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£108.6m? City success not worth any price

£108.6m? City success not worth any price

Portsmouth will contest the FA Cup final in a few weeks having started out on their road to Wembley with a late, late escape in the 3rd Round against Coventry City.

Despite relegation, Pompey fans will be ending the season with a great day out while Sky Blues' fans will be watching on the television after another campaign of few bright spots at the Ricoh Arena.

On Tuesday, Vital Coventry looked at this week's budget meeting between Chris Coleman and chairman Ray Ranson, one which is unlikely to see a massive outlay on players being sanctioned over the summer.

And yet despite the huge frustrations that the past couple of seasons have contained, Wednesday's news regarding Portsmouth brings it into some kind of perspective.

A letter from the club's administrators to the creditors owed money spells out a level of debt that is a barely-believable £108.6m.

While the players will enjoy their moment in the Wembley sunshine, safe in the knowledge that they are secured creditors and will be paid their due in full, £17.1m is owed to the taxman, i.e taxpayers and the country at large.

Further down the list and it is the likes of the St John Ambulance, Highbury Hawks Youth FC and a host of local and national businesses who will be left to accept either a fraction of what they are owed or nothing at all.

Coventry City, despite some testing times have never gone into administration and must strive never to do so, while all the time looking to become a flagship of the community.

The club will still be in the Championship next season and although thrills and spills are looking unlikely at this stage, at least there is still a club there to be proud of.



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

Writer:CCFC
Date:Wednesday April 21 2010
Time: 7:14PM

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Comments

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it just seems that Pompey have got out of jail and left a trail of debt while clubs who don't cheat pay the price for overspends.
wolstc
26/04/2010 14:39:00
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