Kingsland Red

AP had pre season in August and September with the players left over from administration and relegation. Now we have AP's team and in my opinion it looks good. I also still believe 2 points per game will get us to the play offs. However even if they didnt and we lost at Wembley this has been the most enjoyable season since WGS, with the Spirit of Southampton, Pride of the South , restored. We all hated the RL manager merry go round, let's maintain our recently found stability, even if it means a lower national profile. I didn't enjoy being the laughing stock of 2008-9 one bit, everyone knew our problems. COYR

Awesome today, still on the 4 points every two games. Two points per game and we'll be in the play offs. COYR

Notes from press conference Andrew Andronikou (Live on Sky) - Adninistrator to undertake a strict cost rationalisation and eradicate all necessary costs. The club must function within its means and difficult decisions need to be made. -Administrator has a list of interested parties although proof of funds / references for fit and proper persons required. -Administrator will stabilise the club and reinstate solid foundations. -He confirms that there will be an investigation of the recent financial history. He wont be dragged into the criminality of the recent financial history at this stage. -All admin works will be be undertaken on a transparent basis, as in the public interest - A creditors meeting will be held 8 weeks today - Gaydamak largest creditor - Debt is 60m

As we agreed the other day Badgerx16, I think HMRC / High Court will ignore anything that has happened since the issue of the WUO. They stated on Tuesday they will make a statement tomorrow. Everything reported to date is from the Pompey perspective. Let the fun start !

There seems to be a general media view that the SoA was prepared to convince Pompey that they may, er,be in a spot of bovver. It was prepared for the courts whose first available slot to hear PFC v HMRC (after 19 February when the HMRC had to file their response to the SoA submitted on 17 February) is 1st March. How Pompey chose to move their financial deckchairs in the interim is of no real relevance. HMRC lawyers indicate they will not comment until Friday 26th February (as my post 17057 and reference to the Telegraph article)

The media only react to info passed to them and at the moment Chainrai (and Storrie?) have a free platform. Don't underestimate the Revenue who have elected not to comment until this Friday. (The only significance of 1st March is as the earliest date the court is available after the revenue deadline for commenting on the SoA on 19 February, not a deadline for Pompey to find funds albeit they appear to be treating it as such) 5th paragraph: http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7300078/Portsmouth-serve-notice-of-administration.html I would expect HMRC to have some considerable input !

Four points in every six, or two points per game will get us into the play offs. Nothing has changed over the last few games. Not sure where the form table is but we must be up amongst it.

Extract: "Administration should ensure that the winding-up order is suspended, but on Tuesday night HMRC refused to comment on their position. Lawyers for the revenue are understood to be examining the small print of Portsmouth's statement and will not finalise its position until Friday". Good !!!

We're thinking along the same lines Badger, I cannot follow the simple Chainrai doctrine.

I think until the HMRC / court have confirmed their stand point on the WUO; the issue of owner/creditor; the legal implications of the SoA probably indicating PFC trading insolvently; and their confidence in the ability of an administrator to keep the company trading for 31 days, we are running with the unchallenged Chainrai doctrine. This may all prove to be dwarfed by the income v outgoings anyway.

9 points for a 38 game season (EPL); 10 for a 46 game season (FL)

Love it!!! http://www.dailyecho.co.uk/sport/5023414.Redknapp__Pompey_chairmen_were_a__disaster_/

A skate and a Victorian chav, blimey for all that the boy Dickens done good.

My understanding is that the SoA will need to be heard as if the club has traded insolvently then that is a legal matter, separate to the HMRC financial matter being 'resolved' by administration.

Ah, I take back my previous comment - clearly a sane pyramid seller ! I am sure for the sake of a few days, the vulture tactic is preferable to losing c£50m to keep Storrie etc out of jail.

That would explain why Storrie is approaching chancers, money launderers and pyramid sellers etc, because no sane businessman would be interested when wages etc are required immediately to prevent the judge pulling the plug on 1st March.

The points issue is an interesting one. The waters at Saints were muddied by RL going past a certain date before entering admin. However the principle must be the same, points being deducted the following season if the 9 points doesn't get them 9 points above the drop zone this season. It may be that further points are deducted, like at Luton, for problems occuring during previous ownership. But then if SAF was never invited to board meetings( as his letter of resignation implies), Azougy is not recognised by the FA, Al Mirage wasn't allowed in the UK and PS was only a (well paid) employee, then who did make the big decisions - Tanya on her own, it appears, game lass.

"Oh and by the way, we need to pay about £4.5m for the wages and other bills this week, otherwise we will be seen to be trading insolvently" Welcome to financial hell, investors!

If they can wait a few days they could save themselves around £50m !!! Must be on drugs?

First up, by the end of this week, they will have to pay c£4.5m in wages etc !

Awesome result and Millwall lost at Wycombe. COYR

A couple of comments. 1) HMRC must be annoyed with the beak. By delaying the decision until 1st March to let them hang themselves, further payment to HMRC for February's tax, NI and VAT will also not be met. 2) Any buyer should be treated as an attention seeking chancer. The ownership of the ground and surrounding land are known, and any purchase only includes the debt, the team and the privelege of renting FP and Wellington Sports Ground. There are no other assets to tempt an investor

They're hanging on to internet jokes !

I'm still giggling from the Peter Storrie 'colemanballs' "Most clubs would be insolvent if you used the criteria of debt." He is supposedly a business man !

Not sure how long HMRC need to spend on the SoA ( I appreciate they have until 4pm tomorrow). I wouldn't be surprised if an 'insolvency' announcement (legal issue) isn't made within the next 24 hours, thus freeing up half a day of valuable court time on 1st March.