Pompey

[psl]

About to go to the wall apparently.

[Kahnee]

About to go to the wall apparently.

 

Damn you psl

[Sion]

[Billy Dane]

 

as if he gives a s***, he's already bled them dry.

[Benzo-13]

Sad that.

After what we've been through my best wishes to them.

[Gilps]

Awful thing to happen to any club.

[pipnasty]

I've wished it upon them for years but now it is here, I feel kinda empty. God took my prayers too literally.

[psl]

Sounds like there is hope still. It would appear that its an act of brinkmanship designed to get Gaydamak back to the table.

Edited October 22, 2010 by psl

[floyd]

If they do go, something good might come out of it. ie, hopefully it will expose how corrupt Redknapp and Storrie where, and the shady dealings that went on between Pompey and Spurs

[Sir Tokyo Sexwale]

We'll draw them in the cup, Hodgson will still be manager in Jan and you know the rest...

[Epic Swindle]

Not good but their situation differs from ours in that they spent way, way beyond their means. I feel for the fans but it's an opportunity to build their club back up again from scratch with people who care for it.

[Rimbeux]

I feel for the fans, but it's got to be tougher rules on running insolvent and going into admin. It should be at least two levels of demotion. 9/10 points actually incentivises financial cheating because the upside is so rich

[Swan Red]

I feel for the fans, but it's got to be tougher rules on running insolvent and going into admin. It should be at least two levels of demotion. 9/10 points actually incentivises financial cheating because the upside is so rich

 

what does this even mean? Had we been at risk of going into administration would that have enabled Hicks and Gilett to keep control of the club because the creditor couldn't risk having the club drop two leagues with the impact on the valuation. Also going into administration isn't necessarily finanical cheating like what type of cheating are you actually referring to?

[Rimbeux]

what does this even mean? Had we been at risk of going into administration would that have enabled Hicks and Gilett to keep control of the club because the creditor couldn't risk having the club drop two leagues with the impact on the valuation. Also going into administration isn't necessarily finanical cheating like what type of cheating are you actually referring to?

 

 

I mean clubs who willing spend beyond their means and cannot pay their debts as they fall due, trading insolvent.

 

 

Also in our case it was not a cast iron guarantee that we would have faced a 9 point penalty, much as it suited our lawyers to talk it up. If it could be shown there was no link to the running of the football club (LFC being perfectly solvent), there would have be no penalty. This was the initial noise coming out of the PL. The real threat was actually to do with administration as a means of changing ownership, which also carries a penalty.

 

 

Regardless, no matter how close we came to it, I would still rather there was at least a two level demotion as it would discourage the awful risk taking and financial cheating that could see Pompey go out of business, but is still so rife.

 

For example, right now there is a big incentive for a Championship club to spend way over income to get to the PL. If they get there the now five years guaranteed mega income (£48m over four years for relegated PL teams) sorts everything and then some, probably even allowing the owner to sell the club on at a nice profit. If it fails and they go into administration, there's 10 points dropped which might get them relegated, but just as likely will not. They then pay back a fraction of what they owe outside of football and carry on from pretty much where they began.

 

There are many clubs playing this game, but it's the big car crashes like Leeds and Pompey that get the attention.

[Gunga Din]

the blame for this lies almost entirely at the door of the FA. their fit and proper rules are a joke. they basically consist of a couple of pieces of paper with a box to tick declaring yourself fit and proper and a place to sign your name. its absolutely ridiculous. i've not got a lot of time for Portsmouth FC, their ground is a s***hole and the place is stuck in the middle ages, but to see a club like that in this sort of trouble is sad. i really hope someone does a bit of digging around the transfers that were down when that melted face w***** was manager though. could be very interesting