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The news arrived and the Football League has finally stepped in to prevent a pre-pack deal. I am incredibly humbled that this small effort helped push the needle, but none of this would have happened if you had not lent your names to the cause. Please keep a close eye …

March 8, 2012

Request to the Football League re Portsmouth

Request to the Football League re Portsmouth

🏆 Won — 1,482 supporters Verified

Final supporters

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social b.
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Benjamin R.
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Gavin R.
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Nik S.
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daniel m.
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james f.
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Simon B.
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Paul C.
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Someone
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Ian S.
+1,472 more
Started by Anonymous 14 years, 5 months ago
Dear Football League, I am writing to you regarding the application by Portsmouth Football Club (2010) Ltd to be placed into administration under the supervision of UHY. You are aware of the history surrounding the football club between Aug 2009 until today so I won't go into past history. What I want to raise is the worrying scenarios of either a pre-pack administration (similar to that experienced by Leeds Utd when they entered/exited administration) deal where PFC exit administration without a CVA or a gerrymandered CVA agreement which sees the CVA agreement agreed for the oldco Portsmouth City Football Club Ltd dramatically reduced to the benefit of the one secured creditor of PFC 2010 Ltd. There are only three assets of value with regards to Portsmouth Football Club - some of the younger players; the footprint that the stadium sits upon; and the parachute payments. Of these, the major asset is the remaining parachute payments with a scheduled payment in March followed by two payments of £8m for seasons 2012/13 and 2013/14. The two scenarios described above would in effect see the secured creditor of PFC 2010 Ltd claw a significant proportion of the parachute payments to himself in lieu of his charge whether directly or through a sale to a.n.other. Such an outcome would be repugnant to myself and many other supporters of Pompey. There is considerable shame and anger about the current plight of smaller creditors from the previous administration. As you are aware, there was a promise to pay all creditors under £2,500 in full. This has not happened and buck-passing has occurred with the club and its last two owners. The subject is repeatedly raised in questioning to officials of the club in forums and phone-in shows - the fans have not forgotten. The thought of that commitment being abandoned through another administration and exit would create considerable angst amongst the supporter base. Portsmouth supporters have a very low opinion of the Fit and Proper Person's Test so I want to propose actions that the Football League can take in co-ordination with the Premier League and Football Association to ensure that "fit and proper" action occurs during the next period of administration should it be approved on the 17th. You have a commitment to financial fair play and you have rules to prevent clubs benefiting from administration. In Portsmouth Football Club case, the benefit being sought is financial rather than league position. It is to reduce liabilities while retaining parachute payments. Therefore I request that Football League take the following actions: 1. On entering administration, PFC 2010 Ltd golden share is suspended and the club will no longer have full member rights 2. On entering administration, PFC 2010 Ltd has the parachute payment schedule suspended 3. To ensure financial fair play, any new ownership of PFC will have to honour in full the CVA agreed for PCFC Ltd in order to access parachute payments These actions would be consistent with your financial fair play policies as the club would not benefit from a secondary administration. It would also set a good example for the Football League in tackling speculative owners only interested in stripping out value from the club. I must emphasise that it is not enough to punish the club through points deductions, its only through preventing financial benefits that will benefit both the club and the league. An adoption of this stance ahead of Friday's hearing would be most welcome. I as a Portsmouth fan request that the Football League do everything in their power to protect the club and the league against predatory owners and creditors. Yours sincerely

Updates

Reached 1,000 supporters

February 17, 2012

Reached 100 supporters

February 14, 2012

February 13, 2012

I never imagined so many people would join me in speaking up for our club. If each of you could find one person today to send this link to we might just hit a hundred signatures sooner than I thought possible.

6 Comments

M
Mark Osei
14 years ago Featured

Total disgrace. If they let them get away with this it sets a horrible precedent for everyone. dont let them pocket the parachute payments!

G
Gary Jackson
14 years ago Featured

PUP. Keep the money in the club where it belongs.

D
Dave Brooks
14 years ago Featured

Enough is enough. The league needs to step in and stop these vultures from picking over the bones of our club. Portsmouth is the fans not these creditors.

S
Sarah Ford
14 years ago Featured

My husband and kids have gone to games for years. seeing this happen to our club is just heartbreaking.

K
Kevin Herrera
14 years ago Featured

They act like they own the place but they dont care about the history or the city at all. Stop the pre-pack now.

A
Alan Nkemelu
14 years ago Featured

Absolute joke of a situation. The league is just watching us go down the drain while these people make off with the cash.

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