Portsmouth winding up order?

[DENNIS STEVENS]

According to The News, Portsmouth :

Pompey have been issued with a winding-up petition which could cost them nine precious Premier League points.
The move has been made by HM Revenue & Customs and if a court backs its appeal to compulsorily liquidate the club, the Premier League is likely to impose a points sanction that would almost certainly confirm Pompey's relegation.

Tax officials presented the petition on 23 December but a full court hearing will not take place until February 11 at the High Court.

The court has the option to put the club into compulsory liquidation if it cannot settle its debt.

The Inland Revenue, which is believed to be claiming it is owed around £1.5m, refused to make any immediate comment about its action and neither was there any immediate comment from Pompey.

But a spokeswoman at the High Court in London confirmed that a winding up petition had been lodged by the HMRC against Pompey.

The Premier League would not discuss what it would do if Pompey lost the court case. A spokesman would only say: 'We continue to monitor the situation closely and are in frequent dialogue with the club.

A very sad state of affairs. It seems to me the club has been passed from pillar to post as people seek to take their pound of flesh & yet nobody is delivering the promised stadium & top flight stability. From what I make of it that dates right back through a number of owners, including Venables & Mandaric, on through to the last 3 sets of clowns in the space of a very short time. All the while the old rail yards supposedly meant to be developed to "enable" the stadium development continue to be developed but there's no stadium as yet enabled, & I gather the last (or is it one before last, they come 'round so quickly?!) sale of the club had the remaining land hived off & sold as a separate entity to enhance the previous owners return on his investment.

 

[Rook]

Fire sale!

Mind you...

....O'Hara would be the only one I'd like us to get. Maybe Mullins at a push.

More like a garage sale or stuff left behind at a flea market.

Ah the joys of "investment", there is nothing like having an owner propped up with phony wealth like Biscuit man or some Russian using your club to launder money. Kenwright out!!!!

 

[chicoazul]

Fire sale!

Mind you...

....O'Hara would be the only one I'd like us to get. Maybe Mullins at a push.

Didn't you use these as an example that there was investment out there Mr K?

Viewing a thread - Winding Up Order served 23/12/09

You might like to read what their fans are feeling.

Sometimes, better the devil you know. It could have quite easily been us if it wasnt for a chairman who is adamant he wants only good investment to take over.

See, Kenwright isn't bad - that's bad.

 

[Mutzo Nutzo]

shocking news....feel for the fans...terrible mis-management, all sparked by Gaydarmak or whatever he calls himself...getting bored of the whole thing...

 

[bluebastardo]

£1.5 Million is peanuts for football clubs though isn't it?
What's the problem?

 

[Dutch Toffee]

I don't have much time for Pompey and their fans, but I wouldn't wish that on them. RS, Newcastle and Man City maybe, but not Pompey.

Edit: Forget about that maybe and make it definately.

 

[davek]

Didn't you use these as an example that there was investment out there Mr K?

Viewing a thread - Winding Up Order served 23/12/09

You might like to read what their fans are feeling.

Sometimes, better the devil you know. It could have quite easily been us if it wasnt for a chairman who is adamant he wants only good investment to take over.

See, Kenwright isn't bad - that's bad.

I think I steered clear of commenting on Portsmouth, tbh.

In other news: Villa, Man City and Chelsea fans quite happy with their lot.

 

[kenada_blue]

I'd love us to have some cash and we really should get some money bags millionaire in...

But the thought of Everton ending up like Pompey because of it is rather terrifying

 

[Dutch Toffee]

I think I steered clear of commenting on Portsmouth, tbh.

In other news: Villa, Man City and Chelsea fans quite happy with their lot.

I'd love us to have some cash and we really should get some money bags millionaire in...

But the thought of Everton ending up like Pompey because of it is rather terrifying

I wouldn't mind the Villa scenario, but I'd hate the Chelsea and Man City scenario almost as much as the Pompey one.

 

[Robert Jarvis]

A winding up order if approved means the club would go into liquidation and all the assets sold to clear the debts.

However if you were a clever schmuk like Bates at Leeds you could probably come out of it smelling of roses and no debts.

 

[tsubaki]

A winding up order if approved means the club would go into liquidation and all the assets sold to clear the debts.

However if you were a clever schmuk like Bates at Leeds you could probably come out of it smelling of roses and no debts.

IIRC Leeds went into administration before being subject to a winding-up petition, and so Bates was able to repurchase them cheaply by getting first in line when the administrators sold the club as a going concern (companies he owned / controlled / was strongly associated with were the largest creditors). The whole sorry tale is here:

Leeds United: the unanswered questions | Football | The Guardian

Of course, everyone else - including HMRC - got peanuts, so one imagines the taxman is not going to let that happen again.

 

[best little spaniard]

I'd love us to have some cash and we really should get some money bags millionaire in...

But the thought of Everton ending up like Pompey because of it is rather terrifying

Got it in one.

 

[tsubaki]

the employees of portsmouth havent been paid again:

Portsmouth players face another wait for wages | Football | guardian.co.uk

also, unbelievably, their former owner is demanding that he is owed £28 million. maybe he is going to do a Bates?

 

[chicoazul]

I think I steered clear of commenting on Portsmouth, tbh.

In other news: Villa, Man City and Chelsea fans quite happy with their lot.

Do you think? How about Liverpool, West Ham, Leeds, Hull, Newcastle and that?

Sorry for the bad bookmarking mate, but I think you'll find.

http://www.grandoldteam.com/forum/world-football/16631-pompey-another-takeover.html

What, yet another one who doesn't fit the 'suitability' test. Good job Bill's such a great businessman as well as steward eh?

Wont be long now, 26/9.

Seems to me he's been a good steward after all.

Careful what you wish for pal.

 

[keith85]

Inside info on pompey....
Point 1
The power that be are bending all the rules to help them out, as pompey have bid for world cup venue, All the powers are trying to save face till after bid, but would be handy if pompey would not be in prem next season ,out of site out of mind, but we cant have a club go bust b4 bid !!!!!!

Point 2
selling player in jan is next step, Have seen them 12 times this season and the only players which are prem class and not loaned in , kabol diop belhaje however you spell it, 6 players are on 85k euros a week plus bonuses one is john utakker. the wage bill is a massive problem for them