TheCountOfNowhere Posted February 10, 2010 Share Posted February 10, 2010 Just heard the radio about Portsmouth FC being given an extra 7 days.... One of the reasons.....The courts are so busy dealing with other bunkruptcy cases !!!! Says it all really. We are in for a rough ride this year. Quote Link to comment Share on other sites More sharing options...
leicestersq Posted February 10, 2010 Share Posted February 10, 2010 Just heard the radio about Portsmouth FC being given an extra 7 days.... One of the reasons.....The courts are so busy dealing with other bunkruptcy cases !!!! Says it all really. We are in for a rough ride this year. I commented on this on another thread. It beggars belief, just what was the judge thinking? We have laws to stop insolvent companies trading, because all they do it end up getting further into debt, causing more and more heartache. Operations such as this need to be closed down without delay. Why another 7 days? From what I read, there was no evidence of any hope that these debts might be settled. No hope that they company might start running at a profit. So Mr Taxpayer gets to lose out even more. This just encourages more to do the same. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted February 10, 2010 Share Posted February 10, 2010 why do they (all) owe so much money. tickets are about £20 and theres a lot turn up. is it that the players get aspirational wages ? (to support those aspirational wag lifestyles we are all supposed to aspire to ?) Quote Link to comment Share on other sites More sharing options...
leicestersq Posted February 10, 2010 Share Posted February 10, 2010 (edited) why do they (all) owe so much money. tickets are about £20 and theres a lot turn up. is it that the players get aspirational wages ? (to support those aspirational wag lifestyles we are all supposed to aspire to ?) They owe money in lots of places, I dont have the gory details. But their biggest problem is that they havent been paying the taxman. They have been trying to play the 'were a football club and our fans wont vote for you' card to wriggle out of paying what they owe. That taxpayers money has instead gone on whatever else PFC have chosen to waste it on. I think you will find that if you do the maths, that £20 quid or whatever doesnt go very far given the wages that the players are on. With outgoings exceeding incomings, the debt will be higher next week. What might save the club is if all the players got together and offered to cut their wages by 110%. Footballers are famous for giving this sort of effort on the pitch, so it would make a nice change if they were to do it with their contracts as well. Then we might have a bit of solvency. I doubt it will happen though. Wouldnt be unjust if it did happen though. I wouldnt want David James playing in goal for my club for less than 10 grand a week, and I think he should be paying a lot more than that. Edited February 10, 2010 by leicestersq Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted February 10, 2010 Share Posted February 10, 2010 They owe money in lots of places, I dont have the gory details. But their biggest problem is that they havent been paying the taxman. They have been trying to play the 'were a football club and our fans wont vote for you' card to wriggle out of paying what they owe. That taxpayers money has instead gone on whatever else PFC have chosen to waste it on. I think you will find that if you do the maths, that £20 quid or whatever doesnt go very far given the wages that the players are on. With outgoings exceeding incomings, the debt will be higher next week. What might save the club is if all the players got together and offered to cut their wages by 110%. Footballers are famous for giving this sort of effort on the pitch, so it would make a nice change if they were to do it with their contracts as well. Then we might have a bit of solvency. I doubt it will happen though. Wouldnt be unjust if it did happen though. I wouldnt want David James playing in goal for my club for less than 10 grand a week, and I think he should be paying a lot more than that. so if i read your post - its the payers wages. and the aspirational lives they want to lead thats the REAL problem. also you must have an income in order for the taxman to want some. so they cant say they havent been raking it in of ticket sales. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted February 10, 2010 Share Posted February 10, 2010 balls. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted February 10, 2010 Share Posted February 10, 2010 Is the ground worth anything as housing? Can the taxpayer recover the money that way? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted February 10, 2010 Author Share Posted February 10, 2010 (edited) You're missing the main point. They got an extra 7 days only because the courts were so BUSY !!!! This means a lot of other people are in serious s***. Edited February 10, 2010 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
ccc Posted February 10, 2010 Share Posted February 10, 2010 Anyone that can't run a business that gets 20,000 paying customers on a regular almost religious basis - and gets £30 million every season before they even begin ? They are an idiot. End of story. Nothing else to say. Quote Link to comment Share on other sites More sharing options...
leicestersq Posted February 10, 2010 Share Posted February 10, 2010 You're missing the main point. They got an extra 7 days only because the courts were so BUSY !!!! This means a lot of other people are in serious s***. Wouldnt there be one less court case, if they had simply wound up the club at the first hearing, rather than have a second court case a week later? No wonder they are so busy, making all that work for themselves. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted February 10, 2010 Author Share Posted February 10, 2010 Wouldnt there be one less court case, if they had simply wound up the club at the first hearing, rather than have a second court case a week later? No wonder they are so busy, making all that work for themselves. That's public servants for you. Quote Link to comment Share on other sites More sharing options...
Si1 Posted February 10, 2010 Share Posted February 10, 2010 have they got any good players gonna be snapped up at firesale prices then by Liverpool only for Rafa Benitez to play them out of position and sell them for even less in two years time after a loan spell in the Bundesliga ? Quote Link to comment Share on other sites More sharing options...
spireite Posted February 10, 2010 Share Posted February 10, 2010 Just heard the radio about Portsmouth FC being given an extra 7 days.... One of the reasons.....The courts are so busy dealing with other bunkruptcy cases !!!! Says it all really. We are in for a rough ride this year. i thinks its more of a case of did the judge have the balls to wind up portsmouth.they would have had to go into hiding if they had.as with most cases with football clubs its the inland revenue who issue winding up orders, not other creditors.its about time they stopped football clubs paying 5p in the pound off debts then starting the whole cycle again. Quote Link to comment Share on other sites More sharing options...
Fairies Wear Boots Posted February 10, 2010 Share Posted February 10, 2010 Anyone that can't run a business that gets 20,000 paying customers on a regular almost religious basis - and gets £30 million every season before they even begin ? They are an idiot. End of story. Nothing else to say. That's a bit one sided isn't it? If they keep getting beat week after week and get relegated, the religious conviction of their congregation wanes and they aren't willing to pay as much to watch two donkey teams scrap it out in league four or even turn up. Hence having to get players who are good. But every manager wants players who are good. So prices get bid up. Then they have a team that can compete in that league, but wages and other expenses now don't cover income. Ooops! Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted February 10, 2010 Share Posted February 10, 2010 Anyone that can't run a business that gets 20,000 paying customers on a regular almost religious basis - and gets £30 million every season before they even begin ? They are an idiot. End of story. Nothing else to say. But if you have 20 competitors who have the same or better starting point, it doesn't matter. It's a classic problem of composition.. Quote Link to comment Share on other sites More sharing options...
Caveat Mortgagor Posted February 10, 2010 Share Posted February 10, 2010 I'm sure I read somewhere that players salaries amounted to 95% of their turnover! Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 10, 2010 Share Posted February 10, 2010 It was possible that Cardiff also went under today - two clubs? I think they are scared that if one or two clubs go to the wall then it will be a knock-on affect on another 20 or so clubs that are supposedly near bankrupt. The football model in the UK is ludicrous. The only thing more ludicrous is listenig to football fans thinking that someone will come in and pay off the X million debts, also pay to buy a club and then pay X million more in buying in players. Mind you, such mentality explains when we are yet to see a UK housing crash. Quote Link to comment Share on other sites More sharing options...
Timak Posted February 10, 2010 Share Posted February 10, 2010 I'm sure I read somewhere that players salaries amounted to 95% of their turnover! At one point 18 months ago they had a wage bill of £70m on a turnover of £40m, to put that into perspective Everton (who have finished higher than Portsmouth in pretty much every season in their histories) had a wage bill of £40m on a turnover of £60m and were still overspending. Quote Link to comment Share on other sites More sharing options...
headrow Posted February 10, 2010 Share Posted February 10, 2010 . The football model in the UK is ludicrous. The only thing more ludicrous is listenig to football fans thinking that someone will come in and pay off the X million debts, also pay to buy a club and then pay X million more in buying in players. Mind you, such mentality explains when we are yet to see a UK housing crash. Its happened loads of times throughout the past three decades. Middlesboro Hull Wolves Charlton Sheff United Doncaster Scunthorpe Chelsea Man City Newcastle Birmingham City There is always somebody out there who thinks they can turn a failing club round Quote Link to comment Share on other sites More sharing options...
jonb Posted February 10, 2010 Share Posted February 10, 2010 It was possible that Cardiff also went under today - two clubs? I think they are scared that if one or two clubs go to the wall then it will be a knock-on affect on another 20 or so clubs that are supposedly near bankrupt. The football model in the UK is ludicrous. The only thing more ludicrous is listenig to football fans thinking that someone will come in and pay off the X million debts, also pay to buy a club and then pay X million more in buying in players. Mind you, such mentality explains when we are yet to see a UK housing crash. Five clubs as far as I can see. Hinkley United Brighton Portsmouth Southend Cardiff The list is here http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm [if you are reading this more than about 2 days after I posted, it has been updated with the current list] Quote Link to comment Share on other sites More sharing options...
SMAC67 Posted February 10, 2010 Share Posted February 10, 2010 And let's not forget Her Majesty's Government (including HMRC and the Courts), all trading whilst insolvent. Ironic eh? Of course as the original poster commented, the courts will eventually become so clogged up with insolvencies that the rules will be changed so that it will become legal to do so, it's the easy option. It's the only option politicians have! Of course, when footie disappears the peasants might actually revolt, so the government better tread lightly around this one. Quote Link to comment Share on other sites More sharing options...
Mr Yogi Posted February 10, 2010 Share Posted February 10, 2010 It is to be hoped that Portsmouth really are wound up next week and that HMRC makes an example of them by not accepting any deal whereby a nominal rate in the pound is paid. They wouldn't do it for any normal company, so why the hell a football 'club'? The fall of one 'club' will lead to many others failing too. Good. The football bubble has grown to bursting point and the sooner it explodes and players' wages retun to the level of an average schoolteacher the better. What's the problem anyway? Portsmouth fans will just have to support Southampton instead! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted February 10, 2010 Author Share Posted February 10, 2010 (edited) Five clubs as far as I can see. Hinkley United Brighton Portsmouth Southend Cardiff The list is here http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm [if you are reading this more than about 2 days after I posted, it has been updated with the current list] That's quite a list !!! I feel sorry for steve and his car hire business...but what about: "20148 /2009 Charlotte Homes (Surrey) Limited " http://www.charlottehomes.co.uk/ "Welcome to the Charlotte Homes website. We specialise in property development, and land development with planning and design leading our business. Please review our website for further details, or available homes for sale. " Didnt they know houses always go up in value ? I thought for a moment she might be the great-grandaughter of Sherlock Holmes ( Baker Street ) ltd ? I'm chuckling now, not becuase of my s**t joke but just because another property developer has gone. Not forgetting: 21966 /2009 Pleasant Homes Limited 22160 /2009 Barrack Homes (UK) Limited Havent prices recovered, surely this cant be ? Edited February 10, 2010 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
SMAC67 Posted February 10, 2010 Share Posted February 10, 2010 It is to be hoped that Portsmouth really are wound up next week and that HMRC makes an example of them by not accepting any deal whereby a nominal rate in the pound is paid. They wouldn't do it for any normal company, so why the hell a football 'club'? The fall of one 'club' will lead to many others failing too. Good. The football bubble has grown to bursting point and the sooner it explodes and players' wages retun to the level of an average schoolteacher the better. What's the problem anyway? Portsmouth fans will just have to support Southampton instead! Hope these fans don't "vote", they might not take kindly to the "gub-in-mint" closing down their football club. Personally I hope Pompey and few other clubs go under, the football league collapses, and the newly sentinient populace turn their ire on those in charge. Should be good for a laugh. If you thought Liverpool fans had it in for the Sun newspaper just imagine how upset they will get when Anfield is closed by the banks!!!! Quote Link to comment Share on other sites More sharing options...
ccc Posted February 10, 2010 Share Posted February 10, 2010 That's a bit one sided isn't it? If they keep getting beat week after week and get relegated, the religious conviction of their congregation wanes and they aren't willing to pay as much to watch two donkey teams scrap it out in league four or even turn up. Hence having to get players who are good. But every manager wants players who are good. So prices get bid up. Then they have a team that can compete in that league, but wages and other expenses now don't cover income. Ooops! The clubs run by the smart people manage it - the clubs run by the idiots do not. Simple logic always wins. But if you have 20 competitors who have the same or better starting point, it doesn't matter. It's a classic problem of composition.. Some will go up, some will go down. Those who go up can spend more. Those who go down can spend less. Noreason whatsover in history for any football club to go bust. They only have themselves to blame. Again - the simple logic is always the best. Football clubs are in the almost unique position for a business - in that they have customers who will continue paying through the nose for the product - even if it is shite and there is far better elsewhere. Again - anyone who brings one of these clubs to it's kness is a complete idiot. End of story. Quote Link to comment Share on other sites More sharing options...
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