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Thread: EPL 2009/2010 Season

  1. #91
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    Re: EPL 2009/2010 Season

    http://sports.yahoo.com/soccer/news?...v=ap&type=lgns

    LONDON (AP)—Portsmouth became the first Premier League team forced to seek bankruptcy protection from its creditors on Friday, enabling the insolvent business to restructure financially.

    The bottom club in the world’s richest league was placed into administration by the High Court less than two years after winning the FA Cup because Balram Chainrai—its fourth owner this season—was unable to clear debts of around $105 million.

    Although Portsmouth will still operate, relegation to the second-tier is a near certainty, with the nine-point penalty that administration brings leaving manager Avram Grant’s team 17 points from safety.

    Court-appointed Andrew Andronikou has asked the Premier League to allow it to sell one or two players and advance a $16.7 million parachute payment that would be due after relegation to the League Championship.

    “I am hoping to obtain some sort of concessions from them,” said Andronikou of accountancy firm UHY Hacker Young. “We are looking to immediately address the significant monthly cash burn of the club by implementing a strict cost rationalization program.”

    By going into administration, a winding up order from the government’s Revenue and Customs authority over unpaid tax will be suspended.

    But everyone from manager Avram Grant to the players at the club likely will see their wages slashed, while chief executive Peter Storrie said he will leave after the club’s future is secured.

    Storrie described Portsmouth entering administration as “an extremely sad day for everyone connected with the club.”

    Pompey have been in administration once before, in December 1998, when Milan Mandaric bought the then-second tier club.

    The Premier League board will meet to invoke the nine-point sanction.

    “The board will also meet the administrator at the earliest opportunity to receive their views on the financial status of Portsmouth FC and set out the conditions for the club to fulfill its commitments for the remainder of the season,” the Premier League said in a statement. “We understand the need to act as swiftly and transparently as possible; however there is a process which means we can only provide comment at the appropriate junctures.”

    Chainrai is looking to recover a $25.8 million loan he made to the previous owners. The Hong Kong businessman took over the club this month as a short-term arrangement to protect his investment after becoming frustrated that several deadlines were missed to repay loans he had made to the club.

    “He was told the club had certain debts but didn’t know that Premier League rules say football debts become a priority, that money owed on transfers must be paid first,” Chainrai spokesman Phil Hall said. “He asked the questions and was given answers and assurances that turned out not to be true.”

    FIFA is set to discuss the plight of the 112-year-old club at its next executive committee meeting on March 18.

    Prime Minister Gordon Brown had expressed concern about the high levels of debt in English soccer.

    “It is a sad day for a great club and it is deeply regrettable if they do go into administration,” Brown spokesman Simon Lewis said Friday. “We remain concerned that fans and communities of football clubs like Portsmouth shouldn’t suffer because of the inability of clubs to manage their finances properly.”



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  3. #92
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    Re: EPL 2009/2010 Season

    This may sound callous and harsh, but the best thing for soccer may have been letting Portsmouth die. I find this line very ironic.
    Prime Minister Gordon Brown had expressed concern about the high levels of debt in English soccer.
    “It is a sad day for a great club and it is deeply regrettable if they do go into administration,” Brown spokesman Simon Lewis said Friday. “We remain concerned that fans and communities of football clubs like Portsmouth shouldn’t suffer because of the inability of clubs to manage their finances properly.”
    I can almost guarantee that it was the pressure of the fans to put on a winning product that led the club to make the poor financial decisions that it did. No one learned from Leeds.
    Variatio delectat - Cicero

  4. #93
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    Re: EPL 2009/2010 Season

    Quote Originally Posted by improbus View Post
    This may sound callous and harsh, but the best thing for soccer may have been letting Portsmouth die. I find this line very ironic.

    I can almost guarantee that it was the pressure of the fans to put on a winning product that led the club to make the poor financial decisions that it did. No one learned from Leeds.
    The European transfer market probably hastened things a bit as well. I have a feeling Portsmouth won't be the first top flight European team to go into receivership in the next few years. With teams like Real Madrid, Chelsea, ManU and Man City, Inter and AC Milan, and others driving up the price for top talent, it inflates the asking price for quality players that teams like Portsmouth need to avoid relegation. With the current debt crisis in Spain, I wonder what happens if, say, the Spanish government can no longer prop up the banks that gave Real all that money to help get Ronaldo and friends.
    Burn down the disco. Hang the blessed DJ. Because the music that he constantly plays, it says nothing to me about my life.

  5. #94
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    Re: EPL 2009/2010 Season

    Quote Originally Posted by Yachtzee View Post
    The European transfer market probably hastened things a bit as well. I have a feeling Portsmouth won't be the first top flight European team to go into receivership in the next few years. With teams like Real Madrid, Chelsea, ManU and Man City, Inter and AC Milan, and others driving up the price for top talent, it inflates the asking price for quality players that teams like Portsmouth need to avoid relegation. With the current debt crisis in Spain, I wonder what happens if, say, the Spanish government can no longer prop up the banks that gave Real all that money to help get Ronaldo and friends.
    Also, there will be less and less "sugar dadies" to come in and bail them out. The current world economy isn't exactly growing more Abromovich's on trees.
    Variatio delectat - Cicero

  6. #95
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    Re: EPL 2009/2010 Season

    Quote Originally Posted by Yachtzee View Post
    The European transfer market probably hastened things a bit as well. I have a feeling Portsmouth won't be the first top flight European team to go into receivership in the next few years. With teams like Real Madrid, Chelsea, ManU and Man City, Inter and AC Milan, and others driving up the price for top talent, it inflates the asking price for quality players that teams like Portsmouth need to avoid relegation. With the current debt crisis in Spain, I wonder what happens if, say, the Spanish government can no longer prop up the banks that gave Real all that money to help get Ronaldo and friends.
    It's like several New York Yankees on a global scale, magnifying things exponentially.
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  7. #96
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    Re: EPL 2009/2010 Season

    Quote Originally Posted by improbus View Post
    Also, there will be less and less "sugar dadies" to come in and bail them out. The current world economy isn't exactly growing more Abromovich's on trees.
    And with the attitude the Russian government has been taking toward oligarchs, there may be even fewer as some of the ones that own teams already get picked off.
    Burn down the disco. Hang the blessed DJ. Because the music that he constantly plays, it says nothing to me about my life.

  8. #97
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    Re: EPL 2009/2010 Season

    http://www.guardian.co.uk/football/2...er-league-debt

    This is a really nice (and slightly technical) overview of the financial state of the Premier League from June of 2009.

    Here is a quote about the state of Villa that says everything you need to know about the state of English football.
    State they're in:
    Martin O'Neill lamented at the end of the season that he did not have the "wherewithal" to compete with the big four clubs, after Villa's smaller squad petered out in the spring. That was despite meaty financial backing from their US owner Randy Lerner, who invested a further £48.5m, as loans, in Villa between May 2007 and 2008. The club currently owes Lerner £75.5m. Such is the cost of trying to fund a major club to finish sixth in the Premier League.
    I also love that Everton made 26,000 pounds. That is outstanding.
    Variatio delectat - Cicero

  9. #98
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    Re: EPL 2009/2010 Season

    Quote Originally Posted by improbus View Post
    http://www.guardian.co.uk/football/2...er-league-debt

    This is a really nice (and slightly technical) overview of the financial state of the Premier League from June of 2009.

    Here is a quote about the state of Villa that says everything you need to know about the state of English football.

    I also love that Everton made 26,000 pounds. That is outstanding.
    Yeah, that's pretty amusing.

  10. #99
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    Re: EPL 2009/2010 Season

    This is directly copied from yahoo's soccer page headline.
    http://sports.yahoo.com/soccer

    Andy Rooney (center) scored the decisive goal as Manchester United edged Aston Villa 2-1 to win the Carling Cup on Sunday.
    Variatio delectat - Cicero

  11. #100
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    Re: EPL 2009/2010 Season

    NEWS FLASH! Owen Injured!

    http://soccernet.espn.go.com/news/st...ngland&cc=5901

    It is really unfortunate that a player with so much potential was never really allowed to reach it.
    Variatio delectat - Cicero

  12. #101
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    Re: EPL 2009/2010 Season

    Quote Originally Posted by improbus View Post
    NEWS FLASH! Owen Injured!

    http://soccernet.espn.go.com/news/st...ngland&cc=5901

    It is really unfortunate that a player with so much potential was never really allowed to reach it.
    Shocking!!!


    Or not. Has there ever been a player more snake bitten than Michael Owen?

  13. #102
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    Re: EPL 2009/2010 Season

    Has anyone else noticed that Max Bretos moved from FSC to ESPN? I'm assuming that this is a World Cup move. I've never been much of a Bretos guy, he is sort of the Bill Shatner of soccer commentary.
    Variatio delectat - Cicero

  14. #103
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    Re: EPL 2009/2010 Season

    Everton vs. Hull City on FSC and no Altidore or Donovan. Very disappointing.
    Variatio delectat - Cicero

  15. #104
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    Re: EPL 2009/2010 Season

    Quote Originally Posted by improbus View Post
    Has anyone else noticed that Max Bretos moved from FSC to ESPN? I'm assuming that this is a World Cup move. I've never been much of a Bretos guy, he is sort of the Bill Shatner of soccer commentary.
    Yeeeeeeasssss!


    I really despise his commentary.

  16. #105
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    Re: EPL 2009/2010 Season

    Quote Originally Posted by reds1869 View Post
    Shocking!!!


    Or not. Has there ever been a player more snake bitten than Michael Owen?
    Marco Van Basten immediately comes to mind. He was far more skilled and succesful than Owen. He was done at 29 and could have been one of the best ever.


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