Is this the end for our beloved club!? The administrator was banking (excuse the reference to money ) on the parachute payments, and he now doesn't believe that we will have enough funds to make it to the end of the season! How is this even possible, the players aren't even getting paid, so what he is saying is that we aren't even self sufficent enough to pay for the basic running costs of the club. Sorry fella's but I think today's news MAY just be the final nail... RIP Pompey, PTID! For all info, please click this link (if you are feeling brave, it makes for some grim reading...) - http://www.newsnow.co.uk/h/Sport/Football/Championship/Portsmouth
Where have you read, Jake, that Parachute payments are going directly to Sasha Gaydamak and not to PFC ?!
Where does that leave an extra points deduction? You get extra for not exitting with a CVA, surely not honouring a CVA should carry the same punishment. I wonder if anyone has contacted the FL, to find out the position.
We currently are honouring the CVA (hence why the payments are going to Gaydamark). Saying that, if we were to face a points deduction, it would now happen next season (if there IS a next season for us...)
Birch said thatthere were only 2 routes for PFC, to go into liquidation, or come out with a second CVA. he said if the second CVA was also 20p in the £, then the creditors from the original CVA would get 20% of their original 20% i.e. 4p in their original pound! However, he did not sound hopefull that there was enough money to complete the season, even with deferred wages etc, as he was factoring in the first time the additional EPl parachute monies, which it now seems, as per the original CVA are going directly to Gaydamak (well the next 4 are totally £2+ million. Not sure if this means they are currently not complying with the CVA or he is just warning of the outcome of a second CVA??
Why honour the old CVA , that related to debt of £140mn? A new CVA will need to be agreed for just the £4mn plus any other skeletons in the cupboard, would that then not let us keep the Parachute payments and point two fingers to SG and for that matter the FL. Fit and proper tests ,my arse.
I'm not sure I fully understand that properly (I suffer from Aspbergers, and don't always get everything the first time) - would you mind rewritting it or explaining what you mean please?
It seems that by getting rid of AA and having a proper administrator in place, the whole thing is unfolding daily. It begs the question would you rather have AA, a dodgy CVA and more shady owners or start again in the lower leagues. Perhaps you should have taken Chinny's 500K to get you through the season.
Not a wind up, but first story on Talksport's 2pm news, was that unless there is a "significant event", they will not complete the season,then ended with "more about this later".
I honestly don't think we'll scrape through this time :'( It's got to the stage where I would take ANY new owner who rode in on a white horse to save us, ANYONE!
I would volunteer , the only thing is I am spending all my millions on an underwater hotel in the Solent.
Things don't look good do they? We will encur a further points penalty next season if a new CVA cannot be agreed. I think I read somewhere that the reason SG is getting these payments now is because it was agreed with AA to get SG to sign the old CVA - surely that is bribery? The longer TB is here - the more skeletons he is pulling from the closet. I am of the mind set that IF we get liquidated, then a full police enquiry into the goings on at PFC are revealed as something does not add up here. There are bribes being paid, hell, even BC blackmailed us into taking £500k to reappoint AA - surely that is totally illegal also? What ever happened to the supposed £2mil that CSI are "holding" for us? Found the pockets of the criminals? - probably!
PUPFJake, Birch seems to be saying that there are only 2 routes left for the club:- 1) no buyer comes along. The club is wound up, all assets sold and the monies used to pay a small part of what people are owed. 2) a second CVA is put in place, with a new owner. Just like CSI they only pay pennies in the pound on debts, just as CSI only paid 20p in each pound. Birch is saying that creditors from the first CVA would then only get a small part of their debt, and it could be as low as 4 p for each £1 owed. so if you were originally owed £100, CSI agreed to pay you £20, and the new CVA will only give you £4 of that £20. Birch was expecting to get £2 million from the EPL as parachute monies to help you through to the end of the season. These monies have been promised to gaydamak, so Birch needs to find more monies from somewhere else. Hope this helps.
