Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
in Golden Posts

 Share

Recommended Posts

Smirking_Saint

Smirking_Saint

Posted
Posted

Sorry guys, i am a little out of touch atm what with the whole debacle that is the skatesmouth train wreck.

 

Forgive me for not trawling through the pages and pages since they got away with it against the HMRC...............but just what the f*ck is going on ??

 

Is AA now acting as the owner and attempting to get them promoted ? How are they still trading under administration even though nobody seems keen on them ?

 

How does a team in administration thrash out deals for players and offer inflated contracts AGAINST the T's & C's laid out in the document they sent to stay alive ??

Link to comment
Share on other sites
dubai_phil

dubai_phil

Posted
Posted
Sorry guys, i am a little out of touch atm what with the whole debacle that is the skatesmouth train wreck.

 

Forgive me for not trawling through the pages and pages since they got away with it against the HMRC...............but just what the f*ck is going on ??

 

Is AA now acting as the owner and attempting to get them promoted ? How are they still trading under administration even though nobody seems keen on them ?

 

How does a team in administration thrash out deals for players and offer inflated contracts AGAINST the T's & C's laid out in the document they sent to stay alive ??

 

This is the Poopey Takeover thread.

 

The thread for discussing "A few things I was pondering" (ie questions with no possible logical answers) is located in The Lounge directly below this thread

Link to comment
Share on other sites
Dark Munster

Dark Munster

Posted
Posted
Is it me????? I genuinely think he believes this is within the boundarys of a "Transfer Embargo". I'm sure the android has assured him it works that way. It doesn't.

The transfer embargo was put in place because of the clubs inability to manage its finanances, (Probably worth remembering that this is the second transfer embargo in this whole sorry mess, but when the first one was relaxed, it was systematically abused, with players contracts magaically being paid off, huge agents fees then paid to bring those players in and storrie trying to have the agent involved paid by the back door and not in keeping with the rules agreed) to date they have been unable to provide the relevant information, to the relevant authorites that demonstrates their ability to run the club in such a way as to prevent this happening again and as such the transfer embargo stands. The FL were ultimately undone by thier own 20 man squad rule and whilst they seemed to manipulate this as well (Cancelling contracts etc.) the new faces that have been bought in, were done so, to allow them to get to the 20 man squad rule. That does not mean you can now bin a couple of them to bring in a couple of better players, no doubt on more money. I am sure that it hasn't escaped the notice of the FL that first element of the CVA was to bring in 15 million pounds worth of player sales, which was subsequently reduced to 13 million and then subsequently shy by nearly 3 million. Another element of the restructuring, was to cap the wage limit of any one player at a very generous 10k a week and the first two players they bring in are on 19k and 20k a week, which suggests they are slow learners. Reading about mokoena and Heirdesson, i would suggest they will want as a minimum, the same terms and no doubt they will get it. They havent learnt a thing and continue to hold two fingers up at the football authorites...... Who won't tolerate it forever, even with lampitt invloved.

 

http://www.portsmouth.co.uk/sport/The-Axe-ready-to-commit.6541788.jp

 

 

Talks are continuing with Hreidarsson but Mokoena is now close to signing after agreeing revised personal terms

 

'There might be a couple of sacrifices we might have to make to get

Hermann but it is something I'd want to do.

 

'I need him in that 20, so if I have to sacrifice someone else it's what I've got to do.

 

'It might be a loan out or there might be other things you can do to vacate spaces.

They aren't subtle, are they? After years of getting away with cheating and breaking rules they are brazen and cocky about it.

Link to comment
Share on other sites
Dark Munster

Dark Munster

Posted
Posted
So with Cotterill now openly discussing manipulating the 20 player rule to make yet another signing - he is obviously confident that the FL transfer embargo is completely irrelevant. The FL are being made to look like fecking idiots. Pompey have to be the most disgusting team in the history of world football.

Well, if we try hard enough we may be able to uncover somewhere in the world a prison team made up of pedophiles, rapists and mass murderers, who could be considered even more disgusting than Cheats FC.

 

Maybe.

Link to comment
Share on other sites
saintjay77

saintjay77

Posted
Posted
bet the creditors are glad they voted for the deal' date=' and then see millions given to second rate players[/quote']

 

I can't believe the creditors vote on one thing which includes a wage cap put in place to make sure they get there money. Then watch the club find loads of extra money to completely blow away the wage cap.

 

The creditors must be thinking there money is well and truly gone now as liquidation must be looking more and more likely everyday. Now they are thinking of shipping out more of there lower players so they can bring in yet more bigger players on no doubt wages that break there cap again.

 

All it will take is for the FL to grow some balls to put an end to this. Can't see it happening though. Think they have caught the cold for the prem and will wait for Pompey to pull the plug and put up with anything they do in the mean time.

Link to comment
Share on other sites
JackFrost

JackFrost

Posted
Posted (edited)
I can't believe the creditors vote on one thing which includes a wage cap put in place to make sure they get there money. Then watch the club find loads of extra money to completely blow away the wage cap.

 

The creditors must be thinking there money is well and truly gone now as liquidation must be looking more and more likely everyday. Now they are thinking of shipping out more of there lower players so they can bring in yet more bigger players on no doubt wages that break there cap again.

All it will take is for the FL to grow some balls to put an end to this. Can't see it happening though. Think they have caught the cold for the prem and will wait for Pompey to pull the plug and put up with anything they do in the mean time.

 

I think Mr Dubai_Phil called it about 250 pages back, why liquidate the club when there are still assets to be stripped?

 

Who knows when the time will come? It may even happen before next season if they don't come out of admin sometime in the next 10-11 months, once Chainrai has put what he can in his back pocket he'll tell AA to go ahead with liquidation and wrap it in PR guff about how they did everything they could to keep Pompey afloat, and how it's the toughest decision he's ever made in his life and how it is all the evil PL and FL's fault etc. etc.

 

The only thing that can save them now is a buyer, Chainrai is merely a vulture.

 

And I haven't even started about the Storrie/'arry/Mandaric tax evasion court cases yet.

Edited by JackFrost
Link to comment
Share on other sites
Sevvy

Sevvy

Posted
Posted
I think Mr Dubai_Phil called it about 250 pages back, why liquidate the club when there are still assets to be stripped?

 

Who knows when the time will come? It may even happen before next season if they don't come out of admin sometime in the next 10-11 months, once Chainrai has put what he can in his back pocket he'll tell AA to go ahead with liquidation and wrap it in PR guff about how they did everything they could to keep Pompey afloat, and how it's the toughest decision he's ever made in his life and how it is all the evil PL and FL's fault etc. etc.

 

The only thing that can save them now is a buyer, Chainrai is merely a vulture.

 

And I haven't even started about the Storrie/'arry/Mandaric tax evasion court cases yet.[/quote]

 

Go on, you know you want to

Link to comment
Share on other sites
suewhistle

suewhistle

Posted
Posted
Well, if we try hard enough we may be able to uncover somewhere in the world a prison team made up of pedophiles, rapists and mass murderers, who could be considered even more disgusting than Cheats FC.

 

Maybe.

 

Friends of mine in Berkshire used to play against Broadmoor - both home and away games there, funnily enough! But thinking about it, the players there were round the bend mad and bad: Pompey as a club are just bad...

 

@soppyoldsod

The only thing that can save them now is a buyer, Chainrai is merely a vulture.

 

A buyer? Mwah, hah, hah. Serious head back on; what would they be buying?

Link to comment
Share on other sites
saint simes

saint simes

Posted
Posted
Attendance: 8,327 LOL

 

I liked it when the skate commentator was bigging up the "ardcore faithfull" and the return of the drums, "sit somewher else if you don't like them" he says. Quick as a flash the other commentator says "to be fair, there are 19000 other seats to choose from!"

 

Well it made me laugh anyway!

Link to comment
Share on other sites
Gemmel

Gemmel

Posted
Posted (edited)
A buyer? Mwah, hah, hah. Serious head back on; what would they be buying?[/QUOTE]

 

Probably a shell, but there will be a buyer and it will be Chanrai's, last payment from pfcbroken ltd.....but not just yet.

 

Chanarai has 18 million pounds of secured debt ( Which will be funded by the 55 milllion pounds worth of parachute payments), plus the 4 million already paid back in January against a loan of what we can work out to be about 16 million quid (Im guessing the gap equates to high interest rates), on top of that he owns the club, the stadium and has a denbenture against the entire squad (Net worth 10 million ??)

 

The CVA also (very cleverly IMO) allowed for 15 million pounds of working capital. With little or no investment in the playing squad, that figure is more than capable of seeing them through to the final parachute payment in 2 and half years time (Any shortfall could be met with the odd player sale and to all intents and purposes it is irrelevant what league they are in unless they get promoted and then its double bubble) and then the club is ready to sell. Someone somewhere will pay 10 million for a league one pompey - That goes straight to Chanarai.

 

So assumming Chanarai, doesn't cash in on the squad and fratton park (The land) isnt worth more as an indidvidual assett, then chanarai, just needs to sit tight for 30 months and his 16 million loan is repaid at 22 million + whatever he sells the club for (Pure guess) 10 million. A very nice double your money deal in 48 months

 

Of course that is pure conjecture and the option to sell the squad, Or decent ones - (Do not kid yourselves they have nothing left, they actually have a strong 11, regardless what the league table says) leaves the door open for Chanarai to do some real damage, but my guess is that they will be a league one side within 20 months, possibly 8 depending on any points deductions from the tax cases and Chanari will bide his time, collect his money and have a final payday, when he sells out to someone like dyer or lifelongpompeymarc for 10 million quid.

Edited by Gemmel
Link to comment
Share on other sites
rallyboy

rallyboy

Posted
Posted

in our case, history would suggest that the bookies know something the stats don't.

 

On your analysis Gemmel - do you reckon they can cover cva and outgoings by using anything other than advanced parachute?

I thought that Chanrai's only cheer is that money, but it's being directed to football creditors or needed to meet cva.

 

Yes they have a strong championship 11 who seem incapable of playing together at the mo (they can't carry on this badly, can they?), so if they stay injury/suspension-free I can see them creeping up the table, but I reckon the real trouble is still in the accounts.

Link to comment
Share on other sites
Gemmel

Gemmel

Posted
Posted (edited)
On your analysis Gemmel - do you reckon they can cover cva and outgoings by using anything other than advanced parachute?

I thought that Chanrai's only cheer is that money, but it's being directed to football creditors or needed to meet cva.

 

That's the million dollar question. They raised just over ten million in player sales, plus the guranteed 55 million (Such a shame it when up 20 million the season they were relegated) with no other income taken into consideration, regardless of whether it is with them now, that is 65 million quid. If they can become self financing and stand on their own two feet then they have the following commitments;

 

1)18 million secured to Chanarai guranteed

 

2) 7 million (ish) footballing debts (guranteed) (Although aa also used players future earnings as a consideration for the CVA, so that figure is debateable)

 

3) 90 million of unsecured debt (this includes gaydamaks 30 odd million and the tax mans 30 million)

 

The first two have to be paid in full so that's 25 million gone. The final one is 20p in the pound (As you know) over 5 years, with the first payment being due in March or 9 months after they come out of admin so 20% of 90 million is 18 million. (it is also worth rememering that after they expected the total amound of unsecured debt to reduce considerbaly (I bet they ******* did) when proof of debt was required. (Amazing you can get to vote in a CVA without proving the debt exists) but taken at face value and including the 15 million of working capital the CVA allowed for, you have;

 

1) Secured and Footballing debts 25 million

2) 18 million to unsecured

3) 15 million working capital

 

Total 58 million outgoing with 65 million incoming, Throw in administration costs, lawyers and services from local industrial estates and your pretty much there.

 

However, the parachute payments can only be held back for footballing debts (Not even secured creditors i think) so it will be down to them honouring these themselves, although 9 months after the club come out of adminstration, the CVA payments, become a debt of the new company, which if defaulted doesnt liquidate them, the whole process would have to start again, summons, court, winding up order - new club goes into admin etc etc.

 

As CVA payments are made every year for the next five years, once Chanarai has his mone, he will sell the club with that debt, assuming that is is two years time, there will only be 9 million left to pay, so he shoudl still get something half decent for the club.

Edited by Gemmel
Link to comment
Share on other sites
saintjay77

saintjay77

Posted
Posted
Armpit was on Solent this morning saying that they are hoping to be out of admin within the next week.

 

I guess they have submitted there business plan to the football league and they will then decide at there next meeting which is the beginning of october? Wonder what they are making of the "Black Holes" in the accounts AA spoke of.

Link to comment
Share on other sites
Sevvy

Sevvy

Posted
Posted
I guess they have submitted there business plan to the football league and they will then decide at there next meeting which is the beginning of october? Wonder what they are making of the "Black Holes" in the accounts AA spoke of.

 

And how big are those Black Holes

Link to comment
Share on other sites
dubai_phil

dubai_phil

Posted
Posted
Didn't you get the memo? Muse aren't cool anymore.

 

Trouble is that carrier pigeons cannot deliver memos at 40,000 feet.

 

Had the same trouble with the what to wear to the cricket decision.

 

I hate old age - nothing stays the same :-)

 

Oh well The Libraby machine is cutting me off until tomorrow

Link to comment
Share on other sites
RonManager

RonManager

Posted
Posted
Talksport just mentioned that Pompey are complaining about overdue payments from Genoa - everyone in the studio just laughed given their CVA arrangements.

 

If it's true, then go on Genoa - keep your money in your pockets!!

 

I find this hard to believe. Surely Pompey can't have a problem with non-payment of dues - why it's the 'Pompey Way' after all, isn't it?

Link to comment
Share on other sites
saintjay77

saintjay77

Posted
Posted
Talksport just mentioned that Pompey are complaining about overdue payments from Genoa - everyone in the studio just laughed given their CVA arrangements.

 

If it's true, then go on Genoa - keep your money in your pockets!!

 

I just laughed out loud when I saw the SkySportsLive Twitter update saying "Portsmouth make complaint over Genoa's failure to pay £1.2m instalment for Kevin-Prince Boateng"

 

Whats it like to be owed around 1% of what you have had written off?

Link to comment
Share on other sites
saintjay77

saintjay77

Posted
Posted
Yer we are all cringing over it,,,You would thought that thick **** AA could of sent the complaint over as Personal,,,not Personnel.

 

The way he does things it really does amaze me that Pompey are still in business at all!!!!

 

As much as its right that they should be paid for a player they sell, they are hardly in a position to go shouting from the rooftops when they have been hard done by. But no doubt the likes of Corp Ho will be on soon to defend the indefendable again.

 

I actually feel sorry for you Mack and those few of you who can actually see the mess for what it is. Hope you can have something to be proud of some time in the future.

Link to comment
Share on other sites
Picard

Picard

Posted
Posted
Concerning the Begovic deal:

 

Lampitt said: "We are in the middle of the legal process so I don't want to go into the ins and outs.

 

"Maybe at the end of the process there will be a decision that gives people a bit more insight into what was an extremely unusual financial arrangement between football clubs."

 

http://news.bbc.co.uk/sport2/hi/football/teams/p/portsmouth/9023173.stm

Link to comment
Share on other sites
 Share
Go to topic listing
×
×
  • Create New...