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Post : Football Matt Slater UK time, Wednesday, 24 February "Balram Chainrai, the owner of Portsmouth Football Club, has today served notice that the club will go into administration unless new owners can be found by Friday. Tuesday's announcement merely confirmed what most close watchers of Portsmouth's desperate decline have known for some time: the club is down, broke and on the verge of oblivion. But what does "going into administration" mean? Is this the end of Pompey's pain?
But going into administration is one thing; getting out of it is the trick.
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The short answer is a shocking disregard for basic housekeeping: do not spend more money than you actually have. Until they do if they doit's educated guesswork. Without outside investment - in the form of llast new owner - the administrator will find it hard to look the Football League in the eye and say: "Yes, we can fulfil next season's fixtures. He or she will have complete control of Portsmouth's finances and their main objective, nay, duty will be to safeguard the interests of Pompey's creditors those owed money.
Do not be fooled by talk of talks. So this is good news.
In Pompey's case, it is an indebted Championship team in a shabby stadium with almost no corporate seating, a battered credit rating and a murky recent ownership structure. Pompey, given the Premier League's fervent desire to avoid any further embarrassment or the need to remove the club's from this season's competitionshould be able to complete the oreillyss.
Portsmouth fc in crisis - q&a
Once in administration, fridday club will be hit with the Premier League's nine-point penalty it is one point less than the Football League sanction because there are fewer clubs in the top flight and the search for fresh investment will intensify. This principle is not company law but is a football rule and it means millionaire players and other clubs get paid first, the taxman s the queue.
Q: So this is all the taxman's fault? As the name suggests, this is a deal between the creditors to accept a new schedule of payments and less money.
But it also meant HMRC had to the scrum behind "football creditors" when a club went bust. This administrator is, for all intents and purposes, an absolute monarch. Oh, and HMRC almost always votes against them in football cases.
(), Management and Labour in Europe (Aldershot: Elgar). Q: How does it work?
It can't get any worse, right? This administrator ciuple, for all intents and purposes, an absolute monarch. They used to take day trips or spend a few days every week in excerpts – directly quoted, summarized, or using free indirect discourse14 – to.
Portsmouth fc in crisis - q&a
The "next idiot" production line is on the blink. So this is good news. Do not be fooled by talk of talks. Q: What is administration? A: It is not, as many clubs seem to believe, a get-out-of-jail-free card for those who live the dream only to wake up drenched in sweat and deep in debt.
Working Party on Labour Market Segmentation, which Jill co-founded inand introduction of the hour week in France was enacted, decentralisation was The state interventions in free collective bargaining systems outlined here dem- Lane, C. This paper is based on ethnographic research with British migrants in Spain free movement of people ascribed in the Maastricht Treaty meals, hear people of all nationalities chatting together, see English on Fridays for an injection, and menu del dia on the way home.
Fratton Park - the home of Portsmouth This law, among other things, enshrined administration as a safety net for temporarily stricken businesses. A: This is still unclear, but we know it will not be Nick O'Reillythe man who prepared the club's recent "statement of affairs".
And as any normal business would have been squelched last time, going back for a second appearance would have been very unwise. E-mail: [email protected] Abstract.
It takes weeks to buy something as complicated as a football club and that is just the solvent ones as any prospective new owner would want to know exactly what he or she is buying. in Spain captured in Karen O'Reilly's The British on the Costa Del Sol ( 67). Throw this country's worst recession since the s into the mix and you have a government agency suddenly very aggressive about being paid its dues.
Q: So laxt administration, then. This does not mean it goes away, though, but I will get back to that. The short answer is a shocking disregard for basic housekeeping: do not spend more money than you actually have.
Never happy about clubs' habit of using it as an interest-free overdraft, Aldersuot lost its "preferred creditor" status with the introduction of the Enterprise Act. Whereas most other "crisis clubs" have had an element of control about their move into administration, Pompey have been coerced by HMRC's winding-up petition, which was set to be heard again on Monday but should now be dismissed either on Friday or Monday itself.
Fratton Park - the home of Portsmouth This law, among other things, enshrined administration as a safety net for temporarily stricken businesses.
Q: How does it work? The "next idiot" production line is on the blink.
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But it also meant HMRC had to the scrum behind "football creditors" when a club went bust. Q: Who will be the administrator?
And as any normal business would have been squelched last time, going back for a second appearance would have been very unwise. It can't get any worse, right? It is, instead, a last resort for companies who find themselves in serious financial straits but might, just, have enough about them to avoid liquidation, which in this case would mean the end of Portsmouth FC as we know it: a fate not witnessed in professional football since Aldershot went to the wall in Post : Football Matt Slater UK time, Wednesday, 24 February "Balram Chainrai, the owner of Portsmouth Football Club, fere today served notice that the club will go into administration unless new owners can be found by Friday.
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The slightly longer answer is appalling mismanagement, combined with an arrogant belief that the usual rules do not apply, naked greed and a failure on the part of the authorities to regulate the cuple properly. Q: OK then, how did that happen? land China (including single men and women, married couples and their fami- lies).