The Portsmouth CVA Is Proven To Be Completely Above Board

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6 Responses

  1. Martin says:

    As a Leeds fan, it’s refreshing to see the administration process happen at a club where it can be reported without preheld judgements and prejudices. Now supporters can find out the inconvenient truths without being told how shady the characters involved are.

  2. John says:

    Only after Portsmouth agree to go to court to effectively defend the Football Creditors 100% ruling and declared voting rights (which they will have to do when HMRC challenge the CVA on the 28th day) will we see whether the Portsmouth CVA Is proven to be completely above board.
    The chances are the CVA will be scrapped before hand and the club sold on, then without a completed CVA the club will have to ‘buy back’ the Golden Share (the entitlement for a club to play in the Football League) for a price…
    Expect at least a 15 point deduction – possibly more due to the crass way that Portsmouth were trading (particularly in the last transfer window) whilst insolvent.
    Since the member clubs agreed that exiting administration without a CVA should carry a points penalty only Southampton have exited a administration without a completed CVA and not received a points penalty.

  3. Richie says:

    Southampton started last season on minus 10!

  4. Rob says:

    @John: Southampton didn’t get a penalty for exiting administration without a CVA, as the new owners settled all debts as part of the process of buying the club. I don’t think anybody would suggest that we should be deducting clubs points for settling all their debts.

    @Richie: The 10 point penalty was for entering administration

  5. oftenscore6 says:

    As John predicted, HMRC have appealed – seems to be on the basis that they had more then 25%, as £13m owed to them was not included in the voting strengths…?

  1. February 13, 2011

    […] or so from even the highest quotes or estimates beforehand. This set off some alarm bells, and some memories of earlier CVAs which had been passed after friendly creditors suddenly remembered they were actually due lots more […]

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