Generic clubs in financial crisis Thread

[Deadlock]

She's quoting the BBC. Wiki claims there are three - Mike Lloyd, Perry Deakin, and Glenn Oliver

[floyd__streete]

"The CVA pays creditors a percentage in the pound. The CVA that was performed here at Portsmouth was giving them 20p in the pound, but obviously that has now failed and they will receive nothing from that.

"Out of this administration it will either be another CVA or a liquidation, and a dividend will be paid again.

"Basically you are getting a dividend upon a dividend. If this administration pays a 20p dividend, for example, creditors will be paid a 20p dividend on a 20p dividend.

"In round terms, that will be four pence."

So you end up paying 4% of what you owe? Lovely

FOAD Portsmouth FC

[Who Moved The Goalposts?]

I think the situation this time around is looking grimmer for Pompey. When the administrator says he is not confident of having enough money to complete the season, then the clock really is ticking.

Time for this club to put out of its - and our - misery. Let's finally see some justice for the taxpayer.

[Mr Optimist]

Surely I am not the only one who would rather see Pompey, rather than go out of business overnight, limp on with a very poor patched up team of local amateurs and has beens well past their sell by date and sink through the divisions and out of the league that way. Being spanked 5-0 at home by all and sundry on the way through the league trap door with crowds plummeting?

A bit like Bristol City in the early 80s or Wolves in the mid 80s. Much more entertaining and a fairer way I feel.

[JoeyJoeJoeJnrShabadoo]

Surely I am not the only one who would rather see Pompey, rather than go out of business overnight, limp on with a very poor patched up team of local amateurs and has beens well past their sell by date and sink through the divisions and out of the league that way. Being spanked 5-0 at home by all and sundry on the way through the league trap door with crowds plummeting?

A bit like Bristol City in the early 80s or Wolves in the mid 80s. Much more entertaining and a fairer way I feel.

I'd go even further and would like to see that pcunt with the bell in goal.

[Cobi]

Surely I am not the only one who would rather see Pompey, rather than go out of business overnight, limp on with a very poor patched up team of local amateurs and has beens well past their sell by date and sink through the divisions and out of the league that way. Being spanked 5-0 at home by all and sundry on the way through the league trap door with crowds plummeting?

A bit like Bristol City in the early 80s or Wolves in the mid 80s. Much more entertaining and a fairer way I feel.

If they are allowed to surivive then they should be removed from the Football League. If the conference don't want them then they can drop to the next level, and so on. It seems a lot of their fans don't even mind the sound of that. They just want a fresh start. No debts. A new beginning. But to be allowed to carry on business as usual, paying 4p of the pound as Floyd has mentioned, would be an utter disgrace. In their situation, if you aren't liquidated then you sell everything that is worth anything, and that goes from the team to the stadium and the toilet seats. Then if you can afford to continue, so be it. If not then you should face the consequences. You shouldn't have your debt restructured, taking the piss out of everyone, and then carry on in the same league, same stadium, with the same facilities and most of the same staff. Nothing is learnt by that. Only that you can take the piss all you want!

[Mr Optimist]

Surely I am not the only one who would rather see Pompey, rather than go out of business overnight, limp on with a very poor patched up team of local amateurs and has beens well past their sell by date and sink through the divisions and out of the league that way. Being spanked 5-0 at home by all and sundry on the way through the league trap door with crowds plummeting?

A bit like Bristol City in the early 80s or Wolves in the mid 80s. Much more entertaining and a fairer way I feel.

I'd go even further and would like to see that pcunt with the bell in goal.

Like it. and Fred Dinenage up front?

[Cobi]

BBC:

"We're down to the wire now, I've got a meagre amount of money to try to get us to the end of the season.

"It puts another hole in my cash flow, I'm very worried. I need to turn to other revenue-raising issues and projects but I'm not confident."


Birch also admitted that he is at a loss as to how Portsmouth have got themselves into such a dire situation.

"The club is in a default position. It is left with a foot-print around the stadium that they don't own, they don't own the training ground and they don't own the academy. It leaves you asking 'where has it all gone?', and I can't answer that question."

[Mr Optimist]

Loved Trevor Birch bigging up the fact that 17,500 turned up to pack out Fratton Park last weekend and support the club in its hour of need. It was also good of the 5,000 Leeds fans there to heed Trevor's clarion call.

[Barry the bird boggler]

Portsmouth should be wound up and something new and fresh that the supporters down there can be proud of - e.g. Portsmouth United - should be allowed to start in non-league circles.

[Dare to Dr£am]

If a so called big club can't fold under these circumstances then it isn't ever likely to happen. It's become a joke now. Disolve the repulsive club and let them reform. They'll be back in 8-10 years.

[Uke]

http://www.bbc.co.uk/sport/0/football/17219854

"The club is in a default position. It is left with a foot-print around the stadium that they don't own, they don't own the training ground and they don't own the academy. It leaves you asking 'where has it all gone?', and I can't answer that question."

Well, there's this account in Monaco belonging to a former employee...

[TFF]

"The CVA pays creditors a percentage in the pound. The CVA that was performed here at Portsmouth was giving them 20p in the pound, but obviously that has now failed and they will receive nothing from that.

"Out of this administration it will either be another CVA or a liquidation, and a dividend will be paid again.

"Basically you are getting a dividend upon a dividend. If this administration pays a 20p dividend, for example, creditors will be paid a 20p dividend on a 20p dividend.

"In round terms, that will be four pence."

So you end up paying 4% of what you owe? Lovely

FOAD Portsmouth FC

Might there be a further points penalty for failing to discharge the (original) CVA?

[Terminal Boardom]

What I would love is for the club to die and Fratton Park gets sold off for housing or retail to help pay off the creditors. Knowing how impossible it has been for PFC to relocate from FP, there is absolutely no chance of them getting anywhere to play in the City which could ever satisfy the legislators and environmentalists.

PFC FOAD!

[M-U-R-T-Y]

Southampton fans must be absolutely bouncing. Top of the league and with Pompey in such a state. But who are they going to hate when they go under? Bournemouth?

[Fox Talbot]

What I would love is for the club to die and Fratton Park gets sold off for housing or retail to help pay off the creditors. Knowing how impossible it has been for PFC to relocate from FP, there is absolutely no chance of them getting anywhere to play in the City which could ever satisfy the legislators and environmentalists.

PFC FOAD!

If little old Reading fans are coming out with this kind of stuff (and fair comment you might say) god knows what they must be posting on the Saints sites

[M-U-R-T-Y]

So, why are Pompey deducted 10pts for administration when Luton were deducted 30 for their woes? Surely Pompey's situation is worse at the moment?

[ZacNaloen]

They'd have to fail to agree a CVA, this is what happened with Luton.

having to modify the previous CVA might cause them some extra harm though.

[PieEater]

Isn't there an additional penalty for two administrations in 2 years, although the first was in the prem so that doesn't count

[facaldaqui]

Surely I am not the only one who would rather see Pompey, rather than go out of business overnight, limp on with a very poor patched up team of local amateurs and has beens well past their sell by date and sink through the divisions and out of the league that way. Being spanked 5-0 at home by all and sundry on the way through the league trap door with crowds plummeting?

A bit like Bristol City in the early 80s or Wolves in the mid 80s. Much more entertaining and a fairer way I feel.

I thought that's what would happen last time, but no, they signed up people like Kitson. Lawrence, and Halford and never went near relegation. I don't see how your scenario is one of the possible outcomes--for the club to continue under its present name, the creditors have to be paid--even if some of the first lot will now get only 4p in the pound. But I don't see how Pompey can afford to pay even 4p in the pound, with all their income spoken for already, even parachute payments. When you've no spare money, you can't pay anyone.