Pay Up Pompey,Pompey Pay Up!

[jonny72]

As is to be expected, its not that clear cut. An article in The Independent suggests that HMRC probably could block the CVA on their own (as a large chunk of the £119m won't be included in the CVA) but that they probably won't:

http://www.independent.co.uk/sport/football/premier-league/portsmouth-anatomy-of-a-crisis-1949428.html

If you haven't seen it, here is the report to creditors that has just been issued:

http://www.uhy-uk.com/pages/posts/portsmouth-city-football-club-ltd--notice-of-creditors-meeting729.php

[pauld]

Yes I have seen the report, but had a mindstorm that meant I'd forgotten it's 75% of the unsecured creditors not overall debt. Which does increase HMRC's %age a fair bit as you say. Still don't think they'd have enough for 25% though, they'd need some of the smaller creditors to help them out

[pauld]

It keeps getting more ludicrous - among the debt is £1m sell-on fee Pompey owe Spurs for Begovic even though Spurs never owned him:

http://www.fansonline.net/portsmouth/article.php?id=1396

[jonny72]

The Independent article reckons the CVA will be for about £70m, so you need £17.5m to block it with HMRC owed £17.1m - so they would be about £400k short at present, but I'm sure some smaller creditors are pissed off enough to join them.

They also reckon the offer will be 23p in the pound. Which is fucking shocking when you think about it as they'll wipe out £50m of debt and then carry on as though nothing had ever happened - they'd have been relegated anyway.

I don't see why they can't do a deal with the Premier League, wind up the business and sell off all the assets and have the £48m in parachute payments paid out immediately (or staggered over the next four years). That way they'll pretty much clear all of their debts in full, which supposedly is the aim of administration.

[Power to people]

I suspect that HMRC will start challenging some of the debt in the CVA that AA has included to water down their %age

[pauld]

Oh dear, CVA doc is falling apart already, even before the creditors have had a chance to have a crack at it. Apparently Sky have started ringing some of them and they don't know why they're on the list as they weren't owed any money or have been paid. And one company ceased to exist decade ago. And AA not happy with the Sky reporter's direct questions about why these "ghost creditors" have been included.

Now, then, let's think, ghost creditors cropping up mysteriously and distorting the total amount owed, where have we heard that before?

[Summerof69]

And UEFA have told Pompey that they will not be able to play in Europe next season in the UEFA Europa League Cup.

[reeves4england]

And UEFA have told Pompey that they will not be able to play in Europe next season in the UEFA Europa League Cup.

Yep. Isn't that Pompey's fault for not applying though? Or were they prevented from doing so?

[Summerof69]

Yep. Isn't that Pompey's fault for not applying though? Or were they prevented from doing so?

No,they applied once they made the FA Cup final, as they had qualified for the Europa Cup, but they have to have annual accounts up to date, which they currently do not...and it doesn't help their case that they are under admin, and they apparently have debts of £119m.

[herthab]

They missed the deadline date for application though, didn't they?

[Summerof69]

Yet in this article, AA says that they've been harshly treated :

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8558580.stm

And apparently they spent 108.79% of turnover on wages in the last financial year :

http://www.bbc.co.uk/blogs/davidbond/2010/04/buried_in_the_midst_of.html

[pauld]

No,they applied once they made the FA Cup final, as they had qualified for the Europa Cup, but they have to have annual accounts up to date, which they currently do not...and it doesn't help their case that they are under admin, and they apparently have debts of £119m.

They applied late. All teams are supposed to apply by 30th March but they were unable to do so as they didn't have up to date audited accounts. And indeed still don't. They were never going to be allowed in, just another bit of kite-flying by Andronikou. Remember how he was going to challenge the 9pt deduction? And had already launched a full investigation of what's been going on there? Those never happened either. Half the time I think he just makes stuff up at random

[herthab]

They applied late. All teams are supposed to apply by 30th March but they were unable to do so as they didn't have up to date audited accounts. And indeed still don't. They were never going to be allowed in, just another bit of kite-flying by Andronikou. Remember how he was going to challenge the 9pt deduction? And had already launched a full investigation of what's been going on there? Those never happened either. Half the time I think he just makes stuff up at random

Half the time? Are you his mate?

[jonny72]

AA was living in cloud cuckoo land. Not only did they need the FA / PL to accept a late application, they would also have needed to come out of administration and clear in full all football debts by the 31st May - they've got no chance of that.

Besides, imagine the uproar if Liverpool, Everton, Aston Villa or whoever were denied a place in Europe at the expense of  Portsmouth - a club that has run up massive debts, enabling them to field stronger teams than they can afford and shortly being allowed to wipe out at least £50m of debt.

Especially as that fucker rolls out the obligatory "its wrong for the fans" bollocks.

[Summerof69]

Half the time I think he just makes stuff up at random

No...Never !!!