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Pompey Takeover Saga


Fitzhugh Fella

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Surely if the deal was going to happen Gayboy wouldn't need the fire sale as every departure will have a direct impact upon the amount that Al Fahim will eventually pay.

 

The most obvious reasons for the fire sale are that either Al Fahim cannot afford to pay for a team with more than 14 players (in which case I suspect he also wouldn't be able to pay for any new signings at all), or Gayboy knows that the deal is not going to complete and so is extracting as much cash as he possibly can before the administrators are called in.

My suspicion is a little bit of both of those.

 

As Corp has suggested above, the price Al-Fahim is going to pay to actually acquire the 'assets' (worth somewhere in the region of minus £50m, hence the use of inverted commas) is nominal - probably £1. That's not going to change now (and I suspect has always been the actual purchase price because of the liabilities), so he's making the most of his final moments in control by essentially asset-stripping with the sale of the most valuable players. Obviously it helps in that regard that those players see the stuff going on and want to leave as well.

 

The revenue from that is used to pay off the portions of the loans that are tied personally to Gaydamak, which means they don't need to be renegotiated by whoever takes over - renegotiating could be a problem in the current climate, particularly when there's no obvious pot of gold that's going to ensure a Premier League football club with crowds of 19,500 can repay those sort of amounts while maintaining a competitive team on the pitch.

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My suspicion is a little bit of both of those.

 

As Corp has suggested above, the price Al-Fahim is going to pay to actually acquire the 'assets' (worth somewhere in the region of minus £50m, hence the use of inverted commas) is nominal - probably £1. That's not going to change now (and I suspect has always been the actual purchase price because of the liabilities), so he's making the most of his final moments in control by essentially asset-stripping with the sale of the most valuable players. Obviously it helps in that regard that those players see the stuff going on and want to leave as well.

 

The revenue from that is used to pay off the portions of the loans that are tied personally to Gaydamak, which means they don't need to be renegotiated by whoever takes over - renegotiating could be a problem in the current climate, particularly when there's no obvious pot of gold that's going to ensure a Premier League football club with crowds of 19,500 can repay those sort of amounts while maintaining a competitive team on the pitch.

 

So in basic terms.

 

Al looks to buy club with massive debts but some good players for £1. He doesn't have much additional cash to invest but is prepared to take on the debts.

 

G sells assets to pay down loans due to himself prior to the sale.

 

Club now has fewer debts but only 14 players.

 

Al still wants to go through with the deal but still has no additional money to invest in new players.

 

Sky tv money is which would have been used to pay the wages for the rest of the season is given to G.

 

Without any sky tv money the club is out of cash by christmas.

 

With just 14 players (plus presumably some free transfers) they will struggle and the remaining 14 will want out.

 

Club is relegated.

 

Turnover is halved.

 

Still no money to invest in new players.

 

Administration.

 

This is doomed to failure even if it does go through.

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I have a bit of a feeling that Al-Fahim is essentially willing to gamble that the current set of players plus a few loans/Bosmans will be able to keep the team up this year so they can essentially start from scratch again with NEXT season's Sky money.

 

With the likes of Burnley, Wolves, Hull, etc down there, it's a gamble I'd probably be fairly confident of winning if I was in his position.

 

It also then gives him a year to showcase the club to other investors - perhaps people he's worked with before - to get some genuine cash put in.

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I really cannot see pompey staying up this season....I really cant.

The playing squad is probably one of the worst in the leage (minus crouch of course)

unless they add about 6 players they are well and truely fooked

 

unless of course, the new owner has a hidden pot of gold come his way (which seems unlikely)...

 

im one way, it is sad to see it happen..im sure most pompey fans will agree..but one thing, from the position they were in 10 years ago, it has been one hell of a ride for our fish fiddling friends..sadly, that ride is about to come to an abrupt end..

 

for my own reasons, i hope they go through as much grief as possibel as a football club..i really do and I cannot wait for the day we get revenge on that 4-1 beating at fratton...abd i dont think that day is too many years away..

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I have a bit of a feeling that Al-Fahim is essentially willing to gamble that the current set of players plus a few loans/Bosmans will be able to keep the team up this year so they can essentially start from scratch again with NEXT season's Sky money.

 

With the likes of Burnley, Wolves, Hull, etc down there, it's a gamble I'd probably be fairly confident of winning if I was in his position.

 

It also then gives him a year to showcase the club to other investors - perhaps people he's worked with before - to get some genuine cash put in.

The season ticket sales and match day receipts will be crucial if that is the case. in these hard times and high cost of tickets with a fan base upset at losing all the etar players ,that stream will be hard hit as well.

While the dr is on the scene they may survive from the administrator. Perhaps he is going to be the new manager as well, afteral he is lookinjg through the player lists

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I do love the fact that most of the fans here seem to think Portsmouth havent been through the edge of extinction/admin route before and that its unique to them.

 

Yes we didnt get decuted 10 points but weve been through the pain before so know whats it like

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I do love the fact that most of the fans here seem to think Portsmouth havent been through the edge of extinction/admin route before and that its unique to them.

 

Yes we didnt get decuted 10 points but weve been through the pain before so know whats it like

and dont you like to tell us about it!

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If you take the way you attendances have been dropping in your non premier league years you would have gone the same way as us without new backing.

 

We got new backing and the glory hunters came out

You have got new backing and the same result will happen

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If you take the way you attendances have been dropping in your non premier league years you would have gone the same way as us without new backing.

 

LOL.

 

We had more people at a pre season friendly than you will get at any single game this season ;)

 

Put that attendance figure in your pipe and smoke it :D

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I have a bit of a feeling that Al-Fahim is essentially willing to gamble that the current set of players plus a few loans/Bosmans will be able to keep the team up this year so they can essentially start from scratch again with NEXT season's Sky money.

 

With the likes of Burnley, Wolves, Hull, etc down there, it's a gamble I'd probably be fairly confident of winning if I was in his position.

 

It also then gives him a year to showcase the club to other investors - perhaps people he's worked with before - to get some genuine cash put in.

 

Wishful thinking if you ask me.

 

Ultimately though if he does fail he does only lose his £1.

 

Who knows, but I'm sure that Ho etc will be quick to remind me If I turn out to be wrong.

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Al Fahim doesn't have as much money as was expected....

 

Wow that's a HUGE shock.....

 

Another tick in the I told you so's column for DP ;)

 

Just for you Phil...............;)

 

http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2125309369

 

i understand peoples concerns about fahim not being a billionaire, but i've read reports online and in the paper (the daily mail, if i recall) and general reasearching which confirm he doesn't just scrape the billionaire tag, he is very much comfortably in the billionaire bracket. I've a friend who works in UAE and apperantly he is ranked as the 3rd richest man over that neck of woods and is comfortably a billionaire.

He also confirmed with an interview not long ago, when asked a question, that he is a comfortable billionaire. His family are reportedly worth a trillion. Not In man city owner bracket, but who is?

 

It has been widely thought that Fahim is TEN times the wealth of Roman Abromovich.

 

I understand peoples concerns, and rumours, but for the worrying Pompey fans, this guy is the real deal.

If we get him, which looks likely, then brace up, it's going to be one hell of an incredible ride! If we don't, we move on!

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Just for you Phil...............;)

 

http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2125309369

 

i understand peoples concerns about fahim not being a billionaire, but i've read reports online and in the paper (the daily mail, if i recall) and general reasearching which confirm he doesn't just scrape the billionaire tag, he is very much comfortably in the billionaire bracket. I've a friend who works in UAE and apperantly he is ranked as the 3rd richest man over that neck of woods and is comfortably a billionaire.

He also confirmed with an interview not long ago, when asked a question, that he is a comfortable billionaire. His family are reportedly worth a trillion. Not In man city owner bracket, but who is?

 

It has been widely thought that Fahim is TEN times the wealth of Roman Abromovich.

 

I understand peoples concerns, and rumours, but for the worrying Pompey fans, this guy is the real deal.

If we get him, which looks likely, then brace up, it's going to be one hell of an incredible ride! If we don't, we move on!

 

10.gif

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Sulaiman Al Fahim to complete Portsmouth takeover and save club from administration

 

By Colin Wood

Last updated at 2:22 AM on 21st July 2009

 

 

Sulaiman Al Fahim is expected to finally complete his takeover at Portsmouth today – saving them from becoming the first Premier League club to go into administration.

Al Fahim was last night given the go-ahead to finalise his £60m buyout after passing the Premier League’s stringent new fit-and-proper-person test.

 

It comes just in time to stop South African-based Standard Bank calling in the administrators to reclaim an unpaid £30m loan.

 

 

article-1201036-03226A4F000005DC-850_468x420.jpg Flashing the cash: Sulaiman Al Fahim (left) seen here with Piers Morgan

 

 

Bank officials are believed to have contacted Pompey on Friday to demand repayment by the end of this week. In a further twist it has emerged the Premier League’s checks have scared off the mystery backers Al Fahim had lined up.

The investors wanted to remain anonymous but, under league rules, anyone with over a ten per cent stake in a consortium must be identified and undergo the test.

This means Al Fahim will struggle to make any big-money signings.

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If the take over doesn't go through I don't think it takes an IP to know that Administration is as close to a nailed on certainty for them as it is possible to get.

 

 

 

......

 

It comes just in time to stop South African-based Standard Bank calling in the administrators to reclaim an unpaid £30m loan.

 

 

article-1201036-03226A4F000005DC-850_468x420.jpg Flashing the cash: Sulaiman Al Fahim (left) seen here with Piers Morgan

 

 

Bank officials are believed to have contacted Pompey on Friday to demand repayment by the end of this week. In a further twist it has emerged the Premier League’s checks have scared off the mystery backers Al Fahim had lined up.

 

The investors wanted to remain anonymous but, under league rules, anyone with over a ten per cent stake in a consortium must be identified and undergo the test.

 

This means Al Fahim will struggle to make any big-money signings.

 

Told you! :p

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Just for you Phil...............;)

 

http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2125309369

 

i understand peoples concerns about fahim not being a billionaire, but i've read reports online and in the paper (the daily mail, if i recall) and general reasearching which confirm he doesn't just scrape the billionaire tag, he is very much comfortably in the billionaire bracket. I've a friend who works in UAE and apperantly he is ranked as the 3rd richest man over that neck of woods and is comfortably a billionaire.

He also confirmed with an interview not long ago, when asked a question, that he is a comfortable billionaire. His family are reportedly worth a trillion. Not In man city owner bracket, but who is?

 

It has been widely thought that Fahim is TEN times the wealth of Roman Abromovich.

 

I understand peoples concerns, and rumours, but for the worrying Pompey fans, this guy is the real deal.

If we get him, which looks likely, then brace up, it's going to be one hell of an incredible ride! If we don't, we move on!

 

Biggest lol ever on this board?:rolleyes:

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No it hasn't.

 

 

An agreement in principle has.

 

Something that I would have thought could have been done before due dilligence was even started.

 

funny that he has been announced as new chairman with Storrie going back to CEO then isn't it ?

 

its done end of bar the solicitors and formal transfer. Like it lump it - the fact is though we still have no money, although we have a club so dunno why your clinging onto the admin theory

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funny that he has been announced as new chairman with Storrie going back to CEO then isn't it ?

 

its done end of bar the solicitors and formal transfer. Like it lump it - the fact is though we still have no money, although we have a club so dunno why your clinging onto the admin theory

 

Trust me, there is still time for it to fail ;)

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funny that he has been announced as new chairman with Storrie going back to CEO then isn't it ?

 

its done end of bar the solicitors and formal transfer. Like it lump it - the fact is though we still have no money, although we have a club so dunno why your clinging onto the admin theory

you came on statung their were rumours about your future and made out they were not neccessarily good for you

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Official announcement is "Agreement In Principle"

 

Whilst i'm sure it will all go through eventually, that doesn't sound to me like everythiing is cut and dried.

 

Looking forward to meeting the fishy few very soon

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funny that he has been announced as new chairman with Storrie going back to CEO then isn't it ?

 

its done end of bar the solicitors and formal transfer. Like it lump it - the fact is though we still have no money, although we have a club so dunno why your clinging onto the admin theory

 

No it isn't.

Also I am not “clinging on to administration”. I acknowledged this morning (on one of these multiple threads) that the deal may go through and that I had thought it wouldn’t.

Does the course of events not strike you as strange though?

I’m aware that this is slightly over simplifying things but, if you compare it to buying a house the basic steps are:

1) Make an offer.

2) Have offer accepted (subject to contract)

3) Complete survey

4) Adjust offer if required

5) Exchange contracts/Complete

6) Move in

What has happened here is:

1) Make an offer

3) Due diligence…..

4) Adjust offer

2) Have offer accepted (in principle)

6) Join the board

Why are they issuing statements about agreements in principle?

Why have they not agreed the final deal? They have had MONTHS to draw up contracts in anticipation of finishing due diligence.

Why announce that the deal is agreed in principle but then not also say "and should comlete formally later today" or similar.

Again, I’m not saying it definitely won’t complete, and the only information that I’m going on is that which I have read in papers / on the internet, but everything which I have seen about this screams “deal which is hanging by a threat” at best.

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No it isn't.

Also I am not “clinging on to administration”. I acknowledged this morning (on one of these multiple threads) that the deal may go through and that I had thought it wouldn’t.

Does the course of events not strike you as strange though?

I’m aware that this is slightly over simplifying things but, if you compare it to buying a house the basic steps are:

1) Make an offer.

2) Have offer accepted (subject to contract)

3) Complete survey

4) Adjust offer if required

5) Exchange contracts/Complete

6) Move in

What has happened here is:

1) Make an offer

3) Due diligence…..

4) Adjust offer

2) Have offer accepted (in principle)

6) Join the board

Why are they issuing statements about agreements in principle?

Why have they not agreed the final deal? They have had MONTHS to draw up contracts in anticipation of finishing due diligence.

Why announce that the deal is agreed in principle but then not also say "and should comlete formally later today" or similar.

Again, I’m not saying it definitely won’t complete, and the only information that I’m going on is that which I have read in papers / on the internet, but everything which I have seen about this screams “deal which is hanging by a threat” at best.

I did wonder why it said he was new chairman, it didnt say he was new owner.A bit odd compared to other takeovers and wording of such.Timedelaying factor perhaps to keep bank at bay as they try to source money?
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last post as reached 3 - is abit odd I agree - but deal hanging by a thread? - doubt he would have joined the board if thats the case - why not just pull out and be done with it.

 

who can tell. I can't do anything about it so I shall wait and see.

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last post as reached 3 - is abit odd I agree - but deal hanging by a thread? - doubt he would have joined the board if thats the case - why not just pull out and be done with it.

 

who can tell. I can't do anything about it so I shall wait and see.

 

Fair enough.

For me though it just has too many similarities to cases I have seen where positive fronts are being shown whilst everything behind the scenes is chaos.

 

We'll see soon enough though I guess.

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last post as reached 3 - is abit odd I agree - but deal hanging by a thread? - doubt he would have joined the board if thats the case - why not just pull out and be done with it.

 

who can tell. I can't do anything about it so I shall wait and see.

 

I get the impression that you think your club might be a wee bit fu cked.

 

It certainly looks on iffy ground as an outsider looking in.

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