rickmcfc
Well-Known Member
fucking hell, hang in there pompey. sad really, i liked portsmouth aswell
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sky sports breaking news
- Thread starter Blue Si O.B
- Start date
Blue Si O.B
Well-Known Member
what a load of selfish comments, another club going down the shitter and all people care about is how many points we will lose, portsmouth fans are on the verge of losing their club ffs.
CITY FOR LIFE
Well-Known Member
Come on Pompy you can can recover from this mess.
All the best from MCFC.
All the best from MCFC.
Aussie!
Well-Known Member
Administration is the process of an application to a court by the company to suspend the requirement to pay creditors for a period of time.
During this period of time, the company will be administered by an IP and it will be their job to either find a new buyer for the business or parts of the business, negotiate with the creditors to restructure the debts or oversee the liquidation of the assets to pay off creditors.
Going into administration gives the firm some breathing space to help deal with its problems and can result in the firm surviving albeit probably in some different form than before it went into administration.
During this period of time, the company will be administered by an IP and it will be their job to either find a new buyer for the business or parts of the business, negotiate with the creditors to restructure the debts or oversee the liquidation of the assets to pay off creditors.
Going into administration gives the firm some breathing space to help deal with its problems and can result in the firm surviving albeit probably in some different form than before it went into administration.
UNCLE MORT
Well-Known Member
- Joined
- 25 Feb 2009
- Messages
- 58
..the 9 points Portsmouth lose are to be given to the Premiership team with the most money....honest....just heard it on Pie in the Sky Breaking news
Lancet Fluke
Well-Known Member
Peter Storrie said this week that the first thing the administrator had mentioned was that Storrie would remain in his post! Is this fucker fire proof or what? He is the only constant throughout the whole thing and as chief exec surely realised what was going on and let it happen, he has allegations against him about tax evasion and has taken some outrageous bonuses out of a club that was slipping into bankruptsy. I'm surprised the Portsmouth fans aren't trying to lynch him tbh.
Prestwich_Blue
Well-Known Member
Just to make it clear, administration is different to winding-up/liquidation. In the former, they continue to trade and play but are protected from any legal action by their creditors while they negotiate an arrangement with those creditors and try to sell the business. After they've done that, they start afresh with no debts. They will however have to cut costs dramatically and raise capital so I would imagine a lot of the first team squad will be going. They suffer a 9 point deduction but no other club is affected. However, there ihas to be a good chance that the club could be viable if it comes out of administration and one would imagine that, with 20,000 fans then they would be.
In the case of a winding-up, the assets are sold to cover the debts and they go out of business. That means all other clubs who've played them losing any points they have gained.
It may be that they are eventually wound up as a result of going into administration but as long as they play their matches to the end of the season then everyone else is OK.
I hope that one thing that does come out of it is that Scudamore finally takes his rose-coloured specs off and starts to sort out the issues of inappropriate owners, who clearly don't have the knowledge or resources to run ther clubs, or who should never be let near clubs in the first place..
In the case of a winding-up, the assets are sold to cover the debts and they go out of business. That means all other clubs who've played them losing any points they have gained.
It may be that they are eventually wound up as a result of going into administration but as long as they play their matches to the end of the season then everyone else is OK.
I hope that one thing that does come out of it is that Scudamore finally takes his rose-coloured specs off and starts to sort out the issues of inappropriate owners, who clearly don't have the knowledge or resources to run ther clubs, or who should never be let near clubs in the first place..
Well once they go into administration and accept the points deduction, the FA are going to give them early payment from the TV deal woth £11m to clear their tax bill and urgetn debt. That should ensure they start next season on a level field, given that field will be in the championship. But thats better than no football club at all