Hello Pompey fans. Firstly, please try and see past the fact I am a Saints fan! Any help would be greatly appreciated. For a job interview I have soon with an accounting firm, I need to prepare a presentation about an industry of my choice and their problems. I have chosen football, more specifically Portsmouth. You've entered Administration for the second time in as many years, and as many websites as I look around, I can find the facts...Antonov was arrested, CSI goes into administration, Pompey buckles with it, etc. But why? What's gone wrong with the ownership of Pompey, how could it be changed? Cheers
Hello saintnige. How long does your presentation have to be? Will you be making a comparison to a successful business? Failure to invest was probably the biggest financial threat - for that go back to Milan Mandaric and how the monies were spent. The failure of due diligence, you can read the recent article on Peter Storrie to get the most info on that - unbelievable. As CEO surely he was the chief financial officer? The reasons for Gaydamak buying the club, which I believe was to build a new stadium on the waterfront along with executive apartments, without doing due diligence, his planning application failed as it would be a hazard to shipping (at least so the story goes). There's a start for you. Once you start reading up you'll probably go for an easier subject, like toxic loans in the banking sector
What short memories the scummers have, try looking at your own club and Rupert the duckhunter.............http://news.bbc.co.uk/sport1/hi/football/teams/s/southampton/8014811.stm
Maybe - but that was a while ago, and as the song goes............... anything you can do we can do better
I'm more than aware saints had the same problem, but the presentation criteria is to discuss a business and the problems it's currently facing, and how our (the accounting firm in question) company could help it. This is why I'd like some opinions on what could be changed, is there anything you reckon the administrators in particular perhaps could do differently, or which kind of buyer they should look out for? Thanks for the information provided, do you feel that it's the irresponsibility of the owners, particularly this Russian criminal, who drag the club down, the running of the club or any aspect of financing in particular? The presentation should be about 15 mins long. Cheers!
Alleged criminal saintnige - alleged! The administrators report is now available - if you go on the Pompey FC website you can download it, there are figures available as well. Makes interesting reading. Many questions still unanswered as you will see. I doubt if there is anything an Accountants firm can do at the moment until the Administrators have finished their work. Going forward......... who are the most credible potential purchasers? The Trust have gone public but there are 2 or 3 "interested" parties, waiting for a CVA to be agreed probably. If you decided to assist the Trust - they will be looking for either a stake in the purchase along with another buyer, should this be 26% to have any real impact on voting rights? If they want to purchase outright it will be as a CIC (a Community Interest Company) - worth reading up on this as it is a hybrid form of company where it operates as a normal business but the assets are locked for the benefit of the community. This is where a firm of accountants can help, with share issue etc. and if they have any potential investors who are looking for an ethical business to invest in with a more longer term and modest return, it's no good for venture capitalists who are looking for a quick buck return. Advising on sponsorships etc is another area to get involved in. As soon as you see the figures you might have more idea how to pitch the presentation. Good luck - hope you get the job.
Saintnige, Q. Which kind of buyer should they look out for ? A. A potential buyer who isn't (a) Russian or Middle Eastern; (b) Skint; (c) actually exists; (d) doesn't intend building any underwater stadiums, etc.; (e) Is in it for the long term, not out to make a quick buck by developing land around the ground, etc.; (f) is a football fan generally, or of PFC in particular. With regards to the irresponsibility of the owners (numerous), you can add the name of our former CEO - Peter Storrie - who allowed us to build up our debt, without it appears, to be duly worried about the future of the club, and the good old FA, and their magnificent 'Fit and Proper Persons Test', which all our recent owners appeared to pass without any problems being exposed at the time. I reckon your presentation could be hours long with what has happened to our club since Milan Mandaric left the club in the "capable hands" of Messrs. Gaydamac and Storrie. Good luck my friend, hope you get the job
Thanks a lot 3rd Eye and Wooperts_duck, some great informaton there. I'll definately have a read up on the articles and content you've mentioned and see if I can find any interesting figures that give the impression I know what the hell I'm talking about! Might be a bit bitter sweet knowing I got the job off the back of Portsmouth fans Oh well, cheers for the help!
You can find out about a CIC from a couple of websites - www.pfccommunityclub.com and from the CIC Regulator website. 2 Scottish clubs have already gone down that route.
2 other things worth mentioning - lack of investment in the infrastructure - for 7 years in the PL we got a roof on the away end of the ground.............. shameful, and lack of relegation clauses in player contracts.
Cheers again Third Eye I'll have a read up. And a good shout Jaytab but I've had a tip off that half the management at the firm I'm going for are Saints fans with a few Pompey scattered about so I'm hoping this will be slightly more engaging.
I think like many clubs try it was a scenario which was, 'let's get back as quick as possible' and has backfired big time!
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