BTW Saint

Enjoy! Plenty of headlines today so choose your paper! (Warning! Not advising to read all unless you have plenty of time!) anyway we have a home game so need to be heading to St Marys soon. Portsmouth prepare to be 'cut to bone' after entering administration http://www.guardian.co.uk/football/2010/feb/26/portsmouth-administration-andrew-andronikou some hope expressed here Portsmouth will rise again regardlessPompey embodies the passion, hopes and companionship of a working-class community and the fans will not let their club die http://www.guardian.co.uk/football/blog/2010/feb/26/portsmouth-football-club-future Not much here though!! Portsmouth order only delays decision on future !!! http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7043426.ece Any Finacial irregularities? Any money-laundering at Portsmouth and I will find it, vows administrator http://www.timesonline.co.uk/tol/sport/football/premier_league/article7043147.ece Portsmouth administrator vows to bring in police if financial irregularities are found http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7327144/Portsmouth-administrator-vows-to-bring-in-police-if-financial-irregularities-are-found.html Portsmouth paupers’ crackpot plan for survival as south-coast club go into administration Read more: http://www.dailymail.co.uk/sport/football/article-1254110/Portsmouth-paupers-crackpot-plan-survival-south-coast-club-administration.html#ixzz0giLdyTuC Relegation blues for Premier League Pompey as it enters administration http://www.ft.com/cms/s/0/eaea0222-233e-11df-ba8f-00144feab49a.html Fans Fury in the red tops Fans’ fury at fall of Portsmouth http://www.mirror.co.uk/news/top-stories/2010/02/27/fans-fury-at-fall-of-portsmouth-115875-22072695/ Fans’ fury as club http://www.thesun.co.uk/sol/homepage/news/2870954/Fans-fury-as-Portsmouth-football-club-collapses-with-70m-debts.html Leading articles: Football's blind complacency http://www.independent.co.uk/opinion/leading-articles/leading-article-footballs-blind-complacency-1912360.html http://www.guardian.co.uk/football/blog/2010/feb/26/portsmouth-administration-premier-league So plenty to digest and enjoy. also Football: Portsmouth go into administration (12 pictures) http://www.guardian.co.uk/football/gallery/2010/feb/26/portsmouth-administration?picture=359795936 Finally If you need a clip of "£1.2 million a year your having a laugh mate" This Times page has a video clip after the advert http://www.timesonline.co.uk/tol/news/uk/article7042415.ece Classic!!

Link for Portsmouth is latest and biggest casualty cannot find "What next at Fratton Park" http://www.guardian.co.uk/football/2010/feb/26/portsmouth-premier-league-regulation

Avram Grant and Portsmouth players consider pay cuts to save jobs http://www.guardian.co.uk/football/2010/feb/26/avram-grant-portsmouth-players-pay-cut A little late!! Another article in printed Guardian Q&A What next at Fratton Park (sport page 5) asks the questions Who will be paid first and Where will the money come from? The answer to the second part says " Around £10m could be deducted from Chainrai's debt if a proposed deal on the sale and leaseback of the ground is concluded, while a further £5m in TV income is due before the end of the season. Any other money will have to be realised from the sale of the club" I believed the lease was already in place? Have serached for above on internet, however cannot find online When searching for above found this useful summary although expect may have posted on Wed. http://thepompeychimes.net/forum/viewtopic.php?f=2&t=55761 Also article in Guardian by Owen Gibbons critical of PL and FA for failing to regulate debt and prevent issues at Portsmouth, West Ham etc

sO no real news currently, looks like talks with 3 buyers continue and threat from Chanrai of withdrawing from these negotiations and opting from Admin held in abeyance. Looks to me, as if Chanrai is in talks with his co investors/personal contacts over additional funding, while Storrie Tellar is looking after the South African consortium. Its either a negotiation smoke screen until monday when they accept Winding up and Chanrai walks with Stadium to do deal with Gaydamak or Admin later this week with Chanrai having the rental income. Need to understand more about lease on FP as Chanrai would retain FH at end of lease. Figures at rents of £1-£1.4 million pa quoted. Do Pompey have break options or buy back clauses or does Chanrai have option to break. How is the rent geared. Has this expense been included in the SOA? Low initial rent then rising, making immediate overheads look better. Some paper links Portsmouth talks continue as administration looms. http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7292588/Portsmouth-talks-continue-as-administration-looms.html Sol Campbell's Portsmouth writ helped alert HMRC to image rights issue "Portsmouth's accounts break down how the club's £70.5m 2008 turnover was achieved. There was £49.2m from being in the Premier League. A further £12m from match-day revenues, £2m from winning the FA Cup and about £7.2m from retail and sponsorship. So to recap: only 10% of Portsmouth's income in 2008 was from commercial and sponsorship streams. Meanwhile Campbell was due to earn 50% or £1.5m of his income for image rights, meaning a fifth of all monies (not profits, mind) Pompey generated from these areas was allegedly contracted to go straight into his offshore account." http://www.guardian.co.uk/football/2010/feb/23/portsmouth-sol-campbell-image-rights

From The Times and Guardian "Preparations for calling in administrators are understood to have been made but Peter Storrie, the chief executive, is predicting that they will not be needed and that a South African consortium will step in today. " "Storrie has told The Times that Prosport International, who were interested in taking over the club two years ago, are not involved in the present group. “Fingers crossed, we can do a deal on Monday and I am very hopeful,” Storrie said. “The owner, Balram Chainrai, has stayed in the country to do a deal on Monday if we receive the documentation from them.” "Chainrai has taken over the freehold of Fratton Park in exchange for writing off £10 million of the debt, although he stands to get back more by leasing the ground back to the club at an annual rent of £1 million and could make a bigger profit if the club go out of business." Guardian "Portsmouth's owner, Balram Chainrai, has vowed to save the 112-year-old club and is prepared to use money from his family's trust fund to do so should a new buyer or fresh investment not be found" My thoughts £10 million for a stadium with a potential £1 million return is good business if you get your rent, however as a facility it is crap and has no potential growth and a poor covenant tenant. However it is a lot of money for a small PLOT as development land (£ per acre), when would require land around site to be developed around. If in with Gaydamark, small Stadium complex could be built on any other land around (with expansion options when funding exits) and would satisy planners with remainder being developed for housing/retail. Either South African and Trustee requirements (when were family trusts mentioned before) are a smokescreen and Chainrai transfer of FP is part of the bigger Gaydamark picture or South African deal is on and leasing stadium is Chainrai return and will be a noose around Pompey (Selhurst Park and Nodes). I still however cannot see why the SA consotium would be interested with Pompey being 8 points adrift. http://www.timesonline.co.uk/tol/sport/football/premier_league/article7035570.ece http://www.guardian.co.uk/football/2010/feb/22/portsmouth-balram-chanrai-administration

Radio solent confirming rumour (during great Saints game) situation on Chanari taking Freehold of Fratton Park and possible land from Gaydarmark Await news from Fratton Park.

Radio Solent saying takeover immenient in next 24 hours. Madness that they peddle any hope other than admin or liquidation. How they take any bidder serously given timescales, finance and 1st March. Just also reposting Soldefending decison to Sue Portsmouth "Sol Campbell: I was right to take on Portsmouth" http://www.timesonline.co.uk/tol/sport/football/premier_league/article7034240.ece Longer interview with sol http://www.timesonline.co.uk/tol/sport/football/premier_league/arsenal/article7034448.ece

Southampton looked like the premier side for the first 70 minutes. What hurts in addition to losing to the pain of losing to Pompey; 1 Losing unbeaten home record at St Marys to Pompey 2 Going out of the FA cup in year when Man Utd, Arsenal and Liverpool are already out 3 Losing to a team who if treated in the same way as Bourmenouth, would have been without the best two players on the pitch 4 Losing to a team with a goal scorer who has not be purchased for for in accordance with his contract and registration is questionable 5 That Pompey have the revenue from another cup game to help them survive despite being insolvent So if we may get a bye if Portsmouth go into liquidation, before the next round, who do we want them to be drawn against tomorrow?

Pompey's fall is also a dreadful day for billion pound Premier League http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7207854/Pompeys-fall-is-also-a-dreadful-day-for-billion-pound-Premier-League.html "The make-up of the Portsmouth delegation illustrated the chaos at Fratton Park this season. Daniel Azougy, the Israeli lawyer with fraud convictions who until recently ran the club’s finances, was there, though he declined to say why, or if he still had an interest in the club. His presence did not seem to please Mark Jacob, the lawyer appointed to the club board by erstwhile absentee owner Ali Al Faraj. Jacob was the only director present, with chief executive Peter Storrie, himself facing charges of tax evasion, minding the shop at Fratton Park. Tania Robbins, the former finance director ejected from the board by the Faraj regime, was present, and her latest witness statement — the third she has given to the court — formed the basis of the evidence that earned the club their brief reprieve. Of new owner Balram Chainrai there was no sign, only a brief reference to his being a man of “financial substance” committed to selling the club to someone “who wants to operate the business as a football club”, though not apparently to settle its liabilities. " Why was Azougy present and is Tania Roberts Finance Manager or back on the board as a Director? Expect the Accountants are arriving at Fratton Park now to start work on the statement of affairs. Will they demand payment up front?

Pompey in a rush to snap up Nonda http://www.portsmouth.co.uk/sport/Pompey-in-a-rush-to.6062836.jp Despite being insolvent can still add more wages to the excessive payroll

Companies Court Winding Up List 10 February 2010 Posted by Moe Nawaz It is emphasised that the following list is provisional and subject to change until 4.30pm. Any alterations after this time will be telephoned or emailed direct to the parties or their legal representatives. THE DAILY LIST COMPANIES COURT Court 56 Fifth Floor Thomas More Building Before REGISTRAR DERRETT on Wednesday 10 February 2010 ROBED at 10:30 am Many listings and then........ Not before 11:30 am Many small listings then.... For a Company Credit Search Click This OR Search Companies House Data 22180 /2009 Portsmouth City Football Club Limited 313 /2010 Portsmouth City Football Club Limited 22181 /2009 Southend United Football Club Limited (The) 22182 /2009 Cardiff City Football Club Limited For a Company Credit Search Click This OR All three together.

Not much new in todays papers other than the Times article linked last night by others http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7018363.ece Column from James in the Guardian/Obsesver James "So I gave up my contract. I'm no mercenary, but neither am I a saint" http://www.guardian.co.uk/football/blog/2010/feb/07/david-james-contract-portsmouth James says "apparently not all footballers are mercenaries. That was the conclusion last week as Mido signed a deal with West Ham for wages of £1,000 a week, and I renounced a clause in my own contract that guaranteed me a one-year extension next season. Does that make us altruistic? I'm concerned that might be the message – and the expectation – coming through in those reports." Didn't Pompey want Mido in the window? £1,000 far more realistic salary for a Premier Player, soon as all player salaries return to that level the more stable football will become. at least he accepts on joining Portsmouth from Man City "The wages offered were good, but not so good as to make you raise an eyebrow – and anyway most people assume that their employers can afford what they offer. In the months that followed our form on the pitch went from strength to strength, and we viewed plans for an impressive new stadium. All the while there was a certain underlying irony in that we rented our training facility, did most of our indoor work in Portakabins and played in the Premier League's ricketiest stadium. But as players you simply think: "The money must be there because they're paying me." **************************** On the other matter of the point deductions should this not be; -9 for Adminstration -15 for Financial irregularities -15 for the backhanders -1 for the Horton Heath incident +10 for the comedy value and keeping this thread running to over 11,000 posts! ******************************* Has Chainrai'sappointed a new Director with a legal background? The name of Ashok Patel of Balsara & Co was mentioned in a post on saturday. CV seems to suggest some experience in bankrupcy cases. http://soccernet.espn.go.com/news/story?id=737389&sec=england&cc=5739 http://www.balsara.co.uk/?q=node/4

Portsmouth FC: Born 1898, died 2010? Financial meltdown could spell end for proud Fratton Park club after 112 years Read more: http://www.dailymail.co.uk/sport/football/article-1249088/Portsmouth-FC-Born-1898-died-2010-Financial-meltdown-spell-end-proud-Fratton-Park-club-112-years.html#ixzz0enUcvDXx If a High Court judge grants a winding-up order on Wednesday, Portsmouth would go out of business immediately. Finito. Kaput. "Hated local rivals Southampton would progress unchallenged to the quarter-finals of the FA Cup because Saturday's derby would no longer take place" Read more: http://www.dailymail.co.uk/sport/football/article-1249088/Portsmouth-FC-Born-1898-died-2010-Financial-meltdown-spell-end-proud-Fratton-Park-club-112-years.html#ixzz0enTfTDGp" Duke of Westminster is pushing Portsmouth to edge Read more: http://www.dailymail.co.uk/sport/football/article-1249103/Duke-Westminster-pushing-Portsmouth-edge.html#ixzz0enUSB8h7 Only being sued for £90,000 so could easily be bourght off.

and todays bad news for Pompey Lens claim DIndane deal now permanent http://www.portsmouth.co.uk/sport/Lens-claim-DIndane-deal-now.6047803.jp Another claim for Pompey to deny!!

Have checked London Gazette again today and just HMRC and Basingstoke Grosvenor Properties listed.

Cartoon in todays Times. Group of men, various clothing and headgear, sitting around table not playing the ticking game "pass the bomb" or the young childrens version "pass the potato", playing "pass the pompey", who is left holding the club when it explodes!!

http://www.portsmouth.co.uk/newshome/Pompey-have-fourth-new-owner.6042157.jp So was part of Storrie original rival consortium.

http://www.guardian.co.uk/football/2010/feb/03/balram-chainrai-portsmouth-owner So another day in this soap opera. Chainrai can has a three days to agree a repayment or deferment with HMRC, was this not similar in the Notts County case where they agreed a delay while new funding was confirmed following late involvment of a new funding partner? The other WUO from Basingstoke Grosvenor cannot be millions and can probably be settled, if Chainrai can put some cash into the club today. Just checked and no further claims on the London Gazette website. The Sun story breaking with his name may be the final straw for Grant. We also await Gaydaymaks and the Premier League reaction. So do we now say goodbye to Mark Jacobs and Daniel Azougy from this story. How will Storrie Teller respond to this latest twist or was he connected with Chainrai funding last year? Going to be another busy day keeping up with whats going on down the M27. And must not forget to get some extra FA cup tickets when the box office opens. Can the lawyers cope and be paid for all these latest developments!

http://www.portsmouth.co.uk/newshome/Pompey-staff-anger-as-club.6037231.jp The Premier League need to Act now in respect of the continued non payment and the Guardian article

Grant May Still Quit according to most papers http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7008984.ece and Independent http://www.independent.co.uk/sport/football/premier-league/grant-mulls-position-as-kaboul-quits-1883599.html "Grant yesterday cancelled his weekly press conference in the wake of the Kaboul fiasco. Portsmouth desperately need some of the money from the Kaboul deal, which will bring in around £6m, to cover the players' monthly wage bill of £1.8m, which was due yesterday. The funds, however, first have to go to the Premier League before they can be forwarded to Portsmouth" and Telegraph http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7104916/Avram-Grant-set-to-quit-as-Portsmouth-manager-after-clash-with-Manchester-City.html "In a further twist to Portsmouth's financial misery it emerged Arsenal manager Arsène Wenger is trying to gazump Tottenham in their pursuit of Begovic, delaying the Bosnian international's departure" and Mirror http://www.mirrorfootball.co.uk/news/Avram-Grant-s-future-shrouded-in-doubt-after-he-refuses-to-guarantee-he-will-stay-at-Portsmouth-article305267.html Thats all for now BTW

This is not a new petition to wind uphowever a copy posted on the 29th Jan on the London Gazette website. http://www.london-gazette.co.uk/issues/59321/notices/1030959/all=portsmouth+city+football Any ideas how much they owe Grosveor Basingstoke Properties. I can't understand the relationship bewteen these the club and the owners of Fesival Place in Basinsgtoke. Have Portsmouth had a shop in Basingstoke seems along way from Fratton or are Grosvenor Basingtoke involved in Fareham Shopping Centre. Portsmouth Cascades shopping centre is owned by another significant property co. Grosvenor are a significant retail, industrial, residential landlord however Gosenvor Basingstoke is pretty specific. My point is the amount is fairy low they may be able to satisfy this claim. However engaging on a winding up order is expensive, normally if a commercial tenant has not paid rent you just put a bailiff in. Winding up is used when you want to gain vacant possecion to protect your asset and also have some chance of recovery of lost pounds. also for good measure a copy of the HMRC link http://www.london-gazette.co.uk/issues/59312/notices/1022207/all=portsmouth+city+football I would like to know if the good rate payers of Portsmouth (and Fareham) have a club who are up todate on Business Rates on the stadium and shops.

If they owe money to many you wonder if they can afford the flights to Manchester and Hotels. Do you believe they are up to date with Council business rates to the City Council, the rents on the shopping centre shops in Portsmouth and Fareham?, what about paying for policing at games? Some of these are significant monthly and quarterly outgoings.

From Telegraph tonight Telegraph Sport can also disclose that Grosvenor Basingstoke Properties Ltd has joined the winding-up petition that was lodged against Portsmouth last month by Her Majesty’s Revenue and customs http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7096019/Portsmouth-crisis-deepens-as-talks-start-to-sell-players-to-Tottenham.html another nail!!

Now hitting the heavyweight websites http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7003072.ece Perhaps Man City will arrange a few loans to Pompey and subsidise a few more wages.... http://www.timesonline.co.uk/tol/sport/football/premier_league/manchester_city/article7002404.ece

Telegraph article on timing of Sol Campbell summons as being as well timed as a William Gallas tackle. http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7046654/Sol-Campbell-should-be-helping-not-suing-desperate-Portsmouth.html "Campbell, it seems, signed a contract which guaranteed him a bonus should he complete a certain number of games in a season. In other words he was due extra for simply doing his job. It makes you wonder who those involved previously in the club thought they were... bankers? "