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Interesting* report at the Administrator’s website:-
http://www.uhy-uk.com/media/news/PFC%20-%20Report%20to%20creditors%20Adobe%207.pdf
Most of it is dull legalese but the interesting numbers are to be found around page 48 where it lists what they still owe for player transfers. Can’t believe they still owe Chelsea 3 payments totalling £1m for Glen Johnson and he has been at Liverpool for a year! They owe £3m for that Boateng fella, one payment scheduled for August this year with the last payment not scheduled until January next year.
In total, they still owe £17m on player transfers, loan fees and interest on late payments. So, even though the received wisdom is that they are in the mess they are in because of paying for players they can’t afford, the reality is that they haven’t even paid for much of that yet!!
What a mess! All for one measly cup final win and not much else.
*all depends how bored you are, obviously
Following twelve months of half-truths, and Peter Storrie’s ‘This time next year Rodney’ style press releases, the creditors are now expecting somewhere in the region of 20 pence in the pound back from them.
So the companies that have supported them and effectively kept them going for the past season lose out massively, and yet they have the audacity to petition UEFA to allow them to play in the Europa League?
They shouldn’t be allowed anywhere near a European competition.
I liked the bit about how they £1 million to Spurs even though the player never went anywhere near or wanted to go anywhere near White Hart Lane…. Harry??????
FA Cup Winners 2013, sounds good that
Interesting* report at the Administrator’s website:-http://www.uhy-uk.com/media/news/PFC%20-%20Report%20to%20creditors%20Adobe%207.pdf
Most of it is dull legalese but the interesting numbers are to be found around page 48 where it lists what they still owe for player transfers. Can’t believe they still owe Chelsea 3 payments totalling £1m for Glen Johnson and he has been at Liverpool for a year! They owe £3m for that Boateng fella, one payment scheduled for August this year with the last payment not scheduled until January next year.
In total, they still owe £17m on player transfers, loan fees and interest on late payments. So, even though the received wisdom is that they are in the mess they are in because of paying for players they can’t afford, the reality is that they haven’t even paid for much of that yet!!
What a mess! All for one measly cup final win and not much else.
*all depends how bored you are, obviously
Harry Redknapp transfers by any chance :roll: :roll: …Not a bad chap fo oked Southampton up as well
Whelan, meanwhile, has reiterated his plea for Premier League sides to get their finances in order, and revealed his plans to reduce Wigan’s debt by two-thirds.
“I have been saying for a long time there should be a limit on the size of club’s liabilities and debts – including Wigan Athletic,” he added.
“The club owes me quite a lot of money, because of loans I have lent it. What I am doing is converting those loans into equity and taking shares.
“It’s a debt-for-equity swap, and I would advocate every club in the country looking into doing that.
“Wigan will be doing that, which will wipe out around two-thirds of our debt. It’s one way of cleaning up a lot of balance sheets in football.”
Above quote from today’s WEP.
Say what you like about DW (and frankly he won’t care) I’ll bet most clubs in the League, and especially Portsmouth, would love to have a Chairman saying those sort of things.
I’m not being sycophantic in this – but I like the sentiment behind this. Loans as equity means he is only owed proportional to the value of the club, and therefore is intrinsically tied into seeing the club being successful, while at the same time not demanding cash back.
I hate that droopy faced poaching &&&& more than any manager in the game!
He discovered Welsern Perlases (thats how he pronounces it??) and lazily sniffs round other clubs players with his (chairmans) chequebook.
No sympathy whatsoever for this football club although i feel for the supporters who get the brunt every time as usual.
I think they have had it frankly cant see anyone rescuing them either now or in the future.
Money has ruined the game!Unbelieveable what has gone on at Pompey, they’ve recieved something like £100m in transfer fees and yet have debts of £120m……some absolutely crazy financial decisions been made at that club
Unbelieveable what has gone on at Pompey, they’ve recieved something like £100m in transfer fees and yet have debts of £120m……some absolutely crazy financial decisions been made at that clubFor “crazy” read “crooked”
Whelan, meanwhile, has reiterated his plea for Premier League sides to get their finances in order, and revealed his plans to reduce Wigan’s debt by two-thirds.
“I have been saying for a long time there should be a limit on the size of club’s liabilities and debts – including Wigan Athletic,” he added.
“The club owes me quite a lot of money, because of loans I have lent it. What I am doing is converting those loans into equity and taking shares.
“It’s a debt-for-equity swap, and I would advocate every club in the country looking into doing that.
“Wigan will be doing that, which will wipe out around two-thirds of our debt. It’s one way of cleaning up a lot of balance sheets in football.”
Above quote from today’s WEP.
Say what you like about DW (and frankly he won’t care) I’ll bet most clubs in the League, and especially Portsmouth, would love to have a Chairman saying those sort of things.
I’m not being sycophantic in this – but I like the sentiment behind this. Loans as equity means he is only owed proportional to the value of the club, and therefore is intrinsically tied into seeing the club being successful, while at the same time not demanding cash back.
You know what, I’ve slated Whelan for the last 2 seasons for lacking ambition and short sightedness, But thanks to reading that lengthy report on Pompey i have to give it to the fella, It really put’s into perspective what he has done (is doing) for us and the club. So there you have it people, the first critic to admit iv’e been wrong, Ive given Whelan quite a bit of stick for a couple of years but im a working class lad, i don’t go to work in a suit and do all this financial malarky, Pure football blindness has diverted me from the real task we have. So from now on i will look at our situation with a different view and will have to agree to disagree with myself on transfer dealings. It’s amazing when you read that report and see that we are still quite contented in this league. I bet there is a few more clubs on the verge of going tit’s up.
You know what, I’ve slated Whelan for the last 2 seasons for lacking ambition and short sightedness, But thanks to reading that lengthy report on Pompey i have to give it to the fella, It really put’s into perspective what he has done (is doing) for us and the club. So there you have it people, the first critic to admit iv’e been wrong, Ive given Whelan quite a bit of stick for a couple of years but im a working class lad, i don’t go to work in a suit and do all this financial malarky, Pure football blindness has diverted me from the real task we have. So from now on i will look at our situation with a different view and will have to agree to disagree with myself on transfer dealings. It’s amazing when you read that report and see that we are still quite contented in this league. I bet there is a few more clubs on the verge of going custard’s up.Good for you – takes a big man to admit to a change of heart like that on a forum such as this.
Just read that back and it sounds incredibly patronising but was not intended to be so.
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