I dont know what i would do if this happened to Sunderland. http://www1.skysports.com/football/news/11674/7931088/Pompey-facing-liquidation Alot of credit to Short, Quinn & all the money men & women at our club who are keeping the finances right. Lots clubs have went tits up Leeds, Rangers just to mention a few. Pompey facing liquidation Birch sets 10th August deadline or warns of closure Portsmouth: Fratton Park club could be closed down on 10th August Portsmouth administrator Trevor Birch has warned that he will have no option but to close the club down on 10th August unless a deal can be reached with the club's highest earners. Pompey are desperately trying to slash their wage bill but are being hampered by the stance of a number of senior players. Birch believes the only solution is for the League One club's remaining high earners to accept transfers away from Fratton Park or agree to significant reductions in their wage packets. But with an impasse seemingly appearing between the respective parties, Birch has stated that liquidation will become inevitable in just over two weeks' time. "Unless we make significant progress on this front by 10 August then we are likely to have no option other than to close the club. " Trevor Birch Quotes of the week And he warned the players who are refusing to compromise that they could end up with nothing if the South Coast club goes out of business. There are two interested parties waiting in the wings hoping to agree a takeover - the Pompey Supporters Trust and former owner Balu Chainrai's Portpin group - but they cannot progress to bring the club out of administration until more players move on. Liquidated Birch told the Portsmouth News: "The facts are straightforward: under the terms of the offer for the club, in order to complete the CVA proposal, the players have to leave and conclude compromise settlements. "This condition has been imposed by the Pompey Supporters Trust as well as by Portpin - both interested parties have made it clear that they won't take on the club unless there is movement from the players. "We will continue to do all we can to facilitate these deals but the club's future hinges on the willingness of certain players and their agents to sign up to compromise agreements that are affordable both in terms of the amount and timing of repayments. "Unless we make significant progress on this front by 10th August then we are likely to have no option other than to close the club. "If the club is liquidated, players will not be protected by the Football Creditor provisions. "They will become ordinary unsecured creditors in a situation where there is unlikely to be any dividend."
A sad reflection on the state of today's game. High wages, low crowds, under-achieving players. The key is the players refusing to move on away from the golden egg. Could come back to bite their bums in the long ter.
I wonder who these players are? Must not be big names as they would have jumped ship and gone to better clubs by now!
Ben Haim is 1 I believe. But in defense of the players, the club offered them a contract, they signed it, both parties were pleased with it. If it doesnt suit the club now, tough ****. especially after the amount of times pompey have been in the mire the last few years, I hate to see any team in trouble, but the amount of times these have been, good riddance for me.
The players achieve nothing if the club is liquidated though. Such a great club Pompey, but you reap what you sow, sadly, the pitiful thing being that the biggest debt is to the ****ers who crippled the club in the first place.
But surely the contract would be, get £20,000 pw in the PL, we get relegated you either get released/transfer price gets reduced or you take a wage cut of 25%, we go down again to league 1, we have the right to terminate your contract/reduce your wage by 75%. If it was their 1st time, OK it could have been an oversight, but this is the 3rd or 4th time its happened. surely you learn by your mistakes, and make sure that if the **** hits the fan,you havnt got wages of silly money to pay out, seemingly they owe Ben haim £2.5million in wages. Just seems to me that they havnt learnt a thing, so for this club I dont have a lot of sympathy im afraid.
Pompey Supporters' Trust urges Portsmouth players' meeting http://www.bbc.co.uk/sport/0/football/18979636 The Pompey Supporters' Trust - which is attempting to buy the stricken club - has urged Portsmouth's players to meet them, to thrash out a deal. Just seven senior players remain at the club but if they do not leave or reach a compromise on their wages Portsmouth will be forced to close on 10 August. But the PST say they are still hopeful a deal can be done with the players. "We urge the players to sit down with our representatives so we can explain our deal," said a PST statement. Administrator Trevor Birch released a statement on Tuesday adding that of the seven players remaining only three or four had not agreed to a compromise. And the PST have reiterated his warning that if the club is liquidated, the players will get nothing. The players who, on a going concern sale are treated as 'football creditors' and must be paid, lose all such rights under liquidation and will be treated as ordinary unsecured creditors. It is unlikely that there will be any significant dividend in a liquidation. If the club goes into liquidation it will also lose its league position, and its right to the £11m of parachute payments from the Premier League. The PST has been working on its bid for four months and has raised what they call a "substantial seven-figure sum". "We are ready and able to see this process through and buy the club. We have made a good offer and are making good progress in raising funds," said chairman Ashley Brown. "The one remaining hurdle is the payment of football creditors, but if they don't shift we simply cannot do a deal outside liquidation." David Norris, Greg Halford, Erik Huseklepp, Liam Lawrence, Dave Kitson, Tal Ben Haim and Kanu remain at the club. Norris, Huseklepp and Lawrence are close to leaving Fratton Park while Halford is not one of the high earners left on Pompey's books. However, Ben Haim who is on wages of £36,000 a week, along with Kanu and Kitson are the highest paid players at Fratton Park. And it is those players who Birch says are crippling the club and damaging the chances of survival. "Luke Varney has gone and I think there will be two or three more by the end of the week," Birch told BBC Radio Solent. "So that leaves two or three. But the one or two that are left are likely to be the problem. "They didn't cause the problem, but they can solve it." Former owner Balram Chainrai - who along with the PST is attempting to take control of the club - has always said he will not let the club be liquidated. Chainrai still has around £18m secured credit on the club but would lose nearly all of that if the League One club go out of business. However, Birch says his promise to save Pompey can now not be guaranteed. "The offer was always conditional on the administrators reaching a compromise with the players," added Birch. "Chainrai cannot take it on regardless of what the spend is going to be next season." Birch also rejected suggestions Pompey should just 'start again' and relinquish their Football League status and has vowed to fight to save the club before 10 August. "You cannot have those conversations until it actually happens," said Birch. "Nobody knows what league we'll start back in. It took Aldershot 17 years to restore their league status."
