Portsmouth deducted 9pts .....just on sky sports now
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So Avram Grant has apparently said he'll make a farce of the Premier league by playing a weakened side till the end of the season....bit of a stroppy attitude that.
I'm sure the league will have something to say about it...not sure what they can do though...
Last edited by Vermilion; 19-03-10, 10:07 AM.Comment
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I think it's fair enough really. In his position he is deciding to do what is best by individual players as there is nothing more that can be done for the club in the league. His first responsibility is to the club and the players he is managing. I think he is right that he owes nothing to anyone else.
It's very unseemly but I have sympathy for his point that the previous owners are the ones to blame and they are getting off scot free in all of this. Redknapp too. Grant should bare some responsibility for his time as director of football I guess."The man who never alters his opinion is like standing water, and breeds reptiles of the mind."
-- William BlakeComment
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Portsmouth prepare to reveal full extent of their heavy debt
• Figures contained in administrator's offer to creditors
• Portsmouth paid one agent £2.3m for work on one deal
* Guardian staff
* guardian.co.uk, Tuesday 20 April 2010 12.58 BST
Fratton Park, the home of Portsmouth. Photograph: Phil Cole/Getty Images
Portsmouth's administrator is expected to reveal today the full extent of the club's debt when he makes an offer to creditors in an attempt to restructure its chaotic finances.
As the administrator, Andrew Andronikou, has previously claimed, the figures are expected to show that between £80m to £90m is owed to unsecured creditors, including the taxman and previous owners.
A further £14m is owed to Balram Chainrai, the club's fourth owner of the season, in the form of a secured loan. Chainrai is expected to be repaid in full under Andronikou's company voluntary arrangement (CVA) plan. The club's total debt is put at around £105m.
However, a further £14m is owed to finance houses which forwarded funds based on transfer fees yet to be received. This debt is considered to be off the balance sheet because it is effectively underwritten by the football authorities, according to the football creditor rule.
According to figures on the Soccernet website, £9m of the £105m debt is owed to 15 agents. In one deal alone, an agent is owed £2.3m. "There are agents and scouts owed over £9m," Andronikou said. "There are agents such as Pini Zahavi, who is owed £2m, but there is one agent who is owed £2.3m for just one deal alone, the transfer of [Lassana] Diarra. It is staggering. There must be something like 15 agents owed money, which illustrates how the club were buying and selling so many big-name players."
The breakdown includes: £90m owed to unsecured creditors – of which £38m is due to three previous owners in the form of loans – £5m to trade creditors, and £9m to agents. There is also £1m owed on hire purchase.
"I do not believe that the figures will come as a surprise to anyone who has been interested in buying the club, when they do due diligence it is there for them to see," Adronikou told Soccernet. "So, for that reason, it is not unexpected, although, of course, the figures are vastly different from what has been reported."The man who never alters his opinion is like standing water, and breeds reptiles of the mind."
-- William BlakeComment
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That is a ridiculous amount to owe agents. Makes you wonder how much of an impact those sorts of fees have on the real cost of transfers more generally."The man who never alters his opinion is like standing water, and breeds reptiles of the mind."
-- William BlakeComment
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...but Redknapp was oblivious to all this...
Last edited by Rich; 20-04-10, 05:49 PM.James Philip Milner Fanclub #1
Curtis Julian Jones Fanclub #1Comment
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£120 million.
BBC SPORT
Portsmouth debts close to £120m
Portsmouth's administrators have revealed the relegated Premier League club's debts are £119m.
A letter published by the administrator reveals the extent of the debt while adding they are owed a total of £14m from Spurs, Inter Milan and Liverpool.
In February, Portsmouth became the first Premier League club to enter administration with debts of £60m-£70m.
Premier League chief executive Richard Scudamore said they only had themselves to blame for their financial situation.
"Back in January, I said that if a club enters administration while in the Premier League then it would be down to bad management of the club, and it is," he told BBC Radio 5 live.
The letter from administrators says Portsmouth's actual debt is close to double what was reported in February, although they are still owed money from the transfers of Jermain Defoe to Tottenham, Glen Johnson to Liverpool and Sulley Muntari to Inter Milan.
GoodByeAll
Sent to all Portsmouth's known creditors - and it can be accessed in full
- it reveals almost £38m is owed to former owners while more than £9m is due to 15 agents.
According to administrator Andrew Andronikou, Pini Zahavi, who helped facilitate the separate takeovers of the club by French businessman Alexandre Gaydamak and Ali Al-Faraj, has claimed for £2m while another agent is owed £2.1m for one deal alone.
There is a full list of every company owed money by the stricken south-coast side, with debts for as little as £1 are displayed in a comprehensive table.
Andronikou, who initially predicted the club debt would reach £85m, needs at least 75% of the unsecured creditor base to agree to a Company Voluntary Arrangement that would see all of the club's debts settled at a reduced rate over the coming years.
If he does not manage to win the agreement of that percentage of the creditor base, it is unlikely he will meet his target of getting Portsmouth out of administration in the first week of June.
A creditors meeting to discuss the proposals will be held on 6 May.
Scudamore said FA Cup finalists Portsmouth can blame no-one but themselves for entering administration.
"If you start the season knowing you're going to get between £30m and £50m from the Premier League throughout the year, it is entirely possible to organise yourself so you don't get into the difficulties that Pompey have got into," he said.
Scudamore pointed out that money distributed by the Premier League from the sale of television rights overseas is shared equally between the 20 clubs, unlike domestic revenue.
"You cannot possibly link the distribution of our income to Portsmouth's woes," he added.
"All the money is distributed evenly, so Wigan and Burnley this season will have earned as much international television exposure as Manchester United, Chelsea and Arsenal.
"That's an important redistribution mechanism - and that's what stands us out from the other leagues in Europe, particularly the Spanish.
"You can't actually say it's about the way we redistribute out money that has caused Portsmouth's problems."
Story from BBC SPORT:
Published: 2010/04/21 12:16:29 GMT
© BBC MMX
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that's nothing only a third of our debt!Originally posted by PeteBest View Post£120 million.Comment
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You wouldn't believe that for a club of Porstmouth's size though. How can they service debts such as these? They don't have our following, brand name etc ... I think it's incredibly high.Originally posted by Darkon View PostComment
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they cant service the debt we just about canComment
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A half, where did you learn your maths?
In terms of revenue:debt ratio its a lot higher."that is my opinion and that is more important than what anyone else has to say about it" - Mr A.Fergusson, Oct 2011Comment
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I know they are in bigger trouble than we are all things considered, but it still speaks volumes about our current debt level tbh. there is a reason why we can't afford that much in the transfer market and our owners have been more or less been forced to sell up - ours isn't sustainable either.Originally posted by PeteBest View PostComment
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guessing it's me you refer to? I was thinking our debt was about 300m, but it might be less currently for all companies holding or direct.Originally posted by BillobShaisley View PostComment
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