Pompey Takeover Saga

[Kingsbridge Saint]

'We are doggedly determined to protecting the integrity of our competitions'

 

'As a League we have to be innovative to protect the integrity of our competition'

 

'We will continue to innovate to protect our competitions'

 

Tad Detko

Financial Director

Football League

Accountancy Magazine May 2010

 

Paying your creditors 20p in the pound then trading with a 10M salary budget in the CCC isn't going to sit well.

[hutch]

Well having now skim-read the league rules I can nothing in there that would lead to Pompey having another points deduction next year reagardless of admin, cva or not.

 

The only reason would be another offence, such as not payiong what is due to another club. There is perhaps a possibility that they will default on the full payments due to other clubs as and when they come out of administration. Or if they stay in admin there may well be further payments due that they default on.

 

It looks to me that Bournemouth, Rotherham etc were hit because new companies were formed and applied to be admitted in place of the original ones.

 

So those rules read to me I'd say that pompey fans can be reasonably confident of no extra points deduction next season unless the club officially folds (because no CVA) and re-forms after it becomes a FL club.

 

That probsably explains why we have no clear agreement on any deadline in terms of administration or a CVA .. there isn't one!

 

But the whole thing is clouded. Typical football lack of clarity. No wonder there is so much money wasted on dubious deals etc.

 

K.

Not quite. There are two avenues open to the league.

 

Within those rules themselves, starting at 71 [p.165] :

 

71.1 The League shall have the power, and will excercise such power through the Executive, to investigate any of the following:

 

71.1.1 alleged breaches of any of these Regulations; and/or

71.1.2 any complaint or allegation of financial or other irregularity; and/or...

 

In other words, a financial or other irregularity is in addition to, and not explicitly defined in, the League rules.

 

72.1 All complaints and charges made under these Regulations shall be referred to The Football Disciplinary Commission (the FDC).

 

76.1 The FDC may at any time make a decision, and may make more than one decision at different times on different aspects of the matters to be determined.

 

76.2 A decision may:

...

76.2.9 order a deduction of points

...

 

The League can deduct points either for a breach or it's rules, or for a financial or other irregularity. Incidentally, the rules also provide for dealing with PL clubs:

 

74.2 Any matter affecting an FA Premier League Club or it's officials or players shall be referred to The Football Association unless the Club, Official or Player consents in writing to the jurisdiction of The League.

 

74.3 Where a matter is referred to The Football Association, it shall be entitled to excercise all the powers and sanctions set out in these Regulations in relation to the Football League Club, its Officials and Players.

 

The other avenue is contained in the Football League Insolvency Policy. I haven't been able to get my hands on a copy of this, but this is what has been used in recent years to deduct further points from clubs in relation to exiting administration. If there are any deadlines, that's where we'll find them.

 

From what I've seen so far, and remembering what happened to us last year, it's all tantalisingly discretionary. They are exposed to the Luton-style double whammy. Let's wait and see what happens.

 

p.s. if anybody can find the Football League Insolvency Policy, I would like to read it.

[tony13579]

I'm not sure I read it that way.

The Skate News has the following quote

 

http://www.portsmouth.co.uk/frattonlatest/Pompey-season-ticket-sales-off.6319666.jp

 

Normally there would only be choice between Agree and Refuse, I have never seen a "agree conditionally" before.

 

What does that mean ? What Conditions ? Is this the way HMRC are going to take the "Football Creditors" rule back to the High Court.

 

I was reading the following the other day http://insolvency.mercerhole.co.uk/

which has the following

 

 

I recall reading "agree conditionally" refered to there must be an investigation into the financial goings on at Pompey.

[Wes Tender]

The Android, commenting in the BBC article linked above, on the vacant manager situation with the Skates:-

 

"The fact he is out of contract at the end of the month is not a factor. We are looking for the right individual, not at their availability."

 

So what he is saying is that it doesn't matter that they would have to pay compensation to another club to gain a manager who is not out of contract? Anyway, although of course they need a manager, surely that decision ought to be up to the prospective new owner, or is it admitted that there will not be one and that Chainrai will definitely be continuing as the owner?

[Frank's cousin]

I'm as happy to laugh at Pompey as the next man, but isn't that the point of the adminisitration process? Administration is designed to rescue an insolvent company and is the one step before liquidation of the company. In Pompey's case they simply cannot continue to survive with that type of debt around their neck, therefore its only logical that the purpose of administration is to reduce the debt to a practical level, otherwise they'll simply be wound up.

 

There are many dodgy things going on with that club, but their only realistic choice for survival is to drastically reduce the debt. I don't particularly agree with the fact that they could potentially pay back only 20% (or less) of what they owe without any real and proper penalty being imposed, but that's another argument altogether.

 

I totally agree - I dont think there are many who want to see any club get wound up, because it effects more than just those who lose a few quid. So if the creditors accept the CVA then thats their choice and everyone moves on...BUT what ****es most folk off is simply that as this is sport, the reason for the debt was gaining and UNFAIR advantage - in effect cheating - and so if they avoid as a result any punsihment that in effect fits this crime it will be to football's shame.

 

I say this because the way teh CVA is structured,possibly over 4-5 years, the new Parachute payments etc will allow pompey to in effect still have an income of approx 20 mil next season (you'll need to go back about 50 pages to see where I do the fag packet maths) maths) which is a big advantage over many on the CCC - they could in effect still come straight back up and avoid any sort of real punishment taht would discourage similar recklessness and cheating....

[sidthesquid]

http://mypompey.com/blogs/goldenboot/archive/2010/05/26/revealed-fa-to-take-control-of-portsmouth-within-the-next-seven-days.aspx

 

I particularly enjoyed this post.....

 

.... and i saw storrie in gunwharf tuesday and he told me things going better then expected with new owner

 

God, we'll miss him when he's gone :badgrin:

[Ken Tone]

.

 

p.s. if anybody can find the Football League Insolvency Policy, I would like to read it.

 

I even went to the lengths of looking at lawyers' and insolvency experts' web sites, only to find a comment that the FL insolvency policy is notoriously hard to find.

 

What possible excuse can they have for keeping this policy secret? If even the main regulator doesn't act in an open manner, how can anyone have any faith that any football club will act with probity?

 

Seems to me that anyone who trades with a football club is taking a bigger risk than the banks did with all those toxic mortgages for Billy-Bob and Chuck and their mates.

 

K.

[sidthesquid]

The longer this farce goes on, and the more Andy Android behaves like it's business as usual, the more it seems that maybe Chainrai has pulled off a clever old deal. If the CVA is agreed at 20p in the pound he will still have £20 odd mill change from the parachute payments and effectively for his £15 mill he will get a middle sized CCC club debt free and with some income to package up and resell in a year or two.

[Ken Tone]

I particularly enjoyed this post.....

 

.... and i saw storrie in gunwharf tuesday and he told me things going better then expected with new owner

 

God, we'll miss him when he's gone :badgrin:

 

 

Well things are going better. He's not in jail and apparently he is still getting paid !!!

 

K.

[Gingeletiss]

The Android, commenting in the BBC article linked above, on the vacant manager situation with the Skates:-

 

 

 

So what he is saying is that it doesn't matter that they would have to pay compensation to another club to gain a manager who is not out of contract? Anyway, although of course they need a manager, surely that decision ought to be up to the prospective new owner, or is it admitted that there will not be one and that Chainrai will definitely be continuing as the owner?

 

I think this is the key part here. Whilst we all think that Chainrai will remain as 'owner', the clues are pointing towrds the fact that this is a done deal:mad:

[Saint_clark]

I particularly enjoyed this post.....

 

.... and i saw storrie in gunwharf tuesday and he told me things going better then expected with new owner

 

God, we'll miss him when he's gone :badgrin:

 

I like this one;

"i was at a funeral a couple of weeks ago full of football people and heard similar"

[Clapham Saint]

Where did you get the impression that everyone was paid in full????

 

I downloaded the final Report of the joint administrators, dated 22nd February, 2010, prior to the liquidation of Southampton Leisure Holding a couple months ago. This reports that "the joint administrators completed the sale of the main assets of the Company, including its shareholding in Southampton Football Club Limited...Marchwood Training ground...Jackson's farm development land."

 

It goes on to state "All of these assets were subject to security and details of the sale are subject to confidentiality. The joint administrators confirm that the value of the assets sold was significantly less than the amounts outstanding to the secured creditors and accordingly, no monies are available from the sale of these assets for the benefit of unsecured creditors. As part of the transaction, the secured creditors agreed full and final settlements...."

 

Let's not start any ridiculous urban myths, shall we....?

 

 

If that is the case then fair enough, however one of the Partners that I work with was told by Mark Fry that everybody was paid in full.

 

Your quote above does seem to indicate otherwise however.

[Faz]

If that is the case then fair enough, however one of the Partners that I work with was told by Mark Fry that everybody was paid in full.

 

Your quote above does seem to indicate otherwise however.

 

I guess it depends which company you're talking about. SLH was the only company to go into Administration, was it not? As the holding company it would have had very few creditors one assumes, the majority resting with the trading and Stadium companies.

 

The trading business (SFC Ltd) continues, and met all it's obligations - albeit some were delayed until the bsuienss was bought and funded.

 

Who owns the Stadium Company now? Does it still exist? Did Aviva accept what was offered in full and final settlement?

[Wes Tender]

I think this is the key part here. Whilst we all think that Chainrai will remain as 'owner', the clues are pointing towrds the fact that this is a done deal:mad:

 

Agreed. But rather crass of the Android to give out all these signals isn't it? He is not there to oversee the appointment of a new manager, or indeed to appoint a Chief Executive, both of which are the domain of the new owner. His duty is to sell the club and exit administration with a CVA, that is all. Effectively he is the Chief Executive until then and if footballing matters in the interim require a manager, then surely a temporary one ought to be appointed from within the club. Anyway, unless these decisions are being ratified by the person behind Lloyd, that seems to be dead in the water, even if there was any substance behind it to begin with, that is, so increasingly it looks as if it is Chainrai's baby.

[sidthesquid]

What was the point of this?

http://www.portsmouth.co.uk/frattonlatest/FA-reiterate-Pompey-Europe-ruling.6323225.jp

 

The last paragraph is particularly instructive in the quote from the FA:

'In any event, in order for a club to obtain a Uefa Club Licence for the 2010-11 season they need to show that as of December 2009 they had no outstanding money owed to the tax authorities or football clubs.

This is manifestly not the case for Portsmouth.'

 

Also rather liked this shrewd insight from a poster:

its us or Liverpool now we know the F A look after the top clubs , we always thought it but its clear to see ,

[warsash saint]

http://www.accountancyage.com/accountancyage/news/2263755/portsmouth-fc-heading

 

CHEATS getting away with it :mad:

[aintforever]

"The process will involve moving key assets such as FA membership, players, and image rights – essentially the “business of football” – to a new company next year. CVA payments will be paid from the new company to the creditors of the old business."

 

Surely there has to be a points deduction for doing this mid season, otherwise any club that gets in financial problems can just set up a new company and liquidate without bothering with administration.

[trousers]

http://www.accountancyage.com/accountancyage/news/2263755/portsmouth-fc-heading

 

CHEATS getting away with it :mad:

 

In a groundbreaking move, the club is this month expected to enter into a Company Voluntary Arrangement with a secondary plan to place the club in liquidation some nine months after the CVA has been approved by creditors. Entering liquidation will then give liquidators the power to fully investigate how the club found itself facing financial demise.

 

The process will involve moving key assets such as FA membership, players, and image rights – essentially the “business of football” – to a new company next year. CVA payments will be paid from the new company to the creditors of the old business.

 

But I still don't understand why the Football League would be obliged to accept the registration of a new club in the 2nd tier of English football.....

 

Does that mean I can set up a new team and enter them in the CCC too....?

[Gemmel]

http://www.accountancyage.com/accountancyage/news/2263755/portsmouth-fc-heading

 

CHEATS getting away with it :mad:

 

“I guess HMRC is trying to get its pound of flesh from the directors,” he added.

 

+

 

 

 

=

 

[Pancake]

http://www.accountancyage.com/accountancyage/news/2263755/portsmouth-fc-heading

 

CHEATS getting away with it :mad:

 

Seems be, on the base level, the same as we did.

 

SLH (in Admin) sells the football business (SFC) to Marcus; and eventually the original com (SLH) is liquidated.

 

The difference being that the football business with PFC isnt a separate company, rather a collective group of assets.

[Pancake]

But I still don't understand why the Football League would be obliged to accept the registration of a new club in the 2nd tier of English football.....

 

Does that mean I can set up a new team and enter them in the CCC too....?

 

There will be no new CLUB, a new company will be set up to Buy the club and other linked football business assets from PFC.

 

The. same. as. marcus. did. with. us.

[badgerx16]

Surely there has to be a points deduction for doing this mid season, otherwise any club that gets in financial problems can just set up a new company and liquidate without bothering with administration.

The point of the liquidation is to allow the HMRC to forensically investigate the books, and pursue the directors and officers of the company personally for any financial irregularities. It seems it is something HMRC have agreed to in this specific case, as it probably reinforces the judicial processes already in place against story-teller, et al.

 

What price a Luton-esque penalty once the evidence is unearthed ?

[trousers]

There will be no new CLUB, a new company will be set up to Buy the club and other linked football business assets from PFC.

 

The. same. as. marcus. did. with. us.

 

Ah, ok... I think I get it now.....so PFC only 'cheated' as much as we did then.... ;-)

 

Thread closed?

[Pancake]

Ah, ok... I think I get it now.....so PFC only 'cheated' as much as we did then.... ;-)

 

Thread closed?

 

**** no. This movement of assets seems to be the ONLY bit that is "normal" about this entire thing.

[aintforever]

There will be no new CLUB, a new company will be set up to Buy the club and other linked football business assets from PFC.

 

The. same. as. marcus. did. with. us.

 

Not really, Southampton FC who owns the share was never in admin or liquidated, and it was done in the summer when all clubs apply for their share.

 

Like I said above, if it's OK to liquidate your club and start a new one mid season why bother going into admin and get a points deduction?

[badgerx16]

Ah, ok... I think I get it now.....so PFC only 'cheated' as much as we did then.... ;-)

It depends on who you classify as 'cheats', and goes back to the whole argument as to whether a football club, per se, should be punished because of the fraudulent activities of the people running it. In this case, it is story-teller, the potless arabs, the crooked israeli, etc who are at fault, and hopefully the post-liquidation investigation will nail them.

 

( And then the additional penalty for financial irregularities is dumped on the FC for good measure ).

[trousers]

Not really, Southampton FC who owns the share was never in admin or liquidated, and it was done in the summer when all clubs apply for their share.

 

Like I said above, if it's OK to liquidate your club and start a new one mid season why bother going into admin and get a points deduction?

 

Bugger. One minute Pancake has convinced me that I'm an arse and now you're suggesting I may have a point.

 

I'm off to put some underpants on my head and two pencils up my nostrils.

[Sevvy]

It depends on who you classify as 'cheats', and goes back to the whole argument as to whether a football club, per se, should be punished because of the fraudulent activities of the people running it. In this case, it is story-teller, the potless arabs, the crooked israeli, etc who are at fault, and hopefully the post-liquidation investigation will nail them.

 

( And then the additional penalty for financial irregularities is dumped on the FC for good measure ).

 

Will they get any penalty points, wont they just turn round and say thats the other club not this new one...

[aintforever]

It depends on who you classify as 'cheats', and goes back to the whole argument as to whether a football club, per se, should be punished because of the fraudulent activities of the people running it. .

 

Every club that has ever been punished has been because of the activities of the people running it. They commit fraud, the club commits fraud - that is how it works.

[Pancake]

Not really, Southampton FC who owns the share was never in admin or liquidated, and it was done in the summer when all clubs apply for their share.

 

Like I said above, if it's OK to liquidate your club and start a new one mid season why bother going into admin and get a points deduction?

 

I think you are adding words that arent there. There is no mention that the movement of assets will occur during the season. As part of teh CVA deal, the asswets would be moved to the new company, with the old one be maintained by the Adminstrators until such time as they have paid the p/£ agreed - at which point it can be liquidated and investigated.

[badgerx16]

Will they get any penalty points, wont they just turn round and say thats the other club not this new one...

One word - Luton

[badgerx16]

Every club that has ever been punished has been because of the activities of the people running it. They commit fraud, the club commits fraud - that is how it works.

And every club's staff, players, and most importantly the fans, have complained that they are getting hammered whilst the administration rules allow the truly guilty to escape,- or even get the club back on the cheap.

[aintforever]

I think you are adding words that arent there. There is no mention that the movement of assets will occur during the season. As part of teh CVA deal, the asswets would be moved to the new company, with the old one be maintained by the Adminstrators until such time as they have paid the p/£ agreed - at which point it can be liquidated and investigated.

 

 

"In a groundbreaking move, the club is this month expected to enter into a Company Voluntary Arrangement with a secondary plan to place the club in liquidation some nine months after the CVA has been approved by creditors. Entering liquidation will then give liquidators the power to fully investigate how the club found itself facing financial demise.

 

The process will involve moving key assets such as FA membership, players, and image rights – essentially the “business of football” – to a new company next year. CVA payments will be paid from the new company to the creditors of the old business."

 

Surely this means that PFC are liquidated in March next year, that's how I read it.

[Doctoroncall]

I think you are adding words that arent there. There is no mention that the movement of assets will occur during the season. As part of teh CVA deal, the asswets would be moved to the new company, with the old one be maintained by the Adminstrators until such time as they have paid the p/£ agreed - at which point it can be liquidated and investigated.

 

Not only will the assests be transferred but the liabilities as well, ie., the CVA payments.

 

It's a question the league will need to think about - there is no clear rule to say this does or does not impose a points penalty.

 

What I don't understand is why wait nine months to do this?

[Chez]

The point of the liquidation is to allow the HMRC to forensically investigate the books, and pursue the directors and officers of the company personally for any financial irregularities.

 

why don't/can't they do that without a liquidation?

[Chez]

I thought the riole of the administrator was purely to maximise return for creditor and to make decisions affecting this. With AA now openly discussing such things as future managers with regional newspapers such as the Nottingham post is he effectively auditioning for the permanent role of PFC chairman?

[Wes Tender]

 

What I don't understand is why wait nine months to do this?

 

Surely you as a Doctor ought to know that the gestation period for this bastard child of the profligate parent club is 9 months.

[Pugwash]

"In a groundbreaking move, the club is this month expected to enter into a Company Voluntary Arrangement with a secondary plan to place the club in liquidation some nine months after the CVA has been approved by creditors. Entering liquidation will then give liquidators the power to fully investigate how the club found itself facing financial demise.

 

The process will involve moving key assets such as FA membership, players, and image rights – essentially the “business of football” – to a new company next year. CVA payments will be paid from the new company to the creditors of the old business."

 

Surely this means that PFC are liquidated in March next year, that's how I read it.

 

Sounds to me like PCFC is becoming a shell holding company being liquidated to get rid of the toxic debt created by the "business of football" that's being transferred to the new start-up company. So will the FL consider these companies to be 'inextricably linked'?

[St. Neil]

Looks like these new contracts Andy has been dishing out arent up to much

 

http://www.portsmouth.co.uk/sport/Hermann-set-for-showdown-contract.6322400.jp

[OldNick]

It seems to me that AA and co, have pulled a fantastic deal and expect the CVA to be accepted. They know if the HMRC who are on the board of creditors are part of this they are most likely to accept.

My feeling is that the CCC is the weakest it has been for years and promotion is not as hard as in the past. Like their last promotion season the other clubs were reeling from the ITV debacle but they had the financial muscle to go up. This time they have Chanrai, who is at present going to be quids in, with a 5m gamble he can install a manager like Cotterill and get some good players on a 10k a week wage cap. Then if they get back up he is going to ring the bell and have a PL side costing 5-10m.

The only thing i can see stopping that is points reductions. Now if the HMRC have agreed to the liquidation in 9 months so they can go after PS etc then I can only assume that they will not put a spoke into the wheel.

When i first said that the HMRC pulled back when Brown came out and said 'this shoulkd not happen to a great historic club blah blah blah' it was scoffed at.

I am probably talking bollix (VFTT tm) but I do wonder that there has been a lot of influential people in many important places where this cannot ever come out. Conspiracy theory perhaps but only time will tell.

I cannot see justice coming into play at present, and as I ve stated before if relegation has been the only penalty the club has received then they have got away with it.

The last hope of them being holed below thw waterline in this is if the FL/FA do take steps and give them points deductions.

It is not that i dont respect the very good and knowledgeable posters on here on the other side of the arguement, but it has gone on too long and everything seems to be turning their direction.

Many thought they would not make the end of the season, now we dont get the winding up theory , but they will struggle in the lower half of the CCC, that will change to they won't make the play-offs etcetc.

[warsash saint]

http://www.portsmouth.co.uk/newshome/Fans-being-urged-to-protest.6323269.jp?CommentPage=4&CommentPageLength=10#comments

 

Interesting debate going on between the skates on whether Chanarai is there saviour or not:tfrag:

[Saint_John]

Court 4 tomorrow in front of Judge Testar.

http://www.courtserve.net/courtlists/current/crown/sthwk_T100528.01.htm

 

"For Direction", Peter, Henry and Milan do not need to attend.

 

I have heard that HMRC have a 200 page document on Peter alone.

 

 

 

Also more news from Israel.

http://www.haaretz.com/print-edition/features/the-secret-trial-of-arcadi-gaydamak-1.292469

 

Which includes

It has been reported in the past that Gaydamak was the owner of the Kazphosphate phosphate plant - which was managed by Galmor, and which at one point in the past included a uranium production line.

 

because he is "the straw man for Gaydamak, who intends to take over the plant in order to sell banned materials to Iran."

 

 

I wonder how long before these unpaid "management fees" find themselves into a certain football club.

Gaydamak can relax a bit in Cyprus. The court there is planning to soon lift the freeze it imposed on assets he deposited in the Russian Commerce Bank there. The order froze $47 million held by the Matanel Foundation and was issued at the request of Luxembourg banker Pierre Grotz

.

.

[GenevaSaint]

Although I'm not happy with the outcome here as the club were insolvent, it could be a good move by the revenue. What a great incentive for clubs to live within their means and force the directors to not be stupid. If you go into administration catastrophically as pompey did, we'll investigate and come after you as directors if appropriate. You obviously weren't running the club solvently or as you should given the probably hundreds of laws about that.

 

The -10 isn't a great problem for some clubs, so what about personal liability for debts.

[tony13579]

Page 16 of the PFC in admin report.

The administrators have sought the advice of football agencey specialists. Icon Sports Management (ISM with the regard to the sale of players. ISM were chosen as they are independant and have no previous dealings with the club. It has been agreed tha they will charge 5% commission on any sales"

So why is Storrie still there? The creditors were mislead that ISM were to do this work BECAUSE THEY HAD NO PREVIOUS DEALINGS WITH THE CLUB.

[Wade Garrett]

Although I'm not happy with the outcome here as the club were insolvent, it could be a good move by the revenue. What a great incentive for clubs to live within their means and force the directors to not be stupid. If you go into administration catastrophically as pompey did, we'll investigate and come after you as directors if appropriate. You obviously weren't running the club solvently or as you should given the probably hundreds of laws about that.

 

The -10 isn't a great problem for some clubs, so what about personal liability for debts.

 

For me HMRC should not accept the offer. The message being sent to the rest of football is 'if you can't pay, we'll get our money back in the long run and in the meantime you can fall through the leagues. At the same time, the directors responsible for the mess/fraud will be hunted down anyway'.

 

What's to stop Cardiff, Preston et al from offering HMRC 20% of their debt now?

[rallyboy]

Let's not forget that we're still only getting AA's version of events and he's the only one telling us how everyone loves his CVA plan and that Operation Liquidation is foolproof.

 

The taxman has historically declined far more than 20p in the pound, I don't see that he'll accept less now, and there's no way I see the authorities accepting AA's progression from administrator to liquidator - at the helm of the fraud investigation into his own client?...

 

Chasing dodgy directors just isn't worth cash to HMRC, Storrie won't be coughing up £20M on his way to Ford.

 

Their best chance of maximum revenue is from the club, with their current claim.

I'd be surprised if they don't continue to chase the lot.

[JackFrost]

Let's not forget that we're still only getting AA's version of events and he's the only one telling us how everyone loves his CVA plan and that Operation Liquidation is foolproof.

 

The taxman has historically declined far more than 20p in the pound, I don't see that he'll accept less now, and there's no way I see the authorities accepting AA's progression from administrator to liquidator - at the helm of the fraud investigation into his own client?...

 

Chasing dodgy directors just isn't worth cash to HMRC, Storrie won't be coughing up £20M on his way to Ford.

 

Their best chance of maximum revenue is from the club, with their current claim.

I'd be surprised if they don't continue to chase the lot.

 

Quite and he tends to say anything that will suit the agenda of PR, whilst not letting 'reality' get in the way

[Matthew Le God]

Quite and he tends to say anything that will suit the agenda of PR, whilst not letting 'reality' get in the way

 

For example AA persisted with the European claim even though it was impossible for them to ever get in for 2010/11.

 

FA Statement today...

 

'Portsmouth did not meet the strict March 1 deadline for applications for a Uefa Club Licence for the 2010-11 season.

 

'The FA and Premier League have also made Mr Andronikou's lawyers, whom we had been asked to deal with, aware on April 16 that we would not accept a late Uefa Club Licence application from Portsmouth.

 

'The exceptional circumstances referred to by Mr Andronikou only apply to clubs who qualify for European competition while they are in the Football League.

 

'In any event, in order for a club to obtain a Uefa Club Licence for the 2010-11 season they need to show that as of December 2009 they had no outstanding money owed to the tax authorities or football clubs.

 

'This is manifestly not the case for Portsmouth.'

 

He was trying after December 2009, he could hardly go back in time and make it so there weren't outstanding debts 3 months before he was appointed.

 

The man is a fool!

 

The whole European appeal wasn't just being hopeful to make things more attractive for investment. It was futile, pointless and a waste of time.

Edited 27 May, 2010 by Matthew Le God

[70's Mike]

Durham on Talksport really laid into the Skates this afternoon, saying he would rather see them be put out of existence than be let of 13m tax bill.

of course ex skate Mickey Quinn stood up for them

[Joesaint]

http://www.bbc.co.uk/dna/606/A68981016

 

Check this out! Tits!!