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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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St Jim

St Jim

Posted
Posted
Morning people, time for another pompey tweet that makes you think....Dear god!

 

 

John Quirk ‏ @johnquirky

 

Every football fan should be forced to donate atleast a pound tomorrow at the match, can't just let a football club stop existing #pompey

 

Where do I begin with this one.......how about the bestest fans pay their way and fill their ground first before asking for all football fans to dip in.

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beatlesaint

beatlesaint

Posted
Posted
Morning people, time for another pompey tweet that makes you think....Dear god!

 

 

John Quirk ‏ @johnquirky

 

Every football fan should be forced to donate atleast a pound tomorrow at the match, can't just let a football club stop existing #pompey

 

oh dear oh dear, at least he didnt mention that even the Prime Minister wants them to survive like that bloke from their Trust did on SSN last night :-D

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Gemmel

Gemmel

Posted
Posted
http://www.telegraph.co.uk/sport/football/teams/portsmouth/9116030/Portsmouth-may-fold-before-the-end-of-Championship-season-says-administrator-of-cash-strapped-club.html

 

However, a source close to Balram Chainrai, the former Gaydamak business partner to whom Portsmouth defaulted after a previous insolvency, confirmed to Telegraph Sport that his Portpin vehicle is ready to assume control again rather than to see Pompey liquidated.

Chainrai claims the club owe him £29 million.

The validity of those claims is the subject of a legal challenge but even if the valid debts are reduced he is certain to remain a significant creditor.

Andronikou, who works as administrator to the club’s parent, Convers Sports Initiatives, said: “This club has got a better income than most of its competitors.

"You can’t say it isn’t sustainable. We control 80 per cent of creditors and so we won’t allow them to trash the club.

"We’re trying to protect the club and them.”

 

 

:lol::lol::lol::lol:

 

Apologies for quoting myself.

 

Can chinny do anything about it (Other than buy the club), if Birch decides to liquidate?

 

I've had a rethink. He buys the club for a pound, the day before the club is liquidated. He has 14 million left of the parachute payments and new CVA debts will be relatively small but gaydamk will have got his 2 million. Assuming this happens in April, he then has to fund the club through to june which will cost him around 5 million and then he can start selling players and collecting season ticket money. Due to wages he wont raise that much, but can build a squad on freebies with low wages.

 

He will then own a league one club that owes him 20 million quid, which he could try and sell for 5 to 10 million and walk away.

 

Feasible??

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toofarnorth

toofarnorth

Posted
Posted
Apologies for quoting myself.

 

Can chinny do anything about it (Other than buy the club), if Birch decides to liquidate?

 

I've had a rethink. He buys the club for a pound, the day before the club is liquidated. He has 14 million left of the parachute payments and new CVA debts will be relatively small but gaydamk will have got his 2 million. Assuming this happens in April, he then has to fund the club through to june which will cost him around 5 million and then he can start selling players and collecting season ticket money. Due to wages he wont raise that much, but can build a squad on freebies with low wages.

 

He will then own a league one club that owes him 20 million quid, which he could try and sell for 5 to 10 million and walk away.

 

Feasible??

Nope. They wont be able to shift the players for starters. Overrated and overpaid.

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St Jim

St Jim

Posted
Posted
Conn: "Portsmouth is a big club"

 

Going on about how Antonov's arrest has left Pompey in dire straits.

 

WTF is it with the journo's talking about P****y being a "big club" with "rich history". It really grates me. Was streaming Talksport on my phone on my way to and from work today and the amount of time I heard Alan Brazil and Danny Kelly mention 'big club' and 'rich history'.

 

They're not a big club - very average at best. 14k fans - not big. Revenue stream - not big. International recognition - not big. History of honours - nothing special. Potential sleeping giant - :lol:. Seriously they are no bigger than Huddersfield or Blackpool.

 

As for the rich history, evey club has a rich history in their own right (well apart from MK Dons).

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Doctoroncall

Doctoroncall

Posted
Posted

I know there was suspicions regarding Chainrai's debenture on the ground, but this came up as a comment on David Conn's article in the guardian:

 

the ground is under the protection of the administrator Trevor Birch appointed by the court. He has the power over where the club and ground is sold. The charge that Chainrai has is against PFC (2010) Ltd. The PFC debt owed to CSI is unsecured. Birch has the powers to sell the business and the ground to another company and leave the charges behind with PFC (2010) Ltd. You're promoting a false scenario.

 

Is this true? Makes the debenture pretty much worthless which doesnt make sence.

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stevegrant

stevegrant

Posted
Posted

Another statement by Birch, which doesn't actually clarify anything - if anything it confuses matters even more:

 

http://www.portsmouthfc.co.uk/LatestNews/news/Portsmouth-Football-Club-Statement-3174.aspx

 

Trevor Birch, PKF partner and joint administrator of Portsmouth Football Club, said:

 

"Yesterday, I made a statement about the finances of Portsmouth FC and referred to the possibility of parachute payments from the Premier League being paid to a previous owner of the club.

 

"I want to make it absolutely clear that the Premier League is not a part of any agreement to pay money to a third party. As I stated yesterday, the issue is that a mechanism was put in place by the old company, which had the effect of giving an assignment of £2.2 million of parachute payments to a previous owner.

 

"At this moment in time the Premier League is not withholding any funds due to Portsmouth, and I regret any misunderstanding this may have caused.

 

"In the meantime, we are continuing to negotiate with the Football League and the PFA in order to unlock additional funds for the club."

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St Jim

St Jim

Posted
Posted
Apologies for quoting myself.

 

Can chinny do anything about it (Other than buy the club), if Birch decides to liquidate?

 

I've had a rethink. He buys the club for a pound, the day before the club is liquidated. He has 14 million left of the parachute payments and new CVA debts will be relatively small but gaydamk will have got his 2 million. Assuming this happens in April, he then has to fund the club through to june which will cost him around 5 million and then he can start selling players and collecting season ticket money. Due to wages he wont raise that much, but can build a squad on freebies with low wages.

 

He will then own a league one club that owes him 20 million quid, which he could try and sell for 5 to 10 million and walk away.

 

Feasible??

 

He would need to get a CVA first. Can't see how he'd do that HMRC and Baker Tilley together appear to have more than the required amount of the unsecured debt to veto a CVA

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saintjay77

saintjay77

Posted
Posted
Where do I begin with this one.......how about the bestest fans pay their way and fill their ground first before asking for all football fans to dip in.

 

haha I hadnt actually thought much about that comment till i read yours.

 

They actually want other clubs fans to help pay for debts that they incured which gave them a sporting advantage over other clubs???? Priceless!!!

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St Jim

St Jim

Posted
Posted
Presumably he's now expecting PFC to receive the £2.2m no matter what arrangement pre administration.

 

The way I read it is that he's trying to disconnect the link between the FA/PL and the payment to Gayboy. PFC will receive funds from FA/PL in the form of PP's but will have to, as part of the mechanics of the CVA, pay Gayboy 2.2m as inn the first instance (ie. it's an extra 2.2m obligation as part of the CVA PFC have to pay that he didn't realise was present)

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holepuncture

holepuncture

Posted
Posted
The way I read it is that he's trying to disconnect the link between the FA/PL and the payment to Gayboy. PFC will receive funds from FA/PL in the form of PP's but will have to, as part of the mechanics of the CVA, pay Gayboy 2.2m as inn the first instance (ie. it's an extra 2.2m obligation as part of the CVA PFC have to pay that he didn't realise was present)

 

It will be a hilarious occasion, the day Gadymack mops up all remaining cash from the skates and takes it all back to his exiled-in-Russia daddy Arcadi.

 

Birch is trying to dump Gaddy and Chinny out of the equation, a monumentous challenge seeing as the pair of them are secured creditors. Sorry Trev' they aint goin nowhere!

 

205484_1.jpg

 

 

The trust managed £3500 in the pay4pal ticket scheme in the end and helped pack the park by an additional 233 tickets... fair play to the skates for making an effort, unfortunately it will be a futile one. Tal Ben Haim has siezed the cash already, and he will be back this afternoon for the rest of his thousands £££... in a moment of kindness, he slipped Voldermort a tenner so he can go and fetch some more bog rolls for the players.

 

http://www.pompeytrust.com/index.php?option=com_content&view=article&id=384%3Apay4apal-scheme-details-for-boro-game&catid=34%3Ademo-category

 

PACK THE PARK!

 

217532301.jpg

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ALWAYS_SFC

ALWAYS_SFC

Posted
Posted (edited)

142

The Imposter

Friday, March 2, 2012 at 12:45 PM

 

Plan B...........Won't happen at Alexandra Park.....not enough capacity for the potential fanbase..... Fratton Park or nothing.

 

Blimey this place must be small...lol

Edited by ALWAYS_SFC
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Crazy Diamond

Crazy Diamond

Posted
Posted
Another statement by Birch, which doesn't actually clarify anything - if anything it confuses matters even more:

 

http://www.portsmouthfc.co.uk/LatestNews/news/Portsmouth-Football-Club-Statement-3174.aspx

 

As I said before, Birch just sounds like he's doing what Andronikou did to get investors to appear. 'Oh no we're on the brink' - a few days/weeks later 'We found a buyer! We're saved! After being so close to going out of business!'.

 

One minute he's saying the cash is gone, the next there's a possibility of unlocking funds and Lampitt is in Genoa, etc etc.

 

I really can't see them going bust, and they're not helping themselves down there with stupid rumours like 'they're improving a pitch down at United Services Portsmouth so we can join them'. The worst rumour of course is that they're well supported, I mean just LOL, what a load of rubbish! ;)

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Crouchie's Lawyer

Crouchie's Lawyer

Posted
Posted
LOL. Does a thread about Pompey's proposed takeover that reaches three pages in a couple of hours once again demonstrate just how little you care about Pompey? :D FWIW, while the deal could still fall apart I was told yesterday by someone who's actually involved in the takeover that whilst there were still a few issues to sort out it's still very much on. Time will tell I guess, but I wouldn't laugh too loudly too soon if I were you. I'm not party to the whole thing but if the rumour about where the money's coming from (and how much of it there is ready to be used on players and improving the club) are true you lot are going to be pig sick.

 

Thought i would dig out a few old Corpse gems.

 

I like this one. I am feeling pretty pig sick at the moment. I put this down to my reheated KFC I had this morning though, thinking about Pompeys plight is like a spoonful of calpol, makes me feel that much better!

 

Err, I think you'll find that Pompey's position is built on loans from banks rather than any money from Gaydamak

 

It gets better.

 

Reading this back Corpse, does it not make you feel like a bit of a tit? Maybe you should only comment on things you know to be factually correct and not base your opinion as fact.

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charliemiller

charliemiller

Posted
Posted

Trevor Birch is a very clever guy ........Gaydamak was never paid anything by Chanrai ......Chanrai paid him by signing over future payments ..........CSI never paid anything to Chanrai the got the club on a promisory note (the 10 Mil was Cash flow.

 

So with the above being taken into account if the debts they are claiming are not real then how can you secure against them ? The ONLY remaining asset left that the club has is the Golden share ..the right to play as Portsmouth Football Club and that is not tied up by Chanrai or Gaydamak.

 

I can see Trevor Birch Closing the gates at Fratton Park and playing the remaining games somewhere else !! and telling Chanrai and Gaydamak to fight over the bones.

 

All my opinion , but I cant see anyway forward except that .

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krissyboy31

krissyboy31

Posted
Posted
Another statement by Birch, which doesn't actually clarify anything - if anything it confuses matters even more:

 

http://www.portsmouthfc.co.uk/LatestNews/news/Portsmouth-Football-Club-Statement-3174.aspx

I don't think that that changes things. The £2.2M still goes to Gaydamak but it's not a direct transaction from the PL. It goes to the club and under the terms of the previous CVA (in order to get a yes vote) and then gets transferred to AG.
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ALWAYS_SFC

ALWAYS_SFC

Posted
Posted

165

DavidinDrayton

Friday, March 2, 2012 at 01:44 PM

 

Ok its clearly backs against the wall time and its time the City Council came off the fence and did something positive here.Not only are Pompey a source of entertainment they are the indirect generator of significant income to the City and part of the chemistry of our environment that contributes to the quality of like of our Citizens. Its no good saying we have no money when in the recent past have funded ( on an unsecured basis) the Contractor at the Pyramids to continue trading, the purchase of MMD shipping that was almost dead in the water ( that has now been turned around), so why not Pompey if as Mr Birch says itsa short term cashflow issue. Whats wrong with an interest free loan of £2 million for a couple of years to create time to undo the havoc that has been caused by greed, incompetence and self interest. Come on you Counsellors wake up before its too late!!!!

 

 

:facepalm:

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Chez

Chez

Posted
Posted
From Harry's press conference on sky sports, when asked about Pompey...

 

"I know who I'd like to see buy it"

 

When pushed about who he says...

 

"I can't say but I'm sure something will happen

Peter tells stories?
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andysstuff

andysstuff

Posted
Posted

 

The trust managed £3500 in the pay4pal ticket scheme in the end and helped pack the park by an additional 233 tickets... fair play to the skates for making an effort, unfortunately it will be a futile one. Tal Ben Haim has siezed the cash already, and he will be back this afternoon for the rest of his thousands £££... in a moment of kindness, he slipped Voldermort a tenner so he can go and fetch some more bog rolls for the players.

 

 

PACK THE PARK!

 

116 distributed so far - sounds like they can't even give them away

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ooh it's a corner

ooh it's a corner

Posted
Posted
165

DavidinDrayton

Friday, March 2, 2012 at 01:44 PM

 

Ok its clearly backs against the wall time and its time the City Council came off the fence and did something positive here.Not only are Pompey a source of entertainment they are the indirect generator of significant income to the City and part of the chemistry of our environment that contributes to the quality of like of our Citizens. Its no good saying we have no money when in the recent past have funded ( on an unsecured basis) the Contractor at the Pyramids to continue trading, the purchase of MMD shipping that was almost dead in the water ( that has now been turned around), so why not Pompey if as Mr Birch says itsa short term cashflow issue. Whats wrong with an interest free loan of £2 million for a couple of years to create time to undo the havoc that has been caused by greed, incompetence and self interest. Come on you Counsellors wake up before its too late!!!!

 

 

 

 

Amen to that...

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pedg

pedg

Posted
Posted (edited)
As much as I dislike Pompey, the thought of their last few £s going to the child-maimer makes me feel a little bit sick.

 

I asked before but did not get an answer. If pompey go phut before the parachute payments are made will there be any money to forward to gady? Surely once they are liquidated the PL will stop paying?

Edited by pedg
cat sat on shift key
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hutch

hutch

Posted
Posted
As I said before, Birch just sounds like he's doing what Andronikou did to get investors to appear. 'Oh no we're on the brink' - a few days/weeks later 'We found a buyer! We're saved! After being so close to going out of business!'.

It's not like it was before, though, is it? Their most recent "White Knight" wouldn't even consider taking them for free. The most, most, most optimistic outcome for them if they do find a mug to buy them is that they will start next season in League 1 with a huge points deduction, staring League 2 in the face. Not much income there to service their unavoidable legacy debt.

 

The oft-quoted strong negotiating position that TB has with Gaydamak, Chainrai & others:

 

 

"
Play ball with me and defer your payments, or I'll liquidate the club & you'll get nothing
"

 

 

doesn't really stand up. They've already deferred payment. And then deferred it again. And again. And again. So far they've got nothing, and they're being offered nothing again now. At the very least they will doubt that they'll actually get anything in future. So what TB is actually saying to them is:

 

 

"
I'm going to liquidate the club now & you'll get nothing, or you can forget about your debts and get nothing anyway, but the club you've fallen in love with can continue
"

 

 

One minute he's saying the cash is gone, the next there's a possibility of unlocking funds and Lampitt is in Genoa, etc etc.

That one's a bit confusing. They say they're owed £300k, but at the same time Lampitt's there to try to get information to see if they're entitled to anything from add-ons. Shouldn't be a problem, what with undisclosed fees and all. All he'll need is either a very co-operative contact at Genoa who'll give him all the details he wants, and a cheque, or an International Civil Court Disclosure Order of some sort. That shouldn't take too long to get, or cost too much of TB's "meagre" cash.

 

Nope, as I see it there are only 2 outcomes. Liquidation, soon, or they're back in the hands of the gun-runner and the loan shark from Hong Kong.

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gaz

gaz

Posted
Posted
I asked before but did not get an answer. If pompey go phut before the parachute payments are made will there be any money to forward to gady? Surely once they are liquidated the PL will stop paying?

 

Money reallocated to other clubs in the league IIRC.

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trousers

trousers

Posted
Posted (edited)

Alex Goring Crook‏@alex_crook

(National newspaper journalist, Soccer Saturday commentator and reporter for Road to London and World of Football TV shows)

Spoken to potential new #pompey owner and he says the club are no longer a viable purchase due to lack of parachute payments and wage bill

 

Says any owner would have to stump up £11m pounds just to cover wages of #pompey players contracted next season

 

Also says administrator's comments yesterday may put off buyers as they may not have time to carry out due diligence before #Pompey fold

 

Would not be fair to name him but he has experience of running clubs at highest level and has been monitoring the #pompey situation 4 2 yrs. British.

 

Needs to be someone who loves the club and willing to lose a lot of money

Edited by trousers
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Gemmel

Gemmel

Posted
Posted
Alex Goring Crook‏@alex_crook

(National newspaper journalist, Soccer Saturday commentator and reporter for Road to London and World of Football TV shows)

Spoken to potential new #pompey owner and he says the club are no longer a viable purchase due to lack of parachute payments and wage bill

 

Says any owner would have to stump up £11m pounds just to cover wages of #pompey players contracted next season

 

Also says administrator's comments yesterday may put off buyers as they may not have time to carry out due diligence before #Pompey fold

 

Would not be fair to name him but he has experience of running clubs at highest level and has been monitoring the #pompey situation 4 2 yrs. British.

 

needs to be someone who loves the club and willing to lose a lot of money

 

A lot of experts and journos are starting to say the same things that were posted on here 600 pages ago

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Micky

Micky

Posted
Posted (edited)
A lot of experts and journos are starting to say the same things that were posted on here 600 pages ago

 

Exactly what I was thinking - yet Ho still seems to think that us investigative geniuses are way wide of the mark....

 

Strange.

Edited by Micky
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Crazy Diamond

Crazy Diamond

Posted
Posted
Alex Goring Crook‏@alex_crook

(National newspaper journalist, Soccer Saturday commentator and reporter for Road to London and World of Football TV shows)

Spoken to potential new #pompey owner and he says the club are no longer a viable purchase due to lack of parachute payments and wage bill

 

Says any owner would have to stump up £11m pounds just to cover wages of #pompey players contracted next season

 

Also says administrator's comments yesterday may put off buyers as they may not have time to carry out due diligence before #Pompey fold

 

Would not be fair to name him but he has experience of running clubs at highest level and has been monitoring the #pompey situation 4 2 yrs. British.

 

Needs to be someone who loves the club and willing to lose a lot of money

 

Craig Whyte!

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