Vital Football

Liquidation now inevitable?

Liquidation now inevitable?
Sat in a pub last night I was feeling pretty glum at how the football world had conspired against Pompey & kicked us in the balls after they had already been cut off & shoved down our throats.

But then I saw in a Guardian article on Newsnow that the Football League have made it a condition of League One entry that Portpin can't transfer more than a small fraction of the secured debt to the NewCo.

Wow!

This is powerful stuff, even though 10 points, which is just a short term thing, makes all the headlines.

Portpin can only keep a small amount of secured debt? So they won't get their 18m back. Further tough league regulation makes asset stripping the parachute payments impossible.

So, this COULD lead to Portpin walking away.

The Trust may be the only show in town. Yet we have no detail & we know that unless people like TBH leave, they have no bid.

Could we not see a new season for Portsmouth 1898??

Written by and initially posted in the forum here

The views within this article are the views of the individual who wrote and submitted this piece, sometimes solely theirs. They are not necessarily shared by the Vital Pompey Site Journalists.

Join the Vital Pompey Debate

Vital Pompey on: facebook Vital Pompey on: twitter

Join the Vital Pompey Forum Debate

Writer:Pompeytim
Date:Friday July 13 2012
Time: 8:37AM

Best of Vital Network

Comments

0
good morning to you too :-)
you could well be right tim, as i said on the -10pts thread it was not so much this that i worried about it was the conditions being laid down by the FL that could prove more problematic...
again i cannot say that i want liquidation but the more and more rubbish that comes out the more you have to think is it the only option to actually give us a sustainable future?
pompeyrug
13/07/2012 08:47:00
0
It really is starting to feel as though liquidation is coming. I agree that the conditions imposed are more daunting than the points deduction. It feels as though we are teetering on the edge of a cliff and the FL has just given us a big shove. The thought of liquidation is quite daunting, but the situation is so desperate now that it just might be all we have.
tracyc
13/07/2012 17:23:00
0
Does seem like the league are trying to bring an end to the whole thing
russellm
13/07/2012 22:43:00
0
Ok, so can someone explain in simple terms what the 'Portpin can't transfer more than a small fraction of the secured debt to the NewCo' means. How do Portpin ever get their 18 million back? Or even a part of that debt? If Portpin followed through with the sale, how would it work, you know, with the debts and stuff? Would the supporters trust have some liability for the 18 million? Would Portpin just never get it back? How would this situation for Portpin compare with liquidationisation? (Bushism?) What do the Football League EXPECT to happen? What are their decisions aiming for; what are they hoping for? It's easy to say; THEY WANT US OUT but could this decision be in our best interests? Gawd knows . . . . but he's not saying, so does anyone have the faintest idea?
Et_tu_Pompeii
15/07/2012 19:27:00
Page 1/1
  1. 1

Login to post a comment

Recent Portsmouth Articles

Ben Close signs new deal

Ben Close signs a new one year deal with a one year option as Pompey continue the job of gathering a squad ...

Some will 'fulfil their career elsewhere'

Names weren't mentioned but Main is seen as having 'no Fratton future' as Cook prepares, if he hasn't already, to inform people they may need to 'fulfil their career elsewhere'.

New EFL Radio Deal Starts 2017/18

The Football League confirmed yesterday that a new three year deal with Talksport and the BBC had been signed to increase radio broadcast coverage from next season.

Pompey in talks with Forde, Hunt and local trio

David Forde, who was released by Millwall this week, is in talks with Pompey as are Noel Hunt, Jack Whatmough, Brandon Haunstrup and Ben Close, as the Blues bid to retain the lot.

Archived Vital Pompey Articles

Vital Pompey articles from

Site Journalists

pompeyrug
Editor email
Profile
eastneydave
Editor email
Profile
paultsmouth
no email
Profile

Current Poll (see more polls)

Can Pompey kick on in League One?
Suggested By: pompeyrug
Yes, we'll win it8%
We'll be runners up0%
Top-six40%
Top-10 (7th-10th)26%
Midtable13%
Bottom half13%
No, we'll be relegated0%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
C Portsmouth 46 26 9 11 87 39
P Plymouth 46 26 9 11 87 25
P Doncaster 46 25 10 11 85 30
4 Luton 46 20 17 9 77 27
5 Exeter 46 21 8 17 71 19
6 Carlisle 46 18 17 11 71 1
7 Blackpool 46 18 16 12 70 23
8 Colchester 46 19 12 15 69 10
9 Wycombe 46 19 12 15 69 5
10 Stevenage 46 20 7 19 67 4
11 Cambridge 46 19 9 18 66 8
12 Mansfield 46 17 15 14 66 4
13 Accrington 46 17 14 15 65 3
14 Grimsby 46 17 11 18 62 -4
15 Barnet 46 14 15 17 57 -7
16 Notts County 46 16 8 22 56 -22
17 Crewe 46 14 13 19 55 -9
18 Morecambe 46 14 10 22 52 -20
19 Crawley 46 13 12 21 51 -18
20 Yeovil 46 11 17 18 50 -15
21 Cheltenham 46 12 14 20 50 -20
22 Newport 46 12 12 22 48 -22
R Hartlepool 46 11 13 22 46 -21
R Leyton Orient 46 10 6 30 36 -40
The Vital Football Members League
Latest F1 News
Latest Vital Boxing News
Vital Football Comment

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

Vital Members League Table

RankNamePoints
1.pompeyrug198
2.PompeyFrippy55
3.storagematt42
4.pompeyweller28
5.Copnor4324
6.eastneydave22
7.stubbsy00715
8.Jimsmithswig10
9.FrattonBlue9
10.uspompeyfan4
Write for Vital Football