I dont wish to see pompey liquidated, and I really dont think it will be, but I was wondering from another point of view, the view of those owed money by pompey, should the club still be running? The way I see it, the club is in debt and each week has to pay wages and cover other costs. Believe Birch says the club will run out of money come June and that there has been no bid for ownership yet. To my mind this means there is cash in the bank which, if pompey were liquidated now, could be used to pay off some of the people owed? Seems that if worst comes to worst, Birch is just waiting till all that money is drained off and will then give up, meaning less debt will be paid? I may have completely the wrong end of the stick, but somehow, to me at least, that seems morally wrong.
The best outcome for all is for Pompey to be kept as a going concern and Birch is pursuing all possible ways of achieving that which is the right thing to do.
I think that Birch has a responsibility to maximise the amount of money recouped for the creditors. If there was no prospect of a sale then he would have to liquidate the Club to protect the money left as you suggested. On the other hand, if he feels that he might sell the club with its league one status for more money than as a non-league concern, then it would be better for the creditors for him to keep it going. I think he is legally accountable for the decisions he makes like any board of directors. Either way, the situation will have to be resolved in the next few weeks as the money will soon run out.
Ignoring SB3's little jibe, I honestly don't know the answer and suspect that only Trevor Birch and a few others do. However, I am sure he will do what is legally right and, whatever the outcome, we must accept it. If I take my blue tinted specs off, the whole situation seems morally reprehensible but, obviously, my tribal instincts lead me to hope that we survive in spite of that.
Leaving aside the fact that it's a football club, PFC is a business, which employs staff. Any administrator will invariably go into a business and try to sell it as a going concern, and/or restructure the business to make it sellable - that is always in the best interests of the creditors and the staff. We're seeing it time and time again with retail chains, they sell off large parts of the business and close down non-profitable parts. The only assets PFC has got are the players - so they are being sold off to realise liquidity for the creditors. The facts are that Pompey does have future income streams so the business is probably worth saving if costs can be reduced to equal the level of income. However the administrators can't run the club indefinitely so a buyer has to be found or it will be placed into liquidation. I think there are 1 or 2 buyers but they are waiting for another CVA to be agreed first as that will reduce the debt they will be taking on. I agree with Leading Fish though, the whole situation seems morally reprehensible - but I too hope we manage to survive.
Agreed, and to be honest, I would like to think this is probably the opinion of most decent Pompey fans
There's an interesting interview on Sky with John Utaka regarding Pompey - he speaks almost fondly of the club. http://www.skysports.com/video/inline/0,,16465_7737433,00.html
Unfortunately it is even worse than the naughty step. I have a feeling it will be a long time before he can post on the Saints board again. Certainly while he has that huge chip on his shoulder at any rate......
I can not honestly remember the last time I went on your Board I have been on my very best behaviour of course!
Is there a way for PFC to progress? Can anyone remind me of Brighton's situation for many a good year where they were lodgers at a number of venues? Sell off FP to help pay the debt and play at other venues in the South whilst maintaining League 1 status. Brighton managed it so I am sure PFC can.
"Then they are trully up the creek without a paddle!" However he is one of their creditors!. Let him have the park thus reducing their debtto him and if possible play elsewhere! Or is that a non-starter? He lent them £17 million. They can't pay him back so he takes ownership of FP! Do the club still owe him the £17m?
According to the supporters trust there is, in current effect, legislation from the Portsmouth City Council specifying that Fratton Park and the surrounding undeveloped ground can only be used for Football purposes, that if someone bought it and attempted to tear it down and replace it with flats or shops or whatever then the City Council can buy it off them with a compulsory purchase order. This has been approved by the government meaning that Fratton Park can only be sold to someone who wants it to remain a stadium and the area can only be developed to improve the stadium's facilities. Additionally the trust states that whoever owns the stadium can challenge the council on this matter but doing so would cost far more than the land is worth and so it would not be worthwhile.
It does amuse me seeing you on our board pretending to be a Saints fan and trying to stir up the South Coasts Best fans. It must very painful for you to pretend to love the Red and White
The last time you went on the Saints board......was the reason it was the last time you went on the Saints board.
That is only to your knowledge Channon! In mitigation I only said St.Brendy was a menopausal old bitch and not fit to be a moderator , as she suffered from mood swings, which may impair her judgement, now thats hardly offensive just what I deduced based on the evidence before me! Now run along to your own Board Channon, or you may end up on the naughty bench with me!
