Pay Up Pompey,Pompey Pay Up!

[STFC_Gazza]

Nope, this is from the Companies House website as of a few mins ago:Which will of course be adversely affecting the club's credit ratings etc. Maybe Fitton should look at filing a formal complaint against him for dereliction of duty. Or maybe even a little light legal action of his own.

Absolutely. Perhaps someone should let the Pompey fans know and warn them? will hit national headlines then!

[Power to people]

Interesting write up from the pompey press

http://www.portsmouth.co.uk/frattonlatest/Pompey-to-go-back-before.6115398.jp?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+FrattonLatest+%28The+News+-+Fratton+Latest%29&CommentPage=9&CommentPageLength=10#comments

[pauld]

And we have the greed, self-interest and jaw-dropping stupidity of the expanded G18 to thank for delaying and watering down rules that might finally start to put football's finances back on a less suicidal footing:

http://news.bbc.co.uk/sport1/hi/football/8546561.stm

Way to go ECA - never mind the good of the game, you just make sure you suck up every last drop from that gravy train, you greedy myopic bastards

[Summerof69]

And you know the top clubs will bend the rules, when, and if, it eventually comes in...

[jayohaitchenn]

Exactly. Abromavich will simply "sponsor" Chelsea to the tune of 40 million a year thus increasing their turnover artificially.

[pauld]

Exactly. Abromavich will simply "sponsor" Chelsea to the tune of 40 million a year thus increasing their turnover artificially.

To be honest, right now, I don't see that as a major problem or at least not so much as the catastrophic debts some clubs face. Chelsea and Man City's owners have gifted them huge amounts and converted it into share capital, rather than debt which is, as Wenger(?) said, "financial doping". But it's not threatening the future of the clubs. Whereas what is a real threat to clubs not just at the top, but throughout football, is the mortgaging of the club's future to pay for an unsustainable present. It's what happened at Leeds under Ridsdale, Portsmouth, West Ham, Cardiff under Ridsdale (again - why are the football authorities not spotting a pattern here?), Bournemouth, Man Utd, Liverpool, Southend etc etc.

[Summerof69]

And you've also got Real Madrid spending £250m last summer, despite being an estimated £500m in debt...

[jonny72]

Exactly. Abromavich will simply "sponsor" Chelsea to the tune of 40 million a year thus increasing their turnover artificially.

Those new rules will not prevent someone bank rolling a club, but it does state the money cannot take the form of a loan and must be done as equity instead. Which seems reasonable to me, if someone wants to piss away their money on a football club then that's good (more money going in to the game) but it can't be allowed if there is a risk of them walking away and leaving the club with a debt it can't pay.

I'm not convinced its the big clubs that are the real problem anyway. Its the clubs below the big clubs that are spending money they don't have in an attempt to catch up with the big clubs, this then spreads down the leagues as other clubs try to catch up with those above them.

Once clubs are forced to only spend money they have I can see wages dropping massively within a year or two and pretty much resolving most of the financial issues in the English game.

[jonny72]

Getting back to the Pompey issue, reading up on the latest court hearing I reckon its looking potentially very bad for them. The way some of the loans and financing has been handled is decidedly dodgy and could be enough for their admin to be over turned by the court, which in turn could very quickly result in the winding up order being granted and the club liquidated.

[jayohaitchenn]

To be honest, right now, I don't see that as a major problem or at least not so much as the catastrophic debts some clubs face. Chelsea and Man City's owners have gifted them huge amounts and converted it into share capital, rather than debt which is, as Wenger(?) said, "financial doping". But it's not threatening the future of the clubs. Whereas what is a real threat to clubs not just at the top, but throughout football, is the mortgaging of the club's future to pay for an unsustainable present. It's what happened at Leeds under Ridsdale, Portsmouth, West Ham, Cardiff under Ridsdale (again - why are the football authorities not spotting a pattern here?), Bournemouth, Man Utd, Liverpool, Southend etc etc.

You forgot the most obvious one! Swindon Town.

[Power to people]

I really would hate to think what would have happened to our club if Diamandis & Co were still in charge, I reckon we could have been facing a Chester

[pauld]

You forgot the most obvious one! Swindon Town.

I was talking specifically about clubs mortgaging future payments/monies due to meet short term debt/spending. That wasn't our problem - ours was staggering incompetence over a long period, coupled with a grim determination to hold on to the club come what may because in Mike D's fantasies there was a golden payout that was always just about to happen. But never did and was never going to while he/they were in the picture.

[alanmayes]

It looks as if Mr Andronikou won't be receiving any advance on the 'parachute payments'.

http://www.portsmouth.co.uk/sport/Premier-League-deny-39parachute-payments39.6120920.jp

[Summerof69]

Apparently Pompey are worh £30m by our favourite administrator, despite having hardly no assets and plenty of debts...

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8548666.stm

[reeves4england]

Apparently Pompey are worh £30m by our favourite administrator, despite having hardly no assets and plenty of debts...

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8548666.stm

Didn't the court (or somebody else) judge their playing staff to be worth £20m? Goodness knows where the other £10m has come from.

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