Portsmouth - Ah well, it'll soon be Christmas!
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Ah well, it'll soon be Christmas!

And the way things are going it will be sooner to Christmas than the summer before we will be any nearer to knowing what the clubs situation is!

The transfer embargo placed on us 'seems' as though it will remain in place until AT LEAST October, maybe November - as the HMRC appeal, which has not come but almost certainly will before the midnight deadline comes tomorrow, will delay things yet further...

In all honesty I do think that a transfer embargo of sorts should remain in place on clubs that have gone into administration - although I think this embargo should be limited to money transfers for a period of time, free transfers and loans, which I assume are all we would, well I guess I should say 'would have' dealt in anyway, right?

This of course leaves us in a difficult, difficult position...

I assume that once the appeal goes in then NO ONE gets any of their money back until this appeal is heard, he 20p in offer becomes void, for the time being at least. So, 'technically' no money goes out to creditors for the time being, right?

Although someone, of course, needs to continue to foot the bills, the day-to-day running of the club etc. A club cannot come out of admin without a CVA agreement in place, without breaking rules, so can anyone actually takeover at Fratton between now and the appeal process to actually foot these bill, if they even wanted to.

Without being able to bring in players it makes it all the more harder to offload them as we DO need a team, although with so many on 'decent', to say the least, money there are players that still do need to be sold - but what happens to that transfer money generated? Does that then act as working capital to pay the club bills, wages etc?

Players cannot come in, yet some players still need to go, but surely we cannot be offloading everyone as all the time we have 'at least' 20 players that constitutes a squad, although from the sounds of it we have a number of youngsters we are also looking to 'cut loose', youngsters on very good money...

It, the 'drama', 'saga', call it what you will, seems to be never ending does it not?

At least in the football league the transfer window, to bring in loan players, is open for longer so that market 'should' still be open to us by the time an embargo is lifted...

PLAY UP POMPEY!

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Wednesday July 14 2010

Time: 6:11PM

Your Comments (oldest first)

Change to most recent first
Rug, a business can be taken over without a CVA in place, however, whome ever that might be would have to be seriously commited to the business as the liabilities would not be known. The Lloyd bid would probably cease until the CVA is agreed; if it was ever based on a realistic financial basis in the first place. The mystical Ukranians with more money than sense; or did I mean mythical. Chan could consider it worthwhile as his 14-17 mill investment and club funding could be at risk. Whatever; should we say whome ever happens, a major rebuilding will be required in January to avoid relegation.
russellm
Report Abuse
14/07/2010 18:50:00

If we exit administration without a CVA then we get a points deduction, so an appeal could stop someone taken ovver. Think we'll be able to sign players if we sell all the ones we want to, as our senior squad would be under 20
pros7
Report Abuse
14/07/2010 21:24:00

Rug please don't mention the C word before December ;-(
PFCblue
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15/07/2010 14:32:00

Christmas? I think the taxman's cancelled it! So, what will happen now? Chan has said he's going to buy the club back, CVA or none, so presumably that means a points deduction but no more embargo? Not sure which is the worst evil, perhaps it depends how big a points deduction, but at least with that you can just take the hit and get on with things, this embargo is a stranglehold that is suffocating the club. Or will AA persuade the PL to at least let us sign frees & loans?
tracyc
Report Abuse
15/07/2010 19:44:00

 

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