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Pompey Owe Hornet's £2.4m

Pompey Owe Hornet's £2.4m

It has emerged today that Watford are still owed £2.4m by Premier League crisis-club Portsmouth for the transfers of Tommy Smith and Mike Williamson (who will presumably soon be departing Newcastle following their promotion!).

The information came to light in an extremely lengthy but frankly honest breakdown of the entirety of Portsmouth`s massive debts, ranging from transfer deals to local florist tabs!

mith fetched £1.8m back in August and Williamson went for £3m though both deals have been heavily broken down into 'manageable` installments ranging between 250k and 500k a time.

Pompey (£120m in debt), are owed another 900k from the deal which saw two-time Hornet, Tommy Smith leave the club back in August and another £1.5m for Mike 'Big-time Charlie` Williamson - a deal which also included a sell-on clause for the former Wycombe centre-back.

The payment plan is as follows -

T.Smith:

0/05/2010 £450,000

1/08/2010 £450,000

M.Williamson:

8/02/2010 £250,000

1/03/2010 £250,000

0/06/2010 £500,000

1/01/2011 £500,000

Whether Watford see the cash on time, or even at all for that matter remains to be seen, but hopefully there will be no cut-price bargaining following Middlesbrough`s agreement to only pay the Premier League (for now) outfit half the £1m they owed for Gary O`Neil.

The full report can be viewed here -

http://www.uhy-uk.com/media/news/PFC%20-%20Report%20to%20creditors%20Adobe%207.pdf

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Click here to join in the debate on the club forum.

Writer:wfc123
Date:Thursday April 22 2010
Time: 12:03AM

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Comments

0
you ARE a 'secured football creditor' so you WILL get your money - those less fortunate than football creditors and other 'secured creditors' are the ones that will be screwed over and have every right to worry, and should worry...
pompeyrug
22/04/2010 07:54:00
0
Good news is WFC123 is if the new man at the head of the FL has his way and impliments Lord Mawhinney's 'Relegation for debt ridden clubs' Pompey could be Div One very very quickly. Mawhinney is right - sod the 10 point rule, simply relegate the club until they learn.
DrWatford
22/04/2010 08:54:00
0
would that not leave you in trouble too tho?
do not get me wrong it IS criminal how some clubs are run, but how can that rule help sort things out - if anything that will just push clubs, that have been screwed over, further towards oblivion! i guess the fans do not matter to you then Doc?
pompeyrug
22/04/2010 14:40:00
0
The FA must be partly to blame, surly they must have someone at soho square looking into how clubs are run and if they are over spending without regard or means of paying it back, and if not why not! and on the same day as the worlds richest clubs are named ie man u arsnal and the like, running upto 46% debt of 1.2 billion! its a disgrace how can you ever get a level playing field for other clubs when this is what your up against. its about time the FA acted and ruled against running clubs at such a high amount of debt its unfair to all those struggling to keep afloat on not even 1% of that, no wonder the prem league is getting as predictable and boring as north of the boarder.
pghwfc
22/04/2010 17:36:00
0
Pompey - our issue is short term cashflow which is why so many of us Watford fans don't like the way players are bought but never paid for.... We have one of the lowest debts in the division as it is the boards decision not to take out loans and debts that cannot cover at a moments notice.
DrWatford
23/04/2010 09:00:00
0
Pghwfc -you are confused by the difference between FA & Premier league governance.
Dirk Thrust
28/04/2010 09:32:00
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