Lampitt says administration is only way to save Pompey
David Lampitt in the Blackpool directors box at the weekend
David Lampitt has insisted administration is the only way to save Pompey as the club once more totters on the brink.
Blues fans yet again are fearing for their club’s future with debts of around £46.5m hanging around its neck.
Pompey, who will be deducted 10 points, have now asked to enter administration for the second time in two years.
Mr Lampitt submitted an order to the court yesterday afternoon for administration to be granted.
This will be heard on Friday, February 17.
Success would prompt a delay in a winding-up petition issued by HMRC scheduled to be heard on February 20 over £1.9m of unpaid tax, although HMRC could itself go to court and try to prove the administration process is an abuse.
Going into administration would allow the club’s bank account, which is believed to contain £2.5m, to be unfrozen.
Accountancy firm UHY Hacker Young – who employ Andrew Andronikou and Peter Kubik, joint-adminstrators of the club’s parent company Convers Sports Initiatives (CSI), which collapsed last year – is set to be the administrator.
UHY was the administrator when Pompey last went into administration on February 26, 2010.
Following the collapse of CSI, Mr Lampitt is adamant yesterday’s decision is the right one.
He said: ‘An application has been submitted by the directors for an administration order to be granted.
‘That is something the court then considers and determines whether or not to allow.
‘I believe it will be granted and it should be granted.
‘We have got to make it clear to the court this is the right course of action.
‘It has to be in the best interests of the creditors that the company goes into administration.
‘After all, it will provide a better return for creditors rather than winding up the company.
‘If the court grants it there will be an official handing over to the court and the preferred administrator will oversee matters.
‘Granting the order will take the club through to hopefully find a buyer.’
Controversially, Mr Andronikou is the preferred administrator, a move which has alarmed supporters.
Mr Lampitt insists it was the decision of the current board, which also contains chief financial officer John Redgate.
However, crucially, it is understood a secured creditor, in this case former owner Balram Chainrai, has the final say in the choice of any administrator, although other creditors could oppose such an appointment
Mr Lampitt added: ‘The directors of the football club have taken the decision.
‘They (UHY Hacker Young) are the people we have included on the application and it is up to the court to decide whether to accept that.’
At present, Pompey’s frozen bank account contains £1m as part of an early parachute payment.
The Premier League forwarded early the monies – which were scheduled for March – on Friday, yet at present they cannot be touched.
League sources say the advancement has not been made specifically to ease the club’s financial difficulties.
It is understood the Premier League has advanced some payments to all its clubs, including those receiving parachute payments such as Pompey, who were relegated from the Premier League in 2010.
Also included in the account’s £2.5m are receipts from the Chelsea FA Cup match and the £295,000 from the sale of Ryan Williams.
However, Mr Lampitt insists Pompey have never received the wage contribution Mr Chainrai claimed to have made during a recent interview.
He added: ‘I can say no such money has been received by Portsmouth Football Club.’
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Comments
There are 222 comments to this article
Page 1 of 15
pfcbutton
Wednesday, February 15, 2012 at 12:46 AMIt's not just about Pompey being raped by the crooks and leeches .. Football in general has been bordering on unsustainable for about a decade, it has been burying it's head in the sand .. now all the banks want their money back along with HMRC, the inevitable for many is looming - we just happen to be the tip of the iceberg, but we can also be the shining light with a new vision, a new way forward, where supporter's can have overall power ..
pfcbutton
Wednesday, February 15, 2012 at 12:27 AMMIB - He is being a wind up he and knows he is .. I can see right through he's nonsense .. All he's arguments have illogical thought process and are designed to provoke and diverse, the answers are on here everyday to he's argument's .. If he isn't bright enough to read them and understand them I am certainly not going to waste my time educating him .. He could start by reading the shadow chancellor article on here, that would put to bed fifty per cent of he's non-sensical posting ..
Man in Black
Tuesday, February 14, 2012 at 11:52 PM@219 pfcbutton. Why the insults??? He's only putting his point of view. You make it seem like the truth hurts!!
pfcbutton
Tuesday, February 14, 2012 at 11:05 PMcapetownscummerrrr you are a condescending little pr1ck .. I couldn't think of a worse combination of arrogance than a scummerrr and a springbok.. this is of no emotion for you .. even as our bitter rivals? dont make me laugh.. As for your views they are pointless rambles of how Pompey are the bad guys that overspent and deserve everything they get for living beyond there means .. you are the dim one who believes this, which means MM,SG,BC,CSI are nothing more than incompetent businessmen who all made the same mistakes ..what rubbish .. they have all made a killing off the back of PFC by knowing the system as astute businessmen and conmen.. your views are an insult and a disgrace .. leave this board and stop playing the im a clever scummerr kant card and ill portray Pompey as the bad guys .. because clever you are not sunshine .. a scummer d1ckhead is what you are .. now foxtrot oscar little boy
paul-philippines
Tuesday, February 14, 2012 at 10:32 PM@215. Pompeyexile just joined pompey chimes. Good luck with your site. Gonna have my brekkie now then have a kip, been a long & unhappy night. PUP.
appy go lucky
Tuesday, February 14, 2012 at 09:55 PMWell that was a let down. we made the noise but the team played cr@p! Sort it out appy!!!
Bobsworth49
Tuesday, February 14, 2012 at 07:45 PM@ Pompeyexile - May have a problem. Logged me in via the confirmation etcetera, but now, although it says "You already appear to have joined ...", it's not recognising either my e-mail or my password (one or maybe both, it doesn't say), yet all log-in details are correct. You might want to take a look at it - or maybe there's a bit of a delay in the system?
Pompeyexile
Tuesday, February 14, 2012 at 07:36 PMI meant Bobsworth49 not Blogsworth!
Pompeyexile
Tuesday, February 14, 2012 at 07:35 PMThanks Blogsworth... I have been a Pompey fan for 50 years and in Philippines for last 7 years (was a season ticket holder for many years)...Once a Pompey fan always a Pompey Fan...It's 3.33 am here stayed up all night for the match ...have owned pompeychimes.com for many years..only now am I developing.. thanks for the support
Bobsworth49
Tuesday, February 14, 2012 at 07:30 PM@ Pompeyexile - well, I've just posted a good luck message on your new blog site. It looks nice and neat, and nice and easy to follow. Good luck with it - and good luck to us all this evening!
Pompeyexile
Tuesday, February 14, 2012 at 07:26 PMthat's pompeychimes.com people!!
Pompeyexile
Tuesday, February 14, 2012 at 07:24 PMPost 195 bluelagoon said ... 'there is room e.g. for more Pompey blogs. What about it?' 2 weeks ago I started a site pompeychimes.com which I am trying to get going....with BlogForum etc ....no visitors yet!! ...Perhaps we could work together?
people dont like the truth trueblue1
Tuesday, February 14, 2012 at 06:57 PMof to the park hope we get the 3 points and get fratton rocking
Blue Walter
Tuesday, February 14, 2012 at 06:38 PMNorthsaint @ 207. Thankyou for your kind words and the reassurance for me in human nature. I knew there were decent minded football supporters out there that have an empathy with us as fellow football fans and not just rivals. I would hazzard a quess that most football fans are with us in this period of our clubs history and we only see the worst of other fans on this site. I know we had the same type of people on the Echo site when Saints were in trouble but, hopefully, we were not all tarred with the same brush. I am off to the game now so thanks once again for your understanding and may I say humanity.
Johnny Blue Shoes
Tuesday, February 14, 2012 at 06:27 PMp206 Capetown. Mainly just interested, no particular point except that even despite raising talented footballers within and around the city we are still losing them, and loads of revenue to our local rivals. Another illustration of lack of planning and foresight - and yes - of course - they see a very good academy up the road - and half of them decide to go there. I can get you the names if you need them - but the birthplace should confirm the players.
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