Gemmel

Chin Strain - wage bill (Before player sales) was 1.8, we can assume it has gone down, so nowehere near the 3 - 4.5 million you quoted. The parachute payments are 33 million (Not a guess or estimate or the 25 million you listed) .... They just are 33 million Sacha isnt selling the land, the 30 million is tied in to what he sold the club for, so he can keep the land and he gets the choice of ten million or nothing - not a tough decision is it? Dont get me wrong, i would love to see them go, but on paper there is a deal to be done

Phil, I disagree, ..... Most of the pompey contracts expire in June, the rest could be sold, so there is no reason why they couldnt bring the running costs in line with takings (Assuming you got rid of storie and the like). It may end up being a team full of teenagers , but so what. As for Saints having a book value of 50 million.....that's maybe why no one was interested and why we went for 12.

The club is free .... you just have to take one te debts. The first debt is not negociatable 11.5 to HMRC The second debt to Sacha is reportedly 30 Million - As per the news, he has to take a hit; 10 million now or sweet fook all on the first of March - That doesn't need a rocket scientist to work out which way he would play. The Third debt is to chainrai, who has also already written off ten million of it in return for the freehold and an annual lease back of 1 million a year. The remaining 7 million owing, could be bought for 2 million cash now. So where are we, debts settled and club bought for 24.5 million. Running costs until start of the next season 6 million (Guesstimate) Total Exposure 30 Million squid A lot of player contracts are up in June, others will be sold. Sellable assets 10 million quid (Conservative?) ..... you bet , but you just reclaimed 10 million of your 30 million outlay. Club is relegated, but lives within its means (**** team, young and unproven players (Remember the blue print) ) Throw in 33 million pound worth of parachute payments over 24 months + the 10million pounds of player sales then take off the original money you threw at it and your over 12 million pounds up in 24 months Not too many investments, that provide that sort of return....and of course the club would fall through the leagues, but it wouldn't matter

Parachute payments

Its a million pound a year weststand - Not a month for the rent

They have 33 million coming over 24 months in parachute payments, they have about 10 million of saleble assets in players, plus ticket revenue. Assumming that sach takes a hit (As indicated by the snooze) and accepts 10 million, Chainrai gets 2 million of his remaining 7 million owed and the tax man gets paid at 11.5 million. Then someone could buy the club and clear the debts for around 23 million quid. They woudl also need to fund the club until June which would liklely cost them another 6 million. Come June many of their players contracts are up and others will be sold. As fag packets maths goes, Assumming they stay within their means next season ) An outlay of around 30 million could return 33 million in parachute payments, plus around 10 million in players fees. That's over a 40% return in 24 months. The squad would be crap and bare, but if you were looking to make a quick 10 million plus in 24 months - may be there is a punt to be had

"Discussions with Balram Chainrai's representatives over the issue of proof of funds are on-going" They havent even provided proof of funds yet.

Was telling Mr Grant a little story about Griff, just this week and cant believe it has been 3 years. Only met him twice and the first time led to a "Don't tell him your name Pike" incident that still makes me laugh. Take care pompey lass

Russian Chess championship

Whilst I do not think Saints should get re-instated or are likely to get a bye in the event, It is against FA rules to run a team insolvently, so they have broken football rules and the FA are quoted as saying they don't know what will happen.

Im not sure why anybody thought anything would happen today. Unless they go into admin, March 1st is D day and always has been

Judge just ordered a case of this before they open the document

I seriously doubt that they would leave themselves two hours to get from pompey to London, to deliver it by four. A couple of pages back , I believe that it has been linked to being a criminal offence for them not to have sent it by then. Also the news , has direct quotes from vantis.

Nick, the report has been filed and the Directors are still there. If it was black and white that they were trading insolvently, they would have resigned or would certainly be expected to by the end of today. ( I would imagine that Chainrai and Saha have renegociated their debt repayment timescales, which would help enormously with regard to whether they are insolvent) Whilst I am sure they could find a creditor to put them into Admin, they can no longer go down that path themselves and have shown no inclination (For whatever reason) to go down that route. They are playing roulette and willing to take the gamble. It probably all hinges now on your first point as to whether they can get a new owner by the 1st , who is willing to pump significant money in to keep them going, take on 50 million pounds worth of debt and give the revenue 11.5 million quid in 10 days time for what is almost certainly now a CC club, with the very real prospects of future points deductions based on the way they have run the club historically................. That's a very very very rich fan you need to help you out of those circumstances. However, they continue to fight and regardless of what the SOA does or doesnt say the fact remains they have up until the 1st to find 11.5 million pounds in cash .... not promises. It may well be that the pl have agree to help them out, but if we go past today without resignations or administration, then they beleive they have something to fight with.

http://www.portsmouth.co.uk/newshome/Pompey-statement-of-affairs-completed.6078603.jp?CommentPage=2&CommentPageLength=10#comments pompey confident report will be recieved favourably

This was mentioned this morning, but not sure if that's how they will do it for this. For example Theo was probably on a fiver a week when he was here, but went for over 10 million. You could well be right, but I am just getting nervous

Indeed, but whose to say that didane isn't worth four million quid..... that's what they owe for him, that's what he will be insured for..... That's what he will be listed (Ok im guessing this bit) as under assets. You and I know he's not worth that, but it would be veyr hard prove otherwise. Or We have a young centre half, played 3 times, England under 21 , great future deffo worth 4 million.

I think the point is though Fowllyd, some of the financial information will be subjective. You and I both know that just because pompey paid X for a player, doesn't mean that is his value - pompey will price each player as an asset and probably (This is a pure Guess) base it on the amount they are insured for (If they kept up the insurance) That would give a very distorted view of their assets, but one that woudl be hard to argue against, given that is how House / Car or whatever come up with how much something is worth. Another example is Didane, who they are now contratuallly obliged to buy for 4 million, but he isnt worth half of that and did a stupid deal to get a player (May be one that Wolves were talking about) but i bet that doesn't get included in the SOA as a 4 million pound debt commitent and a 2 million pound asset. Addiionally Chainrai, may well have renogociated the terms of his loan, for example, nothing payble until.....August, where funds would be availble regardless of relegation to make a payment of x million. Sacha could do the same. Don't be surprised if the figures are massaged to show that whilst they are skint and have loads of debt, they are not insolvent. That leaves the little issue of 11m for the taxman...........

I agree and have been saying the same thing

Thought you might like this one Phil.....

LOL....sorry quick update - You can pay your money and reserve them, but they are not physically for sale. I thought 24hrs was a bit quick.......... I'm sure that revenue will be included in the soa

I see they have already starting selling tickets for the Birmingham cup match to season ticket holders...... they must be pretty confident of it going ahead................. They wouldnt just try and raise cash if they were going out of business............would they

I'm not sure, but THINK, even the Directors would need to formally liquidate it through a court. They could obvioulsy stop trading, but the formalities of winding up a company with debts, is more than just saying "We are no longer trading"

They can't, there is no court sitting that could impose that

Took a narrow boat away for a four day stag do, many years ago and what a laugh, brilliant fun, a bit different and got to do something i probably never would have done otherwise. Enjoy Hamster