Red and White Army

Also have stayed there - see the mountain gorilla's in their natural environment was pretty awesome. Long climb though!

Yes, a lot of the ground has been covered on here, but it's messed up with tens of thousands of posts of rubbish and speculation. Nobody has pulled together all the strands of the story and presented a clear, chronological and detailed account of the time period referenced... that article reads authoritatively and they obvious have good links to the professionals on the case and enough confidence in the evidence to go into print with what they know.

It is a very interesting read, and far more detailed and authoritative than anything that has appeared on here. I urge anyone interested to read the whole thing, and not rely on Phil's reaction as that doesn't do it justice. Clearly a lot of work has gone into that piece and it disperses a lot of the confusion over that period.

So why don't the liebherrs make a loan directly to the club? It doesn't need to go through Vibram, it doesn't need to be secured against season ticket revenue. This whole tax advantage thing is complete ballcocks.

Taking a loan doesn't increase your taxable income. The interest payments come OUT of your profit as interest expense, and hence your taxable income is lowered. However, you are of course paying the interest on the loan so this has an overall negative effect on the clubs profitability. Any way, Saints are running at a huge loss so they are not paying corporate in the first place.

I can't see how it would be more efficient from the Liebherr's perspective either. The whole tax efficient thing sounds like BS to me. The point of registering companies in the BVI is secrecy, not tax planning. Tax evasion maybe, but not legitimate tax planning.

Remember cash flow does not equal the assessed net profit figure. Both income and expenditures can be smoothed out through accrual accounting. Quite apart from that, us taking out a loan doesn't affect the amount of tax we pay! Interest payments on loans can be deducted from operating profits, but if we have a profit of 20 million and a loan of 15 million we don't pay tax on 5 million. No idea where you get that idea from! Quite apart from all this, Southampton Football Club has been and continues to run at an operating loss, so we are not generating any profits to pay taxes on.

Yes, for the BVI company making the loan - if we default on it! No tax advantage for us as a club.

At the rate PKF are bleeding them dry, there won't be much of a club left for anyone to buy. Hooray for that

Phil, stick to your area of expertise (golf?). Making up terms like debt equity just shows you have no idea what you are talking about. Debt is a very different thing to equity. There is no such thing as "debt equity". Debt is what the club owes to its creditors. Equity is the committed capital in the club. What are you trying to illustrate with your corporate examples? Last annual report for IBM shows a net DEBT position of 19.4bn. Last annual report shows Apple have a net CASH position of 81bn. In fact Apple has no debt at all on it's balance sheet.

Has anyone actually downloaded the document from Companies House? I will if nobody else has stumped up the 6 quid,

Sounds like ballcocks to me. The Liebherrs could simply loan cash to the club, there is no tax payable on that. Or they could purchase newly issued shares and provide direct equity capital. There is no tax on that either. Whatever the reason we are borrowing money, it isn't because it is more tax efficient.

I have asked questions about who is the ultimate owner of the club, and what the funding structure looked like a few times in the past. It seems a few more people are starting to get the picture that we are doing the same as Pompey did - splashing out tens of millions on fees and more on wages - players a club our size could not have dreamed about. I hope we are living within our means but we have absolutely no way of telling that.

If the ex players agree to it, then the FL won't care. Just like they didn't care when the ex-players wrote off millions of wages due last time round. Anyone expecting the FL to stand up and liquidate Pompey is deluded - just look at the history.

Remember the parachute payments of 8 million still to be paid. If a buyer has enough cash to buy up front, then they'll be able to collect at least some of the parachute payments. My feeling is that the already reduced payments to the past players will be renegotiated again and they'll end up with less than half of the current compromise payment.

Yes, looks like 4 Bloomsbury Place is a shell used by lots of companies as a reputable sounding "registered office". Doesn't mean they are shonky, just as someone else described "a bit tinpot".

The escrow link is still active. On current spot rate of 3.6730 AED per USD that's $US20 million or 12.7million pounds sterling. A point in time statement means little though to be honest!

I'm Turner and so's my wife!

http://www.portsmouth.co.uk/sport/pompey/pompey-past/property-developer-set-to-give-boost-to-fans-takeover-bid-1-4214093 FANS who want to buy Pompey have been given a boost by a businessman who could secure the future of Fratton Park. The News understands property developer Stuart Robinson has offered to buy the stadium and lease it back to the Pompey Supporters’ Trust

It's a reference to the white smoke seen with the process to choose a new Pope is concluded. White smoke means it is finalised - so this is a positive sign Can't wait to hear official confirmation. One in the eye for the mongs saying we would never be signing a player like him! Our new Japanese centre back is great too, hopefully will boost our profile in Japan even further.

Great news. A solid player and will **** out the racist idiot The Charming Man too. Win win!

Lol you mong.

Are you Trevor Birch in disguise, using subliminal hints like this? I do agree the whole PST bid is an absolute joke, they don't look like they have a hope in hell of being self sufficient in any time frame with their bid. For PTS enjoyment then, I absolutely hope the Council advances them the loan and we get months/years more hilarity watching them bumble and destroy the club even further.

Yes, stream it on the net so we can all watch!

Golden days back on the solstate.chem.ac.uk server, before the webforums. Wonder what happened to Dave Currie? Golden Days were before we had Turkish and mongs like him here.