Job losses at troubled Pompey
Thu 23rd Feb 2012 | Money & Finance
Cash-strapped Portsmouth have been forced to make "a number of redundancies" to help aid their battle for financial survival.
The identities of those made redundant has not been divulged, with no-one at the Championship club available to comment on speculation chief executive David Lampitt is one of those affected.
Pompey's players and staff have not been paid since December and the cost-cutting measures also involve this continuing for some at the club, most likely high earners, on an "ongoing basis", while a host of full-time staff are also being asked to go part-time.
The moves come after Portsmouth entered administration for a second time in two years last Friday, resulting in an immediate 10-point deduction which has subsequently plunged the south-coast outfit into the Championship's bottom three.
In a statement on the club's official website, joint administrator Trevor Birch revealed the financial meltdown at Fratton Park "is more serious than many people had expected" and added the club could run of of money within the next couple of months.
Birch said: "We have had no choice but to take the difficult decision to make a number of redundancies across all levels and departments within Portsmouth Football Club.
"Additionally, we are asking certain employees to defer wages on an ongoing basis and are asking several members of staff to move from a full-time to a part-time role.
"These measures are painful for everyone involved with the club, but they are essential for Portsmouth's survival, which is our main objective.
"They are in no way a reflection of the performance of the club's hard-working staff, who have remained loyal and supportive throughout this difficult time.
"Our initial analysis of the club's financial position has revealed that the situation is more serious than many people had expected."
The statement continued: "We have been brought in to try to rescue a business with significant financial problems. To put it bluntly, Portsmouth Football Club has a Premier League cost base but only Championship income. This is not a sustainable situation and one that needs to be addressed urgently if the club is to continue to exist.
"As things stand, there is a serious risk that the club could run out of cash within the next couple of months. I recognise that this is not the news that anyone wants to hear but burying our heads in the sand will not help anyone.
"Today's redundancies will make a difference to the club's financial position but there are sure to be further challenges ahead of us. Portsmouth's survival depends on us being able to find a buyer for the club before the money runs out."
Wed 26th Apr 2017 | Money & Finance
The business model carried out by the owners of Watford FC is unlikely to be adopted by too many sectors outside of football, but by hiring and firing a conveyor belt of managers, they have managed to...
Wed 26th Apr 2017 | Money & Finance
Newcastle United and West Ham United have been targeted by HMRC for alleged Tax and National Insurance fraud. Officers are understood to have raided the offices at St James’s Park and the London...
Thu 20th Apr 2017 | Money & Finance
Premier League clubs’ revenues increased to a new record of £3.6bn in 2015/16, according to Deloitte, the business advisory firm. Analysis of the financial results of Premier League clubs...
Thu 13th Apr 2017 | Money & Finance
CEO, Lewis Holland and the team at DiscountIF team have been studying various merchandise stores of football clubs in the UK. This article was originally posted here. We’ve compiled a short list...