greed league in danger

lemonjelly

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm

Portsmouth likely to be the first premier league club to go into administration.

his whole story has become something of a farce. hey try to get dispensation to sell players outside of a recently closed transfer window - why didn't they sell them inside the window?

Despite this they have still made signings, allbeit loan/free transfers. However they can't afford to pay their current staff regularly!

Their web provider cut off the website.

Electronic advertisement boards were switched off in matches as they hadn't paid the provider.

Arguably they have been trading whilst insolvent.

I really think it doesn't look good for them, & most other business' would have been wound up by now.

If they do go into admin, they will lose 9 points & therefore will certainly be relegated. However it will mean that the winding up hearing set for friday would be postponed.

Could have a big impact on what some have termed the greed league. West Ham offered Portsmouth a loan of £10million, as if they went bump & their results were cancelled, west ham would lose 4 points!

chucky

money laundering

ses6jwg

Castles built on the sand, the lot of em.

Generali

chucky wrote: »

money laundering

If so they wouldn't be the first Hampshire club to go bust that was reputed to be so involved. The other lot were declared bankrupt on my 21st birthday according to the googleweb.

mr_fishbulb

I was thinking of buying o'hara for my fantasy football team

chucky

here's a scenario for you Generali

i buy a football club using loads of debt.
i now own that football club that has some valuable players in that squad.
i sell those players and that money comes to me as profit and isn't fed back into the club.
i sell that club and repay my original debt but have stripped the best assets (players) from that football club.

what club does that remind you of?

lemonjelly

chucky wrote: »

here's a scenario for you Generali

i buy a football club using loads of debt.
i now own that football club that has some valuable players in that squad.
i sell those players and that money comes to me as profit and isn't fed back into the club.
i sell that club and repay my original debt but have stripped the best assets (players) from that football club.

what club does that remind you of?

My club in the 80's:(

We were in a well precarious position until the coucil stepped in 3 minutes before we were due to be declared bankrupt & bought the ground.

Generali

chucky wrote: »

here's a scenario for you Generali

i buy a football club using loads of debt.
i now own that football club that has some valuable players in that squad.
i sell those players and that money comes to me as profit and isn't fed back into the club.
i sell that club and repay my original debt but have stripped the best assets (players) from that football club.

what club does that remind you of?

3 of the top 4 last season at some point or another in recent years.

Liverpool look to be in a spot of bother if they are really expected to come up with £100,000,000 in a year's time.

Man Utd's woes are well documented FWIW.

Ars**al owe £267,000,000 although they claim the remaining H***bury flats are worth about 2/3rds of that.

Chelski and Man Citeh look pretty well placed until the owners get bored. Villa too frankly.

The Mighty Spurs have about £30,000,000 in debt IIRC which seems sustainable to me.

We could well end up with Chelski, Citeh, Villa and then a group of clubs (say Everton, Spurs, Newcastle, Leeds) vying for 4th making up the top 4 in the near future.

Then again I think all this money printing might lead to deflation so !!!!!! DIK?

lemonjelly

Generali wrote: »

3 of the top 4 last season at some point or another in recent years.

Liverpool look to be in a spot of bother if they are really expected to come up with £100,000,000 in a year's time.

Man Utd's woes are well documented FWIW.

Ars**al owe £267,000,000 although they claim the remaining H***bury flats are worth about 2/3rds of that.

Chelski and Man Citeh look pretty well placed until the owners get bored. Villa too frankly.

The Mighty Spurs have about £30,000,000 in debt IIRC which seems sustainable to me.

We could well end up with Chelski, Citeh, Villa and then a group of clubs (say Everton, Spurs, Newcastle, Leeds) vying for 4th making up the top 4 in the near future.

Then again I think all this money printing might lead to deflation so !!!!!! DIK?

I believe that there are only 2 clubs in the premier league which are debt free. I am thankful that I support one of them, & the powers that be haven't splashed ridiculous cash chasing a dream putting the stability of the club at risk - in spite of the views of many fans.

I hope the Levy's are watch 'Arry closely Gen,

Bournemouth - into administration
West Ham - major financial issues & almost administration. Still not out of the woods, however being run by !!!!!! barons trying to bail them out.
Portsmouth - nuff said (though he jumped ship)
Southampton - administration
Portsmouth (see above)

1 common theme, a manager who is now at spurs, & is having his collar felt by the SFO/taxman.

Generali

lemonjelly wrote: »

I hope the Levy's are watch 'Arry closely Gen,

I have every faith that the Levys are watching 'Arry very closely. They're no mugs - I don't see Joe Lewis pouring money into a pit and walking off.

If he wanted to buy success he'd have tried by now. That he hasn't suggests he wants to keep the books balanced and that suits me just fine - I'd rather go out of the FA Cup and have a club for the Generalissimos left to support than win it this year and then go through what Pompey are enduring.

Norfolk_Jim

lemonjelly wrote: »

I believe that there are only 2 clubs in the premier league which are debt free. I am thankful that I support one of them, & the powers that be haven't splashed ridiculous cash chasing a dream putting the stability of the club at risk - in spite of the views of many fans.

Well one is Burnley, who is the other one?