Pay Up Pompey,Pompey Pay Up!

[nevillew]

A projected revenue of £25m doesn't sound much if £16m is a parachute payment for each of the first two years.

[pauld]

A projected revenue of £25m doesn't sound much if £16m is a parachute payment for each of the first two years.

They won't get them - they'll go straight to football creditors. Which I think is outside the c £10m pa they'd owe under the CVA, but I may have that wrong

[reeves4england]

A projected revenue of £25m doesn't sound much if £16m is a parachute payment for each of the first two years.

Why not? There's not much chance of them being back in the Premier League any time soon, and the money is nowhere near as good in the Championship.

[nevillew]

£3.6m league payments  23 home games at say £300,000 per game, sponsorship, TV money + player sales.

[Summerof69]

Apparently the extra £17m that HMRC is due to Image Rights, due to the fact that these are only taxed on at 21% instead of the higher rate of 40/50%, and HMRC say this is a tax avoidance scam.

HMRC are challenging this on all football clubs, who pay a percentage of the players salary as 'image rights'.

[alanmayes]

Oh dear Mr Andronikou, it seems that the Guardian has uncovered a discrepancy in the
Administrator's report....

http://www.guardian.co.uk/football/2010/may/14/portsmouth-debt-administration-missing-funds

[pauld]

What's £4m between friends? The amusing thing is that the lot who prepared the statement of affairs for the court, who were there before they went into admin, got it right. Shows what you can do with competent accountants and insolvency experts

[Power to people]

I see that it looks like Andronikou is going to be appointing a new manager, in one breath he says there has been lot's of interest - and then in the next he says there has been around 6 applicants, 2 of them are Brendan Rogers (nearly relegated Reading) & Steve Cotterill (done well in 3/4 months at Notts County but is out of contract), he also talks about how he does not think David James is ready to be a manager and it seems that James has applied

He was given the position as administrator to sort out the finances, surely he should be leaving it until new owners are in place to appoint a manager and leave it to the remaining backroom staff to sort the everyday football stuff out until then.

[pauld]

There isn't going to be a new owner. He's there to hand the club back over to Chainrai with the debt reduced and HMRC off their backs

[Power to people]

I realise that but a white knight may appear over the hill...or in pompey's case over the sea

I see that he is saying that Storie will have a say on the new manager.

Storie and Mandaric have both been charged today with a second count of defrauding the revenue

[Rich Pullen]

Just eternally glad that Andronikou is dealing with Portsmouth and not us.

[Summerof69]

Just eternally glad that Andronikou is dealing with Portsmouth and not us.

I think we all are.

I agree with Paul that there wil be no 'new' owners, and I see AA took all his family to the Cup Final on Saturday. I wonder if he 'paid' for the tickets.

http://www.mirrorfootball.co.uk/news/Pompey-administrator-under-fire-after-FA-Cup-reception-snub-article434379.html

[Power to people]

I wonder if his "family" included Diamandis, after all he put's so much business his way it was probably his way of treating him

[Summerof69]

I wonder if his "family" included Diamandis, after all he put's so much business his way it was probably his way of treating him

I thought exactly the same...

[Power to people]

Pompey creditors are to be offered 20p in the £ then.

You do feel sorry for the smaller creditors who will lose so much money

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8707231.stm