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


StuRomseySaint

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Really ???:D

 

Are they Football League members at the moment ? No.

Will they have to apply to join the Football League when relegated ? Yes.

 

Will they get their "golden share", voting rights etc when they are applying to join the league if already in Administration, with no previous Football League punishment against them... almost certainly not without penalty...

 

Same link as above...

http://www.bbc.co.uk/blogs/mattslater/2010/02/portsmouth_fc_in_crisis_qa.html

 

The crunch, however, arrives this summer when the wage bill keeps coming (£3m a month, including tax...and Pompey will have to start paying that) but the gate receipts are not.

 

Without outside investment - in the form of a new owner - the administrator will find it hard to look the Football League in the eye and say: "Yes, we can fulfil next season's fixtures."

 

The administrator will also be expected to extricate himself via a "company voluntary arrangement" (CVA). As the name suggests, this is a deal between the creditors to accept a new schedule of payments and less money.

 

A CVA requires the backing of 75% of the creditors, based on amounts owed, and usually run for one to five years. This places a huge burden on the business, but a failure to agree one will see further point-penalties from the Football League. Oh, and HMRC almost always votes against them in football cases.

 

So I'm sorry to be the bearer of sad tidings (I'm a Southend United fan, so I would be a fool to gloat), but I thought somebody should tell you straight.

 

If you want to get into more detail about all this - "floating charges", misfeasance, the Insolvency Act 1986, Leeds United/Luton Town and so on - I'm happy to dig out my notes and try to answer your questions. But let's be honest about this, the people who really know what's happening/happened at Pompey aren't talking yet. Until they do (if they do), it's educated guesswork.

Edited by The9
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At what point are forensic accountants going to go into Portsmyth and untangled and expose what has happened to all the money?

The serious fraud office has made a start with Mandric, Redknapp, and Storrieteller, but I'm guessing that is just the tip of a very large iceberg.

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Can anyone explain to me WHY football creditors take precedence over others?

 

(So the players and other clubs get paid whilst the poor local businesses that are owed money don't)

 

I presume this an FA rule, as a condition of membership of the league(s) ? Surely there is no legal reason for it?

 

Why are the other creditors required to accept this if so? Could HMRC etc challenge this legally?

 

K.

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Can anyone explain to me WHY football creditors take precedence over others?

 

(So the players and other clubs get paid whilst the poor local businesses that are owed money don't)

 

I presume this an FA rule, as a condition of membership of the league(s) ? Surely there is no legal reason for it?

 

Why are the other creditors required to accept this if so? Could HMRC etc challenge this legally?

 

K.

 

It's a Football League rule (and presumably a Premier League rule given the reallocation of funds) to prevent clubs screwing each over re: transfers etc -in fact exactly the stuff the Skates were doing.

 

HMRC used to have precedence and now don't, and they tend to express their displeasure at this and the subsequent short-arming in payments of what they're owed by not agreeing the CVA to come out of administration, which at least penalises the club in footballing terms.

 

The fact that there was an Act of Parliament in 2002 to remove HMRC priority suggests they'd have no grounds for overturning it.

 

Awesome hilarious Skate bloke on SSN : "You gonna resign Peter ? You've known for 18 months. 1.2million pahnd a year, you're 'avin a laugh mush". Also called Storrie Gaydamak's lapdog and said half his money was bonuses for shutting up from Gaydamak. On Sky Sports News. Brilliant.

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Can anyone explain to me WHY football creditors take precedence over others?

 

(So the players and other clubs get paid whilst the poor local businesses that are owed money don't)

 

I presume this an FA rule, as a condition of membership of the league(s) ? Surely there is no legal reason for it?

 

Why are the other creditors required to accept this if so? Could HMRC etc challenge this legally?

 

K.

 

Doesnt look like its a league ruling.

 

The truth of it is the taxman has been pushed around by football clubs for years and is now pushing back. Never happy about clubs' habit of using it as an interest-free overdraft, HMRC lost its "preferred creditor" status with the introduction of the 2002 Enterprise Act.

 

http://www.opsi.gov.uk/acts/acts2002/ukpga_20020040_en_1

 

Was probably set up to protect business that depend on debts to be paid outside the world of football but inside the world of football it seems more backward that poopy itself.

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Doesnt look like its a league ruling.

 

The truth of it is the taxman has been pushed around by football clubs for years and is now pushing back. Never happy about clubs' habit of using it as an interest-free overdraft, HMRC lost its "preferred creditor" status with the introduction of the 2002 Enterprise Act.

 

http://www.opsi.gov.uk/acts/acts2002/ukpga_20020040_en_1

 

Was probably set up to protect business that depend on debts to be paid outside the world of football but inside the world of football it seems more backward that poopy itself.

 

Yes I understand how the law applies to unsecured creditors and that HMRC are, since 2002, just in the queue with everyone else. What I don't know is why, and by what right, football creditors come first in the queue, and whether HMRC and others are able to challenge that preferential treatment for football creditors.

 

Who says the players and other clubs waiting for transfer money should be paid in full before other creditors? If it is merely a condition of continued membership of the premiership or football league, so what? Why can't HMRC etc challenge that?

 

The point of all this is, in effect, is there any chance of Pompey not being accepted into the football league next season?

 

K.

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Yes I understand how the law applies to unsecured creditors and that HMRC are, since 2002, just in the queue with everyone else. What I don't know is why, and by what right, football creditors come first in the queue, and whether HMRC and others are able to challenge that preferential treatment for football creditors.

 

Who says the players and other clubs waiting for transfer money should be paid in full before other creditors? If it is merely a condition of continued membership of the premiership or football league, so what? Why can't HMRC etc challenge that?

 

The point of all this is, in effect, is there any chance of Pompey not being accepted into the football league next season?

 

K.

here here. It is like saying the FA/PL are a set above the law. It is a non-sense that a player on 50k a week is better placed in the queue thn Bob the builder, and the people of the country ie HMRC
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Yes I understand how the law applies to unsecured creditors and that HMRC are, since 2002, just in the queue with everyone else. What I don't know is why, and by what right, football creditors come first in the queue, and whether HMRC and others are able to challenge that preferential treatment for football creditors.

 

Who says the players and other clubs waiting for transfer money should be paid in full before other creditors? If it is merely a condition of continued membership of the premiership or football league, so what? Why can't HMRC etc challenge that?

 

The point of all this is, in effect, is there any chance of Pompey not being accepted into the football league next season?

 

K.

 

I believe that it is the administrator acting in the best interests of the creditors. If the club can't continue which would happen if they flout League rules, the club wouldn't exist, therefore no transfer fees as the players all released, no ability to trade, no parachute payments therefore liquidated.

 

One wonders however whether in the fullness of time whether the HMRC would challenge this practice in a court as not complying with the rules of administration being an expedient to keep the insolvent business intact.

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Yes I understand how the law applies to unsecured creditors and that HMRC are, since 2002, just in the queue with everyone else. What I don't know is why, and by what right, football creditors come first in the queue, and whether HMRC and others are able to challenge that preferential treatment for football creditors.

 

Who says the players and other clubs waiting for transfer money should be paid in full before other creditors? If it is merely a condition of continued membership of the premiership or football league, so what? Why can't HMRC etc challenge that?

 

The point of all this is, in effect, is there any chance of Pompey not being accepted into the football league next season?

 

K.

 

My guess was, and a guess is all it is, is that the rule was created to protect the world outside of football but it also applys to the scum bags inside of football. I cant see HMRC being happy about it and I also guess that at some point they will try and challenge it some how.

 

If I owned a local shop and ran up debts to other local business' and also owed a few grand to the tax man then paying other local business's off 1st would help keep them in business to hopefully stop them also going into admin. If the tax man was 1st to be paid all the time then more company's would go to the wall due to tax which could mess things up even more.

 

The football world should IMO be treated differently or at least the upper levels of the football world. Lower league teams would be in much the same situation as local company's. But teams at the top should at least be in the same boat as the tax man. How that could be achieved is anyones guess though.

 

How do you distinguish between a club at the top that doesnt need the money as much as a club at the bottom? How could it be sorted so that a club at the bottom comes before the Tax man?

 

It looks like it sucks now but the alternative seems like a huge mess.

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THEY'RE GOING DOWN..!!!

THEY'RE GOING DOWN..!!

 

POMPEY'S GOING DOWN WITH NO MONEY IN THE BANK,

NO MONEY IN THE BANK,

NO MONEY IN THE BANK,

 

THEY'RE GOING DOWN... THEY'RE GOING DOWN,

GOING DOOOOWWWWN, GOING DOOOOOWWWWN

 

POMPEY'S GOING DOWN WITH NO MONEY IN THE BANK...

 

....etc

 

(may I remind you all that there has only ever been one club in Hampshire....

 

Ahhh! Happy Days!!

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if they have already arranged a pre pack administration then they may still come out of this OK. They are so slimy they will work some scam.

 

Now these pre-packs are terrible. I work as a Credit Manager and we have had many customers go out of business leaving thousands of pounds, some cases hundreds of thousands due to our company.

 

Then they come back under a different name and want to trade again. This is a good thing that they want to trade with us, as we have leverage to get the old debt back, as we will not deal with them. If they do not want to deal with us well we lose.

 

I think the pre-pack stinks as there are a lot of criminal minded business people that do this over and over again. I was told that it can cost the comany a bit to do but still, there is helping businesses, but this goes to the extreme!!

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LMFAO!!!

 

Bargain basement EVERYTHINGS for sale now, inclusing fan sites!!!!

 

http://www.portsmouthfc.org.uk/forum.html

 

HA! HA! HA! **** off pompey. you are nothing more than a bunch of bankrupt fish-smelling sods with a crappy little sh!te-hole of a ground, £70,000,000 of debt and no future at all.

 

you skate t0ssers.. remember how much grief you gave us last summer??? well guess what.. now its your turn.

 

**** off all you skate ***ts

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The sun is out. Just needs that crook Redknapp to go down now.

Bournemouth, West Ham, Pompey, Saints. All were in deep financial trouble. Spot the link?

 

Yes Redcrap is a manager with no, and I mean absolute no integrity. Har too see him leave spurs in a mess though as they're actually earning money.

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HA! HA! HA! **** off pompey. you are nothing more than a bunch of bankrupt fish-smelling sods with a crappy little sh!te-hole of a ground, £70,000,000 of debt and no future at all.

 

you skate t0ssers.. remember how much grief you gave us last summer??? well guess what.. now its your turn.

 

**** off all you skate ***ts

 

Can't you just show you are better than them and above such pathetic gloating?

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Also if they get relegated by more than 9 points anyway, will they start with a 10 point deduction next season??

 

Different league so different rules so maybe not.

 

However, FL seemed to makke things up as they went along with us so anything is possible. The basics are there in the FL but as Poopy didnt go into admin while in the FL it will be a new journy for them.

 

I would guess that the FL will give them some kind of penalty in exchange for entering the league whilst in Admin or something along those lines. Would take the P if they are out of admin by then and join the FL with no penalty when other clubs that go in and out of admin still get punished.

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Can't you just show you are better than them and above such pathetic gloating?

 

No I can't. Did you read the pompey forums during the summer??

 

Now it is our turn.

 

HA! HA! HA! PFC is ruined. Makes my day, weekend, month, year, decade and ranks right up there just behind the birth of my beautiful daughter as the most fantastic, amazing day ever.

 

F u c k off you skate t w a t s

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No I can't. Did you read the pompey forums during the summer??

 

Now it is our turn.

 

HA! HA! HA! PFC is ruined. Makes my day, weekend, month, year, decade and ranks right up there just behind the birth of my beautiful daughter as the most fantastic, amazing day ever.

 

F u c k off you skate t w a t s

 

Nothing wrong with a bit of gloating, but to make such a big thing of it makes it seem as if they really are the big club in Hampshire. In truth, I think it says more about them if we just let them die without too much comment. Saying too much says more about us.

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Nothing wrong with a bit of glaoting to the blue few as it is very much deserved. What he did was act like a bit of a knob but with the best intentions ;)

 

But while we gloat we should remember but there but for the grace of Marcus etc.

 

We should also remember that people will be losing their jobs through no fault of their own, that football clubs throughout the country are at the mercy of a bunch of crooks and Walter Mittys and that we so very nearly ended up with one of them. We have been very lucky.

 

It is their football club (you lot would be the first to jeer at anyone from Portsmouth who supported MU etc. instead of their hometown club); they are fellow football fans, mostly decent though, like Saints, they have an unpleasant element.

 

They could get lucky next time with an owner like ours and be free of debt, so be careful before you gloat. You should have learned the lesson.

 

It is amusing for us at the moment, but try and be grown-up about it.

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I would guess that the FL will give them some kind of penalty in exchange for entering the league whilst in Admin or something along those lines.

 

Pretty sure you're spot on there. They're not a FL member and will have to agree to whatever the FL wants in order to become one.

 

It is technically possible that the FL will refuse to have them as a member altogether, but what they've always done so far with clubs in admin is insist on a points deduction in exchange for the right to play, based on the CVA.

 

Even if they don't get a -10 going in, there is little likelihood that Portsmouth FC will exit admin with an agreement for creditors that HMRC will be happy with, so as they're a major creditor that will necessitate a further deduction. And there's always the dubious transfers and irregularities for another -15...

 

It used to be the case that clubs had to resign from the league and give a notice period if they wanted to leave. That's gone by the way since the PL as PL teams and FL teams switch leagues every year. The very fact that the FL allowed the teams relegated from old top tier Div 1 in 1991/2 to join "new" second tier FL Division One in 1992/3 despite the fact they'd resigned from the FL in order to potentially join the new Premier League, and the fact that every relegated club since has taken their place in the FL the following season suggests there's a practical workaround to this PL/FL "resignation" issue.

 

But this is the first time a club has come into the FL from above with this kind of baggage.

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But while we gloat we should remember but there but for the grace of Marcus etc.

 

We should also remember that people will be losing their jobs through no fault of their own, that football clubs throughout the country are at the mercy of a bunch of crooks and Walter Mittys and that we so very nearly ended up with one of them. We have been very lucky.

 

It is their football club (you lot would be the first to jeer at anyone from Portsmouth who supported MU etc. instead of their hometown club); they are fellow football fans, mostly decent though, like Saints, they have an unpleasant element.

 

They could get lucky next time with an owner like ours and be free of debt, so be careful before you gloat. You should have learned the lesson.

 

It is amusing for us at the moment, but try and be grown-up about it.

 

No argument from me.

 

I dont mind a bit of light hearted banter but dont agree with the hatred some show.

 

They cheated there way to be the highest league club in the south coast and they have been found out.

 

Normal service to be resumed shortly which will make me far happier than watching them suffer.

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HA! HA! HA! **** off pompey. you are nothing more than a bunch of bankrupt fish-smelling sods with a crappy little sh!te-hole of a ground, £70,000,000 of debt and no future at all.

 

you skate t0ssers.. remember how much grief you gave us last summer??? well guess what.. now its your turn.

 

**** off all you skate ***ts

 

If they want sympathy,look in a dictionary - it,s between sh1t and syphilis.

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But while we gloat we should remember but there but for the grace of Marcus etc.

 

We should also remember that people will be losing their jobs through no fault of their own, that football clubs throughout the country are at the mercy of a bunch of crooks and Walter Mittys and that we so very nearly ended up with one of them. We have been very lucky.

 

It is their football club (you lot would be the first to jeer at anyone from Portsmouth who supported MU etc. instead of their hometown club); they are fellow football fans, mostly decent though, like Saints, they have an unpleasant element.

 

They could get lucky next time with an owner like ours and be free of debt, so be careful before you gloat. You should have learned the lesson.

 

It is amusing for us at the moment, but try and be grown-up about it.

 

A timely reminder. Well put.

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Here's a quote from the BBC site, from the Administrator:

Under Premier League rules, clubs that go into administration are deducted nine points.

If, as anticipated, the League enforce this rule, Pompey would have a total of seven points - a massive 17 points off safety.

However, Andronikou believes the deduction is not necessarily inevitable and hinted he may ask the League to withhold the punishment.

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8539422.stm

 

Hypothetical I know, but if this toerag is able to persuade the FA not to impose the punishment, many other Clubs, ourselves included would presumably consider appealing against the similar punishments passed down by the Football League. Of course this is a different competition, and different rules, and is also the reason why the toerag will fail BUT, maybe we should actually be supporting Pompey not getting the 9 point deduction and thus get our 10 points penalty overturned as a result. They will still be relegated and we could be a lot closer to the play-offs.

 

Just a thought, lets support Pompey

 

 

On second thoughts, naaaaa

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Here's a quote from the BBC site, from the Administrator:

Under Premier League rules, clubs that go into administration are deducted nine points.

If, as anticipated, the League enforce this rule, Pompey would have a total of seven points - a massive 17 points off safety.

However, Andronikou believes the deduction is not necessarily inevitable and hinted he may ask the League to withhold the punishment.

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8539422.stm

 

Hypothetical I know, but if this toerag is able to persuade the FA not to impose the punishment, many other Clubs, ourselves included would presumably consider appealing against the similar punishments passed down by the Football League. Of course this is a different competition, and different rules, and is also the reason why the toerag will fail BUT, maybe we should actually be supporting Pompey not getting the 9 point deduction and thus get our 10 points penalty overturned as a result. They will still be relegated and we could be a lot closer to the play-offs.

 

Just a thought, lets support Pompey

 

 

On second thoughts, naaaaa

 

it seems the administrator is no stranger to football clubs,he oversaw 2 spells if administration at Swindon.

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It's a Football League rule (and presumably a Premier League rule given the reallocation of funds) to prevent clubs screwing each over re: transfers etc -in fact exactly the stuff the Skates were doing.

 

HMRC used to have precedence and now don't, and they tend to express their displeasure at this and the subsequent short-arming in payments of what they're owed by not agreeing the CVA to come out of administration, which at least penalises the club in footballing terms.

 

The fact that there was an Act of Parliament in 2002 to remove HMRC priority suggests they'd have no grounds for overturning it.

 

Awesome hilarious Skate bloke on SSN : "You gonna resign Peter ? You've known for 18 months. 1.2million pahnd a year, you're 'avin a laugh mush". Also called Storrie Gaydamak's lapdog and said half his money was bonuses for shutting up from Gaydamak. On Sky Sports News. Brilliant.

 

 

Funny ??? At first yes

 

But, think again

 

Storrie was "talking" to one of (HIS) Pompey FANS. The guy had every right to challenge him, which he did without, as I recall, using foul language

 

And what did Storrie do ??? Dismissed him as if he was not there, and told a Steward to get rid of him

 

NO Supporter, of whatever Team, deserves that

 

The likes of Storrie, Gaydamac, Mandaric, The Three Destitute Sheikh's are the ones that should be pilloried, yet they are the ones the Sweet F A go out of their way to PROTECT

 

I'm Saints through and through, but I DO have GENUINE Pompey Fans as friends, and it is those people that I do feel sorry for at the moment

 

By treating that fan, (his own fan), as he did, Storrie just demonstrated jut how LOW he really is IMHO:cool:

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Funny ??? At first yes

 

But, think again

 

Storrie was "talking" to one of (HIS) Pompey FANS. The guy had every right to challenge him, which he did without, as I recall, using foul language

 

And what did Storrie do ??? Dismissed him as if he was not there, and told a Steward to get rid of him

 

NO Supporter, of whatever Team, deserves that

 

The likes of Storrie, Gaydamac, Mandaric, The Three Destitute Sheikh's are the ones that should be pilloried, yet they are the ones the Sweet F A go out of their way to PROTECT

 

I'm Saints through and through, but I DO have GENUINE Pompey Fans as friends, and it is those people that I do feel sorry for at the moment

 

By treating that fan, (his own fan), as he did, Storrie just demonstrated jut how LOW he really is IMHO:cool:

 

Funny that it was on tv, nothing more or less. Funnier that Sky showed it on delay once they'd checked it for legally precarious content.

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They could get lucky next time with an owner like ours and be free of debt, so be careful before you gloat. You should have learned the lesson.

 

It is amusing for us at the moment, but try and be grown-up about it.

 

Unlikely though, isn't it? We had very little debt, a decent stadium and training ground and much potential. If there are Chinese Bilionaires out there wanting a toy to play with, then there are plenty of other clubs that they could buy into with decent stadia and other facilities, clubs in the Premiership rather than ones with such a recent shameful history and headed towards oblivion. We were a decent investment opportunity; they aren't.

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Unlikely though, isn't it? We had very little debt, a decent stadium and training ground and much potential. If there are Chinese Bilionaires out there wanting a toy to play with, then there are plenty of other clubs that they could buy into with decent stadia and other facilities, clubs in the Premiership rather than ones with such a recent shameful history and headed towards oblivion. We were a decent investment opportunity; they aren't.

 

I think the biggest problem they have is they have probably reached there highest point already as they are. Ignoring all the debt and probable points deductions, they dont have the capacity or following to push onto the next level. The FA Cup was probably punching just a little above there weight barring in mind anyone has a chance in a knockout competition.

 

I dont even think we have enough capacity to reach that next level as we currently stand. If we get to the prem I think we should look forward to mid table as our target with the occasional push for the final europe spaces. To get any further than that would need a bigger stadium and a bigger following to support a more pricey team.

 

Poopy will need someone to come in, clear the debt, put up with dropping 1 or maybe 2 divisions build to get back to the prem and on top of that they will need to build a new stadium and attract at least twice as many supporters than they have ever had.

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I think the biggest problem they have is they have probably reached there highest point already as they are. Ignoring all the debt and probable points deductions, they dont have the capacity or following to push onto the next level. The FA Cup was probably punching just a little above there weight barring in mind anyone has a chance in a knockout competition.

 

I dont even think we have enough capacity to reach that next level as we currently stand. If we get to the prem I think we should look forward to mid table as our target with the occasional push for the final europe spaces. To get any further than that would need a bigger stadium and a bigger following to support a more pricey team.

 

Poopy will need someone to come in, clear the debt, put up with dropping 1 or maybe 2 divisions build to get back to the prem and on top of that they will need to build a new stadium and attract at least twice as many supporters than they have ever had.

 

Given that at least a third of those attending kraP nottarF at the moment are Prem plastics then even if they survive that is a totally unrealistic target. I suspect a fair few of those will gravitate back to SMS when we regain our rightful place in the top flight.

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