Date:Wednesday February 22 2012
With administration comes the need to make cuts, and these cuts have begun today at Portsmouth Football Club.
A number of people who had worked for the club have sadly today been made redundant, the most high profile being David Lampitt - along with other board members.
This is never something (redundancies) that you want to see but like I say this was going to happen and as far as Lampitt goes, as much as I quite liked the guy, lets face it some of our latest highest earners came in under his watch and that should not have been allowed should it!
Also, with administrators coming in a CEO is not really needed, nor can it be justified can it...
The following statement was issued on The Pompey Site today.
Portsmouth Football Club Statement
Trevor Birch, Partner at PKF Accountants & business advisers and joint administrator of Portsmouth Football Club, today made the following statement:
"We have had no choice but to take the difficult decision to make a number of redundancies across all levels and departments within Portsmouth Football Club.
"Additionally, we are asking certain employees to defer wages on an ongoing basis and are asking several members of staff to move from a full-time to a part-time role.
"These measures are painful for everyone involved with the club, but they are essential for Portsmouth's survival, which is our main objective.
"They are in no way a reflection of the performance of the club's hard-working staff, who have remained loyal and supportive throughout this difficult time.
"Our initial analysis of the club's financial position has revealed that the situation is more serious than many people had expected.
"We have been brought in to try to rescue a business with significant financial problems. To put it bluntly, Portsmouth Football Club has a Premier League cost base but only Championship income. This is not a sustainable situation and one that needs to be addressed urgently if the club is to continue to exist.
"As things stand, there is a serious risk that the club could run out of cash within the next couple of months. I recognise that this is not the news that anyone wants to hear but burying our heads in the sand will not help anyone.
"Today's redundancies will make a difference to the club's financial position but there are sure to be further challenges ahead of us.
"Portsmouth's survival depends on us being able to find a buyer for the club before the money runs out.
"This is a great club with a proud history. We will continue to do all we can to secure a long-term future for Portsmouth Football Club. I hope that with the support of the staff, players, supporters and the wider community we can achieve this aim.
"Portsmouth needs the support of as many people as possible over the next few weeks and months. There are six home games coming up in the next five weeks so let's make every single one a sell out - starting with Leeds on Saturday.
"With this in mind, we have already started speaking to the supporters' groups and are meeting with fans tonight."
So, players have been asked to defer their wages, but will they?
Whilst they earn a fortune when all is said and done they are on contracts and are entitled to this money, They are like us - but to a far more lavish lifestyle - as they still have bills to pay, families to feed and lives to live, although you would like to think that the monies that most of these earn they could be in a position to defer wages for a while, right?
By doing this the working class member of staff, who realistically cannot go without their money, should still get paid.
Finding out exactly what people are 'owed' is a priority now!
The outcome of this could well determine our future as I continue to have the thoughts that 'if' we owe the secured creditors some £20m or so then I still find it hard to see how we can find a way out of this latest crisis...
I would like to finish by wishing those that have lost their jobs today all the best for the future and thank them for their service to PFC. Maybe one day some might be able to return, and may well wish to do so?
PLAY UP POMPEY!
Click here to make your prediction: Pompey v Leeds.
Vital Pompey on: Vital Pompey on:
Frippy's Virtual Bookies - here.
Date:Wednesday February 22 2012
On this day in history...20th April (Sunday April 20 2014)
4 in a row almost seals safety! (Saturday April 19 2014)
On this day in history...19th April (Saturday April 19 2014)
Pompey predictions league update #42 (Friday April 18 2014)
On this day in history...18th April (Friday April 18 2014)
A mini Pompey wrap (Thursday April 17 2014)
On this day in history...17th April (Thursday April 17 2014)
Toast Special - The run in (Wednesday April 16 2014)
On this day in history...16th April (Wednesday April 16 2014)
Ferry out for the season? (Tuesday April 15 2014)
|Dag & Red||1||-||4||Portsmouth|
|11. Dag & Red||43||14||15||14||-3||57|
» Burton : 20/04/2014 14:20:00
» Northampton : 20/04/2014 14:13:00
» Morecambe : 20/04/2014 14:05:00
|Ruffles signs up
» Oxford : 20/04/2014 14:04:00
|York remain Coul against the U's
» Oxford : 20/04/2014 13:50:00
|Preview: Fleetwood Town v Wycombe Wanderers
» Wycombe : 20/04/2014 11:31:00
|Timlin - Delighted, But On To Accrington Now
» Southend : 20/04/2014 11:14:00