Been agreed that the Trust bid will be considered and there is a possibility of it being accepted within the next 28 days. Both Portpin and the Trust bid is conditional on reduction of player wages. Amendments to Portpin's CVA approved but the Trust is still in with a shout. Not sure if the CVA is approved yet. I'm finding Neil Allen's comments hard to decypher. Neil Allen finished by saying "Basically there is a deal to be done with Portpin, as acknowledged by Portpin themselves" so it sounds like the Trust will have to discuss things with Chainrai and Co in the near future.
Well it looks like we are in a better financial position now. CVA approved. But it looks like Balu is coming back.
Shedding over £100m of unsecured debt (which helped you "win" an FA Cup) over the past few years helps.... Which is why the Football League may impose further points deductions for diluting the failed 2010 CVA with a 2012 CVA. Amounts to the same as not agreeing a CVA in 2010 in the first place.
Your point being? If Chainrai does take control it will impact on him, as it would reduce chances of promotion to the Championship and increase chances of relegation to League Two. Hampering his attempts to get his money back.
My point being a points deduction doesn't affect the people who got Portsmouth into this mess: Gaydamak, Lampitt, Storrie, Redknapp and so on.
Don't waste your breath Lapras - a few of our visitors from down the road merely come on here acting as WUMS, and not very good ones at that. They find us more interesting than their own page for some reason.
Why does that matter? Yes, those people are no longer at the club and they played a part in the financial mess. But the club as a whole benefitted from their actions short term. You had 7 years in the Premier League, 2 cup finals, 1 cup win and a European campaign all funded with money above and beyond the clubs means. It is now time for the business to face the consequences of wiping out huge debts. They are now looking to dilute the debt even further after the failed 2010 CVA with a 2012 CVA. Lets just take the circa £35 million owed to the taxman, the 2010 CVA said they would pay back £7m. The 2010 CVA failed and no payments were made on it. If Chainrai's 2012 CVA goes ahead that £35 million is reduced to a mere £140,000. That is just the tax money, the total debts Pompey racked up in their time in the sun amount to over £150 million. All now massively diluted if the 2012 CVA goes through replacing the failed 2010 CVA. Diluting a failed CVA with another CVA amount to the same as not agreeing a CVA in the first place. If Pompey hadn't agreed a CVA in 2010 they would have been hit with a huge points deduction. Instead they offered 20p in the pound and then reneged on that deal.
We had a points deduction when we went into admin last season. Without that points deduction the team wouldn't have been relegated from the Championship. Therefore I see no reason to even suggest another deduction the coming season as the club has already been effectively relegated as punishment.
Yes and who's fault is that? Lampitt. Would Lampitt be impacted by a point deduction? No. Seriously, you guys need to make the distinction between the club as a whole which includes the players, the fans, the admin staff, the marketing staff and the board of the club. They are NOT one and the same.
If you don't get a points deduction for diluting a failed CVA then it sets a dangerous precedent that others could follow. Diluting a failed CVA amounts to the same as not agreeing a CVA in the first place. Had Pompey not agreed a CVA in 2010 they would have received a huge points deduction. The players, fans, admin staff etc have all benefitted from the debt Pompey have now diluted to tiny levels. 7 years in Premier League, 2 FA Cup finals, 1 FA Cup win and a European tour all not properly funded. Now the cheating has caught up with the company. In any other line of business people wouldn't even raise an eyebrow at sanctions being handed out to a company for financial mis-practice. Why different for football? For sporting integrity to be upheld in the Football League a sporting sanction for the dilution of the 2010 CVA is the result. A company owed £10,000 by Pompey in 2010 agreed to it being paid £2,000 under the 2010 CVA, that is now going to be reduced to a mere £40 if the Chainrai dilution CVA goes ahead in 2012. The company can't escape that unpunished, regardless of whether the individuals accountable are still at the company or not. The business as a whole is culpable.
This site now has the "I like this comment" and "I don't like this comment" icons under each post - can we have one that says "oh god I am so bored reading the same old argument being regurgitated by the same old people"?
So you think teams being relegated due the actions of the board rather than what happens on the pitch is an example of sporting integrity? If anything it's the opposite. I'm not saying nothing should happen. All I'm saying is that points deductions aren't the way forward and affect those who had no cause in creating the situation in the first place. Hit the people who caused it. I'll say it once again, the board and the club as a whole are NOT the same thing.
Portsmouth FC is just a name. A name cannot do anything. The only things punished by a points deduction are the fans, backroom staff and the community. The likes of BC, Peter Storrie, Gayademak jnr and snr, Lampitt, Al Mirage and al fahim aren't gonna be hit by a PD. Like Lapras, I'm not saying it shouldn't happen but the governing bodies should do punish the people who are responsible, not the people it affects.
I think the argument being put forward by (a number of) saints fans is that the fans "enjoyed" the circumstances which led to the CVA - ie. the Prem, the FA cup runs, the European matches - therefore we, the fans, must be punished for that enjoyment. An analogy would be that the price of milk is kept artificially low by the big supermarkets, as a loss leader, and other goods are higher priced to recoup that cost. When the dairy farmers finally revolt and refuse to sell the milk at artificially low prices (meaning the price of milk will be set at the right level) all the users of milk must be punished for enjoying the years of low priced milk.
By that account Stripehampton should have had their stadium taken away when they went into admin. It was missed payments that led to their overdraft being taken away which led to their admin.
