The numbers still don't add up to me. The 9 million from Premier League is going to creditors, so PFC sees none of it but the debts are cleared (legally if not morally). So going forward they've raised 2 million from supporters and another 1.5 million from the big guns. 3 million goes to pay off Chanrai. That leaves them with 500k, which is not a whole lot. That doesn't even appear to be enough to pay a season's worth of League 2 wages.
"This isn't a time for making the numbers add up, this is a time for celebration!" A delighted Iain McInnes told reporters outside of the court room. I reckon he'll fit in well. Very well.
Indeed. I fully expect he'll be spewing out the same old tripe that Pompey fans have lapped up from all the previous owners/chairman... "Greatest fans in the world - Massive club - Huge potential - Greatest fans in the world - 12th man - Passion - Greatest fans in the world - Blah Blah Blah" Still can't get over his "we have no debts" statement from yesterday.
Oh dear. If I was a Pompey fan, I'd rather he make sure the numbers add up before we start celebrating anything.
If they can still draw ~10k a game next year, they ought to be able to afford middle-of-road League 2 wages. If they start handing out bloated contracts again chasing immediate promotion, they'll be organizing a phoenix club in two years or less.
They must have more money in the offing...mustn't they? It's not just wages for players...money is needed for people involved in the infrastructure, the police, running and repairing a stadium...and something tells me that not many will be extending credit. Do you remember that Cortese was outraged to find he had to pay in advance when he took over at SMS...he told the Echo (at the time he talked to the Echo)...that people seemed to doubt that they would get paid. And we had a billlionnaire owner.
I think they have some richer backers, but they need super rich fans. I think they will get their pledges or someone will make up for any missing ones in the present euphoria, but it is the future finance that isn't clear. It may be all sorted, but the fans must be prepared for the long haul. However, I do understand their joy....from imminent demise to salvation...we all know that feeling.
Watching the shenanigans at Portsmouth has provided a great deal of entertainment and many hilarious moments over the last few years and I am so pleased they have been "saved" so that the hilarity can continue. All I am hoping is that we get drawn against them in a cup game next season.
They are now in a "Catch 22" situation as the club is now much easier to sell to a sugar daddy of their choosing, but that is going against everything they have said about it being owned by the fans for the last 18 months. Do not underestimate the value of the surrounding land that the developer has got at a rock-bottom price. Not sure if he develops or sells it whether any profit comes back into the clubs accounts (doubtful) but it will be a long term drip drip of money anyway. Lets just see if the PFC fans now stump up their pledges and also will they accept spending no money on transfers and having a board mostly made up of the rich individuals (plus the chief exec that THEY will appoint, he'll work for them, not the fans). Be careful of what you wish for Pompey fans...
Looking on the more positive side, I am going to assume that things are in place to stop a few individuals gaining from the land in the short term. If I was Chanrai, I would have made damn sure before I signed that the deal only applied if Fratton Park remained a football ground in the hands of the fans group.