davieG Posted 28 September 2008 Posted 28 September 2008 Ok it's only the NoW but....... ALEXANDRE GAYDAMAK is set to sell Portsmouth for an initial £20million. Pompey’s Russian owner has put the cash-strapped Premier League side up for sale in a bid to avert a full-scale financial crisis. The FA Cup holders owe a staggering £60m and fear a £25m loss this season alone. The Fratton Park club’s accounts are now dominated by a wage bill that swallows up almost £60m of the club’s annual turnover of just over £65m. That is a stunning 90 per cent of Portsmouth’s income, which leaves precious little left to run the South Coast club. Yet Pompey still have to find the cash to cough up almost £20m in deferred transfer fees by August next year. So unless a buyer is found quickly then top stars and top earners will have to be sold in the January transfer window in a desperate bid to balance the books. Sol Campbell, Sylvain Distin, Jermain Defoe, Peter Crouch and Lassana Diarra are among the most highly-paid players at the South Coast club. A Portsmouth insider said: “To keep the club at this level will cost a fortune and even Alexandre can’t afford to foot the bill for that. “Gaydamak has two stark choices. Sell up and get out or have a fire sale of players in January to raise millions in transfer fees and save millions in wages.” Russian businessman Gaydamak took over Portsmouth in 2006 and the club enjoyed success on the pitch when they beat Cardiff at Wembley in May to lift the FA Cup. Pompey now host Tottenham at Fratton Park today with an air of uncertainty hanging over Harry Redknapp’s team. To add to the pressure, Portsmouth are desperate for a win against struggling Spurs having been trounced 6-0 at Manchester City and 4-0 at home to Chelsea in their last two games Is this another bubble bursting?
Jay Posted 28 September 2008 Posted 28 September 2008 and that's the problem with modern football!! to compete at the top level you need to pay stupid wages, by doing this you put the entire future of the club at risk because you can't pay wages like this on crowds of 19000 without someone throwing money at it when they get bored and pull the rug away you have no chance of continuing on the same track this is the same for a massive amount of clubs including the likes of Chelsea. although regarding the 90% I would imagine that is similar to a large amount of clubs to be honest and while it sounds crazy it's pretty easy to understand I mean players are the biggest expenditure of a club and for one Sol Campbell or Jemaine Defoes annual salary you can probably easy employ every other salaried worker at the club groundsmen, ticket office, club shop,administration, cleaners and so on
purpleronnie Posted 28 September 2008 Posted 28 September 2008 Too many clubs run on debt, until that changes this will carry on.
davieG Posted 28 September 2008 Author Posted 28 September 2008 The annoying thing is these top clubs are allowed run up astronomical debts and yet the minnows are punished for going into administration sometimes owing just a few hundred thousand.
lildave3 Posted 28 September 2008 Posted 28 September 2008 Bloody hell, didn't think things were that bad.
davieG Posted 28 September 2008 Author Posted 28 September 2008 Please buy them back Mandaric Yes they only want £20mill and he bought us for £24mill.
DB11 Posted 28 September 2008 Posted 28 September 2008 Yes they only want £20mill and he bought us for £24mill. So we're worth more than Portsmouth?
Lovejoy Posted 29 September 2008 Posted 29 September 2008 I don't know if it's the answer, but this is a situation that could be avoided were a wage-cap introduced as in other sports, particularly American ones such as basketball, baseball and American football. Think rugby league use it over here as well. Just a thought .
dandannieldanok Posted 29 September 2008 Posted 29 September 2008 So we're worth more than Portsmouth? No, Mandaric did not pay £24million for us, it's a complete myth, even he isn't stupid enough to pay that much for us. I've been led to believe he didn't even have to pay a £1million in the actual purchase of the shares.
Thracian Posted 30 September 2008 Posted 30 September 2008 No, Mandaric did not pay £24million for us, it's a complete myth, even he isn't stupid enough to pay that much for us. I've been led to believe he didn't even have to pay a £1million in the actual purchase of the shares. Yes, it's funny how that ridiculous figure persists. I still believe MM will end up getting far more for Gradel than he'll ever pay for control of Leicester City.
The People's Hero Posted 30 September 2008 Posted 30 September 2008 Yes, it's funny how that ridiculous figure persists. ... said Thracian, realising the folly of his long-running 'PORTER IN' campaign.
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