Generic clubs in financial crisis Thread

[Jackson Corner]

Can anyone tell me how Pompey have been able to take 2 Man City players on loan when thay can't afford to pay the one's they've got?

[Avon Royal]

Can anyone tell me how Pompey have been able to take 2 Man City players on loan when thay can't afford to pay the one's they've got?

Because City are paying the wages.

[PieEater]

The administrator has said that Portsmuff will not be honouring the cva .... the date for the first installment has passed so in effect the cva has been breached

This seems like some huge scope for some more cheating if there is a penalty for not agreeing a CVA, but no penalty for breaking it. If you are insolvent (they are), why not make up another set of hypothetical figures to agree with creditors then pay them bugger all. As it goes on they either get more and more desperate for something - and so will agree - or they lose interest and just write it off as not worth the hassle chasing.

As long as they steer clear of being in administration for two successive seasons it sounds like that's their best option.

They would need to exit administration before they start of next season, in which case they should get a 17 pt deduction (like Bournemouth and Rotherham)

[Royal Monk]

There is a huge thread on the Southampton forums regarding portsmuff and their cheating, makes a good read tbf

http://www.saintsweb.co.uk/showthread.php?14620-Pompey-Takeover-Saga/page1204

[TFF]

http://www.bbc.co.uk/sport/0/football/17677437

No offers for Pompey yet.

[Blue Hooped Moose]

http://www.bbc.co.uk/sport/0/football/17677437

No offers for Pompey yet.

LOL - just visited the Pompey website to view this A Statement from the Administrators and the top AdChoices was
"Bankruptcy, do i qualify? Compare bankruptcy options using our debt calculator – Search now!"

[Mr Angry]

Their problems will come at the end of the season; at the moment they are getting income through gate receipts, programme sales etc, but when the football stops, so does the income. Added to that will be the end of a number of sponsorship deals (such as pitchside advertising) and I can't imagine season ticket sales for next season are going particularly well ......

I suspect that wholesale redundancies will be made within a couple of weeks of the seasons end, and if no buyer is found by late June at the latest, then the club will be liquidated.

[Bring Back The SB]

Someone will turn up, they always do. Ther FA will rush through the Fit and Proper test just to avoid a backlash and 2 years down the line, this will all start again.

I don't like to see clubs go bust but I really do think this will be the best thing for them - starting again.

[Platypuss]

Their problems will come at the end of the season; at the moment they are getting income through gate receipts, programme sales etc, but when the football stops, so does the income. Added to that will be the end of a number of sponsorship deals (such as pitchside advertising) and I can't imagine season ticket sales for next season are going particularly well ......

I suspect that wholesale redundancies will be made within a couple of weeks of the seasons end, and if no buyer is found by late June at the latest, then the club will be liquidated.

Also, if you were a credit card company would you be keen to let Pompey fans buy season tickets on plastic?

[Friday's Legacy]

They still owe something in the region of £3m to former players in player bonus' as well. These have not be waved.

This is the story that just keeps giving. I'm sorry for the Portsmouth fans but I really do hope the club is wound up and liquidated.

[Royal Rother]

Their problems will come at the end of the season; at the moment they are getting income through gate receipts, programme sales etc, but when the football stops, so does the income. Added to that will be the end of a number of sponsorship deals (such as pitchside advertising) and I can't imagine season ticket sales for next season are going particularly well ......

I suspect that wholesale redundancies will be made within a couple of weeks of the seasons end, and if no buyer is found by late June at the latest, then the club will be liquidated.

Also, if you were a credit card company would you be keen to let Pompey fans buy season tickets on plastic?

Good point, but I find it hard to believe their facility hasn't long been withdrawn.

Shirley..?

[Royal Monk]

They haven't been selling season tickets for next year , probably because they know they won't be in business

[Mr Angry]

They haven't been selling season tickets for next year , probably because they know they won't be in business

I didn't know that! Hells teeth, thats terrible - season ticket sales are the lifeblood of teams outside the top 2 leagues (which - if Pompey survive - they will be) and to not sell them implies that they know that they may well have a shedload more creditors on their hands when they go bust.

If so, fair play to the administrator, cos many would have been happy to take the cash to pay bills, and think "tough luck" to the fans who pay £400+ for a ST and who then may well lose the lot.

[Friday's Legacy]

They haven't been selling season tickets for next year , probably because they know they won't be in business

Wasn't there a thousand or so fans that all purchased season tickets for several years the last time they were in administration? That will be money lost as well.

[Wax Jacket]

^ yeah good point actually, that's good work by the administrator

[Rev Algenon Stickleback H]

Their problems will come at the end of the season; at the moment they are getting income through gate receipts, programme sales etc, but when the football stops, so does the income. Added to that will be the end of a number of sponsorship deals (such as pitchside advertising) and I can't imagine season ticket sales for next season are going particularly well ......

I suspect that wholesale redundancies will be made within a couple of weeks of the seasons end, and if no buyer is found by late June at the latest, then the club will be liquidated.

Also, if you were a credit card company would you be keen to let Pompey fans buy season tickets on plastic?

must be being a bit dim, but why would that matter?

Given that the money would be coming from Pompey fans, not the club, what would be the risk?

[Friday's Legacy]

Scottish Premier League clubs will vote this month on whether to introduce tougher sanctions for top-flight sides that go into administration or face liquidation.

The 12 clubs will consider a range of proposals to amend the SPL's rules at a general meeting on April 30 and, if adopted, the amendments will come into effect from May 14.

The move comes after Rangers were forced to go into administration in mid-February, with liquidation still a possibility if a Company Voluntary Arrangement (CVA) cannot be agreed with creditors.

The proposals include increasing the number of points docked from clubs that go into administration from 10 points to at least 15.

If Rangers are forced to go into liquidation, a 'Newco' would be deducted 10 points for two seasons if accepted straight back into the SPL.

Prospective rules

"On 30 April 2012 the SPL Clubs will consider a range of proposals to amend the Articles and Rules of the SPL," a statement from the SPL confirmed.

"A brief description of the effect of adopting the Resolutions is provided below.

"Resolution 1 proposes an increase in the sporting sanction (points deduction) on any Club which suffers or is subject to an Insolvency Event from 10 points to the greater of 15 points and 1/3 of the Club's SPL points in the preceding season.

"Resolution 2A proposes further sporting sanctions in the event that any Club undergoes an Insolvency Transfer Event (i.e. transfers its share in the SPL to a new company where this occurs because of the insolvency of the transferor) of 10 points in each of two consecutive seasons from the Insolvency Transfer Event."

[Rev Algenon Stickleback H]

The idea that Rangers could fold and just transfer all their assets to a new club is staggering. Is that even legal? Don't they have a responsibility to creditors?

[Compo's Hat]

Peter Harrison - An open letter to Phil Gartside

http://www.mannyroad.co.uk/component/k2 ... l-gartside

Well worth a read on questions being asked as to Bolton's finances.

[weybridgewanderer]

The idea that Rangers could fold and just transfer all their assets to a new club is staggering. Is that even legal? Don't they have a responsibility to creditors?

like leeds did?