Wednesday, February 22, 2012

Wednesday Administration Update: Rangers and Pompey

((HT: STV/SkySports))

The news is better for Rangers than Portsmouth...

So, which would you like first...???

Okay... the bad news...

Portsmouth may run out of cash within months and they face this financial problem (or "new" financial problem) after not making any moves in the transfer window. Portsmouth Chief Exec David Lampitt has left the building (like, now)...

Administrator Trevor Birch released more information on the Portsmouth website this afternoon...

“We have had no choice but to take the difficult decision to make a number of redundancies across all levels and departments within Portsmouth Football Club.

“Additionally, we are asking certain employees to defer wages on an ongoing basis and are asking several members of staff to move from a full-time to a part-time role.

“These measures are painful for everyone involved with the club, but they are essential for Portsmouth’s survival, which is our main objective."


The bottom line is that the team needs a buyer.

The administrators are also saying that Pompey are running a triple-a squad on a major league budget- something they really can't do...

On the Rangers front, manager Ally McCoist and director Dave King met with Duff and Phelps adminstrators earlier today at Ibrox Stadium. The comments from David Whitehouse, joint admin from D&P, outline the obvious...

"Right now, it is quite simple - income now will help secure the future of Rangers.

"Our focus is on generating income for the Club but there is also a focus on costs and the steps we are taking in terms of the cost base of the Club will evolve during the next week.

"On a daily basis we are talking to department heads and seeing where there is capacity for cost savings but being very mindful of the need to both to preserve the performance on the pitch and retain the efficiency of the club off the pitch as well.

"Overall, I would describe the situation as positive. Everybody recognises the plight that the club is in and have come to the table to help and assist where possible."


There are more talks of a takeover by groups involved in the Rangers day-to-day, and there is also the prospect of further investigation into Craig Whyte and the finances that are missing...

And here's the BBC1 Scotland in-depth report on Whyte...
Yes, the HQ knows we've directed you to this before...

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