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

Vital Boxing - Lewis Tips Joshua to Win

Vital F1 - Blog: Sochi Preview

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

On this day in history...26th April

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 26th April.

Will Irish eyes be smiling?

Pompey will hope Irish eyes can indeed be smiling for former Aston Villa left back Enda Stevens with a call up to the Republic of Ireland squad coming as a Blues player.

On this day in history...25th April

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 25th April.

More Reliable Than A League 2 Octopus? (24/4/17)

Time for the new special computer that crunches the numbers to determine the final League Two positions for 2016/17.

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)

Cambridge MotM
Suggested By:
Forde6%
Evans0%
Whatmough17%
Clarke1%
Stevens5%
Opoku Aborah62%
Doyle1%
Baker0%
Naismith2%
Bennett5%
Kabamba0%
Sub-Chaplin0%
Sub-Lowe0%
Sub-Roberts1%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
P Doncaster 44 25 10 9 85 33
P Plymouth 44 25 8 11 83 24
P Portsmouth 44 24 9 11 81 33
4 Luton 44 18 17 9 71 22
5 Exeter 44 20 8 16 68 18
6 Blackpool 44 17 16 11 67 22
7 Stevenage 44 20 6 18 66 7
8 Mansfield 44 17 14 13 65 5
9 Wycombe 44 18 11 15 65 4
10 Carlisle 44 16 17 11 65 -1
11 Cambridge 44 18 9 17 63 7
12 Colchester 44 17 12 15 63 6
13 Accrington 44 16 14 14 62 3
14 Grimsby 44 17 10 17 61 -2
15 Barnet 44 13 15 16 54 -6
16 Notts County 44 15 8 21 53 -22
17 Crewe 44 13 13 18 52 -11
18 Morecambe 44 14 9 21 51 -18
19 Crawley 44 13 11 20 50 -16
20 Yeovil 44 11 16 17 49 -13
21 Cheltenham 44 11 14 19 47 -16
22 Newport 44 11 12 21 45 -22
23 Hartlepool 44 10 13 21 43 -21
R Leyton Orient 44 10 6 28 36 -36
The Vital Football Members League
Latest F1 News
Latest Vital Boxing News
Vital Football Comment

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

Apr 29 2017 3:00PM : Mansfield Town (a)
Sky Bet League Two
May 6 2017 5:30PM : Cheltenham Town (H)
Sky Bet League Two

Vital Members League Table

RankNamePoints
1.pompeyrug89
2.PompeyFrippy39
3.storagematt33
4.eastneydave30
5.Copnor4323
6.FrattonBlue18
7.stubbsy00718
8.uspompeyfan16
9.pompeyweller11
10.Jimsmithswig10
Write for Vital Football