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Administration (again) confirmed

Administration (again) confirmed

Portsmouth Football Clubs application to go into administration, once again, was today successful - if that is the right word!

Mr Justice Alastair Norris ruled that Pompey could, as requested, enter into admin for the second time in less than a couple of years.

We now await our fate, with the football league to decide just how much of a points penalty that they will impose on us?

The minimum that we can expect is 10pts, and that 'should' be what we get, although a deduction of 'up to 20 points' is possible...

Given the football leagues' own shortcoming should they deem fit to punish us beyond the mandatory 10pts then to say that we have been 'hard done by' would be an understatement!

Who our administrators will be is not yet known, this will be ruled on later today.

Admin Andy, and his UHY Hacker Young crew, had been 'suggested' by the club although their application has been opposed.

This, as I guess you all know, was by Portsmouth City Council and HMRC.

HMRC suggested in court that the 'administrators should be Trevor Birch and Brian Jackson, who they said had extensive experience of administration at football clubs in England and Scotland.'

The bank account will now be unfrozen with the assets within this used to pay the wages.

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Writer:pompeyrug
Date:Friday February 17 2012
Time: 11:53AM

Comments

0
Scary if its 20pts, that would be hard to claw back. Better if the new admins were someone rather that AA who in BC's bitch. Deep breath my friends & hold on tight!
storagematt
17/02/2012 12:13:00
0
Don't understand why if 'the club' want AA that is is being opposed... Then again who are 'the club' ??
Chix
17/02/2012 12:29:00
0
.. as I see it 'the club' are it's board of directors .. Which is Lampitt, Redgate & Byrom... unless Portpin get a say as they are the de facto Owners.. ermm... Seems strange that it is being opposed to me (by people outside the club) .. That's not to say I don't think AA is a shyster
Chix
17/02/2012 12:32:00
0
The portsmouth north MP has opposed, previous creditors including HMRC have opposed.
Ihatemidweektvgames
17/02/2012 12:35:00
0
The alternative proposal has a lot of experience finishing off and winding up football clubs; personally I'd prefer a dodgy " bitch" who keeps Pompey going. And for those comparing Pompey to Rangers - two ball park - 30,000 and 13,500.
Russellm
17/02/2012 12:36:00
0
cheers .. IHMG ... Understand now .. must've missed that somewhere
Chix
17/02/2012 13:09:00
0
So the judge has said that it won't be Hacker Young .. AA gets the boot .. so to speak
Chix
17/02/2012 13:40:00
0
out of the frying pan into the fire
Ihatemidweektvgames
17/02/2012 13:51:00
0
They shoot horses, don't they?
Terraceman
17/02/2012 13:55:00
0
Let me explain. Admin Andy was opposed because of conflict of interests as he is the CSI Administrator too. HMRC Don't like him cos they will only get 20% of their money back! The point deduction will be decided by th Football League Disciplinary Committee at their next meeting - what action will they take against themselves though for approving Antonov as a Fit and Proper owner. The debts we have would be manageable with CSI to assist the cashflow.
eastneydave
17/02/2012 18:19:00
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