HMRC issue winding up order for Portsmouth

to be fair Pompey have royally screwed local businesses on more than 2 occasions , it probably wont be the town itself that sheds a tear if they fold , just the fans

 

And local charities. If I remember correctly, they left a small charity out of pocket by about £3k and shortly afterwards signed ginger to5ser Kitson and Lawrence on a combined £40k a week.

 

Wasn't there a situation with paying St Johns Ambulance, or something to that note?

Anyway, i'm pleased the majority on here seem to think enoughs enough. I'd reiterate, we cut our cloth and have done ok, still in the championship with plans in place. Pompey have gone about the situation in the wrong way, and as a result, are now in trouble and its probably to late to do anything about it.

 

They left plenty of firms out of pocket. One was a florist that they owed thousands to. As Layts said, the towns businesses won't be upset.

 

I found a sample of the creditors. The full list ran to 15 pages!

108 Medical Ltd: £1

AON: £154,934.27

British Gas: £473.62

BT: £1,335.68

Canterbury Europe: £1,398,486.86

Carlsberg: £1,039.33

Concorde Club Hotel: £7,558.70

Faith and Football: £1,998

Fareham Shopping Centre: £310.50

Hampshire Flag Company: £917.81

House of Weddings: £270

Johnston Newspapers South: £20,062.59 (That's The Portsmouth News, so it's no surprise if there are a few sniffy stories about them in the paper)

King Edward VI School: £41,714.01

Kitbag: £129,407.75

Land Ladies Rent Account: £12,066.50

Ministry Of Defence (financial management): £626.92

nPower: £2,677.16

Pasta King: £1,296.35

Performing Rights Society: £19,438.83

Portsmouth FC Supporters Club: £300

Pukka Pies: £40

Priory Community Sports Centre: £11,000

Qatar Airways: £0.20

Richard Auger: £340,000

Ryde School: £318

Scout Association: £697

Southampton FC: £35,000

St John's Ambulance: £2,701.91

St John's College: £6,660

 

I hope they go under.

I'm sick of them cheating their way through the division. Every season is the same. Have no money, get players in for huge wages and fees, then spend the whole season complaining you have no money.

Its about farking time they did what we had to do, which is actually run the club in line with the income. If they go under, good. I don't care about the fans, blah blah blah. I sit and watch us be sh it every year because we play by the rules. If you don't play by the rules, you deserve everything you get.

They weren't complaining when they signed Kitson and Lawrence were they? Everyone could see they were absurd, unsustainable signings. They have even spent last summer. And then complain all f ucking year about how poor they are and how they 'can't fill a bench' - yes you can, use your bloody youth team like we had to!

Sick of them. Uck off Pompey.

 

Interesting that Canterbury Europe were purchased by JD Sports for 6.5 mill after they went into Admin. As for Qatar Airways I'm sure they can write off their debt.

 

Even with that huge list of unpaid creditors they signed Huseklepp for £1.5m this summer....

what a disgrace, hope they cease to exist

 

To be clear these were the creditors before the last administration. They don't owe them anymore but on the flip side it's unlikely any of got their money.

 

Wonder what they used the £40 of Pukka pies for. Sweetener in a transfer deal?

 

That's Ben Haim's signing on fee....

 

Did Watford get their £2.3m or whatever it was

 

Correction: £2.4 million

See page 8 of this

http://www.uhy-uk.com/resources/publications/portsmouth-fc-meeting-of-creditors872/

 

Yes because it was a football debt it was paid out of their TV revenue money.

 

http://news.bbc.co.uk/sport1/hi/football/16755445.stm

The Portsmouth Supporters Trust has received the backing of the City Council in its attempts to save the stricken club.

The Trust is now urging administrators looking for a buyer to meet them as soon as possible to discuss the crisis.

Italian businessman Joseph Cala wants to buy the club and would pay off the £1.6m tax bill immediately but says he is willing to work with supporters.

"Without fans, football isn't fun or passionate," Cala told BBC Sport.

On 3 January, Portsmouth were issued with a winding-up petition by HM Revenue and Customs and will appear at the Royal Courts of Justice on 20 February.

This is as bad as it can get for Portsmouth without the club ceasing to exist
Guy Thomas,
Insolvency lawyer & football finance expert

But the Portsmouth Supporters Trust met with local businesses on Thursday in an attempt to form a consortium to help save the Championship club.

The meeting was said to be constructive and they have the backing of the City Council.

Pompey's parent company, Convers Sport Initiatives (CSI), entered administration in November, forcing the club to search for new owners.

CSI's administrator Andrew Andronikou revealed on Friday that Pompey have missed two tax payments of £800,000 to HMRC.

And there is an urgency to complete a deal with fresh backers, as investment is needed if Portsmouth are to meet further ongoing running costs.

BBC South understands 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.

Cala withdrew an offer to buy the club last Friday after failing to agree terms with the club's major creditor, Portpin, which is controlled by Chainrai.

However on Thursday, Cala said he had renewed his interest in Portsmouth and had instructed his banker's to deal directly with Portpin.

BBC Sport has since learned he has now submitted a new offer and wants to purchase the debenture held by Portpin.

Purchasing that debenture would give Cala power to take ultimate control of the club off Portpin - something previous owner Vladimir Antonov failed to do.

But following the news that Portsmouth had been issued with a winding-up petition, Portpin may now feel this is a better time for them to sell.

Cala told BBC Sport his U-turn was based on "learning the true facts of the Debenture Note", and vowed to pay off the outstanding tax bill "immediately" if he took control, in order to keep the club out of administration and avoid any punishment from the Football League.

He added: "As soon as I am the owner or the Debenture holder, I'll always work with the fans."

What a mess. Does this local businessman realise what he's letting himself in for?!

 

Portsmouth have just had their bank accounts frozen :biggrin:

 

Sigh, can someone please tell me when/if they will go into admin and have points deducted? Needs to happy as the situation is completely unfair now. The chief exec said they are 1 step away from ceasing to exist, surely this means they are in a situation of administration and should be docked points?!

 

I agree with you, the situation is a clear as mud. The FA just make it up as they go along. Some teams get demoted, some teams get points docked, some teams have points docked then reinstated later on, some teams get away with it altogether. :dismay:

 

This really could be the time they go under. Who's going to come in with £20m to rescue a club that are losing a fortune? I can't see anyone willing to take a gamble.

 

What a mess of a club, gobby players, annoying fans. Even when it was all going down still trying to sign players with big wages/high prices. Administration and points deducted for you please.

 

More if you can take into account the proof of funds of £12 mill just to keep the club ticking over.

 

From what I have read, fans have basically given up hope of saving current club but are putting plans in place to create a new Portsmouth team? If they go under, it will be bad for the surrounding area i'm telling you. And its already not the greatest place!!

 

Does anyone know when Portsmouth are going to be docked 10 points?

 

No idea, but I don't see how they can escape a points deduction!? I'm pretty sure they'd be docked 15 points though as they've been in administration within the last 5 years, or am I talking nonsense!?

 

Hi mate, I've been snooping around on their forums and it seems pretty certain they will be docked 10 points at some point. I believe it is 10 points for going into administration and a further 20 points if the don't exit administration by the following season.

 

Guys,

I dont live that far from Portsmouth and my company was one of many that were owed money when they last went under. The cheeky b***ards then asked me to do more events for them on credit after they went into Administration,
my quote was when you pay me in full for the last events i did then i will consider it.... ' but that was the old company was their reply, funnily enough it was the same event manager, same ground, same clientele .. i declined the job!

But i digress.....

Portsmouth are not likely to just go into administration - They have defaulted on their CVA Payments to Numerous Businesses from their last time in administration, their staff and Players havent been paid in two months.
Unless a new buyer can be found and word on the Street is that this is a long shot, they will cease to exist as 20th February.

Do i feel sorry for them - not one bit, while we have been sensible and tried to bring in young hungry players or
as more often the case a few older sh*t ones (iwelumo) that no-one wants - they sign Kelvin Etuhu,Eric Husklepp and Marko Futacs all on alledgedly high wages (Contact close to the club) - although as they havent been paid since the end of November you could say they were free!.
Top this off with their game today is cancelled due to a frozen pitch - no no income is going to be received this week the future is bleak - on the positive side when they do go under we can sign Joel Ward, Jason Pearce and Marko Futacs for bugger all and all will be good with the world (At least in Watford!)

 

Failed to pay their players again.
Is it possible the FA / football league isn't docking 10 pts because they know the club won't exist at the end of the month?

 

If that is the case, we will lose 3 points ourselves as the 2-0 we had over them will be deducted. Having had a quick look at their results this season, Portsmouth have beaten or not played all the teams in and around us. Only Watford and Millwall would lose 3 points, and Bristol City 1 point. The rest will either stay the same or have defeats wiped off, thus improving their goal difference. Pompey ceasing to exist, would be very BAD news for us.

 

But by the same token would it not mean there would only be 2 relegation spots left so we would still be pretty comfortably off?

 

Ah yes, good point. But I still don't like the thought of us being disadvantaged more than others. It would not be fair.

 

But.... we would have one extra game over Cov, Donny, Forest, Millwall, Ipswich because we have played them twice. The only team in our part of the table to have played them twice are Posh. Millwall would be worst off as they beat them and are yet to play them a second time.

 

I expect to be whoosed, why would be deducted points if they go under.

 

All Portsmouth's results will be removed. We beat them 2-0, so that will be removed.

 

If they're expelled from the league, any points won against them are taken away to level out the playing field so to speak.

So our 3 points from when we beat them, would be deducted.

 

That's immaterial, if a team hasn't played them yet, then they lose nothing. The better the result you gained against Portsmouth, the worse off you would be. Every team will play 44 not 46 matches if Portsmouth cease to exist.