That is the announcement delivered from the club today to delight the Fratton faithful. The News understands the club has paid off around £7m within the last 18 months â almost two years ahead of schedule. It has wiped out the legacy debts inherited by the community ownership after taking it out of administration in April 2013. The landmark has been achieved through early settlements with all 24 former players owed money by previous regimes. That includes Dave Kitson, Tal Ben Haim, Liam Lawrence, Michael Brown and Richard Hughes. In addition, four foreign football clubs have reached agreements, in addition to the paying-off of various other legacy debts, including money to Portsmouth City Council. Read all if it here http://www.portsmouth.co.uk/sport/pompey/pompey-clear-debts-1-6326146
Joking aside, with the debt off your backs, you should be easily able to outspend everyone in that division without risk.
Perhaps. Can't see that happening with our board of directors though. They will be quite circumspect although AA might get a slight boost in his budget.
That's exactly what we and the board should be doing. Prudence, Justice, Temperance and Forbearance. The four cardinal virtues that lead to success.
Great news to hear, my Mum is from Portsmouth and my Nan still lives there so always looked out for you.
Really really good news - and I say stick to a budget that is affordable and do it the right way. TBH we really only need a Matt Tubbs type of goal scorer or dare I say it an Adam Le Fondre - I just wonder if in the Conf there isn't somebody who just has that goal scoring knack we can't take a punt on - thought Bird never really go a enough of a run to feel secure to play his game. PUP Debt free.....feels good especially when you think of some of the dire sums we are talking about.....thanks to all including ex players who compromised and clubs in Europe who agreed compromises.
Congratulations to the Club and it's management team. 2 years ahead of plan. Now you are debt free, and with decent crowds the world is your lobster.
Now all you need to remember is encapsulated in Mr Micawber's famous, and oft-quoted, recipe for happiness: "Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." Charles Dickens, David Copperfield This is so true, and in Pompeys case, the figures aren't far wide of the mark.
What can you get for two and a half p these days. Back in Dickens' time a tanner was a lot. It doesn't follow in football though. Every big club seems to be always in debt and only covered by someone with a lot of dosh. Mr Micawber would have had a job on his hands even with Pompey. Paulsgrove FC maybe.
Mr McInnes should be made a Lord and then the Chancellor in the next Government administration, post the 2015 election, n'est-ce pas? If he can restore Pompey's finances to rude health, then he would have no problem with the UK's!!!!
I think you would have to adjust the quotation for inflation and convert to new money. More useful but less memorable, as quotes go. What Mr Micawber would have made of the football debts first rule is beyond our ken!
I thought I had, didn't an old sixpence become two and a half p after decimalisation? I remember a shilling became 5p. I remember that was the first time I became aware of being screwed over by the Government at the tender age of 8. Sweets suddenly got very expensive. Then Mrs Thatch took our free milk away. God my Mother hated her with a passion!
Well done the Pompey Board. All inherited debts cleared 2 years early - fantastic news ! Onwards and upwards !
In 2013 I spent 6 weeks teaching in the Russian city of Yekaterinburg. Some of the Russian kids I met loved her. As this is a football site and shall not spell out my own individual thoughts about here but her ideas on reducing tax and the size of Government would be a "godsend" to countries like Spain and Italy that have about 3 officials for one job!!! These are countries that could do with a good dose of Thatcherism.
