Pompey Takeover Saga

Armageddon will always be the greatest movie ever made.

 

Not for the storyline, Liv or Bruce, or even that damned song.

 

Simply because Paris gets wiped out in the first few minutes.

 

I still remember the cheer in the cinema when that happened.

 

There was ONLY one plot twist that could have made it better. Unfortunately the planet simply wouldn't have found Gunwharf so instantly recognisable

Can I recommend a book for you

A thousand years of annoying the French by Stephen Clarke

A brilliant read and mostly true

BBC Solent Sport ‏@solentsport The #Pompey Supporters Trust have also said "why would we want only 15% of the club when we are about to get 100%"

@NabilHassan79: Keith Harris tells SkySports: "Unofficially I accept it is Trust or Bust but If there is a slip I do not want this club to go bust." #pompey

@NabilHassan79: Keith Harris adds on Sky: "It was a robust statement from the Fotball League but they left themselves open to negotiation." #pompey

BBC Solent Sport ‏@solentsport The #Pompey Supporters Trust have also said "why would we want only 15% of the club when we are about to get 20%"

Fixed

As always the devil is in the detail. An 'option' to acquire NAK is part of the bid - what basis, terms, how much?? Clearly a stooge for BC, which is why the FL have seen through Harris so swiftly. Brilliant Monday morning, bottom of the League and 3 days (maybe) to the Court case.

And the £20 quid charge to park the bus was levied by Milands Administrators not REL or PFC. So they still own the land, Robinson again only has an option or conditional contract. Enjoy....

BBC Solent Sport ‏@solentsport The #Pompey Supporters Trust have also said "why would we want only 15% of the club when we are about to get 100%"

 

 

 

 

Call me stupid, but isn't the answer 'they aren't?

And answers on the back of a postcard to the following question.

 

Why rent Fratton Park at £1.2m a year for an undefined period of time and then have to purchase (Harris bid), when you purchase it through the courts for under £3m (PST bid).

If you didn't have all those creditors to pay back then the answer is simple. However, as you lot always forget, the people you owe money to also have a say, and they might prefer the Keith and Orville package.

Pompey employs rocket scientist shocker...

 

@solentsport: #pompey boss Guy Whittingham says the players produced by the club's academy are the future of the club

I know this has been overtaken by other news this morning, but whilst you can't really argue against that statement in the slightest, didn't the PDT say they'd close the academy down?

Or was it supposed to become self funding after 3 years?

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It's actually time that PKF put out a statement reminding the phew, the Chubster, the FL, and all the other interfering parties of a significant fact.

PKF are administrators. They have been appointed by the court because the latest guise of pfc has failed to pay its debts (again).

It is their job to listen to the creditors and to get the highest recovery of debt to the creditors by whatever means.

If that means liquidation then so be it.

If that means selling to a company that only wants the stadium and not a football club then so be it.

The FL are out of order blocking the Harris bid regardless of the motives behind it, if it will get the creditors the best return.

Too many people seem to have forgotten what being in administration means. It's not about avoiding debt and carrying on, it's about making good on whatever quantity of debt that can be serviced.

The FCR is a joke in itself. If the FL are going to start dictating that the other creditors have to accept less because they don't fancy the best bidder (even though they would pass the FPPT) then it's got beyond a joke

One would have thought since this fantastic thread started , way back in 2009, that government could have sorted out legislation to resolve the football creditors rule!

Who actually pays the administrators? I honestly dont know how these things work, Their bill must be massive by now

Who actually pays the administrators? I honestly dont know how these things work, Their bill must be massive by now

The administrators recover their fees from the sale of the assets of the company in administration.

They get first dibs

In this case the fees are capped at £2.5m and rumour has it that this level has already been reached, which is why they want out asap (among other reasons!)

One would have thought since this fantastic thread started , way back in 2009, that government could have sorted out legislation to resolve the football creditors rule!

Thing the FCR needs to be in place to stop the whole pompey way of failing to pay for players - and also the issue of monies owed to other clubs. The ONLY way that we could get rid of the Football creditors rule is by more stringent rules applied across football:

1. All transfer fees must be paid in ful at the time of purchase

2. NO club can defer wages/image rights to players etc - must be paid monthly and in full, -20 points for any wage deferal

3. HMRC/Tax/Vat must be paid monthly and be upto date, deferrals = -20 points for each count

Only with a far more draconian approach woudl clubs not be able to take risks on players they cant afford and ensure other clubs are not taken down with them if they were able to write off transfer debt.

The FCR is unfair to all other creditors, but at this time its a necessary evil - although any local business or supplier who has goven Pompey credit terms since teh last admin must have been aware of the risks in ever getting paid....

Thing the FCR needs to be in place to stop the whole pompey way of failing to pay for players - and also the issue of monies owed to other clubs. The ONLY way that we could get rid of the Football creditors rule is by more stringent rules applied across football:

 

1. All transfer fees must be paid in ful at the time of purchase

2. NO club can defer wages/image rights to players etc - must be paid monthly and in full, -20 points for any wage deferal

3. HMRC/Tax/Vat must be paid monthly and be upto date, deferrals = -20 points for each count

 

Only with a far more draconian approach woudl clubs not be able to take risks on players they cant afford and ensure other clubs are not taken down with them if they were able to write off transfer debt.

 

The FCR is unfair to all other creditors, but at this time its a necessary evil - although any local business or supplier who has goven Pompey credit terms since teh last admin must have been aware of the risks in ever getting paid....

There is a simpler way.

Do it the same as the Conference.

ALL debts must be paid in full to retain membership

@pn_neil_allen: Incidentally Harris told more it was his idea not to buy Fratton ASAP. 'Commercial sense' he described it. Wants to see goods first. #Pompey

It's actually time that PKF put out a statement reminding the phew, the Chubster, the FL, and all the other interfering parties of a significant fact.

 

PKF are administrators. They have been appointed by the court because the latest guise of pfc has failed to pay its debts (again).

 

It is their job to listen to the creditors and to get the highest recovery of debt to the creditors by whatever means.

 

If that means liquidation then so be it.

If that means selling to a company that only wants the stadium and not a football club then so be it.

 

The FL are out of order blocking the Harris bid regardless of the motives behind it, if it will get the creditors the best return.

 

Too many people seem to have forgotten what being in administration means. It's not about avoiding debt and carrying on, it's about making good on whatever quantity of debt that can be serviced.

 

The FCR is a joke in itself. If the FL are going to start dictating that the other creditors have to accept less because they don't fancy the best bidder (even though they would pass the FPPT) then it's got beyond a joke

 

This x1000

http://www.portsmouth.co.uk/sport/pompey/harris-i-ll-buy-fratton-park-from-chainrai-1-4800317

The investment banker trying to buy Pompey has revealed he will buy Fratton Park within a year, if his Pompey takeover is successful.Keith Harris lodged a bid with PKF to take the club out of administration 12 days ago.

 

That was accepted by the creditors’ committee, although blocked when put forward to the Football League.

 

Regardless, Harris remains keen to complete a deal and today announced he would give Blues fans 15 per cent of the club.

 

A prospective takeover would also involve leasing Fratton Park off charge holders Portpin.

 

But in an interview with The News, he promised the ground will be purchased from Balram Chainrai and Co within 12 months.

 

He said: ‘Speaking conservatively, within a year we will buy the ground.

 

‘It is our absolute intention to buy it, but we don’t want to be a hostage to fortune and say we are going to buy it in a month.

 

‘I think we have struck a very reasonable deal with the owners and I have dealt with them before. We both know where we come from.

 

‘It is a sensible deal for prospective new owners.

 

‘As soon as we can afford it we will buy it. Under no circumstances will it be longer than a year.

 

‘I want to have it. I do not live in a rented property myself. I believe in ownership, an Englishman’s home is his castle.

 

‘In saying a year I am trying to be conservative.’

 

Asked why he was not seeking to buy the ground immediately, Mr Harris said: ‘I believe in being commercially sound and it’s my decision to evaluate the ground situation over a short period of time before buying it.

‘I don’t want to get in there and find all sorts of holes, metaphorically speaking.’

Good luck with that one Keith....

@pn_neil_allen: Keith Harris told me he doesn't do the 'Internet thing' but has been informed that locally a lot of fans are behind his bid. #Pompey

Surely not...99.9% of the bestest fans in the world are behind the bestest fan takeover in the world the last I head...

Call me stupid, but isn't the answer 'they aren't?

Precisely

Thing the FCR needs to be in place to stop the whole pompey way of failing to pay for players - and also the issue of monies owed to other clubs. The ONLY way that we could get rid of the Football creditors rule is by more stringent rules applied across football:

 

1. All transfer fees must be paid in ful at the time of purchase

2. NO club can defer wages/image rights to players etc - must be paid monthly and in full, -20 points for any wage deferal

3. HMRC/Tax/Vat must be paid monthly and be upto date, deferrals = -20 points for each count

 

Only with a far more draconian approach woudl clubs not be able to take risks on players they cant afford and ensure other clubs are not taken down with them if they were able to write off transfer debt.

 

The FCR is unfair to all other creditors, but at this time its a necessary evil - although any local business or supplier who has goven Pompey credit terms since teh last admin must have been aware of the risks in ever getting paid....

How about

- if you fail to pay an installment due for a player, the player's registration immediately reverts back to the selling club and/or the player becomes a free agent

- you can't play any players that you are not up to date on wages for. Two strikes and the player becomes free agent.

‘I think we have struck a very reasonable deal with the owners and I have dealt with them before. We both know where we come from'.

Why does the fact the they have worked together before not surprise me in the slightest!!! Where is that owl?!

@pn_neil_allen: Keith Harris told me he doesn't do the 'Internet thing' but has been informed that locally a lot of fans are behind his bid. #Pompey

 

Surely not...99.9% of the bestest fans in the world are behind the bestest fan takeover in the world the last I head...

Quelle surprise, Allen's now retweeting every reply he gets that rubbishes Harris' comments.

‘I think we have struck a very reasonable deal with the owners and I have dealt with them before. We both know where we come from.

Now, here is the interesting rub.

The last deal was brokered by Harris.

In that deal, CSI actually BORROWED the money from chinny to buy the club from chinny....

He couldn't pull the same gag again SURELY not

Quelle surprise, Allen's now retweeting every reply he gets that rubbishes Harris' comments.

Maybe he's worried that his 1/6th of one share is going to get diluted even more...

Now, here is the interesting rub.

 

The last deal was brokered by Harris.

 

In that deal, CSI actually BORROWED the money from chinny to buy the club from chinny....

 

He couldn't pull the same gag again SURELY not

Carlsberg don't do scenarios that would keep this thread going for another two years...but if they did...

So chaps and chapesses, who do we want to actually takeover, the bestest fans trust with no money or the Keith and Orville Chanrai puppet show with no integrity - who will give us the most laughs? I need to know before I decide how big a bag of popcorn I have to buy.

I reckon those on a SO post code if you listen hard enough the sound of a lot of wriggling can be heard on the breeze coming up the M27.

andy curtis ‏@saintgert

@Lord_Palmerston So what role will the developer have? Farmery confirmed he's still part of the bid. Do you know something he doesn't?

 

Colin Farmery ‏@colinfarmery

@saintgert @Lord_Palmerston He's lending us some of the money to buy it as per our statement of about a week ago. Do keep up Andy... ;o)

 

andy curtis ‏@saintgert

@colinfarmery @lord_palmerston Ahhhh so more debt. Why didn't I guess.....

 

Colin Farmery ‏@colinfarmery

@saintgert @lord_palmerston Yeah. Debt. Like that 20-odd mill Saints owe to that BVI money-lender... ;o)

 

 

Yeah. Debt. That's secured against ASSETS. You know what they are. No?

Can some kind 'Twitterer' please enlighten the benighted ***...

So chaps and chapesses, who do we want to actually takeover, the bestest fans trust with no money or the Keith and Orville Chanrai puppet show with no integrity - who will give us the most laughs? I need to know before I decide how big a bag of popcorn I have to buy.

I reckon those on a SO post code if you listen hard enough the sound of a lot of wriggling can be heard on the breeze coming up the M27.

Fortuneately for us, either scenario is funny. Personally I would like to see the pst get it, which will ensure generations of Saints fans will enjoy South Coast supremecy, but would be equally funny if a chinny stooge got it.

So chaps and chapesses, who do we want to actually takeover, the bestest fans trust with no money or the Keith and Orville Chanrai puppet show with no integrity - who will give us the most laughs? I need to know before I decide how big a bag of popcorn I have to buy.

I reckon those on a SO post code if you listen hard enough the sound of a lot of wriggling can be heard on the breeze coming up the M27.

Bestest with no money for me - no one else to blame when it all goes breasts up.

So chaps and chapesses, who do we want to actually takeover, the bestest fans trust with no money or the Keith and Orville Chanrai puppet show with no integrity - who will give us the most laughs? I need to know before I decide how big a bag of popcorn I have to buy.

I reckon those on a SO post code if you listen hard enough the sound of a lot of wriggling can be heard on the breeze coming up the M27.

It must have hit the trade winds because we can hear it down in the South China Sea.

who will give us the most laughs?

That's a bit like sending a kid into a sweet shop and asking them to choose only one sweet...

So chaps and chapesses, who do we want to actually takeover, the bestest fans trust with no money or the Keith and Orville Chanrai puppet show with no integrity - who will give us the most laughs? I need to know before I decide how big a bag of popcorn I have to buy.

I reckon those on a SO post code if you listen hard enough the sound of a lot of wriggling can be heard on the breeze coming up the M27.

Do we have to choose? Why not both? Harris first, draining a few more £s out for chainrai, and losing them even more of the bestest few over 2 or 3 years until the parachute payments have finally gone, then, after another administration and another points deduction, eventually a sham of a "fans' takeover" based on a few pledges and a lot of debt.

Do we have to choose? Why not both? Harris first, draining a few more £s out for chainrai, and losing them even more of the bestest few over 2 or 3 years until the parachute payments have finally gone, then, after another administration and another points deduction, eventually a sham of a "fans' takeover" based on a few pledges and a lot of debt.

Evil Genius!

Gets my vote

Nabil Hassan ‏@NabilHassan79

Keith Harris says he'll personally refund Carlise £20 if he takes over, after the team bus was made to pay to park at Fratton Park. #pompey

So chaps and chapesses, who do we want to actually takeover, the bestest fans trust with no money or the Keith and Orville Chanrai puppet show with no integrity - who will give us the most laughs? I need to know before I decide how big a bag of popcorn I have to buy.

I reckon those on a SO post code if you listen hard enough the sound of a lot of wriggling can be heard on the breeze coming up the M27.

PST will keep it going longer with more laughs so PST for me, although after all these years I should really get on with some work

Nabil Hassan ‏@NabilHassan79

Keith Harris says he'll personally refund Carlise £20 if he takes over, after the team bus was made to pay to park at Fratton Park. #pompey

Asked why he was not seeking to buy the ground immediately, Mr Harris said: ‘I believe in being commercially sound and it’s my decision to evaluate the ground situation over a short period of time before buying it.

‘I don’t want to get in there and find all sorts of holes, metaphorically speaking

He won't find many holes that's for sure - they are all clogged up with fat !!!

The investment banker trying to buy Pompey has revealed he will buy Fratton Park within a year, if his Pompey takeover is successful.

‘I want to have it. I do not live in a rented property myself. I believe in ownership, an Englishman’s home is his castle.

Fortress Fatpipes should have a nice ring to his new home then!!

http://www.supporters-direct.org/?news-article=portsmouth-harris-sweetens-bid-but-trust-say-no-way

No link to part 3 of Hall's blog?

Asked why he was not seeking to buy the ground immediately, Mr Harris said: ‘I believe in being commercially sound and it’s my decision to evaluate the ground situation over a short period of time before buying it.

 

‘I don’t want to get in there and find all sorts of holes, metaphorically speaking

 

He won't find many holes that's for sure - they are all clogged up with fat !!!

That argument is sh!te

'I know I've agreed to buy your house but I believe in sound commercial principles and therefore I'd like to rent it for a year first so check it's all ok'

or

You just get the surveys carried out and have done with it.

Utter b0llocks

Does anyone believe that the Trust is capable of an objective opinion any more?

I can't see them looking at any other proposal (be it from a swiss billionaire or a local photocopier salesman) in a good light now that some hnw individuals stand to lose a bit of cash and a few fans are on a power trip

Does anyone believe that the Trust is capable of an objective opinion any more?

 

I can't see them looking at any other proposal (be it from a swiss billionaire or a local photocopier salesman) in a good light now that some hnw individuals stand to lose a bit of cash and a few fans are on a power trip

Nope, 'trust or bust' is their mantra now, as is '100% fan-owned community club', no matter how untrue either of these cases become!

I'm with the PST-all out in the public domain, no money, borrowing funding, and still unidentified debts flying at them from all directions.

Fantastic !

I'd say that is almost certainly the case. Chinny want's his £17M and retaining a stake in the club / ground while taking rent and being secured should the new 'owners' go pop is his way of ensuring he gets that money. The FL statement suggests that they are also sure this is what is happening and they are going to do their best to stop it for the good of their member club.

PKF have to save the club for two reasons. Firstly they can argue that a football club running as a going concern is better equipped to pay back debts over time compared with the one off revenue that they can redistribute after liquidation. Secondly they have their own reputation to look after and they will look better as a company that saved stricken clubs than one that liquidates them.

Selling to the Harris bid might be the best deal on the table at the moment, but the FL can see that it's a trojan horse bid which is going to store up problems for next year / the year after because Chinny will still be involved.

PKF have to save the club for two reasons. Firstly they can argue that a football club running as a going concern is better equipped to pay back debts over time compared with the one off revenue that they can redistribute after liquidation. Secondly they have their own reputation to look after and they will look better as a company that saved stricken clubs than one that liquidates them.

 

Selling to the Harris bid might be the best deal on the table at the moment, but the FL can see that it's a trojan horse bid which is going to store up problems for next year / the year after because Chinny will still be involved.

Remember History ?? The Trojan Horse DID get in ..... so just wait for the FL to show it's lack of spheres and allow the "New Bid"

The FL will NOT let Skatesvile to be Liquidated IMHO

PKF have to save the club for two reasons. Firstly they can argue that a football club running as a going concern is better equipped to pay back debts over time compared with the one off revenue that they can redistribute after liquidation. Secondly they have their own reputation to look after and they will look better as a company that saved stricken clubs than one that liquidates them.

 

Selling to the Harris bid might be the best deal on the table at the moment, but the FL can see that it's a trojan horse bid which is going to store up problems for next year / the year after because Chinny will still be involved.

One thing I don't get is why people think PKF's reputation will go down the pan if they liquidate. I don't think a loss of work from pfc fans or the man in the street is going to trouble their turnover.

I think their reputation is going to be more f*cked in professional circles (the ones that matter) by being seen to be:

1) made to look prawns by the FL, the PFA, the Chubster and Chinney, and also failing their major sponsor who was HMRC

2) unable to get out of a situation that they're desperate to get out of because they've run out of fees and is of their own making due to their bad decisions early on in the process (saying yes to the judge and HMRC a year ago was the first one! )

3) not acting (in the wider corporate view) in the best interests of creditors because every would have had a lot more money if PKF would have liquidated a year ago.

Bear in mind that typically it's the guys that 'call in' the administrators that select who they should be. Sometimes that's the board of the stricken company, sometimes it's a major creditor (Barclays in the case of SLH), but it's never ever the fans (or the customers) that do it, so what they (and the media) think of the reputation of an administrator means f*ck all (in my view )

Pompey Fans won't like the sound of this

http://www.thesun.co.uk/sol/homepage/sport/football/4801146/Galatasaray-fans-the-loudest-ahead-of-Drogba-Schalke-game.html

Based on the behaviour of all parties over the past month or so, at the moment I think that PKF believe the PST do not have enough money to satisfy all creditors (or at least the major ones including Chanrai), and as a consequence are keeping the club alive long enough pre-takeover to receive the Parachute Payments so they can distribute the money as they want and then when there isn't as much money in the bank as the PST need / assumed in the the onus will then be placed on them as the interested party to take over to meet the short-fall or the club goes to liquidation.

Going to be very ugly when the finger pointing starts and PKF potentially turn the 'Trust or Bust' mantra on the fans and say they need to stump up more cash or the club disappears. Then we'll see a real test of how much the club means to them. If they can't raise more cash through the fans then this also opens it up to the takeover being even more led by property developers and the fans not really having much say in the club at all - again, be interesting to see how fans attitudes shift if this were to happen.