Pay Up Pompey,Pompey Pay Up!

[pauld]

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

Andronikou reckons the squad is worth £38m, HMRC reckon £21m. And on the latter figure, HMRC conclude their liabilities exceed their assets by £65m. But then bear in mind he was loudly trumpeting as a done deal the BEST sale which broke down because the Wills/Diamandis crew valued Swindon at the time at £18m, a valuation one would assume he thought was reasonable so confident was he that the deal was completed (remember he cancelled the creditors' meeting "because the club has now been sold"). So one might conclude he doesn't have a great track record in valuing football clubs.

[jonny72]

Storrie apparently said their players are worth £38m on their statement to the High Court, whilst HMRC said it was likelyto be £21m.

Pretty certain the £21m figure was that given by the auditor that prepared the financial statement for the court, whilst Pompey themselves (Storrie, Andronikou or whoever) reckoned it was £38m. I believe the low figure for the players was one of the reasons why the auditor wasn't appointed as the administrator.

I'm guessing the £30m figure being thrown about is what they feel someone would pay for the club as part of a CVA, so if they total debts are £90m then everyone would get 33p in the pound. Or something like that.

I can't see anyone paying that. The value of the squad is questionable, there are massive wage bills and they'll most likely have to honour some of them, they will be in the Championship next season and a good chunk of the PL payments (TV and parachute) will go directly to football creditors. I'm sure there are plenty of other clubs that are a far better financial investment if you've got £30m to spend.

[BANGKOK RED]

The players/squad are only worth what other clubs are willing to pay for them and considering that all in the football world will know that Portsmouth aren't in a position to fuck about, that figure won't be particularly high.

I am surprised that I am making such an obvious statement really, are those 'in charge' really that fucking clueless?

[Samdy Gray]

I am surprised that I am making such an obvious statement really, are those 'in charge' really that fucking clueless?

Yes.

[alanmayes]

Andronikou wealds the axe....

http://news.bbc.co.uk/1/hi/business/8560834.stm

[alanmayes]

Jacob goes,but Storrie stays on the gravy train for the time being and another press conference
is called by our former administator.You're loving the limelight Mr A!

Some quotes included,from staff who've sadly lost their jobs today.

http://www.portsmouth.co.uk/newshome/Jacob-leaves-Pompey-along-with.6139220.jp

[Summerof69]

Apparently Storrie has taken a 40% pay cut, and will not get a bonus !!

But he is still on £10k a week. It's a tough life.

[Bob's Orange]

There was a piece on sky sports news about it, some very upset people about the club. A guy in the warehouse summed it up quite well, he got the chop but what he earns in a year is what most of the players earns in 3 days, so how can the club be saving that much by laying off these people. Players don't NEED 60k a week to live on ffs. If I was a fan I would be disgusted that the players weren't offering to take pay cuts to help out the club.

[Plumstead Red]

Another good article about this here:

http://www.independent.co.uk/sport/football/premier-league/16380000aweek-footballers-fail-to-take-pay-cuts-to-save-club-cleaners-1919453.html

I think it's disgusting too. I'm not sure whether the players would take much notice of any attempt to get them to reduce some of their wages.

[SwindonTartanArmy]

There was a piece on sky sports news about it, some very upset people about the club. A guy in the warehouse summed it up quite well, he got the chop but what he earns in a year is what most of the players earns in 3 days, so how can the club be saving that much by laying off these people. Players don't NEED 60k a week to live on ffs. If I was a fan I would be disgusted that the players weren't offering to take pay cuts to help out the club.

apparantly, the club is restricted in what they can do with the players contracts due to PFA regulations. I heard that two players had voluntarily come forward to take pay cuts.

[pauld]

Looks like HMRC are now prepared to accept the administration order:

http://www.independent.co.uk/sport/football/premier-league/hmrc-expected-to-accept-portsmouth-administration-1919722.html

Although so far we only have Andronikou's word on this and we know what that's worth - he was muttering about "minor paperwork" before the last court case where HMRC seemed to have a rather more serious take on it

[Spencer_White]

apparantly, the club is restricted in what they can do with the players contracts due to PFA regulations. I heard that two players had voluntarily come forward to take pay cuts.

Perfect example that the PFA is now too powerful and needs cutting down to size.

[jonny72]

Even if all the players had taken pay cuts I doubt it would have saved anyone's job, the club would still need to offload as many staff as they can to reduce out goings - they still can't be anywhere near breaking even, let alone repaying their debts.

Besides it just masks the real problem - the club paying salaries they couldn't afford and then not offloading players when they had the chance in the January transfer window. Amazing that Storrie holds on to his job though, what exactly is there for him to do now the administrator is running the show?

[Power to people]

With Andronikou not officially installed as administrator until after the HMRC hearing does he have authority to get rid of people and make changes yet ?

[pauld]

With Andronikou not officially installed as administrator until after the HMRC hearing does he have authority to get rid of people and make changes yet ?

He is officially the administrator. HMRC challenged it at the last court hearing but the court did not rule either way, hence he is still the administrator. If they were to pursue that challenge on Monday and win, he would no longer be the administrator, which might make an interesting situation for those he's sacked, but if he is correct in saying that they will not now challenge his appointment, then that might be why he's felt able to start sacking people.