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I'm well pleased that HMRC are at least trying to find out who were responsible for milking the cash cow that was pompey and hope that they can pin down some of the serial milkers. several high profile names spring to mind who in my opinion deserve to be nailed and why not. some of us supporters are of pension age and HMRC take their pound of flesh out of us before we see the money so in all fairness why should those leeches get away with what i call legalised robbery, it's no different although on a much bigger scale that having your hand in the till,more power to your elbow hudson pasha.

I have to admit my overwhelming cynicism led me to believe that this would not happen. Andronikou seemed a touch reluctant, for some reason. He seemed keener to insist that Chainrai "ticked all the right boxes" - such as having the money and motivation to be a long-term owner of and investor in Pompey. Ah well.

Of course, Chainrai himself will be a main interviewee. Good luck to David Hudson on getting to the depths of his involvement in Pompey's woes.

Oh...and good blog, too. Sorry, nearly forgot to say that.

totally agree with what Hudson says about football not being able to sustain itself. the Premiership is a time bomb and the wages and transfer fees which lead to such ridiculous levels of debt will eventually lead to massive financial problems for all involved.

also, i am currently studying insolvency law in my degree and you explain it far better than any lecturer, great blog!

So the taxman is now going to cost us even more money, while it maliciously chases these shadows - hiring some expensive firm to try and find money that probably isn't there. The taxman is risking more loss in these payments.
All this 'too much money in football' is actually going to the taxman - who takes none of the risks, and the lion's share of the profits.
So wouldn't it be better to assist Pompey to get back to health for the long-term tax income. The more healthy Pompey is, the more money changes hands, the more tax it will have to pay.
Instead of spending another £17 million chasing the original £17 million, why not start earning the tax revenue from a now healthy business - one that operates in a sector where silly money changes hands, and each time it does, it makes the taxman rich - meanwhile the owners are vilified and then hunted down as soon as the money stops pouring in.
Put simply: the taxman is now continuing to lose our money faster than Pompey!

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I remember when the Swans went into administration, the offer got "accepted" if you can call it that, at 1p in the pound so they did well getting 20! Albeit we were in the old division three...

I also agree that the current football structure cannot sustain itself! It's crazy, and is starting to seriously spoil the nature of the game... and to be honest, I'm enjoying the way the Swans are now being run almost as much, if not more than how well we're doing on the field! It's crazy, we've hardly spent any money, just installed a well drilled ethos and we're flying! With a fanbase the size of Pompeys, it's just a matter of time until the right owner comes in and rights things, surely?

I was looking at their squad, and they've still got some serious players! On paper it's a much better starting 11 than we've got, but footballs a mad game, and the Championship is so close, Pompey are still in with a shout of promotion if they put a run together. Premiership income would surely go some way to appeasing the taxman?

I do not see this as "throwing good money after bad" by the Inland Revenue. A bankruptcy of this size could have been caused through optimism, incompetence or crime. Names should be named. If crime was involved then there should be prosecutions.

Excellent well informed and easy to understand blog on the complicated mess created by a few crooks on the great historic and well supprted club that is Pompey FC. Just hope the right people are brought to justice for the disgrace they created through there own greed although i won't hold my breath.

Also Hudson is right the Premier League is a severly unsustainable model and will ultimately crash and burn if it's not careful relying on future earnings to maintain current spending is a risky business just ask the banks.

What an appalling and insulting blog. Referring to Pompey as football's new crazy gang and showing a picture of their most eccentric supporter is several levels below Sunday Sport journalism. But maybe this is what we can now expect from the ´óÏó´«Ã½.

As a qualified accountant and lifelong Portsmouth supporter I can give a far more informed apoinion than you Mr Slater. Andrew Andronikou did an excellent job as administrator even though some Pompey supporters thought otherwise. That's why they are still alive albeit a division lower (probably quite rightly).

Baker Tilly, who are a laughing stock in the accountancy profession, will maximise their fee income and produce nothing that a high street accountant couldn't manage within 15 minutes.

The only truth in your article is Hudson's statement that wages in football cannot be sustained. Now there's a revelation!

So where is the informed discussion as to how this will be changed? Where do you spell out the way forward for football?

Gutter journalism at its worst!

So wouldn't it be better to assist Pompey to get back to health for the long-term tax income. The more healthy Pompey is, the more money changes hands, the more tax it will have to pay.
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Actually no it wouldn't make sense to do that. It doesn't matter one jot to the HMRC whether Portsmouth FC survive or not, if they fold then another club simply steps up the league and takes their place, the same players get paid roughly the same wages, the same is paid/owed in tax and so on. In fact it is better for HMRC to get rid of clubs who continually default on payments as Portsmouth have done so, that way better run clubs will take their place. Same taxes, hopefully paid on time and in full.

I remember when the Swans went into administration, the offer got "accepted" if you can call it that, at 1p in the pound so they did well getting 20! Albeit we were in the old division three...
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Indeed I was there with most of you on the protests and remember it well.

The situation was slightly different of course, we didn't spend ourself into that situation, we just managed to end up with a crook for an owner. Still it pains me that so many lost so much from the whole business, including a number of local firms that could no longer keep trading as a result.

Ha ha, have not seen this name for a while. Firstly Baker Tilly maybe in Chips view a shocking accountancy firm, but David Hudson works in the Insolency Arm, its like tarring all PWC and Cork Gully as terrible?! I used to work with David (and flat-shared), and if there is anything wrong to be found, he will root it out and find it. I am not sure how is old boss Mark Fry (adminsitrator of The Saints), will feel about one of his protege's nicking part of the football market.
No-One probably knows that market better than David, as correctly mentioned having played for the Old CRazy Gang, and obaining Ian Walkers signed goalkeeping shirt, fron their England Youth Tou togetherr, so if you want someone to get into the psyche of a football club, he is the man now lets just see what he roots out, and maybe the appalling behaviour started a few chairmen ago at Pompey never happens to any football club again.

When you think of the huge incomes Premier League sides have,it is painfully obvious they haven't a clue when they all lose vaster sums of money. How on earth can Fulham (£70+million from the PL PLUS £12.5million from their Euro run) LOSE £17.9million??? WHY were Portsmouth paying out £63 million in players wages when their entire income was £58million?Didn't anyone think there's still the coach and overnight stays for away games to pay;electric and ground maintainence bills? Oh....and tax to be paid to Inland Revenue!
Football is an awful game now and only fit for people who want to pay £100+ for a day out at a Harlem Globetrotters style game or sit in the armchair to support this years winners. The FA Cup means nothing,the PL is a bore as a competition(for 20 years the RELEGATION battle has been infinately more exciting than who wins the thing (any one of 3)the Champions league is a bore as a competition, a tournament designed for the armchair fan and lower leagues are set to be destroyed by the parasite that is the PL ending their accademies.
The sooner football hits the wall the better. Maybe we'll get our game back, but as the millions in America who oppose and loathe the commercialization of their once beloved competitive sports know,there's a whole army of pseud fans and thrill seekers watching on TV and their sport will forever remain pseud.Just like our football will.

Will this report be made public?

10. At 01:06am on 20th Mar 2011, hackerjack wrote:
So wouldn't it be better to assist Pompey to get back to health for the long-term tax income. The more healthy Pompey is, the more money changes hands, the more tax it will have to pay.
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Actually no it wouldn't make sense to do that. It doesn't matter one jot to the HMRC whether Portsmouth FC survive or not, if they fold then another club simply steps up the league and takes their place, the same players get paid roughly the same wages, the same is paid/owed in tax and so on. In fact it is better for HMRC to get rid of clubs who continually default on payments as Portsmouth have done so, that way better run clubs will take their place. Same taxes, hopefully paid on time and in full.
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Don't think you've thought this through Hackerjack.

If Pompey had gone to the wall the people of Portsmouth would stop going to football (they certainly wouldn't go to Southampton!!). That means they would not pay the VAT on tickets, merchandise, transport etc. Another club elsewhere in the country isn't going to replace them.

Also what about the employees who spend their wages on items that include VAT in the price? They'll be on the dole not paying tax on income and sepnding.

And you thought it was hard to understand the offside rule!

As a Don, great to know that Hudson's doing well since he left the practical side of football.

Glad everything is working for Pompey so far- great fans and a lovely old ground.

15 CHIPTHEDUCK says if Pompey went to the wall....
Aldershot went to the wall and as many-if not more-continued supporting the club at 5 levels lower down the pyramid all the way back to the league.The same goes for Wimbledon(though their reformation had nothing to do with finiance,everything to do with a weak and spineless FA) Halifax and Chester.There's every reason to presume five figure gates would continue at Fratton Park if they were forced to reform and start in the Ryman League South.And maybe they'd have learned their lesson and actually PAY the VAT and tax this time!
Bankrupt clubs-no matter who or what history-should be forced out of business and made to restart at the bottom of the pyramid. The increase in gates etc would actually benefit the game as a whole and teach clubs that if your income is x pounds a year you cant spent y.

Portsmouth got off relatively scot-free. They should have been wound-up. Getting in to that much debt is CHEATING.

One thing we've learned...accountants are as interesting as the stereotype portrays them as being.

There is one simple answer to all these financial problems. The players. If footballers were not paid the ridiculous wages to keep their WAGS in handbags and shoes, to pay for their sheep-like obsession with tatoos and fast cars, then the rest of us on real money could afford to watch them. This pathetic argument about short careers is a joke. In the old days they used to go and run a pub now they become rubbish journalists or sit wearing naff suits as pundits on TV. Nice work if you can get it! Sad to say we need a 'big club' to go to the wall and maybe some people will actually sit up and take notice.

10. At 01:06am on 20th Mar 2011, hackerjack wrote:
So wouldn't it be better to assist Pompey to get back to health for the long-term tax income. The more healthy Pompey is, the more money changes hands, the more tax it will have to pay.
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Actually no it wouldn't make sense to do that. It doesn't matter one jot to the HMRC whether Portsmouth FC survive or not, if they fold then another club simply steps up the league and takes their place, the same players get paid roughly the same wages, the same is paid/owed in tax and so on. In fact it is better for HMRC to get rid of clubs who continually default on payments as Portsmouth have done so, that way better run clubs will take their place. Same taxes, hopefully paid on time and in full.
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Actually you are incorrect on this point as it would be extremely unlikely that there is a club with Portsmouth's fan base and financial demographics to take their place,. Say Stockport County werre saved from relegation as a result their crowds are lower, less merchandise and match day revenues and this provide less tax. In the long run keeping Portsmouth alive will generate more tax then letting it die.

The simple solution is for all tax on matchday revenues to be paid immediately the day after it is received and (as Blackpool and Stoke do) only sign players you can genuinely afford the fees and wages for and fans will have to temper their expectations in line with that.

17. At 00:37am on 21st Mar 2011, nativeson wrote:
15 CHIPTHEDUCK says if Pompey went to the wall....
Aldershot went to the wall and as many-if not more-continued supporting the club at 5 levels lower down the pyramid all the way back to the league.The same goes for Wimbledon(though their reformation had nothing to do with finiance,everything to do with a weak and spineless FA) Halifax and Chester.There's every reason to presume five figure gates would continue at Fratton Park if they were forced to reform and start in the Ryman League South.And maybe they'd have learned their lesson and actually PAY the VAT and tax this time!
Bankrupt clubs-no matter who or what history-should be forced out of business and made to restart at the bottom of the pyramid. The increase in gates etc would actually benefit the game as a whole and teach clubs that if your income is x pounds a year you cant spent

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The tax revenues were still lower than at league level as non-league generates less away fans. No-on edisagrees that clubs need to spend within their means but every effort needs to be amde to improve their financial governance and keep them afloat as they are often vital to the towns that they are based in

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Can somebody tell me what was Peter Storries part in all this and whereabouts is he now ?

Can somebody tell me what was Peter Storries part in all this and whereabouts is he now

Thats a very good question, and one I would certainly like answered
He was acting as an adviserand and was employed by the club during much of the clean up but now seens to have disapeared from view. Is anybody out there who can shed light on his whereabouts Im sure many of us would like give him the deserts he richly deservs
Oapompey

HMRC are like the rest of us and missing a trick! The perpetrator in all football insolvency cases has to rest with SKY TV. They have and are continuing to ruin football by encouraging greedy footballers to demand more and more from a game that is mortgaged to the hilt. The Great British public is tiring of the SKY coverage and eventually Sky will walk away and leave a trail of distruction. I think SKY should foot the bill for the failing clubs.