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Pompey Takeover Saga


Fitzhugh Fella

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By Emma Judd

Published on Monday 5 March 2012 13:36

 

FORMER Pompey chief executive Peter Storrie has spoken out about what has happened to make the club sink from top flight football to be flirting with relegation to League 1.

 

Mr Storrie, who left the club after it was placed into administration in 2010, said he took responsibility for a succession of owners which proved not to have the finances to shore the debt-ridden club up.

 

But he also said if the banks had not called in their loans, Pompey could have had a very different past two years

 

He said: ‘In the 2007/2008 season when the club was really spending, there were losses of about £33m.

 

‘The bank borrowings were about £40m and they took about £30m of that back in a very quick time.

 

‘That’s over £60m that we got from player sales that had to go straight to the banks.

 

‘If the bank had actually left their money in the club, like we asked them to do, and reduced the debt over a number of years, it would have kept the club going.

 

‘We had a Players’ Valuation pot which could have reduced the debt over a number of years.’

 

Mr Storrie said the club broke even under owner Milan Mandaric, who took the Blues to the Premiership.

 

But it was Sasha Gaydamak who used loans secured on his assets to attempt to build the club up to even more success.

 

Mr Storrie said all was going well, and the banks were happy with the loans, until the credit crunch bit and Sasha was forced to sell.

 

He added: ‘He sold to Sulaiman Al Fahim on the understanding that he would get all his money back.

 

‘He had to go through two to three months of carrying out due diligence on the club. He had all the facts and figures.

 

‘The league did a certain amount [of due diligence on Mr Al Fahim] and the club did a certain amount, but the problem is it’s very, very difficult to know how much actually these people are worth.

 

‘He met fans and was waving around a document saying he was going to give £50m to the club in the next week.

 

‘Our alarm bells started ringing when we were only getting money in drips and drabs.’

 

Mr Storrie said it was at that time he thought of leaving the club, and it now had just under £100m of debts.

 

But then Ali Al Faraj bought the club, and all seemed to be well.

 

‘Once again all the checks were made on this guy and it appeared we were dealing with a multi-millionaire,’ he told talkSPORT radio.

 

‘I do take responsibility for it, I do.’

 

Mr Storrie now says the club has little option but to have Balram Chainrai taking the helm once again in order to find a new buyer to take the club forward.

 

And he added: ‘Maybe get the supporters trust involved as well because they’re doing great things.’

 

Mr Storrie, who lives in Hayling Island, says he is keen to get back into football after his two-year absence.

 

I’ve got 20 years of experience and I’ve got a lot to offer,’ he added.

 

New keyboard and another cup of coffee required.

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By Emma Judd

Published on Monday 5 March 2012 13:36 ‘I’ve got 20 years of experience and I’ve got a lot to offer,’ he added.

 

One of my favorite lines in this whole episode in court

 

HMRC; Mr Storrie you have valued the squad at over 70 million pounds, can you tell us how you arrived at that figure?

 

Storrie teller; I have over 25 years footballing experience :lol::lol:

 

You certainly do mr storrie, you certainly do........ Unfortuneately for Southend, west ham and pompey, they weren't very good 25 years and I think I am right in saying they all had one thing in common.............. Administration or huge financial issues following your reign.

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By Emma Judd

Published on Monday 5 March 2012 13:36

 

FORMER Pompey chief executive Peter Storrie has spoken out about .......... blah blah blah,,,,

 

‘I’ve got 20 years of experience and I’ve got a lot to offer,’ he added.

 

Normally I dont, but on this occasion I see nothing else for it, but:

 

:facepalm:

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has Storrie got confused and fined himself 5 years experience as he was so poor at his job, or is he working on an administration principle of only counting 80 days out of every 100?

No wonder he couldn't understand basic maths.

 

And why Gemmel is attacking poor Pete's working record I really don't know, it's not that bad.

It was the same with Fred West - years working as a builder with no problems, but it's the little bit of raping and murdering that attracts the headlines.

He did none of that for literally months, but you nutjobs only harp on about the bad times!

Same with poor old Sutcliffe - a victim of the media - really efficient lorry driver, but slightly less efficient prossie-murderer, so no one recalls how his tachographs were really well kept.

 

Storrie only bankrupted about three clubs, but he spent ages when some of them were really close to actually being nearly solvent - so give the poor bloke a break.

Or another win bonus.

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I'm assuming they have already sold all the tickets for the April match? I suppose we've got no chance of getting paid. Will that mean that SFC will be added to the football creditors list? Must be approx £75k that is owed.

 

If we havent been paid do we have to honour the tickets?

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Pompeys new theme tune they have have just released in order to entice Chanrai

 

Did I hear you say that there must be a catch?

Will you walk away from a fool and his money?

 

If you want it, here it is

Come and get it

But you better hurry 'cause it's going fast

 

If you want it, here it is

Come and get it

Make your mind up fast

 

If you want it anytime I can give it

But you'd better hurry 'cause it may not last

 

Did I hear you say that there must be a catch?

Will you walk away from a fool and his money?

 

Sonny, if you want it, here it is

Come and get it

But you'd better hurry 'cause it's going fast

You'd better hurry 'cause it's going fast

 

Woo, fool that is money

 

Sorry, if you want it, here it is

Come and get it

But you'd better hurry 'cause it's going fast

You'd better hurry 'cause it's going fast

You'd better hurry 'cause it's going fast

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And why Gemmel is attacking poor Pete's working record I really don't know, it's not that bad.

It was the same with Fred West - years working as a builder with no problems, but it's the little bit of raping and murdering that attracts the headlines.

He did none of that for literally months, but you nutjobs only harp on about the bad times!

 

Same with poor old Sutcliffe - a victim of the media - really efficient lorry driver, but slightly less efficient prossie-murderer, so no one recalls how his tachographs were really well kept.

 

Storrie only bankrupted about three clubs, but he spent ages when some of them were really close to actually being nearly solvent - so give the poor bloke a break.

Or another win bonus.

 

And Harry Redknapp is the other side of the coin. People only remember Harry Houdini, or all of the promotions he gained for clubs, mysteriously for some reason, forgetting that he got us relegated. That never gets mentioned.

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I was shouting at the radio for Keys or Gray to ask Storrie about the "coincidence" that Chinny and Gayder's daddy had history. I also wanted them to ask if Al mirage was a real person. Very poor interview, allowed Storrie-Teller off the hook.

 

Much more interesting was the Press pass last night on the same station. Des Kelly said "we all know what was going on at Portsmouth and the real reason people got involved, but in view of Talksport lawyers, we better leave it." or word to that effect (I'd had a few by then)

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Southampton Football Club Prohibited Items

Flares

Knives

Firearms

Fireworks

Laser devices

Bottles, glass vessels or cans

Balls, frisbees or inflatable items

Air horns

Offensive weapons, i.e. baseball bat

Flag poles

Alcohol

Unauthorised fliers and handouts

Aerosols

Smoke canisters

Dangerous or hazardous items

Glass

Flasks

Drugs (illegal substances)

Musical instruments, i.e. Bell

Transmitting devices or recording monitors

Spray paint

Cameras, flash photography or other lighting devices

Flags (due to an expected capacity crowd for this specific fixture there will be no areas where flags may be displayed)

Any item which may be used as a weapon and/or may compromise public safety

 

 

Can't believe this hasn't been posted up anywhere, from the Portsmuff website detailing arrangements for the forthcoming 'bubble' (900 tkts now available on open db sale); items not allowed in St Mary's - 'bells'.

 

Human rights, using the word human loosely, obviously forbids us from also prohibiting 'smelly bell ringers' within the confines.

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Storrie moaning about the Banks calling the loans in...are we completely sure he isn't Ho? THE CALLED THE LOANS IN BECAUSE YOU WERE ALREADY INSOLVENT!

 

I hate it when senior figures (politicians are the worst) say "I take full responsibility" - go on then Storrie, return your bonuses and consultancy fees......didn't think so.

 

I remember Gordon Brown saying something like "I take full responsibility for this, which is why the person responsible got the sack"

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Southampton Football Club Prohibited Items

 

Can't believe this hasn't been posted up anywhere, from the Portsmuff website detailing arrangements for the forthcoming 'bubble' (900 tkts now available on open db sale); items not allowed in St Mary's - 'bells'.

 

Human rights, using the word human loosely, obviously forbids us from also prohibiting 'smelly bell ringers' within the confines.

 

Perhaps because it has been posted - several times.

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We are guaranteed the money as we are a football creditor. Probably already been paid for the previous debt out of the parachute payments. If the law changes then it could be interesting, I can see NC demanding payment before access.

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has Storrie got confused and fined himself 5 years experience as he was so poor at his job, or is he working on an administration principle of only counting 80 days out of every 100?

No wonder he couldn't understand basic maths.

 

And why Gemmel is attacking poor Pete's working record I really don't know, it's not that bad.

It was the same with Fred West - years working as a builder with no problems, but it's the little bit of raping and murdering that attracts the headlines.

He did none of that for literally months, but you nutjobs only harp on about the bad times!

Same with poor old Sutcliffe - a victim of the media - really efficient lorry driver, but slightly less efficient prossie-murderer, so no one recalls how his tachographs were really well kept.

 

Storrie only bankrupted about three clubs, but he spent ages when some of them were really close to actually being nearly solvent - so give the poor bloke a break.

Or another win bonus.

 

Funniest thing I've read on this thread. Well done.

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Ernie Sexton ‏ @winchblue

 

 

Hearing that BC has withdrawn his offer to takeover at #pompey - looks like plan B then.

 

pmsl laughing if true. Could be true but also just one in a long series of acts of brinkmanship which may ultimately still lead to him taking over. FWIW, I can't see why it would be worth him doing so. If the rumours are to be believed and they need a cash injection of nearly £5m to get them through to the end of the season, then he's just piling millions of additional pounds on top of the £17m he's already put in. Shouldn't he just acknowledge that he could end up taking over the club, bankrolling and ultimately not getting very much back at all. Is it really worth all the hassle just for a few million quid? I guess it all depends how much he 'needs' some of his £17m back.

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By Emma Judd

Published on Monday 5 March 2012 13:36

Mr Storrie, who left the club after it was placed into administration in 2010, said he took responsibility for a succession of owners which proved not to have the finances to shore the debt-ridden club up.

 

But he also said if the banks had not called in their loans, Pompey could have had a very different past two years

 

He said: ‘In the 2007/2008 season when the club was really spending, there were losses of about £33m.

 

‘The bank borrowings were about £40m and they took about £30m of that back in a very quick time.

 

‘That’s over £60m that we got from player sales that had to go straight to the banks.

 

Has it ever been said that the figures just don't seem to add up?

 

They took about £30m back in a very quick time, but £60m was paid to the banks, despite them only owing about £40m!

 

Does anyone down there actually know where the wonga went?

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has Storrie got confused and fined himself 5 years experience as he was so poor at his job, or is he working on an administration principle of only counting 80 days out of every 100?

No wonder he couldn't understand basic maths.

 

And why Gemmel is attacking poor Pete's working record I really don't know, it's not that bad.

It was the same with Fred West - years working as a builder with no problems, but it's the little bit of raping and murdering that attracts the headlines.

He did none of that for literally months, but you nutjobs only harp on about the bad times!

Same with poor old Sutcliffe - a victim of the media - really efficient lorry driver, but slightly less efficient prossie-murderer, so no one recalls how his tachographs were really well kept.

 

Storrie only bankrupted about three clubs, but he spent ages when some of them were really close to actually being nearly solvent - so give the poor bloke a break.

Or another win bonus.

 

hat.gif

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Loving this on The News website

POMPEY administrator Trevor Birch has asked fans to stop their lengthy protests after the final whistle - because it’s costing the club money.

 

He again praised the level of support fans have showed their club in light of its off-field financial troubles.

 

On Saturday fans remained at Fratton Park until an hour after the match had ended.

 

Mr Birch said: ‘At the same time, I think everyone recognises that for the good of the club things don’t go too far. Fans had a sit-in in the centre-circle after the Middlesbrough match and there were reports of some unsavoury comments being directed at stewards.

 

‘We have to remember we are all in this together and that if it had not been for the loyalty of the club’s staff, who are owed wages but still keep turning up for work, we would not even be able to stage matches.

 

‘But a separate, significant issue is that it is actually costing the club money when supporters stay behind after games.

 

‘We have a duty of care to fans to have stewards and medical teams in the stadium while any spectators are still present, and this inevitably incurs extra costs to the club that it can ill afford in the current circumstances.

 

‘So thank you again for the support at the Leeds and Middlesbrough games – the players and staff have really appreciated it.

 

‘But in the best interests of the club I would like to politely ask that from Bristol City’s visit to Fratton Park on Saturday week, and for the remainder of the season, everyone concentrates that incredible support on the 90 minutes when the players are on the pitch.”

 

So they can't even afford a fans protest :lol:

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Oooh, the banks "called in" their loans. Corp's mantra.

 

Wtf is that supposed to mean?

 

Banks can only "call in" a committed loan if you are in default FFS. If they were funding the club with an uncommitted facility of £30m (ie an overdraft) then: 1 - that's odd lending; and 2 - more fool them for taking that risk. They should've put a proper facility in place.

 

The man is utterly risible (Action Man and Storrie).

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So they can't even afford a fans protest :lol:

 

So those 100 or so 'die-hards' are responsible for pushing them even closer to the edge. :lol: tho that bint on Meridian tonight did say that the skates "great support" "packed the park*" with 16,500 on Saturday (*5,000 empty seats but hey, whose counting?) and they're coming live from the Madejski tomorrow night for the visit of the blue-few. Sick bags at the ready.

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Yeh! right!..this in relation to their 'mass' sit in at the end of the game.

 

18

oldredeye

Monday, March 5, 2012 at 07:12 PM

1&4 - How do you know Westwood was there? He was so distraught fearing it was the end of PFC during the first half he left in tears so I heard and was being comforted at Half-time.

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18

oldredeye

Monday, March 5, 2012 at 07:12 PM

1&4 - How do you know Westwood was there? He was so distraught fearing it was the end of PFC during the first half he left in tears so I heard and was being comforted at Half-time.

 

Hmmm the fact that he is seen in the video on The News website. Look at http://www.portsmouth.co.uk/sport/pompey/pompey-past/administrator-praises-pompey-fans-resolve-1-3589119 around 50 seconds into the video TCWTB can be seen ringing his bell in the top right of the picture. Around 5 seconds later he switches to a damn trumpet. Is photographic evidence enough for these idiots?

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That's it then, no chinny,no other millionaires,no hope. I've heard "days","weeks" now it's six weeks (middle of April)

 

You know what that means my little cherubs ? It always seem's to happen in footie,the timeing is ......well if it was a movie it would be too unbelievable.

 

Portsmuff will play their last ever game at the best stadium on the south coast and their last memory of their pathetic,cheating joke of a club will be a tonking at the hands of their most bitter rivals. God this is fantastic. (I could suck Trevor Birch's male chicken)

 

Bless HMRC.

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Hmmm the fact that he is seen in the video on The News website. Look at http://www.portsmouth.co.uk/sport/pompey/pompey-past/administrator-praises-pompey-fans-resolve-1-3589119 around 50 seconds into the video TCWTB can be seen ringing his bell in the top right of the picture. Around 5 seconds later he switches to a damn trumpet. Is photographic evidence enough for these idiots?

 

You really can't have been reading this thread for very long can you?

 

When have ANYONE connected to that end of the M27 believed ANY evidence offered up to them about ANYTHING?

 

Evidence of Financial Mismanagement would have been a good place to start.

 

2 years ago.

 

Might have saved them a few sleepless nights for a start

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You really can't have been reading this thread for very long can you?

 

When have ANYONE connected to that end of the M27 believed ANY evidence offered up to them about ANYTHING?

 

Evidence of Financial Mismanagement would have been a good place to start.

 

2 years ago.

 

Might have saved them a few sleepless nights for a start

 

Point taken, I will go and stand in the corner with my nose to the wall.

 

Ian

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This really is annoying...

''West Ham are also looking to aid Portsmouth survival as they look to secure the signing of Jason Pearce for the remainder of the season offering up a fee and paying his wages for the season in a desperate attempt to help the Blues stay in business''

 

Also, I think that was my first post on this thread, and I read it at least once a day...hi guys! Here's to reading the word 'Toast' in various silly ways for pages and pages to come

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This really is annoying...

''West Ham are also looking to aid Portsmouth survival as they look to secure the signing of Jason Pearce for the remainder of the season offering up a fee and paying his wages for the season in a desperate attempt to help the Blues stay in business''

 

Also, I think that was my first post on this thread, and I read it at least once a day...hi guys! Here's to reading the word 'Toast' in various silly ways for pages and pages to come

 

Welcome aboard. Like Nigel's bus, there is room for everyone on here.

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We are guaranteed the money as we are a football creditor. Probably already been paid for the previous debt out of the parachute payments. If the law changes then it could be interesting, I can see NC demanding payment before access.

 

If the debts outway any monies due in (inc parachute payments etc), then we are not guarenteed the money!

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WHAM fans getting a bit twitchy over the possible/probable demise of the sk8s

http://foreverwestham.com/2012/03/blog-topics/pompeii-ii

So west ham are trying to salvage their 6-pts, can't really blame them. I bet we'd be trying to do the same in their situation.

Will be interesting to see how much the loan fee is. I can see Gold offering 2-mill just to keep them going, now would that be seen as cheating by the FL? Or would the FL just breath a sigh of relief that they'd got through till the end of the season? I'd say the last. The good thing is it looks like they will have a depleted squad for RETRIBUTION DAY. WTFILN

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Any fee paid by Wet Sham is only prolonging the agony, it won't save the Phew from extinction.

 

And don't forget that West Sham also have HUGE debt problems.

 

IF they DON'T go up, then next season they'll last about as long as Avram in an Industrial Estate in Horton Heath

 

Now THAT would be Karma

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If the debts outway any monies due in (inc parachute payments etc), then we are not guarenteed the money!

Well Birch quoted this week that they have between 7-10 mill football creditors debt with 14-mill still to come. So looks like we'd get paid OK. Unless of course Birch finds another bill down the back of the sofa he didn't know about. Guess it all depends on the outcome of the legal challenge in court. If HMRC win then it changes everything & we might not get paid.

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After Reading's very wise decision to sell ticket direct perhaps Southampton should make it very clear to Portsmouth that if they don't pay up they won't release the tickets. A couple of thousand Portsmouth fans kept on the buses back at Fratton due to the failure of their own club to pass on the money would have an interesting impact on the streets of Fratton..

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