Just suppose you sued someone and won £16m.
Just suppose they couldn't pay from the usual channels.
Just suppose the debtor suggested to the creditor to make a loan to a football club without actually paying in any funds and using their stadium as security. Thus allowing payment of debt through legit funds.
Didn't Chainrai always maintain he had no interest in a football club?
Genius move by Sheikh #1.
Pass your debt and liability on to a bunch of potless fans and look like the good guy!
They will really have 'their' club back then!
At the arse end of the biggest recession in history who the fook would even pay that for a spot of land next to a railway depot?
I agree. They are almost certainly gone!
Now, are they going relaunch as AFC Portsmouth or Pompey FC?
Just waiting for Storrie to say their debt is 10% of United's.
http://www.dailymail.co.uk/sport/football/article-1240226/Glazer-family-want-600m-bond-cut-Manchester-Uniteds-massive-debt.html
Does any one remember the final scene in The Commitments where Wilson Pickett actually turns up after a whole film length of doubt?
Knowing our luck I'll be watching Sky Sports News on deadline day and Riquelme to the Skates will be the 11pm shock transfer.
Maybe they will, Maybe be they won't. Irrespective they will probably still get relegated.
Interesting point in that article about naming rights for Fratton Park. That could be a whole Golden Thread of it's own with helpful suggestions from TSW.
They had a loan from Standard Bank of £24m IIRC. Not sure if this was paid back or refinanced.
http://www.mirrorfootball.co.uk/news/Portsmouth-face-pound-25million-debt-crisis-article32475.html
"If the players' salaries fail to arrive on Tuesday then the squad will have the option of serving a mandatory 14 days notice to terminate their contracts."