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Pompey To Close Doors

 
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mark occomore



Joined: 07 Dec 2006
Posts: 9955
Location: UK

PostPosted: Fri Oct 22, 2010 6:01 pm    Post subject: Pompey To Close Doors Reply with quote

Portsmouth FC who went into adminstration is too go into liquidation after failing to pay it's creditors. The club issued a stark statement that it will also be closed by the adminstrators as they are unable to continue trading of the club. What an disgrace and shame for the club and fans.
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ColinB
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PostPosted: Fri Oct 22, 2010 8:06 pm    Post subject: Re: Pompey To Close Doors Reply with quote

mark occomore wrote:
Portsmouth FC who went into adminstration is too go into liquidation after failing to pay it's creditors. The club issued a stark statement that it will also be closed by the adminstrators as they are unable to continue trading of the club. What an disgrace and shame for the club and fans.


Why is it a disgrace? Things happen in business, and for most of the time company administrators don't take such decisions lightly.

I'd use the word "unfortunate" rather than "disgrace".

That's life.
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mark occomore



Joined: 07 Dec 2006
Posts: 9955
Location: UK

PostPosted: Fri Oct 22, 2010 9:40 pm    Post subject: Reply with quote

You have a good attitude. Sod everyone, thats life Shocked

One administrator said "it could be premature.
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Schizoidman



Joined: 20 Sep 2010
Posts: 1135
Location: Rural West Sussex

PostPosted: Fri Oct 22, 2010 10:16 pm    Post subject: Reply with quote

It's yet another example of a club overborrowing, overspending and getting massively into debt, not the way to run a business. I don't remember the Portsmouth fans complaining when all that borrowing helped win the FA Cup and gain promotion to the Premiership.

Mind you, it doesn't help when the owner's father is a convicted arms trafficker.
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undiscovered



Joined: 15 Sep 2010
Posts: 650
Location: Peterborough

PostPosted: Sat Oct 23, 2010 8:22 am    Post subject: Reply with quote

If the administrators can't stop the club venting money then they have no alternative Sad

It is a shame though a club like Pompey going to the wall, but they won't be the last in the current climate and I think one of the big ones will have to go before the FA and Premier League do anything about the way clubs are run
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ColinB
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PostPosted: Sat Oct 23, 2010 4:51 pm    Post subject: Reply with quote

mark occomore wrote:
You have a good attitude. Sod everyone, thats life Shocked


Not true at all - I'm just reflecting on what happens when administrators are called in to achieve the best closure deal possible. When such deals aren't possible then liquidation is what happens.

There's no point in getting all emotional about it because it's a well-known football club. It's a business like any other, and if a business doesn't keep control of its costs and allows them to spiral whilst not maintaining a proper income stream to produce profit, then that's what will inevitably happen.

That's what happens - that's life, as they say. It's ridiculous to describe it as "a disgrace", though.
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John W



Joined: 07 Dec 2006
Posts: 3360
Location: Warwickshire, UK

PostPosted: Sun Oct 24, 2010 11:18 am    Post subject: Re: Pompey To Close Doors Reply with quote

mark occomore wrote:
Portsmouth FC who went into adminstration is to go into liquidation after failing to pay it's creditors.


nah!

The club has been bought/sold and is out of administration.

Sorted Mark Rolling Eyes
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MadeinSurrey



Joined: 11 Dec 2006
Posts: 3130
Location: The Beautiful South

PostPosted: Mon Oct 25, 2010 8:19 am    Post subject: Reply with quote

Perhaps MarkO would like to change the title of this thread to reflect the happy news?
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