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Pompey in administration

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  • Pompey in administration

    Portsmouth, with debts of about £60m, have become the first Premier League club to enter administration.
    The club will be docked nine points as a result and face almost certain relegation to the Championship.
    Pompey, who have had four owners this season, were due to face a winding-up order on 1 March but decided to go into administration in a bid to survive

    BBC Sport - Football - Pompey become first top-flight club in administration
    Never Fear the Event

    Admiral Lord Nelson

  • #2
    Sad debacle for the club, when you think they won the FA Cup in 2008.


    • #3
      There are a lot of English football clubs in deep financial trouble at the moment and they're relying on foreign benefactors to bail them out. But there are only so many Abramovic's out there and there's every indication that the English Premier League is losing it's lustre. And if it's bad for the EPL then the knock-on effect for the teams in the lower tiers could be devastating.
      Signing out.


      • #4
        Just a link for Pompeys history, with Sir Arthur Conan Doyle mentioned as our Goalie.

        Portsmouth FC a brief history
        Never Fear the Event

        Admiral Lord Nelson


        • #5
          Looks like HMRC are spitting blood over this, I think they may be planning revenge for the 2002 Enterprise Act. In effect the Enterprise Act allows football clubs to operate outside the normal insolvency law where HMRC would be the preferencial creditor.

          (for the anoraks among us I've linked to the Act, the relevant section is this one)

          251 Abolition of Crown preference

          (1) The following paragraphs of Schedule 6 to the Insolvency Act 1986 (categories of preferential debts) shall cease to have effectó

          (a) paragraphs 1 and 2 (debts due to Inland Revenue),

          (b) paragraphs 3 to 5C (debts due to Customs and Excise), and

          (c) paragraphs 6 and 7 (social security contributions).
          I reckon they'll do everything in their power to make sure that Portsmouth are liquidated so they get the full £12million they're owed. Given that their only asset is the squad unless some other idiot with too much cash ponies up £26million just to keep them afloat until the end of the season it may come to that anyway.


          • #6
            I hope all the clubs will learn from this.
            Since the Bosman Law clubs have always been over their heads with transfers and salaries.
            Time to say enough! I remember reading about the first ever Premiership game without any English in it. So sad!
            All warfare is based on deception.
            Sun Tzu - Art of war - Chapter One - Laying Plans


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