((HT: ITV/BBC))
It's now four...
We've covered the administration efforts of Portsmouth and Rangers. Now, we can add League Two Port Vale to the stacks...
They've even gone to the Stoke city council to see about a 300,000-pound loan. The team is under a transfer embargo, since they failed to pay the players for their February work. And they're currently two points away from the play-off for promotion into League 1, but administration would move them down to 16th in League 2's table.
Here's ITV's coverage and recap
And the version from BBC Midlands
Here's your Portsmouth update, where they maintain that only a grass roots effort of support will keep them around long term...
Here's Captain Liam Lawrence and Manager Michael Apppleton...
((HT: PortsmouthFC))
But word from administrator Trevor Birch isn't good at all from the Portsmouth end... from the Portsmouth website itself...
"We had previously stated that there was a real danger of the club running out of cash before the end of the season.
"The risk of this happening increases substantially without the money from the football authorities.
"Unless something significant happens, there is a real possibility that we may not be able to fulfill the season's fixtures.
"One potential issue appears to come from the assignment of £2.2-million of parachute payments that was made by the old company to a previous owner.
"We have instructed lawyers to challenge this, but the process may take time."
SkySports has done a longer-length story on the "Taxman" and the HMRC's quest to get the "outstanding 100-million pounds unclaimed every year..."
Portsmouth, after their 10-point deduction for administration, sit only one point out of the cellar from Doncaster Rovers. A bottom two finish means they would be demoted from the Championship League to League 1- the equivalent of going from triple-a to double-a in baseball parlance...
Dunfermline is the second team in the Scottish League to take it in the chops- the team approached the League after the Glasgow Rangers' issues reportedly left an £84,000 hole in ticket revenue from a match three weeks ago - three days before Rangers went into administration.
Dunfermline players, management and staff are still getting their February wages in full - 60% has been paid, with 20% more set to follow on Monday - with the club vowing to pay the remaining balances within 10 days.
The front office calls the situation "temporary."
Showing posts with label Portsmouth FC. Show all posts
Showing posts with label Portsmouth FC. Show all posts
Thursday, March 1, 2012
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...
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...
Saturday, February 18, 2012
Saturday Administration Update: Pompey And Rangers
((HT: SkySports/johngreig))
First, here's the Sky live shot before the Rangers game against Kilmarnock...
But Killie got the 1-0 win at Ibrox to put Rangers 14 points behind Celtic in the SPL ladder. Manager Ally McCoist said he would not surrender the league title at this point, and he would not make any finger-pointing toward the front office at present.
It was a packed house and the supporters were in full throat...
((HT: youtube))
Craig Whyte chose not to show at Ibrox for the loss, and there seems to be some movement on the issues of "visibility" when it comes to some finances... 24-million pounds worth of "visibility" that had come from a deal on future season ticket sales with the firm Ticketus.
Duff and Phelps administrator Paul Clark said before the game to BBC News:
"We have received some information overnight in relation to various monies and various transactions in relation to Rangers Football Club.
"We're going to be looking at all of that information over the coming days and we expect to give some form of announcement during the course of next week.
"But, at the moment, from the financial side of things, we are still working so that we can prepare a proper statement for delivery next week."
"It's in relation to several transactions in relation to the takeover and other issues in relation to the financial affairs of the football club over the past few months."
Portsmouth lost 2-0 at Barnsley... combined with the Nottingham Forest win against Coventry City, they are now in a relegation battle with Coventry City and Doncaster with Forest three points clear...
First, here's the Sky live shot before the Rangers game against Kilmarnock...
But Killie got the 1-0 win at Ibrox to put Rangers 14 points behind Celtic in the SPL ladder. Manager Ally McCoist said he would not surrender the league title at this point, and he would not make any finger-pointing toward the front office at present.
It was a packed house and the supporters were in full throat...
((HT: youtube))
Craig Whyte chose not to show at Ibrox for the loss, and there seems to be some movement on the issues of "visibility" when it comes to some finances... 24-million pounds worth of "visibility" that had come from a deal on future season ticket sales with the firm Ticketus.
Duff and Phelps administrator Paul Clark said before the game to BBC News:
"We have received some information overnight in relation to various monies and various transactions in relation to Rangers Football Club.
"We're going to be looking at all of that information over the coming days and we expect to give some form of announcement during the course of next week.
"But, at the moment, from the financial side of things, we are still working so that we can prepare a proper statement for delivery next week."
"It's in relation to several transactions in relation to the takeover and other issues in relation to the financial affairs of the football club over the past few months."
Portsmouth lost 2-0 at Barnsley... combined with the Nottingham Forest win against Coventry City, they are now in a relegation battle with Coventry City and Doncaster with Forest three points clear...
Friday, February 17, 2012
Administration Update: Pompey And Rangers
For the second time in three years, it's official...
Championship squad Portsmouth is in administration all over again...
Which means the immediate 10-point deduction happens after a 7-day appeals process... which also means that Pompey is now in a relegation battle with
The team issued a statement, some of which is below:
Trevor Birch, Bryan Jackson and Ian Gould of accountancy firm PKF, have been appointed administrators to the club.
Commenting on their appointment, Trevor Birch said: “Portsmouth Football Club is a vital part of the local community and its fans, players and staff have been unswerving in their support despite the club’s recent difficulties. We will do all we can to secure the club’s long term future and ensure that this loyalty is rewarded.
“We will work with everyone involved with Portsmouth Football Club – directors, staff, players and creditors – to attempt to resolve the financial issues facing the club.
“Our aim is to achieve an outcome that helps ensure the club’s long term survival, preferably by finding a suitable buyer.
Manager Michael Appleton and striker Marco Futacs comment on the current state of affairs...
((HT: PortsmouthFC))
And the guys from SportsTonightLive discuss as well...
The 10-point deduction puts them in a fight for survival with Nottingham Forest, Coventry City, and Doncaster. The only thing saving Pompey at present is their goal differential of +2 versus Coventry's -16 and Nottingham's -25
Portsmouth's situation is so bad that electricity was threatened to be turned off at Fratton Park...
On the Rangers front...
Ally McCoist is preparing his team for their match Saturday...
((HT: SkySports/johngreig))
BBCNewsnight Scotland had a discussion on the idea that the team has not been paying their dues- and THAT's the reason the tax man is coming calling...
The Scottish Football Administration is having their own investigation into the actions of current President Craig Whyte and his new admission that he was given previous disqualification as a company director.
Championship squad Portsmouth is in administration all over again...
Which means the immediate 10-point deduction happens after a 7-day appeals process... which also means that Pompey is now in a relegation battle with
The team issued a statement, some of which is below:
Trevor Birch, Bryan Jackson and Ian Gould of accountancy firm PKF, have been appointed administrators to the club.
Commenting on their appointment, Trevor Birch said: “Portsmouth Football Club is a vital part of the local community and its fans, players and staff have been unswerving in their support despite the club’s recent difficulties. We will do all we can to secure the club’s long term future and ensure that this loyalty is rewarded.
“We will work with everyone involved with Portsmouth Football Club – directors, staff, players and creditors – to attempt to resolve the financial issues facing the club.
“Our aim is to achieve an outcome that helps ensure the club’s long term survival, preferably by finding a suitable buyer.
Manager Michael Appleton and striker Marco Futacs comment on the current state of affairs...
((HT: PortsmouthFC))
And the guys from SportsTonightLive discuss as well...
The 10-point deduction puts them in a fight for survival with Nottingham Forest, Coventry City, and Doncaster. The only thing saving Pompey at present is their goal differential of +2 versus Coventry's -16 and Nottingham's -25
Portsmouth's situation is so bad that electricity was threatened to be turned off at Fratton Park...
On the Rangers front...
Ally McCoist is preparing his team for their match Saturday...
((HT: SkySports/johngreig))
BBCNewsnight Scotland had a discussion on the idea that the team has not been paying their dues- and THAT's the reason the tax man is coming calling...
The Scottish Football Administration is having their own investigation into the actions of current President Craig Whyte and his new admission that he was given previous disqualification as a company director.
Subscribe to:
Comments (Atom)