My brother who lives in Portsmouth is besides himself with grief. He cant understand why his team is 120 million pounds in debt.

He says the only way is that the club was run by Ali baba, and 40 of his men.

He reckons you could not lose 120 million however hard you tried, without thieving.

I wind him up by telling him Celtic are to buy Portsmouth out and move the franchise to Glasgow. That was before I knew the extent of the debt of course.

The problem seems to be one of accounting transparency. It seems odd that the true picture has just emerged but more information on this is likely to follow.

Here is a direct quote from the Dundee Forum to show that some clubs never learn http://www.dundeefc.co.uk/dfcforum/topic.asp?TOPIC_ID=26371 :

''All accounts for limited companies are available through Companies House, DFC's being no different. I have them in PDF form but have no idea how to provide a link here as you would need login details to access any website with Companies House information. Send me your email address and I'll forward on a copy of them if you like.

The accounts aren't particularly healthy but then I suppose everyone could have guessed that. The auditors have put an emphasis of matter on the going concern of the entity due to the net deficit on the balance sheet and the continuing losses. However, included within the directors' report is the following:

"If the club is unsuccessful in securing promotion to the SPL, then budgets have been prepared showing a significant operating deficit which could only be funded with the support of one of the directors. This support has been confirmed for at least one period until the end of the 2010/2011 season."

It doesn't take a genius to work out who the mystery director could be and anyone questioning whether CM will wander off should take heart from this.''

Kilmarnock appear to have quite seroius financial problems as do Rangers, Aberdeen and Hearts to name but a few SPL teams.

The lesson from Pompey should be sound trading and action by League governing bodies perhaps a bit stronger than the points deductions for administration.

As a Southampton fan I have found this whole sorry affair to be fecking hilarious! :clapping03: :clapping03: :clapping03:

Pompey's Going Down With No Money In The Bank! No Money In The Bank! No Money In The Bank!