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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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vindaloo73

vindaloo73

Posted
Posted

philip hayman

Sunday, March 4, 2012 at 10:45 AM

If Chanrai comes back he should try and buy the ground off Gaydamak that surrounds fratton park and then that would give him a better chance of selling,we all have to except that he is potentially the only one who can keep the club afloat,because Brian howe or no one else has got the money not even the trust,My assumption is that at least 500million is required minimum to stablise the club.Say 20m to by the club,30-40m to build a new ground,10million on training ground,say 12million for Appy to build a decent young side and 50million for the debts,total 132million leaving 368million to run the club.I very much doubt that the trust will raise that sort of cash, and what bugs me is that the council say they don't want the club to die,but they won't pump any money in to help out,And they must not exceed 10k a week wages and most younger players wont want anymore than that they just want to play football.

 

There's NO WAY anyone would EVER invest that sort of money!!!!!!!!!!! Dreaming again!!!

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miserableoldgit

miserableoldgit

Posted
Posted

Quite liked this one:- [h=4]Re: Songs for Pompey[/h][h=4]icon_post_target.gif From Despair To Where?, 29 Feb 2012 14:35[/h]Apologies to Salt & Pepa

 

 

Let's Talk about Tax, Pompey

Let's talk about VAT

Lets talk about how the oxf*rd

That you could afford Benjani

 

Lets talk about Tax

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Weston Saint

Weston Saint

Posted
Posted
@TonyHusbandBBC: #pompey Balram Chainrai ready to step in and poss write off some of his debt if another buyer can be found Interview with @skysports_bryan
Looks like Chainrai does not get it either! It is the wage contracts next season that will put off all potential investors.
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St Jim

St Jim

Posted
Posted
Quite liked this one:- [h=4]Re: Songs for Pompey[/h][h=4]icon_post_target.gif From Despair To Where?, 29 Feb 2012 14:35[/h]Apologies to Salt & Pepa

 

 

Let's Talk about Tax, Pompey

Let's talk about VAT

Lets talk about how the oxf*rd

That you could afford Benjani

 

Lets talk about Tax

 

:lol:

 

You beat me to it. Love this one and reckon it could catch on with many other sets of fans.

 

Nice to see other supporters coming to the party.

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Gingeletiss

Gingeletiss

Posted
Posted

155

pompeyfanfor60years

Sunday, March 4, 2012 at 10:49 AM

Why is it that you all appear to think this new administrator is such a wonderful bloke? Don't forget he was put here by HMRC and it seems that he is as economical in telling the truth as AA was. First we hear is we are going bust because SG is taking all the parachute money, then it turns out he is only getting £100K out of the £2.2m. Next he tells us it makes no sense to sell the younger players who are our only hope for the future, then we hear he is selling them off cheap to Ipswich. You are all worried about Chanrai asset stripping the club, well what do you think is currently happening I heard that he has been told to get as much as he can into the club before next Thursday when HMRC are expecting to have the football creditors rule overturned. This will then allow them to get all their money back when we are liquidated.

 

If true, then much merriment!

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brightspark

brightspark

Posted
Posted

Brighton fan suggests 'Pound for Pompey' bucket appeal next Saturday at AMEX...

 

http://www.northstandchat.com/showthread.php?233212-Pound-4-Pompey-Appeal

 

Brighton fan gets slaughtered!!! Some brilliant lines here. My personal favourites:

 

but these is too much like a Heroin addict asking for £20 for food, when you know they have a history of always spending it on smack

 

Heartless the lot of you I am in full agreement with the bucket idea we should all dig deep and full the buckets to the brim. Then go to the bookies and stick the ****ing lot on some ****ing knackered old horse who is just about to die. Would it not be the same outcome by giving it to pompey.

 

Good to read that more fans are understanding the severity of their actions.

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dubai_phil

dubai_phil

Posted
Posted
155

pompeyfanfor60years

Sunday, March 4, 2012 at 10:49 AM

I heard that he has been told to get as much as he can into the club before next Thursday when HMRC are expecting to have the football creditors rule overturned. This will then allow them to get all their money back when we are liquidated.

 

If true, then much merriment!

 

Now that starts to make sense, hence the rush to get loaned out all of a sudden

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St Jim

St Jim

Posted
Posted

 

Heartless the lot of you I am in full agreement with the bucket idea we should all dig deep and full the buckets to the brim. Then go to the bookies and stick the ****ing lot on some ****ing knackered old horse who is just about to die. Would it not be the same outcome by giving it to pompey.

 

 

 

:lol: f***ing brilliant that one - coffee vs keyboard moment!

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St Jim

St Jim

Posted
Posted
155

I heard that he has been told to get as much as he can into the club before next Thursday when HMRC are expecting to have the football creditors rule overturned. This will then allow them to get all their money back when we are liquidated.

 

If true, then much merriment!

 

 

So, next Thursday it is, another date to put in the calendar. Just to be clear, is that this coming Thursday or the following Thursday?

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Weston Saint

Weston Saint

Posted
Posted

Sorry but there is no way HMRC can know of the court verdict anymore that FL/FA or anyone else.

 

When the Judge is ready to give his verdict he will announce the date and read it out in court. Hours before (or the night before if a 10:30am reading) the Judge will pass down his writted Judgement to both Counsels with strict instructions that they remain confidential until he had delivered his verdict in court. Counsel are not to give the verdict out to their clients.

 

So no one can know. It is pure speculation by the poster.

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trousers

trousers

Posted
Posted
Sorry but there is no way HMRC can know of the court verdict anymore that FL/FA or anyone else.

 

When the Judge is ready to give his verdict he will announce the date and read it out in court. Hours before (or the night before if a 10:30am reading) the Judge will pass down his writted Judgement to both Counsels with strict instructions that they remain confidential until he had delivered his verdict in court. Counsel are not to give the verdict out to their clients.

 

So no one can know. It is pure speculation by the poster.

 

In other words, it's in-keeping with 97% of all posts on all football forums... :-)

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Jimmy Gabriel's Halo

Jimmy Gabriel's Halo

Posted
Posted
Brighton fan suggests 'Pound for Pompey' bucket appeal next Saturday at AMEX...

 

http://www.northstandchat.com/showthread.php?233212-Pound-4-Pompey-Appeal

 

Brighton fan gets slaughtered!!! Some brilliant lines here. My personal favourites:

 

but these is too much like a Heroin addict asking for £20 for food, when you know they have a history of always spending it on smack

 

Heartless the lot of you I am in full agreement with the bucket idea we should all dig deep and full the buckets to the brim. Then go to the bookies and stick the ****ing lot on some ****ing knackered old horse who is just about to die. Would it not be the same outcome by giving it to pompey.

 

Good to read that more fans are understanding the severity of their actions.

 

Call me stupid but I fail to see how a collection of buckets would be of any use to anyone let alone the skates.

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Ric

Ric

Posted
Posted (edited)
Brighton fan suggests 'Pound for Pompey' bucket appeal next Saturday at AMEX...

 

http://www.northstandchat.com/showthread.php?233212-Pound-4-Pompey-Appeal

 

Brighton fan gets slaughtered!!! Some brilliant lines here. My personal favourites:

 

but these is too much like a Heroin addict asking for £20 for food, when you know they have a history of always spending it on smack

 

Heartless the lot of you I am in full agreement with the bucket idea we should all dig deep and full the buckets to the brim. Then go to the bookies and stick the ****ing lot on some ****ing knackered old horse who is just about to die. Would it not be the same outcome by giving it to pompey.

 

Good to read that more fans are understanding the severity of their actions.

 

Really liked this comment:

 

We should have a collection but only give them 4p for every £1 we collect and blow the rest on pies.

 

Genius :lol:

Edited by Ric
Fixing the quote
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Under Weststand

Under Weststand

Posted
Posted
Driver 8

We should have a collection but only give them 4p for every £1 we collect and blow the rest on pies.

Love this one real LOL moment. Good to see that the penny is now dropping up & down the country. Realization that they've been cheating football for years.

But it does seem that they are starting to get some pay back with the loaning out of players.

The good thing is it looks like they won't be able to duck Retribution day on the 7th of April.

You never know their Savior Chainrai may be back in charge by then ROTFPMSL :lol:

 

The gift that keeps on giving but for how much longer? WTFILN

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dvaughanwilliams

dvaughanwilliams

Posted
Posted (edited)

If Chainrai does buy the club, I wonder if he's prepared to wave more money goodbye and chuck it into fiscal black hole of Nottarf Krap?

 

Or will he continue with the austerity approach and keep on shipping out players until the club breaks even? Liquidation isn't in his interest, but blowing £1m a month for the pleasure of owning a soon to be relegated football club isn't either.

 

Also, would he actually be 'buying' the club or merely seizing the assets that his debt is secured on? There would still need to be a CVA to negate the need for him to put his hand in his pocket to pay off the unsecured creditors.

Edited by dvaughanwilliams
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Truckasaurus

Truckasaurus

Posted
Posted

The funny "arab" bloke wants to buy portsmuff again to get some some of his money back. How is that a possability ?

 

I am far from a financial genius (or any type of genius) but if what i read is correct he needs too spend an enormous amount of money...... for what ? I Don't see the funny "arab" bloke buying portsmuff.........unless he is mad. I reckon he is trying to call someones bluff.

 

God bless HMRC

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Crab Lungs

Crab Lungs

Posted
Posted

Still the FL's fault then...

 

Imagine that. Yes, alas we must, it seems. Time for the FL to 'refer to previous notes'. A good job they don't have to google Chainrai; a google search was taken up by fans, but seemingly eluded the FL over Antonov. Pity the poor Football League: they have withheld money, denied us even the minimum squad numbers- and we still gasp for air.

 

So the FPPT again. It's like a dying man and the last rites being read. Again. And again. But let's contemplate the mechanical ritual of all of this.

 

I assume the FL will meet Chainrai- which is more than the PL did over one of our wretched Arab owners (why dignify them by mentioning their names?).

 

Any chance of...?

 

FL: 'Mr Chainrai, you have put the club into administration at least once before haven't you? Why then should we deem you a Fit and Proper Person AGAIN re the club's ownership? What long-term strategy/plans have you got for the club? How are you going to fund the club not least because the PL are likely to take away the parachute payments and you will face a fans' boycotting of the club? You are going to let the club stagnate and meander, devoid of investment aren't you? So how will you get your £17m (?) back? We assume you intend to asset-strip the club to cut costs- will you also seek to personally bank those proceeds? Show us proof of YOUR ability to fund the club? You admit to being a 'reluctant' owner (again): so this is miserable minimalism isn't it? What message do you have to all the Portsmouth fans who would rather see their club liquidated than have you return, who despise and despair of the foreign owners they have had? On that, would it be better for the club's life support machine [you, potentially] to be turned off if there is no chance of the patient being returned to good health?'

 

And then...?

 

'We will ratify your ownership if... *you take no money out of the club, until a sale *you provide equity to sustain the club *you agree to a FL committee to oversee budgets/all player issues *you put in place a strategy to either grow the club or at least make in marketable to a prospective non-'reluctant' owner.

 

I expect the FL to betray us. They will wave Chainrai through, devoid of safeguards. Then savage us with grotesque restrictions- their usual toxic brand of negligence, incompetence and treatment for PFC. Death deferred, not death averted.

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Wade Garrett

Wade Garrett

Posted
Posted

I reckon Chanrai will string them along and pull out at the last minute, making liquidation a certainty as nobody else will have time to come in.

 

Him and his gun-running mate can then sit on the land until it is ripe for development.

 

I just can't see him throwing his money away. He's playing a game.

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rallyboy

rallyboy

Posted
Posted

Even the FL must have concerns about someone who has twice put a club into administration being a fit and proper person to have a third go.

I can't see what Chanrai would gain by returning, it looks like a desperate last-ditch attempt to try and rescue a situation that's drifted from his control.

He won't risk further investment, he might do the old CSI trick of generously 'writing off debt' (in return for equity) but the business has had it and the few would only become fewer with a return of the Chinster - and what is there for him as the parachute money is becoming as elusive as Appy's eyebrows.

I reckon Chinny's had it - his attempted bribe at the court was his last chance.

 

 

 

Is it time for the pompey kit to have gold stars around the badge representing the number of times they've historically shafted creditors?

Or perhaps little red V's.

 

I'm not surprised about the reserve keeper's wage, it would take a lot for me to be shocked by any financial detail emerging from the park that time forgot.

Though if they paid off a creditor, accepted blame for their plight, or even apologised to a charity - now that would surprise me.

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saint si

saint si

Posted
Posted

From the Owners' and Directors' Test (FAPPT)... http://www.football-league.co.uk/regulations/20110629/appendix-4_2293633_2128219

 

'Disqualifying Condition' means all or any of the following:

 

(m) being a Club Director of:

(ii) one Football Club that has been subject to or suffered two unconnected Insolvency Events, on or after the 11th June 2004).

 

So could Chainrai be the first person to ever fail the FAPPT?

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The Kraken

The Kraken

Posted
Posted

Statement from Trevor Birch:

Trevor Birch, PKF partner and joint administrator of Portsmouth Football Club, has made the following statement:

 

“Once again I have been overwhelmed by the support for this great club. Walking around the ground before the game on Saturday I met matchday staff, stewards, catering staff, stadium officials and other stalwarts of the club who, without exception, offered the club their unconditional support.

 

“They told me that they would work for nothing to keep this special club alive. It was a humbling experience and further strengthened my resolve to find a successful solution.

 

“The response from the fans again was unbelievable. When we went a goal behind and the crowd rose to lift the players, it was a truly emotional experience. I felt desperately sad for Michael and the players who gave everything to salvage something from the game.

 

“For the next home game, we will extend the ‘Sun’ offer to everyone who hasn’t yet bought a ticket and we’ll look at other options too. I’ve asked our ticket office manager, Elaine, to work with representatives from the supporters groups to study any innovative ideas that they have for ticket sales.

 

“I’ve also asked the executive group to form working groups of supporter representatives on five other function lines: merchandising, matchday experience, corporate hospitality, website, and communications. Johnny Moore, our supporter liaison officer, is in the process of facilitating this.

 

“I apologise too to those fans who tried to buy tickets at the ticket office windows which were closed. This will not happen at the next game.

 

“I’m continuing to work on plugging the funding gap to get us to the end of the season and also working on the cost structure, primarily player costs, for next year in order to reduce ongoing losses and attract potential purchasers.

 

“As part of that process I will be discussing the position with Balu Chainrai of Portpin, in his role as a major creditor of the club. It is my duty to explore all possible avenues to try to save the club as a going concern.

 

“I’ll continue to give you regular updates.”

 

You're all great.

You're all brilliant.

You're all so wonderful.

I love this club.

By the way, I'm bringing Chainrai back......

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trousers

trousers

Posted
Posted

@solentsport: #pompey administrator Trevor Birch confirms he's held a meeting today with Balu Chainrai

 

@solentsport: In a statement Birch said 'it's my duty to explore all possible avenues to try to save club as a going concern' #pompey

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SOTONS EAST SIDE

SOTONS EAST SIDE

Posted
Posted
Chinny, might not have as much control as he thinks, if the original debt is reinstated once the CVA has failed (Confirmed by Birch that it has)
Yes the original debt is reinstated and failure to pay any of the agreed CVA payments invokes Baker Tilly to go to the court to have them wound up, and theres no escaping into admin this time to get away from being wound up too.Also confirmed by a friend who works at HMRC (Corporate tax collections) that old CVA cannot be renegotiated without Baker Tillys and 100% creditor agreement. And she said the HMRC never negotiate on ongoing CVA's, so either way if Chin-up wants back in he's going to have to stump up more cash than he thinks! TB can ask him to guarantee (legally binding) to clear all debts within 6 months, or have his assets seized to pay them off. But in her opinion she thinks TB(she has worked with him before) will want to liquidate the club as they are an ongoing tax liability to the HMRC , who'd rather they'd go down losing them money than having have to chase them all the time. Court WUP cost alot of money to HMRC according to her!! So i think TB knows their toast. :D
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dingbattigger

dingbattigger

Posted
Posted
Yes the original debt is reinstated and failure to pay any of the agreed CVA payments invokes Baker Tilly to go to the court to have them wound up, and theres no escaping into admin this time to get away from being wound up too.Also confirmed by a friend who works at HMRC (Corporate tax collections) that old CVA cannot be renegotiated without Baker Tillys and 100% creditor agreement. And she said the HMRC never negotiate on ongoing CVA's, so either way if Chin-up wants back in he's going to have to stump up more cash than he thinks! TB can ask him to guarantee (legally binding) to clear all debts within 6 months, or have his assets seized to pay them off. But in her opinion she thinks TB(she has worked with him before) will want to liquidate the club as they are an ongoing tax liability to the HMRC , who'd rather they'd go down losing them money than having have to chase them all the time. Court WUP cost alot of money to HMRC according to her!! So i think TB knows their toast. :D

 

This is the only thing so far that makes me think that maybe they won't get away with it

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Saint Lindford

Saint Lindford

Posted
Posted
Statement from Trevor Birch:

 

 

You're all great.

You're all brilliant.

You're all so wonderful.

I love this club.

By the way, I'm bringing Chainrai back......

 

More cheap or free tickets, hardly a way to generate cash. They could only generate circa 15,000 fans for a game against one of the clubs pushing for promotion and that was with hundreds of freebies and offers on tickets.

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Ken Tone

Ken Tone

Posted
Posted
Sorry but there is no way HMRC can know of the court verdict anymore that FL/FA or anyone else.

 

When the Judge is ready to give his verdict he will announce the date and read it out in court. Hours before (or the night before if a 10:30am reading) the Judge will pass down his writted Judgement to both Counsels with strict instructions that they remain confidential until he had delivered his verdict in court. Counsel are not to give the verdict out to their clients.

 

So no one can know. It is pure speculation by the poster.

 

IF HMRC win the case , will it apply retrospectively , or might PFC get away with things again , since their case pre-dates the court ruling?

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Lord Duckhunter

Lord Duckhunter

Posted
Posted
IF HMRC win the case , will it apply retrospectively , or might PFC get away with things again , since their case pre-dates the court ruling?

 

I dont know the answer to that, I would think that the new CVA will be under the new laws. However is there anything stopping the FL/FA bringing in new rules in return for the golden share. What potential investers(if there are any) wont want is uncertainty.

 

Although on paper the football creditors rule being abolished looks good for them, I dont think it is. It may wipe a lot of debt, but who on earth is going to sign for them.No clubs will offer any sort of transfer terms or want to deal with them. Well run, finacially viable clubs will hoover up all the better palyers.

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