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Admin Andy on the creditors report

The creditors report, announced on Wednesday and sent to creditor did not 'really' reveal too much we did not already know, or suspect - well apart from ONE particular thing that leaves us all mystified, more on that later...

Admin Andy has given his thoughts to sky sports news on what he 'hopes' this will do for us.

Admin Andy on what this will 'confirm' with creditors

'Once the report goes out to creditors, it will give the creditors an opportunity to write back and actually specify exactly what we do owe them so there may be a further variation in that figure.

'It could go higher it could go lower. There is nothing better than having a third party confirm the exact balance between the club and the creditors.'

So this creditor report 'could' change, once the creditors get this information it is down to them to 'challenge' what is said in the document, if it is 'proven' one way or the other, that the club actually owes more, which is what you would expect people to challenge, or less than is said further steps can be taken...

Admin Andy on its 'accuracy'

'As far as I'm concerned the document is as accurate as we can get it to date.

'The process of sending out this report and the process of communicating back will certainly iron out any differences between the two parties.'

As above, it is now down to these creditors - once they get this report - to prove, or disprove what is actually owed to them and then we move onto the next phase of administration.

Admin Andy on 'inflating' the debt

'Not at all. I haven't got the ability of inflating the liabilities.'

It has been 'suggested' that he 'might' have increased some of the debt figures as to make it 'easier' for deals to be struck with unsecured creditors, hence making it more 'likely' that a CVA can, and will, be agreed too.

With it also thought that doing this pushes HMRC further down the food chain gives the club a 'better chance' of having this CVA agreed, as they would not have as much input into having a say on this...

Admin Andy on local creditors not 'losing out'

'Obviously it's my responsibility to ensure that we maximise the return to that community of creditors.

'Portsmouth is very much a community club.

'By ensuring the club survives and continues to play football, the local supply base will have an opportunity to mitigate its historic losses.'

It is local people and businesses and contractors that stand to lose the most money, as these 'non secured' creditors could be left with pittance in the pound - these are the guys, the ones that have continually looked out for the club, without being looked out for, that stand to basically in theory lose everything if they cannot get as much back as they can.

Hopefully they are looked after, both in terms of what they will end up getting and in the future with what they 'might' do for the club again, well what the club will 'hopefully' do for them in fact!

Then again these people, and businesses, may well chose not to have future involvement with Portsmouth Football Club for fear or losing out again? And could you blame them...

Admin Andy on the '1m fee to Spurs' for Asmir Begovic!

'I haven't got the answer yet, we'll be writing to Tottenham to actually get a better understanding of how this liability has arisen.

'I haven't seen the paperwork. I've seen an invoice from Tottenham in respect of the sale of the Portsmouth keeper to Stoke but I don't actually know how it relates to Tottenham.

'It may well be that Spurs had an option on the player and as a result of the club selling it to Stoke, a liability arose. We really need to speak to Spurs on the matter.

'It doesn't surprise me, I just don't understand it.

'(The club will pay 1million) only if Portsmouth PLC have an obligation to do so.

'There is documentation to support it, we need to understand how the liability arose.'

This REALLY is a complete farce, and quite how we can pay Spurs a 'sell on fee' for a player that never has, and most likely following the collapse of this move to London, never will play for Spurs is just unbelievable!

Asmir Begovic was going to Spurs, at one point, as part of the double deal that saw Younes Kaboul return to Spurs but a change of heart saw him go to Stoke - I have never known anything like this, and surely this is not common place in football, even given the ludicrous state the game has got itself into...

It 'appears' that the desperation to sell players saw Danny Azougy, that fraudster we had 'running the show' for a while - who SHOULD NOT have been doing these deals anyway, agree to a 'bonus' for Spurs to prevent them pulling out of the Kaboul deal as well, as the money was needed - not only to be fleeced away I am sure, but to put towards the monthly wage bill.

Admin Andy on a Rob Lloyd's groups' takeover

'I've heard very little from him in the last week or so.

'I understand that his group will be writing to us with an offer and we await that correspondence.

'I've been told that I'll be receiving (an offer) in the next few weeks so we'll wait and see.'

These 'an offer made in the next week or so' talks seem to have gone on for ages, yet we do not seem to be getting any nearer to Rob Lloyd's mystery man actually deciding what he is doing?

So, we continue to sit and wait - I assume that due diligence has now ended as that '10-14-day period' would have ended towards the end of last week I would have thought...

It is absolutely amazing, in a bad way, the state this club has gotten into and I find it almost heartbreaking the amount of local people, businesses and companies that have been screwed by 'non-payments' over the years - to owe a local school some 14,000 for non-payment on use of their all-weather pitches is bad, owing newsagents, local florists, butchers, builders and so on money is criminal. A bill as little as 40 to Pukka Pies has gone unpaid along with a 'reported' payment to some airline, or something like that, of 20p!

Plenty to take in here guys, what do we make of Admin Andy's thoughts on this credit report and how he answered the questions put to him then?

As always, share you views below...

PLAY UP POMPEY!


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Thursday April 22 2010

Time: 9:00AM

Your Comments

I think I'm owed about 1.26, a curly wurly and a packet of lovehearts accroding to the creditor dossier. But don't worry, I'm waiving the fee! http://www.football365.com/story/0,17033,8652_6107304,00.html This is a breakdown of some of the more ridiculous costs.
Little Dutch
Spurs have clearly been too soft on Pompey and it's now cost us this and not least the 500,000 we are owed for Jamie O'Hara - so why we let him go back on loan in January is a mystery - we just must be nice guys after all !!

The OS has made an official statement regarding the 1m owed for Begovic and it is as follows:

The Club can confirm that it has invoiced Portsmouth Football Club for 1m in respect of the failure of the joint transfer of Younes Kaboul and Asmir Begovic to Spurs and in accordance with the Agreement of 30 January 2010 between both Clubs.

The statement contained within the Administrator's report released yesterday (21/04/10) that it relates to a sell-on fee for Begovic, is inaccurate, as is the statement that the player was registered with Tottenham Hotspur Football Club.

Our original agreement with Portsmouth was for the purchase of two players for a combined, agreed price. The transfer of Younes Kaboul was completed and Portsmouth pressed for an immediate payment in order to alleviate their cashflow situation. We were assured that the transfer of Begovic would be completed before the end of the transfer window. In order to assist Portsmouth with their financial difficulties we paid Portsmouth an agreed sum of money, whilst at the same time concluding an agreement that, should Begovic be sold or loaned to any Club other than ourselves, we would be repaid the sum of 1m. Portsmouth were keen to openly and freely agree to this surety.

Our intention had been to assist a fellow Club in financial difficulties whilst at the same time protecting our commercial position. We shall continue to do the latter and trust that this statement clarifies the position.
spursex
Take any shortfall we owe you out of the ridiculolus savings you made on the Niko Kranjcar mugging!
gandor1
spursex as i have said over on vital watford, following their concerns on 'not getting money owed' as spurs', like watford's, owing are FOOTBALL related, and footballing debts fall into the 'secured creditors' category you WILL get the money that is rightfully owed to you, if it is rightfully owed to you...
pompeyrug
gandor,
the current scuttlebug doing the rounds from thr ITK's at Spurs is that we are going to take KPB back at the end of the season! ...Makes sense to me.
spursex
pompeyrug,
I did know that, but from a legal standpoint this may well get tested by the other creditors that get screwed other in the CVA - and there is a significant number of legal experts who think if it were tested in court it would be chucked out...and as the revenue are involved in this CVA, my guess is they could well be the ones to take a challenge into court. Ultimately, there is no protection in law for non-statutory or non-secured creditors, so this may well mean clubs get shafted - so the bright thing for us to do may well be to get KPB and O'Hara back pretty damn fast.
spursex
what a mess...i agree with Spurs, if we recieved cash for two players but only one came, then we should ask for the short fall back...but what snags is that, we havent recieved all the money for YK have we? only a portion of it...they are all crooks and the spuds have taken dvantage of our financial prediciment too many times.. I am annyed about it all and cant help taking it all a bit pesonally..but its not our fault, its GAYDAMAK's fault, STORRIE'S fault....THE two SAF's and Jacobs and Azoughi..they have all taken their bit out of our club.... Ive said it before that i suspect there has been Money Laundering going on, and if that is the case then some body needs to show how this has been done because it will happen again and again at other clubs..YOU WATCH... We are now being called cheats bt everyone because we have had players at the club we could not afford..including Freddy and Aruna apparrently..as Hull City were out bid in their wages demands. Harry Redknobb is sounding off again about how all his signings made tuns of money..and he is correct, they did... We are the ones made to suffer,and the poor old local buisness gets hit in the pocket..it all stinks and it all needs to be overalled.
plymouth graham
It is a complete and utter mess, and someone has to get to the bottom of it, however long it takes. I'm afraid I have a lot less sympathy though for the money owed to Spurs than I do for local businesses and the school who are owed 14K.
tracyc
 

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