Are Pompey in trouble? (1 Viewer)
- Thread starter Paxman II
- Start date
PhilWasn'tBabb
New Member
Yeah it looking grim for them, they need to sell a player and fast if there going to stay afloat. They don't have a realist prospect of anybody buying them in the near future either.
Big part of me feels sorry for them and another part not so
If they had been through the same cost cutting that we have in the last 18 month would there position be as bad financially.
Big part of me feels sorry for them and another part not so
If they had been through the same cost cutting that we have in the last 18 month would there position be as bad financially.
AngryAnt
Well-Known Member
Pretty much this, if i hear "their long suffering fans" again i think i'll puke.
I've every sympathy for the fans, but they must have thought that it was too good to be true.
I don't wish any football club to stop playing as it would destory peoples hopes and dreams. But they have been run worse than us, which is a pretty hard feat!
They had offers for two of their players and they turned them down, how were they allowed to do this?
torchomatic
Well-Known Member
Joking aside, I think in the scheme of things then SISU haven't been as bad as some other owners have been. I feel really sorry for Pompey fans.
Bank accounts frozen. Players not paid.
Points deduction very likely.
Boy, all of a sudden I feel good about SISU
Sky Blue Sheepy
New Member
SISU would be so much more popular if they stopped with the spin and lies. Most fans understand the board can't tell us everything, so just speak the truth when you do!
Sorry but they elbowed their way in and bought the club for more than it was worth. Manhattan consortium weren't so dumb and pulled out when they carried out basic mathematics. Shares can go up as well as down and Sisu made a terribly naive business decision. They should be prepared to write down the value of the debt or leave.
torchomatic
Well-Known Member
Yes, fair enough, but my point is they have always paid the players and we haven't Been into administration like Pompey have. I would rather have had SISU than any of their recent owners.
oldskyblue58
CCFC Finance Director
Actually the shares are worth the same as when they bought in - £NIL
Conventional football investment wisdom is that any money put in is put in as a loan - thats what SISU did ........... and that from the details of the first bid is what the GH Consortium is planning on doing too. So at a very basic level what is the difference ? The strategy/understanding/hopes are different but the mechanics of it are exactly the same ...... are exactly the same at nearly every club.
I dont think SISU fully understood what they were getting into - most importantly from the PR & fan connection side - but at some point someone had to say enough we cant continue like this and that was going to hurt on and off the pitch. YET we are pretty much asking GH to deal with the finances in much the same basic way (put money in by loans keep costs down etc) - albeit with the sweeteners of apparent investment in the squad, better PR & fan connection and because he is a fan.
Sorry, but you dont manage hundreds of millions without a great deal of business sense - they got some important things wrong at CCFC, lost the faith of 99% of the fans, made their remaining almost impossible - but they didnt get everything wrong.
As for Pompey I every sympathy with the fans to a point - to a point because while the club was succeeding yet being driven into the ground by ridiculous unaffordable wages there were very few saying a crash was coming, they were caught up in the apparent success. The club lived way beyond its means - gained a brief spark of success at great cost. What is most important ? ........... a season of winning something or the survival of the club ?
Conventional football investment wisdom is that any money put in is put in as a loan - thats what SISU did ........... and that from the details of the first bid is what the GH Consortium is planning on doing too. So at a very basic level what is the difference ? The strategy/understanding/hopes are different but the mechanics of it are exactly the same ...... are exactly the same at nearly every club.
I dont think SISU fully understood what they were getting into - most importantly from the PR & fan connection side - but at some point someone had to say enough we cant continue like this and that was going to hurt on and off the pitch. YET we are pretty much asking GH to deal with the finances in much the same basic way (put money in by loans keep costs down etc) - albeit with the sweeteners of apparent investment in the squad, better PR & fan connection and because he is a fan.
Sorry, but you dont manage hundreds of millions without a great deal of business sense - they got some important things wrong at CCFC, lost the faith of 99% of the fans, made their remaining almost impossible - but they didnt get everything wrong.
As for Pompey I every sympathy with the fans to a point - to a point because while the club was succeeding yet being driven into the ground by ridiculous unaffordable wages there were very few saying a crash was coming, they were caught up in the apparent success. The club lived way beyond its means - gained a brief spark of success at great cost. What is most important ? ........... a season of winning something or the survival of the club ?
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skybluejelly
Well-Known Member
i reckon ipswich are desperate for pompey to stay afloat..they stand to loose 3 points if they cease trading...likewise i see west ham bidding for some of there players as they will loose 6 points if pompey folded
Sky Blue M
New Member
I heard something about them paying 20k a week each to Liam Lawrence and Dave Kitson. These are players they signed after they got relegated when they were in admin first time
torchomatic
Well-Known Member
Interesting article. This is as bad as it gets without the club ceasing to exist.
http://news.bbc.co.uk/sport1/hi/football/16710949.stm
http://news.bbc.co.uk/sport1/hi/football/16710949.stm
Houchens Head
Fairly well known member from Malvern
I will be watching our local news with interest this evening (BBC South)
SkyBlue_Bear83
Well-Known Member
It is more SISU's attitude towards fans, employing utter arseholes like Deluded and consistently lying towards the fans that have really turned the fans against them.
rob9872
Well-Known Member
My understanding is that they can't be out of business yet. This is all standard stuff and post admin (if it goes there) will likely be a better proposition than us. They were wound up and will be liquidated on 24th Feb if no admin or no buyer. Before a buyer can takeover though they have to pay the £1.6m owed to the revenue (unless a player can be sold to fund things). The wages will be paid once the bank accounts are unfrozen in the next few days. Its a gamble on paying out first before a tyakeover so my guess is that it will be admin first then bought which could be preferable for them and hopefully beneficial for us too.
skybluearmy88
New Member
i hope pompey arent in trouble....there one of the games on the suns 2 tickets for £19.50.
superskyblue
Well-Known Member
Whilst it will clearly be sad for their fans, I struggle to feel any sympathy for Portsmouth after the trouble they caused at Highfield Rd that time. I was only about 10-11 at the time and it really affected me and made me scared to go to football for atleast 1 or 2 years.
MusicDating
Euro 2016 Prediction League Champion!!
I don't think they're a better proposition than us at all, in fact I fear they could be the biggest club to go yet...
Aside from - "BBC South understands that any purchaser would need to provide £12m as proof of funds, and assurances they could meet another £20m in repayments to former creditors, Balram Chainrai and Alexandre Gaydamak", they dont own the ground (Chainrai does) and still have players on comedy wages.
It's a huge gamble for anyone with serious money to even think of buying them as it'll take years for them to break even.
I'll be amazed if they don't sell a few players by the close of today...
coundonskyblue
New Member
Didn't they sign Dave Kitson on 20k a week as recently as last year?
MusicDating
Euro 2016 Prediction League Champion!!
As long as you've got a creditor prepared to put up the money, you can buy/pay anyone.
Convers Sports Initiatives have gone into admin, so won't be putting any more money in. Chainrai owns Portpin Ltd, who are the secured creditor, who are owed x, maybe around £20m and it doesn't look like he's going to put any more in.
IIRC, they had debts of £120m
o) when they went into admin, and the admin deal was 20p in the pound with the football creditors being paid in full. So f nose what their current debts are!EleanorRigby
New Member
£4.2 million a year according to Manderpric. and still tried to mug the inland revenue, allegedly
Yet strangely the debated /expected sanctions from the league ,which were apparently close to being implemented ,could /would now be delayed /deffered as the result of the winding up petition .Bizzarre,so they and all others affected by the ripples can all carry on in blissful ignorance of consequence ,well thats a help.
Houchens Head
Fairly well known member from Malvern
Strange? No mention of Pompeys problems on BBC South? Only done a lengthy piece on Southampton plus a bit of coverage on tonights local games (Brighton etc)