Vital Football

Pompey to lose ten points

Pompey to lose ten points

The Football League have just issued the following statement -

The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club
The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club.

The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the Club going forward.

The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs. Through its Insolvency Policy, The League aims to secure the continuation of the club in its local community. In seeking to achieve this it requires that:

a) all football debts have been settled in full (although these may be compromised by mutual agreement).

b) creditors have been given the opportunity to indicate their satisfaction (or otherwise) at the proposed arrangements (normally through the acceptance of a Company Voluntary Arrangement (CVA)).

In Portsmouth's previous administration, a significant amount of unsecured debt was compromised in a CVA approved by creditors in June 2010, with an anticipated outcome of twenty pence in the pound. In the event, these creditors had not had their claims settled prior to the Club's further administration in February 2012.

Under the new CVA these claims would be further compromised to less than one penny in the pound without creditors having the opportunity to indicate whether they find this acceptable. This is because the claims rest in the liquidation of the previous company and the liquidator of that company has voted to accept the terms of the new CVA.

Therefore, the Board were faced with the prospect of numerous unsecured creditors receiving less than one penny in the pound, without having the opportunity to indicate their satisfaction (or otherwise) in the normal way. In the Board's view, these arrangements do not respect a key principle of The Football League's Insolvency Policy (as described above in b).

Therefore, as a condition of membership, any new company established to apply for ownership of Portsmouth Football Club's share in The Football League will be required to:

1. Accept a deduction of 10 points in the 2012/13 season;

2. Agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.

3. Pay all football creditors in full, unless mutually acceptable compromise agreements are put in place.

4. Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons.

It will now be for the administrator to seek to finalise arrangements for the sale of the club with interested parties. The Board will consider the application for transfer of membership once the administrator has selected the final purchaser.

That then is the conditions of acceptance into League One. What a shocker!!

PUP



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

Writer:eastneydave
Date:Thursday July 12 2012
Time: 4:40PM

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Comments

0
Give me strength!
Et_tu_Pompeii
12/07/2012 16:43:00
0
Just had time to post this before setting off home! Will digest and say (much) more later!! But Et_tu says it in three words tbh.
eastneydave
12/07/2012 17:01:00
0
so they dont want us, plan B & sod 'em. Regroup for 2013/14 in the Blue Square South. In 5 years we would be higher than the club that exists today.
Ihatemidweektvgames
12/07/2012 17:26:00
0
Got off very lightly in my opinion. The fans were not moaning when the club won the FA Cup under a regime with mounting debt and the fans were not moaning when they were playing in Europe paying players far more than they could afford. please don't moan now the over spending and debt has come back and bit you on the backside.
Imping
12/07/2012 17:34:00
0
Great, as if we haven't got enough trouble as it is!! Thanks football league for screwing us over ONCE AGAIN!!!
pompeyfcmad
12/07/2012 17:54:00
0
Imping, obviously a Southampton supporter with nothing to do, the fans weren't moaning at that time, you are right, because that regime was disliked by most Pompey fans anyway and the way the club was being run was not in the public domain! I'm sure that if the fan's knew what was happening there would have been a far greater outcry because we would not have wanted this sorry saga from the begining! So please if you are unable to offer any constructive prose, please don't offer anything! Thank you!
MadPhill
12/07/2012 18:05:00
0
Think yourselves lucky AFC Bournemouth got deducted 17 points for pretty much the same offence (like you we also had 10 points deducted the season before on entering admin). Hope you make it though.
redharry
12/07/2012 19:29:00
0
Yesterday I said that I thought I was beyond getting angry and upset anymore. Wrong! We've been told the rules were that a points deduction would be for exiting admin without a CVA - which we haven't done, well not yet anyway. This seems to be just because they want to kick us when we're down. It also puts the our whole future firmly in the hands of TBH and N*****wo. They must be laughing!
tracyc
12/07/2012 19:49:00
0
Got to say as a mIllwall supporter and we know how we are hated by everyone you have really been delt a poor hand. I really hope for all the true pompy fans that you pull through, your like us still a REAL football club with REAL fans and there are not many of us around anymore GOOD LUCK
dublinlion
12/07/2012 20:16:00
0
Thanks dublinlion, it's always nice to hear nice things from fans of other clubs.
pompeyfcmad
12/07/2012 20:55:00
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