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Pompey Crisis Could Lead to Player Sales
Pompey Crisis Could Lead to Player Sales
Sunday, 22nd Jan 2012 19:02

Town’s chances of signing Portsmouth pair Jason Pearce (pictured) and Joel Ward appear to have increased after Pompey were issued with a winding up petition by Her Majesty's Revenue and Customs. The Hampshire club, whose proposed takeover collapsed at the end of last week, owe £1.6 million in unpaid PAYE.

Andrew Andronikou, administrator for Pompey’s parent company Convers Sports Initiatives, admits that he is becoming increasingly concerned at the lack of a new owner, Sicilian-American businessman Joseph Cala having pulled out of his approach on Friday.

Andronikou told The Observer: "The club effectively ran out of cash at the end of December. The situation is extremely serious, we're under extreme pressure to find a buyer. Time is against us. The issuing of the petition effectively means the club loses its ability to use its bank accounts.

“But we've made other provisions. We're not fazed or worried by it. The club's debts are not significant, we haven't got millions and millions of liabilities.

"We pretty much have two months' PAYE outstanding. We have about £800,000 a month and we never paid December and the club certainly is not in a position to pay this month, so it's a total of £1.6m. We're waiting to see what the Revenue will do. They will probably advertise the petition next week. I think there is a hearing date at the end of February.

"We need to focus on finding a buyer to complete a transaction to raise cash. In terms of working capital and cash it's only going to come from two sources - a buyer or player sales. We're working on both."

He says manager Michael Appleton won’t have a choice in who might be sold: "No, but Michael has been extremely helpful and understanding of the circumstances, in general terms we are looking to lower the average wage bill."

Town made an offer believed to be £1 million for the duo last weekend and look set to make a second bid for the Pompey pair as well as Crewe midfielder Nick Powell in the days to come.


Photo: Action Images



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Mark added 21:40 - Jan 22
When we went into administration our players went for peanuts, so £1.6M seems a pretty good price for Portsmouth especially as Pearce only cost them £300K in the summer!

It's funny how Portsmouth could afford to offer Norris a far better contract than us. Oh dear, maybe he won't get paid now.

As for changing manager, we can hardly bring a new man in a few days before the transfer window closes so it is Jewell at least to the summer. I just hope he gets some signings through the door, as they are badly needed.
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Tractastic added 21:50 - Jan 22
Can't see this happening.
My gut feel is that ME is not backing PJ with any more big money and will just let ITFC run down with Jewell as manager without losing any more money wherever it leads us..Not convinced he cares.
Call me a cynic but once the Olympics have finished I'm not convinced about ME's plans for town.The recent spin does not fill me full of confidence as its as though it was released to avoid any adverse publicity before the Olympics?. Too much to lose?
Think about it.?
He buys a football club a few years before the Olypmics who he doesn't support.
Hires Clegg, officially his Olympic adviser for corporate events as CEO with no football experience.
Headhunts a young newsworthy manager so his website is constantly on Sky Sports.
Original manager fails so then hires a Sports pundit who had a dreadful record with his last club and hadn't been in football for 2 years.? But is likely to still feature on Sky regularly due to his 'scouse' humour and Sky contacts?
Does the future mean he will not sack Clegg (for Olympic reasons) or PJ for financial reasons? Almost definitely?
Through all this he remains faceless and aloof breeding little confidence.
Maybe just maybe PJ has been under intense pressure to get us promoted this year by ME because of the positive press this would have given his corporation hence the spending spree in the summer and the number of ex prem loans in the hope of a quick fix.
Now this is clearly not happening and the worst may even happen with relegation the purse strings seem to be closing quickly.
I'm sorry but any owner that really loved this club would be as frustrated as most of the fans and have sacked Jewell in December and bought in a new manager to protect from almost sure relegation.
Also surely an owner looking to the future would have pressured Jewell to rely on youth, pay good contracts to keep our best players(Walters,Wickham,Norris,Macauley.)sign some good young players for the future and rely less on loan signings.
The whole plan from top to bottom appears to be short term and now this has clearly failed and may get worse what will ME's next move be.I fear the worst.
I hope i'm wrong.
COYB.
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Vizslaraner added 22:16 - Jan 22
Both players are exactly what we need at the moment - solid! A bid in the region of £1.5m should tempt Pompey. However, I have my fears someone else will get a sniff of whats going on and beat us to it! Our track record over the last three years finalising transfers doesn't fill me with hope. You can go back thirty years and other teams have been constantly picking off our best players - no time for sentiment! By the way, the lad at Crewe looks to be a bit special, nice goal yesterday!
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Pettitt10 added 22:20 - Jan 22
OFFER 1.6 MILLION. GET ON IT TOWN! get Henderson too! lets do what Charlton did to us a few years back!!!!!
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strikalite added 22:36 - Jan 22
Monday morning at 9am I'd be on that phone again...don't dilly dally about waiting whilst their agents put the word about, offer £1.6m and bring them up here and sort this double deal out!!!!!!
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scooterblue added 22:40 - Jan 22
How much did we bid for the pair in the first place- no-one has said?.
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Vizslaraner added 22:46 - Jan 22
It's rumoured half a million each.
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JewellsEye added 23:13 - Jan 22
Tractastic ~ I've read your comment and concluded thatu must have a garden full of magic mushrooms. If ME wanted to promote business for 2012, he could have done so more effectively than buying us. And would of been far cheaper.
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Warkys_Tash added 23:16 - Jan 22
Get in there and get them on the cheap..but just GET THEM!! Charlton, Sunderland, Newcastle all did it to us..and after reading the Pompey fans disrespect for our club and manager - if you don't believe me, read their comments:

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/tractor_boys_


I don't care if they feel hard done by, they are a smaller club than us that has spent money they never had, during the Redknapp era & I don't feel sorry for them. They even offered Norris more money than we did - Money they didn't have!!
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Warkys_Tash added 23:32 - Jan 22
@Tractastic. You could be right, I hope not but could be. I have heard the cost of owning the club to Evans is this:

40M debt bought for 8M from the banks
The banks wrote off the other 32M as he paid the 8M up front, but Ipswich still owe ME 40M plus interest.
The club has then racked up another 26M in running costs since he took over, so total current debt is 66M to Ipswich.
ME current total cost is 34M
Promotion to the Prem is worth 90M. If we had got promtion this year with old legs then it would be a cool 56M profit. Short term plan, no need to keep our best young starts or invest in an acadamey or long term strategy. Would why he care if he was selling as soon as we got promoted? Maybe I am wrong, I do hope so.
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Michael11 added 23:39 - Jan 22
I'd rather not buy the two players and pompey get deducted 10 points it'll probably be more beneficial!
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ipswich134 added 23:47 - Jan 22
I hope the club won't take advantage of that! What goes around comes around . Just look at where Charlton is today !
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corshamblue added 00:04 - Jan 23
buy all 11
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corshamblue added 00:05 - Jan 23
^ no, make that just 10 . . . . . .
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GiveusaWave added 00:25 - Jan 23
We've seen this time and time again.
Leeds and Leicester both need strengthening. They will come in (or somebody else will) and swoop these players away just before the transfer deadline. Then PJ will be desperately hunting round for any free transfers to throw into the mix and he'll keep his fingers crossed and hope.
Didn't work with Ingimmarrson, Ellington or Sonko and won't work now. These free transfers are usually free with very good reason.....
I really fear for our championship status. What we have now is nowhere near enough to keep us in this league and week after week we are treated to the same horror show of defensive displays. One of the bottom 3 is going to catch some form at some point and we will suddenly find ourselves in it and in deep.
If we drop to League 1 we are no Charlton, Southampton or Norwich (whoever said bad stuff about Charlton btw, have you actually seen how well they are playing?-they will be in the Championship next season with a young and hungry squad!!). We haven't got the players at the moment to do well in League 1. Our defence will be torn apart and suddenly we'll find ourselves floating in the middle of League 1 while our illustrious neighbours Norwich continue to battle it out in the Premiership.
Somebody said 3 or 4 years back that there is only room for one big club in East Anglia. At the moment, I fear as to who that might be.
Way we are right now, we can look forward to our derby matches against Col U and Southend with relish.
Lets just hope the miracle happens and the 3 teams below us blow a gasket for the rest of the season.
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bobble added 02:00 - Jan 23
just buy the garden full of magic mushrooms and put a new pie on the menu at portman rd, lets make home matches fun again.
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piersmorganisatool added 06:22 - Jan 23
calm down everyone, these boys will not sign for us. This transfer window will be one of our most disappointing ever, dig deep, big breath, on we go into a very un certain future.
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WorcesterBlue added 06:44 - Jan 23
I am sure the scouts, Clegg and Jewell have been hard at it got the past month and a half targeting good value quality additions and this is all smoke and mirrors - you wouldn't do anything else, would you?
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WorcesterBlue added 06:48 - Jan 23
Then again....? Have any of our scouts got passports?
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airliner added 07:27 - Jan 23
some people on here forget that Redknapp tried to offer peanuts when pompey manager for a few of our players so karma really.
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BlueJewells added 07:39 - Jan 23
Who gives 2 sh1ts about Pompey??? They would accept £1m so bid it! Maybe bid £16 if they include Halford or something
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BlueJewells added 07:40 - Jan 23
And it's not a case of being "scumbag united" or something equally as trivial. football clubs are not charities and we want to get into the premier league
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WarkyWonderLand added 07:51 - Jan 23
Some people also appear to forget that jewell knew that macauley was going and he did nothing. We needed two centre halves and a right back and now with a week left of the transfer market and 4th from bottom they are scrambling round to get people in.

The goalkeeper situation is a farce. Fulop would still have done a job and yet another who was released for nothing.

Jewell is the worst manager we have had and will take us down. Walk Mr jewell and take clegg with you.
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walberswick added 07:58 - Jan 23
Troublw with bargains and auctions, someone always nips in and pips you at the post.

Never going to happen.
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lawshallgirls added 08:00 - Jan 23
Have leiciester signed that morgan bloke from notts forrest yet?!!

Hope we can get St ledger and these 2 and their keeper thats all we need and maybe Romeu Lukaku on loan
So we need 3/4 players in a few days......
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