Pompey Takeover Saga

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Ian Darke ‏ @IanDarkeESPN

Hear there MAY be slight cause for optimism over Pompey future. Put it no stronger than that. See what happens next few days

 

https://twitter.com/#!/iandarkeespn

Neil Allen ‏ @pn_neil_allen

In a nutshell, Chainrai in #Pompey talks & promises no liquidation. Trust progressing but need more pledges. Fans can have say who emerges.

liquidation wipes out what remains of the parachute payments so Chanrai needs to protect himself, he wants to pull the strings.

So the 'good news' is......Chanrai will be trying to sell people a season ticket next month - if Birch can get rid of some wages.

That's not a light at the end of a tunnel - it's just a tunnel.

Another WebChat today - this time with Mick Williams about the Trust's proposed 'takeover'..

 

Hope to see some familiar posters there..

 

http://tinyurl.com/6qeuhn2

I expect to see Gosport Fairy there, whoever she is

...

Another WebChat today - this time with Mick Williams about the Trust's proposed 'takeover'..

 

Hope to see some familiar posters there..

 

http://tinyurl.com/6qeuhn2

I will be tied up at work. Someone please try to find out what happens to the players' contracts if they are liquidated. Are they just cancelled, or or do they get paid up in full by the league using part of the parachute payments that would no longer go to the club? Because if it is the latter, they are doomed. No player would pass up that pay-off, so there'd be no chance lowering the wage bill.

The trust bloke on the News site doesn't seem to have even asked this question of the football league!

I will be tied up at work. Someone please try to find out what happens to the players' contracts if they are liquidated. Are they just cancelled, or or do they get paid up in full by the league using part of the parachute payments that would no longer go to the club? Because if it is the latter, they are doomed. No player would pass up that pay-off, so there'd be no chance lowering the wage bill.

 

The trust bloke on the News site doesn't seem to have even asked this question of the football league!

Good question Ken. Can I just add to that if the players contracts are terminated by liquidation do they still get the value of them under the football creditors rule even if they find another club paying the same wages or more?

Looking forward to micks webchat, will be interesting to ask how they can possibly go up against the good man Chainrai... He is galloping into portsea to asset strip right down to the last drop of fat in the Pipes.

If Chinny lets the trust form a CVA it will be CSI MKII, he will still hold his secured charge on all assets!

Got to admire the good man Chainrai

Another WebChat today - this time with Mick Williams about the Trust's proposed 'takeover'..

 

Hope to see some familiar posters there..

 

http://tinyurl.com/6qeuhn2

HAD a reply from FL re charity money. basically saying that they will take it up with the club if i know more details etc.

The FA and FL are really afraid of whatever is going on in skate land

Oh, how I would laugh if the FL decided to fail Chiny for the FAPPT!!!!!!

Comment From pompeypete pompeypete : ]

I unfortunately know a lot of stains that have pledged for a laugh and have no intention of paying the extra money.

LOLOLOL

The trust's webchat is off and running

Comment From pompeypete pompeypete : ]

I unfortunately know a lot of stains that have pledged for a laugh and have no intention of paying the extra money.

 

LOLOLOL

Sh*t we've been rumbled.

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[TD]Comment From Jason

Do you have sympathy with all those people that lost out due to the original CVA not being honoured? [/TD]

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[TD]Mick:

Yes, of course we have. Another good reason to have a community-owned club so that this dreadful state of affairs doesn't happen again [/TD]

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[TD]Comment From Moosh

Is Peter Storrie involved? [/TD]

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[TD]Mick:

No, not with the Trust [/TD]

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PST haven't a hope in hell. Fair play for trying, but not a chance.

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[TD]Comment From denmeadblue

Also have you been in touch with the FA regards further points deductions? [/TD]

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[TD]Mick:

The decision lies with the Football League. We are in ongoing discussions with them about this [/TD]

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Which one of you are posing as Gayboy and Cala?

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[TD]Comment From Warburton

Come on Mick, stop dodging questions about the high wage earners ! If the Trust was to take over (a League 1 club), how would it go about tackling the £20k+ per week wages of those players who couldn't be shifted off the books ? [/TD]

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[TD]Mick:

Whoever takes over the club will have a problem with high wage earners. That is why Trevor Birch is trying to unload them all. [/TD]

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[TD]Comment From Barry

I heard a rumor that one of the interested parties contains a certain Rupert Lowe! Can u please reassure us this is not true? [/TD]

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[TD]Mick:

I haven't heard that one! It's not true so far as I am concerned [/TD]

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Not a Boat Show exhibitor then?

 

I've exhibited at Southampton Boat Show every year for the past twenty odd years and the skate ramp and kiosk delivers a boat show...complete with marketing, customers, people who pay an entrance fee of around £16 because they are genuinely interested in boats and come for the spectacle and the variety rather than buying socks and deodorant (scrub the latter it's in P*mpey)

 

What was on offer at the shopping mall you can see any day of the week at most South coast marinas for free...it's not even worthy of comparison but as the article was in the fact-vacuum that is the Noose you can expect the accountability to be on a par with their toilet fc's.

 

Happy to help:facepalm:

No I havent been for a few years ...well since the propeller firm I worked for went bust.

I am not disputing that Southampton doesn't do it well...piggin 'eck we have done it for so long now

we should get it right.

I just have this bee in my bonnet about our waterfront, have you been to Cardiff Bay and I went to Southstreet Seaport in NY which is eveything we should have here in Southampton.

Portsmouth do have hotels Wes...there are 2 massive ones about 2 miles away...plus Port Solent marina to berth local

boats visiting, there is Southsea and the massive common area and as stated below they could utilise the Old Docks more and I do believe we could lose the boat show the way we lost transatlantic race etc.

I remember all the events we had at Ocean village before that was raped by SCC.

As for traffic...have you tried getting in town past Ikea etc when there are cruise ships in , saints at home and the boat show is on from Millbrook road way ... face palm thingy

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[TD]Comment From Penny Less

Still staggered that 'getting the wage bill down' means paying players as little as £2000-£3,000 per week!!! Isn't this the crux of the matter? Most people struggling to raise a £1,000 share can derive little satisfaction from knowing that their hard-earned contribution will go no further than to pay one player's wage for 2 days!! We can go on about TBH's unsustainable salary, but I would guess that even 2-3 thousand a week is completely disproportionate to the average punter's salary. [/TD]

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[TD]Comment From goodbye pompey

pay the charities sods [/TD]

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[TD]Mick:

We couldn't agree more [/TD]

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Doesn't look like he's prepared to comment on how they are going tofund a wage bill approaching a million a month. From what he's haid on there the only hopeloes with them moving on.

Some hope.

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[TD]Comment From Task

I emailed PKF asking them if Chainrai could take the parachute payments out the club if he took over and they said no he could'nt does this mean the FL will say where the money is spent ? [/TD]

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[TD]Mick:

One would hope that the FL might impose conditions to prevent this from happening [/TD]

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[TD]Comment From PlayUpPompeyFanJake

Hi Mick, do you honestly believe that the Trust's bid is better for the long term stability of the club than a bid by Mr Chainrai? Would the Supporters Trust really be able to fund the club and run it better than Portpin? [/TD]

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[TD]Mick:

If the Trust is successful with a bid, I believe the club would be sustainable in the long term [/TD]

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The inability to sell players must be crippling them at present - by my reckoning they have Halford, Mokoena, Ben Haim, Norris, Varney, Kitson, Huseklepp, Lawrewnce & Mullins (+Kanu?) on an average of £20k/week, and that may be being conservative. With tax and add-ons that is probably £250k/week just for them. They all have at least a year on their contracts & all of them would struggle to get £10k/week elsewhere, so if an offer comes in to take them for free, it will still cost a min of £500K per player just to get them off the wage bill (ie making up the difference on the last year of their contracts). So it is no surprise that the only two decent & cheap players are the only two worth a penny.

Basically, even if they survive, there is every likelihood that just those eight players in their quality over quantity squad will cost them £2 mill to pay them till the end of July, then another £4mill just to move them on.

It is no wonder they are fooked. Liquidation really does seem the only way out.

(Just added them up and it's 9 excluding Kanu - even worse than I thought)

Having read what Mick has to say, I reckon that Chinny is a nailed on certainty to take the club over at the last minute !!

Having read what Mick has to say, I reckon that Chinny is a nailed on certainty to take the club over at the last minute !!

TBF, so do the PST that I've been chatting to.

Everyone here should ask him a question along these lines...

Are you aware of the huge points deductions in League One for the failure of 2010 CVA? Diluting it with a 2012 CVA amounts to the same as not agreeing a CVA in 2010 in the first place.

He won't answer it when I ask.

Comment From pompeypete pompeypete : ]

I unfortunately know a lot of stains that have pledged for a laugh and have no intention of paying the extra money.

 

LOLOLOL

Good old pompeypete!!...seems to have had his finger on the pulse from day one..

Everyone here should ask him a question along these lines...

 

Are you aware of the huge points deductions in League One for the failure of 2010 CVA? Diluting it with a 2012 CVA amounts to the same as not agreeing a CVA in 2010 in the first place.

 

He won't answer it when I ask.

I've asked several questions about 'old vs new' CVA and all have been ducked. Tells you what you need to know!

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[TD]Comment From gary

do you think Appleton might be tempted by the WBA job if offered it? [/TD]

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[TD]Mick:

Nobody could blame him if he was, but I believe he will be here next season. He's committed to the rebuilding of the club [/TD]

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[TD]Comment From Realist

Maybe Redknapp could put a few hundered grand into the Trust's funds as some kind of tax dodge for himself as we know how easily he gets confused over paperwork and forms. Cehck to see if you have had any HNW donations from anyone like Spot, Patch or Rover?! [/TD]

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Everyone here should ask him a question along these lines...

 

Are you aware of the huge points deductions in League One for the failure of 2010 CVA? Diluting it with a 2012 CVA amounts to the same as not agreeing a CVA in 2010 in the first place.

 

He won't answer it when I ask.

I've asked several questions about 'old vs new' CVA and all have been ducked. Tells you what you need to know!

If the Football League don't give them a huge points penalty for it, then it sets a very dangerous precedent.

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[TD]Comment From Before Christ

Mick please answer - Do you have to have a credit check done for the finance? [/TD]

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[TD]Mick:

Yes, the credit union will do a credit check but I believe it to be less stringent than that of banks [/TD]

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[TD]Comment From abs1987

good luck mick. ignore those from down the road posting windup comments on here. the whole city love the club and hope the pst can save us. Community owned club sounds great! [/TD]

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If the Football League don't give them a huge points penalty for it, then it sets a very dangerous precedent.

The Blue Few think he runs the U.S.A

If the Football League don't give them a huge points penalty for it, then it sets a very dangerous precedent.

I guess the League's counter argument is that most clubs wouldn't want to put themselves through what Pompey have gone through ergo there is already a natural deterent to going into Admin twice in quick succession and as such they don't need to suppliment this with points penalties. (well, maybe)

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[TD]Comment From Sheffield Blue

Will there be a transcrip of the question and answers on sat? So those of us that live further away but have still invested can see what the crack is? [/TD]

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[TD]Mick:

We are planning a video of the event for fans who cannot get there [/TD]

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Just back from my meeting. Managed to send in a couple of (serious, not wind up) questions before he signed off, but he ducked them all.

Joking apart, you have to hand it to people like him who are really trying to save their club, but the level of naivety displayed is remarkable. They really have no chance do they?

Portpin it is then.

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[TD]Comment From Realist

Maybe Redknapp could put a few hundered grand into the Trust's funds as some kind of tax dodge for himself as we know how easily he gets confused over paperwork and forms. Cehck to see if you have had any HNW donations from anyone like Spot, Patch or Rover?! [/TD]

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it's a great effort to try and reclaim your club's filthy name from crooks.

But it will require more bravery to accept, and have to admit, that the Trust plan is underfunded, unrealistic, and destined to fail.

Looks like the loan shark is the only game in town - so roll up, roll up, it's Chinny Time again!

Lock up your charity boxes, creditors run for the hills, if it ain't nailed down or owned by a child-maimer, he'll have it away quicker than a lead-hunting pikey on a church roof.

But even then he'll need Birch to get shot of those wages, so whatever happens, they need a proper firesale first.

Unless of course Chanrai is looking to bring in his man AA to pull some dodgy stunt with player contracts or a semi-liquidation that retains some sort of golden share?

It shouldn't be possible to avoid FL regulations about contracts and debt, but I can see AA entering stage left and taking a starring role again.

The ToyMan was SO close with his predictions about Requilme and Etu - because whatever happens next is likely to be messy...

Is "The Trust" exempt from tax? Can HMRC send them a tax bill at just the right time

The ToyMan was SO close with his predictions about Requilme and Etu - because whatever happens next is likely to be messy...

very very good

Doesn't look like he's prepared to comment on how they are going tofund a wage bill approaching a million a month. From what he's haid on there the only hopeloes with them moving on.

 

Some hope.

I do know they are recruiting for their academy one of my sons teammates has just signed a 2 year deal.

I really miss the Barbie flogger. Shame he has not had the balls to show his face around here again.

I do know they are recruiting for their academy one of my sons teammates has just signed a 2 year deal.

Good grief! That really is the definition of optimism.

I really miss the Barbie flogger. Shame he has not had the balls to show his face around here again.

Me too, he was a great source of entertainment

It is also the reason why I want Chinny to take over again rather than liquidation because it will string out the agony for them and the laughs for us !

A bit like a mass murderer being executed, it's too easy, best to let them endure a living hell !

You know it makes sense