Are Pompey on the brink?

PU like you I am sometimes confused by the many differing tales coming from pompey. Though, there was a time yesterday when I heard Sky (I think) say that Barclays were going to pull the rug. It is hard to work out as they owe money left right and centre.
However, if they do get a buyer that the administrators do a deal with, Pompey will face another points deduction if any of the creditors don't sign the agreement saying that they are happy with the deal. Generally that means a 15 point penalty but this is not their first time in administration. This would also mean the possible transfer of power in Hampshire happening earlier than anticipated.

Matt Le Tissier on SSN was slagging Portsmouth off, asking why, if they are such great fans, aren't they filling their ground. The others tried to say that Saints were not filling ours when we were in trouble, but as Matt pointed out, we were still getting more people than the skates.

MLT - Saints ledge!

Totally agree MLT not worried about saying what is the truth, their fans are C**p and they cant fill a 20k ground when in the premiership!

According to Times on-line Portsmouth must find £7 million before the end of the month if they are to avoid being wound-up, the High Court heard today. HMRC claimed that Portsmouth must pay them £7 million before the end of March and a further £7 million before the end of May to avoid being wound up.

HMRC also challenged the basis on which they entered administration last Friday.

Lawyers told the court that Portsmouth's debts stood at £86 million and that they valued the squad at £21 million - £17 million less that Peter Storrie's estimation last week.

HMRC then went on to raise three main questions in court. The first was whether Andronikou was validly appointed as Portsmouth's administrator, the second was whether Andronikou was acting independently and the third was that they asked for evidence of all transactions between Chainrai and the club to be made available to them.

“This shows that the Revenue are seriously annoyed and probably fear that they are being taken advantage of,” said Danny Davis, an insolvency expert at Mishcon de Reya, the lawyers. “If they are going to these lengths, they may feel that something is wrong in the process. The judge could uphold their claim and consider the administration invalid, dismiss it or potentially order the company to be wound up.”

More Smoke and Mirrors from Fratton Park

Portsmouth's future remains unclear as they have been told they must return to the High Court later this month after HMRC challenged the club's decision to go into voluntary administration.

HMRC believes administrator Andrew Andronikou is not independent and a judge has agreed, ruling that there was a 'shadow cast over the appointment of Pompey's administrators'.

Judge Alastair Norris has ordered the club to produce evidence of the payments Portpin ltd has loaned to them by March 12 and, if the move into administration is not found to be valid, Pompey could be liquidated.

Mr Justice Norris said: "It will be necessary for it to be established that new money was given for the charges when granted.

"Unless that can be established the charges will be voided. The Revenue are concerned that no new money was given. The basis for that concern lies in evidence filed by the company in answer to the winding-up petition."

Hopefully the Turd That Will Not Flush will, eventually, be consigned to the sewage of football history. We can but hope. Radio Solent said earlier that liquidation looks 'less likely now', but I think they're being disengenuous as it's more likely not less likely - but then, they're fond of the skates and are trying to keep the SBF's spirits up.

I see the skates are currently leading Brum 1-0 in the FA Cup game with about 20 minutes to go. I wouldn't put it past those jammy bastards to win this and the next one, get to the final and then fluke their way out of the mess they're in.

Why can't this odious bunch of cretins take their medicine like we had to? Disgusting fans, disgusting club.

Whinge, whinge, whinge, etc.

Springs here at last, but it's freezing in Pompey. Below freezing - in fact, it's -9. Yeah, I know it's an old joke but up yours skates, have it right back.

Couldnt agree more. Now moaning that PL are picking on them, that fine of £1m unfair. seems they were just using illegal bank accounts! Dont fine them, kick them out. Also now looks like the administrator appointed by the club is dodgy no wonder HRMC are watching them like a hawk. See link below

http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7069905.ece

Still when they lose to Arry in cup semi, then get relegated 8 points from safety, then get 15 point deduction for next season for not getting CVA then they will have something to moan about!!

I see the CHEATING Skate SCUM are to be allowed to sell some players outside of the transfer window as a special window has been opened for them:

Cheating Scum allowed to sell players

Have they got a decent right back we can loan?

It'd be hilarious if we pinched a player or two off them. I would PMSL.

Some justice has been done at least, they are - finally! - out of the Premier League and, hopefully, will lose this afternoon.

Cant remember when I have wanted spurs to win a game so much. Originally thought 6 nil would be good but perhaps 1 nil with a dodgy penalty in last minute scored by defoe!!

I hate Saggy Face but I think there's a delicious irony about the man who had a hand in their downfall, potentially putting the boot in (no matter how much he really might not want to) and heaping further misery on them. I don't like Spurs but I hope they dish it out to the skates this afternoon.

Perennial Underachiever wrote:It'd be hilarious if we pinched a player or two off them. I would PMSL.

Not sure they have anyone we would want.

Didn't know who to support today for obvious reasons but supported Pompey as the underdogs and because I hate Redknapp more than them. Spurs weren't at their best on the day and Pompey deserved their win although the penalty was certainly dodgy.

Agree about Terry SFC it was a very poor tackle. Never really been a fan of him but now I feel he has seriously affected what chance we had of doing well in the world cup with the affair scandal and yesterday he could easily have broken Milner's leg. Milner has I think been in the 3rd best form this season of the England squad (after Rooney and Lampard) and will play a big part in the summer.

Hope HMRC hold firm this week at the creditors mtg and reject any crooked proposal that the administrator puts forward. Clearly having shown debts of £70m at the High court mysteriously now nearer £120m. Could they still be wound up?

According to Sky today:

"Portsmouth's administrators have revealed the relegated Premier League club's debts are now a staggering £138million.

It was initially disclosed in a report to creditors last month that the club were £120million in the red, but at the creditors' meeting on Thursday to discuss proposals at how they would be repaid, it has been revealed the debts have risen substantially.

The stricken South Coast club's creditors were invited to Fratton Park to approve the drafting of a debt-repayment plan that will enable Portsmouth to emerge from administration.

However, the full scale of their financial problems have been revealed to show the side are in even deeper trouble than first thought."

Looking very very bad now for Pompey. Can't see many investors being interested with that debt.

I don't see how the debt can be unknown. The administrators should know by now where they stand.

Its all a scam and cant see how they can be allowed to get away with it. Chanderai will end up keeping the club for next to nothing with no debt. Some of the new debt are new bills which are not being paid i.e Tax and the "new" amount of debt clearly shows the club was/has been trading while insolvent which is illegal and at the least Chanderai should be banned from running any football club in UK.

Portsmouth FC has put its radio station into administration, and is continuing to broadcast while a buyer is sounded out.

The Portsmouth station, Quay Radio, is a separate entity to the football club and is being run while the administrators, Michael Kiely and Andrew Andronikou of UHY Hacker Young LLP in London, set about selling the business.

Rumour has it that the station could be snapped up by production company Celador and renamed The Breeze, which would combine to create a single brand alongside Play Radio in Southampton and Winchester.

If they are so short of funds why don't they just close it?

I see HMRC is going to appeal against the CVA. More fun to come yet, by the looks of things.