andysstuff Posted 24 January, 2012 Share Posted 24 January, 2012 (edited) No, it's the hearing...chances are they will go into admin the day before the court date to protect themselves... If it gets that far... Bit of info on the BBC website giving some what if's etc. Worth a read http://news.bbc.co.uk/sport1/hi/football/16710949.stm Still banging on about the loyal fan base I see. Interesting to note the reporter thinks the parachute payments are there to spend though. Edited 24 January, 2012 by andysstuff Link to comment Share on other sites More sharing options...
SuperMikey Posted 24 January, 2012 Share Posted 24 January, 2012 What does this mean for anybody wanting to buy the club now? Will a deal still be able to go through? Link to comment Share on other sites More sharing options...
Winchester Red Posted 24 January, 2012 Share Posted 24 January, 2012 Only if they pay HMRC in full Link to comment Share on other sites More sharing options...
saints_is_the_south Posted 24 January, 2012 Share Posted 24 January, 2012 I was under the impression that the parachute payments had already been earmarked to pay the CVA, or am I making this up? Link to comment Share on other sites More sharing options...
aintforever Posted 24 January, 2012 Share Posted 24 January, 2012 Bit of info on the BBC website giving some what if's etc. Worth a read http://news.bbc.co.uk/sport1/hi/football/16710949.stm "It would be very rare for a buyer to come in and buy a company facing a winding-up petition without making sure the winding-up petition is being dealt with." I take it that means no-one will touch them with a barge pole until they are in admin again and their debts are blown off, again? What happens to the first CVA if they get another one? Do they get 10p in the pound of their 10p of the previous pound? Link to comment Share on other sites More sharing options...
Winchester Red Posted 24 January, 2012 Share Posted 24 January, 2012 (edited) I was under the impression that the parachute payments had already been earmarked to pay the CVA, or am I making this up? They were either earmarked for the CVA or Football Creditors. Either way they're spent already. Also, someone asked earlier why December and January would be poor cashflow months. It's because part payments to other clubs for player purchases will fall due at the end of the calendar year in some cases (obviously depends on what they negotiated at the time) Oh, and don't forget the cost of the massive christmas party!!! (and the presents for all those kids in hospital we delivered! - please Mr Judge don't wind us up, we're lovely people really!) Edited 24 January, 2012 by Winchester Red Link to comment Share on other sites More sharing options...
anothersaintinsouthsea Posted 24 January, 2012 Share Posted 24 January, 2012 I was under the impression that the parachute payments had already been earmarked to pay the CVA, or am I making this up? The parachute payments 'cover' the CVA in value terms but that's a world away from being ringfenced for the CVA. Link to comment Share on other sites More sharing options...
Essruu Posted 24 January, 2012 Share Posted 24 January, 2012 Call me a big softie but this just brought a lump to my throat....we have a pop at their fans for turning a blind eye to their conveyorbelt of dubious owners but the kids are none the wiser... @pn_neil_allen: RT @MrKimbell: @officialpompey I had my 8 yr old nephew on the phone in tears tonight. The people who have shafted #Pompey have no idea Bōllocks to them. Besides, kids are fickle - he'll only have 17miles to travel to watch Premiership football as he's growing up. The one thing that brings a smile to my face is the thought of all the bitter skates having no football league club and their kids and grandkids growing up following their nearest league club at St Mary's. Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 24 January, 2012 Share Posted 24 January, 2012 What does this mean for anybody wanting to buy the club now? Will a deal still be able to go through? According to stuff ive read over the last few weeks once a WUP has been issued they cannot sell, but HMRC may allow them to. Question I have is "HMRC give them 7 days to respond which i guess means Make full payment but does this also include the money from the CVA as well and the latest amount? Link to comment Share on other sites More sharing options...
Winchester Red Posted 24 January, 2012 Share Posted 24 January, 2012 A couple of things struck me about the PFC statement: 1) I thought 'blimey, this looks like honesty' - A very strange feeling when considering pompey 2) Did Chinney and AA really give Lumpitt permission to release that. I think Lumpitt may have grown a pair and decided if his house is on the line he'd like to have a little control over the direction this is going and not end up being the fall guy on his own Link to comment Share on other sites More sharing options...
Gemmel Posted 24 January, 2012 Share Posted 24 January, 2012 If i have read the rules properly, HMRC can impose a 100% fine on missing taxes, 30 days from when the petition was lodged. Link to comment Share on other sites More sharing options...
Matthew Le God Posted 24 January, 2012 Share Posted 24 January, 2012 On that note, has anyone checked the odds on pompey relegation? Must be favourites by now with likely points deductions/player sales? http://www.oddschecker.com/football/english/championship/relegation You have to balance that against a possibility they might be liquidated. Link to comment Share on other sites More sharing options...
pedg Posted 24 January, 2012 Share Posted 24 January, 2012 http://www.oddschecker.com/football/english/championship/relegation You have to balance that against a possibility they might be liquidated. Would you get your money back then though? Link to comment Share on other sites More sharing options...
for_heaven's_Saint Posted 24 January, 2012 Share Posted 24 January, 2012 Sorry if already covered, but do you not get an extra points penalty for going into admin more than once? Iirc they avoided this before as they weren't the same company? Link to comment Share on other sites More sharing options...
Fowllyd Posted 24 January, 2012 Share Posted 24 January, 2012 From Eling's post above : "One of the reasons for this is that the Administrator has not generated expected funds from the sale of other CSI businesses that might have assisted the club's position". Is not the administratgor of CSI raising funds, from the assets, to satisfy the creditors of CSI ? Is it legit practice to try to dispose of asset 'A' and pump the proceeds into asset 'B' in an attempt to keep 'B' afloat, and therefore boost the ( limited in this case ) chance of selling it. And once again, if PFC were banking on funds from CSI to keep them solvent during November & December, this is surely an admission that they are 'inextricably linked'. I'd say you're right on both counts. From Poopey website The club is in a difficult set of circumstances at the moment. The period from November to January was always going to be one where the club received owner funding. This injection of cash was to cover a number of areas in our working capital requirements, including salaries and PAYE as well as scheduled payments for player acquisitions from last summer. We knew that the club would not generate sufficient funds to support itself through this period. However, when CSI, the club’s parent company, went into administration we were given assurances by the Administrator of CSI and the charge-holders over CSI (Portpin Limited) that the club would be funded through this period until a new owner was found. This has not happened. One of the reasons for this is that the Administrator has not generated expected funds from the sale of other CSI businesses that might have assisted the club's position. This bit is intriguing - what were they expecting to happen this month that would make the period from February onward so much easier? Player sales perhaps? That would work, in that they could generate income and also reduce outgoings. Yet they have turned down bids for two players if the News is to be believed. Yes, those offers may have been on the low side (and almost certainly their payments would have been staged) but surely getting any money in, coupled with a reduction in costs, would make sense when you're staring down the barrel of a Howitzer? Apparently not. In Flann O'Brien's magnificent novel, The Third Policeman, the protagonist comes to realise that everything that the bizarre, friendly yet terrifying policemen say is true, no matter how absurd it may seem. In their world, all is as they describe it; it may defy logic or any rational consideration, yet it is true nonetheless. Everything about Pompey puts me in mind of this; they appear to inhabit their own world, where so many things that bother everyday people like us count for nothing, and they can do and say exactly as they please. Unfortunately for them, reality was always going to intervene at some point. Link to comment Share on other sites More sharing options...
Gemmel Posted 24 January, 2012 Share Posted 24 January, 2012 The one thing that struck me regarding the statement on their os, is that if the FL were de to make an annoncement about points dedctions this week, but are likley to hold off and wait and see what happens, that suggests to me that they had got away with it and no points deductions were coming, based on everything bar the winding up order. Link to comment Share on other sites More sharing options...
St Jim Posted 24 January, 2012 Share Posted 24 January, 2012 Was trying to locate Harry Redknapp on social media but only came across this .............. http://www.twitcher.com/ I'm sure I've made a spelling mistake somewhere but can't see where..... Link to comment Share on other sites More sharing options...
andysstuff Posted 24 January, 2012 Share Posted 24 January, 2012 I can only think the FA are waiting to see what pans out before deciding just how many points to deduct, nothing else makes any sense. Surely they would get crucified of they let them get away wothout any sort of punishment this time. Link to comment Share on other sites More sharing options...
Matthew Le God Posted 24 January, 2012 Share Posted 24 January, 2012 I can only think the FA are waiting to see what pans out before deciding just how many points to deduct, nothing else makes any sense. Surely they would get crucified of they let them get away wothout any sort of punishment this time. It isn't the FA's decision. Link to comment Share on other sites More sharing options...
andysstuff Posted 24 January, 2012 Share Posted 24 January, 2012 It isn't the FA's decision. My mistake - FL Link to comment Share on other sites More sharing options...
Hatch Posted 24 January, 2012 Share Posted 24 January, 2012 What is the Official Spurs status on all this Redknapp stuff? Link to comment Share on other sites More sharing options...
St Chalet Posted 24 January, 2012 Share Posted 24 January, 2012 http://www.premierleague.com/content/dam/premierleague/site-content/News/publications/handbooks/premier-league-handbook-2011-12.pdf Document Page 93 / Electronic page 107 for the EPL Parachute regulations. Link to comment Share on other sites More sharing options...
Gemmel Posted 24 January, 2012 Share Posted 24 January, 2012 What is the Official Spurs status on all this Redknapp stuff? They think everything is Rosie Link to comment Share on other sites More sharing options...
hypochondriac Posted 24 January, 2012 Share Posted 24 January, 2012 I'd like to hear what bompey, leeds, luton fans etc think about it. A) Why would new owners mean no points deduction? They're insolvent, chose not pay tax so they wouldn't default on wages. Yet again, clear and blatant cheating. B) Why should they delay their decision until the ownership situation is resolved? They didn't afford other clubs that advantage. Other fans seem to have picked up on it. Be good to have a petition from fans of every club if for some mystical reason pompey don't get their punishment. Are they insolvent though? I mean they could get the parachute payments forwarded and sell some players and they could pay couldnt they? Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 24 January, 2012 Share Posted 24 January, 2012 According to the HMRC they have 7 days to make full payment from when they were issued the WUP. But according to the Snooze: The club received the petition in writing around seven business days ago from HMRC after missing two payments. So does that mean times up to settle this before action is started? Link to comment Share on other sites More sharing options...
Jonnyboy Posted 24 January, 2012 Share Posted 24 January, 2012 Did Harry get a bung when his son Jamie played for Saints? Just wondering like. Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 24 January, 2012 Share Posted 24 January, 2012 Sorry guys couldnt resist this from the echo ottostrasser says... 6:14pm Tue 24 Jan 12 I will miss them when they're gone.This morning I woke up profoundly depressed after watching our dismal performance at St.Marys. My mood was lifted this afternoon after hearing this news. P****mouth the gift that keeps on giving. Link to comment Share on other sites More sharing options...
Chez Posted 24 January, 2012 Share Posted 24 January, 2012 if Bagpuss and mandy go down, can the skates be docked points? Link to comment Share on other sites More sharing options...
ooh it's a corner Posted 24 January, 2012 Share Posted 24 January, 2012 Are they insolvent though? I mean they could get the parachute payments forwarded and sell some players and they could pay couldnt they? you are insolvent if you are unable to make payment to your creditors when the payment is due. They have an asset (the parachute payment) which is due to be received in the future, but they have liabilities (notably £1.8m due to HMRC) which are due now. The parachute payments may well cover the current debt, but it doesn't stop someone (HMRC) asking for their cash now. Link to comment Share on other sites More sharing options...
St Chalet Posted 24 January, 2012 Share Posted 24 January, 2012 According to the HMRC they have 7 days to make full payment from when they were issued the WUP. But according to the Snooze: The club received the petition in writing around seven business days ago from HMRC after missing two payments. So does that mean times up to settle this before action is started? Yep, read the link I posted this evening, they are in deep doodoo Link to comment Share on other sites More sharing options...
Winchester Red Posted 24 January, 2012 Share Posted 24 January, 2012 So they are trading insolvently now then? The HMRC money is overdue. So that is an insolvency event, and hence points deduction...? Link to comment Share on other sites More sharing options...
Saint Lindford Posted 24 January, 2012 Share Posted 24 January, 2012 We knew that the club would not generate sufficient funds to support itself through this period (Nov to Feb). However, when CSI, the club’s parent company, went into administration we were given assurances by the Administrator of CSI and the charge-holders over CSI (Portpin Limited) that the club would be funded through this period until a new owner was found. The above is from the from the club statement. So do the phew still believe they were not financially inextricably linked????? Yeah right! Link to comment Share on other sites More sharing options...
Monk Posted 24 January, 2012 Share Posted 24 January, 2012 They think everything is Rosie Link to comment Share on other sites More sharing options...
ooh it's a corner Posted 24 January, 2012 Share Posted 24 January, 2012 So they are trading insolvently now then? The HMRC money is overdue. So that is an insolvency event, and hence points deduction...? This should be the case, the only questions are when will the FL deduct the points and how many will they deduct. My guess would be Feb 1st or Feb 19th (the day Portpin will press the administration button), and somewhere between 18 and 22 points. Link to comment Share on other sites More sharing options...
hypochondriac Posted 24 January, 2012 Share Posted 24 January, 2012 you are insolvent if you are unable to make payment to your creditors when the payment is due. They have an asset (the parachute payment) which is due to be received in the future, but they have liabilities (notably £1.8m due to HMRC) which are due now. The parachute payments may well cover the current debt, but it doesn't stop someone (HMRC) asking for their cash now. But according to Lampitt they are able to get the parachute payments early. Link to comment Share on other sites More sharing options...
angelman Posted 25 January, 2012 Share Posted 25 January, 2012 Way back when the CVA was being set up, I seem to recall that a lot of it was based on player sales of £15m the first year, and then some other figure in the millions in subsequent years. However if player sales are needed to cover the WUP and to remain solvent, then they can't go towards the CVA. Or am I wrong in that and the parachute payments are the only income that is going to cover the CVA? And that is before you even get to the £15m and subsequent millions. If they do get off, then what message would that send? That football is more important than the law of the land? Link to comment Share on other sites More sharing options...
TopGun Posted 25 January, 2012 Share Posted 25 January, 2012 A couple of things struck me about the PFC statement: 1) I thought 'blimey, this looks like honesty' - A very strange feeling when considering pompey 2) Did Chinney and AA really give Lumpitt permission to release that. I think Lumpitt may have grown a pair and decided if his house is on the line he'd like to have a little control over the direction this is going and not end up being the fall guy on his own This isn't honesty, this is an eventual acceptance of the situation by Lampitt that Pompey are doomed for liquidation. It does Pompey FC no good to blame CSI, the Administrator (Andronikou) or Chinny (Portpin) in any other circumstance. But that it what they have done. The statement is merely a softening up of the fans so they can brace themselves for what now seems an inevitable liquidation unless they magic up a new owner who will take on all the complications and debt. There still seems to be lack of clarity about the role of Portpin as secured creditor over CSI or PFC. It can't be both. Either way, it is clear that that a points deduction must now happen after that statement. But will the FL grasp the nettle immediately or try and let HMRC do their dirty work off the football field? Link to comment Share on other sites More sharing options...
hypochondriac Posted 25 January, 2012 Share Posted 25 January, 2012 There is not a chance they will be liquidated, they will get the parachute payments in advance, sell all the players and hopefully play the youth team before that happens. Chanrai and CSI will probably be forced to accept a really small amount in the end and they will limp on for the foreseeable future. That's what will happen and TBH that isn't a bad scenario. Relegation would be nice though in a season or two. Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 25 January, 2012 Share Posted 25 January, 2012 (edited) Just to Clarify Winding-up - what the company must do Contact us now If the company does not pay, or contact us within seven days about settling its debt, we will start the legal process immediately. You should contact the officer named in the covering letter immediately. What the company should do We expect the company to pay its tax debt now. If the company cannot pay immediately, you need to tell us. The company may wish to seek advice on ways of raising the money to settle its tax debt. If you wish to discuss payment proposals with us you should • provide profit and loss details and business forecasts to help us assess the company’s current financial position, and • disclose details of all its assets and liabilities. This is to help us make an informed decision on your proposal. If we accept your proposal, we expect you to keep us informed of any changes in your circumstances. Once the company’s tax affairs are up to date, you must ensure that you comply with all future obligations for filing returns and paying tax. What happens next If you do not contact us within the period shown in the covering letter we will immediately file a winding-up petition in the High Court. Shortly after filing, a copy of the petition is served on the company at its registered office. The law requires that the petition is advertised in the London Gazette not less than seven business days after service. As a result of this, the company’s bank account may be immediately frozen. Once the petition has been advertised, other creditors of the company can also join the proceedings and the company will be responsible for paying costs. These may increase if the petition is not paid, in full, before the hearing. The hearing takes place at the High Court in London or the Bristol Registry Court. The company should consider instructing counsel through a solicitor to represent it in court or seek permission from the court if it wants to be represented by an employee. What winding-up a company means The company will go into liquidation and the court will appoint a liquidator to wind up its affairs. The liquidator’s main aim will be to realise the company’s assets to pay its creditors. The company will then be dissolved and struck off the Register of Companies. Any money left will go to the shareholders. The consequences of winding-up a company Following a winding-up order all trade must cease. The company director(s) will be required to attend the Official Receiver’s or liquidator’s office to • hand over the company’s books and records • provide the details of the company’s finances, assets and creditors • explain the reasons why the business failed. HM Revenue & Customs may request that the Department for Business, Enterprise and Regulatory Reform (BERR) investigate instances where the company has • deliberately withheld payments to the Crown • failed to operate a PAYE scheme • participated in wrongful trading • reused the company name • made transactions at undervalue. This could result in the directors being disqualified from running a company for a period of between 2 and 15 years. If directors have traded with the same or a similar company name without the court’s permission, all debts incurred may become their personal liability. Edited 25 January, 2012 by Brizzie Saints Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 25 January, 2012 Share Posted 25 January, 2012 Extract from FL rules 12.3.1 If any Club becomes subject to or suffers an Insolvency Event, that Club shall be deducted 10 points. 12.3.2 If a Group Undertaking of a Club becomes subject to or suffers an Insolvency Event, then the Board shall have the power to impose upon the Club a deduction of 10 points scored or to be scored in the League Competition. In exercising this power the Board shall have regard to all the circumstances of the case and to: (a) such of the provisions of the Insolvency Act, the Competition Act 1998 and the Enterprise Act 2002 as are relevant and then in force; (b) the need to protect the integrity and continuity of the League Competition; © the reputation of The League and the need to promote the game of association football generally; and (d) the relationship between the Club and the Group Undertaking. 12.3.3 Subject to the provisions of Regulation Where the circumstances set out in Regulation during the Normal Playing Season but after 5.00pm on the fourth Thursday in March, Regulation Where the circumstances set out in Regulation during the Normal Playing Season but after 5.00pm on the fourth Thursday in March, Regulation 12.3.4 shall apply; and apply and at the end of that Season, having regard to the number of championship points awarded (ignoring any potential deduction): shall apply; and apply and at the end of that Season, having regard to the number of championship points awarded (ignoring any potential deduction): below, where the Club becomes subject to or suffers an Insolvency Event, or the Board impose a deduction in accordance with Regulation If a Group Undertaking of a Club becomes subject to or suffers an Insolvency Event, then the Board shall have the power to impose upon the Club a deduction of 10 points scored or to be scored in the League Competition. In exercising this power the Board shall have regard to all the circumstances of the case and to: (a) during the Normal Playing Season but prior to 5.00pm on the fourth Thursday in March, the points deduction shall apply immediately; Link to comment Share on other sites More sharing options...
St Jim Posted 25 January, 2012 Share Posted 25 January, 2012 Just reading the PFC statement - By the end of last season, the club had managed to achieve a position close to break even on its P&L (Profit and Loss statement). We will be reporting a relatively minor loss in our accounts which are due to be filed next month. When CSI came into ownership they pursued an investment strategy that involved injecting funds over and above the club's own generated income, principally relating to player acquisition and salaries, resolution of legacy issues from previous ownership and a significant working capital backlog. So from what I read of it (and let me know if I'm missing something with where I'm going with this) he's telling us is that to fund player acquisitions, salaries legacy expenses and a working capital backlog they needed 10.8m from CSI to ensure break even / relatively minor loss. Other than the player purchases (which can be avoided by a club) all these items will form part of the unavoidable operational P&L of the football club. Excluding the player purchases from the 10.8, as they are avoidable, (at my high end estimate upto 3.8m was spent upfront last summer), it means out of the 10.8m CSI lent the clu,b since they took over 7m has been spent on the operational running of the club. In effect the club has run at an unavoidable 7m loss (and that doesn't take into account that the player purchases will have been less than 3.8m I've estimated as deals are never structured with the whole amount upfront, which only increases the defict that CSI has stumped in for unavoidable expenses). I know it's a bit simplistic as the WC backlog may have been a one off expense to bring their working capital back to normal levels but still doesn't paint a rosie picture for the club if they needed 7m extra just to cover unavoidable operational expenses. Very concerning for them! Link to comment Share on other sites More sharing options...
St Jim Posted 25 January, 2012 Share Posted 25 January, 2012 Extract from FL rules 12.3.1 If any Club becomes subject to or suffers an Insolvency Event, that Club shall be deducted 10 points. What do the FL interpret Insolvency Event to mean? A single late payment, administration, a WUP? I would imagine that a WUP would constitute an insolvency. Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 25 January, 2012 Share Posted 25 January, 2012 Extract from FL rules 'Insolvency Event' refers to any one of the following: (a) entering into a Company Voluntary Arrangement pursuant to Part 1 of the Insolvency Act, a Scheme of Arrangement with creditors under Part 26 of the 2006 Act, or any compromise agreement with its creditors as a whole; (b) the lodging of a Notice of Intention to Appoint an Administrator or Notice of Appointment of an Administrator at the Court in accordance with paragraph 26 or paragraph 29 of Schedule B1 to the Insolvency Act, an application to the Court for an Administration Order under paragraph 12 of Schedule B1 to the Insolvency Act (other than paragraph 12(1)©) or where an Administrator is appointed or an Administration Order is made ('Administrator' and 'Administration Order' having the meanings attributed to them respectively by paragraphs 1 and 10 of Schedule B1 to the Insolvency Act); © an Administrative Receiver (as defined by section 251 of the Insolvency Act), a Law of Property Act Receiver (appointed under section 109 of the Law of Property Act 1925) or any Receiver appointed by the Court under the Supreme Court Act 1981 or any other Receiver is appointed over any assets which, in the opinion of the Board is material to the Club's ability to fulfil its obligations as a Member Club; (d) shareholders passing a resolution pursuant to section 84(1) of the Insolvency Act to voluntarily wind up; (e) a meeting of creditors is convened pursuant to section 95 or section 98 of the Insolvency Act; (f) a winding up order is made by the Court under section 122 of the Insolvency Act or a provisional liquidator is appointed under section 135 of the Insolvency Act; (g) ceasing or forming an intention to cease wholly or substantially to carry on business save for the purpose of reconstruction or amalgamation or otherwise in accordance with a scheme of proposals which have previously been submitted to and approved in writing by the Board; (h) being subject to any insolvency regime in any jurisdiction outside England and Wales which is analogous to the insolvency regimes detailed in paragraphs (a) to (g) above; and/or (i) have any proceeding or step taken or any court order in any jurisdiction made which has a substantially similar effect to any of the foregoing. [TABLE=class: layoutTable] [TR] [TD=class: layout][/TD] [TD=class: layout mainWrap][/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
St Jim Posted 25 January, 2012 Share Posted 25 January, 2012 Thanks but the way I read it Pompey have not met the criteria for an insolvency event because they have not yet been issued a Winding Up Order although come Feb 20 this may change because unless they have a buyer they will either be liquidiated or put into VA. only 26 more days to go..........tick tock Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 25 January, 2012 Share Posted 25 January, 2012 (edited) Yeah I'm not sure about it either. I've been trying to find out about timing and usage of parachute payments but cant find that either. I know i read somewhere about a Transfer Embargo and also been searching for details when under a CVA but its hard to find stuff. Anyways, heres looking forward........I see the old girl on the mobility scooter is out again:lol: Wot we really need is a P*mpey Saga Wiki Page with all the facts and rules so everyone can just see where were upto without going thru almost 1000 pages. It could contain a list of likely scenarios with the consequences, ie, Administration -10 points Sure someone has enough knowledge and time to put it together....... Edited 25 January, 2012 by Brizzie Saints Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 25 January, 2012 Share Posted 25 January, 2012 I'm sure the ECHO keep using this picture for a laugh Link to comment Share on other sites More sharing options...
dubai_phil Posted 25 January, 2012 Share Posted 25 January, 2012 Another little gem that came out of Lumpitts interview. CSI pumped in 10.8 mil at the start of the season. (They seem to have forgotten that BTW) AND YET - they still have a cash flow crisis in Dec & January..... Because they have to make PAYMENTS FOR PLAYERS. So, they REALLY are like a Heroin Addict. They received 10.8mil and STILL spent EVEN MORE THAN THAT - money they did not have. AGAIN. (Oh yes heard this line? Somebody was going to give them money sometime in the future) pcfc Board of Directors, leading exponents of The Gordon Brown School of Financial Prudence Link to comment Share on other sites More sharing options...
dubai_phil Posted 25 January, 2012 Share Posted 25 January, 2012 Well I find this funny. My mate Tiger is back here this week - Abu Dhabi. (groan from you lot) Ironically, he is being paid an appearance fee of US$2,5000,000 (we're all in the wrong jobs) Which, thanks to online currency convertion works out to be exactly 1,600,000 Pounds - which is how much poopey need Dear Lumpitt - wanna save your club? Go learn golf, FAST Link to comment Share on other sites More sharing options...
Kingsland Codger Posted 25 January, 2012 Share Posted 25 January, 2012 Well I find this funny. My mate Tiger is back here this week - Abu Dhabi. (groan from you lot) Ironically, he is being paid an appearance fee of US$2,5000,000 (we're all in the wrong jobs) One zero too many there, I think Phil, but very much in line with the True Spirit of Pompey nonetheless Link to comment Share on other sites More sharing options...
tony13579 Posted 25 January, 2012 Share Posted 25 January, 2012 Firstly I don't think 10 points matter at this point. Thier whole survival is the issue. Can they afford the bus to get to the away games? Can they "trade" ? Can they sell tickets for home games? If not, Can they play home games and collect donations for their rescue in buckets? How much cash is required to scrape through Feb 20th? By then a third tax payment is due? And another pay day? Vat? 1.8m +0.8m+0.8m+0.2m? =3.6m It will cost £30m to buy Pompey and get them to the end of the season unless BC accepts a write down on his 18.5m. I really can't see them playing the match at St Mary's. (the train fare will kill them) Link to comment Share on other sites More sharing options...
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