pauld
Aaron Aardvark
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Absolute Calamity!
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« Reply #555 on: Thursday, March 4, 2010, 11:57:07 » |
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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.
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jonny72
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« Reply #556 on: Thursday, March 4, 2010, 12:54:46 » |
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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.
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BANGKOK RED
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« Reply #557 on: Thursday, March 4, 2010, 15:58:59 » |
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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?
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Samdy Gray
Dirty sneaky traitor weasel
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« Reply #558 on: Thursday, March 4, 2010, 16:16:41 » |
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I am surprised that I am making such an obvious statement really, are those 'in charge' really that fucking clueless?
Yes.
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alanmayes
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« Reply #559 on: Wednesday, March 10, 2010, 17:20:35 » |
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"It's not delusions of grandeur sir,it's intolerance of mediocrity and minimal performances."
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alanmayes
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« Reply #560 on: Wednesday, March 10, 2010, 17:35:15 » |
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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
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« Last Edit: Wednesday, March 10, 2010, 17:38:43 by alanmayes »
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"It's not delusions of grandeur sir,it's intolerance of mediocrity and minimal performances."
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Summerof69
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« Reply #561 on: Thursday, March 11, 2010, 09:05:02 » |
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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.
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Bob's Orange
Has brain escape barriers
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« Reply #562 on: Thursday, March 11, 2010, 09:12:13 » |
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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.
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise, the gorgie boys, for Hearts in Europe.
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SwindonTartanArmy
Go Team GB!
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London Scottish - More History than Franchise!
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« Reply #564 on: Thursday, March 11, 2010, 11:17:58 » |
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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.
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Vi er best i verden! Vi er best i verden! Vi har slått England 2-1 i fotball!! Det er aldeles utrolig! Vi har slått England! England, kjempers fødeland. Lord Nelson, Lord Beaverbrook, Sir Winston Churchill, Sir Anthony Eden, Clement Attlee, Henry Cooper, Lady Diana--vi har slått dem alle sammen. Vi har slått dem alle sammen. Maggie Thatcher can you hear me? Your boys took a hell of a beating!"
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Spencer_White
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« Reply #566 on: Thursday, March 11, 2010, 12:19:44 » |
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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.
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jonny72
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« Reply #567 on: Thursday, March 11, 2010, 12:53:19 » |
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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?
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Power to people
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« Reply #568 on: Thursday, March 11, 2010, 13:43:51 » |
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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 ?
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pauld
Aaron Aardvark
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Posts: 25436
Absolute Calamity!
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« Reply #569 on: Thursday, March 11, 2010, 13:47:29 » |
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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.
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