the league as well as impose any other sanctions that they see fit. If they do that is their any guarantee that we would actually be accepted back into the football league? Surely there is the potential for us just to bomb out entirely ala Aldershot...

stooH

Reference to Cellino, maybe 'Vital Pompey' could write an open letter to him, backed by the fans and PVA stating all we want from an owner is honesty and investment and in return you get the support and pressure of the best fans in the country to see your takeover complete?

frattonchorus

oh dear, that's a pity! well, when i stood at st marys all those years ago, and heard the word 'scum' as well as other jeers shouted out during the ted bates one minute silence, i thought to myself... well, well, well, one day there will be karma....

hornsea islander

Great input 'hornsea islander'. Please enlighten us. If looming administration is punishment for fan conduct in the past, then please could you explain, using your rather basic understanding of karma why your club have had 2 relegations in recent seasons and have been placed in administration yourselves?

frattonchorus

It really doesnt bode well for the 10th Feb does it? But lets try not to panic, after all we've been on the verge of panic for a long time, and you can't panic for months on end. As things are, we're not relegated, we're not in administration and we haven't gone bust. All the time that's the case we've got to hold our heads up high, and pray for a miracle.

tracyc

Sorry to hear of all this, Pompey. Good luck in the hope something can be sorted out.

Johnny Baguette

Oh how I long for the old days when Pompey fans used to talk about football . . . Will we ever get those days back?

tracyc

if anyone can hear the gold/sullivan press conference from today i advise thatthey do so...very enlightening about how clubs sell on future income, ie bellamy goes to city for £10ml over two years then WHU sell that debt on a finance company for £8/9ml...it may be that our potential income/installments have already been sold...infact they most likely have....we are dead in the water..kaput...finito...just like that monty python parrot...but i am definitely not laughing.

plymouth graham

I must admit, at first I thought this was great news but now that I sat back and thought about it (maturely), its actually dreadful news. I nearly lost my beloved Saints and I know what it feels like when your club is on the brink of annihilation. So best of luck.

IrishSaint83

I cannot believe that you have been stuffed again by owners who simply have not shown committment to the club. That Clown Al Fahim. I hope you survive this I honestl;y do and come back stronger.

buzz lightyear

Sounds like the owners could do a lot worse than approach failed West Ham bidder Massimo Cellino....got to be an option for them at this stage? He's President of Cagliari in Italy and claims he would have cleared the Hammers £110 million debt and invested in new players....definitely the kind of person to save our club if he was interested.

Tantona

sorry tantona, but some one already said this..the problem is 1. WHU-have an established international brand name.2.-They have a subtantial piece of real estate in the capital once they move to the olympic stadium thingy 3.-they have modern training facilities. 4- they have a playing staff more than a mere £10ml. 5. they have an established and famouse acadamy/youth/scouting network...need I go on

plymouth graham

All good points, but it wouldn't hurt them to ask him nonetheless.

Tantona

sad times - i kindda hoped id won the euromillions jackpot, id have paid the HMRC debt myself! and im sure between all of us weve got more money than the Fake Sheiks! PUP!

southportpompey

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