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| Aussiejohn Posted on 08/02/2010 11:13 From the Daily Mail | Email Message To A Friend | Reply To Message | Report Message |
| If a High Court judge grants a winding-up order on Wednesday, Portsmouth would go out of business immediately. Finito. Kaput. In those circumstances, the Premier League and English football, criticised for the massive debts and colourful owners at some of their clubs, would become a laughing stock. Under pressure: Portsmouth manager Avram Grant Portsmouth's results to date would have to be expunged from the records, causing significant changes at the top and bottom of the table and creating huge discontent at both Manchester clubs, Arsenal, Bolton and West Ham. Hated local rivals Southampton would progress unchallenged to the quarter-finals of the FA Cup because Saturday's derby would no longer take place. More importantly, thousands of supporters and the wider football world would lose a club founded in 1898. Unless Portpin - the company is led by Hong Kong businessman Balram Chainrai and controls the club - put in more money or find realistic buyers, then the only way to avoid that fate may be to go into administration to gain temporary protection from a list of creditors owed at least £50million, from the taxman to local builders. Chainrai's camp paint a more optimistic picture. They insist the third new regime since July can and will bring stability, if given breathing space by HM Revenue and Customs over the £7.5m debt, and they say there are two or three parties interested in buying out Chainrai once the listing ship is righted. But Portsmouth's long-suffering fans have heard that before - and fear the worst. The next battle for survival will be fought tomorrow in the High Court, where Portsmouth's legal team will argue again that the hearing of the winding-up petition should be postponed. In desperation, they want to challenge the law that makes clubs pay VAT on transfer fees. If successful, they could erase a £7.5m tax debt and open the floodgates to similar claims from other clubs. But if they fail, as is probable, Wednesday's hearing, also at the High Court, will loom even larger. Notts County, also facing a winding-up petition over tax debts of £700,000, last month persuaded a judge to give them 28 more days to pay by producing evidence of potential bidders. Read more: http://www.dailymail.co.uk/sport/football/article-1249088/Portsmouth-FC-Born-1898-died-2010-Financial-meltdown-spell-end-proud-Fratton-Park-club-112-years.html#ixzz0ewSXH1qr | |
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| Aussiejohn Posted on 08/02/2010 11:29 From the Daily Mail | Email Message To A Friend | Reply To Message |
| I posted this because I wanted to see if the worst comes to the worst, do they really cancel all the results of Pompey's games? Has that ever happened before? Surely the League must dread that fiasco and try to stop it happening. Other clubs who have beaten us twice so far would be unfairly disadvantaged while teams that we beat like Wolves would be laughing. Surely it is in nobody's interest for a winding up order to be issued? Who would gain from that? | |
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| B_army Posted on 08/02/2010 11:40 From the Daily Mail | Email Message To A Friend | Reply To Message |
| If we go into liquidation thats the scenario AJ, I think thats what happened when the Shots folded in 92. Whether the new owner, and/or the potential new onwners make any difference we will have to wait and see. | |
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| Frattoniser Posted on 08/02/2010 12:08 From the Daily Mail | Email Message To A Friend | Reply To Message |
| It did indeed happen to the "Shots" in 92. If it were to happen with only one or two games left I think there may be a different way of allocating the remaining points, but at this point in the season your record is expunged. | |
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