Date: 22nd April 2010 at 8:59am
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The creditors report, announced on Wednesday and sent to creditor did not ‘really’ reveal too much we did not already know, or suspect – well apart from ONE particular thing that leaves us all mystified, more on that later…

Admin Andy has given his thoughts to sky sports news on what he ‘hopes’ this will do for us.

Admin Andy on what this will ‘confirm’ with creditors

‘Once the report goes out to creditors, it will give the creditors an opportunity to write back and actually specify exactly what we do owe them so there may be a further variation in that figure.

‘It could go higher it could go lower. There is nothing better than having a third party confirm the exact balance between the club and the creditors.’

So this creditor report ‘could’ change, once the creditors get this information it is down to them to ‘challenge’ what is said in the document, if it is ‘proven’ one way or the other, that the club actually owes more, which is what you would expect people to challenge, or less than is said further steps can be taken…

Admin Andy on its ‘accuracy’

‘As far as I’m concerned the document is as accurate as we can get it to date.

‘The process of sending out this report and the process of communicating back will certainly iron out any differences between the two parties.’

As above, it is now down to these creditors – once they get this report – to prove, or disprove what is actually owed to them and then we move onto the next phase of administration.

Admin Andy on ‘inflating’ the debt

‘Not at all. I haven’t got the ability of inflating the liabilities.’

It has been ‘suggested’ that he ‘might’ have increased some of the debt figures as to make it ‘easier’ for deals to be struck with unsecured creditors, hence making it more ‘likely’ that a CVA can, and will, be agreed too.

With it also thought that doing this pushes HMRC further down the food chain gives the club a ‘better chance’ of having this CVA agreed, as they would not have as much input into having a say on this…

Admin Andy on local creditors not ‘losing out’

‘Obviously it’s my responsibility to ensure that we maximise the return to that community of creditors.

‘Portsmouth is very much a community club.

‘By ensuring the club survives and continues to play football, the local supply base will have an opportunity to mitigate its historic losses.’

It is local people and businesses and contractors that stand to lose the most money, as these ‘non secured’ creditors could be left with pittance in the pound – these are the guys, the ones that have continually looked out for the club, without being looked out for, that stand to basically in theory lose everything if they cannot get as much back as they can.

Hopefully they are looked after, both in terms of what they will end up getting and in the future with what they ‘might’ do for the club again, well what the club will ‘hopefully’ do for them in fact!

Then again these people, and businesses, may well chose not to have future involvement with Portsmouth Football Club for fear or losing out again? And could you blame them…

Admin Andy on the ‘£1m fee to Spurs’ for Asmir Begovic!

‘I haven’t got the answer yet, we’ll be writing to Tottenham to actually get a better understanding of how this liability has arisen.

‘I haven’t seen the paperwork. I’ve seen an invoice from Tottenham in respect of the sale of the Portsmouth keeper to Stoke but I don’t actually know how it relates to Tottenham.

‘It may well be that Spurs had an option on the player and as a result of the club selling it to Stoke, a liability arose. We really need to speak to Spurs on the matter.

‘It doesn’t surprise me, I just don’t understand it.

‘(The club will pay £1million) only if Portsmouth PLC have an obligation to do so.

‘There is documentation to support it, we need to understand how the liability arose.’

This REALLY is a complete farce, and quite how we can pay Spurs a ‘sell on fee’ for a player that never has, and most likely following the collapse of this move to London, never will play for Spurs is just unbelievable!

Asmir Begovic was going to Spurs, at one point, as part of the double deal that saw Younes Kaboul return to Spurs but a change of heart saw him go to Stoke – I have never known anything like this, and surely this is not common place in football, even given the ludicrous state the game has got itself into…

It ‘appears’ that the desperation to sell players saw Danny Azougy, that fraudster we had ‘running the show’ for a while – who SHOULD NOT have been doing these deals anyway, agree to a ‘bonus’ for Spurs to prevent them pulling out of the Kaboul deal as well, as the money was needed – not only to be fleeced away I am sure, but to put towards the monthly wage bill.

Admin Andy on a Rob Lloyd’s groups’ takeover

‘I’ve heard very little from him in the last week or so.

‘I understand that his group will be writing to us with an offer and we await that correspondence.

‘I’ve been told that I’ll be receiving (an offer) in the next few weeks so we’ll wait and see.’

These ‘an offer made in the next week or so’ talks seem to have gone on for ages, yet we do not seem to be getting any nearer to Rob Lloyd’s mystery man actually deciding what he is doing?

So, we continue to sit and wait – I assume that due diligence has now ended as that ’10-14-day period’ would have ended towards the end of last week I would have thought…

It is absolutely amazing, in a bad way, the state this club has gotten into and I find it almost heartbreaking the amount of local people, businesses and companies that have been screwed by ‘non-payments’ over the years – to owe a local school some £14,000 for non-payment on use of their all-weather pitches is bad, owing newsagents, local florists, butchers, builders and so on money is criminal. A bill as little as £40 to Pukka Pies has gone unpaid along with a ‘reported’ payment to some airline, or something like that, of 20p!

Plenty to take in here guys, what do we make of Admin Andy’s thoughts on this credit report and how he answered the questions put to him then?

As always, share you views below…


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