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Pompey Takeover Saga


Fitzhugh Fella

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Quick question... According to Birch Fratton is worth £2 million?

Can we not club together, do a Trust type thing, buy Fratton and demolish it?

Now that would be funny...

 

That would be far too quick a punishment and we'd lose all our money.

 

I'd be much happier replacing all the blue seats with red and white and renting it back to them.

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Guessing one answers the other here... assuming of course that the guarantee exists, and isn't from a made up shiekh or something.

 

Key phrase being proof of funds... God knows what is acceptable though, I think an IOU has sufficed in previous admins...

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So now it's "£4m in the bank"...that's a pretty heft interest rate they've got over there....up £1m in 24 hours! I'd like to know who they bank with to get that kinda rate...

 

Must have got a large refund on tax & vat overpayment.

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Quick question... According to Birch Fratton is worth £2 million?

Can we not club together, do a Trust type thing, buy Fratton and demolish it?

Now that would be funny...

 

Demolish it? No way.

Paint it red and white stripes, and have statues of storrie, redkrapp and chinny made? I would happily contribute!

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from Blue Balloo.......Then there are the players and the compromise agreements. Well, all those compromise agreements were negotiated by Birch with Portpin in mind. Well, their offer is off the table so those agreements are gone. I for one don't believe for a minute that Portpin allowed Birch to spend £9m on compromise agreements. It is far more likely to be 50% of that at best. Even so, there is going to have to be some renegotiation, because like Portpin's lost money, there is no-one around to pay it, and all those agreements were made conditional on a Portpin takeover as I understand it.

 

Portpin and our former players are rather like the Arabs in George McDonald-Fraser's excellent post-war memoirs, hanging on to a treasure chest full of pre-war Italian lira, not having heard the news that all the security and football creditor rules in the world are worthless without someone prepared to pay the sum assured to the bearer.......

 

Maybe it's just me but aren't they getting in a muddle with their company law and the football rules. For the CLUB to carry on it has to honour it's football creditors debts. That's a football rule. Doesn't matter who the OWNERS are it is he CLUB that is entering the Football League. If those compromise deals have been made with the players it's no good the Trust saying that was agreed with a different owner. They are taking over a CLUB that has football creditors (albeit and a mutually agreed reduced rate) and for that CLUB to continue operating in the league it has to meet those obligations, no matter who made them.

 

One of us doesn't get it. Don't think it's me.

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I'm confused.......

 

Fact 1 ) TB is charged with getting the best return for creditors

 

Possible fact 2 ) BC is a creditor ( I think )

 

Fact 3) The best deal for BC is to get his charge over Fortress Fatpipes repayed in full

 

Fact 4) TB is hoping to enable PST's takeover, inlcuding buying the ground, for as much ( as little ? ) as they can afford

 

Does TB therefore not have a conflict of interest ?

 

At this point no. In fact he probaby has a duty of care to keep going.

 

As I already mentioned, let's say with ST drip feed & match tickets they can last one month.

 

Now the ONLY possible "Sale" is to PST who are in no position to come up with cash "today" (hahaha if ever)

 

BUT the club could scrape along on drip feed cash flow, so the finances are now slightly different. A NEW (proper) buyer could emerge in the next month.

Yes there (was) a CVA, but that will not now happen so a new buyer COULD save 839k by offering 1/2p in the pound. Then it comes down to CHinny.

 

In reality the game has slightly changed, the investment is still bonkers and would only attract another Laundrette owner, BUT if TB liquidates tomorrow then there is NO chance of the Creditors even getting their 1/2p.

 

He actually HAS to keep draining lifeblood from them for as long as he can IN CASE a nutter turns up

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@officialpompey: Bring your old and unwanted mobiles on Saturday! Collection boxes in the Megastore, Chimes reception and Victory bar!

http://t.co/lctYjKfk

 

How Can You Help Raise Funds for Portsmouth Football Club

 

How to donate

 

Fratton Park - Individuals can donate their unwanted phones by taking them to Fratton Park and placing them in collection boxes located in the club shop and club reception.

Email - Fill in the 'Request an Envelope' form on the right with your details and we will send you a freepost envelope to return your mobile phones in.

Corporate Donations - If you are a business or have a presence in the community and would like collection boxes for people to deposit their phones, please contact us and we will arrange to have a collection box delivered to you.

 

Portsmouth Football Club urges fans to recycle unwanted mobile phones to raise needed funds for the club

 

Portsmouth Football Club are finding clever and inventive approaches to help raise much needed money for the cash strapped club.

Fans are being urged to bring unwanted mobile phones to Fratton Park and place them into collection boxes located in the club reception and club shop. The Club, who are currently in administration, are encouraging fans to go through their drawers and cupboards and collect all their old mobile phones. Every phone is valuable to the club.

 

 

SteptoeAndSon.jpg

Edited by trousers
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March 2013....a busy commuter train....

 

where did you holiday last year Mr Trousers?

Oh, we had a nice fortnight in Italy, the weather was good, we visited museums and vineyards, it was very civilised.

Where are you holidaying this year?

 

 

Holiday? HOLIDAY?? I haven't got time, I'm still trying to catch up from the 180 pages I missed last August, so shut the feck up and leave me with my laptop...I've only got to December.....apparently Whittingham has praised his plucky young braves after their 4-0 home defeat, and the Trust reckon they nearly have enough funds to pay some of the September wagebill...:scared:

 

:lol:

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BBC Solent Sport ‏@solentsport

Football League announce #Pompey will start season on zero points, with ten-point deduction not effective until they exit administration

 

BBC Solent in breaking news 5 weeks after it was originally announced shocker....

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The trouble is, if that were to happen huge numbers of local creditors would lose out.

 

They might only be looking at getting a portion of their money back, but a portion is better than nothing

 

I think they mean "a miniscule portion".

 

The Land Registry, however, values Fratton Park at around £7.5m

 

Oh, so when the News told everyone yesterday that the courts could force Chinny to accept far less that £8m for Fratton and quoted some spurious valuation of around £2m, it was bullturd? Who'd have thought it?

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So now it's "£4m in the bank"...that's a pretty heft interest rate they've got over there....up £1m in 24 hours! I'd like to know who they bank with to get that kinda rate...

 

A quick browse through the Company Accounts should clear up these queries ...... Oh sorry ... I forgot where I was and who we are dealing with for a minute there. :rolleyes:

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How can they have 4m in the bank when they've defaulted on over 100m ?

 

Sorry for sounding stupid, like....

 

They've just had a parachute payment -- and it is already down to £3mill, presumably becasue some of it went straight out to pay some bills. The £3 mill is already spoken for of course, but that doesn't stop the News counting it twice.

 

Interestingly £3 million would be more than enough to pay birch if he liquidated. How much of this will he allow to be spent before he pulls the plug? His bill is £1.8million, of which he's already had £400k? Will he risk all the balance of £1.6 million? That's a lot if he doesn't pay the ex-players anything.

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Does the land registry actually contain an estimate of the value of properties or just the value it was last sold for? I thought in the case of houses it was the latter?

 

Value in a transaction/change of hands, so it could be an agreed amount when Chainrai and CSI did a deal. Bit like the notional value of a makeweight exchange player in a transfer deal

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BBC Solent Sport ‏@solentsport

Football League announce #Pompey will start season on zero points, with ten-point deduction not effective until they exit administration

 

Meaning the trash will stay in admin all season, and the deduction disappears as they magically come out of admin next summer.

 

Its a pity that as much energy solving the clubs problems isnt being invested as is being in conning the rest of the football world and the clubs creditors.

 

And this evening the FL will give them a green light to sign players and rack up huge wage debts again...

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http://www.bbc.co.uk/sport/0/football/19284581

 

Those players will include keeper Simon Eastwood, who was brought in on a non-contract basis earlier in the week. Other players expected to sign are trialists Izale McLeod, Mustapha Dumbuya, Jon Harley, Luke Rodgers, Brian Howard, Jack Compton, Kieran Djilali and Liam Walker.

 

So the trialists who were brought in in the expectation of a £4m pa budget are being signed, while the club remains in admin. Other players have been forced out of the club and had to give up their contractual obligations to allow them to sign all these new players.

 

I feel sick.

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BBC Solent Sport ‏@solentsport

Football League announce #Pompey will start season on zero points, with ten-point deduction not effective until they exit administration

So they may as well stay in admin until the end of the season and see how they have done. In the meanwhile fill the side with non contract players of decent quality so that they can try to get promotion and be a better bet for a purchaser. I see no other reason to use non contract players. Also non contract players will come on low wages as they have no better offer.

Yet again, PFC flick V's at the rest of football and the creditors.

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http://www.football-league.co.uk/footballleaguenews/20120816/league-statement-portsmouth_2293334_2887028

 

Nothing statement from the Football League. Ignoring the obvious about signing players and the embargo. The whole thing is an absolute disgrace, but at least they are trying to go out with a bang.

 

So as soon as Chainrai leaves the immediate scene, Appy's mega budget is magically restored despite the debt, and all of a sudden McLeod and co can put pen to paper. Or feather and ink to a piece of scroll. It stinks. They are all totally deluded.

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http://www.bbc.co.uk/sport/0/football/19284581

 

 

 

So the trialists who were brought in in the expectation of a £4m pa budget are being signed, while the club remains in admin. Other players have been forced out of the club and had to give up their contractual obligations to allow them to sign all these new players.

 

I feel sick.

Did you want them to survive? if so do you still wish them to after yet another sidestep of true justice.
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Meaning the trash will stay in admin all season, and the deduction disappears as they magically come out of admin next summer.

 

If they did that then the -10 (minimum with CVA) would kick in next season instead....Pompey are the masters of deferrals afterall...

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http://www.football-league.co.uk/footballleaguenews/20120816/league-statement-portsmouth_2293334_2887028

 

Nothing statement from the Football League. Ignoring the obvious about signing players and the embargo. The whole thing is an absolute disgrace, but at least they are trying to go out with a bang.

 

So as soon as Chainrai leaves the immediate scene, Appy's mega budget is magically restored despite the debt, and all of a sudden McLeod and co can put pen to paper. Or feather and ink to a piece of scroll. It stinks. They are all totally deluded.

 

None of the Leagues conditions about membership come into effect until they exit administration, but they can start the season in administration.

 

That is sick. The League has given PFC cart-blanche to go f**king mental again under the umbrella of administration.

 

I cant believe what I am reading. Why on earth do normal rules not apply to them ?

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http://www.football-league.co.uk/footballleaguenews/20120816/league-statement-portsmouth_2293334_2887028

 

Nothing statement from the Football League. Ignoring the obvious about signing players and the embargo. The whole thing is an absolute disgrace, but at least they are trying to go out with a bang.

 

So as soon as Chainrai leaves the immediate scene, Appy's mega budget is magically restored despite the debt, and all of a sudden McLeod and co can put pen to paper. Or feather and ink to a piece of scroll. It stinks. They are all totally deluded.

as usual any dealings between our fishy neighbours & the footballing authorities seem to go swimmingly :facepalm:

i'm sure all those clubs in the past that have felt harshly punished by the FL are overjoyed to see the level of support the skates get to help them survive

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None of the Leagues conditions about membership come into effect until they exit administration, but they can start the season in administration.

 

That is sick. The League has given PFC cart-blanche to go f**king mental again under the umbrella of administration.

 

I cant believe what I am reading. Why on earth do normal rules not apply to them ?

 

But they won't go ****ing mental, as you so eloquently put it, because they are now being run by an Administrator who's remit *IS* to run the company within it's means.

 

IF TB started to make (financial) matters worse (can they get worse?) I'm sure he'd be out on his ear...

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But they won't go ****ing mental, as you so eloquently put it, because they are now being run by an Administrator who's remit *IS* to run the company within it's means.

 

IF TB started to make (financial) matters worse (can they get worse?) I'm sure he'd be out on his ear...

 

Maybe, but the FLs passivity over this is astounding.

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I'm surprised people like Bates haven't got more to say about this. Or fans from teams like B'mouth, Plymouth, Rotherham, Luton etc - who were all shafted by the FL. Particularly B'mouth as they are playing them on Sat - you'd think someone would pipe up and say there should be equal treatment.

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Couple of questions:

 

1. What happened to PCC's PR stunt with the loan? Will they be forced to swallow their bullsh*te and gain the hatred of a good share of Portsmouth's population as they tell the PST that really they can't help with a penny?

 

2. What's Birch's deadline for a Trust takeover? Is there even an official FL deadline for this? How long can a club stay in admin before its either new owner or bust?

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I'm surprised people like Bates haven't got more to say about this. Or fans from teams like B'mouth, Plymouth, Rotherham, Luton etc - who were all shafted by the FL. Particularly B'mouth as they are playing them on Sat - you'd think someone would pipe up and say there should be equal treatment.
perhaps football as a business is so ridden with corruption and dirty dealings nobody wants to really open the can of worms.

After today I suspect there are a few more in the 'they have got away with it camp'

Yes each time their position is eroded more, but hiw many times have we been told they were finished in this saga? it must be close to 20 times.

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If PKF want to fund a promotion challenging team of mercenaries on the tick, let them. It will **** off their league peers and run up more debt, making the trust's job more difficult by the day.

 

The inevitable pop is getting bigger and bigger.

 

Agreed. It's a waste of limited cash as those guys are not good enough to get them promoted even without the -10 that kicks in when a new owner arrives. It's just burning limited money whilst Birch tries to conjure up a new buyer and the PST try to conjure up enough funds.

 

They're doomed.

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'Portsmouth have been given special dispensation by the Football League to start the season on zero points despite being in administration.' Why? Luton must be seething at this. It seems that there is a chance they will not get any deduction at all. It is incredible, every time they say they are going to be wound up they get 'special dispensation'

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'Portsmouth have been given special dispensation by the Football League to start the season on zero points despite being in administration.' Why? Luton must be seething at this. It seems that there is a chance they will not get any deduction at all. It is incredible, every time they say they are going to be wound up they get 'special dispensation'

 

Please don't tell me they are getting away with it

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