Pompey Takeover Saga

the football league will stall for time

I see that Ken Duleyloooo has now moved on from Coventry.

 

Must have a job alongside Peter Ridsdale and Storrieteller.

No he hasn't. He has only resigned as chairman so that he can concentrate on football matters and the transfer window.

we've got you now Skates

http://www.bbc.co.uk/news/magazine-16036967

From todays Martin Samuals column in the Mail:-

[h=2]Agent of doom

[/h]Portsmouth are looking to hire an agent to prepare for yet another transfer window fire sale.

Why? Everybody in football knows the club are skint following the collapse of parent company Convers Sports Initiatives. Everybody knows players are for sale or looking to move.

The market will take these factors into account, dictate the price and all an agent will do is reduce Portsmouth’s share by taking an undeserved cut.

Read more: http://www.dailymail.co.uk/sport/article-2070832/Martin-ONeill-line-Sunderland-bow-Martin-Samuel.html#ixzz1fpsbqJna

From todays Martin Samuals column in the Mail:-

[h=2]Agent of doom

[/h]Portsmouth are looking to hire an agent to prepare for yet another transfer window fire sale.

Why? Everybody in football knows the club are skint following the collapse of parent company Convers Sports Initiatives. Everybody knows players are for sale or looking to move.

The market will take these factors into account, dictate the price and all an agent will do is reduce Portsmouth’s share by taking an undeserved cut.

 

 

Read more: http://www.dailymail.co.uk/sport/article-2070832/Martin-ONeill-line-Sunderland-bow-Martin-Samuel.html#ixzz1fpsbqJna

But then the agent demands a huge commission against a dismal fee and passes half of his cut back to Mr Chainrai in a brown envelope.

Interesting that you should choose to respond to what was just a jokey comment. I wonder what a psychologist would make of that.

 

 

 

Your last line is interesting because there seems to be a definite trend in the media over the past week in accepting that Pompey as a club and it's fans have been failed both by owners and the football authorities. These journalists certainly seem to have respect for us, just not some of the ******s that have attached themselves to the club.

 

As for all the smug arrogance on here, let's not forget that if SISU had been successful in buying you before Liebherr you'd currently be staring at your second administration in a few years. And who knows what will happen when the Liebherr's get fed up of bankrolling you or decide to cash in. Don't be too smug, you never know what's around the corner

Some of what you say is fair comment. You're quite right we're lucky to have been picked up by an owner with his head screwed on and not a Spiv. I am aware that there but for the grace of God go we. However, part of the reason we we're cherry picked and you weren't is that we own our own stadium, have an exceptional academy and a broad fan base.

You lot on the other hand seem still to be in denial. Every time some dodgy geezer trundles along with a truckload of used fivers he's hailed as the next Messiah and obviously not a spiv. When are you going to learn to be a bit less gulible? Who do you honestly believe could possibly regard Portsmouth football club as a good investment?

Lucky we were, but you make your own luck by having an attractive looking business that doesn't need too much to turn it round.

Re The Mail - appointing an agent? - if it's true, and let's face it I don't see a fact in the article, it would indicate a serious shift from 'all is well, we just need some investment' to 'we're doomed, abandon ship!'...

Creates instability either way, and that has to be good.

Bringing together my username and this thread in a seamless move that we've waited 910 pages for - the word in rallying is that CSI's North One is desperately seeking funding and the championship's image rights situation could be in big trouble very soon.

The relevance of this is that CSI's portfolio has some ropey businesses in it but the WRC is one of the stronger ones.

If one of the star performers isn't self-sufficient, god help the rest, many of which appear to be unprofitable tinpot outfits designed to impress the outside world.

Likelihood of pompey being self-sufficient and able to swerve league penalties?

I would stick my neck out and say no chance.

The problem for the business on page one was they needed cash, asap.

IMO they now need new cash within the next two months to avoid losing points.

Add in a loss of players and it could be a classic season.

Proviso - they have been here before - no money, needing to sell, no future....

What did they do then?

Went out and strengthened for the cup game, so I'm just glad we play them before their next illegal January spending spree.

I read that they need crowds of 14,500 to break even, thats them doomed then!!

Why are we talking about luck, and that we were lucky in attracting the honourable Herr Liebherr and the impeccable Don Cortese?

Luck is a self fulfilling prophecy; Saints invested wisely in infrastructure and the future and as such we are where we are. The skates gave a bunch of crooks the keys to the trainset and as such they are where they are.

Regarding the impending firesale, I cant see them getting much for most of their players considering the bonkers cash and the insane wages Clott and Limp signed them on... if they can achieve what we did when we went double dutch and farm out the high earners to let them wind down their contracts at rival clubs - well that would be a huge success for the skates

Lucky we were, but you make your own luck by having an attractive looking business that doesn't need too much to turn it round.

 

 

 

Re The Mail - appointing an agent? - if it's true, and let's face it I don't see a fact in the article, it would indicate a serious shift from 'all is well, we just need some investment' to 'we're doomed, abandon ship!'...

 

 

Creates instability either way, and that has to be good.

 

Bringing together my username and this thread in a seamless move that we've waited 910 pages for - the word in rallying is that CSI's North One is desperately seeking funding and the championship's image rights situation could be in big trouble very soon.

 

The relevance of this is that CSI's portfolio has some ropey businesses in it but the WRC is one of the stronger ones.

If one of the star performers isn't self-sufficient, god help the rest, many of which appear to be unprofitable tinpot outfits designed to impress the outside world.

 

There was an article about North One and the WRC in the Times yesterday. It said they were surprised when the promised investment from CSI did not materialise!

There was an article about North One and the WRC in the Times yesterday. It said they were surprised when the promised investment from CSI did not materialise!

http://www.google.com/hostednews/ukpress/article/ALeqM5hdyQ2uzKC2jP-ohG2JhvIZeJ4QGw?docId=N0296791323194287176A

WRC chiefs hope to secure backing

(UKPA) – 16 hours ago Commercial rights holders North One Sport say they are "optimistic" of finding investment to secure the future of the World Rally Championship after their parent company went into administration.Convers Sports Initiatives (CSI), which also owns Portsmouth Football Club, went into administration last week. In 2010 the FIA, motorsport's world governing body, awarded North One Sport a 10-year contract for the media rights to the WRC until 2020. The company was then purchased by CSI earlier this year.Although North One Sport are not in administration themselves, there is a need for investment to be secured with the 2012 season set to get under way in Monte Carlo in mid-January.Reports had suggested that the competition's future was in the balance and that the FIA may be forced to step in and take control of the championship, which has existed since 1973, but CSI administrators UHY Hacker Young had previously stated they were confident of buyers being found for all CSI subsidiaries.And North One Sport have revealed they are already in "detailed discussions" with several potential buyers.A statement issued to Press Association Sport, said: "Contrary to certain reports North One Sport is not in administration."North One Sport is involved in detailed discussions with a number of interested parties regarding the future funding of the business and is in regular dialogue with key WRC stakeholders."North One Sport is optimistic of a positive outcome."

So Monte Carlo or Bust then?!

I read that they need crowds of 14,500 to break even, thats them doomed then!!

Their ticket price must be quite high then

http://www.google.com/hostednews/ukpress/article/ALeqM5hdyQ2uzKC2jP-ohG2JhvIZeJ4QGw?docId=N0296791323194287176A

 

 

 

So Monte Carlo or Bust then?!

Boom-tish!

Boom-tish!

I'm here all thread...

so did Chinny walk off with theseason ticket money? Or did it go into the business?

Why are we talking about luck, and that we were lucky in attracting the honourable Herr Liebherr and the impeccable Don Cortese?

 

Luck is a self fulfilling prophecy; Saints invested wisely in infrastructure and the future and as such we are where we are. The skates gave a bunch of crooks the keys to the trainset and as such they are where they are.

 

 

Regarding the impending firesale, I cant see them getting much for most of their players considering the bonkers cash and the insane wages Clott and Limp signed them on... if they can achieve what we did when we went double dutch and farm out the high earners to let them wind down their contracts at rival clubs - well that would be a huge success for the skates

This: Investment into SFC included so many benefits, the ground, the training facility & one payment purchased the lot. Our Fishy neighbours have what exactly what ...that is going to excite any investor . A minefield of ownership of ground, surrounding land, a stadium that is a disgrace for all of the money that they have generated , no official training facility, no real youth policy and so much negative baggage... Oh yes they have the "Bestest Fans" in the world who would enjoy nothing more more than a night sucking up to Henry .. If PFC was on dragons den I know what I would be hearing

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/lawrence_pompey_are_worth_buying_1_3313090

Laurence in Lala-land

‘But I’m not as worried as last time.

‘The club is in nowhere near as much debt as it was and it’s a more attractive club to buy now than it was before.

and time for the 'Henry' joke again?

Lawrence, who was with the rest of the Pompey players on their annual visit to Queen Alexandra Hospital

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/lawrence_pompey_are_worth_buying_1_3313090

 

Laurence in Lala-land

 

 

 

and time for the 'Henry' joke again?

According to the News.....

YOUNGSTERS refused to leave hospital when they heard the entire Pompey squad was planning a Christmas visit.The team – plus new manager Michael Appleton – dropped in on the paediatric ward at Queen Alexandra Hospital, in Cosham, to bring Christmas presents to sick and injured children.

Players spent time chatting, signing Pompey shirts and photos, and even playing table football with young patients.

Now what is it....... The kids said that they just had to do, after all we had to do something for those less fortunate than us...... LOL

TBH, given up on teh FL doing anything constructive with this issue... so, for the last time IMHO, I couldn't really giove a flying feck about teh FL policy, dodgy owners, where the money went, who owns what, what AA is doing ahead of the game, what it means for CSI and thus pompey... like the FL, I will bury my head in the sand and hope it all resolves itself without impacting too much on the integrity of teh FL... (laugh)

No, for me it comes down to something very simple: Do you agree or not that a club should be allowed to spend 120 mil without any form of GUARRATEE that its is underwritten by some owner or through the revenue generated by the success it buys? Now I dont agree with borrowing at all on transient depreciating assetts such as players - it provides an unfair competitive advantage - yes its a model that we could go down if there is a pot of ML's legacy , but as we have seen we are not doing it at the moment to any great extent, but arguably Man City and Chelski defined this model, Leeds and Pompey are the worst examples becauae they had NO GUARRATEES IN PLACE to underwrit their borrowings - in my book that is cheating, no ifs and no buts.

All I want to to see/hear is 1 pompey fan talking a moral stance here - acknowledging that what they did was WRONG, no worming their way out of it by suggesting Chelski do the same (they dont, its underwritten by the Ruski), or that we spent money we did not have when last in the CCC (that 7mil we did actually have so no borrowing, but myself and many others were very vocal in our concern that this should have ben kept for a rainy day at the time...)... yes simple admit that whilst as fans it was beyond their direct control, teh actions of the club in securring cup wins etc was morally classified as cheating and to so some decency in admiting that as a result their success is forever tarnished... they would then get my utmoost RESPECT and SYMPATHY as true fans of their club.

I know one such fan, who became so disillusioned that he gave up his ST after over 25 years, stating that the pompey he gre up with and loved through thick and thin has gone, and he could not justify celebrating any success built on such scandalous attitude to finance - he also works for a charity full time so you can imagine how he felt about that.

But all we see on their message boards and thsoe that post on here is denial, no sense of shame on behalf of how their various dubious owners have treated their club and the integrity of the competition.

Whatever happen to them now, I am past caring - they could be sold to a billionnaire and go on to champions league success in a 75000 seater new stadium and forever eclipse us, would not give a fying feck as it would have been build on foundations of cheating - however, if they bag a new owner who puts the wrongs right, pays of the creditors and HMRC, acknowledges that the past is a stain on the clubs history, then I would wish them well with good grace.... but first tehir fans need to show some contrtion and reclaim the moral high ground for their own self respect if nothing else... sadly cant see that happening

Looks like the mongtards are planning a protest outside FL HQ.. presumably the FL should've stopped them from spending £120 million they didnt have

http://www.pompeyonline.com/forums/index.php?threads/protest-update.59329/

Still waiting to hear back from the Met Police.

Lampitt has asked for a meeting as he scared that if we protest the FL will deduct us points..

In my eyes nothing that he says will change the stance of the protest going ahead..

Lampitt is also that anything that is said by both sides will be made public.

More news to follow!

Didnt Lampit have a closed door meating with some of the many fans recently? I thought it was this weekend or something? Anything come out of that or is that where the above has come from?

A protest outside the FL. PMSL.

Didnt Lampit have a closed door meating with some of the many fans recently? I thought it was this weekend or something? Anything come out of that or is that where the above has come from?

Questions and discussion with David Lampitt

Update

• At this point of the meeting, David Lampitt and Nick Byram joined. Bob Beech had to leave the meeting.

• David gave an update on the situation at the club.

• CSI have gone into administration, the club itself are not in administration. Andrew Andronikou has been appointed as administrator for CSI, and has been tasked with finding buyers for the subsidiaries of CSI, which include Portsmouth FC. It is a matter of trying to find the best solution for all concerned.

• The charge against the club has reverted to Balram Chainrai.

• It is not expected that the club itself will go into administration.

• There are funds in the bank to finance the club for a time, but the sooner investment is achieved the better as it secures the future of the club.

• Nobody anticipated the events which have happened, there was great surprise with the events surrounding Vladimir Antonov and, as a result, CSI.

• The Football League have a decision to make as regards a potential points discussion, the club have to manage the relationship with the Football League and David is speaking to the Football League daily.

• It is preferred that any decisions made by the Football League is made as soon as possible as the decision could affect any bid and investment for the club. There have already been some expressions of interest in the club.

Response to questions from the Conference, and additional Q&A

• David answered, as far as he could, a series of questions which had been forwarded to him by the Conference.

• Who are the shareholders of Portsmouth FC (2010)? – The shareholding is now held by the administrators, beforehand the shareholding was totally held by CSI.

• What was the buy out arrangement when CSI took over the club from Chainrai and Kushnir? – There was a schedule of payments, a deferred consideration.

• Do Chainrai and Kushnir still have a charge on Fratton Park and the assets of the club? – The charge on the club reverted to Balram Chainrai because of the situation with CSI.

• It was pointed out that no money from the club has gone outwards to CSI, day to day financial operations stay totally within the club.

• Can the club provide guarantees that any ticket money or ½ ST money coming into the club is staying within the club and is ring-fenced and safeguarded? – A guarantee is given that all money from half season ticket sales will stay within the club, as do all funds generated by the club. Half season ticket monies bought on debit or credit cards are released to the club on a game by game basis.

• It was noted that CSI have provided top up money outside the standard club revenue streams.

• What does the club owe CSI and Antonov? – A sum of money was invested into the club by CSI, of approximately £10.8m. The debt was to CSI, so responsibility for payment of the loan will fall to any future owner. Discussion of debts and a deal for the club is possible, it is felt that some realism has to be reached as regards a price for the club.

• The money from Antonov went on a mixture of dealing with legacy issues, alongside summer transfer spending and associated wage commitments. CSI raised the ambition of the club.

• If we are one of Antonov’s frozen assets, how will the club be affected? – This is difficult to answer but there is always a possibility that the club could be affected in this way. The club has some protection though in that we are now under the office of the court due to CSI being put into administration.

• Does Vladimir Antonov remain chairman of the club? - No, he has stepped down and a replacement chairman has not been appointed. The four club directors remain as they were.

• Can we meet our day to day commitments? – Yes we can short term although, as mentioned earlier, the sooner investment is found the better all round. All parties involved are solely interested in keeping the club going and in existence. It is a difficult balance as the club are confident short term funds are available, but we will need investment into the club.

• The question was asked if this funding stream was Balram Chainrai, and this was thought to be an accurate assumption.

• It is noted that the club have no funding from banks at the current time.

• The club are up-to-date with all scheduled payments which have resulted from the summer transfer dealings and the books, in reality, are in a good state. The position of the club, and any potential sale, was compared to that of Nottingham Forest, where the owner has put in £70m into the club, which will need to be paid back, with Forest also not owning their ground.

• The club will continue to look at ticket pricing across the board following the success of the half season ticket sales.

• Whilst the situation at the club does not make David uncomfortable, obviously the sooner investment is found and confirmed, the sooner people can relax.

• A comment was made that, considering Antonov’s known background, that David and the club should not have been surprised at the turn of events. David stated that there was nothing in Antonov’s history to say that he definitely couldn’t invest in a football club, and the Football League have to act legally within their tests.

• It was noted that, at best case scenario, with due diligence to be carried out, it is optimistic to believe that an owner could be in place by the end of January.

• David stressed that it is important fans continue to support the club.

• It was noted that SOS Pompey will sit down with the club to discuss the planned protest at the beginning of the week, with David being assured that fans from other clubs apart from Portsmouth will be in attendance at the protest.

Date of next meeting

To be arranged

The money from Antonov went on a mixture of dealing with legacy issues, alongside summer transfer spending and associated wage commitments. CSI raised the ambition of the club.

So this notion that all transfers and new contracts were going through the Football League for approval is a load of gubbins then? Thought as much...

Lots of confirmation of what we already suspected. I fail to see how pompey can be considered a better buy now than at the point at which the CVA was agreed as the amount of money needed to clear debts is the about the same I would guess (i.e. instead of paying Chainrai directly they have to pay the 10.8 back to CSI that would then go to Chainrai). Plus at point of the CVA the CVA payments could be (and were) postponed for a while but not as much leeway now.

So this notion that all transfers and new contracts were going through the Football League for approval is a load of gubbins then? Thought as much...

‘We are still monitored on a monthly basis by the Football League and they have sanctioned all of the transfer business we have done.

‘That’s part of the revised business plan we’ve put together which the new owners and the Football League have approved.

‘It’s different to the plan we were working to before and it does allow a greater level of investment.’

While there are still restrictions on Pompey’s transfer dealings, boss Steve Cotterill, Lampitt and the new owners have stuck rigidly to the task.

Lampitt said: ‘We still have our parameters based on what we have planned with the owners and what the Football League will allow us to do.

‘But we are absolutely within those parameters.’

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_are_back_in_control_of_wages_1_3019537

Not that it will make much difference now Granty but everything was going through the FL, including their approval for CSI to increase the investment that had been agreed before

• A comment was made that, considering Antonov’s known background, that David and the club should not have been surprised at the turn of events. David stated that there was nothing in Antonov’s history to say that he definitely couldn’t invest in a football club

‘We are still monitored on a monthly basis by the Football League and they have sanctioned all of the transfer business we have done.

‘That’s part of the revised business plan we’ve put together which the new owners and the Football League have approved.

‘It’s different to the plan we were working to before and it does allow a greater level of investment.’

While there are still restrictions on Pompey’s transfer dealings, boss Steve Cotterill, Lampitt and the new owners have stuck rigidly to the task.

Lampitt said: ‘We still have our parameters based on what we have planned with the owners and what the Football League will allow us to do.

‘But we are absolutely within those parameters.’

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_are_back_in_control_of_wages_1_3019537

 

Not that it will make much difference now Granty but everything was going through the FL, including their approval for CSI to increase the investment that had been agreed before

I did not realise that bringing in more players, paying their wages and having a large resultant debt that pompey are in no position to repay counted as 'investment'

Questions and discussion with David Lampitt

Update

• At this point of the meeting, David Lampitt and Nick Byram joined. Bob Beech had to leave the meeting.

• David gave an update on the situation at the club.

• CSI have gone into administration, the club itself are not in administration. Andrew Andronikou has been appointed as administrator for CSI, and has been tasked with finding buyers for the subsidiaries of CSI, which include Portsmouth FC. It is a matter of trying to find the best solution for all concerned.

• The charge against the club has reverted to Balram Chainrai.

• It is not expected that the club itself will go into administration.

• There are funds in the bank to finance the club for a time, but the sooner investment is achieved the better as it secures the future of the club.

• Nobody anticipated the events which have happened, there was great surprise with the events surrounding Vladimir Antonov and, as a result, CSI.

• The Football League have a decision to make as regards a potential points discussion, the club have to manage the relationship with the Football League and David is speaking to the Football League daily.

• It is preferred that any decisions made by the Football League is made as soon as possible as the decision could affect any bid and investment for the club. There have already been some expressions of interest in the club.

Response to questions from the Conference, and additional Q&A

• David answered, as far as he could, a series of questions which had been forwarded to him by the Conference.

• Who are the shareholders of Portsmouth FC (2010)? – The shareholding is now held by the administrators, beforehand the shareholding was totally held by CSI.

• What was the buy out arrangement when CSI took over the club from Chainrai and Kushnir? – There was a schedule of payments, a deferred consideration.

• Do Chainrai and Kushnir still have a charge on Fratton Park and the assets of the club? – The charge on the club reverted to Balram Chainrai because of the situation with CSI.

• It was pointed out that no money from the club has gone outwards to CSI, day to day financial operations stay totally within the club.

• Can the club provide guarantees that any ticket money or ½ ST money coming into the club is staying within the club and is ring-fenced and safeguarded? – A guarantee is given that all money from half season ticket sales will stay within the club, as do all funds generated by the club. Half season ticket monies bought on debit or credit cards are released to the club on a game by game basis.

• It was noted that CSI have provided top up money outside the standard club revenue streams.

• What does the club owe CSI and Antonov? – A sum of money was invested into the club by CSI, of approximately £10.8m. The debt was to CSI, so responsibility for payment of the loan will fall to any future owner. Discussion of debts and a deal for the club is possible, it is felt that some realism has to be reached as regards a price for the club.

• The money from Antonov went on a mixture of dealing with legacy issues, alongside summer transfer spending and associated wage commitments. CSI raised the ambition of the club.

• If we are one of Antonov’s frozen assets, how will the club be affected? – This is difficult to answer but there is always a possibility that the club could be affected in this way. The club has some protection though in that we are now under the office of the court due to CSI being put into administration.

• Does Vladimir Antonov remain chairman of the club? - No, he has stepped down and a replacement chairman has not been appointed. The four club directors remain as they were.

• Can we meet our day to day commitments? – Yes we can short term although, as mentioned earlier, the sooner investment is found the better all round. All parties involved are solely interested in keeping the club going and in existence. It is a difficult balance as the club are confident short term funds are available, but we will need investment into the club.

• The question was asked if this funding stream was Balram Chainrai, and this was thought to be an accurate assumption.

• It is noted that the club have no funding from banks at the current time.

• The club are up-to-date with all scheduled payments which have resulted from the summer transfer dealings and the books, in reality, are in a good state. The position of the club, and any potential sale, was compared to that of Nottingham Forest, where the owner has put in £70m into the club, which will need to be paid back, with Forest also not owning their ground.

• The club will continue to look at ticket pricing across the board following the success of the half season ticket sales.

• Whilst the situation at the club does not make David uncomfortable, obviously the sooner investment is found and confirmed, the sooner people can relax.

• A comment was made that, considering Antonov’s known background, that David and the club should not have been surprised at the turn of events. David stated that there was nothing in Antonov’s history to say that he definitely couldn’t invest in a football club, and the Football League have to act legally within their tests.

• It was noted that, at best case scenario, with due diligence to be carried out, it is optimistic to believe that an owner could be in place by the end of January.

• David stressed that it is important fans continue to support the club.

• It was noted that SOS Pompey will sit down with the club to discuss the planned protest at the beginning of the week, with David being assured that fans from other clubs apart from Portsmouth will be in attendance at the protest.

Date of next meeting

To be arranged

So, 30 pertinent points discussed / minuted and not one single mention of the looming CVA obligations? Says it all really.

Didn't I read there's also a small matter of £2 mil due to the administrators in April?

Probably keeping it quiet so if any new owners come in they can believe that they are debt free, now where have i heard that before.

Probably keeping it quiet so if any new owners come in they can believe that they are debt free, now where have i heard that before.

I am sure you could rework the "What have the romans ever done for us" sketch along the lines of:

"It's lucky we are debt free."

"What about the CVA payments?"

"okay, besides the CVA payments we are debt free"

...

"Okay, besides the CVA payments, the CSI debt, the payments to charity, the bill from the administrators, the cost of the new toilets we are debt free.

Probably keeping it quiet so if any new owners come in they can believe that they are debt free, now where have i heard that before.

Oh apart from the £10.8M that CSI 'put in'....which well...Oh FFS I give up.

There's more twists and turns than Spaghetti Junction in that big statement.

For all Skatettes that follow this thread, regardless of whatever tripe gets spun in The Snooze, whatever happens in January, two words for ya...

YOU'RE SCREWED.

Oh apart from the £10.8M that CSI 'put in'....which well...Oh FFS I give up.

 

There's more twists and turns than Spaghetti Junction in that big statement.

 

For all Skatettes that follow this thread, regardless of whatever tripe gets spun in The Snooze, whatever happens in January, two words for ya...

 

YOU'RE SCREWED.

Technically 3 words? ;-)

Technically 3 words? ;-)

Why do I always think of David Mitchell when I see your little winky thing

Why do I always think of David Mitchell when I see your little winky thing

Because our winkies are both the same shape?

‘We are still monitored on a monthly basis by the Football League and they have sanctioned all of the transfer business we have done.

‘That’s part of the revised business plan we’ve put together which the new owners and the Football League have approved.

‘It’s different to the plan we were working to before and it does allow a greater level of investment.’

While there are still restrictions on Pompey’s transfer dealings, boss Steve Cotterill, Lampitt and the new owners have stuck rigidly to the task.

Lampitt said: ‘We still have our parameters based on what we have planned with the owners and what the Football League will allow us to do.

‘But we are absolutely within those parameters.’

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_are_back_in_control_of_wages_1_3019537

 

Not that it will make much difference now Granty but everything was going through the FL, including their approval for CSI to increase the investment that had been agreed before

Miss this one the Ho ho ho.....

• What does the club owe CSI and Antonov? – A sum of money was invested into the club by CSI, of approximately £10.8m. The debt was to CSI, so responsibility for payment of the loan will fall to any future owner. Discussion of debts and a deal for the club is possible, it is felt that some realism has to be reached as regards a price for the club.

No change there then!

So we now have a club with 20 million of CVA debt, 17 million of Chanrai secured debt (This could be more) 5 million of gaydamak secured debt, 10 million of CSI debt, no training ground, don't own their ground an "An around the houses admission", they are still not self financing, their parent company in administration, potential points deduction, awaiting the results of the insolvency commission investigation on their last administration, an forensic investigation into their affairs (Seemingly sponsored by HMRC) and court case result under media blackout and a pending trial for their previous owner and previous manager.

I can't see what all the fuss is about. If that little lot above can't attract a decent billionaire, what hope for the rest of us?

Oh and there's fat in water at fratton park :scared:

Lindleys (forwarded by Tony Goodall, PISA)

• It was disappointing that there had been a recent occasion where some food had run out during a match day.

• Lindleys had apologised for this occurrence, which was caused by a promotion where pies and drinks had been given away free with match tickets. This should not happen again.

• Catering for the Southampton game will be available via the normal areas.

• It was noted that for recent games, the South Stand had hot water available but, unfortunately, hot fat had found its way into the system which had affected things.

‘We are still monitored on a monthly basis by the Football League and they have sanctioned all of the transfer business we have done.

‘That’s part of the revised business plan we’ve put together which the new owners and the Football League have approved.

‘It’s different to the plan we were working to before and it does allow a greater level of investment.’

While there are still restrictions on Pompey’s transfer dealings, boss Steve Cotterill, Lampitt and the new owners have stuck rigidly to the task.

Lampitt said: ‘We still have our parameters based on what we have planned with the owners and what the Football League will allow us to do.

‘But we are absolutely within those parameters.’

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_are_back_in_control_of_wages_1_3019537

 

Not that it will make much difference now Granty but everything was going through the FL, including their approval for CSI to increase the investment that had been agreed before

Once again, our resident thick troll bleats that its ''the FL's fault for letting us do it!!!''

Another point the deserves some debate is this one

• Can we meet our day to day commitments? – Yes we can short term although, as mentioned earlier, the sooner investment is found the better all round. All parties involved are solely interested in keeping the club going and in existence. It is a difficult balance as the club are confident short term funds are available, but we will need investment into the club.

• The question was asked if this funding stream was Balram Chainrai, and this was thought to be an accurate assumption.

So I read that as Chainrai is lending them (as he would never give it) extra money now to keep things going till they can be sold?

Looks like the mongtards are planning a protest outside FL HQ.. presumably the FL should've stopped them from spending £120 million they didnt have

 

Will you be heading along Corporate Ho?

hilarious skates, really funny... last time it was all the premier leagues fault IIRC

So all of them comments on the russian mafias facebook page, from skates glowing with glee and blowing off vlad and his mobsters - they were gushing with joy that these seriously shady characters rolled into town. I questioned the mafia, posted the rumafia links and I was flamed for doing it... the skates would not have a word of it - heads in the sand big time...

and now its all the FLs fault?

just shut them down now FFS, there is just no reasoning anymore.

Questions and discussion with David Lampitt

Update

• At this point of the meeting, David Lampitt and Nick Byram joined. Bob Beech had to leave the meeting.

• David gave an update on the situation at the club.

• CSI have gone into administration, the club itself are not in administration. Andrew Andronikou has been appointed as administrator for CSI, and has been tasked with finding buyers for the subsidiaries of CSI, which include Portsmouth FC. It is a matter of trying to find the best solution for all concerned.

• The charge against the club has reverted to Balram Chainrai.

• It is not expected that the club itself will go into administration.

• There are funds in the bank to finance the club for a time, but the sooner investment is achieved the better as it secures the future of the club.

• Nobody anticipated the events which have happened, there was great surprise with the events surrounding Vladimir Antonov and, as a result, CSI.

• The Football League have a decision to make as regards a potential points discussion, the club have to manage the relationship with the Football League and David is speaking to the Football League daily.

• It is preferred that any decisions made by the Football League is made as soon as possible as the decision could affect any bid and investment for the club. There have already been some expressions of interest in the club.

Response to questions from the Conference, and additional Q&A

• David answered, as far as he could, a series of questions which had been forwarded to him by the Conference.

• Who are the shareholders of Portsmouth FC (2010)? – The shareholding is now held by the administrators, beforehand the shareholding was totally held by CSI.

• What was the buy out arrangement when CSI took over the club from Chainrai and Kushnir? – There was a schedule of payments, a deferred consideration.

• Do Chainrai and Kushnir still have a charge on Fratton Park and the assets of the club? – The charge on the club reverted to Balram Chainrai because of the situation with CSI.

• It was pointed out that no money from the club has gone outwards to CSI, day to day financial operations stay totally within the club.

• Can the club provide guarantees that any ticket money or ½ ST money coming into the club is staying within the club and is ring-fenced and safeguarded? – A guarantee is given that all money from half season ticket sales will stay within the club, as do all funds generated by the club. Half season ticket monies bought on debit or credit cards are released to the club on a game by game basis.

• It was noted that CSI have provided top up money outside the standard club revenue streams.

• What does the club owe CSI and Antonov? – A sum of money was invested into the club by CSI, of approximately £10.8m. The debt was to CSI, so responsibility for payment of the loan will fall to any future owner. Discussion of debts and a deal for the club is possible, it is felt that some realism has to be reached as regards a price for the club.

• The money from Antonov went on a mixture of dealing with legacy issues, alongside summer transfer spending and associated wage commitments. CSI raised the ambition of the club.

• If we are one of Antonov’s frozen assets, how will the club be affected? – This is difficult to answer but there is always a possibility that the club could be affected in this way. The club has some protection though in that we are now under the office of the court due to CSI being put into administration.

• Does Vladimir Antonov remain chairman of the club? - No, he has stepped down and a replacement chairman has not been appointed. The four club directors remain as they were.

• Can we meet our day to day commitments? – Yes we can short term although, as mentioned earlier, the sooner investment is found the better all round. All parties involved are solely interested in keeping the club going and in existence. It is a difficult balance as the club are confident short term funds are available, but we will need investment into the club.

• The question was asked if this funding stream was Balram Chainrai, and this was thought to be an accurate assumption.

• It is noted that the club have no funding from banks at the current time.

• The club are up-to-date with all scheduled payments which have resulted from the summer transfer dealings and the books, in reality, are in a good state. The position of the club, and any potential sale, was compared to that of Nottingham Forest, where the owner has put in £70m into the club, which will need to be paid back, with Forest also not owning their ground.

• The club will continue to look at ticket pricing across the board following the success of the half season ticket sales.

• Whilst the situation at the club does not make David uncomfortable, obviously the sooner investment is found and confirmed, the sooner people can relax.

• A comment was made that, considering Antonov’s known background, that David and the club should not have been surprised at the turn of events. David stated that there was nothing in Antonov’s history to say that he definitely couldn’t invest in a football club, and the Football League have to act legally within their tests.

• It was noted that, at best case scenario, with due diligence to be carried out, it is optimistic to believe that an owner could be in place by the end of January.

• David stressed that it is important fans continue to support the club.

• It was noted that SOS Pompey will sit down with the club to discuss the planned protest at the beginning of the week, with David being assured that fans from other clubs apart from Portsmouth will be in attendance at the protest.

Date of next meeting

To be arranged

Same position as Forest?

Corp, your CEO has stated Chinny always had a charge on skateland - for your records

£10.8 million of debt for the new owner, not a problem, just load it on the asking price:

£18m CVA to pay, £3m in Q1 2012

£17m to Chanrai

£10.8m

Most expensive XI in the league

TBH @ £1.68m P.A + N.I, PAYE etc.

Club cant operate sustainably, relies on hard cash EVERY month - at a SUBSTANTIAL burn rate

Crumbling stadium...

roll up roll up

Blimey... I just remembered - Gadymack still owns all the surrounding land and car parks - with all the goings on with the russian mafia i almost forgot... f*cking PMSL

So we now have a club with 20 million of CVA debt, 17 million of Chanrai secured debt (This could be more) 5 million of gaydamak secured debt, 10 million of CSI debt, no training ground, don't own their ground an "An around the houses admission", they are still not self financing, their parent company in administration, potential points deduction, awaiting the results of the insolvency commission investigation on their last administration, an forensic investigation into their affairs (Seemingly sponsored by HMRC) and court case result under media blackout and a pending trial for their previous owner and previous manager.

 

I can't see what all the fuss is about. If that little lot above can't attract a decent billionaire, what hope for the rest of us?

 

Oh and there's fat in water at fratton park :scared:

 

Lindleys (forwarded by Tony Goodall, PISA)

• It was disappointing that there had been a recent occasion where some food had run out during a match day.

• Lindleys had apologised for this occurrence, which was caused by a promotion where pies and drinks had been given away free with match tickets. This should not happen again.

• Catering for the Southampton game will be available via the normal areas.

• It was noted that for recent games, the South Stand had hot water available but, unfortunately, hot fat had found its way into the system which had affected things.

So let me get this straight - their attendance and income comprises free tickets, season ticket for life holders, kids come free and now free food and drink. And they still only get 14K ish attendance!

No wonder they're insolvent

Blimey... I just remembered - Gadymack still owns all the surrounding land and car parks - with all the goings on with the russian mafia i almost forgot... f*cking PMSL

Gaydamck is also owed 5 million is cold hard SECURED cash. (Remember the debarcle when lampitt threatened to wind the club up if gaydamak didn't agree to recieving this over a period of time...... throw another 5 million into the mix.

So just as we posted days ago

Something around 30mil to be invested in the club to take ownership.

Only short term finance.

At the same asking price Saints couldn't find that in 2 years of REALLY serious trying with Keith Harris at the height of the boom.

But AA has interested parties.

Well think we can all guess what they are like then

Will you be heading along Corporate Ho?

 

hilarious skates, really funny... last time it was all the premier leagues fault IIRC

 

So all of them comments on the russian mafias facebook page, from skates glowing with glee and blowing off vlad and his mobsters - they were gushing with joy that these seriously shady characters rolled into town. I questioned the mafia, posted the rumafia links and I was flamed for doing it... the skates would not have a word of it - heads in the sand big time...

 

and now its all the FLs fault?

 

just shut them down now FFS, there is just no reasoning anymore.

 

 

 

Same position as Forest?

 

Corp, your CEO has stated Chinny always had a charge on skateland - for your records

 

£10.8 million of debt for the new owner, not a problem, just load it on the asking price:

 

£18m CVA to pay, £3m in Q1 2012

£17m to Chanrai

£10.8m

Most expensive XI in the league

TBH @ £1.68m P.A + N.I, PAYE etc.

Club cant operate sustainably, relies on hard cash EVERY month - at a SUBSTANTIAL burn rate

Crumbling stadium...

 

roll up roll up

 

 

 

 

 

Blimey... I just remembered - Gadymack still owns all the surrounding land and car parks - with all the goings on with the russian mafia i almost forgot... f*cking PMSL

Oh and let us NOT forget their legendary facebook postings of Joy & Welcome

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/lawrence_pompey_are_worth_buying_1_3313090

Choice quote - "Lawrence feels the Blues are now an attractive proposition as the club seek new backers once again.

Lawrence, who is currently out with an ankle injury, said: ‘We’ve been here before, haven’t we?

‘We seem to get ourselves sorted and then something else comes out of the fire.

‘But I’m not as worried as last time.

‘The club is in nowhere near as much debt as it was and it’s a more attractive club to buy now than it was before."

You better read post 45541 mate!

LLLLLLLLLLLLLLLLLLLLOOOOOOOOOOOOOOOOOOOLLLLLLLLLLLLLLLLL

Soooooooo.........Is it fair to say that PFC actually have MORE DEBT than they did 6 months ago when they struggled to find a buyer. Oh Dear!

BTW - I could be wrong but I seem to remember TBH renegotiated his contract over the summer so don't think he is in £1.9m p.a anymore. Probably took £1.2m a year in return for 2 extra years on his contract or something like that. Anybody know?

FECK ME ....What a Masterpiece ..... don't know where to start ... would be here alnight so just a few highlights for me.

•. There have already been some expressions of interest in the club. What is the exact term for somebody 5 levels below a tyre kicker? Maybe it's Hovis looking to do an advert to promote TOAST? Or the local Undertakers?

A guarantee is given that all money from half season ticket sales will stay within the club, as do all funds generated by the club ... Naturally ... why even consider paying off any debts to local businesses or charities FFS

• – A sum of money was invested into the club by CSI, of approximately £10.8m. The debt was to CSI, so responsibility for payment of the loan will fall to any future owner. Discussion of debts and a deal for the club is possible, it is felt that some realism has to be reached as regards a price for the club. Firstly CSI get back 10.8 million of real money from their illegally earned loan!! 2ndly ... Ebay .. bids over 10p only accepted.

• The money from Antonov went on a mixture of dealing with legacy issues, alongside summer transfer spending and associated wage commitments. CSI raised the ambition of the club. Once again Ostrich treatment of anybody at all owed money by the cheats.

• The club are up-to-date with all scheduled payments which have resulted from the summer transfer dealings and the books, in reality, are in a good state.

Christ on a bike ... I think this is my favourite!! I'd hate to see what books in a bad state look like.

• It was noted that, at best case scenario, with due diligence to be carried out, it is optimistic to believe that an owner could be in place by the end of January.

Stop it please stop it before i PMSL. They forgot the cheque is in the post and of course I won't come in your mouth dear.

This stuff is coming from the powersthat be or maybe at SkatePark FFS ... no wonder why their fans are so deluded being fed this crap all the time.

What a truly dispicable cheating bunch of cahoonts .

• The club are up-to-date with all scheduled payments which have resulted from the summer transfer dealings and the books, in reality, are in a good state.

Christ on a bike ... I think this is my favourite!! I'd hate to see what books in a bad state look like.

To be fair they are probably fairly new books as the last lot accidentally fell in a shredding machine

FECK ME ....What a Masterpiece ..... don't know where to start ... would be here alnight

I couldn't agree more. There is much here. Perhaps everyone ought to choose their favourite bit and we could have a poll to see which is the funniest.

I thought the best bit was the comparison with Nottingham Forest. Classic diversionary tactics. Bring in a complete red herring to make it look as if the cheats are quite normal. I really wonder if the new owner of Forest will have to stump up £70 million for the old owner. Forest just need to have a potential points deduction, an insolvency commission investigation on their last administration, an HMRC sponsored forensic investigation into their affairs, a pending trial for their previous owner and previous manager and a court case result to be announced and then they will be in the same positiion as the cheats.