Pompey go into adminstration

[DMB]

http://news.bbc.co.uk/sport2/hi/football/teams/p/portsmouth/8527495.stm

I suppose it was always on the cards.

Despite their precarious financial position, O'Reilly, the accountant who prepared the financial statement that Pompey had to submit to the High Court earlier this month, is hopeful the club will continue to exist.

"I remain confident Portsmouth will survive," he said. "They'll do a deal with creditors, though HMRC is spitting feathers because Portsmouth have been a serial late payer.

"The club could end up a few leagues further down the football pyramid, but for the majority of Pompey fans that will be a good result.

[Alex]

Going into administration doesn't mean the club will cease to exist. It will stagger on with a different management. Accrington Stanley is the only football club I can remember that "died". But even that team was resurrected some years ago and now plays in League Two.

[Celsus]

Football finance is just one big Ponzi scheme. I hope ManUre is next, and then Liverpool and then Manshitty follow. I'd rather watch Championship football even though I've been a Spurs fan for nearly 20 years (Brighton has been my adoptive team for the last 9 years). That said, this has been the best Premiership race (referring to 4th place that is) for a decade, thanks to Liverpool's misfortunes. Villa, City, Spurs, Pool, even Everton are all well in it.

Seen and heard: Jermain Defoe probably has more points on his driver's licence than Portsmouth have in the Premier League :rolling:

[Alex]

You seem to hate some of the so-called "big" clubs. I must confess to an especial loathing of Man U, Liverpool, and Chelsea. I'd jump for joy if they went "bankrupt". (Most unlikely at Chelsea where Abramovich seems to have money from the entire Russian economy at his disposal.)

I used to watch York City but got tired of seeing them scrabbling for points and demanding largesse from their supporters. They're in the Football Conference League now.

[Matty]

I've been a Spurs fan for nearly 20 years
Jesus. At least 20 years back they had Glenn Hoddle.

[Celsus]

You seem to hate some of the so-called "big" clubs. I must confess to an especial loathing of Man U, Liverpool, and Chelsea. I'd jump for joy if they went "bankrupt". (Most unlikely at Chelsea where Abramovich seems to have money from the entire Russian economy at his disposal.)
No, I just hate football finance. At a certain point (characterised by the Glazers, Gillett and Hicks), they realised they could take out massive debts and basically collect money off the future earnings of their fans/TV license money for immediate returns. This is the basics of a Ponzi scheme. This "innovation" is in turn supported by hedge funds providing them with the capital to carry out their ludicrous gamble. The danger is if funds don't accrue at the rate they project - e.g. if a "Top 4" club stops becoming Top 4 - as is likely to happen to Liverpool. So in turn they have to gamble even more, which creates an even more unstable base. To be a complete bore, you can look up Hyman Minsky on his theories of systemic instability in finance and the difference between hedge, speculative and Ponzi systems of finance - and English Premiership football is currently in the Ponzi end of the spectrum. Portsmouth's troubles began as soon as Sacha Gaydamak started using them as a washing point for his dirty Russian mafia money, and that's what bred the horrendous fiscal indiscipline at the club. City is now doing the same with their dirty sheikh oil money, far may they fall :>

Long and short of it is, I refuse to spend any money on football at the moment, whether it's watching it on cable or buying the latest Spurs kit or whatever else typical football fans are supposed to do. I love football, but for the love of the game it needs to get out of the Ponzi spiral now rather than later.

[Celsus]

I've been a Spurs fan for nearly 20 years
Jesus. At least 20 years back they had Glenn Hoddle.
Atm Spurs are also playing the best football they've done since Gazza was there too. :p

[Alex]

No, I just hate football finance. At a certain point (characterised by the Glazers, Gillett and Hicks), they realised they could take out massive debts and basically collect money off the future earnings of their fans/TV license money for immediate returns. This is the basics of a Ponzi scheme. This "innovation" is in turn supported by hedge funds providing them with the capital to carry out their ludicrous gamble. The danger is if funds don't accrue at the rate they project - e.g. if a "Top 4" club stops becoming Top 4 - as is likely to happen to Liverpool. So in turn they have to gamble even more, which creates an even more unstable base. To be a complete bore, you can look up Hyman Minsky on his theories of systemic instability in finance and the difference between hedge, speculative and Ponzi systems of finance - and English Premiership football is currently in the Ponzi end of the spectrum. Portsmouth's troubles began as soon as Sacha Gaydamak started using them as a washing point for his dirty Russian mafia money, and that's what bred the horrendous fiscal indiscipline at the club. City is now doing the same with their dirty sheikh oil money, far may they fall :>

Long and short of it is, I refuse to spend any money on football at the moment, whether it's watching it on cable or buying the latest Spurs kit or whatever else typical football fans are supposed to do. I love football, but for the love of the game it needs to get out of the Ponzi spiral now rather than later.

Though I'm in sympathy with your contempt for football finance and concur with your reasons for it, my "hatred" of the top clubs is more visceral and descends to a voodoo hope that they will be knocked off their perch and get relegated even. ;)

[Celsus]

Though I'm in sympathy with your contempt for football finance and concur with your reasons for it, my "hatred" of the top clubs is more visceral and descends to a voodoo hope that they will be knocked off their perch and get relegated even. ;)
I reserve pure visceral hatred for Arsenal though :p

[DMB]

Though I'm in sympathy with your contempt for football finance and concur with your reasons for it, my "hatred" of the top clubs is more visceral and descends to a voodoo hope that they will be knocked off their perch and get relegated even. ;)
I reserve pure visceral hatred for Arsenal though :p

There speaks the true Spurs fan!