Portsmouth given Winding up Order

Well the creditors will have to agree to Pompey resolving their debts for them to come out of administration. I can't see HMRC accepting anything less than £1 = £1 for their debt.
 
daz said:
Well the creditors will have to agree to Pompey resolving their debts for them to come out of administration. I can't see HMRC accepting anything less than £1 = £1 for their debt.
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Yeah HMRC won't accept anything less than the full amount, so they'll still have to find £11.5m from somewhere?
 
I really think HMRC might look to make an example out of Portsmouth and push for winding up or liquidation.

As that BBC article says, too many clubs use what should be paid as VAT/PAYE/NI money as working capital.
 
About time. And one can only assume come the end of the season they will be no more. I mean how they will survive in the Championship anyway.
 
Chester City have been kicked out of the Conference too.

They're to face a winding up order in 2 weeks time, which looks grim.
 
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Bye bye Chester City Football Club 2004...hello City of Chester Football Club? :D



Hopefully CFU will be able to get something sorted for the new season since the council have said they want football in Chester, no doubt Chester City will get done by the High Court on 10th March.


As much as I dislike them and the place it's rather sad.



In other news...Bournemouth ain't looking too good now either.


http://news.bbc.co.uk/sport1/hi/football/teams/b/bournemouth/8538198.stm


Bournemouth have been served with a winding-up petition by HM Revenue & Customs over a £314,000 tax bill.

Chairman Eddie Mitchell, who revealed the petition at a fans' forum on Thursday, told BBC Radio Solent the club have until 31 March to pay it.
Mitchell said they were ready to pay £100,000 immediately, leaving them five weeks to find £214,000.

The Cherries, who are second in League Two, have been under a Football League transfer embargo for more than a year.
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I would think Bournemouth will try to postpone any administration until after their last game given their league position, that way they take any penalty next season.
 
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Rich_L said:
I guess that's last place in the league sewn up :p

I'm struggling to see how they will get out of it even if they are in administration though - they have virtually zero assets apart from the players which don't even cover their debts.

On the one hand at least they will fulfil their fixtures now but on the other it's a bit ridiculous really that a business which so obviously is not a going concern can carry on like this.
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The key thing about football clubs compared to most businesses is that demand for some of the products (matchday attendances) is relatively quality inelastic. Even if the quality drops substantially (players leaving) you still get fans turning up every week. So even when in serious financial trouble they can still bring in an income. The key thing is ensuring that matches go ahead, i.e. pay your police bills, retain access to the stadium (condition of sale) etc.

Then in the summer look to offload the big earners, if necessary play Championship football next season with half the youth team, you will always get talented youngsters wanting to chance their arm for a chance at fame even if only being paid a pittance in relative terms.
 
SSN are reporting that Pompey are being dragged back into court tomorrow, the Inland Revenue are contesting the club going into administration.
 
It all looks like the HMRC want to make an example out of Portsmouth and nail them to the wall for all to see.
 
Eek! they really are all out to get them !

http://www.telegraph.co.uk/finance/...etition-against-Portsmouth-football-club.html

it seems they are in for a busy day in court today.
Stolen From the BBC 606 said:
COURT 53
Before MR JUSTICE NORRIS
Tuesday, 2 March 2010
At half past 10
GENERAL LIST
GLC 37/10 Her Majesty's Commissioners for Revenue and Customs v Portsmouth City Football Club Ltd
GLC 38/10 Same v Same
GLC 51/10 Same v Same
GLC 52/10 Grosvenor Basingstoke Properties Ltd and Grosvenor Basingstoke Management Ltd v Portsmouth City Football Club Ltd
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