It just shows that the "fit and proper person test" is a complete farce.
Portsmouth given Winding up Order
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It just shows that the "fit and proper person test" is a complete farce.
I am shocked and appalled that fans of healthy lower division clubs like Brackley Town and Durham City can sleep at night knowing that clubs like Portsmouth are struggling to meet their debts. If every one of them gave just a few pounds, why, Kanu could probably buy himself a nice dinner for the night. Don't they realise that teams like Pompey are the lifeblood of English football? 
Can't the players now leave freely during the transfer window? not paying wages is a breach of contract I thought.
Obviously finding a better club is another matter.
If West Ham stay up because of Portsmouth getting chucked out I'm screaming conspiracy.
Obviously finding a better club is another matter.
If West Ham stay up because of Portsmouth getting chucked out I'm screaming conspiracy.
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Not sure if late payment of wages necessarily entitles people to tear up their contract, I suspect there must be some clauses around it happening persistently or with no clear outline of how the problem will be rectified, otherwise admin/banking mix-ups could cause havok when there is no fundamental underlying problem.
Could be tough times ahead for Pompey if they need to hold a fire sale to raise funds, what with 4 players at the ACoN.
Premiership clubs won't fold easily IMO because they have a pretty much guarenteed revenue stream, in contrast to most businesses. You will still get fans turning up every week even if the quality of your product diminishes (i.e. highest earners leave meaning they field a lot of youth players). This means that creditors would normally be fairly patient (which is why I find the HMRC thing all the more surprising).
Could be tough times ahead for Pompey if they need to hold a fire sale to raise funds, what with 4 players at the ACoN.
Premiership clubs won't fold easily IMO because they have a pretty much guarenteed revenue stream, in contrast to most businesses. You will still get fans turning up every week even if the quality of your product diminishes (i.e. highest earners leave meaning they field a lot of youth players). This means that creditors would normally be fairly patient (which is why I find the HMRC thing all the more surprising).
Caporegime
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Meh hard situation to call really, their wages have only ever been late, not completely missed and a few days is hardly putting anyone out of house and home.
At the moment there was a LOT of debt taken on by the owners and moving 10mil here, paying off 5 mil there and 4 mil in taxes takes time. Look how long its taken the tax guys to look at Redknapp and finally take some action against what they think is missing taxes. It will take a long time for the new owners book guys to go through the books, dispute charges and work out whose been paid what and whose owed what and for why. Especially with Redknapp having been at the club, thats probably about 7000 transfer to look into and check out properly.
If they are right at the tax people have gotten the wrong numbers, you don't just pay 5mil when you think its really 4.2mil. It can go either way, the guys funding comes through, some investments he was looking to sell get sold and he has a load of cash to through at the club. Maybe he's got no cash at all, maybe its just a case of waiting to pay off all the last debts before investing, which is the smart thing to do.
Its really impossible to say at this point, though the funniest thing has to be the complete lack of discription by any news sites as to what a winding up order is. I think sky/footie 365 finally had another article about the winding up order in which they jokingly said, "whatever that is" after it. So many news sites posted the news, like it was shockingly bad with intirely no idea what it is, I don't know what it is either.
Hangtime, afaik the creditors were being fairly patient, for a long time, but they've been owed cash for a long time and are starting to think they might not be paid I guess. Though a lot of whats owed is what seems like extra little agent fee's in the literally dozens of deals Redknapp gets through, and I wouldn't be surprised to see any half sensible people scrutinise every last detail at all. From the outside it just looks so dodgey, the pure number of deals Redknapp gets through and the amount of seemingly extra agent fee's always involved with those transfers.
At the moment there was a LOT of debt taken on by the owners and moving 10mil here, paying off 5 mil there and 4 mil in taxes takes time. Look how long its taken the tax guys to look at Redknapp and finally take some action against what they think is missing taxes. It will take a long time for the new owners book guys to go through the books, dispute charges and work out whose been paid what and whose owed what and for why. Especially with Redknapp having been at the club, thats probably about 7000 transfer to look into and check out properly.
If they are right at the tax people have gotten the wrong numbers, you don't just pay 5mil when you think its really 4.2mil. It can go either way, the guys funding comes through, some investments he was looking to sell get sold and he has a load of cash to through at the club. Maybe he's got no cash at all, maybe its just a case of waiting to pay off all the last debts before investing, which is the smart thing to do.
Its really impossible to say at this point, though the funniest thing has to be the complete lack of discription by any news sites as to what a winding up order is. I think sky/footie 365 finally had another article about the winding up order in which they jokingly said, "whatever that is" after it. So many news sites posted the news, like it was shockingly bad with intirely no idea what it is, I don't know what it is either.
Hangtime, afaik the creditors were being fairly patient, for a long time, but they've been owed cash for a long time and are starting to think they might not be paid I guess. Though a lot of whats owed is what seems like extra little agent fee's in the literally dozens of deals Redknapp gets through, and I wouldn't be surprised to see any half sensible people scrutinise every last detail at all. From the outside it just looks so dodgey, the pure number of deals Redknapp gets through and the amount of seemingly extra agent fee's always involved with those transfers.
You have every right to withdraw your labour if you are not paid in timescale laid out in your terms and conditions.
Don't know if Premier League contracts are the same, but with Football League contracts a club is in breach of contract if a player isn't paid within 14 days of his pay date.
Victor Moses at Crystal Palace is threatening to leave because of this. In fact, this would allow all of Palace's players to leave the club for nothing provided each player puts their request in writing and gains permission from the Football League
Victor Moses at Crystal Palace is threatening to leave because of this. In fact, this would allow all of Palace's players to leave the club for nothing provided each player puts their request in writing and gains permission from the Football League
+1
The Premier League body who carry out these 'fit and proper person' tests need to be looked at. How on earth can they do it twice to the same club in a matter of months. Then there's the Man City take over from a few years ago that shouldn't have been allowed.
I hope that they bring in a rule that no one can own 50% or more of a club, the Glazer situation is a ticking time bomb at Old Trafford. Honestly how do they expect to make any money, it just doesn't make sense to me at all.
Not sure how legal any "no one can own 50% or more of a club" would be for PLCs. Presumably they have to abide by the City regulations.
It would also be a bit of a kick in the teeth for existing majority shareholders who would be forced to sell a sizeable stake (possibly at a knockdown price, because it's a forced sale).
Imagine Boro get promoted back to the Premiership, and you have the gall to go up to Steve Gibson and say yeah, you've been Chairman for over 15 years, and on the board for over 20 years, and longtime 'owner' of the club, but you've got way too many shares son. You need to sell up 45% of them.
Talk about moving the goalposts.
It would also be a bit of a kick in the teeth for existing majority shareholders who would be forced to sell a sizeable stake (possibly at a knockdown price, because it's a forced sale).
Imagine Boro get promoted back to the Premiership, and you have the gall to go up to Steve Gibson and say yeah, you've been Chairman for over 15 years, and on the board for over 20 years, and longtime 'owner' of the club, but you've got way too many shares son. You need to sell up 45% of them.
Talk about moving the goalposts.
Look at the German league for a perfect business model. Money is getting out of hand in the EPL. I think it's time for clubs to rebuild relations with the fans. I'd also bring in salary caps, resulting in lower ticket prices.
No change would be overnight, everything would be gradual. I'd also do away with agents and agents fees. I recently read an article, not sure how accurate it was but the agent's fees for some of the lower placed teams in the EPL was shocking.
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If the club are stupid enough to sell to someone with no money, how is that the FA's fault?
Caporegime
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Players were supposed to be paid today, they now saying tomorrow
Bit bemused by this: http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8439545.stm
I thought Arsenal were owed money on the Diarra deal (probably due to the large sell-on clause, rumoured at 25-40%) - where's our money, you thieving ****?
I thought Arsenal were owed money on the Diarra deal (probably due to the large sell-on clause, rumoured at 25-40%) - where's our money, you thieving ****?
Doesn't look good. I fear for administration. Relegation is a certainty if we do have to sell in January. The most annoying thing is the lack of information. Clinging on to the hope that they wouldn't bring in a decent manager (on decent wages) if they were just asset stripping...
On the upside hopefully burnley will collapse when Coyle goes
On the upside hopefully burnley will collapse when Coyle goes
Odd I heard that on the radio, after I'd read this the day before.
http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8435997.stm
