Portsmouth facing closure

[Faustus]

They've had a few near misses over the years, but it looks as though they're facing the end. Having been through the mill ourselves not too long ago, I really feel for their fans.

 

BBC Sport - Portsmouth near liquidation, say fans group SOS Pompey

 

Portsmouth near liquidation, say fans group SOS Pompey

Portsmouth supporters group SOS Pompey say the financially stricken club are approaching closure and have called on the remaining players at Fratton Park to be "part of history" and save them.

 

The club have eight senior players left on their books and their salaries are preventing a takeover of Portsmouth.

 

Unless they leave Fratton Park or take a pay cut the club could be liquidated.

 

"This is the end game for Pompey, in a couple of weeks it will be over," SOS spokesman Bob Beech told BBC Solent.

 

In June, Portpin agreed to complete its purchase of the club on condition the wage bill was reduced through player sales and compromise agreements.

 

But administrator Trevor Birch has so far been unable to achieve sufficient savings by this strategy alone.

 

On Friday staff at the club were told they face being made redundant and in an interview on Sunday Birch said Portsmouth were "two to three weeks away from closure".

 

SOS Pompey presented the club's senior players with a written plea at Fratton Park on Monday in an attempt to make them compromise on their salaries.

 

Several of those players stopped to listen to them, but others including Tal Ben Haim - who is said to be on £36,000 a week refused to acknowledge them.

 

"Some players were excellent and stopped to listen to what we said, others as expected weren't interested and drove straight on," added Beech.

 

"At the end of the day, they have contracts and they expect those contracts to be paid and that is not an unreasonable stance for them to take.

 

"But the well is dry and if they stay and keep their demands going then there will be no club and they will end up with nothing."

 

Beech is bitter at Pompey's ongoing crisis but still believes the players could save the club.

 

"Trevor Birch has to save the club and people could lose their livelihoods as a result," he said.

 

"That is scandalous because the people who put us in this mess are still clinging to the wreckage and claiming millions of pounds off the club.

 

"But the players could still be part of history and save this club."

[Bjornebye]

scandalous.

[col06]

Several of those players stopped to listen to them, but others including Tal Ben Haim - who is said to be on £36,000 a week refused to acknowledge them.

 

I feel sorry for there fan it's not there fault but which bright spark decided to paid him that :eek:

[Brigant Moloch]

 

"my work here is done.."

[Whelan]

My mate works with a Pompey fan, a proper home and away supporter who said that he wants the club to go bust and start again, reckons that is the feelings amongst most of the supporters.

[Bjornebye]

My mate works with a Pompey fan, a proper home and away supporter who said that he wants the club to go bust and start again, reckons that is the feelings amongst most of the supporters.

 

your right, i've got mates from southsea who just want to start all over again and end this financial shite.

 

they are some of the best supporters around, fucking people like peter storrie taking home 1.5 million a year and not realising that a club with 19k fans every home game cant afford the likes of crouch, defoe, diarra, glen johnson, david james etc on wages over 50/60 k a week!

[JohnnyH]

Imagine been covered in Portsmouth tattoos, now that would be annoying...

 

It could be the end of the bell. Feel free to re-arrange that last sentence at your own pleasure.

[Guest San Don]

I just cant get my head around the players who, all rich in the grand scheme of things, would rather stay to the end just to get their money knowing they'll force the club out of business.

 

Absolute twats.

[BCM]

Bloody disgrace whats happening in the modern game now, i feel for the fans.

[WaltonRed]

criminal and people should go down for it

[ChrisV]

I just cant get my head around the players who, all rich in the grand scheme of things, would rather stay to the end just to get their money knowing they'll force the club out of business.

 

Absolute twats.

 

Disagree. Ben Haim is from Israel, why should he give a fuck about Portsmouth? It's not his responsibility to pay their debts for them. He's entitled to his money. The twats here are the people who drove Portsmouth into the ground by overspending on players such as Ben Haim.

[Gym Beglin]

I think the PL should be duty-bound to buy all their players off them for a tribunal-set price.

 

There has to be a mechanism put in place to bail clubs out, and it has to be borne of FFP. But if you'd rather we joined in with the 2% in ruining the game rather than standing with the 98%, then go ahead.

[xerxes]

I think the PL should be duty-bound to buy all their players off them for a tribunal-set price.

 

There has to be a mechanism put in place to bail clubs out, and it has to be borne of FFP. But if you'd rather we joined in with the 2% in ruining the game rather than standing with the 98%, then go ahead.

 

 

Clubs that are incompetently or fraudulently run should die, it is the natural order of things. Bailing them out perpetuates what you don’t want, not what you do want.

 

The German licensing system, or a bond system where Directors have to personally guarantee the season’s expenditure, would solve the problem of badly run clubs at a stroke.

 

Pompey’s problems have their root in the Gaydamek acquisition. An international arms dealer, with warrants out for Gaydamek senior in two countries, a man with three passports including an Angolan diplomatic passport whose job, arms dealing, involves money laundering. Whilst I accept that the fit and proper persons test cannot anticipate what someone with a clean record in this country might do, Inspector Clouseau could have figured out what was going to happen next.

 

Pompey were serial financial cheats, continually offering players contracts they could not afford, depriving clubs who were living within their means the opportunity of acquiring those players. Why? Because everyone had their snouts in the trough and were happy to guzzle until the trough ran dry, and no-one was going to stop them. So at some point there has to be a consequence otherwise there really is no point in a sporting league playing to a set of rules.

 

Currently, we have the obscene charade, of Chanarai, the man who most recently brought the club to its knees, buying them back not because he wants to, or can, “save” them, but to safeguard his own personal financial position.

 

Pompey are now approaching Rangers territory where they may be better of with a newco, than a lame duck owner and sanctions bleeding them dry.

[Guest San Don]

Disagree. Ben Haim is from Israel, why should he give a fuck about Portsmouth? It's not his responsibility to pay their debts for them. He's entitled to his money. The twats here are the people who drove Portsmouth into the ground by overspending on players such as Ben Haim.

 

Disagree all you want but WTF has it got to do with what country he's from? Why should he give a fuck? Well, there's self esteem for a start. Then, there's knowing you aint screwing something out of existence when you're already set financially.

 

It may not be his responsibility to pay their debts (no one is asking him to do that anyway) but is sure as hell his responsibility to act responsibly.

 

If someone falls in the canal do you just continue walking by thinking 'silly twat shouldnt have been walking by the canal if he cant swim'? In other words, do you give a fuck?

[Guest San Don]

Clubs that are incompetently or fraudulently run should die, it is the natural order of things. Bailing them out perpetuates what you don’t want, not what you do want.

 

The German licensing system, or a bond system where Directors have to personally guarantee the season’s expenditure, would solve the problem of badly run clubs at a stroke.

 

Pompey’s problems have their root in the Gaydamek acquisition. An international arms dealer, with warrants out for Gaydamek senior in two countries, a man with three passports including an Angolan diplomatic passport whose job, arms dealing, involves money laundering. Whilst I accept that the fit and proper persons test cannot anticipate what someone with a clean record in this country might do, Inspector Clouseau could have figured out what was going to happen next.

 

Pompey were serial financial cheats, continually offering players contracts they could not afford, depriving clubs who were living within their means the opportunity of acquiring those players. Why? Because everyone had their snouts in the trough and were happy to guzzle until the trough ran dry, and no-one was going to stop them. So at some point there has to be a consequence otherwise there really is no point in a sporting league playing to a set of rules.

 

Currently, we have the obscene charade, of Chanarai, the man who most recently brought the club to its knees, buying them back not because he wants to, or can, “save” them, but to safeguard his own personal financial position.

 

Pompey are now approaching Rangers territory where they may be better of with a newco, than a lame duck owner and sanctions bleeding them dry.

 

You really are fucking clueless in your rush to make any inane comment on any subject.

 

So, an institution that has been run in a non fraudulent or non corrupt manner for, let's say, 100 years out of its 108 year existence, should be allowed to 'die' as you put it, because some arsewipes want to use it to make a fast buck, heighten their ego or any other reason never mind the football authorities in this country letting anyone take over these clubs?

 

Fit and proper football owners test? Dont make me fucking laugh. We could easily have been in Portsmouth's position if the two previous owners hadnt of been ousted.

 

I'd like to have seen you on here then pontificating LFC should be allowed 'die' because we'd been run corruptly or fraudulently.

 

You havent a fucking clue what you are talking about and everytime you post, increase your standing as the forums most ridiculed poster.

[xerxes]

You really are fucking clueless in your rush to make any inane comment on any subject.

 

So, an institution that has been run in a non fraudulent or non corrupt manner for, let's say, 100 years out of its 108 year existence, should be allowed to 'die' as you put it, because some arsewipes want to use it to make a fast buck, heighten their ego or any other reason never mind the football authorities in this country letting anyone take over these clubs?

 

Fit and proper football owners test? Dont make me fucking laugh. We could easily have been in Portsmouth's position if the two previous owners hadnt of been ousted.

 

I'd like to have seen you on here then pontificating LFC should be allowed 'die' because we'd been run corruptly or fraudulently.

 

You havent a fucking clue what you are talking about and everytime you post, increase your standing as the forums most ridiculed poster.

What your posts lack in off the pitch knowledge ( which is considerable) is always compensated for by entertainment value. Typically, you deliver in spades, with a child-like lack of self awareness.

 

Football clubs, and businesses, have free will. They have choices. In the same way that they benefit from those choices ( a shrewd managerial appointment or player signing perhaps)when they choose well, so they have to suffer the consequences when they choose badly. They are two sides of the same coin.

 

Any system which threatens, but does not punish, that sentences but reprieves is doomed. In this case that system is football. Pompey are not the victims in this. Those clubs, prudently run, who could not buy players because they were fraudulently trumped are the victims. You advocate penalising the well run many for the corrupt few. I do not.

 

You are right to point out that the sceptres of Rangers and Pompey loomed closer than many imagined when we were owned by G&H. You are also right that the fit and proper persons test does not offer the appropriate safeguards – licensing/bonds do.

 

It was Broughton’s awareness of how parlous the situation was that precipitated the FSG rescue. How Pompey and Rangers could have done with a man of his calibre. He understood that us dying WAS a possibility.

 

The unintentional irony in your final passage is a delight.

Edited July 24, 2012 by xerxes

[Trumo]

It was the situation at Portsmouth (as well as our own G&H scenario) that made me write a blog on club ownership. Much of it concerned leveraged buy-outs, but having just re-read the blog after a long long time, it still holds true today. Particularly the bit about owners overreaching themselves with the initial purchase, and not having the capital to continue supporting investment in the club. Malaga in Spain have recently also begun to struggle financially as it seems their owners don't have sufficient funds either.

 

English club ownership rules need to change.

[ChrisV]

Disagree all you want but WTF has it got to do with what country he's from? Why should he give a fuck? Well, there's self esteem for a start. Then, there's knowing you aint screwing something out of existence when you're already set financially.

 

It may not be his responsibility to pay their debts (no one is asking him to do that anyway) but is sure as hell his responsibility to act responsibly.

 

If someone falls in the canal do you just continue walking by thinking 'silly twat shouldnt have been walking by the canal if he cant swim'? In other words, do you give a fuck?

 

Here's Wikipedia on the extent of Portsmouth's debt:

 

Administrator Trevor Birch admitted that the financial situation was "worse than we first feared" and that Portsmouth were "struggling to make the end of the season". On 11 April 2012, reports from administrators PKF has as revealed that Portsmouth owe £58m debt with £38m is owed to UHY Hacker Young, £10.5m investment made by Vladimir Antonov's Convers Sports Initiatives (CSI) remains outstanding, Players are due £3.5m in wages and bonuses for the last two seasons, while £2.3m is owed to Revenue and Customs and additionally, £3.7m is owed for general trade.

 

If the players forgo their wages, that money will be used first and foremost to pay off their tax bill and those "general trade" expenses. That seems like paying their debt off to me? Also I'm sure that their creditors are richer than the players, shouldn't they be the ones picking up the tab for Portsmouth's overspending?

[Chairman Meow]

Don't want to see them go bang as I used to live down there so have a bit of a soft spot for Pompey.

 

They really needed to try and get a stadium sorted while they had some success, they would have managed it as well had it not been for the council playing funny fuckers over the site and the Navy kicked up a fuss as well.

 

You have to assume there has been some other underhand shit going on as well. At the time they made massive profits on the sales of the likes of Diarra where on earth did all the money go? They've clearly paid more than they should on wages but it certainly looks like some of the money did a disappearing act.

 

The players who just want their money clearly don't give a fuck about anything bar the cash, are many players actually any different these days? If they go bust the players will end up with fuck all which is about the only positive you can put on the club going completely.

 

It wouldn't surprise me at all if more clubs start to go as well. We got close, Newcastle started veering in that direction before Ashley stepped in and I wouldn't be any surprise to find others struggling.

[Paulie Dangerously]

Any players we can sign?

[Bjornebye]

Any players we can sign?

 

they have got a few decent youngsters like but are gonna need them!

 

kit-mans boss by all accounts.

[Chairman Meow]

Any players we can sign?

 

Sam Magri is a youngster they seemed to think was going to turn out really well. I think he is the one on stupid money though as they desperately tried to keep hold of him presumably waiting for one of the bigger clubs to try and buy him.

 

I'm sure that rumours did the rounds we looked at him last season.

[Whelan]

Football clubs, and businesses, have free will. They have choices. In the same way that they benefit from those choices ( a shrewd managerial appointment or player signing perhaps)when they choose well, so they have to suffer the consequences when they choose badly. They are two sides of the same coin.

 

Any system which threatens, but does not punish, that sentences but reprieves is doomed. In this case that system is football. Pompey are not the victims in this. Those clubs, prudently run, who could not buy players because they were fraudulently trumped are the victims. You advocate penalising the well run many for the corrupt few. I do not.

 

I think his point is that a club that has been used fraudulently, and bought dishonestly, should not be allowed to die. That has nothing to do with good business practice or whatever other cliche people spout to justify morally dubious behaviour.

 

Football clubs, and most sporting institutions are not traditional businesses and therefore traditional business practices are not always applicible. If you don't like the service, or product available at Liverpool FC you don't shop around, so arguing it is the natural order of things is disingenuous.

 

Football clubs exist for the community, that is (arguably was) their primary focus, insisting clubs become more professional, and more accountable is fine. Quoting dismissive, irrelevant business theories whilst ignoring practices more suitable for a Private Equity or Hedge Fund is not. Portsmouth have been ruined, because people like you assume that owners have the right to make money regardless of any consquences to the institution, it is not a case of good/bad business it is a case or greedy capitalism that has seen Portsmouth suffer.

 

The simple fact is that the Premier League and the FA, organisations that should be looking to ensure the safety of each and every football have created an environment that is ripe for abuse and puts clubs like Portsmouth, Cardiff, and us at risk of speculators with little or not interest in the long term health of the club. That is why Portsmouth should not be allowed to simply close, because the organisations that should be ensuring that good business practice and responsible ownership is requisite to any ownership, have stood by and ignored each and every warning. The Premiership and the FA have completely disregarded their responsibilities.

 

It could have been us. How any Liverpool fan can be so dismissive is a mystery. We could have been facing a season in the championship this year because of those same practices that you are defending.

[jamespp]

Some people in this thread

 

Fuck em/Cheats/scum fans/strip them of trophies - Rangers

Scandalous/sad/feel for the fans - Portsmouth

[ZonkoVille77]

I think his point is that a club that has been used fraudulently, and bought dishonestly, should not be allowed to die. That has nothing to do with good business practice or whatever other cliche people spout to justify morally dubious behaviour.

 

Football clubs, and most sporting institutions are not traditional businesses and therefore traditional business practices are not always applicible. If you don't like the service, or product available at Liverpool FC you don't shop around, so arguing it is the natural order of things is disingenuous.

 

Football clubs exist for the community, that is (arguably was) their primary focus, insisting clubs become more professional, and more accountable is fine. Quoting dismissive, irrelevant business theories whilst ignoring practices more suitable for a Private Equity or Hedge Fund is not. Portsmouth have been ruined, because people like you assume that owners have the right to make money regardless of any consquences to the institution, it is not a case of good/bad business it is a case or greedy capitalism that has seen Portsmouth suffer.

 

The simple fact is that the Premier League and the FA, organisations that should be looking to ensure the safety of each and every football have created an environment that is ripe for abuse and puts clubs like Portsmouth, Cardiff, and us at risk of speculators with little or not interest in the long term health of the club. That is why Portsmouth should not be allowed to simply close, because the organisations that should be ensuring that good business practice and responsible ownership is requisite to any ownership, have stood by and ignored each and every warning. The Premiership and the FA have completely disregarded their responsibilities.

 

It could have been us. How any Liverpool fan can be so dismissive is a mystery. We could have been facing a season in the championship this year because of those same practices that you are defending.

 

Good post. Totally agree.