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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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bridge too far

bridge too far

Posted
Posted

IMO they are insolvent:

 

Insolvency means the inability to pay one's debts as they fall due. Usually used in Business terms, insolvency refers to the inability for a company to pay off its debts.

Business insolvency is defined in two different ways:

Cash flow insolvency Unable to pay debts as they fall due. Balance sheet insolvency Having negative net assets – in other words, liabilities exceed assets. http://en.wikipedia.org/wiki/Insolvency

 

My understanding is that it is illegal to continue to trade whilst knowingly insolvent and directors can be held personally liable for debts accrued.

 

Who can apply to have a company declared insolvent?

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Faz

Faz

Posted
Posted

Of course they not only need to find £1.8m for the salaries, but that will also add another £800k due to the taxman.

 

My guess is that it is not a loan that will pay the wages, but the sale of Kabul. Then they need to find another £2.5-£3m next month. No more Sky money until September. The house of cards is going to come tumbling down.

 

How much do they get for finishing 20th?

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Faz

Faz

Posted
Posted (edited)
For an administrator to take them on they have to be confident that there are suffiecient assets, to make some sort of payments to creditors and their own costs. I THINK i read that even with staplewood, ST Mary's and some half decent talent in the squad we were turned down by our first choice and Bagbies were are second option....... Don't take that as red, it might have come from the forum ;)

 

We were turned down by 4 larger firms than BT as they thought they couldn't get the sale away and cover their costs - they were nearly right.

Edited by Faz
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ringwood

ringwood

Posted
Posted
even if they get big mone for a player, the money can still be diverted by th FA/PL to other clubs I think.(If they deem it necessary)

 

I believe all player transfer funds have to be paid to the FL to ensure correct accounting lol, but its the FA here and the PL , of course its part of the terms of the embargo that payments get diverted.

 

So the FA are supposed to ensure sell on clauses are met, throws doubt on the Johnson transfer then as surely the Chelsea debt is a sell on one?

 

Really needs someone to enforce a CCJ's turn up with a baliff or bankrupt them, really do wonder whose actually is in charge and could actually make the decision to go to admin, we were a PLC and at least on top of assets had a structure

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S-Clarke

S-Clarke

Posted
Posted
Mark Jacobs on SSN. Saying funds sorted for short and long term tomorrow. One or two things that fans will be delighted about. I think they might get out of it still...

 

They're going to get away with it aren't they.

 

always had a feeling they would.

 

although...............their announcements are never ''fool proof''

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Pugwash

Pugwash

Posted
Posted
no, they are intercepting the tv money due to money owed to other clubs.

 

Lens should take skates to court not await points penalty.

 

Nick,

 

Didn't the PL say they were holding on to the money to settle debts with ENGLISH clubs? So that's why Lens went to UEFA/FIFA?

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St Marco

St Marco

Posted
Posted

Is Mark Jacobs the guy who Storie said would be giving a statement yesterday about the finances. And then when asked about the statement by the press he said "what statement?". I will believe it when i see it. If what this guy was saying was true then wages will be sorted tomorrow due to having "short term and long term funds" in place.

 

I think like others have said they have most likely sold Kaboul and someone else. Thinking that money will help ease the amount of people asking for their money. When they get to the court case and have to show their finances and how it keeps the company afloat etc.. that is when the game will be up. I don't think they quite grasp how severely the HRMC can fook you up if you are not playing by the rules.

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Thedelldays

Thedelldays

Posted
Posted (edited)
But they are paying them with loans :rolleyes:

A restaurant would not be allowed to take out loans because they couldn't afford to pay their staff.

this is not a restaurant and the players would have clearly been consulted

 

either way, for once (sadly in this case) a club is being given every chance to get themselves out of this mess for the short term to ensure not only the players but the back room staff etc have a job..using admin/winding up as a total last resort

Edited by Thedelldays
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badgerx16

badgerx16

Posted
Posted
they are late with the payments..they havn't NOT paid the players..

So if the MOD gave you a payslip with "I.O.U., to be honoured at some point in the future" printed on it, you would take that as payment ? It would certainly not cover your family's outgoings for the three weeks before they claim the money will appear.

 

By not putting the money in the accounts on the due day, they have patently failed to pay the players.

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St Marco

St Marco

Posted
Posted
this is not a restaurant and the players would have clearly been consulted

 

either way, for once (sadly in this case) a club is being given every chance to get themselves out of this mess for the short term not ensure to only the players but the back room staff etc have a job..using admin/winding up as a total last resort

 

So i'm getting the impression you think it is fine to get yourself in **** loads of debt and when it comes to paying your own staff a simple case of pay them when you pay them rule is fine?

 

Do you not think that maybe they should of realised what was going to happen when they got to the 20m in debt mark? If not then how about the 40m mark?

 

The club "tried to live the dream" now it is time to face the reality.

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Thedelldays

Thedelldays

Posted
Posted
So i'm getting the impression you think it is fine to get yourself in **** loads of debt and when it comes to paying your own staff a simple case of pay them when you pay them rule is fine?

 

Do you not think that maybe they should of realised what was going to happen when they got to the 20m in debt mark? If not then how about the 40m mark?

 

The club "tried to live the dream" now it is time to face the reality.

 

 

of course it is not fine...but just because we went into admin and seemingly got fuk all help by the FL at the time..does not make that right either...

 

every club should be given every minute possible to get out of the mess they are in and to pay their staff..even if it is for the short term...pompey will get bailed out by someone or will get punished..but it is right that they be given every chance to get THEMSELVES out of the mess they got into...who knows, they may well have found a lunatic to plough some cash in and use the club as a toy for the time being..

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pedg

pedg

Posted
Posted
Mark Jacobs on SSN. Saying funds sorted for short and long term tomorrow. One or two things that fans will be delighted about. I think they might get out of it still...

 

That they will not have to listen to the nutter with the bell any longer??

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St Marco

St Marco

Posted
Posted
Why would they not ?

 

From a business perspective. If a resturant came in and said we make £10,000 a month, but we lose £15,000 a month. We need a loan of £50,000 to keep us going until we come up with an idea to make more money. The chances are they would be declined. Simply because unless they come up with a way to make more money they are going to go under, thus meaning the bank loses the investment they put in.

 

In Portsmouth's case it is the same thing. They are technically taking out more loans to pay off their other loans. Their outgoings are obviously a lot higher then their income. Any loan they get will keep them running until the excess has again been wiped out. If your bleading money it is just a matter of time until the blood runs out as they say. The only way Portsmouth will get out of this situation is by some rich billionaire coming in and clearing the debts or re-structuring them to a point where the income is higher then the outcome. The chances of a rich billionaire taking over Portsmouth before going into admin is next to zero. Point being by getting further and further into debt makes you an even worse prospect for bank loans. If they think you can't pay it back they will call the money in. Which is what is happening.

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INFLUENCED.COM

INFLUENCED.COM

Posted
Posted
A restaurant would not be allowed to take out loans because they couldn't afford to pay their staff.

 

Why could they not ?

 

They would not find anyone to give them the loan, and they would be bankrupt.

 

Why would they not ?

 

If you know of a bank that will loan you £2+million when you are already £20+million in debt, please direct me to them...

 

Who says it has to be loaned by a bank ?

 

:rolleyes:

Why are people suddenly defending the blue corner? :lol:

 

Is blue corner the name of the restaurant ?

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St Marco

St Marco

Posted
Posted
of course it is not fine...but just because we went into admin and seemingly got fuk all help by the FL at the time..does not make that right either...

 

every club should be given every minute possible to get out of the mess they are in and to pay their staff..even if it is for the short term...pompey will get bailed out by someone or will get punished..but it is right that they be given every chance to get THEMSELVES out of the mess they got into...who knows, they may well have found a lunatic to plough some cash in and use the club as a toy for the time being..

 

As i said above, there method of getting themselves out will lead them to a far worse situation. For Pompey to survive they need to do as every other club/company has done and realise the game is up. You can't continue that way. Look at Leeds. They did what Pompey did. They had their punishment, and now they are on the up again.

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CHAPEL END CHARLIE

CHAPEL END CHARLIE

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Posted

If (or is it when ?) they do crash and burn you can bet your life that every ill informed Tom , D1ck or Harriet in the sports media will rush onto the airwaves and start pontificating about what a crying shame it is that this 'lovely little club' with its 'great fans' should come to such a fate . I'll tolerate almost anything in life but hypocrisy - and I can feel my blood starting to boil already at the mere thought of the stream of utter bullsh1t that awaits us . :mad:

 

To be fair as Saints fans our historic enmity with them makes it difficult (if not impossible) for us to be objective but any truly honest appraisal must show that PFC prostituted itself for Russian 'Blood Money' in a manner that no decent football club should ever countenance let alone accept , it must also be said there's a violently aggressive element to their fanbase (more than most clubs have) that many on here can testify to personally and the stunning recklessness of their recent financial mismanagement must surely merit the severest repercussions in the wider interests of the game .

 

I read many Saints fans on here kind enough to express the hope that Pompey survive in some form , while I respect and admire their generosity of spirit and I'm quite sure PFC will continue to exist that's not an opinion I feel very inclined to share .

 

They've earned everything that's coming to them , and it really couldn't have happened to a nicer club .

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carljack

carljack

Posted
Posted
Oh and then some.

 

Hows this for a possible scenario (Disclamer: At no point do I believe this to be the case or anyone involved either in reality or fantasy with anything either inside or outside of reality have anything to do with such things. End Disclamer)

 

Take £50m of dirty clothes and put it through the washing machine and after you have paid your washing money (and lost the odd sock as well) and out comes £20m of clean clothes, after the sale of the nice clean clothes.

 

By Fook someones got it at last!!!

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hypochondriac

hypochondriac

Posted
Posted
I understood that the PL have refused to allow a further loan because of outstanding transfer moneys. Not because the players need paying?

 

But that is being paid by the sky money. If they pay off their debts and have a fair bit to be OK long term then they will have the transfer ban listed.

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krissyboy31

krissyboy31

Posted
Posted
But if they can pay the wages then they can extend the loan. I reckon Avram will use his contacts to bring in a few quality loans.

 

Paying the wages won't lift the embargo. Only paying their footballing debts and proving to the PL/FA that they can pay for future payments and transfers will.

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