Pay Up Pompey,Pompey Pay Up!

[jonny72]

If (when) they go in to administration, I'm pretty certain HMRC won't be able to block any rescue plans as they aren't owed a high enough percentage of the total - the various previous owners will control the decision. Which means we could very well see someone buying the club for a few pence in the pound and they get to start again with a clean slate.

Worst thing about that is HMRC will be beyond pissed and will start taking it out on every other club that owes them money.

[pauld]

According to the summary on R5 the main reason the judge has given an adjournment is so Portsmouth can have chance they can prove they're not trading insolvently - but he expressed serious reservations that they'd be able to do so. They wanted 21 days, he's given them a week, unless they can prove they're not trading insolvently, that could be it.

At least Peter Storrie's confident that there are "interested parties" who can "turn the club round" (again) - so that's good, because his word's proven to be absolutely reliable throughout all this. About as reliable as his tax returns.

It's a bit of a toss-up really isn't it as to who looks worst in all this - Storrie or Scudamore.

[Colin Todd]

Surely they are trading insolvantly given that they seem to be borrowing more and more money each month just to pay the wage bill?

[pauld]

If (when) they go in to administration, I'm pretty certain HMRC won't be able to block any rescue plans as they aren't owed a high enough percentage of the total - the various previous owners will control the decision. Which means we could very well see someone buying the club for a few pence in the pound and they get to start again with a clean slate

I don't fully know the ins and outs of this, but the R5 reporter talking about it last night was saying that even administration might not do allow them to start again as Gaydamuk has somehow managed to ring-fence the £20m+ he's owed so that he gets full whack even in an x pence in the pound administration. Which tbh I'd have thought was bullshit, but he sounded pretty convinced about it.

Gaydamuk still owns the land around the ground any new owners would need in order to redevelop the ground. It's worthless in its own right as it's covenanted only to be used for the FC, but equally anyone who takes on the FC, even if they can get it back to some kind of health, can't redevelop the ground without Gaydamuk's co-operation. Maybe that's how he's secured his £20m on a pound for pound basis

[Saxondale]

Look, let them die.

I dont wish ill on the supporters, I have friends who are pompey supporters but I would say the same to them.

How many clubs are getting out of paying what they owe in taxes and therefore to the public purse at the moment.  Quite a lot.  So we end up not getting the money to put into services for the good of the country because some fuckwit has run a club like a cunt, it can't continue, its morally wrong.  I pay taxes, sometimes a little late, but I pay them, I dont expect the taxpayer to do it for me. 

David Conn writes about it in the guardian today

http://www.guardian.co.uk/football/david-conn-inside-sport-blog/2010/feb/10/portsmouth-cardiff-hmrc-winding-up

I thank AF and co for trying to run our club sensibly.  It could have been us going tits up.  Someone big has too to stop the culture of ridiculous spending in football continuing.

[pauld]

First pictures of Portsmouth's proposed new kit:

[url width=200 height=267]http://www.mclarke.com.au/Pictures/Barrister.jpg[/url]

[Power to people]

Rumours are that Chadari is considering putting some money into the club to keep it going as he stands to lose a lot of money if they go under

[pauld]

Rumours are that Chadari is considering putting some money into the club to keep it going as he stands to lose a lot of money if they go under

Who? Are you sure you're not just making up random names to keep it interesting?

[nevillew]

I worry about our justice system. Quoted in the paper today

"it seems to me that there is a very real risk that they are undoubtedly trading while insolvent"

I believe the response is 'FFS'

[BANGKOK RED]

I'm not sure if that even makes sense.

"Very real risk" and "undoubtedly"

[nevillew]

I'm not sure if that even makes sense.

"Very real risk" and "undoubtedly"

Kind of treading on my point there BR...

[alanmayes]

I had heard earlier in the week, that Portsmouth were trying to use future parachute payments
as a way of raising capital.Today's Guardian article would seem to support this story.

Convicted fraudster Daniel Azougy and Ken Dulieu,who was involved with Southampton Leisure Holdings,
remain in the background.

http://www.guardian.co.uk/football/2010/feb/11/portsmouth-avram-grant-fa-tax

[alanmayes]

Crisis what crisis Mr Scudamore? Nice to show that you've got your finger on the pulse of
fans worries over leveraged debt.Never mind Richard, all is well because we're set for a
"thrilling" end to the season.

http://www.telegraph.co.uk/sport/football/leagues/premierleague/7215692/Richard-Scudamore-contemplates-business-end-of-a-thrilling-Premier-League-season.html

[Power to people]

Who? Are you sure you're not just making up random names to keep it interesting?

This weeks owner

[pauld]

This weeks owner

Chadari != Chainrai