Holy Moly

[McHibby]

Portsmouth owe £120 million


http://news.bbc.co.uk/sport1/hi/foot...th/8634140.stm

[Phil D. Rolls]

Owe somebody £1m, they've got you by the short and curlies.
Owe sombebody £120m, you've got them by the short and curlies.

That club really deserves to go out of business. There is no way they could ever have justified that debt. What were the bankers thinking about when they gave them the cash?

[oldbutdim]

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What were the bankers thinking about when they gave them the cash?

Probably the bonus they would earn for negotiating such a huge loan.

[WindyMiller]

Someone needs to be asking where the large amounts of transfer fee moneys has went this past 2 years.

[McHibby]

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That club really deserves to go out of business. There is no way they could ever have justified that debt. What were the bankers thinking about when they gave them the cash?

That pretty much sums up my thoughts. I feel sorry for the fans, but that debt is ridiculous. And the banks almost deserve to lose the money (if Pompey do go bust), they should never have continued lending it in the first place.

[Caversham Green]

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Owe somebody £1m, they've got you by the short and curlies.
Owe sombebody £120m, you've got them by the short and curlies.

That club really deserves to go out of business. There is no way they could ever have justified that debt. What were the bankers thinking about when they gave them the cash?

I don't think it's about the banks though - the debts are players' wages, transfer fees and taxes according to the article. That's actually cash they never had, so the debts exist because the bank didn't give them cash.

Can't argue with the sentiment about them going out of business though, and the ongoing criminal proceedings against various people connected with the club is no coincidence IMO.

[heretoday]

It's amazing how football clubs seem to hang on isn't it? With debts like that any other business would have folded ages ago and with no sympathy from anyone.

Because it's football somehow it's a special case.

[seanraff07]

Was watching SSN yesterday and i saw a video of fans scrambling to get the administrators autograph, after everything he's done.

[poolman]

And an agent is due £2.1m for one deal alone

[Future17]

I see the £120m debt includes £40 to Pukka Pies and 20p to Qatar Airways!

[Hakim Sar]

during his time there, ol' twitchy face redknapp has been likened to a child in a toy shop with his mum and dad's credit card on BBC website which is a great analogy. I am not saying he is accountable... but he must have known that his wages budget etc was astronomical

[Keith_M]

Some of what they've done is just ridiculous. They have to pay £1M to Spurs for a player they promised to transfer but then sold to somebody else. Add that to the millions in Agents Fees and the whole thing shows just how stupid football at the top has become.