Caporegime
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I obviously can't, but if you were rich, how much would you have to have set aside for the club to safely run it in the Championship or higher for 10 years?
How much to take Portsmouth over?
- Thread starter robfosters
- Start date
http://www1.skysports.com/football/news/11688/7523677/Pompey-debts-revealeded
Going on that they are just under £50m in debt with about £33m of it carried over from their previous CVA? so my complete guess is that they have been losing about £10m a year since..... I'm sure there are lots of clubs in the Championship with far lower expenditure than Pompey though.
Going on that they are just under £50m in debt with about £33m of it carried over from their previous CVA? so my complete guess is that they have been losing about £10m a year since..... I'm sure there are lots of clubs in the Championship with far lower expenditure than Pompey though.
Soldato
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I think they should have used Administration as an opportunity to dump more of their high paid players.
Kanu, Mullins and Ben Haim must all be on big cash. I would say the wages on those 3 are higher than most full squads in the Championship.
Kanu, Mullins and Ben Haim must all be on big cash. I would say the wages on those 3 are higher than most full squads in the Championship.
100m? Got to be a lot to get Liam Laurence out of his 30k a week contract... (at a guess that's who the bbc reference as the man on prem wages in the champ).
By the sounds of it they have been effectively trading in insolvency over the last year or two and should be forced out of business as paying those sort of wages to those sort of players (not very good ones) as it indicates no intention of even completing the last CVA, let alone trading in profit outside of the prem.
If they were actually going to avoid this in the first place they should have done what Plymouth were forced into and had a fire sale to bin off anyone in massive wages last window, but as they weren't in administration in the transfer window so continued to trade illegally because no one was going to force them to stop (despite the inability to honour any contracts with the players, staff or local business)
Hateful missmanagement.
By the sounds of it they have been effectively trading in insolvency over the last year or two and should be forced out of business as paying those sort of wages to those sort of players (not very good ones) as it indicates no intention of even completing the last CVA, let alone trading in profit outside of the prem.
If they were actually going to avoid this in the first place they should have done what Plymouth were forced into and had a fire sale to bin off anyone in massive wages last window, but as they weren't in administration in the transfer window so continued to trade illegally because no one was going to force them to stop (despite the inability to honour any contracts with the players, staff or local business)
Hateful missmanagement.
Should be wound up immediately.
Overspent without considering the ramifications and all this 'think of the fans' rubbish... well did the fans care when they went to Wembley twice on the back of this overspending? Did they care when they had Milan at Fratton Park, or signing all these internationals?
No they didnt... they enjoyed every minute and at whose expense? Other clubs expense who play or try to play by the rules, live by their means or try to. So why should we feel sorry for those fans who rode this success and larged it up? When if they actually used cash they had or intended to pay back they 'odds-on' wouldnt have had that success and thus a team potentially legit would be in their position.
A minty little club who gets something like 15k average fans should never be allowed to pay a player or even players 30k per week, it will never balance the books...
Luckily most teams who go stupid for one reason or another are finding out the hard way: Darlington, Plymouth, Pompey hopefully will go down, Leeds, Southampton did but have been bailed out and are now again doign the same on the back of a foreigners promise.... Luton, Bournemouth somehow seem to scrimp through it but at least they try to cut their cloth by selling.
In the summer they even signed players for cash iirc Huskellop or something was a million or near too... i mean how is that allowed, riddled in debt yet able to fork out more on players that they cant afford which then affects the rest of the league as the likes of Coventry who are struggling financially iirc didnt spend millions to improve themselves just because it could go on some debt sheet for 'later on'.
Overspent without considering the ramifications and all this 'think of the fans' rubbish... well did the fans care when they went to Wembley twice on the back of this overspending? Did they care when they had Milan at Fratton Park, or signing all these internationals?
No they didnt... they enjoyed every minute and at whose expense? Other clubs expense who play or try to play by the rules, live by their means or try to. So why should we feel sorry for those fans who rode this success and larged it up? When if they actually used cash they had or intended to pay back they 'odds-on' wouldnt have had that success and thus a team potentially legit would be in their position.
A minty little club who gets something like 15k average fans should never be allowed to pay a player or even players 30k per week, it will never balance the books...
Luckily most teams who go stupid for one reason or another are finding out the hard way: Darlington, Plymouth, Pompey hopefully will go down, Leeds, Southampton did but have been bailed out and are now again doign the same on the back of a foreigners promise.... Luton, Bournemouth somehow seem to scrimp through it but at least they try to cut their cloth by selling.
In the summer they even signed players for cash iirc Huskellop or something was a million or near too... i mean how is that allowed, riddled in debt yet able to fork out more on players that they cant afford which then affects the rest of the league as the likes of Coventry who are struggling financially iirc didnt spend millions to improve themselves just because it could go on some debt sheet for 'later on'.
Yep to them being wound up immediately as it is blatant rule breaking, any team who brings back a past glory of Benjani needs to sort it out!
Very wrong on the Southampton front though. We were saved by a Swiss billionaire not on the basis of footballing pedigree but on the basis of the facilities of the club its self. We were in £45m of debut because we spent £30m on a new stadium and more on training facilities that would have been great in the prem, but got relegated not long after, but held ambitions of being a successful, well run club, just held back by idiocy and many poor signings/managers.
We are not falling into the same trap as last time because we have no debt as a club anymore (which is such an outstanding feeling), we are buying players on the basis of what they can do (not who they are) and are adhering to a very strict wage budget for the club (hence why there are plenty of people linked with the team but many have been turned away). Plus we have Adkins who's a weird and wonderful manager.
Anyway Pomp are the single worst of the lot of teams that have headed to administration in the last few years as it's been proven consistently they have not been able to sick to any agreements with creditors so like all companies should be forced under.
Ridiculous to compare the two, Southampton were put into administration when Barclays cut the over draft unexpectedly by a couple of million and the then English owners of the club couldn't stump up the cash. The clubs financial difficulties were caused by a succession of boardroom ambushes and one charimen gambling the clubs future for a seaon of success and loosing.
Southampton then ditched all their big earners and played a team of kids for a year but even this couldn't save us when the bank moved the goal posts.
The club was then saved from Administration by a Swiss Billionaire who paid all the clubs debts in full (not 20p in the pound) except the stadium loan with the Norwich Union which was renegotiated and was already in pofit from Norwich unions perspective.
Since then the club has spent a reasonable sum of money but you must remember our academy is probably in the top 3 in the country and has consistently produced big money players the fee for Alex Oxlade-Chamberlin easily put's us in the positive.
Portsmouth on the other hand have been run by a succession of dodgy forigners (Arms dealers, bank robbers, charlatans) and run up massive debts over years including millions to HMRC (ie the British people) they went into admin two years ago and instead of taking the chance for a fresh start imediately went out and signed the likes of Kitson and Lawrence on silly wages, as recently as this summer they were outbidding clubs for players. They have continually abused the system and won the FA Cup on the back of it.
This is the minimum it is due for review at the next FA meeting, I would expect them to get at least a few more points as the FA will want to ensure they are relegated which is then a visible and real punishment for repeat offences, all assuming of course they are not liquidated before the season ends.
If the FA only gives them a 10 point deduction I would expect some pretty strong objections from clubs like leeds and Luton who have previously had the book thrown at them.
I still don't really see how they escape from their current predicament a lot of the debts can't be reduced by administration and nobody seems to know the situation with the CVA from last time round and then even if they are saved a dodgy arms dealer still owns all the ground round their stadium and the car park!