Portsmouth 120mil owed.

[BlueMo']

The report if anyone's interested:

<a class="postlink" href="http://www.uhy-uk.com/media/news/PFC%20-%20Report%20to%20creditors%20Adobe%207.pdf" onclick="window.open(this.href);return false;">http://www.uhy-uk.com/media/news/PFC%20 ... be%207.pdf</a>

-- Wed Apr 21, 2010 10:57 am --

Having read the report, i really cant see where that £120mil has come from.

Looks like a fabricated amount. Its looks more like £92million?

Oh well, they should be ok then!!

 

[Pam]

Why does it say Portsmouth CITY Football Club?

 

[mat]

Why does it say Portsmouth CITY Football Club?

Because it's our fault and the authorities will find us complicit leading to us being the richest club in the Manchester Senior league if were lucky.

 

[Pam]

Why does it say Portsmouth CITY Football Club?

Because it's our fault and the authorities will find us complicit leading to us being the richest club in the Manchester Senior league if were lucky.

Thanks, Mat. I was forgetting that.

 

[Montgomery Burns]

Why does it say Portsmouth CITY Football Club?

Because that is what they're called! For some reason the CITY has not (or never?) been used, a bit like Chester City in my youth always used to be known as just plain old Chester for some reason, although it changed the practice later.<br /><br />-- Thu Apr 22, 2010 9:42 am --<br /><br />The outrage over this scandal is growing.

The best outcome I've heard was to let the existing Portsmouth Football club (company) to go to the wall. The football players, agents and clubs would not then receive preferential status accorded to them by the Football Authorities as per their current rules.

When the existing company went into liquidation, as happened with Leeds, the people behind Portsmouth would have a new company ready to take their place in the Championship next season. But it would be dependent on having their old 'share' transferred to them, and having the FAPL parachute payment(s) which would be normally due to the old company, to the new entity. Quite why the new company which would have no legal connection to the old company other than possibly shared directors and shareholders, should get their hands on this dosh is hard to fathom, but that's the FAPL for you.

Deprived of their 'share' and the dosh, Pompey as a club would cease to exist and supporters etc would be left to form a new club like AFC Wimbledon did and Chester will probably do and then go play in a lower league.

Now here's the rub. At this stage, the old company, the one we see now is still in the process of being wound up. But presumably it will now be entitled to receive the parachute payments, possibly for 4 years if the clubs agree the new proposed rules. That's possibly an extra £48m owed to the club by the FAPL, that is, to the old club and its creditors rather than the new club.

By this approach the players, clubs and agents would no longer get the artificial preference given to them by the FAPL's insovency policy and would receive the same percentage of the amounts owed to them as the St John's Ambulance brigade and the Portsmouth Scout Association.