Pay Up Pompey,Pompey Pay Up!

[jayohaitchenn]

Whether it is in the spirit of the rules or not, the fact that they can sign players and we can't is just plain wrong.

[Peter Venkman]

Whether it is in the spirit of the rules or not, the fact that they can sign players and we can't is just plain wrong.

This.

[horlock07]

I don't think he's ever said "Give me x and you can have it" but his "debt"* of £12m+ is secured on it, whereas the administrators agree with the Trust's valuation of £2.75m IIRC. So obviously there's a discrepancy there - which is what the court case is about. The Administrators are seeking a ruling that they can sell FP to the Trust for the market value, over Chainrai's objections. He'd then be in line for a share (probably the lion's share) of that money as a standard part of the CVA coming out of administration.

*There are quite a few people who have cast doubt on the provenance of this debt and the various sums allegedly owed to the various alleged owners (seriously, it now seems at least one of them was actually invented) over the past 5 or so years

Do I spot the handiwork of a Mr A Andronikou here then.... Inflated debt (check), unclear ownership (check), convoluted CVA process (check). Was it at Portsmouth that he got his little reprimand, whats he up to these days been a little quiet.

[pauld]

Whether it is in the spirit of the rules or not, the fact that they can sign players and we can't is just plain wrong.

(Not defending it but) if they hadn't been allowed to sign players they wouldn't have had a team all season and so would definitely have folded. I can see the rationale that that's in no-one's interest whereas allowing them to sign players on a month-to-month basis at least allows them to complete their fixtures which benefits everyone else in the competition. They're not being allowed to sign players so much for their benefit as for everyone else's, in other words

[pauld]

Do I spot the handiwork of a Mr A Andronikou here then.... Inflated debt (check), unclear ownership (check), convoluted CVA process (check). Was it at Portsmouth that he got his little reprimand, whats he up to these days been a little quiet.

No, it was a non-football company. It will give you some idea of the scale of shite that Portsmouth have faced over the past few years if I say that Andronikou has been one of their lesser problems. Although obviously he did makes things worse. That's how he rolls.

[TheMajorSTFC]

High Court meeting adjourned for the 4th time...http://www.bbc.co.uk/sport/0/football/21444012

[jonny72]

I take it they will still have to get the CVA approved and other bits and pieces, once the ground sale is sorted out. Which I guess will take time which they are very quickly running out of.

Can't help but think they would be in a far better position today if they'd have gone for liquidation the first time round. They could have reformed and started again in the Conference, reckon they'd already be back in the Football League by now and possibly League One. Instead their very best case is League Two next season under fan ownership.

[pumbaa]

I don't think he's ever said "Give me x and you can have it" but his "debt"* of £12m+ is secured on it, whereas the administrators agree with the Trust's valuation of £2.75m IIRC. So obviously there's a discrepancy there - which is what the court case is about. The Administrators are seeking a ruling that they can sell FP to the Trust for the market value, over Chainrai's objections. He'd then be in line for a share (probably the lion's share) of that money as a standard part of the CVA coming out of administration.

*There are quite a few people who have cast doubt on the provenance of this debt and the various sums allegedly owed to the various alleged owners (seriously, it now seems at least one of them was actually invented) over the past 5 or so years

A Pompey fan I (used to) work with quoted a figure of circa £19M as the valuation Chanrai has of Fratton Park. Also verified the £2.75m figure, so I'm inclined to think he's close to the mark.

[Ardiles]

Ouch.  Expensive business, administration.

Portsmouth Administrators Rack Up £2.2m in Fees

[jonny72]

Looks like the earliest this will get sorted is the 10th April, this is the date of the court hearing over the ground sale.

By my reckoning and barring a miracle, this means Portsmouth will be relegated by the time the fans take over happens.

So does this mean they'll start next season with a 10 point penalty?

[Power to people]

I suspect it may be more than a 10 point penaty, don't clubs have to be out of administration by a certain date this season otherwise they take their 10 point penalty next season ?

[suttonred]

They cant start another season in admin.

[Costanza]

I expect Portsmouth to be Luton'd, possibly worse.

[TheMajorSTFC]

FL have already said if Pompey aren't out of admin by end of season, they won't renew their licence for next season.

[Reg Smeeton]

Looks like the Pompey Trust have won...good for them.