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Debt a STAGGERING £119m!!!!

Debt a STAGGERING £119m!!!!

It just gets worse and worse - the debt level I mean!

We have gone from having debt as 'low' as, what, some £40m at times was it, to a final amount, according to what Admin Andy - who worked 'through the night' to get this done - has told ESPN Soccernet, of epic proportions...

£119m worth of debt is owed to 'secure and non-secured creditors', who account for £105m of this debt.

Money, £14m, is owed on various transfer fees to 'money lenders' and £9m owed to more than a dozen agents, which includes £2.3m owed to ONE agent alone for ONE transfer deal they conducted!

£38m is owed to 3 'previous owners'...

An amount of £14m, which takes the £105m up to £119m, is 'off the balance sheet' because this 'relates to players.' Gawd only knows what this is? Bonuses, clauses, accommodation and so on and so on I guess?

Admin Andy does not think that the size of debt will 'scare off' potential buyers though, 'far from it' apparently.

It scares me I know that and just HOPE that this REALLY is the final amount and this is everything that we had 'hidden away' in the cupboards. I also hope that these 'creditors' really are owed what they say they are, although that is what Admin Andy and his team are here to find out so we have to have some 'faith' and put 'trust' in them to do this...

Portsmouth accounts reveal £119m debt - here.

Right, I have some loose change in my wallet - £118,999,926 to go...

PLAY UP POMPEY!


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Writer:pompeyrug
Date:Tuesday April 20 2010
Time: 11:39AM

Comments

0
£74 In the wallet Rug? Where did you get that from?

This debt justs goes up and up every time we meet the administrator. However some of it is claimed but MAY not be substantiated.
eastneydave
20/04/2010 12:12:00
0
Go on then, I'll cover the £26 ! I suggest this bl**dy autograph signing administrator gets his thumb out and starts finding out who is responsible for this staggering debt !!! It really does beggar belief. We went from thinking that the sales and cuts had help cut the debt to around £30M a few months ago, to realising that everybody from Milan Mandaric onwards has taken their slice and just piled on the debt using the Premiership and particularly PFC as a "cash cow".......I suggest we start looking at getting these crooks behind bars.........Ex Chief Execs to boot!!!!!! As for not putting off a potential owner..........ha ha.....cloud cuckoo land springs to mind ! Any owner that lets this happen should have any "directors loans" automatically cancelled due to their bad business practice, it is their fault after all !!!!! I just find these ever changing amounts incredulous
BarneyArmy
20/04/2010 12:17:00
0
How are you in this much debt after selling all those players? We've personally given you over 35m! Diarra to Madrid 25m Johnson to Liverpool 17m its just madness something really dodgy has gone on with those arab owners in my opinion when you consider early estimates were 40m of debt
HuddersfieldYiddo
20/04/2010 12:29:00
0
I am sorry but I cannot for the life of me understand why Admin Andy can't find out where the money has gone, and what we actually owe creditors (Invoices!!!) Or, he isn't telling us. It was my understanding that DD has been completed twice already, and there is one going on now for Rob Lloyd. That should provide a glaring insight into the Profit & Loss accounts and Balance sheets. I am not sure A.A. is the real deal, despite a lot of positive comments on this forum. I have friends in Swindon where he was appointed as administrator, and he has left a very bad taste there. Does his report mention Sol Campbells £2m claim, or is that a dead duck now. Also, I agree BarneyArmy, potential buyers aren't going to like being beholding to outstanding debts to previous owners. Especially, if it was borne out of crooked practices. For me there is still a rancid smell to all this, and it refuses to go away. The other day AA said we would be out of Admin. by end of May. Hmmmmm.
Mike1954
20/04/2010 12:41:00
0
The debt is insane. Also think AA should be more action, less media wh*re. I can see 2 scenarios. A quick death -no CVA,points deduction no buyer and liquidation. Or a slow death -a CVA, Chennai taking over,not putting any money in taking parachute payments, selling players, making a tidy sum then liquidation Plan B is starting to look good -a club thats ours ,whaever level we have to start at
yellowcheesemonkey
20/04/2010 13:33:00
0
FFS fellas read the article .. It says that some of the debt is offset by assests .. This is just headline grabbing reporting .. as for who is owed what .. That was published last week and as Eastneydave says above a lot of this debt is 'claimed' but not verified .. I'm not saying it's not bad (Jeez I'd get shot) .. but I am saying that we should look at the full picture and what has been put out before.. as for going on a which hunt to find out who is responsible I personally think that is a waste of time .. It is not important (to the future) to work out where it is gone the fact is it has ... what is important is to get the CVA in place and move on
Chix
20/04/2010 13:34:00
0
looks like you have been robbed, must have been those fit and proper owners!!!
keefdayid
20/04/2010 13:35:00
0
on the other hand some one told me there's a lot of Villans in the area
keefdayid
20/04/2010 13:36:00
0
Sorry Chix, its not good enough to say "the debt is claimed" The Administrators job is to pin it down and verify the claims to the last penny. As for forgetting about whose responsible, that is in the past, is grossly negligent. Everyone is accountable for their actions and we have a right to know what has happened. It is remiss not to hold people to account. Look at what is happening at Goldman Sachs right now, do you think some one is going to say "Oh well, thats what happened lets move on" No chance. All of football has a lesson to learn here, and the truth should come out so that measures can be put in place to stop any repeats. Whats happened to our Club is dispicable and those who did it should be named and shamed without exception.
Mike1954
20/04/2010 14:26:00
0
Thats all very well Chix, and I have read the article, BUT where are the assets? Yes the ground covers some of the owed money to Chanrai, the rest of the land is held by Gaydamak (but don't suggest for an instance that the surrounding ground covers the £30M he wants!), But take those assets away and what is there left to buy?? I agree a witch hunt doesn't help us going forward, but at some stage somebody has got to be held to account or it wil simply just happen again, again and again !!! and have a FFS right back at ya ! :-)
BarneyArmy
20/04/2010 14:30:00
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