Portsmouth - Out of Admin - 28 Days and Counting
UK time is: 12:23:22
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

Out of Admin - 28 Days and Counting

I can't put a lot of comment up but just so we have something and somewhere to discuss the issue of the day

Pompey are heading out of adminstration.


CVA Approved

News is just reaching us at Vital Towers that Pompey`s creditors this morning voted to accept the Company Voluntary Agreement (CVA). This means those owed money by the club will receive a minimum of 20p in the pound and opens the door for the club to exit Administration.

The News report that 81.3 per cent voted in favour of the deal, with 18.63 per cent against and 0.07 per cent abstaining. Most Creditors voted by proxy with only a small number present at the meeting.

The decision now has to be ratified by the courts after a twenty eight day cooling off period when objections can be raised. Certainly it seems the HMRC will be one creditor who will object to the decision.

HMRC who had initially started the winding up process some six months ago claimed then they were raised in the region of £17m but had recently raised that figure to £37m, an amount that had been questioned by Joint Administrator Andrew Andronikou. That claim has now been reduced to £24m according to Andronikou.

Pompey Chief Executive David Lampitt told the Clubs official site "This is a hugely significant day for the club - I`m very pleased the vote has gone through.

"The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club.

"One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment. I believe this has to the best way to bring long-term success."

Manager Appointment

With the CVA agreed expect an announcement shortly on the appointment of Steve Cotterill as our new manager. Hopefully too we will see the transfer embargo lifted and the possibility of any further points deduction disappear over the horizon.

We welcome the news of the CVA approval but there may still be rough waters ahead!



Click here to join in the debate on the club forum.

The Journalist

Writer: Chix Mail feedback, articles or suggestions

Date:Thursday June 17 2010

Time: 12:26PM

Your Comments (oldest first)

Change to most recent first
Just read the blurb on the official site, Lampitt has said it, so I actually beleive it, this is awesome news.......At last
Report Abuse
17/06/2010 12:30:00

LAMPITTS QUOTE: Chief executive David Lampitt said an agreement with creditors to take Pompey out of administration is the first vital step towards creating the clear landscape on which the club can be rebuilt. At a meeting at Fratton Park today creditors voted to accept a Company Voluntary Agreement (CVA), paving the way for the club to exit administration. Lampitt said: “This is a hugely significant day for the club – I’m very pleased the vote has gone through. “The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club. “One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment. I believe this has to the best way to bring long-term success.”
Report Abuse
17/06/2010 12:32:00

Daily Echo are reporting that HMRC can still file an appeal against this.......F***ers....
Report Abuse
17/06/2010 12:34:00

Brilliant News!
Report Abuse
17/06/2010 12:37:00

the scum echo would tho wouldnt they...
those that have voted for CANNOT change their vote against as far as i understand, HMRC will 'probably' fight this but we FINALLY have some good news!
'word on the street' that i hear is that a press conference, even before the CVA approval announcement being made came, is a press conference was being scheuled for monday re: the managers position, almost certainly cotterill...
Report Abuse
17/06/2010 12:51:00

Rug, info update, legally now in the 28 day cooling off period a creditor can change their mind but unless some extra money arrives from somewhere they never do. you would have to think if a buyer was around or Chan wants to do the job properly they would buy the day after the 28 days expires. HMRC have to prove a legal precedent to object as it seems by their own rules they cant get to 30+ million to block the process.
Report Abuse
17/06/2010 13:18:00

I hope the next 28 days passes with not too much incident!!!!!
Report Abuse
17/06/2010 13:31:00

NZ- apart from the incidents of managerial appointments, loan players being ready to come in and embargo's being lifted in July to allow that to happen.
Report Abuse
17/06/2010 13:55:00

Some good news at last even if there is a very long road ahead. Here's hoping HRMC have done their worst & we can rebuild. I still would like an enquiry into where all the money went?
Report Abuse
17/06/2010 13:57:00

So do we have to wait 28 days before the embargo is lifted and we can sign or re-sign a player?
Report Abuse
17/06/2010 14:05:00

Is that 81.1% in favour a head count or is it 81.1% of the monies owed? If it's the latter I don't see that HMRC have a leg to stand on.
Report Abuse
17/06/2010 14:40:00

Is that 81.3% a head count or 81.3% of the monies owed? If it's the latter I don't see that HMRC have a leg to stand on.
Report Abuse
17/06/2010 14:43:00

blue - it was 81.3% of monies owed. Doubt the HMRC would agree they don't have a leg to stand on!
Report Abuse
17/06/2010 15:41:00

HMRC are saying they "standby the full 33million of their claim" and note their debt was "reduced by the administrator for voting purposes" and are which AA and Lampitt reject. HMRC will have to launch a legal case to support his objection. Pleased to see AA is once the 28 day period expires now offering "a full investigation the fans want of transfer dealings". So not out of the woods yet but HMRC are going to have to declare their hand soon.
Report Abuse
17/06/2010 16:14:00

Great news! I hope your HMRC agree with this deal and finally stop rape our club.
Stanley (Moscow)
Report Abuse
17/06/2010 17:24:00

Let's hope that Griffins stay in the closet this time!! At least, for the next 28 days.
Report Abuse
17/06/2010 17:36:00

Adronikou has delivered what he said he would despite Griffins trying to feck everything up, if their proposal was remotely realistic others would of voted against, must mean that the figures he's put together are robust enough for the creditors. Looking forward to the managerial announcement now and us attempting to get back on our feet, just wish it was before the weekend to make that go that little bit better!
Report Abuse
17/06/2010 17:55:00

Russell isn't there a deadline for creditors to prove their claims? Otherwise administration could drag on for years with creditors submitting unrealistic claims and/or amending them as they go along. I seem to remember that HMRC started out with a claim of something like £11m.
Report Abuse
17/06/2010 18:05:00

My understanding is the HRMC have 28 days to launch an appeal, and I'm sure they're looking for a reason to do so, so fingers crossed on that one. There's always a 'but' isn't there! That said I am absolutely delighted about this, finally we are on the road to recovery and stability, and this is a great day for Pompey!
Report Abuse
17/06/2010 18:48:00

It's a step tracy but the great day will be when you know you have your club back and it can trade as one in every way.
SFC Forever
Report Abuse
17/06/2010 22:39:00

27 days left!
Report Abuse
18/06/2010 07:01:00

About time something went our way. Just hope it keeps on going! Brilliant news, and like everyone says, its the first step. If AA has offered to do an investigation into what went wrong at the club, who will pay for it?
Report Abuse
18/06/2010 18:27:00

Who do you yhink Gandor!!!! Im sure he has set aside funds for it!!!
Report Abuse
19/06/2010 13:18:00


Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Portsmouth Articles

Pompey assessment - Pompey 6-0 York (Thursday November 26 2015)

On this day in history...26th November (Thursday November 26 2015)

Match highlights - Pompey 6-0 York (Wednesday November 25 2015)

Richardson on Pompey spanking York! (Wednesday November 25 2015)

On this day in history...25th November (Wednesday November 25 2015)

Stats: Portsmouth v York (Tuesday November 24 2015)

Portsmouth v York - Team Sheets (Tuesday November 24 2015)

YORK PREVIEW (Tuesday November 24 2015)

McNulty good to go! (Tuesday November 24 2015)

L2 round-up after Carlisle 2-2 Pompey (Tuesday November 24 2015)

Archived Portsmouth Articles

List All Vital Pompey Articles
Have your say
Click here to suggest an article
Click here to suggest a poll
ScoopDragon Publishing Entire League Network of Sites

Vital Members League (view all)

League Results (view all)

League Table (view table)

Team P W D L GD Pts
1. Plymouth 19 12 3 4 14 39
2. Oxford 19 10 7 2 14 37
3. Northampton 19 11 4 4 8 37
4. Portsmouth 19 8 9 2 15 33
5. Accrington 18 9 5 4 8 32
6. Leyton Orient 19 8 6 5 5 30
7. Carlisle 19 8 6 5 0 30

Portsmouth Fixtures (view all)

Breaking League News

League 2 - Crawley 1-2 Northampton
» Northampton : 26/11/2015 12:09:01
League 2 - Luton 3-4 Carlisle
» Carlisle : 26/11/2015 11:55:01
League 2 - Notts County 4-2 Barnet
» Barnet : 26/11/2015 11:40:01
Pompey assessment - Pompey 6-0 York
» Portsmouth : 26/11/2015 09:42:01
Ref For Dagenham v Argyle
» Plymouth : 26/11/2015 09:12:00

Current Site Poll (view all polls)

York MotM
Suggested By:  Site Staff
Murphy 0%
Davies 0%
Webster 10%
Burgess 0%
Stevens 10%
Evans 0%
Doyle 0%
Hollands 0%
Bennett 20%
McNulty 40%
Lavery 0%
Sub - Chaplin 0%
Sub - Boco 10%
Sub - Tollitt 10%