Sixteen Days To Save Portsmouth

Ian

Ian began writing Twohundredpercent in May 2006. He lives in Brighton. He has also written for, amongst others, Pitch Invasion, FC Business Magazine, The Score, When Saturday Comes, Stand Against Modern Football and The Football Supporter. Ian was the first winner of the Socrates Award For Not Being Dead Yet at the 2010 NOPA awards for football bloggers.

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9 Responses

  1. anon says:

    This isn’t going to be popular but I hope they go the way of Rangers, as they should have done beforehand.
    The only way teams will change their attitude is bankruptcy and starting again in non league.

  2. Joe - Vancouver Canada says:

    Yes it might be down to the players to hand the club over to the supporters and, ironically enough, it seems the best way they can guarantee this is to refuse to leave or give up their demands.

    Play up Pompey even if it will be against the likes of Havant & Waterlooville and Newport, Isle of Wight for the next few years.

  3. JCL says:

    So many issues to comment upon but I’m going to focused on just one to give a little analytical focus of the PFC situation: the parachute payment schedule.

    Remarkably for a football club on the verge of liquidation, PFC have two years of cash flow available to them through the parachute payments worth in excess of £14m.

    Current Football Creditor liabilities are in the region of £10m including all the deferred wages to date and compromise deals with some players who have already left Fratton Park (Mullins, Mokoena etc).

    So there’s around £4m to pay the £500k to unsecured creditors, pay some of the administrators PKF bills and agree compromise deals with the remaining players. There’s also a hanging issue of £2m secured debt being owed to Gaydamak which hasn’t been resolved clearly.

    You would have thought that getting PFC to honour their CVA agreement & football creditors debts using the parachute payments schedule of two years would be the sensible timeline as it give security to all concerned and allows the club to live within normal League One income streams. This isn’t happening.

    Instead, players are being offered compromise deals spread over four years rather than two. Given that one of the Chainrai brothers has stated that they don’t want to be in charge after the parachute monies runs out and also given their previous history, doubts about their intentions have to be uppermost in the players mind. For Ben Haim who spent 6 months in 2011 not being paid thanks to a dispute between the Chainrais and his agent Pini Zahavi over a failed move to West Ham – cynicism is understandable.

    Yet it would be simple enough to have the parachute payments hypothecated to allow players to have the confidence to know that they would receive their compromise deals over two years.

    Such a hypothecation would mean that there would be little money available to underwrite the club’s trading position from the parachute payments and instead would require that the new ownership would have to provide that instead. This would be part of the discipline for the club to be “living within its means”. However it would mean that PFC would be free of football creditors by the end of next season. Something the rest of the Football League might appreciate.

  4. Terry says:

    Yet another set of figures for the football creditors. The PST spokesperson has been referring to a total of +/- £30 million of football creditors with only £14 million on PP available. Hence the need for serious compromise by all parties. Portpin on the other hand are reported as refusing to consider giving over the PP income to cover football creditors

  5. old wag says:

    why blame the players ? someone offers you a good contract and you accept…..

    Its not the players fault – its the management of Portsmouth – the greed and stupidity….

    Portsmouth were offering the best wages in the championchip last season and lost £ 45 million in 18 months without paying any of the previous CVA. The league should have thrown them out already !

    They need to start again (at the bottom of non league like wimbledon) owned by the fans. Balancing the books – only paying what they can afford.

    The FA/league have to take alot of the blame for this….but many more clubs need to fold before they will act – bringing in a wage cap and proper published accounts available to all……

    (the players are guaranteed their monies owed by the PFA / league – they sanctioned their contracts)

  6. SJMaskell says:

    @Old Wag

    In a liquidation scenario the players are guaranteed nothing. There will be no money in PFC to pay them. They will revert to unsecured creditor status. There is no money in the PFA for such a situation and the Parachute Payments revert to other Championship clubs, not the players.

  7. ejh says:

    There’s a comparison to be made with the Ashton Gate Eight, who were offered half the money due to them in order to leave.

  8. old wag says:

    to DJMaskell

    ”the money goes to the other championship clubs”

    is that a written rule or one of the FA/league made up on the spot rules…?

    the fact is pompey have burned almost £ 200 million in unpaid bills and the fans and journo’s still dont get the cheating that pompey has got away with (I wonder who they will buy from the FA/league to cheat this time…)

    this will all go to court (imho) – £ 14million doent just dissapear unless its pompey…..pay up pompey – cheating again…

  9. SJMaskell says:

    It is what the Administrator, the Pompey Trust and Begbies Traynor have been told by the Premier League who are the source of the money.

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