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Is there a way out?

Ah well, so much for my attempted 'morale boosting' speech earlier, a few hours after this the latest 'crisis' has come about that makes it look increasingly like we are done...

When I read in 'the paper gossip' that Alan 'the exclusive' Nixon was 'claiming' in The Mirror that we had approached the premier league about selling playing OUTSIDE the transfer window I, like many I guess, 'laughed if off' as a joke, a poor one at that.

I, well we, should have known better I suppose, as this IS what we have done!

The club HAVE confirmed that this is what we have done - and this has also been confirmed to me direct when I asked.

This makes the 'claims' that we have several offers on the table all the more harder to believe, as I cannot see why we would be looking to sell more players if we had interest in the club?

Although I am also told, that the club does/did have interest in it so we have not been lied to about this, and no it was not Storrie telling me this...

I am guessing, but can only guess, that debt has to be reduced yet further - hence this latest 'can we sell players' idea?

Well this is really going to motivate the players, and the staff for that matter, let alone the fans and only appears to make our position look even more desperate - will the courts really have any other option but to wind us up a week on Monday?

Administration is not something that I have liked the idea of, and the thought of how this will affect so many people's jobs at the club and the local business, potentially put them out of work and business, saddens me but voluntarily going into admin is 'looking' an option that we are seriously looking at having to take now, right?

To be able to continue as a football club it is looking increasing likely that we have to accept this 9pt penalty and hope that the reduction of debt will be enough to encourage someone in - the right someone - who can then bring us out of this before next season...

All this said, which confuses me even more; I am under the impression that the papers 'could' make interesting reading tomorrow? And in a positive light for a change? Quite what that is all about God only knows!

Whatever though, I DO still say that it is vitally important that we offer fantastic support to the club on Saturday and SHOULD turn out in our droves as it is NEVER, EVER a waste of time supporting this club, no matter what is thrown at us...

PLAY UP POMPEY!


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Thursday February 18 2010

Time: 3:08PM

Your Comments

Could be the last home game Rug. Always part of me was saying this is not going to happen, but now I have to face up to reality. Whatever route we take I just hope that the perpetrators of this fiasco lose out big time. I've supported this club since going with my Dad at the age of 8 and part of me will die with it.
PFCblue
It's a horrible situation and I feel for Portsmouth fans and what's happening to their club. As a Spurs fan, I can see Harry sharpening his pencil to write cheques to buy even more of your players. Miserable all round (though obviously meaningfully worse for you)...
Shelfinduced
Can't believe this, it's utter madness and I don't understand the rationale behind it. If we sell and go down after the points deduction surely this won't make as much of a viable concern!! And like you have said, this must be boosting morale in the camp no end!!
frattonbex
Maybe any of the prospective new owners are saying that they will only take the club on but without all the debt with it. Perhaps they want the HMRC of our backs and then they will come in. What is strange is that how on earth agin can we take on three new players who although free, will still be offered wages of at least £20 a week, so thats a minimum of £240 a month and an increase to the debt on top of all the other amounts we owe???
blarmy
Its no wonder the scummers were laughing in our faces, the shambles that are trying to run our club keep giving them so much ammunition. This smacks of desperation and panic and is not going to impress the judge at all. I wonder if the thinking is to be able to say, "look me'lord, we tried everything, we even asked for this, for that . . and they said no" but it wouldn't wash with me! (Of course if it was me, I'd let Pompey off cos I'm biased but you know what I mean). You would think they had only just found out about this winding up petition. Has someone only just got round to opening the e-mail? I fear the worst, and admin is only the second worst thing that could happen. Whatever does happen, we will always be Pompey fans though. If someone asks me in 10 years time who I support, the answer will be 'Portsmouth'. They can't take away our hearts and souls.
tracyc
You just couldn't script it could you? Amazing what the hell is happening to the great club of ours. Heaven only knows what's instore for the ground???
storagematt
We must not lose the ground!
Pompeyscum
Most organisations have a mission statement to which they aspire too. Is ours "Lets cock up everything we do, look and behave as stupidly as is possible, lie, cheat and bungle our way to failure as as ineptly as we can" Anyone got any better ideas?
Mike1954
If we're liquidated presumably everthing will get sold.
PFCblue
I wonder if the old mock tudor Frogmore Road entrance frontage is protected as a listed building?
tracyc
I was holding on to a sliver of hope, this however has just destroyed it. I honestly think that administration is the only way out. However i'm not sure if we can go into administration. There are a number of reasons for this, mainly to do with the type of debt that we have. £60m is the currently generally acknowledged level of debt of which approximately £30m is due to Gaydamak. To put a company into administration I believe you need to have 75% of creditors agree. So if HMRC were more than 25% they could block it and move ahead with the winding up order. So it depends on the type of debt, Gaydamak's may not count as a creditor as such due to the long nature of the payback (i think it's over the next 2 years and I think it's unsecured). So if you remove that, HMRC are 11m/30m of our debt, more than the 25% needed to block administration. If that's the case we're *****ed.
stooH
Is that right StooH? So that would maybe explain the refusal to put us into admin. We are *****ed!
tracyc
Tell me if I'm wrong, but is it the case that the majority of fans did not appreciate the implications of the last High Court hearing and do not appreciate the implications of the next one due on 1st March - in that if we are wound up (as opposed to put into administration) then that's it - no club - not anything! I get the impression from a lot of fans that if the High Court make the winding up order then they are under the impression that the club will somehow continue (like the scummers). It wont. I cant believe the risk the club took at the last High Court hearing and I sincerely hope the club opts for administration before the Hearing on 1st March - in true Pompey style they will no doubt leave it until a few hours before and keep all our nerves jangling. This latest news of the request to the Premier League to sell players is the last desperate straw. Lets grin and bear it and go into administration and look for the light at the end of the tunnel.
dazblue
I cant see the FA or indeed FIFA granting this as it is not simply a case of Pompey selling players! For us to sell, someone has got to buy, and therein lies the problem......This (rightly) will not happen.....and again, it's bloody embarrasing that PFC are trying to do so. Never mind the players getting disallusioned, the Fans are at their wits end.....I was about to book a few tickets on line....but am seriously thinking about holding off a few days yet !!!! FFS...........but PUP
BarneyArmy
Barney - what are you talking about? I'm sxure Storrie's old friend will only be too delighted to buy back Boateng for 1m and Belhadj for 1m as a very special favour to his old club. They have probably discussed it already, and Storrie's best mate has the first option.
Gandor1
Daz you might be right, I've heard/read a lot of comments suggesting that the High Court will put the club into administration. I've read other fans comparing us with Leeds Utd. Are Leeds Utd not still playing and moving back up the league now? Its not the same. This could be the absolute end. Immediately. And the club don't appear to be putting their case hard enough. They seem to be ill-prepared and desperate, and they need to up their game! Unless its all part of their evil plan.
tracyc
And - the firm Vantis, who prepared the submission for the high court this week - I read they are headed up by a former chairman of scumhampton fc.
tracyc
As I said in another thread, we're screwed. They've basically just put their hands up and said 'we're insolvent'. There's no way in the world that the FA would agree to let us sell outside a window, let alone FIFA, who would probably revel in watching an English club go under as an example to everyone else. Please, just take administration so that we can all stop bricking it about the threat of liqudiation and look forward to a fresh start in the Championship next season.
Tantona
couldnt they take storrie on a free if we pay only a cut of his wages, wánker. i'd say turn the lights out on your way out, but there was no more 50p's left to charge the meter anyway.
Super Bock 1898
theres people still at this late stage in charge at our club that dont have a clue what they are doing. cannot even work out how to add and subtract numbers to make januarys transfer window save the club from extinction, fúcking pathetic parasites
Super Bock 1898
and if we are relying on wilson (dont get me started again) as one of the reported players up for sale, to financially get us out of this shít, i'd say hes got more chance of help keeping a clean sheet (and we all know the outcome to that one) Grrrrrr!
Super Bock 1898
idea for last site poll. Should the 50p we get for wilson be spent on another hour of electric meter at FP or handed straight over to appease the taxman
Super Bock 1898
I know i'm getting boring now, so i'll píss off now. just really fúcked off it all
Super Bock 1898
This website may be of interest http://www.companyrescue.co.uk/company-rescue/options/detailed_administration.aspx and the links from it - albeit it is aninsolvency practitioner touting for business. The comments of StooH are very alarming if they are correct, but this website does NOT confirm his warnings, so I don't know if he is right. In fact the website suggests that, provided there is a potentially viable business (which there must be), then administration should work. We would also get rid if the current deadbeat owners and directors. Chainrai would lose everything and the major creditors (HMRC and Gaydamak) would not get much of their money back, but in the medium term they might get more than if PFC were immediately liquidated - which is the reason for administration rather than liquidation. Obviously we would drop one or two divisions but at least we survive. As to who would then inherit the wreckage - who knows? It would be nice to think that the Supporters Trust could buy at least some of it (or even all of it as in the case of Chesterfield), but the Administrator's job is to get best value for the creditors - so unless it is literally worthless, that doesn't look likely.
erithacus rubecula
What a mess it's just crap, or in tha parlance of the people near me. It's like just sooooo Pompey, like we duntno wot we are doowin, shame man shame, ( i'm on The IOW ferry wit the yout of today)
russellm
Look every one, i really think folk are falling into the old media game of over reaction and elaberation.."shock news read all about it..Pompey try to sell players"...in the SOA every stone will have to be turned and examined in order to convince HMRC. the requst will be refused because it will cause a very difficult president...The next big headline tomorrow i would imagine will be something like this..." shock news...Pompey to sell FP and ground share with new Brighton ground/southampton ground/crystal pallace etc etc " i suspect it may be followed with "Shock news Pompey axe squad-Players made redundant..Avram to play youth players .." and Finally SHOCK NEWS....Pompey find a buyer...racing syndacate led by Michael Tabor and Sue Magnier"..i however suspect that this will only happen after Administration.
plymouth graham
Essentially the debt is far greater than the value of our assets. So they're trying to make do and pay off some by selling players now otherwise we're going into liquidation. It's over, finito, finished.
stillthewhizz
Money Laundering-SG's dad is a money launderer......we are victims of kind of credit card fraud....still we got to win the cup...some compensation...but administration will loose SG's shackles
plymouth graham
I think it's up to Chainrai, as the owner, to apply for administration and he's the guy to lose a lot. Gaydamak still has the land around FP. If FP is sold HMRC and Chairai could get something from the spoils.
PFCblue
But that land isn't really worth anything, not in the current climate. Great they'll build some more housing - to go empty just like those new flats by FP. I'm so p!55ed off that we're the victims of Arcadi Gaydamaks ***** up.
stillthewhizz
dazblue beleive me i am pretty certain that the vast majority, at least on here, do appreciate that 'if' the high court winds us up that is that - there is no happily ever after for portsmouth football club as we know it, its dead...
it is looking increasingly like this is going to be the case, so admin looks the only way out but i guess we have to see what tomorrow and the day after brings, not quite sure what 'good news' can follow a request to sell players tho outside of the window?
pompeyrug
One thing is for sure, I dont expect FIFA or the PL to agree to this request, and why should they? It would open the floodgates in the future, and its just wrong. If Chanrai wanted to he could advance the club the HMRC money against the Sky TV money/ parachute payments. But it seems he doesn't want to. As he stands to lose a lot if we go into admin/liquidation surely it would make sense?
tracyc
Sacha's dad owns the club. All the people who have "owned" the club over the past year have been his mates. Pompey are probably finished but once liquidated they will reform and "do an Aldershot". The Park can only be used for sport. It will be sold. The name Portsmouth belongs to us. It will start again. To be honest I enjoyed watching us beat Crewe as much as beating Man U and would watch them beat Totton is it came to that.
thepompeypaul
The thing that sticks in my mind is the retention of the clubs history and past players to flow with the the young as they get older and those already older to have association with their memories. Whatever happens if a new beginning starts it must be PORTSMOUTH F C ie POMPEY
dedmans
It'll always be Portsmouth FC and Pompey. Just a different one!
thepompeypaul
did anyone hear the R5live show?
plymouth graham
From Fridays Telegraph "Fifa, world football’s governing body, is expected to notify Portsmouth formally on Friday that it is not prepared to make any exceptions to its transfer window rules. "
PFCblue
from 'the ever reliable' tribalfootball tho blue...

Financially crippled Portsmouth have been given permission to sell their players right away to help ease their fiscal problems.
An underground ‘club in crisis’ rule has emerged allowing Pompey to trade off their key men including Marc Wilson, Nadhir Belhadj, Kevin Prince-Boateng and David James.
But in a slight twist, FIFA will have to make clear a ruling whether any players sold now are available to play for their new clubs immediately or if they have to wait for next season.
Chief executive Peter Storrie said the situation was a difficult one but if players had to be sold to ease current financial problems, then the club has to be thought of first.
"Of course we don't want to sell any more players, but we have no choice. Avram Grant still believes he can keep us up, so he doesn't want to sell any more players,” Storrei said.
"But if it's a question of survival or selling, there clearly is no choice. We have some immediate cash flow issues to resolve."
In another outcome, the Premier League have come to an agreement with Portsmouth in regards to their enormous tax bill.
The league says they will give Pompey an advance for £11million but only if they take a nine point cut meaning they will be resigned to the Championship next season.

tribalfootball saying this of course DOES NOT make it true - they do not give a source...
pompeyrug
Listen guys, just a short note to wish you guys all the best...Charlton nearly went bust as you know....in 1984....we were 4 hours from extiction....it's not nice...keep the faith
weloveyoucharlton
 

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