Article Taxonomy: Administration

Articles about football clubs facing or going into administration.

Portsmouth receive lifeline

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Portsmouth FC have received a financial lifeline that should enable them to survive until the end of the season after the Football League agreed to make four monthly Basic Award payments of £200,000 to them between now and the end of the campaign.

Portsmouth owe more than £40m with the liquidator claiming £16m from when they entered administration two years ago.   Convers Sports Initiatives, the club’s parent company, is owed £11.2m, Revenue & Customs about £2m and football creditors about £5m.

Frustrating day at Rangers

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It was a frustrating day at Rangers yesterday as the administrators sought agreement on player wage cuts as a means of avoiding redundancies.   However, there were signs by the end of the day that an agreement was closer.  Meanwhile, Greg Wylde, a 20-year old product of the Rangers youth system, chose to terminate his contract.

Port Vale to enter administration

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As anticipated Port Vale are to enter administration following a court application by Stoke-on-Trent City Council.   The club has an outstanding loan with the council and have not kept up with repayments. There are also other creditors including Revenue and Customs.

Despite the fact that it will result in a ten point deduction and end the club’s play off hopes, the news was generally welcomed by fans at last night’s game.   They saw it as offering a much needed new start to the club.

Rangers versus Portsmouth friendly?

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Both Rangers and Portsmouth are desperate for cash flow and a friendly between them has been mooted, although finding a date suitable to both clubs could be a problem.   Perhaps there could be a new cup competition for clubs in administration sponsored by the administrators.

Why Portsmouth could be a good buy

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With all the doom and gloom surrounding Portsmouth FC at the moment it’s good to get a positive slant on events there and that’s what Ashley Brown, the chairman of the Pompey Supporters Trust, provides in The Times this morning.

He argues that Pompey are the largest undeveloped ‘big’ football club left in England.  The could be available for a knockdown price.  Next to it lies ten-and-a-half acres of development land for sale.   The approved planning brief foir the land allows for retail, residential and stadium development.

Portsmouth may fold before end of season

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Portsmouth are likely to run out of money by mid-April and may not be able to complete the season’s fixtures.  Should that happen the results would be expunged.   The last time this happened in the Football League was in 1992 when Aldershot and Maidstone United went out of business.

Winding up petition at Port Vale

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Port Vale have been served with a winding up petition by Revenue and Customs over an unpaid tax bill. The club failed to pay players’ wages for February.

Vale last went into administration in 2002.   In 2008 singer Robbie Williams invested £240,000 in the club.

Whyte denies trying to ‘make a fast buck’ out of Rangers

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Craig Whyte, the chairman of Rangers, has issued a long statement denying that he has been ‘trying to make a fast buck’ out of the club.   This follows further information about what happened to the Ticketus money raised as a loan against season ticket sales.   It appears that this was used to pay off debts to Lloyds Bank, thus facilitating Whyte’s takeover.   It could be argued that, in effect, fans were funding his takeover.

Portsmouth debts total £50m

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As Portsmouth FC prepares to enter administration, it has been estimated that the club’s debts total around £50m.   This is considerably less than the £119m owed when Portsmouth went into administration in 2010.

There is a secured debt from former owner Balram Chainrai of £17m.   There is a debt to Convers Sports Initiatives of about £10m.   There is also the Company Voluntary Arrangement of the old company which is estimated at £16m.