Are Pompey in trouble? (1 Viewer)

Paxman II · Jan 31, 2012

Bank accounts frozen. Players not paid.

Points deduction very likely.

Boy, all of a sudden I feel good about SISU

PhilWasn'tBabb · Jan 31, 2012

Yeah it looking grim for them, they need to sell a player and fast if there going to stay afloat. They don't have a realist prospect of anybody buying them in the near future either.

Big part of me feels sorry for them and another part not so

If they had been through the same cost cutting that we have in the last 18 month would there position be as bad financially.

Astute · Jan 31, 2012

Feel sorry for the fans. The people that run the club don't deserve the slightest bit of sympathy though

@richh87 · Jan 31, 2012

I can't feel sorry for a club that won the FA Cup and got into Europe by over spending. They've had their rewards and those days will proudly live with them forever. Meanwhile we, a bigger club, achieve nothing because we're playing fair.

AngryAnt · Jan 31, 2012

@richh87 said:
I can't feel sorry for a club that won the FA Cup and got into Europe by over spending. They've had their rewards and those days will proudly live with them forever. Meanwhile we, a bigger club, achieve nothing because we're playing fair.

Pretty much this, if i hear "their long suffering fans" again i think i'll puke.
I've every sympathy for the fans, but they must have thought that it was too good to be true.
I don't wish any football club to stop playing as it would destory peoples hopes and dreams. But they have been run worse than us, which is a pretty hard feat!

They had offers for two of their players and they turned them down, how were they allowed to do this?

torchomatic · Jan 31, 2012

Joking aside, I think in the scheme of things then SISU haven't been as bad as some other owners have been. I feel really sorry for Pompey fans.

Paxman II said:
Bank accounts frozen. Players not paid.

Points deduction very likely.

Boy, all of a sudden I feel good about SISU

Sky Blue Sheepy · Jan 31, 2012

SISU would be so much more popular if they stopped with the spin and lies. Most fans understand the board can't tell us everything, so just speak the truth when you do!

OyJimmy · Jan 31, 2012

torchomatic said:
Joking aside, I think in the scheme of things then SISU haven't been as bad as some other owners have been. I feel really sorry for Pompey fans.

Sorry but they elbowed their way in and bought the club for more than it was worth. Manhattan consortium weren't so dumb and pulled out when they carried out basic mathematics. Shares can go up as well as down and Sisu made a terribly naive business decision. They should be prepared to write down the value of the debt or leave.

torchomatic · Jan 31, 2012

Yes, fair enough, but my point is they have always paid the players and we haven't Been into administration like Pompey have. I would rather have had SISU than any of their recent owners.

OyJimmy said:
Sorry but they elbowed their way in and bought the club for more than it was worth. Manhattan consortium weren't

so dumb and pulled out when they carried out basic mathematics. Shares can go up as well as down and Sisu made a terribly naive business decision. They should be prepared to write down the value of the debt or leave.

ccfcway · Jan 31, 2012

how pompy are allowed to refuse to sell any for 1p is beyond me, let alone the 1.5 million they turned down from Ipswich

oldskyblue58 · Jan 31, 2012

Actually the shares are worth the same as when they bought in - £NIL

Conventional football investment wisdom is that any money put in is put in as a loan - thats what SISU did ........... and that from the details of the first bid is what the GH Consortium is planning on doing too. So at a very basic level what is the difference ? The strategy/understanding/hopes are different but the mechanics of it are exactly the same ...... are exactly the same at nearly every club.

I dont think SISU fully understood what they were getting into - most importantly from the PR & fan connection side - but at some point someone had to say enough we cant continue like this and that was going to hurt on and off the pitch. YET we are pretty much asking GH to deal with the finances in much the same basic way (put money in by loans keep costs down etc) - albeit with the sweeteners of apparent investment in the squad, better PR & fan connection and because he is a fan.

Sorry, but you dont manage hundreds of millions without a great deal of business sense - they got some important things wrong at CCFC, lost the faith of 99% of the fans, made their remaining almost impossible - but they didnt get everything wrong.

As for Pompey I every sympathy with the fans to a point - to a point because while the club was succeeding yet being driven into the ground by ridiculous unaffordable wages there were very few saying a crash was coming, they were caught up in the apparent success. The club lived way beyond its means - gained a brief spark of success at great cost. What is most important ? ........... a season of winning something or the survival of the club ?

skybluejelly · Jan 31, 2012

i reckon ipswich are desperate for pompey to stay afloat..they stand to loose 3 points if they cease trading...likewise i see west ham bidding for some of there players as they will loose 6 points if pompey folded

rob9872 · Jan 31, 2012

Anyone who pays £80k p/w to Utakah ...

Sky Blue M · Jan 31, 2012

I heard something about them paying 20k a week each to Liam Lawrence and Dave Kitson. These are players they signed after they got relegated when they were in admin first time

torchomatic · Jan 31, 2012

Interesting article. This is as bad as it gets without the club ceasing to exist.

http://news.bbc.co.uk/sport1/hi/football/16710949.stm

MayallMan · Jan 31, 2012

Iv got a mate whos a pompy fan...he said there paying over a milliin in Wages per month for 6 of there players....that works out on adverage 40k a week per player...again...all this after they got religated and the new owners payed stupid amounts and couldnt keep it up!

Houchens Head · Jan 31, 2012

I will be watching our local news with interest this evening (BBC South)

dutchman · Jan 31, 2012

I've got a friend who's a Portsmouth supporter and it's his 57th birthday today!

He lost all faith in the club months ago though.

mememe · Jan 31, 2012

something came on sky news today as a breaking news about portsmouth fc.. but they took it and didnt put it back on. they havent mention it since, something is happening and i think the lawmen have put a stop to reporting on it. basically they are out of business

SkyBlue_Bear83 · Jan 31, 2012

Sky Blue Sheepy said:
SISU would be so much more popular if they stopped with the spin and lies. Most fans understand the board can't tell us everything, so just speak the truth when you do!

It is more SISU's attitude towards fans, employing utter arseholes like Deluded and consistently lying towards the fans that have really turned the fans against them.

rob9872 · Jan 31, 2012

My understanding is that they can't be out of business yet. This is all standard stuff and post admin (if it goes there) will likely be a better proposition than us. They were wound up and will be liquidated on 24th Feb if no admin or no buyer. Before a buyer can takeover though they have to pay the £1.6m owed to the revenue (unless a player can be sold to fund things). The wages will be paid once the bank accounts are unfrozen in the next few days. Its a gamble on paying out first before a tyakeover so my guess is that it will be admin first then bought which could be preferable for them and hopefully beneficial for us too.

skybluearmy88 · Jan 31, 2012

i hope pompey arent in trouble....there one of the games on the suns 2 tickets for £19.50.

superskyblue · Jan 31, 2012

Whilst it will clearly be sad for their fans, I struggle to feel any sympathy for Portsmouth after the trouble they caused at Highfield Rd that time. I was only about 10-11 at the time and it really affected me and made me scared to go to football for atleast 1 or 2 years.

MusicDating · Jan 31, 2012

rob9872 said:
My understanding is that they can't be out of business yet. This is all standard stuff and post admin (if it goes there) will likely be a better proposition than us. They were wound up and will be liquidated on 24th Feb if no admin or no buyer. Before a buyer can takeover though they have to pay the £1.6m owed to the revenue (unless a player can be sold to fund things). The wages will be paid once the bank accounts are unfrozen in the next few days. Its a gamble on paying out first before a tyakeover so my guess is that it will be admin first then bought which could be preferable for them and hopefully beneficial for us too.

I don't think they're a better proposition than us at all, in fact I fear they could be the biggest club to go yet...

Aside from - "BBC South understands that any purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Balram Chainrai and Alexandre Gaydamak", they dont own the ground (Chainrai does) and still have players on comedy wages.

It's a huge gamble for anyone with serious money to even think of buying them as it'll take years for them to break even.

I'll be amazed if they don't sell a few players by the close of today...

Ccfcsj · Jan 31, 2012

Looks like they think they can keep rejecting offers for their players.

Looking at their forums some of their fans can't believe that keeping players is more important than paying the tax man.

Nick · Jan 31, 2012

How did they get away with signing players on 20k when they had no money anyway?

rob9872 · Jan 31, 2012

According to the courts yesterday, they were paying Harry £60k per week when in the Championship

coundonskyblue · Jan 31, 2012

Didn't they sign Dave Kitson on 20k a week as recently as last year?

MusicDating · Jan 31, 2012

Nick said:
How did they get away with signing players on 20k when they had no money anyway?

As long as you've got a creditor prepared to put up the money, you can buy/pay anyone.

Convers Sports Initiatives have gone into admin, so won't be putting any more money in. Chainrai owns Portpin Ltd, who are the secured creditor, who are owed x, maybe around £20m and it doesn't look like he's going to put any more in.

IIRC, they had debts of £120m o) when they went into admin, and the admin deal was 20p in the pound with the football creditors being paid in full. So f nose what their current debts are!

EleanorRigby · Jan 31, 2012

rob9872 said:
According to the courts yesterday, they were paying Harry £60k per week when in the Championship

£4.2 million a year according to Manderpric. and still tried to mug the inland revenue, allegedly

wingy · Jan 31, 2012

Yet strangely the debated /expected sanctions from the league ,which were apparently close to being implemented ,could /would now be delayed /deffered as the result of the winding up petition .Bizzarre,so they and all others affected by the ripples can all carry on in blissful ignorance of consequence ,well thats a help.

Houchens Head · Jan 31, 2012

Strange? No mention of Pompeys problems on BBC South? Only done a lengthy piece on Southampton plus a bit of coverage on tonights local games (Brighton etc)

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