Pompey Takeover Saga

OOOOOhhh, one of the few is finally getting it....

walksa

10:52 AM on 22/02/2013is the trust bid really ready to go?

 

The longer and longer this has been drawn out the more money the trust was expecting to 'inherit' is being used up. Latest update from PFK is on their website;

 

ww.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

Potentially noteworthy points :

 

- trading loss for the period Aug to Jan was £184k, before everyone jumps up and down about PFK this does not include the administrators fees

- the loss was despite the HNW's putting in £244k as 'contributions to ongoing trading', making the real trading loss £428k

- £985,196 of parachute payment was received and used during th period Aug to Jan. The first progress report indicated that c.£8m payments were due to the club, effectively the total now due is closer to £7m.

- The business plan in the prospectus assumed 7 months trading in year one, this will now effectively be reduced to nothing as the takeover will likely only occur just before the start of the season.

- The business plan in the prospectus needs the PST to get the clubs annual expenditure down to £5.3m p/a, despite all the administrators cutting the overheads for 4 and half months were £3.2m - giving an annual expenditure of over £8m.

- There is currently no rent/loan repayment commitments for Fratton Park - it is fair to assume on this basis that overheads will increase rather than go down under the Trust.

- The propectus suggests that the 'total' investment under the 5 year buisness plan is £5.895M. If the courts agree to the sale to BC at the proposed $3m figure, and with HNW's already releasing £244k the amount of working capital will be £2.6M or less, much less again once the CVA is taken into account.

 

So is the bid really fully funded or is there effectively enough money to conclude the deal, but the 5 year business plan goes out of the window. The contractual payments to the former players alone seems to exceed future parachute monies if the reported figures are correct. Liabilities will increase (loan repayments) and some £3m of additional savings need to be found. The business plan also assumes that income will grow!! 11 months from Feb 2012 to Jan 2013 showed total income of £5.3m (based on Championship/L1 revenues). The ongoing trust plan is based on annual revenues of £6.2m. It smacks of finger in the air guestimation, as revenues will surely drop further in L2 next year.

He'll be in trouble. Quoting actual facts to the phew - must be a scummah! (Joking apart, it's crazy that they don't want to even consider any data that might not support what they want to believe. Childish even)

OOOOOhhh, one of the few is finally getting it....

walksa

10:52 AM on 22/02/2013is the trust bid really ready to go?

 

The longer and longer this has been drawn out the more money the trust was expecting to 'inherit' is being used up. Latest update from PFK is on their website;

 

ww.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

Potentially noteworthy points :

 

- trading loss for the period Aug to Jan was £184k, before everyone jumps up and down about PFK this does not include the administrators fees

- the loss was despite the HNW's putting in £244k as 'contributions to ongoing trading', making the real trading loss £428k

- £985,196 of parachute payment was received and used during th period Aug to Jan. The first progress report indicated that c.£8m payments were due to the club, effectively the total now due is closer to £7m.

- The business plan in the prospectus assumed 7 months trading in year one, this will now effectively be reduced to nothing as the takeover will likely only occur just before the start of the season.

- The business plan in the prospectus needs the PST to get the clubs annual expenditure down to £5.3m p/a, despite all the administrators cutting the overheads for 4 and half months were £3.2m - giving an annual expenditure of over £8m.

- There is currently no rent/loan repayment commitments for Fratton Park - it is fair to assume on this basis that overheads will increase rather than go down under the Trust.

- The propectus suggests that the 'total' investment under the 5 year buisness plan is £5.895M. If the courts agree to the sale to BC at the proposed $3m figure, and with HNW's already releasing £244k the amount of working capital will be £2.6M or less, much less again once the CVA is taken into account.

 

So is the bid really fully funded or is there effectively enough money to conclude the deal, but the 5 year business plan goes out of the window. The contractual payments to the former players alone seems to exceed future parachute monies if the reported figures are correct. Liabilities will increase (loan repayments) and some £3m of additional savings need to be found. The business plan also assumes that income will grow!! 11 months from Feb 2012 to Jan 2013 showed total income of £5.3m (based on Championship/L1 revenues). The ongoing trust plan is based on annual revenues of £6.2m. It smacks of finger in the air guestimation, as revenues will surely drop further in L2 next year.

Expect there are replies along the lines of...

Yeah, shut up Portpin puppet. We're goona own our lcub soon....do one chanrai

He'll be in trouble. Quoting actual facts to the phew - must be a scummah! (Joking apart, it's crazy that they don't want to even consider any data that might not support what they want to believe. Childish even)

It's called confirmation bias, we all do it to certain degrees...

The only hope I think they have is for the PST to take it on regardless of all the data pointing to it being the worst business deal in history, in the knowledge that the PPs cover the football debt. They can go into admin again in 12 months with only 'normal debt' and then get a local businessman to buy them out with a 3x diluted debt at manageable levels. Maybe that's the long term plan.

Continued disdain for creditors and and up-yours attitude

I always find the smaller details of interest - this from PFK webiste

21 February 2013: A spokesman for PKF said: “We are pressing ahead with the case that is seeking the court’s consent for the disposal of Fratton Park to the PST.

"The court has this morning confirmed that the case will be heard by 19 April at the latest, which will enable us to meet the Football League's deadline for the sale of the club, subject to a favourable ruling. We hope that, in the next few days, the court will be able to set a specific date for this hearing.

This actual bit of wording some how always seems to be missed out when PST state they are ready to go - just how much more than £3m is un favorable ????

Almost a million of the parachute payments spent. Has this gone towards the football creditors as part of the three year deal to pay them off?

Did they actually sign that French fullback who had previously been released by Margate or someone? If so, he's pretty high up my list. Special mention must also go to John '£70k/week' Utaka, Asmir 'Cost £1m to sell Begovic' and Erik 'Stop creaming yourselves about him cos he's shiiiit' Huseklepp.

 

In fact, there are so many who give real LOLs it's pretty difficult to pick a top10, let alone a favourite 1.

Mladen Rudonja, Michael Panopoulos, Yoshikatsu Kawaguchi, Giannis Skopelitis and Kostas Chalkias are right up there with Collins Mbesuma for me, but TBH must top the list with his £50k a week wage draining the coffers ages after they were relegated.

just how much more than £3m is un favorable ????

Looking at the breakdown above I'd suggest that £3,000,001 is out of reach

Average rent is roughly 20k per year per 2000 Sq Feet - if as a rough estimate we say ole Fatpipes is 90,000 sq feet 900K per year I think ?

Sounds about right - Cov's rent is something £1.28m.

OOOOOhhh, one of the few is finally getting it....

walksa

10:52 AM on 22/02/2013is the trust bid really ready to go?

 

The longer and longer this has been drawn out the more money the trust was expecting to 'inherit' is being used up. Latest update from PFK is on their website;

 

ww.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

Potentially noteworthy points :

 

- trading loss for the period Aug to Jan was £184k, before everyone jumps up and down about PFK this does not include the administrators fees

- the loss was despite the HNW's putting in £244k as 'contributions to ongoing trading', making the real trading loss £428k

- £985,196 of parachute payment was received and used during th period Aug to Jan. The first progress report indicated that c.£8m payments were due to the club, effectively the total now due is closer to £7m.

- The business plan in the prospectus assumed 7 months trading in year one, this will now effectively be reduced to nothing as the takeover will likely only occur just before the start of the season.

- The business plan in the prospectus needs the PST to get the clubs annual expenditure down to £5.3m p/a, despite all the administrators cutting the overheads for 4 and half months were £3.2m - giving an annual expenditure of over £8m.

- There is currently no rent/loan repayment commitments for Fratton Park - it is fair to assume on this basis that overheads will increase rather than go down under the Trust.

- The propectus suggests that the 'total' investment under the 5 year buisness plan is £5.895M. If the courts agree to the sale to BC at the proposed $3m figure, and with HNW's already releasing £244k the amount of working capital will be £2.6M or less, much less again once the CVA is taken into account.

 

So is the bid really fully funded or is there effectively enough money to conclude the deal, but the 5 year business plan goes out of the window. The contractual payments to the former players alone seems to exceed future parachute monies if the reported figures are correct. Liabilities will increase (loan repayments) and some £3m of additional savings need to be found. The business plan also assumes that income will grow!! 11 months from Feb 2012 to Jan 2013 showed total income of £5.3m (based on Championship/L1 revenues). The ongoing trust plan is based on annual revenues of £6.2m. It smacks of finger in the air guestimation, as revenues will surely drop further in L2 next year.

Top post by Walksa on the News. Although I think he's new poster so expect him to get hammered by the normal clots on there.

Mladen Rudonja, Michael Panopoulos, Yoshikatsu Kawaguchi, Giannis Skopelitis and Kostas Chalkias are right up there with Collins Mbesuma for me, but TBH must top the list with his £50k a week wage draining the coffers ages after they were relegated.

Antti Niemi reportedly taking £450k off of them without playing a game has to be up there as well.

Debt owed as of March 2012

They owe CSI, the company who took them out of administration last year, around £11.2m. There is an unpaid bill of £2.3m to the taxman, £2.5m to other trade creditors, £5m to football creditors and a claim by the liquidator under the previous administration for between £8m and £16m.

Has one penny been repaid yet ? Let alone 1st CVA

Sounds about right - Cov's rent is something £1.28m.

True...but Cov's landlords offered a deal to reduce this to ~£400k, which Cov rejected as it was 'unsustainable in League One'.

As commercial property, the Fratton site might yield a rent of £900k - but first you need to remove a derelict stadium and build some property - could easily eat up £10m or more.

True...but Cov's landlords offered a deal to reduce this to ~£400k, which Cov rejected as it was 'unsustainable in League One'.

 

As commercial property, the Fratton site might yield a rent of £900k - but first you need to remove a derelict stadium and build some property - could easily eat up £10m or more.

That's pretty much where we were 20 pages ago.

Option A) If the Judge sees it as a football stadium only then it's probably not even worth £3m

Option B) If he views it as land with 'potential', then £10m is closer the mark, but it doesn't have the potential with a football club in existence

It's a circular problem - their saving grace may be that on the day of the trial the football club still exists and Option A is applied. But if he chooses option B then there's no football club to get in the way becasue pfc won't survive that ruling

www.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

- trading loss for the period Aug to Jan was £184k, before everyone jumps up and down about PFK this does not include the administrators fees

- the loss was despite the HNW's putting in £244k as 'contributions to ongoing trading', making the real trading loss £428k

Hang on one cotton pickin' minute..... Birch has been running a loss making company whilst in administration? Isn't that illegal....?

Hang on one cotton pickin' minute..... Birch has been running a loss making company whilst in administration? Isn't that illegal....?

I had the very same thought but had to build a bed so didn't get the chance to post.........

Clever Trevor's liable for that debt then, isn't he?

Clever Trevor's liable for that debt then, isn't he?

Yes, the same way Handy Andy was liable the first time around.

Clarification of the reasoning behind the court case in January's report (answers some recent queries on this on this thread I believe):

http://www.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

Sale of the Company's business and assets

5.3 Creditors will recall that at the time of the First Progress Report, it was hoped that as sale of

the Company's business and trade assets would be completed to either Portpin or PST.

Unfortunately, to date, neither party has been in a position to complete its desired acquisition

of the Club.

5.4 In the case of Portpin, the Football League has advised the Administrators that it has not

received all of the information it has requested of Portpin, in order for it to give the necessary

sanction to any sale.

5.5 In the case of the PST, the sale of the Club to PST is contingent on the inclusion (in the sale)

of the Club's ground, commonly known as Fratton Park, which is the subject of purported

debenture security in favour of Portpin.

5.6 There being no other parties capable of completing a purchase of the Company's business

and assets, on 16 November 2012, the Joint Administrators made an application to the High

Court under Paragraph 71 of Schedule B1 of the Act requesting that the Company's assets

be sold as if they were not subject to Portpin's purported security. A hearing was listed for

an expedited two day trial to take place on 13 and 14 December 2012. On the afternoon

prior to the hearing R Estates changed material terms for the acquisition of the Property, in

particular, the dates of completion. The Joint Administrators were left with no option but to

seek an adjournment to enable them to take stock. The hearing has therefore been

adjourned until 15 January 2013 and negotiations between the parties continue.

http://www.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

Non-trading assets realised during the period of review

 

6.2 A refund of £307 has been received from VP Hire Centre.

Every little helps....

http://www.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

8.1 Legal fees paid during the period of this progress report (being 17 August 2012 to 2 January2013) amount to £392k.

 

These costs are broken down as follows:

 

Pinsent Masons: Engaged by the Administrators to provide legal advice during the

administration.

 

They have advised on a number of issues including:

 

Property issues, employment issues, securing the release of cash on

appointment, player issues and compromise agreements, advice on

strategy, release of Parachute Payments, CVA proposals drafting, sale

and purchase agreements, PFA documentation, security reviews.

 

£274k has been paid during the period in respect of fees and

disbursements. This brings the total mount paid to Pinsent Masons during

the Administration as a whole to £474k.

 

The costs incurred by Pinsent Masons during the period of the

Administration as a whole are approximately £1.25m

Am I reading that correctly? £776m in unpaid legal fees..?

http://www.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

 

Am I reading that correctly? £776m in unpaid legal fees..?

Erm, no ........I don't think so ...............more like 770k ?

Erm, no ........I don't think so ...............more like 770k ?

Oops....yep, that's what I meant....sorry, Pompey maths in reverse there! Still, £776k of unpaid legal fees is still a sizeable chunk to come out of the coffers....

http://www.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

OTHER INCOME

Parachute Payments: AUG 2012 to JAN 2013 (6 months): £985,196.00; FEB 2012 to JAN 2013 (12 months): £7,063,865.33

Does that tell us anything we didn't already know about the distribution of the parachute payments?

OOOOOhhh, one of the few is finally getting it....

walksa

10:52 AM on 22/02/2013is the trust bid really ready to go?

 

The longer and longer this has been drawn out the more money the trust was expecting to 'inherit' is being used up. Latest update from PFK is on their website;

 

ww.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

Potentially noteworthy points :

 

- trading loss for the period Aug to Jan was £184k, before everyone jumps up and down about PFK this does not include the administrators fees

- the loss was despite the HNW's putting in £244k as 'contributions to ongoing trading', making the real trading loss £428k

- £985,196 of parachute payment was received and used during th period Aug to Jan. The first progress report indicated that c.£8m payments were due to the club, effectively the total now due is closer to £7m.

- The business plan in the prospectus assumed 7 months trading in year one, this will now effectively be reduced to nothing as the takeover will likely only occur just before the start of the season.

- The business plan in the prospectus needs the PST to get the clubs annual expenditure down to £5.3m p/a, despite all the administrators cutting the overheads for 4 and half months were £3.2m - giving an annual expenditure of over £8m.

- There is currently no rent/loan repayment commitments for Fratton Park - it is fair to assume on this basis that overheads will increase rather than go down under the Trust.

- The propectus suggests that the 'total' investment under the 5 year buisness plan is £5.895M. If the courts agree to the sale to BC at the proposed $3m figure, and with HNW's already releasing £244k the amount of working capital will be £2.6M or less, much less again once the CVA is taken into account.

 

So is the bid really fully funded or is there effectively enough money to conclude the deal, but the 5 year business plan goes out of the window. The contractual payments to the former players alone seems to exceed future parachute monies if the reported figures are correct. Liabilities will increase (loan repayments) and some £3m of additional savings need to be found. The business plan also assumes that income will grow!! 11 months from Feb 2012 to Jan 2013 showed total income of £5.3m (based on Championship/L1 revenues). The ongoing trust plan is based on annual revenues of £6.2m. It smacks of finger in the air guestimation, as revenues will surely drop further in L2 next year.

But he doesn't get it! If they used, as he quotes, £985,196 of PPs in that same Aug to Jan period then their real loss is that plus the £428k! Leaving a loss more like £1,413,196.

Aug to Jan = 6 months gives them losing an average of £235,532 a month or £2,826,391 per annum.

Or am I missing a trick here?

But he doesn't get it! If they used, as he quotes, £985,196 of PPs in that same Aug to Jan period then their real loss is that plus the £428k! Leaving a loss more like £1,413,196.

 

Aug to Jan = 6 months gives them losing an average of £235,532 a month or £2,826,391 per annum.

 

Or am I missing a trick here?

Said Avram as he left by the back door

But he doesn't get it! If they used, as he quotes, £985,196 of PPs in that same Aug to Jan period then their real loss is that plus the £428k! Leaving a loss more like £1,413,196.

 

Aug to Jan = 6 months gives them losing an average of £235,532 a month or £2,826,391 per annum.

 

Or am I missing a trick here?

I'm not too confident about this, but couldn't the £985,196 of PPs have been used for something else than running costs?

http://www.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

 

 

Does that tell us anything we didn't already know about the distribution of the parachute payments?

They had an advance of the Aug 2012 payment in Feb 2012? To assist cashflow to get through to the end of season 11/12?

Oops....yep, that's what I meant....sorry, Pompey maths in reverse there! Still, £776k of unpaid legal fees is still a sizeable chunk to come out of the coffers....

All catered for in the fully funded business plan, dear boy...

Popcorn at the ready...

@NabilHassan79: Just been issued a statement from Portpin, will tweet the key points now but it's pretty explosive stuff. #pompey

@NabilHassan79: 1) Portpin asking for further Football League clarification on "no other bid". Believe it's "unlawful" and leaves them open to legal damages

@NabilHassan79: 2) Portpin cite recent example of Swindon takeover in argument to Football League statement that there is not time to seal new deal. #pompey

@NabilHassan79: 3) Portpin say Football League have left itself exposed to legal action for damages from creditors which could amount to millions of pounds.

@NabilHassan79: 4) Portpin ask League to consider Keith Harris which they believe offers a better deal for creditors and earns them £6.3m for Fratton Park.

*popcorn.gif*

BRING. IT. ON.

@NabilHassan79 4) Portpin ask League to consider Keith Harris which they believe offers a better deal for creditors and earns them £6.3m for Fratton Park.

@NabilHassan79: Portpin: "We are calling on Chairman Greg Clarke to commit publically to the Football League reviewing any bid that's put to it for approval by the administrators. If Mr. Clarke fails to provide everyone with the certainty that's needed on this issue, the Football League will have no option but to accept its share of the responsibility for the damage that could be caused to #pompey, its creditors."

Well that's going nowhere.

The Football League aren't blocking any bid.

All they're doing is setting conditions on whether Pompey can compete in their private competition.

The administrator is completely free to sell 'Portsmouth FC' to anyone he likes, but that doesn't mean they'll have a league to play in.

They were ruined by Redknapp and Storrie

In a vain bid to bring them some glory

Now the MP is lax

About them paying their tax

Which is what you'd expect from a Tory.

But he doesn't get it! If they used, as he quotes, £985,196 of PPs in that same Aug to Jan period then their real loss is that plus the £428k! Leaving a loss more like £1,413,196.

 

Aug to Jan = 6 months gives them losing an average of £235,532 a month or £2,826,391 per annum.

 

Or am I missing a trick here?

No you're spot on. Even more stark:

Labour = £1.97m

Income = £1.85m

Though note that the Football League Basic Award Distribution appears to be annual, so take half of that on the income side....

Income = £2.2m

Wages as percentage of income... 90%!

Just pie in the sky stuff this but I would be happy for the following to happen.

Pompey get taken over by Harris at the end of the season. And therefore relegated to non league football as the FL say no golden share for you (which is basically what they are saying will happen if the PST do not take over and it's someone else).

Then as it's the end of the season they don't take the 10 points off them and as it's a FL -10 penalty it only comes into effect if and when they re-join the FL.

I'd be happy with that.

And I'm awake and back in the room.

They were ruined by Redknapp and Storrie

In a vain bid to bring them some glory

Now the MP is lax

About them paying their tax

Which is what you'd expect from a Tory.

*like* to the power of 'n'.

@NabilHassan79: Portpin: "We are calling on Chairman Greg Clarke to commit publically to the Football League reviewing any bid that's put to it for approval by the administrators. If Mr. Clarke fails to provide everyone with the certainty that's needed on this issue, the Football League will have no option but to accept its share of the responsibility for the damage that could be caused to #pompey, its creditors."

As I mentioned yesterday, the FL comeback to this statement will be quite clear "we are only considering the PREFERRED bidder as put forward by the administrator PKF".

If / when PKF change who their preferred bidder is, the FL will consider the bid. Until then it's trust or bust business as usual

@NabilHassan79: Few more highlights. Portpin understands that the administrators are satisfied with the terms of the Keith Harris bid. #pompey

@NabilHassan79: Portpin say threat of withdrawal of 'golden share' by Football League if another bid is put forward for approval is against insolvency law.

One thing I dont understand correctly is (and I welcome a legal brain to describe it in laymans terms)

The actual urpose of the the court case - am I right in thinking its NOT necessarily about a value on Fratton park, but is actually a bout whether the administrator is entitled to sell FP as part of the sale of the club despite there being a charge against it?

As I understand it, its the administrator that is trying to push a YES on this so that he can accomodate the sale to the PST within the budget they have - approx 3mil and that given Chinney has a secure charge over FP, he is therefore entitled to all monies raised form its sale aheda of this cash being split to unsecured creditors?

Chinney is naturally wanting to block this as he believes he will get more back from FP f a) its sold to another biddder, or b) he retains ownership and rents the gorund back.

Now a logical question to ask the PST would be: Why not take over the club without FP and come to an agreemnet for a hire/hire purchase scheme as Harris has presented direct with chinney?

The logical answer that I can come up with is that the HNWI individuals who are in effect bankrolling the deal will not support it without the purchase of teh ground in full.... now call me a cynic, but why are they so concerned about FP being 'owned' and why would they not still back the bestest club withoout this as part of the deal... the only logocal explanation is that they have some sort of development opportunity in mind? (I know alluded to before) but surely the PST have asked this question?

The PST should IMHO have acknowledged that they cant afford the ground now - and that the delays generated by insisting they do have only erroded some of tehir working capitol and importantly erroded their stake as teh HNWIs are getting their loans converted to additional equity....

SURELY - given that they know exactly that chineey wont let go until he gets what he thinks he is owed, a deal along similar lines to the Harris bid with Chinney would have been the logical way to go? It could have been wrapped up months ago, and without owing the council... a stagered deal based on a percentage of annual revenue until an agre amount has been paid would surely have been their best option..? Or am I missing something

There is a stadium called Fratton

In which sits a fan with his hat on

He rings his bell

Does allegedly smell

But here comes the dozer to flatten

@NabilHassan79: Portpin say threat of withdrawal of 'golden share' by Football League if another bid is put forward for approval is against insolvency law.

The FL are going to have to be pretty bloody sure that is not correct to continue down this road.

Do they really want to play chicken with someone who has nothing to lose?

@NabilHassan79: Portpin say Keith Harris bid makes payments to unsecured creditors of £750,000 versus £50,000 under the terms of the PST bid. #pompey

Good to see a Portsmouth News reporter chipping in with some intellectual journalistic wisdom:

Emma Judd ‏@pn_Emma_Judd

A message to Portpin: Bog off. #pompey

I think Chinny is wrong on this one, but happy to pull up a seat and watch.

Just seen your "favourited" tweet, Trousers. Old Ashley Brown is having a bit of a mare there, eh?

Steve Wilson ‏@pn_steve_wilson

I bought a flat once and after a while, it wasn't worth what I paid for it. Tough. Guess that rule doesn't apply to football club owners...

I think Chinny is wrong on this one, but happy to pull up a seat and watch.

Agree but how certain are the FL that he is wrong is the question.

I still don't understand why Portpin/Harris don't just say 'We're not bothered about the FL's Golden Share; what we're offering will give the greatest return for creditors, so should be preferable. We will keep the club going at whichever non-league level is decided.' This would still give them the parachute payments and the land they want, would still give The Few a club to support with its 'history' intact. Obviously, once the PPs have been paid, any surplus sucked out and there are no more opportunities for Chinny, he could wind the club after moving the land on to A.N.Other Company.