Chin Strain

If you read Singha's other posts, the blokes either a fantasist, a wind up merchant or a moron....or all 3.

Every month that passes by and players are sold to other clubs to cover the creditors that are pressing most (i.e. HMRC), and another £2-£3m in wages goes out of the door, the funds available to repay Gaydamak get smaller and smaller. If I was him I would put them into admin asap, liquidate the holdings and I may even get half of my money back. The longer it goes on the smaller the amount he's going to get back. If he thinks they'll find someone else with money to burn he's kidding himself.

Even if they last until the end of the season, there is no way that they will make it through the summer. I'm not talking about administration, I'm talking about liquidation. You could probably flog everything for £30m. With that in mind, who is going to stump up at least that amount to persuade the creditors to sell to them (even if there was some idiot with cash to burn, they would buy via admin)? If everything is sold there is no football club. The league would want to know that they remain viable to complete the season. No ground and no players equals no golden share, and oblivion. That is the only plausible outcome from their current situation.

Makes you wonder where the money to repay Chainrai and Gaydamak is going to come from.....

It won't take them longer. Like you said, there's nothing to invest in, apart from a name. People are looking for a return on their money. If Pompey owed one or two major financial organisations the that would be one thing, but any buyer has to deal with a string of property developers and a gunrunner as major creditors, and then have to deal with an owner that nobody has ever actually met. When they've unravelled all of that they need to stump up at least the value of the assets in order to keep the administrator away. Assuming the playing staff are worth around £20m, netting off staged transfer fee payments due to them versus transfer fees due on players that they've, erm, 'bought', and that Chainrai will just take the ground as he has a secured loan, then surely the remaining creditors would have to stump up at least £20m for a football club with no ground who are effectively either a team doomed to relegation or a team starting life in the CCC on -10 (depending on the date they go for admin). So, who on earth is going to do that? Added to all of the above is the fact that there is a precedent on illegal financial payments and points deductions / relegations - Chelsea, Swindon, Spurs, Luton (-30). I know we have to wait and see what happens with Harry, Storrie and MM, but it doesn't look great when your former owner and manager, and your current CEO are charged with cheating the public revenue. Rashly assuming that SAF and Al Faraj don't have a pot to **** in, on the basis that they're borrowing on credit cards (who else would be lending them money?) to pay wage bills, who is going to ride to the rescue off the back of all of the complexities outlined above? For some reason, Jacob seems to think it's great that they don't owe a bank a penny.Of course, it's much better to owe the sort of people that they owe. Also, according to Jacobs, it's all ok with the ground as Chainrai doesn't own the ground unless they default on repayments. That'd make the average knuckle dragger sleep better at night....until they realise that they don't have the cash to make repayments.... In short, their fall will be much quicker, and much more drastic than ours. I reckon they won't be able to fulfil their fixtures this season and will go out of business completely.

Darren Ambrose.

Alex Cherednik's first game at Sheff Weds. Fans were singing his name and Ruddock had to tap him on the shoulder and clap his hands to demoonstrate what he should be doing in that situation.

The bloke from Curiosity coming onto the pitch in a Chelsea shirt, flicking the v's before the first live evening sky game (or maybe half time). Sooo much abuse, and such crap miming on a poxy few boxes set up as a stage.

I think that's a fact, not a theory. Brand Premier League would take an almighty hit of they went under. However, I'm unclear how they can even get to the end of the season, unless the PL start paying off their most pressing debts...which is a major conflict of interest on their part, and what if they end up staying up. Lawsuits all over the place, me thinks

Very true.....but all that's going to be sorted soon, and there will be no fire sale, so he won't be sold anyway.....well, that's what Mark Jacobs says, anyway.....

Possibly sale and loan back....but the sale price will be low on that basis.

This is realistic IMO, with possibly more for Begovic who is looking pretty good ATM.

Michael Fialka anyone?

But whatever happens behiond the scenes, any business needs a united front to the outside world.

My theory is that Chainrai is getting the land around the stadium from Gaydamak as part of the settlement of the lawsuit. So, he would then own the ground, and the land around the ground.....and he likes a bit of property development.....

Interesting to see Avram Grant talking about bringing Nugent back into the fold in January. So, you end up with a scenario where you can't pay your current playing staff, so decide to bring back another high earner (he's got to be on at least £25k a week...ok, not that high by Pompey's standards). Granted that they're probably paying a percentage of his wages whilst he's at Burnley, but it's hardly likely that the owners would sanction it. Makes you wonder why Grant is making all these comments in the press - is he completely ignorant to their situation, or just trying to stir things up?

Yep, that's the theory I've been running with for a couple of months.

I don't agree. The club are currently paying £2m per month in wages, which is £2m less than can go to creditors. If, as is reported, Gaydamak is owed £32m, and this is roughly half of the reported debt, wouldn't he be better sticking them into admin, everything is liquidated, player sold etc, and he may end up with 25p or even 50p in the £. Better than leaving it to drag on for months, losing £xm per month and wiping out the asset value. Anyway, who knows where the £80m has gone that has been raised in transfer sales over the last 12 months....

He's back in Sweden. Went back the week before Xmas, and is on the coaching staff at Halmstad - assistant manager. All fact, as I went to his house for his leaving drinks.

Overdraft No big deal....their credit rating probably isn't up to them being offered one.

lol. Yes....!

Bet he won't 'give' it back....flog it at a premium, maybe!

Sorry, thought you said he had the land as security. Chainrai has the ground as security, but it's not his until the club default on the loan payment. Gaydamak owns the land around FP, so it's not security.

Apparently that was for the staff, not the players. The players were the 'short term loan' and the staff was the incorrect file.

Anyone being interested in their club would be a dream!