Wednesday, February 10, 2010

What is next for Pompey?

Yesterday Pompey were in the High Court pleading for an extension of their winding up order. There were only two possible outcomes from this, first they could be granted an extension, and secondly they could be liquidated. For those of you that were thinking about administration, Pompey had already gone past the point where that would have been possible. So there is no chance of a 10 point deduction and every thing being sold. Liquidation is exactly like it sounds, without an extension Pompey would cease to exist. There would be no FA Cup match against the Scummers, there would be no more Premier League matches, and the Premier League would finish the year with 19 teams. In such a situation it is likely that results against Pompey wouldn't count.

Luckily for every Pompey fan, a 7 day extension was granted. So there will be an FA Cup clash with our greatest rivals. Unfortunately if things do not improve financially that could be the final match for the club. I think it is highly unlikely that Pompey would be able to secure a second extension. So there is one week for Pompey to prove that it can pay its debts, and for Mr. Chainrai to find a new owner or owners.

The Portsmouth Supporters Trust are poised to make some sort of move, but it will likely be tomorrow in England when we hear what that will be.

Sulaiman Al Fahim still has 10% of the club, perhaps he has finally found his wallet and could inject some cash. Speaking of which if Mr. Chainrai can't find a buyer in the next week he could inject some cash too, just to insure that he has a club to sell.

It is not going to be a fun week, unless Pompey are able to get some money together, but it is a lot better than waking up and finding out that the club you support no longer exists.

6 comments:

Michael said...

In the 90's a few Polish clubs were faced with liquidation/bankruptcy (e.g. Lech Poznan), but they found a loophole in the existing law: a new entity was created with a slightly different name, say KP Lech Poznan, and this entity took over all assets along with a place in the league. The old club was then liquidated and its creditors were left with nothing... I don't think this kind of operation is now possible to do in England, but I hope there's a future for Portsmouth in top English football. Play up Pompey!

Serie_AHH said...

Michael - They have the same thing in Italy.

Michal said...

Serie_AHH, which Italian clubs did the same thing?

Kevin, any news on future of Portsmouth FC?

亮麗 said...

對物要珍惜,對事要盡心,對人要感恩。..................................................

book said...

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