Comments on: Portsmouth: why Thursday’s creditors meeting means so much to so many (not least the helpless fans) http://www.sportingintelligence.com/2010/06/15/portsmouth-why-thursdays-creditors-meeting-means-so-much-to-so-many-not-least-the-helpless-fans-150602/ original thinking. informed comment. no froth. no spin Fri, 27 May 2011 11:18:17 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: SH http://www.sportingintelligence.com/2010/06/15/portsmouth-why-thursdays-creditors-meeting-means-so-much-to-so-many-not-least-the-helpless-fans-150602/comment-page-1/#comment-4469 SH Tue, 15 Jun 2010 20:50:26 +0000 http://www.sportingintelligence.com/?p=5473#comment-4469 RM - the Griffin proposal may hurt the football side, but that's the peril of going into debt in the way Portsmouth have. There was the SOA presented before the courts in february for £60 million and the debt is now £130 million, £140 million? That vagueness alone is worrying let alone where the other debt has come from. Bear in mind what the administrator is spending now is his (or Chanrai's) own money, and is not part of the quoted debt. The administrator _should_ be working for the creditors. As it is they've been promised very, very little over 5 years. If he can get away with it the purchaser will then benefit from all those parachute funds after the football debts are settled. It should be the cfeditors benefiting. Who will the ultimate owner likely be? Who does it look like AA is working for? Doesn't seem like the creditors, does it? I'd love to know what the accounting and IP profession really think... RM – the Griffin proposal may hurt the football side, but that’s the peril of going into debt in the way Portsmouth have. There was the SOA presented before the courts in february for £60 million and the debt is now £130 million, £140 million? That vagueness alone is worrying let alone where the other debt has come from. Bear in mind what the administrator is spending now is his (or Chanrai’s) own money, and is not part of the quoted debt.

The administrator _should_ be working for the creditors. As it is they’ve been promised very, very little over 5 years. If he can get away with it the purchaser will then benefit from all those parachute funds after the football debts are settled. It should be the cfeditors benefiting. Who will the ultimate owner likely be? Who does it look like AA is working for? Doesn’t seem like the creditors, does it?

I’d love to know what the accounting and IP profession really think…

]]> By: Bob http://www.sportingintelligence.com/2010/06/15/portsmouth-why-thursdays-creditors-meeting-means-so-much-to-so-many-not-least-the-helpless-fans-150602/comment-page-1/#comment-4451 Bob Tue, 15 Jun 2010 16:02:52 +0000 http://www.sportingintelligence.com/?p=5473#comment-4451 You forget that Peter Storie increased the value of the squad for the Statement of Affairs at court to £30 million. Are you saying he lied in court or is that for HMRC to find out? You forget that Peter Storie increased the value of the squad for the Statement of Affairs at court to £30 million. Are you saying he lied in court or is that for HMRC to find out?

]]> By: RM http://www.sportingintelligence.com/2010/06/15/portsmouth-why-thursdays-creditors-meeting-means-so-much-to-so-many-not-least-the-helpless-fans-150602/comment-page-1/#comment-4445 RM Tue, 15 Jun 2010 14:45:23 +0000 http://www.sportingintelligence.com/?p=5473#comment-4445 Not forgetting Portsmouth will not get anywhere near £30million for their squad if they sold it twice. Not forgetting Portsmouth will not get anywhere near £30million for their squad if they sold it twice.

]]> By: RM http://www.sportingintelligence.com/2010/06/15/portsmouth-why-thursdays-creditors-meeting-means-so-much-to-so-many-not-least-the-helpless-fans-150602/comment-page-1/#comment-4444 RM Tue, 15 Jun 2010 14:41:10 +0000 http://www.sportingintelligence.com/?p=5473#comment-4444 I wouldnt argue with a lot of your blog apart from your glaring statement that the Griffin option was put together by people who understand the game. You appear to miss the massive point that the Griffin option will leave the club totally uncompetitive and the fans will leave. If the club is unattractive to fans the consequence will be little or no fans and consequently no investors or sponsors. This will cause the club to drop and the spiral will just increase and those creditors will not ever see the money promised. It also does not take into account football creditors will get first shot at the parachute payments. Nor does it take into account that no players will arrive because the CVA will not be agreed so the transfer embargo will remain. The Griffin proposal will irreparably damage the club. I wouldnt argue with a lot of your blog apart from your glaring statement that the Griffin option was put together by people who understand the game. You appear to miss the massive point that the Griffin option will leave the club totally uncompetitive and the fans will leave. If the club is unattractive to fans the consequence will be little or no fans and consequently no investors or sponsors. This will cause the club to drop and the spiral will just increase and those creditors will not ever see the money promised. It also does not take into account football creditors will get first shot at the parachute payments. Nor does it take into account that no players will arrive because the CVA will not be agreed so the transfer embargo will remain. The Griffin proposal will irreparably damage the club.

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