All to do with a article that he wrote that had no truth in it apparently. See how long the thread stays put
Posted 01 May 2012 02:32
ClaretTony - Ill-informed critical article
The linked article is riddled with errors. The situations at Portsmouth and Southampton are world's apart!
"There's been a big change at St. Mary's in the last three years. Their last home game of the 2008/09 season against Burnley had them out with collecting buckets as they desperately tried to raise money to keep going having gone into administration.
With creditors losing out they got themselves some investment and that's led to successive promotions in 2011 and 2012 and a return to the Premier League that they left in 2005. It's so wrong, but clubs continue to get away with this and the sooner the punishment for administration is more realistic than the deduction of a few points then the sooner clubs will be prevented from rebuilding like this when people have lost out on money owed to them."
Southampton Football Club
- Southampton Football club has never legally been in administration.
- Swiss billionaire Markus Liebherr settled all the debts of the parent company and there was no need for a CVA.
- Liebherr was then free to spend his money as he wished and his investment has been turned into an equity investment and the club is debt free.
In contrast Portsmouth Football Club...
- Have legally been in administration 3 times. 1998, 2010 and 2012.
- Both Portsmouth's parent company and Portsmouth football club are currently legally in administration.
- Portsmouth have run up over Â£150 million worth of debt, their creditors include charities, schools, local businesses etc etc
- Portsmouth's 2010 CVA has collapsed and no creditors have received any money of the 20p in the Â£ they agreed to.
- The 2010 CVA will be further diluted by a new 2012 CVA, screwing the creditors even more as their 20p in the Â£ will shrink significantly.