Chin Strain

Gaydamak must be an unsecured creditor if Chanrai has security over everything.

Increasing the chance of HMRC getting to the magical 25%

The way I see it is the prize money for the FA cup will go to the football creditors. As such I would think that HMRC would represent a bigger share of the unsecured debt than 25%. I believe the HMRC debt is £18m from reports, and it takes it over 25% once you take of BCs £15m. I'm a bit unclear on what happens if Pompey can't pay their football debts - will they get a further points deduction on top of the CVA deduction? If Chanrai ends up getting all his money back, including the cost of administration, and the cost to get to the end of the season, he'll surely be looking at c. £30m in repayment. Even if he retains the ground (£10m off his debt), and sells the players, they'll surely be lucky to get anything for the remaining 'assets'. The only other question in this is whether anyone has got the parachute money secured against their debt. I think this is the key question which will give a big clue as to whether they'll actually get any buyer. From the minutes of the administrators meeting with the fans, it seems as though the administrators haven't got a clue.

Fear not.....they still have to sell the assetless club for £30m.....plenty of takes I'm sure.... If they can't sell it, they liquidate the club. I reckon it depends on whose got what secured against future income (i.e. tv money).

A correction to your post....

Out of interest, why did you get a second one if the suspension was too stiff?

If it was the former, I would imagine it's to do with despatching merchandise ordered online by 'the best fans in the world'. Clearly they need to order online as HMP is not keen to let them out on shopping trips. I would agree that it's more likely to be the latter though....which would indicate that Avram must be on his way too. To have to manage a rubbish football team, without getting paid is one thing. To then have your special privileges taken away is bang out of order.

Much as I really want Pompey to pay for their misdemeanours over the course of the past few years, today does bring home the reality of a company going under. We had people in a similar situation last season, and I wouldn't wish what these people are going through on anyone. There's no joy in seeing people with bills to pay losing their jobs. That said, how much is really going to be saved by clearing out people who earn £10 or £15k a year, rather than those who earrn more than that in a week. I suppose Storrie has negotiated water tight player contracts meaning they can't be fired, but they are employess like anyone else (so is Storrie, as he likes to point out). There is no resale worth to Pompey of a number of these players, so they should be let go and told to get in line for their pay off....if there is any money left in the pot. Meanwhile, Storrie still, unbelievably, manages to stagger on collecting money from the club. The fact he's being paid anything is amazing. The fact they think he's an asset to bring in new buyers, given his recent track record of finding two potless 'billionaires' is, frankly, lunacy.

Yeah, but then Pompey would have a game in hand......but they'd have to win it - doh!

The extra £5m I'm betting is the cost of the Feb wages that Chanrai 'paid out of his own pocket' and added to the debt knowing he's in pole position to get it back as a secured creditor......oh...maybe not.

Nope.

Further points would apply, rather than fewer points. The new Luton board went to the FL and said 'here's evidence of financial mismanagement by the previous board' and the FL said 'thanks very much, here's another 20 point deduction'. As for staying up....can't see it myself. They're bottom on merit, and have games at Liverpool, Everton and Spurs to come, plus home games against Chelsea and Villa. Can't see many points comeing from those games, so winning all 5 other games will give them 34 points. It's not going to happen. Burnley play Wolves this weekend, Pompey play at Anfield. Assuming Pompey lose, a Wolves win would leave them 8 points adrift with 9 to play.

Abso-bloomin-lutely. He's an ar se to put in mildly. Sick of him bleating on all the time, and even more sick of the interviewers giving him media space. They should get Paxman to interview him and stick a few facts under his nose.

Just heard Avram bleating on about how unfair it all is that they're being punished for previous regimes and their actions, that their fate should be decided on the pitch and that they shouldn't be punished because of administration. Is he completely thick? Doesn't he understand that the current regime has continued to play players that they simply can't afford? My 6 year old would understand that, so I'm assuming he's just completely thick.

Don't confuse the S-Line with the S3....you'll be disappointed! I'm a bit of an Audi man, but my 3 have been 2 A6s and an A5. The A3 is ok, but a bit on the loud side. If I was looking for a car that size I'd have the new Golf before I had the A3. Is it a 140 or 170 engine?

Yeah, ok...some facts: Liverpool in the PL in 2010. 4 wins, 3 draws and 2 defeats - 15 points from 27. Pompey in the PL in 2010 1 win, 2 draws, 5 defeats - 5 points from 24. Oh.

congrats - great news

Seems reasonable to me. Happy to have you here PES, and would rather your sense of reality than Ho's sense of fantasy.

Completely agree GM. If the PL are so worried about the integrity of their competition they should throw Pompey out and expunge their results. It's the only way to preserve what little integrity they have left. At the very least, all results since the window shut have been 'earned' dishonestly. Brum should go forward to play Spurs / Fulham, and Pompey thrown out. It's interesting that AA is now playing the 'integrity' card as a reason why they shouldn't offload players now. The whole think stinks.

Possibly, but any buyer will not have PFC's interests at heart. It'll be purely an asset stripping, TV money deal. If there's any unsecured tv money left, then I could see someone picking the club up, flogging everything and everyone, playing with kids and cheap frees, watch the club go south to L1 next season, pick up the parachute money and walk away. There's a deal.....but not one that is palatable to Pompey fans.

I think the tears bit is liquidation, prior to your trip to Wembley. If Chanrai is shown not to be a secured creditor, there's no way he's going to fund admin. Who will then step in top the tune of £7m? If you can't run the club past the end of this month, or can't sell it as a going concern, the plug will be pulled.

The cup run will bring in much needed money. It won't go to Pompey though, it will go directly to the other football creditors as the FA are holding it back. Therefore, by my reckoning, this will reduce the amount owed to football creditors, and increase the percentage of debt owed to HMRC. So.....the more they earn from the cup run, the bigger the share of the debt HMRC are owed, the more likely they are to start on -15 next season due to HMRC not agreeing the CVA. Sounds good to me - Come on Pompey!

I think the PL are more interested in promoting their 'brand'. Sure they want shot of Pompey because it suits them, as they're an embarrassment. However, don't forget that the root cause of a lot of this aggravation in football at the moment is HMRC have the hump with the PL and FL going against the law of the land - i.e. football rules say you need to pay football creditors in full to avoid further points deductions. The law of the land says all creditors are equal. HMRC are sick and tired of this rule that means the PL retain Pompey's tv money and pass it out to other clubs, when the taxman is left holding the baby. Ultimately, HMRC has got it in for football....and quite rightly so.

Funnily enough I had the same conversation with a Pompey supporting mate of mine at dinner last night. He drew out what I was saying about the charge on a napkin....understood what I was saying...but still tried to convince himself all was ok...

Just posted on The News website.....under this article: http://www.portsmouth.co.uk/newshome/Pompey-administrator-slams-HMRC.6122599.jp Guess which comment was mine.... Wonder if any of the locals will understand.....