Sonatine 11125 Posted April 21, 2010 Share Posted April 21, 2010 Portsmouth are expected to announce debts of £119 million when their accounts for the last financial year are released later today. The figure far exceeds earlier estimates of £85 million, but Andrew Andronikou, the club’s administrator, has attempted to play down the seriousness of the debts. "I do not believe that the figures will come as a surprise to anyone who has been interested in buying the club," Andronikou said. "When they do due diligence it is there for them to see. So, for that reason, it is not unexpected, although, of course, the figures are vastly different from what has been reported. The size of the debt involved won't scare off potential buyers, far from it." However, his latest estimate that the club could come out of administration by “the last week in May or the first week in June” makes it unlikely that the FA will approve Portsmouth’s delayed application for a Uefa licence by the May 31 deadline. So they will be unable to take up the Europa League place they have earned by reaching the FA Cup Final. As more information about the debts comes to light under administration, it has emerged that 15 football agents, including Pini Zahavi, are owed a total of £9 million – one is owed £2.3 million for one deal alone - and that £14 million is owed to various lenders who financed the purchases of Sulley Muntari, Glen Johnson and Jermain Defoe during the 2007-08 season. £38m is due to three previous owners in the form of loans and £5 million to trade creditors. Balram Chainrai, the present owner, is owed £14 million, but his loan is understood to be secured on Fratton Park. “We now have a business plan in place that is a projected target over the next three to five years to pay back the creditors," Andronikou said. "The creditors will get a percentage of their debts back over a number of years, rather than all in one go.” Andronikou is to meet creditors on May 6, hoping to secure their agreement to a creditors’ voluntary arrangement [CVA], which is essential if the club is to exit administration. The FA are also expected to insist on this before they will put Portsmouth’s name on the list of clubs requiring a Uefa Licence. 75 per cent of the creditors must agree on the amount they are to recoup from the business, and it is expected that Her Majesty’s Revenue and Customs will be especially hard-headed in negotiations. If a CVA is not agreed then the club faces the prospect of further points reductions next season in the Championship, apart from losing their chance of a European place. Can't see too many people queuing up to buy a Championship team with that level of debt Link to comment Share on other sites More sharing options...
Happy Face 29 Posted April 21, 2010 Share Posted April 21, 2010 Can't see too many people queuing up to buy a Championship team with that level of debt Didn't stop Ashley trying Link to comment Share on other sites More sharing options...
Barney 0 Posted April 21, 2010 Share Posted April 21, 2010 No 1st team players In need of a new stadium as the current one is shit and has no corporate areas A huge rival club nearby Fucked. Link to comment Share on other sites More sharing options...
Percy Street 0 Posted April 21, 2010 Share Posted April 21, 2010 No 1st team playersIn need of a new stadium as the current one is shit and has no corporate areas A huge rival club nearby Fucked. Y'know Barney someone will probably be paid a very fat fee to stretch that out over several pages of accounting/ marketing and legalistic jargon but say much the same thing. Put your best suit on and get yourself down there............... Link to comment Share on other sites More sharing options...
Barney 0 Posted April 21, 2010 Share Posted April 21, 2010 birthday suit, ftw. Link to comment Share on other sites More sharing options...
Sonatine 11125 Posted April 21, 2010 Author Share Posted April 21, 2010 The extent of Portsmouth's financial woe has been disclosed in the administrator's report, which reportedly revealed the club's true debt stands at £105 million - and that they have an unpaid pie bill. According to the Independent, the detailed 'Report to Creditors' reveals the club owes money to former owners (£38.2m), HM Revenue & Customs (£17.1m) and a variety of Premier League and foreign clubs (£17.3m). Agents and scouts are also on the creditors list, including £2.1m owed to super agent Pini Zahavi, as are players and former players who are due historic bonuses and image rights. Portsmouth also owe £14m to their last owner, Balram Chainrai in secured loans, while "trade creditors", usually local businesses, are owed £4.4m. Within that final category is an unpaid bill of £40 to Pukka Pies, while the club owe Trent Pottery and Furniture in Naresborough a further £14.84. Also on the list is a Scout troop in Guernsey, who are due £697, while the Ministry of Defence is owed £626.92. You know they've hit rock bottom when they can't pay the pie man Link to comment Share on other sites More sharing options...
Monkeys Fist 41332 Posted April 21, 2010 Share Posted April 21, 2010 (edited) The extent of Portsmouth's financial woe has been disclosed in the administrator's report, which reportedly revealed the club's true debt stands at £105 million - and that they have an unpaid pie bill. According to the Independent, the detailed 'Report to Creditors' reveals the club owes money to former owners (£38.2m), HM Revenue & Customs (£17.1m) and a variety of Premier League and foreign clubs (£17.3m). Agents and scouts are also on the creditors list, including £2.1m owed to super agent Pini Zahavi, as are players and former players who are due historic bonuses and image rights. Portsmouth also owe £14m to their last owner, Balram Chainrai in secured loans, while "trade creditors", usually local businesses, are owed £4.4m. Within that final category is an unpaid bill of £40 to Pukka Pies, while the club owe Trent Pottery and Furniture in Naresborough a further £14.84. Also on the list is a Scout troop in Guernsey, who are due £697, while the Ministry of Defence is owed £626.92. You know they've hit rock bottom when they can't pay the pie man Avram's massages?? Seriously, wtf do they owe £700 to a scout troop for? Edited April 21, 2010 by Monkeys Fist Link to comment Share on other sites More sharing options...
Kevin 1 Posted April 21, 2010 Share Posted April 21, 2010 you'd think one of the measley fuckers playing would actually give up £40 out of a few grand to pay a pie man Link to comment Share on other sites More sharing options...
Matt 0 Posted April 21, 2010 Share Posted April 21, 2010 The document also lists agents owed money and their addresses, just in case anyone fancies tracking down Willie Mackay Link to comment Share on other sites More sharing options...
Sonatine 11125 Posted April 21, 2010 Author Share Posted April 21, 2010 We know many of you have actual things to do, like work and so forth. However, luckily Football365 is not burdened with such fripperies, so we have spent the afternoon going through the quite frankly insane list of creditors released by Portsmouth. Aside from the £17million still owed to various clubs for transfer fees (many on players who have already been sold on), £9million owed to agents and some £4.8million due to players past and present, the list of other creditors runs to a whopping 15 pages. Inevitably, there are some rather unusual names on that list, so here are a select few, along with the amounts they are owed. 108 Medical Ltd: £1 AON: £154,934.27 British Gas: £473.62 BT: £1,335.68 Canterbury Europe: £1,398,486.86 Carlsberg: £1,039.33 Concorde Club Hotel: £7,558.70 (That's a lot of pay-per-view porn) Faith and Football: £1,998 (Linvoy Primus had something to do with this) Fareham Shopping Centre: £310.50 Hampshire Flag Company: £917.81 House of Weddings: £270 Johnston Newspapers South: £20,062.59 (That's The Portsmouth News, so it's no surprise if there are a few sniffy stories about them in the paper) King Edward VI School: £41,714.01 Kitbag: £129,407.75 Land Ladies Rent Account: £12,066.50 (Interestingly, the address given for this one is 'Portsmouth Football Club') Ministry Of Defence (financial management): £626.92 nPower: £2,677.16 Pasta King: £1,296.35 Performing Rights Society: £19,438.83 Portsmouth FC Supporters Club: £300 Pukka Pies: £40 Priory Community Sports Centre: £11,000 Qatar Airways: £0.20 Richard Auger: £340,000 (The amount piqued our interest, so we did a quick Google search, and the first result that came up was for a massage therapist) Ryde School: £318 Scout Association: £697 Southampton FC: £35,000 St John's Ambulance: £2,701.91 St John's College: £6,660 And frankly, we could go on... Link to comment Share on other sites More sharing options...
acrossthepond 861 Posted April 21, 2010 Share Posted April 21, 2010 From http://soccernet.espn.go.com/news/story?id...and&cc=5901 Portsmouth administrator Andrew Andronikou has told Soccernet that he has called for a full forensic report into the mystery of a £1 million payment due to Tottenham for goalkeeper Asmir Begovic. Begovic was never actually sold to Spurs by Portsmouth as he instead chose to join Stoke at the close of the winter transfer window, yet the London club are still owed a £1 million sell-on fee for the player. It is believed the clause is a legacy of the deal that was to take both Begovic and Younes Kaboul to White Hart Lane in a dual deal, and the astonishing, and so far inexplicable, fee is included on the full list of creditors which Portsmouth have disclosed in a damning document. It was revealed on Tuesday that the total amount owed by Pompey to a wide range of creditors is £119 million. However, the fine detail of the list also shows the payment due to Spurs, which Andronikou believes is worthy of a full investigation. "I don't understand it, and I would say it does need understanding," Andronikou told Soccernet. "I have no idea how a club such as Spurs have this option on one of our former players who was sold to Stoke. "When it came through to me on a list of football creditors from the Premier League, I immediately raised it as one to score on the sheet to investigate. "I have forensic abilities to find out exactly what this is all about, and I plan to utilise them. I need to resolve how this came about and why it came about. At the moment, I would only say it is one of the nuances thrown up by all the debts, but this is one in need of an explanation. "For now I am giving everyone the benefit of the doubt until I receive a full explanation so I can fully examine all the facts. Put it this way, it sure it sticks out." What's that? A mystery payment owed for a deal that was never done by a club formerly managed by Harry Redknapp and owed to a club currently managed by Harry Redknapp? Stone the bloody crows! Link to comment Share on other sites More sharing options...
Kevin 1 Posted April 21, 2010 Share Posted April 21, 2010 Qatar Airways: £0.20 Link to comment Share on other sites More sharing options...
Happy Face 29 Posted July 27, 2010 Share Posted July 27, 2010 http://www.portsmouthfc.co.uk/first-team.aspx Link to comment Share on other sites More sharing options...
Ayatollah Hermione 13609 Posted July 27, 2010 Share Posted July 27, 2010 They'll probably lose Boateng and Ben Haim at least out of them too. Link to comment Share on other sites More sharing options...
khay 10 Posted July 27, 2010 Share Posted July 27, 2010 Link to comment Share on other sites More sharing options...
JawD 99 Posted July 27, 2010 Share Posted July 27, 2010 Qatar Airways: £0.20 Thats nowt. It's easy for any business to have small straggling amounts on their ledger. Likely wrote off a long time ago by the airline and just needed tidied up by Portsmouth. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted July 29, 2010 Share Posted July 29, 2010 All Portsmouth kit items down to £1. http://www.store.portsmouthfc.co.uk/stores....aspx?cid=11140 get your thick socks for winter. Link to comment Share on other sites More sharing options...
ewerk 29494 Posted July 29, 2010 Share Posted July 29, 2010 Not much good if you're over three years old though. Link to comment Share on other sites More sharing options...
Kevin 1 Posted July 31, 2010 Share Posted July 31, 2010 http://www.portsmouthfc.co.uk/first-team.aspx Wow Link to comment Share on other sites More sharing options...
Craig 6581 Posted July 31, 2010 Share Posted July 31, 2010 http://www.portsmouthfc.co.uk/first-team.aspx A sad state of affairs in truth. When you consider where they were only a couple of years ago (FA Cup winners, in Europe and beating AC Milan) it highlights just how quickly it can all go to shit. Hope they do get themselves sorted for their fans if nothing else. If it had happened to NUFC we'd be devastated. Link to comment Share on other sites More sharing options...
Sima 0 Posted July 31, 2010 Share Posted July 31, 2010 (edited) http://www.portsmouthfc.co.uk/first-team.aspx A sad state of affairs in truth. When you consider where they were only a couple of years ago (FA Cup winners, in Europe and beating AC Milan) it highlights just how quickly it can all go to shit. Hope they do get themselves sorted for their fans if nothing else. If it had happened to NUFC we'd be devastated. They drew with Milan iirc. Inzaghi equalised in the 94th minute or something Edited July 31, 2010 by Sima Link to comment Share on other sites More sharing options...
Craig 6581 Posted July 31, 2010 Share Posted July 31, 2010 http://www.portsmouthfc.co.uk/first-team.aspx A sad state of affairs in truth. When you consider where they were only a couple of years ago (FA Cup winners, in Europe and beating AC Milan) it highlights just how quickly it can all go to shit. Hope they do get themselves sorted for their fans if nothing else. If it had happened to NUFC we'd be devastated. They drew with Milan iirc. Inzaghi equalised in the 94th minute or something Aye that's true - but they ran them close in any event. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted August 5, 2010 Share Posted August 5, 2010 Ruling was due at 3pm and still no news. Both QCs have been called in to speak to judge in private. Link to comment Share on other sites More sharing options...
Craig 6581 Posted August 5, 2010 Share Posted August 5, 2010 Ruling was due at 3pm and still no news. Both QCs have been called in to speak to judge in private. Getting interesting that's for sure.... Link to comment Share on other sites More sharing options...
Kevin 1 Posted August 5, 2010 Share Posted August 5, 2010 so what happens if they get shut down? Link to comment Share on other sites More sharing options...
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