on Friday if no buyer found..That is the latest news,some how and some way the truth will come out to just where and who had all the money out of PFC. More doubtful dealings have gone on there and it would put the Mafia to shame how unlawful it all has been. We were due to be Liquidated on Monday.......biggest and richest League in the world ....yeah the league with the biggest debts that's all.
Below is good article regarding the situation. It sounds like the club's survival is not assured without more investment by the summer. http://www.bbc.co.uk/blogs/mattslater/2010/02/portsmouth_fc_in_crisis_qa.html
Sometimes I think sky sports and most other media just have done no research and here is clip of a Portsmouth Supporter telling it just like it is. [ame="http://www.youtube.com/watch?v=fN01Cz_BxxE&feature=player_embedded#"]YouTube- Pompey Fan Interview[/ame]
Per the above article, I think that the Pompey supprters would be happy to play in the championship. It's not at all assured that they will be able to reorganize and field a team next season.
Tough for the team and the fans but hey you guys won today , if they didnt take away the 9pts i think u guys could survive and even with the deduction if you guys are able to win most of the games there is hope, Well here is an article on the game and a a good short interview the coach Grant http://news.bbc.co.uk/sport2/hi/football/eng_prem/8530841.stm
Now HMRC is challenging Pompey's entry into administration. As a fan noted on Portsmouth site, "HRMC wants blood."
I think they see Chanrai putting the Team into Admin but being a secured Creditor and getting "his" money back as just a little too dodgy for them.
Crisis-club Portsmouth are offering financial advice to supporters on their website. Pompey, who are in administration and have huge debts, are advertising PFC Financial Services division, which claims to bring everyday financial solutions to fans' families. One supporter said: "It's got to be a sick joke."
Portsmouth have become alchemy in reverse. They've put their hand into the pot of gold and turned it to lead
Portsmouth owner pledges £15m to keep club alive until May Balram Chainrai, the Portsmouth owner, has pledged £15 million to keep the club alive until the end of the season in the hope that administrators will find a buyer in the meantime. A statement of affairs prepared by Vantis produced at the High Court on Tuesday, showed that the club’s liabilities exceed their assets by £65 million and that they need an input of £7 million to reach the end of this month and the same amount again to last until the end of May. But a letter was read out in which Chainrai promised that the money would be available, while Andrew Andronikou, the administrator, believes that he can keep the club afloat with “substantially less” than £15 million. “As you’ve seen by the figures demonstrated in the Vantis report, there is a cashflow that has been formulated which shows there’s a [shortfall] of £12-14 million,” he said. “I think that’s way wide of the mark.” Portsmouth were in court for the second time in three weeks because Revenue & Customs disputes the basis on which Chainrai put them into voluntary administration last Friday. They will be back again in the week beginning March 15 after being ordered to reveal full details of a number of transactions involving Chainrai, his company Portpin Ltd and Falcondrome, the company belonging to Ali al-Faraj that owned the club and that Portpin took over when it missed interest payments on loans from him
Here's what the next hearing will address. If Portpin did not advance additional money to the club it sounds like there may be trouble, not sure what the consequence would be. From the news article http://www.portsmouth.co.uk/newshome...pey.6115398.jp What the Judge said in a bit more detail.... Mr Justice Norris said: 'It will be necessary for it to be established that new money was given for the charges when granted. 'Unless that can be established the charges will be voided. The Revenue are concerned that no new money was given. The basis for that concern lies in evidence filed by the company in answer to the winding-up petition. 'The company is owned as to 90 per cent by a company called Falcondrone Ltd. The ownership of Falcondrone itself has changed hands on a number of occasions. 'The grantee of the charges on October 6, 2009 and the January 7, 2010, is a British Virgin Islands company called Portpin Ltd, in the ownership of a Mr Balram Chainrai, a welathy Hong Kong businessman. 'In evidence which the company itself filed in response to the winding-up petition, the company's head of finance (Tanya Robins) said Portpin Ltd, Mr Chainrai's company, had provided "initial short-term funding to Falcondrone". 'Although Portpin is a grantee of the two charges, on the evidence it would appear that it advanced no new money to the company but instead advanced money to the owners of the company. 'If that is right, then the charges would not be valid and would not support the appointment of the administrators. 'It might therefore be said that a shadow is cast over the existing appointments of the administrators and it is clear that that shadow should be removed as quickly and as cheaply as possible. 'There is not time nor money to enter into an extended examination of the validity of the appointment.'
This is good news for the club. I think this eliminates the last risk of imediate winding-up. http://soccernet.espn.go.com/news/story?id=754055&sec=england&cc=5901