If P*mpey get wound-up on Friday :Poll:

[saintjay77]

So if they go into admin , why would they get a points deduction this year insetad of -9 next year starting in the Championship. It would hardly be a punishment because the f*ckers are down already. The -9 should apply next season regardless of division. So if in the uinlikely event that they stay up then they are still penalised

 

Not sure on the rules based on dropping from Prem to League but in our case we went into admin after the March ( think ) deadline and as such our points would have stood that season had we been out of the relegation zone by the end of the season or the following season if we were relegated on our own merit.

 

Had we taken admin before the deadline the points would have stood there and then. Crystal Palace have taken admin before the dealine and points have already been deducted. They are in a relegation scrap now but have a very good chance of getting out of it.

 

Like I said before though, i'm not sure if the same rules apply when going into Admin in the prem as they run on there own rules and CCC downwards run on theres. Common sense would suggest that the rules on Admin would be similar but we are talking about associastions that cant get the offside rule sorted out in the whole history of the game.

[saintchris23]

Please survive Pompey. Want to play you ****ers week in week out.

 

Based on the last two results, we'd lose every week and be relegated.

[Frank's cousin]

What has/is happening to Portsmouth should serve as a WARNING to the Stupid people that run Football in this country

 

They should (at last) realise that Each and Every Club should not be allowed to run up so much "credit" as to make it look like Monopoly for Big Boys

 

All this £5 down and £1 per week for the next 100 years i crazy

 

Every Club has the right to buy who they wish, but let it be for MONEY and NOT HP

 

That has led Portsmouth to where they find themselves now, and don't forget, they are ONLY circa £70M in debt

 

The likes of Man Utd and Liverpool show accounts with debts far in excess of £70M, but the difference between them and Portsmouth is "cash flow", ie they still have lots of money coming IN

 

BUT, it does not, or should not, detract fom the fact that they are carrying LOADS of debt

 

Football is the only type of Business that is allowed to operate like that, which is stupid IMHO:cool:

 

All too true... but here's a thought, is this desire to spend beyond the clubs means driven by egotistical owners/chairmen/managers or in part by fan pressure for success? Its not that long ago that we were giving our own board (all of them to some degree) a kicking for NOT spending to maintain our PL status (then CCC status) or for 'pushing on' and showing ambition, at a time when the finances were not bad and we were living within our means? Yet because we came close to the brink, the one good thing to come from all this is a more balanced an reflective approach to spending - as a fan base I think we are now more cautious and more realistic of our timetable for realising our ambitions... but for how long? HOw many seasons before we forget where we have been.... afterall Pompey were in the Crap only in recent memory - before Mad Milan came along - yet most of their fans al got swept along on the road by Redflapps and his cup run based on his alledged 'ignorance' of the impact his purchases were having...

[The9]

TBH whatever happens on Monday they wont dissappear - the vultures are already circulating - those 'in discussions' will wait until the club is in admin before making a decision - does anyone know what happens if the diectors/owners place teh club in admin before monday? will this offer them a stay of execution as its more likely a buyer will be found when in admin who will then guarrantee the HMRC their cash' date=' take the -9 points now as relegation is a certainty anyway and then rebuild with the parachute payment next season...[/quote']

 

I am still of the belief (because lots of people who know have said so, including the insolvency expert on SSN) that once they are faced with the winding up order, only the creditors can place them into admin. And two of their main non-HMRC creditors now own the ground and the land around it, which says to me that they'll happily let the club disappear so they can get money back from that - especially with the taxman to scapegoat.

 

Didn't some Skate on here used to claim there's a covenant on the land that it has to be for sporting use, making it useless for development ? I suspect we might find out fairly soon.

[The9]

One imaginary buyer down : http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm

[Wes Tender]

TBH whatever happens on Monday they wont dissappear - the vultures are already circulating - those 'in discussions' will wait until the club is in admin before making a decision - does anyone know what happens if the diectors/owners place teh club in admin before monday? will this offer them a stay of execution as its more likely a buyer will be found when in admin who will then guarrantee the HMRC their cash, take the -9 points now as relegation is a certainty anyway and then rebuild with the parachute payment next season...

 

 

Would they be given a parachute payment next year? Why would that be that they get relegated because of a deduction of points because of their financial impropriety and then rewarded with a parachute payment just because they are relegated from the Premiership?

 

In any event, I suspect that The9 and others who appear to have expertise on matters involving administration and liquidation are correct when they say that the club can only be placed into administration by either the courts or the preferred creditors whilst the subject of a winding up order. The directors or owner do not have that ability apparently, but presumably where some of the preferred creditors and directors are the same people, they are still excluded from being able to bring about the administration.

 

Also as I understand it, administration would not take place if the assets of the club are considered too small or that the prospects of them being sold and kept afloat as a going concern are not viable.

[Wes Tender]

Just a thought; when the Skates are liquidated and begin their slow but painful resurrection from one step up from the Tyro league, would the Greyhound Stadium have enough playing area inside of the dog track to accomodate a pitch? I have been to a couple of other tracks where this would have been a possibility.

 

That way, they could share the stadium running costs and the expression "going to the dogs" would have a double-edged resonance.

[saintjay77]

Would they be given a parachute payment next year? Why would that be that they get relegated because of a deduction of points because of their financial impropriety and then rewarded with a parachute payment just because they are relegated from the Premiership?

 

In any event, I suspect that The9 and others who appear to have expertise on matters involving administration and liquidation are correct when they say that the club can only be placed into administration by either the courts or the preferred creditors whilst the subject of a winding up order. The directors or owner do not have that ability apparently, but presumably where some of the preferred creditors and directors are the same people, they are still excluded from being able to bring about the administration.

 

Also as I understand it, administration would not take place if the assets of the club are considered too small or that the prospects of them being sold and kept afloat as a going concern are not viable.

 

From the sounds of it Chainari has moved to put himself as a creditor and the way some of the press have been speaking that would be his route into taking the club into admin.

 

Im not sure the courts or the taxman would be too happy if he trys that and it could land them in even more trouble if the courts and taxman dont like it.

 

And I thought the Taxman was pushing for the WU order because the debts are much more than the assets. Basically saying the club are insolvent and need to be shut down before they owe even more money. If there is a way of making things better by way of Admin would the taxman still push for liquidation? Or is the taxman just being awkward and trying to bully the club to make others sit up and take notice?

[Frank's cousin]

Would they be given a parachute payment next year? Why would that be that they get relegated because of a deduction of points because of their financial impropriety and then rewarded with a parachute payment just because they are relegated from the Premiership?

 

In any event, I suspect that The9 and others who appear to have expertise on matters involving administration and liquidation are correct when they say that the club can only be placed into administration by either the courts or the preferred creditors whilst the subject of a winding up order. The directors or owner do not have that ability apparently, but presumably where some of the preferred creditors and directors are the same people, they are still excluded from being able to bring about the administration.

 

Also as I understand it, administration would not take place if the assets of the club are considered too small or that the prospects of them being sold and kept afloat as a going concern are not viable.

 

 

Think you are right but I guess its complex with the owner also being creditors etc... and their only assets being players. As I understand it, and if someone knows the rules here wouldwelcome input, the players are only sellable assets if the club is in administration, but if the club is 'wound up' by the courts then their contracts become null and void and thus they have no value. Surely then if no buyer comes forward before Monday who can guarrantee the HMRC their cash at the very least, and demonstrate that they have sufficent funds to keep the club as a going concern, then that would be it.... in which case their best bet would be some creditors to step forward and demand admin before then which would buy them some time, and enable them to sell players outside the transfer window to maxmise the return to creditors and improve their chnaces of finding a buyer.

 

I know many complained that 'we should have stayed at the dell' and spent the money on players rather than SMS, but had we done that would we have been as tempting to ML? The issue pompey have is that even in admin, their only assets are players and the name... so it will need someone who has a real interest in seeing them rise from what will be an almost impossible position. For me, Storrie and Redknapp have alot to answer for. Its all very well blaming the 'owners' for saying yes, they were simply loaning more cash to the club, on the hope of a return given the 'success that would come', but STorrie must have known the consequences as would have Redknapp, so why did they do it?

[Horley CTFC Saint]

Would they be given a parachute payment next year? Why would that be that they get relegated because of a deduction of points because of their financial impropriety and then rewarded with a parachute payment just because they are relegated from the Premiership?

 

In any event, I suspect that The9 and others who appear to have expertise on matters involving administration and liquidation are correct when they say that the club can only be placed into administration by either the courts or the preferred creditors whilst the subject of a winding up order. The directors or owner do not have that ability apparently, but presumably where some of the preferred creditors and directors are the same people, they are still excluded from being able to bring about the administration.

 

Also as I understand it, administration would not take place if the assets of the club are considered too small or that the prospects of them being sold and kept afloat as a going concern are not viable.

 

Crawley Town went into administration a few years ago with assets of c£700 being their gym equipment - they didn't own the ground - and debts of I think c£1.5m - £2m (mostly to HMRC and the.......the guys that owned the club!!!!!)

[Horley CTFC Saint]

I am still of the belief (because lots of people who know have said so, including the insolvency expert on SSN) that once they are faced with the winding up order, only the creditors can place them into admin. And two of their main non-HMRC creditors now own the ground and the land around it, which says to me that they'll happily let the club disappear so they can get money back from that - especially with the taxman to scapegoat.

 

Didn't some Skate on here used to claim there's a covenant on the land that it has to be for sporting use, making it useless for development ? I suspect we might find out fairly soon.

Restricted covenants don't always stand up to scrutiny. I would suspect however that any such covenant in this respect would be invoked if anyone tried to circumvent it in view of the likely strength of feeling of supporters and the local council

[Matthew Le God]

If there is no club it matters little what happens to the land.

 

I doubt they'd leave it derelict for years just out of principle.

[Armitage Shanks]

Before Monday don't Pompey also have their now ritual monthly saga of unpaid wages ? I'm sure that they are due to be paid this week. I can't see how this month that they can possibly be paid.

[up and away]

Originally Posted by Frank's cousin

TBH whatever happens on Monday they wont dissappear - the vultures are already circulating - those 'in discussions' will wait until the club is in admin before making a decision - does anyone know what happens if the diectors/owners place teh club in admin before monday? will this offer them a stay of execution as its more likely a buyer will be found when in admin who will then guarrantee the HMRC their cash, take the -9 points now as relegation is a certainty anyway and then rebuild with the parachute payment next season...

Would they be given a parachute payment next year? Why would that be that they get relegated because of a deduction of points because of their financial impropriety and then rewarded with a parachute payment just because they are relegated from the Premiership?

 

In any event, I suspect that The9 and others who appear to have expertise on matters involving administration and liquidation are correct when they say that the club can only be placed into administration by either the courts or the preferred creditors whilst the subject of a winding up order. The directors or owner do not have that ability apparently, but presumably where some of the preferred creditors and directors are the same people, they are still excluded from being able to bring about the administration.

 

Also as I understand it, administration would not take place if the assets of the club are considered too small or that the prospects of them being sold and kept afloat as a going concern are not viable.

 

This is an interesting question, just by entering the Premier league they have earned the rights to the parachute payments, that's set in stone. The interesting point is do they get the payment if they no longer exist and when you look at the purpose of the payments, I would say no? The other interesting point being, do they ring fence the parachute payments for any football related debt? Again I would say yes based upon all the other regulations in this respect?

 

There is very little of value left in Pompey, so I am finding it very difficult to understand why anyone would buy them? The only real value for someone buying the club would be those parachute payments, but if they are used to pay off football debts, what are you left with? The creditors are desperate to keep the club going to realise some value on the remaining assets, the players and the possible parachute money. The trouble is the HMRC want to make an example of Pompey and they will either have to throw good after bad or give it up as a bad job.

 

You would need your head examining to invest in Pompey, even if you are a fan. You would be taking on all the existing crippling contracts, with the only sure way of addressing that issue being liquidation. The best possible scenario I can see for the creditors is to get an agreement to sell some of the players on the basis the club goes into liquidation. That would allow players to join other clubs, but the players would have to agree to this and would there be any incentive?

[SaintRichmond]

Agree in principle with what you say, but it's the wages that have crippled pompey not long term transfer fees on the never never. Have you seen David James saying that the players' bonuses for winning the Cup were bigger than the money the club made from winning it? Crazy.

 

The FA has to introduce some sort of wage cap. Can't be on individual wages legally ,but could be a rule for membership of league that your total wage bill did not exceed say 60% of total income.

 

K.

 

I thought there was such a rule as regards "Wages"

 

The "League" have no teeth as regards Big Prem Teams

 

But, woe betide the likes of Chester, Luton, Bournemouth etc etc

 

THEY incurred the full wrath of the Mighty League rulers:cool:

[Wycombe Saint]

http://www.skysports.com/story/0,19528,11661_5973437,00.html

 

Interesting the part about a 5-year plan! Thought that was our idea

[Ken Tone]

I thought there was such a rule as regards "Wages"

 

The "League" have no teeth as regards Big Prem Teams

 

But, woe betide the likes of Chester, Luton, Bournemouth etc etc

 

THEY incurred the full wrath of the Mighty League rulers:cool:

 

Pompey were paying 90% of income in wages at one stage.

 

Don't know if that was just 'wages' or all payments to players etc. For example I suspect that Utaka's plaintive cry that he only gets £28k a week wages overlooks his 'image rights', playing bonuses, etc which may well bring him closer to the publicised £80k a week than he'd like to admit.

 

Either way it was simply crazy of pompey to pay so much, and other clubs get sucked into trying to compete , also paying more than they can afford.

 

k.

[The9]

The9 and others who appear to have expertise on matters involving administration and liquidation

 

Flattered, but I only know what I've read on various clubs' boards, wiki, seen from legal people on SSN etc. Informed, and occasionally ill-informed !

[OldNick]

http://www.skysports.com/story/0,19528,11661_5973437,00.html

 

Interesting the part about a 5-year plan! Thought that was our idea

Well I assume that Pompey will use that to say give us another adjournment so we can explore this avenue. If he gives info that he is still going for it, i suspect the registrar would have trouble winding them up.

Time delaying tactics it seems to me.

[The9]

I thought there was such a rule as regards "Wages"

 

The "League" have no teeth as regards Big Prem Teams

 

But, woe betide the likes of Chester, Luton, Bournemouth etc etc

 

THEY incurred the full wrath of the Mighty League rulers:cool:

 

Depends which "League" you mean. The Premier League could invoke a wage/turnover ratio if they wanted, they choose not to. The Football League chooses to do so. It's got nothing to do with "teeth" or discriminating against small teams, and everything to do with which league competition they play in.

 

Other than the fact they couldn't afford to pay them, wages have nothing to do with the punishments to Chester, Luton and Bournemouth, who were penalised for going into Admin and not coming out in the manner the Football League requires.

[The9]

Well I assume that Pompey will use that to say give us another adjournment so we can explore this avenue. If he gives info that he is still going for it, i suspect the registrar would have trouble winding them up.

Time delaying tactics it seems to me.

 

Cattermole is quoted on the BBC site saying he's not going to rush and it definitely won't be done by Monday. There are supposed to be two other buyers. Saints' due diligence took nigh-on a month, they'll have had at most 3weeks and we all already know what a mess their finances are. Equally, no-one bought Newcastle United last season when they might have stayed up and have decent revenue streams - compare that to the Skate mess.

 

If they're not put into admin by a creditor (likely to be Chainrai if he's able to, and assuming his ground purchase from PCFC Ltd is legal) before Monday there is every chance HMRC will have them liquidated for insolvency. The club owe too much to too many with too little income in addition to the money they owe the HMRC, and HMRC wanted them gone at the last court hearing.

 

If they are liquidated, Chainrai owns the ground, Gaydamak some land around it. They'll both get income from it assuming there nothign legally stopping them developing it. Chainrai has already said he's not in it for the football and needs to recoup £17m.

 

If Chainrai puts them into Admin they're all but relegated immediately, he'll own the ground and will get rental income indefinitely, but they will STILL have to find a buyer for a debt-ridden CCC club with about half a squad of untried players and maybe two assets on the pitch.

[The9]

If there is no club it matters little what happens to the land.

 

I doubt they'd leave it derelict for years just out of principle.

 

Here's the 31 stage process of getting through a hearing about a restrictive covenant if you think it's nice and straightforward to change or ignore :

 

http://www.landstribunal.gov.uk/Documents/rules_procedures_and_forms/lpflow1.pdf

 

(Warning, it's a PDF).

[Victor]

Chanrai just confirmed they will go into admin on Friday if a buyer is not found.

[The9]

Chanrai just confirmed they will go into admin on Friday if a buyer is not found.

 

Link ?

[St.Thomas7]

Breaking news on SSN - The Skates have confirmed that they will go into admin on Friday if no buyer can be found to avoid the winding up order*

 

 

 

*Obv thats not quite how they put it. :-D

[bender]

"Sources say the club is currently speaking to insolvency experts to consider the option of administration."

 

http://www.portsmouth.co.uk/sport/Deal-for-Pompey-has-no.6096375.jp

 

They'll be in the CCC with minus 10. FACT ! So even if we dont go up, we'll be flying next year in League 1 and they'll be absolutely rooted to the bottom of the CCC

[The9]

Breaking news on SSN - The Skates have confirmed that they will go into admin on Friday if no buyer can be found to avoid the winding up order*

 

 

 

*Obv thats not quite how they put it. :-D

 

That'll do for me.

 

Well, that's going to p155 off the creditors at HMRC and Gaydamak then...

 

...Palace were due a winding up order on Jan 27th and "Aquila" put them into admin on 26th, saving them the High Court date - will be interesting to see what happens in this case, they still need to find a buyer and look how close we were to going - and we actually have assets.

 

Looks like Chainrai will need to judge possible rental income from Fratton against the likelihood of actually managing to sell them.

[The9]

"Sources say the club is currently speaking to insolvency experts to consider the option of administration."

 

http://www.portsmouth.co.uk/sport/Deal-for-Pompey-has-no.6096375.jp

 

They'll be in the CCC with minus 10. FACT ! So even if we dont go up, we'll be flying next year in League 1 and they'll be absolutely rooted to the bottom of the CCC

 

Good use of FACT, but as I've been saying since about October, there's no guarantee that the Football League will enforce the -10 if the Premier League's -9 is implemented as well. I don't think the Prem has a cut off date for Admin (what with this being the first one and all) - but this is early enough that they'll definitely get -9 anyway.

 

With Chainrai's admin winding up will be avoided, but they need to 1) Find a buyer and 2) Do it before the FL gets to look at their situation and deliberate on it (around June/July 1 I'm guessing).

 

I'd just like to LOL at the use of "creditability" on the News website. The OED describes it as "rare" http://dictionary.oed.com/cgi/entry/50053584?single=1&query_type=word&queryword=creditability&first=1&max_to_show=10

I'm assuming they really mean "credibility", given that they use "credible" in the article, twice.

Edited 23 February, 2010 by The9

[Dalek2003]

Looks like the Pompey is just about to slip beneath the water. As someone said it is like the last few minutes before the Titanic sank, what with punch ups on the training ground, people running around like headless chickens and some just stunned into silence.

Have to say, even with my hard heart I do feel some sympathy for the decent Skate fans who must be staring into the abyss !

[The9]

Looks like the Pompey is just about to slip beneath the water. As someone said it is like the last few minutes before the Titanic sank, what with punch ups on the training ground, people running around like headless chickens and some just stunned into silence.

Have to say, even with my hard heart I do feel some sympathy for the decent Skate fans who must be staring into the abyss !

 

I think they're in better shape now they've admitted there might be administration, they avoid the WUP immediately - lucky for them Chainrai seems to know what he's doing, lucky for us he's not interested in owning a football club !

 

I will again mention that Newcastle were in a much better financial situation last season when Ashley tried to sell, and no-one bought them.

[The9]

BBC have caught up with it now : http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm

 

PS Glad I didn't take that £10 bet...

[waggy]

I think they're in better shape now they've admitted there might be administration, they avoid the WUP immediately - lucky for them Chainrai seems to know what he's doing, lucky for us he's not interested in owning a football club !

 

I will again mention that Newcastle were in a much better financial situation last season when Ashley tried to sell, and no-one bought them.

 

but compared to the price that ashton wanted for the barcodes pimpey will be picked up for pennies.

[wightman35]

If they go into administration before or on Friday, I assume they will get a nine point deduction. Following that they should arrive in the league next season. Am I right in thinking that without a Creditors Voluntary Agreement then a further points deduction is likely? Also it might be found that there has been some financial irregularity, I suppose. What happens then? :confused:

 

I am feeling a little bit sympathetic. :shock:

 

It probably won't last though.

[bender]

Good use of FACT, but as I've been saying since about October, there's no guarantee that the Football League will enforce the -10 if the Premier League's -9 is implemented as well. I don't think the Prem has a cut off date for Admin (what with this being the first one and all) - but this is early enough that they'll definitely get -9 anyway.

 

With Chainrai's admin winding up will be avoided, but they need to 1) Find a buyer and 2) Do it before the FL gets to look at their situation and deliberate on it (around June/July 1 I'm guessing).

 

I'd just like to LOL at the use of "creditability" on the News website. The OED describes it as "rare" http://dictionary.oed.com/cgi/entry/50053584?single=1&query_type=word&queryword=creditability&first=1&max_to_show=10

I'm assuming they really mean "credibility", given that they use "credible" in the article, twice.

 

 

What I meant was that if they go down by say minus 11 points they should have the points taken off next year like we did. Otherwise we have grounds for appealing our minus 10.

[Horley CTFC Saint]

If there is no club it matters little what happens to the land.

 

I doubt they'd leave it derelict for years just out of principle.

If Pompey FC do ultimately fold there will eventually be an AFC Pompey looking for a ground - mind you could they afford the rent in the Wessex League?

[The9]

From the sounds of it Chainari has moved to put himself as a creditor and the way some of the press have been speaking that would be his route into taking the club into admin.

 

Im not sure the courts or the taxman would be too happy if he trys that and it could land them in even more trouble if the courts and taxman dont like it.

 

And I thought the Taxman was pushing for the WU order because the debts are much more than the assets. Basically saying the club are insolvent and need to be shut down before they owe even more money. If there is a way of making things better by way of Admin would the taxman still push for liquidation? Or is the taxman just being awkward and trying to bully the club to make others sit up and take notice?

 

We're about to find out. Chainrai did well to become a creditor, get ownership of the ground AND be in a position to affect the outcome in a way Gaydamak and HMRC can't. There's some question about the legality of his purchase, but I *think* (if Palace is a precedent in January, they were due WUP on Jan 27 and "Aquila" put them into Admin on Jan 26) that going into admin gets them out of the High Court winding up order BECAUSE it's been invoked by a creditor (which is the only way to do it at that point).

 

They clearly do not have any buyer or any semblance of a buyer at the moment or they would be presenting that as their solvency. This gives them as long as the administrator gives them.

[The9]

What I meant was that if they go down by say minus 11 points they should have the points taken off next year like we did. Otherwise we have grounds for appealing our minus 10.

 

I get what you mean, but AFAIK there's no link between the Prem and FL points deductions.

 

Technically they resign as members of the PL and "join" the FL and will need to get their "golden share" etc so they may well have to take -10 if still in admin come the start of next season. But we shall see.

 

We already had grounds for appealing our deduction due to the tenous nature of the holding company loophole, but didn't and shouldn't, but there's no obvious similarity to their situation anyway. No holding company and that was the issue with us. You can't just say "they didn't get a deduction, we shouldn't have had one" when the detail is completely different.

[lordswoodsaints]

I am still of the belief (because lots of people who know have said so, including the insolvency expert on SSN) that once they are faced with the winding up order, only the creditors can place them into admin. And two of their main non-HMRC creditors now own the ground and the land around it, which says to me that they'll happily let the club disappear so they can get money back from that - especially with the taxman to scapegoat.

 

Didn't some Skate on here used to claim there's a covenant on the land that it has to be for sporting use, making it useless for development ? I suspect we might find out fairly soon.

 

Does building a JD sports superstore count?

[wightman35]

. Am I right in thinking that without a Creditors Voluntary Agreement then a further points deduction is likely?

 

Anybody know????:confused:

[Ken Tone]

. Am I right in thinking that without a Creditors Voluntary Agreement then a further points deduction is likely?

 

Anybody know????:confused:

 

Not for certain but that is my memory of how/why Luton etc got treated so badly by the FL.

 

So it will be -9 now because earliy enough , and then anythingnext season will dpend on how admin has gone. Can't see HMRC wanting to agree to anything as a creditor, other than full payment.

 

K.

[jimmysaint7]

so basically they have no chance of going bust as they will just go intn admin and more or less come out of this debt free

[saintjay77]

We're about to find out. Chainrai did well to become a creditor, get ownership of the ground AND be in a position to affect the outcome in a way Gaydamak and HMRC can't. There's some question about the legality of his purchase, but I *think* (if Palace is a precedent in January, they were due WUP on Jan 27 and "Aquila" put them into Admin on Jan 26) that going into admin gets them out of the High Court winding up order BECAUSE it's been invoked by a creditor (which is the only way to do it at that point).

 

They clearly do not have any buyer or any semblance of a buyer at the moment or they would be presenting that as their solvency. This gives them as long as the administrator gives them.

 

Was Palace's WUP due to take place on the 27th and they went into Admin before though?

 

I mean Poopy got given the WUP and went to the court date. It was only adjourned so they could get the accounts report and so Storrie Teller could magic up a new owner.

 

Basically I thought the WUP was already in progress with Poopy and as such they missed there chance. All creditors could add there names to the petition which others including Sol have already done.

 

Just with the sheer complexitys of this mess I would guess Poopy will get an extra month or so. But if they manage to go into Admin I cant see how it will help them in the long run.

 

Also stating that you will go into admin by the end of the week is just announcing to any mug willing to throw money at them that if they wait a week they wont have to throw as much.

 

madness.

[Window Cleaner]

so basically they have no chance of going bust as they will just go intn admin and more or less come out of this debt free

 

 

Well it's not quite as straightforward as all that. Someone will have to buy them out of administration and pay off some proportion of each creditors amount owed.But basically they'll get away with quite a lot, which is why the points penalty is applied because it's basically cheating buying and paying players that you don't have the money to finance.

[saintjay77]

http://www.skysports.com/story/0,19528,11095_5974400,00.html

 

Is it the infamous Marc Jackson that has posted a comment at the bottom of that report?

 

I thought he slipped off into the distance never to be seen again lol

[Window Cleaner]

http://www.skysports.com/story/0,19528,11095_5974400,00.html

 

Is it the infamous Marc Jackson that has posted a comment at the bottom of that report?

 

I thought he slipped off into the distance never to be seen again lol

 

 

He will probably soon re-emerge as LLS, Life Long Skate

[saintjay77]

He will probably soon re-emerge as LLS, Life Long Skate

 

Maybe he is one of the perspective buyers?

 

Whats the bets on the following being the possible buyers:

 

LLS

Michael Fialka and Tony Lynam

NZ bloke

and from South Africa George Agdgdgwngo who is just waiting for the Bank details and Pin number.

[London Saint]

So Gaydamak can kiss goodbye to his £28m??? hahahahaha

[Window Cleaner]

So Gaydamak can kiss goodbye to his £28m??? hahahahaha

 

Probably not, he's wheeled and dealed with Chainrai and PFC is probably now an empty shell, bereft of value and property.

[saintjay77]

Probably not, he's wheeled and dealed with Chainrai and PFC is probably now an empty shell, bereft of value and property.

 

I dont actually think they like each other because Chainrai fell out with gaylords dad or somit. I doubt Chainrai will leave anything if he can help it.

[BadgerBadger]

Feel for the decent fans of P*mpey but not for the idiots or the people who let it get into this state - they should have the book thrown at them.

 

Although a bit of me is still cheered by their misery