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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Whitey Grandad

Whitey Grandad

Posted
Posted
If they dont pay the players tomorrow, some will walk away and sign on for other clubs, taking a nice 20% + signing on fee for themselves, if they do get paid, pompey will sell sell sell..... the trouble being that this news will ensure the players values are greatly reduced.

If I remember correctly, if a player is not paid for 2 weeks they become a free agent and the parent club receives nothing in the way of a transfer fee.

Under Weststand

Under Weststand

Posted
Posted
It's a formal legal process that results in the dissolution of the business. Anyone who is a creditor or a certain amount can petition the courts to wind the company up if they can show that they have tried to get their money back without success. I think the company would then be liquidated where assets are sold to pay creditors.

 

A football legal expert (ex-Bournemouth Chairman) said that this is quite drastic but doesn't actually mean much unless other creditors (specifically the banks) get spooked and also file petitions.

 

He felt that Portsmouth would pay the 'Revenue somehow and that they'd continue to try to find new capital.

 

Now also on Sky Sports News.

Thanks for that Saintbletch you've answered what I was thinking. I was wondering if others would also go this route. ie Lens have been making noises about legal representation. this could well spook others to go this route.

Looks like end game time to me.

hypochondriac

hypochondriac

Posted
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This is excatly what I thought, if you are owed money now then you will be as ****ed off as pompey fans.

HMRC have first dibs on any money, so watford and co will be panicking.

 

If the petition is successful it automatically becomes a compulsory liquidation.

 

If they dont pay the players tomorrow, some will walk away and sign on for other clubs, taking a nice 20% + signing on fee for themselves, if they do get paid, pompey will sell sell sell..... the trouble being that this news will ensure the players values are greatly reduced.

Except that in order to play in the league they have to setle all fotball related debts. Am I right in thinking that the majority of their debts are either football related or HMRC? (as well as that Hong Kong bloke who they owe 15 million to secured against their ground?) How the hell are they going to pay all that off if they go into admin? It won't be the easy fix like we had.

Saints foreva

Saints foreva

Posted
Posted

I for one will be wishing them good luck.

 

I don't want them to go bust, it would make football boring for us imo. The rivalry is one of the best in England.

 

A rivalry with Bournemouth or Reading would be horrible and it just wouldn't be the same.

 

I have a strong dislike for Pompey, they laughed at our situation in the summer but the fair majority on multi fan forums were pretty happy that we got a takeover. I think there were even a couple on here who wished us good luck with our future owners.

hypochondriac

hypochondriac

Posted
Posted
If I remember correctly, if a player is not paid for 2 weeks they become a free agent and the parent club receives nothing in the way of a transfer fee.

 

This will be the third time they have not been paid on time, voiding their contracts.

Gemmel

Gemmel

Posted
Posted
Has LifelongCherrySkate started a rescue package yet?

Do they even use photocopiers in Cosham?

 

LOL, i bet he has already snapped one off the wrist with this news and is putting the final touches to his two paragraph business plan.

 

Make no mistake he will make an appearance.

Under Weststand

Under Weststand

Posted
Posted
This will be the third time they have not been paid on time, voiding their contracts.

Thanks for confirming that Hypo I also thought along those lines, but didn't post as I couldn't find any definitive answers for that scenario. Do you know that as fact or just think it's so like me?

SO16_Saint

SO16_Saint

Posted
Posted
more funny news

 

they still have OVER 10,000 tickets left for the Cov FA Cup game on saturday...

 

let's get down there and show our support :rolleyes:

 

like the sentiment, but we would, stealthly, be paying their debts for them.

Yeovil Saint

Yeovil Saint

Posted
Posted
Thanks for confirming that Hypo I also thought along those lines, but didn't post as I couldn't find any definitive answers for that scenario. Do you know that as fact or just think it's so like me?

It's supposed to be a clause in the standard player's contract that all players have. But I've not seen the contract so I don't know. It would make sense for Pompey to risk the winding up petition if they absolutely have to make sure the players are paid this month.

hypochondriac

hypochondriac

Posted
Posted
After making a quick enquiry, have been told that, whilst there may be a deal in place with HMRC, that this is the 'least of our problems'.

 

Can't really express how angry I am at the present time.

 

Lol.

benjii

benjii

Posted
Posted
This is excatly what I thought, if you are owed money now then you will be as ****ed off as pompey fans.

 

HMRC have first dibs on any money, so watford and co will be panicking.

 

If the petition is successful it automatically becomes a compulsory liquidation.

 

If they dont pay the players tomorrow, some will walk away and sign on for other clubs, taking a nice 20% + signing on fee for themselves, if they do get paid, pompey will sell sell sell..... the trouble being that this news will ensure the players values are greatly reduced.

 

That's not correct. HMRC have no preference over other unsecured creditors.

benjii

benjii

Posted
Posted
LOL, i bet he has already snapped one off the wrist with this news and is putting the final touches to his two paragraph business plan.

 

Make no mistake he will make an appearance.

 

Will be funny if he's promising Arab money again.

Under Weststand

Under Weststand

Posted
Posted
It's supposed to be a clause in the standard player's contract that all players have. But I've not seen the contract so I don't know. It would make sense for Pompey to risk the winding up petition if they absolutely have to make sure the players are paid this month.

Yes would agree with that if clause is valid as we seem to think. Seems that the players are all they've got as saleable assets & must be paid so they can sell them &not lose them for nothing.

benjii

benjii

Posted
Posted
But they will vote against the CVA unless they get all they are owed...

 

This is true and may have an impact with regards to further points penalties. Not sure what proportion of the debt is owed to HMRC.

trousers

trousers

Posted
Posted

What percentage of HMRC wind up petitions end up in actual company wind ups? Roughly?

 

Just trying to work out if this is just a run-of-the-mill shot across the bows by the tax man or whether it is something that more often than not signals the beginning of the end?

JRM

JRM

Posted
Posted

I will be happy with them being relegated and starting next year on -30, don't want to see them go out of business completely.

Pinnacle consortium to take over with Alan Knight / Mick Quinn as the front men or possible chairman?

Verbal

Verbal

Posted
Posted
I will be happy with them being relegated and starting next year on -30, don't want to see them go out of business completely.

Pinnacle consortium to take over with Alan Knight / Mick Quinn as the front men or possible chairman?

 

I'd rather they had lifelongskate as chairman with tommac as his troubleshooter.

JRM

JRM

Posted
Posted
What percentage of HMRC wind up petitions end up in actual company wind ups? Roughly?

 

Just trying to work out if this is just a run-of-the-mill shot across the bows by the tax man or whether it is something that more often than not signals the beginning of the end?

 

Well Southend have already had one this season and that got sorted out ok

S-Clarke

S-Clarke

Posted
Posted
Well Southend have already had one this season and that got sorted out ok

 

But southend's debts were only something like £1-2m, pompey owe £10m...and it's rising every day.

 

Not going to be an easy way out.

benjii

benjii

Posted
Posted
What percentage of HMRC wind up petitions end up in actual company wind ups? Roughly?

 

Just trying to work out if this is just a run-of-the-mill shot across the bows by the tax man or whether it is something that more often than not signals the beginning of the end?

 

It basically signals that HMRC have got bored of chasing for late payments. Will it culminate in winding-up? Probably not as the sums owed seem fairly modest. However, if Pompey can't offer anything by way of repayment then I wouldn't expect HMRC to withdraw the petition.

S-Clarke

S-Clarke

Posted
Posted

Just on SSN, Pompey say that they are ''Suprised by the winding up order, as they believed the tax was all in order''

 

lol - they just don't have a clue.

Under Weststand

Under Weststand

Posted
Posted
Just on SSN, Pompey say that they are ''Suprised by the winding up order, as they believed the tax was all in order''

 

lol - they just don't have a clue.

Also LOL at their legal team are looking into the winding up petition as they feel its illegal :rolleyes:

Saint_clark

Saint_clark

Posted
Posted
Just on SSN, Pompey say that they are ''Suprised by the winding up order, as they believed the tax was all in order''

 

lol - they just don't have a clue.

 

F*cking mongoloids. It's disgusting to be honest the way the whole lot of them just deny everything rather than actually being honest with the fans.

Redknapp, Storrie and Mandaric were "surprised" by the charges against them - before hiring some of the top top lawyers around.

For 2 months now they've been "confident" that all the debts would be paid off within a week.

Do they really think people are that stupid? Denial works up to a point, but beyond that you just make yourself look retarded.

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