Pompey Skint?

Portsmouth admit first-team squad have not been paid this week

Thursday 1 October 2009

• Portsmouth blame 'delay in the transfer of funds' after takeover
• Club says players will be paid within the next 48 hours

Portsmouth have admitted some players have not been paid this week, blaming "a delay in the transfer of funds" following Sulaiman al-Fahim's recent takeover. The players are expected to be paid wages owed to them in the next two days, the club has said.

"Portsmouth FC can confirm that the first-team squad and executive board was [sic] not paid yesterday," read a club statement. "The club is currently being refinanced by the owner Sulaiman al-Fahim following the recent completion of his takeover.

"There was a delay in the transfer of funds but the lawyers have received confirmation that this will happen today which will enable the players to be paid within the next 24 to 48 hours. The players have all been informed of the situation.

"The executive board will continue to help the new owner in his efforts to refinance which has come about as a direct consequence of the banks' requirements to retain all television receipts and profits generated during the transfer windows."


http://www.guardian.co.uk/football/2009/oct/01/portsmouth-premierleague

Wow seems to get from bad to worse for Pompey on the field and off it too now.

Never expected to see that happen in the English top flight players not being payed that is  more for the Eastern European and Balkan leaugues.

I know one shouldn't judge on looks alone but that Sulaiman al-Fahim is one dodgy looking bloke. It wouldn't surprise me if it turns out that i've more money than him. 

Looking bad for Pompey but on the bright side wont have to listen to that dam bell

 That should serve as a warning,not all Arabs have plenty of money.And as we well know not all Yanks have plenty of money.The F.A. should not allow anybody to take a club over if it has to borrow finance to do it,it is just a pity that there was no regulation to that effect when H+G came on the scene at Anfield.

That should serve as a warning,not all Arabs have plenty of money.And as we well know not all Yanks have plenty of money.The F.A. should not allow anybody to take a club over if it has to borrow finance to do it,it is just a pity that there was no regulation to that effect when H+G came on the scene at Anfield.

Then no club would ever be bought again. Everybody takes out loans to finance such a buy, even Abu Dhabi. No smart business person or company has that kind of money sitting on a bank account, it's all stuck in other investments. Just like nobody in their right mind would ever buy a house without a mortgage. Ofcourse there's always the question of whether a person or company should be given a loan in the first place. That's the risky part, you could be worth alot of money, because some of your investments or companies are worth alot, based on that you take out a loan for buying a club, then suddenly your investments take a plunge because of the crisis or whatever reason. It's risk management, and the current crisis proves that banks need to get alot better at it and governments need to get alot better at regulating those banks.

I know one shouldn't judge on looks alone but that Sulaiman al-Fahim is one dodgy looking bloke. It wouldn't surprise me if it turns out that I've more money than him. 

Prince Faisal?

What happens if the team cant make salaries?  Has a top tier team ever folded mid season?

Then no club would ever be bought again. Everybody takes out loans to finance such a buy, even Abu Dhabi. No smart business person or company has that kind of money sitting on a bank account, it's all stuck in other investments. Just like nobody in their right mind would ever buy a house without a mortgage. Ofcourse there's always the question of whether a person or company should be given a loan in the first place. That's the risky part, you could be worth alot of money, because some of your investments or companies are worth alot, based on that you take out a loan for buying a club, then suddenly your investments take a plunge because of the crisis or whatever reason. It's risk management, and the current crisis proves that banks need to get alot better at it and governments need to get alot better at regulating those banks.

I do not understand why nobody in their right mind would buy a house without a mortgage,why pay interest on a mortgage or a loan if you do not need to.

I do not understand why nobody in their right mind would buy a house without a mortgage,why pay interest on a mortgage or a loan if you do not need to.

Well, all of this differs per country, but there's tax advantages to mortgages and loans and interest is deductable. And if you're smart about it then the yield of your estate should be quite a bit more than the net loss to interest. Not to mention that the money stays flexible, and not stuck. Ofcourse you'd have to have a steady income besides the money you own.