they might be fine from CSI's administration, but they do not have the funds to operate past the new year. If they dont get investment soon, and what is the chance of a rich owner bailing them out or chanrai putting more money in, then they will have their own football related admin to think about in Q1 next year.
I think we need to understand how different the Pompey situation is compared to how the situation was with us. Pompey football club are an entity in their own right just as we were. However they are technically part of the CSI group. The difference as far as I can see is.......that CSI do not rely solely on the income of the football club for its existence. Where as with us it was deemed that our parent company did not have any other income coming in other than the the football club. Our parent company had already sold all of its other assets a couple of years before (blocks of flats and the like) Although it had purchased a plot of land somewhere is my understanding. So unless the FL decide other wise and Pompey meet the their financial commitments which as we know are not insignificant then they should be OK.
We were trying to get away with a loophole..we shouldn't get self-righteous about this. We had 2 further chances..to stay up on merit and be relegated because of 10 point reduction (but start on zero in League 1) or to go into administration earlier and take the hit in the same season (and start on zero in league 1 again). It was all one big muck-up. Does it matter now? No. All is right in Saints heaven.
The Fit and Proper Persons Test is a joke, but neither the FL or PFC have the time or money to do extensive digging and then go through all the legal wranglings bound to ensue. Putting up so many hoops to jump through might also put off genuine investors. Antonov hadn't been declared bankrupt, been banned from being a football club director or convicted of financial crimes, which is basically what the test covers. PFC in its current state just isn't an attractive propolsition for investors. A crap stadium, loads of debt, players on high wages and a very loyal but quite small fanbase. Conversely, Saints had St Mary's, the academy, a manageable debt and a very much stripped back team that a manager could quickly put his own mark on. You do wonder if it would make more sense to wind PFC up and for them to start again from the bottom. Wimbledon did and they're doing well now.
I've already alluded to it, but my personal belief is increasing that Pompey shouldn't get a points deduction (although a lighter sanction, such as a fine or maybe even a transfer embargo, should be given to them) and that the Football League are more in the wrong here than the club. They should not have allowed the takeover to happen. But whatever the outcome, the immediate future certainly doesn't look bright for our blue friends.
the FL saw that Southampton Leisure Holdings and SFC were inextricably linked. I cannot believe that the football club is solvent in its own right. We know that CSI have funded PFC to the tune of £10.5M since aquisition. If that has been loaned to PFC, then the administrators will ask for it back - so are the 2 inextricably linked? probabaly! Can PFC cover its running costs on a day to day basis? probably not! can they continue to fund players/loans probably not! if they cannot cover their costs in the new year, what is the alternative to admin again?
Think the FL were caught between a rock and a hard place. Pompey were in such a bad way that they couldn't be over fussy about purchasers. Chanrai must have hoped the new owners would last longer than they have.
True, I have just looked through it all again. Wouldn't wish that job on anyone though, would be a complete nightmare. The only job I would think is worse, is carrying out the internal audit....
A few people are saying they will get away with it (yes I've read some of that epic SW thread) but I am not sure they will this time - the economy is wrecked and Portsmouth are a struggling Championship side with precarious finances, a CVA and an ancient ruin of a ground. It was hard enough to sell Saints, a club with a fairly new ground, decent training facilities and a respected academy set up, and this was before the arse completely fell out of the economy. I can't see a way out for Pompey unless they get very, very, very lucky. They've dodged a bullet or two before but this one may well have their name on it. But, there may well be a few twists and turns yet before this saga is settled.
