The Beginning Of The End?
By Jim Bonner
Updated Thursday, 1st March 2012
Will it be "Game Over" for Pompey before the end of the season? (BREAKING: Howe pulls out of Pompey bid)
Trevor Birch has today issued a grim statement that can be found on Portsmouth's official website and has told media that the club will go bust in weeks unless a buyer can be found.
The statement comes after it was revealed that £2.2 million in parachute payments that Birch was expecting Pompey to receive has already been signed over to Alexandre Gaydamak as part of the original CVA.
With meagre funds to keep the club alive and little scope for raising funds, there is a distinct possibility that Portsmouth Football Club won't be able to fulfil the rest of its fixture list and will cease to exist before April is over.
The only way the club can realistically survive is if a "White Knight" buyer comes in and has around £50 million to spend without getting any return. There is virtually no hope of the trust rallying a community buyout because the debt is simply too great and continues to grow.
Brian Howe and Vince Wolanin have pulled out of buying the club with the latter stating: "Just too many cumbersome and fiscally imprudent contracts that would only further plunder the club even if someone could buy it for £0 "
There may be the tiniest hope that Birch is playing a game of brinkmanship with the people who could possibly save the club or at least buy him some time with such a negative statement.
After all, Andrew Andronikou did the same thing back in 2010 which forced Sacha Gaydamak to accept the CVA, although we now know it was under the terms of receiving parachute payments.
But in all honesty, Portsmouth Football Club has mountains of debt, will continue to lose money over the next year and has virtually no assets of value. Nobody in their right mind would buy this football club unless they had money to burn.
You only have to look at the Fratton Faithful messageboard (and others) and see how many people "in the know" have spoken to Birch or someone at PKF and have painted a "no hope" scenario.
So, although I have said this before, I will ask Pompey fans to "pack the park" not just to raise money in an admirable but futile attempt to raise money for the club, but to watch the club we have loved supporting as it is on life support and is probably going to die.
There may be a twist in this sorry tale yet, but I would brace yourself for the worst case scenario.