Can the trust support a football team? Getting it is one thing but paying wages and getting in players is another.
The offer from Chainrai is disgraceful and if I was a fan I would rather the club was liquidated and start again. If I was owed money and offered 2p in the pound I would say no and write it off. I hope they find a solution that does not mean Chainrai takes control again. He is only doing it to reduce his losses. The fans taking control may work if they liquidate and start again but can't see how they will survive for long with the ridiculous wage bill they still have going forward. I can't see them getting back to the championship for a good few years whatver happens.
Thing is Sussex, because BC is protecting the money he is "owed", he as offered just a miniscule amount more than liquidation would have brought him. He doesn't give a schit about the other creditors. with regards to the PST running the club with the stupid wage bill, that is a problem which we all acknowledge. It probably won't work unless the bill is trimmed. Ben Haim, Mokoena, Varney, Viking, Norris, Kitson, Lawrence and any other high earner need to be shifted for the club to become sustainable. But i'd much rather the PST get the club and run it within it's means than have BC back. With him there is no chance of moving forward as a club, he doesn't care about Portsmouth FC. With the trust in charge, at least we'll try and build the club slowely but surely.
Can't believe a club in administration is still paying premiership wages to players under contracts signed in very different circumstances. Surely those contracts can be re-negotiated? If you don't have a viable business, how can you be expected to pay those sort of wages? It makes no sense.
I'm sure someone has written it here that players like Kanu have been asked to have their contracts paid up on a percentage, and he has said he won't take anything but 100%. He's entitled to it, of course. But it's bloody heartless, when there are those, within/without the club, who are counting the beans just to see the end of the month through.
HRMC's veto of Rangers' CVA proposal leaves us skating [a very poor choice of words for a Pompey fan ] on very thin ice, I fear.
the impact of any HRMC vote against will depend on the % of the total creditor the taxman represents. With Rangers, i believe the taxman is a major creditor, so withouut their yes the CVA is likely to be rejected.
HMRC wanted to deny the CVA because they intend to pursue individuals at Rangers and get more back for the public purse.
Trouble is not so much how big the HMRC debt is but how many other creditors will turn the offer down.
Seems that Rangers owe so much to HMRC that the CVA is dead in the water. The offer was 1p in the £, which makes Chanrai look generous. Would you settle for 1% or see them in hell first.
Even if you do get a CVA accepted, you could still face a huge points deduction for diluting the 2010 CVA with a new 2012 CVA. Amounts to the same as not agreeing a CVA back in 2010.
This is Portsmouth that you are talking about. Think you might be confusing it with what would happen if Southampton reneged on a CVA
Didn't Leeds fall foul of a second CVA or some such? Or was it that they reneged on one? Bournemouth was another if memory serves, fell foul of a second CVA or some such didn't they and were deducted god knows how many points. To there credit though I seem to remember them holding it together for that season.
- Leeds and Bournemouth were punished for not agreeing a CVA when exiting administration. - Pompey agreed a CVA in 2010 and then reneged on it and made no payments. They are now diluting it with another 2012 CVA. They deserve a points deduction for what amounts to be the same thing. - Someone owed £10,000 by Pompey under CVA 2010 agreed to a CVA where they would get £2,000 of it back. If the Chainrai deal means that it is diluted and £10,000 turns into just £40.
PST offer (supposedly) 5p in the £ Chainrai offers 2p in the £ - Both 'parties' can vote on each others CVA. - PST won't work immediately, as Chainrai is majority creditor so he can single-handedly stop PST's bid. -Then it comes down to Chainrai's bid. Which is highly likely to get very little acceptance from creditors. Plus HMRC will vote against it meaning that it's even more likely to fail. I give it two weeks, and PFC will be in the same position Rangers are today.
