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Pompey Takeover Saga


Fitzhugh Fella

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Errrrrr......

 

Your last debt total was valued at £120m - you remember, the debts that caused the CVA that you've never paid a penny towards....

 

Your current debts - according to your current administrator - are around £50m, not sure if he's including the CVA debt as well?

 

You also owe CSI £10m, but doubt you'll ever pay that.

 

£120m + £50m + £10m = £180m - feel free to get your Barbie calculator out to check the arithmetic.

 

The trouble is we are all talking in real money, where as Ho & his clan talk in poopey money. So the 120/130 mill declared in Court & which made up the current CVA. Now this no longer exists it has ceased to be according to poopey fans. It has disappeared so no longer counts, its been spent but doesn't have to be paid back. Now once again in Administration, the administrator has quoted figures of between 35 & 50-mill so in real money that's 180-mill but not poopey money. Yet again its been spent, put into the black hole that's poopey so just jog on! Forget it it doesn't matter shouldn't have put it into an insolvent business. and as for the old CVA well can't afford it so F**k it we wont pay it.

There all sorted now forget chinnys 17-mill forget CSI's 10.8-mill forget old CVA 16-mill all they owe is football creditors which Birch says they owe between 7-10-mill 2.2 to Gay boy so in poopey language that means we are loaded and have at least 1.8-mill left to go on spending spree next close season!

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@pn_neil_allen: Excellent and must-read Chainrai article by @blueballoo2000 for all #Pompey fans. http://t.co/I1z1FzRv

 

 

 

Take note Football League...

 

"Previously, a CVA was agreed and costed at approx £16m. That will have to come down to a maximum of £2m"

 

....Everyone from Birch to the fans are saying that the original CVA isn't gonna be honoured.....more points deduction please....

 

Won't these kick in next season now? Starting in L1 on -17 would be amusing and possibly help them find a buyer as the perceived value would be lower making it less of a punt and more affordable for more people

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#

 

Think you'll find it wa Plymouth fans who started the idea for this one for us.

 

As for "run up debts of £180m in four years" could you explain how? Or have you just taken the FFP article at face value and not bothered to actually do any sums around it?

 

Saints Web poster in reading something with no basis and repeating it ad nauseum on here until the other posters accept it's an actual fact shock

 

Last CVA Completion Statement:

 

The Football Creditors in this matter total approximately £22.4 million. This category of creditors will be paid in full by the FAPL by way of a direct deduction from the club's allocated parachute payments.

Alexandre Gaydamak (“AG”)

AG holds a fixed and floating charge over all Club assets. The debenture is subrogated following the payment in full of Barclays Bank Plc’s loan facility. Barclays Bank Plc registered a fixed and floating charge over the Club’s assets on 19 August 2008.

AG is currently owed circa £2,400,000 under his debenture and will be paid from contributions received into the Liquidation as per the sale agreement and from any other assets realised in accordance with the Insolvency Act 1986.

Portpin Limited (“Portpin”)

Portpin hold a fixed and floating charge of £17,000,000 over all assets, which was registered with Companies House on 21 October 2009. Portpin hold a deed of priority over the Freehold stadium, known as Fratton Park, in priority to Barclays Bank Plc and AG’s debenture. I advise that under the terms of the sale and purchase agreement Portpin have now transferred this debenture to PFC10.

Unsecured non‐preferential

The trade and expense creditors, as per the statement of affairs, totalled £83,338,967. I advise, however, that a number of claims which were originally believed to be ‘football creditors’ no longer fall into that category (these are detailed further in the attached Administration final report). This would, therefore, increase the unsecured creditor claims by £3,829,151 giving a total of £87,168,118.

Debts 2009

£22,400,000 + £2,400,000 + £17,000,000 + £87,168,118 = £128,968,118

Debts 2010

Who knows?

 

 

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hello Dragons, my name is John Westwood and my business is Pack the Park Limited - I'm after an initial £180M for 1.75% of an unspecified 'small' part of the business, less expenses.

 

I also need about 5,000 people who I've previously abused to make the effort to come all the way to my business and pay money to get abused again - bring the family.

Though visitors in other shirts may get spat at.

 

In return for money they will get to visit the living museum of football, the theme is the late 50s, and inbreeding - and the extra exhibit is toilets through the ages, this week it's the 17th century.

For children we have face tattooing, badger-baiting, lucky heather classes, and many themed games and rides.

 

Adjacent to the arena you can see where Mandaric knocked a shed down and promised a new ground, and you can check out the CSI mob burial grounds.

Kids can try to survive the child-maiming maze, play find the arab or buy an ice cream off a fat man in a small shirt - all against the backdrop of our famous hot and cold running fat display - and with no clock, the fun lasts all day!

 

Visitors will also get to see highly paid players underperforming, and you can clap David James and thank him for taking all those lovely wages that have helped the club so much.

Appy the clown will be on hand to offer a Fortress Fratton rallying cry, even though you can see in his eyes that he's dead inside and has given up.

 

There will be guided tours of the cave paintings that give precise details of the mythical dock strike, and the sacred document, the famous leaked email that tells refs to be naughty to pompey, will also be displayed for the first time.

 

The business has been established for two years now and has been an unmitigated disaster, and when I say I can offer 1.75%, I'm not sure how much of it I can actually sell as ownership is a bit vague, and it's landlocked, though it might have an underwater casino and leather shop soon.

 

Our projections for the next eight weeks show that we might manage to complete that time frame, though we don't really do accounts in the traditional sense so please don't ask me about turnover or assets.

 

If you give me £180M I would use it to create a pioneering sustainable business model that would set the benchmark for solving football's financial issues, I'd restructure the debt and create a new style of club that would embrace community spirit and be an asset to local businesses and a source of pride for the city.

 

No, only joking, I'd spunk the lot on more players and ridiculous wages!Thank you for listening, any questions?.....

 

 

For that reason I'm Out

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hello Dragons, my name is John Westwood and my business is Pack the Park Limited - I'm after an initial £180M for 1.75% of an unspecified 'small' part of the business, less expenses.

 

I also need about 5,000 people who I've previously abused to make the effort to come all the way to my business and pay money to get abused again - bring the family.

Though visitors in other shirts may get spat at.

 

In return for money they will get to visit the living museum of football, the theme is the late 50s, and inbreeding - and the extra exhibit is toilets through the ages, this week it's the 17th century.

For children we have face tattooing, badger-baiting, lucky heather classes, and many themed games and rides.

 

Adjacent to the arena you can see where Mandaric knocked a shed down and promised a new ground, and you can check out the CSI mob burial grounds.

Kids can try to survive the child-maiming maze, play find the arab or buy an ice cream off a fat man in a small shirt - all against the backdrop of our famous hot and cold running fat display - and with no clock, the fun lasts all day!

 

Visitors will also get to see highly paid players underperforming, and you can clap David James and thank him for taking all those lovely wages that have helped the club so much.

Appy the clown will be on hand to offer a Fortress Fratton rallying cry, even though you can see in his eyes that he's dead inside and has given up.

 

There will be guided tours of the cave paintings that give precise details of the mythical dock strike, and the sacred document, the famous leaked email that tells refs to be naughty to pompey, will also be displayed for the first time.

 

The business has been established for two years now and has been an unmitigated disaster, and when I say I can offer 1.75%, I'm not sure how much of it I can actually sell as ownership is a bit vague, and it's landlocked, though it might have an underwater casino and leather shop soon.

 

Our projections for the next eight weeks show that we might manage to complete that time frame, though we don't really do accounts in the traditional sense so please don't ask me about turnover or assets.

 

If you give me £180M I would use it to create a pioneering sustainable business model that would set the benchmark for solving football's financial issues, I'd restructure the debt and create a new style of club that would embrace community spirit and be an asset to local businesses and a source of pride for the city.

 

No, only joking, I'd spunk the lot on more players and ridiculous wages!

 

Thank you for listening, any questions?.....

 

Now! this really is the post of this thread...........fanbloodytastic!!

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@pn_neil_allen: Excellent and must-read Chainrai article by @blueballoo2000 for all #Pompey fans. http://t.co/I1z1FzRv

 

 

 

Take note Football League...

 

"Previously, a CVA was agreed and costed at approx £16m. That will have to come down to a maximum of £2m"

 

....Everyone from Birch to the fans are saying that the original CVA isn't gonna be honoured.....more points deduction please....

 

This 'Excellent read' is unequivocal in it's conclusion that liquidation is now not an option but a certainty...unless Mattel or anyone coughs up and nobarbie in their right business mind would do that.

 

The fire sale ticket prices are, to my mind, the clincher. There's no value in anything so the liquidators are trying to ensure there's enough cash to pay their fee.

 

I've never yet used the 'toast' word in 1172 pages as the unprecedented squirming and double-dealing has always appeared to be disproving the 'cheats never prosper' argument but now it is difficult to see any other outcome.

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hello Dragons, my name is John Westwood and my business is Pack the Park Limited - I'm after an initial £180M for 1.75% of an unspecified 'small' part of the business, less expenses.

 

I also need about 5,000 people who I've previously abused to make the effort to come all the way to my business and pay money to get abused again - bring the family.

Though visitors in other shirts may get spat at.

 

In return for money they will get to visit the living museum of football, the theme is the late 50s, and inbreeding - and the extra exhibit is toilets through the ages, this week it's the 17th century.

For children we have face tattooing, badger-baiting, lucky heather classes, and many themed games and rides.

 

Adjacent to the arena you can see where Mandaric knocked a shed down and promised a new ground, and you can check out the CSI mob burial grounds.

Kids can try to survive the child-maiming maze, play find the arab or buy an ice cream off a fat man in a small shirt - all against the backdrop of our famous hot and cold running fat display - and with no clock, the fun lasts all day!

 

Visitors will also get to see highly paid players underperforming, and you can clap David James and thank him for taking all those lovely wages that have helped the club so much.

Appy the clown will be on hand to offer a Fortress Fratton rallying cry, even though you can see in his eyes that he's dead inside and has given up.

 

There will be guided tours of the cave paintings that give precise details of the mythical dock strike, and the sacred document, the famous leaked email that tells refs to be naughty to pompey, will also be displayed for the first time.

 

The business has been established for two years now and has been an unmitigated disaster, and when I say I can offer 1.75%, I'm not sure how much of it I can actually sell as ownership is a bit vague, and it's landlocked, though it might have an underwater casino and leather shop soon.

 

Our projections for the next eight weeks show that we might manage to complete that time frame, though we don't really do accounts in the traditional sense so please don't ask me about turnover or assets.

 

If you give me £180M I would use it to create a pioneering sustainable business model that would set the benchmark for solving football's financial issues, I'd restructure the debt and create a new style of club that would embrace community spirit and be an asset to local businesses and a source of pride for the city.

 

No, only joking, I'd spunk the lot on more players and ridiculous wages!

 

Thank you for listening, any questions?.....

125785xkp5sqhu7n.gif
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Approx £130m from the first administration (although of course we all suspect it wasn't anywhere near that amount but that AA massaged the figures to ensure HMRC weren't able to block the CVA), and then £50m this time. Approx £16m should be deducted from the £180m as that is legacy debt left over from the first administration.

 

Just the £164m then, which of course is fine :thumbup:

 

Maybe I am being dense, but I think that 180mil tota includes ALL the debt incluidng the football creditors and the secured (so all those element that have been repayed...already from arachutes etc) so its a bit of a misleading total - the only factual way to look at this is the simple sum of revenue over that period versus revenue out/owed and I dont think we have an accurate picture of that as the 'books' seemed to change according to what would prevent HMRC blocking the last CVA.

 

I think the guy who posted that about Chinneys 17mil does have a case to some extent - it was a gamble and it failed - however what he fails to mention is that this 'gambling' began with Mandrich - who had teh sense to get out before the realization hit that the contracts entered into gain theiur promotion and subsequent success saw the debt increase to 38mil in the first prem year... and the rest have kept gambling.

 

I know corpse will say others are doing the same... and that is right, and tehre will be others that as a result of failing to service that debt will be in the same ****e - and be labeled cheats as well... although I ahve always been for sane financial, prudent management, its nnot teh debt that is cheating, its the inability to service it that is. FWIW, I would have had some sympathy had they invested 100mil in infrastructure and then been caught out by the economic times or relegation - at least tehy would have been trying to build a future, but as this went on players wages and transfers, the high risk gamble on success that was unsustainable, they realy need to look hard at themselves - they need to overcome this denial and start again with pragmatic realism - they need a big dose of self awarness and then the self respect and respect form other fans and clubs could begin to return. Whilst they continue to blame everyone else from The FL to owners, whilst still basking in cup success, they wont move forward or get any true sympathy from the footballing community.

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As for "run up debts of £180m in four years" could you explain how? Or have you just taken the FFP article at face value and not bothered to actually do any sums around it?

 

Saints Web poster in reading something with no basis and repeating it ad nauseum on here until the other posters accept it's an actual fact shock

 

Not expecting you back on here today corpy. as others have pointed out, the debts are the figures from your two administrators _ unless you are questioning them?

 

Really not sure why you keep doing it to yourself.......as you said "just by repeating something and posting it adnauseum until other posters accept it has fact".....

So keep posting about the new stadiums, the billionare owners, Chinny has no charge, chinny never lent the money, the russians are great etc etc etc, and in the end someone will belive you.... It might just be your best friend who you see socially every week, but someone will believe you.

 

Until then, we'll stick with the administrators figures.

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Maybe I am being dense, but I think that 180mil tota includes ALL the debt incluidng the football creditors and the secured (so all those element that have been repayed...already from arachutes etc) so its a bit of a misleading total - the only factual way to look at this is the simple sum of revenue over that period versus revenue out/owed and I dont think we have an accurate picture of that as the 'books' seemed to change according to what would prevent HMRC blocking the last CVA.

 

I think the guy who posted that about Chinneys 17mil does have a case to some extent - it was a gamble and it failed - however what he fails to mention is that this 'gambling' began with Mandrich - who had teh sense to get out before the realization hit that the contracts entered into gain theiur promotion and subsequent success saw the debt increase to 38mil in the first prem year... and the rest have kept gambling.

 

I know corpse will say others are doing the same... and that is right, and tehre will be others that as a result of failing to service that debt will be in the same ****e - and be labeled cheats as well... although I ahve always been for sane financial, prudent management, its nnot teh debt that is cheating, its the inability to service it that is. FWIW, I would have had some sympathy had they invested 100mil in infrastructure and then been caught out by the economic times or relegation - at least tehy would have been trying to build a future, but as this went on players wages and transfers, the high risk gamble on success that was unsustainable, they realy need to look hard at themselves - they need to overcome this denial and start again with pragmatic realism - they need a big dose of self awarness and then the self respect and respect form other fans and clubs could begin to return. Whilst they continue to blame everyone else from The FL to owners, whilst still basking in cup success, they wont move forward or get any true sympathy from the footballing community.

 

^ Tihs ;)

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"Alexis, who uses a wheelchair, is waiting to hear from the club whether there is a space available for her in the stadium’s disabled access area."

 

So although she's bought her ticket, she may not be able to get into the game. If there is no room for her, will her ticket money be refunded?

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So, let's get this right....people on the blue side of Hampshire are starting to question the original amount(s) quoted in the original CVA? Does that therefore render said CVA invalid and, as such, Pompey never actually exited administration with a valid CVA last time around? In which case, can someone advise whether the points penalty for not exiting with a valid CVA can be retrospectively applied?

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Maybe I am being dense, but I think that 180mil tota includes ALL the debt incluidng the football creditors and the secured (so all those element that have been repayed...already from arachutes etc) so its a bit of a misleading total - the only factual way to look at this is the simple sum of revenue over that period versus revenue out/owed and I dont think we have an accurate picture of that as the 'books' seemed to change according to what would prevent HMRC blocking the last CVA.

 

I think the guy who posted that about Chinneys 17mil does have a case to some extent - it was a gamble and it failed - however what he fails to mention is that this 'gambling' began with Mandrich - who had teh sense to get out before the realization hit that the contracts entered into gain theiur promotion and subsequent success saw the debt increase to 38mil in the first prem year... and the rest have kept gambling.

 

I know corpse will say others are doing the same... and that is right, and tehre will be others that as a result of failing to service that debt will be in the same ****e - and be labeled cheats as well... although I ahve always been for sane financial, prudent management, its nnot teh debt that is cheating, its the inability to service it that is. FWIW, I would have had some sympathy had they invested 100mil in infrastructure and then been caught out by the economic times or relegation - at least tehy would have been trying to build a future, but as this went on players wages and transfers, the high risk gamble on success that was unsustainable, they realy need to look hard at themselves - they need to overcome this denial and start again with pragmatic realism - they need a big dose of self awarness and then the self respect and respect form other fans and clubs could begin to return. Whilst they continue to blame everyone else from The FL to owners, whilst still basking in cup success, they wont move forward or get any true sympathy from the footballing community.

Among the waffle there, the only bit that matters is "I think that 180mil tota includes ALL the debt incluidng the football creditors and the secured", which was entirely the point. The rest is utterly irrelevant. What does it matter that, since the last administration period, some of the debt has been repaid and some of it has been written off? The figure is an accumulation of the amount of debt PFC has acquired.

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@pn_neil_allen: Excellent and must-read Chainrai article by @blueballoo2000 for all #Pompey fans. http://t.co/I1z1FzRv

 

 

 

Take note Football League...

 

"Previously, a CVA was agreed and costed at approx £16m. That will have to come down to a maximum of £2m"

 

....Everyone from Birch to the fans are saying that the original CVA isn't gonna be honoured.....more points deduction please....

 

The article itself, that Allen says is a good read .....

 

"What is Pompey's biggest problem? The prospect of relegation to League One? No at all. Quite simply it is Portpin and their claimed £17m debt.

 

Fans keep on saying that someone ought to strike a deal with Balram Chainrai to repay his debt over a long period, as Antonov and CSI agreed to do. No businessman with any sense is going to do this though. Here is why:

..blah ..blah.. blah..

Portpin has no money in Portsmouth FC. "

 

 

..... completely ignores the charge on the ground that Portpin hold. It doesn't matter how they got where they are. The bottom line is somebody has to give Chainrai £17 million (or if they're really lucky, merely a significant proportion of £17million) , or he takes the ground, and presumably sells it as a building site.

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@pn_neil_allen: #Pompey to receive £150,000 owed by Genoa for Prince Boateng. Also called in FA to pursue £100,000 owed by 2 other foreign clubs.

 

Pompey chasing down money owed to them....Carlsberg don't do hypocrisy but if they did....

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"Alexis, who uses a wheelchair, is waiting to hear from the club whether there is a space available for her in the stadium’s disabled access area."

 

So although she's bought her ticket, she may not be able to get into the game. If there is no room for her, will her ticket money be refunded?

 

Appalling isn't it? This article is supposedly a heart-warming story about a little girl taking her Mum to the match for £1, with a picture of said charming little girl, her Mum, and her disabled sister -- but hang on ..read a bit further ...and disabled little girl has ticket, but disgraceful club haven't even told her whether their crappy facilities will allow her to actually go with Mum and sister.

 

The bit in bold would be a negative 'what a dreadful club' headline story in any other world but Portsmouth' . Still, they did win the family club award, so that's ok.

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Errrrrr......

 

Your last debt total was valued at £120m - you remember, the debts that caused the CVA that you've never paid a penny towards....

 

Your current debts - according to your current administrator - are around £50m, not sure if he's including the CVA debt as well?

 

You also owe CSI £10m, but doubt you'll ever pay that.

 

£120m + £50m + £10m = £180m - feel free to get your Barbie calculator out to check the arithmetic.

 

Not expecting you back on here today corpy. as others have pointed out, the debts are the figures from your two administrators _ unless you are questioning them?

 

FAF. So you've added £50m current debts onto the original debt figure without realising(although Granty got halfway there) that most of that is debt from the original £120m (£16m for the CVA, Chainrai's mystical £17m). Then of course there's the fact that nearly £60m of the original £120m is "debt" that we supposedly owed to previous owners who loaded it onto the club (e.g the £5m fahim is somehow owed plus £1.5m to al Faraj FFS). If we'd run up debts of £180m on signing players and paying wages then I'd say fair enough and agreed with you. But it's simply wrong. Like the comment abou not paying a penny towards the CVA when we've actually paid £20m+ to the football creditors - and before anyone says anything, they're secured so have o be paid first.

 

It's one thing if you slag us off and you're right but it's ******** like this along with the self reverential back slapping after it that makes me laugh so much

 

I think the guy who posted that about Chinneys 17mil does have a case to some extent - it was a gamble and it failed - however what he fails to mention is that this 'gambling' began with Mandrich - who had teh sense to get out before the realization hit that the contracts entered into gain theiur promotion and subsequent success saw the debt increase to 38mil in the first prem year... and the rest have kept gambling.

 

I know corpse will say others are doing the same... and that is right, and tehre will be others that as a result of failing to service that debt will be in the same ****e - and be labeled cheats as well... although I ahve always been for sane financial, prudent management, its nnot teh debt that is cheating, its the inability to service it that is. FWIW, I would have had some sympathy had they invested 100mil in infrastructure and then been caught out by the economic times or relegation - at least tehy would have been trying to build a future, but as this went on players wages and transfers, the high risk gamble on success that was unsustainable, they realy need to look hard at themselves - they need to overcome this denial and start again with pragmatic realism - they need a big dose of self awarness and then the self respect and respect form other fans and clubs could begin to return. Whilst they continue to blame everyone else from The FL to owners, whilst still basking in cup success, they wont move forward or get any true sympathy from the footballing community.

 

FC, where does the £38m debt in the first PL year com from - do you have a link? There's a constant claim on here that mandaric gambled on promotion but of course we did dsell Crouch for around £6m and that money was largely used for our promo push. Again, talking about what we spent on players and wages in the PL before winning the cup (and I'll say again, our wages to turnovr ratio the year we won it were less than yours in your first year in L1 and on a par with most other mid table PL clubs of the time - as were our debts it has to be said). Regarding failing to service the debt, administration in both instances was triggered by external events out of the clubs control. And if you talk about spending beyond your means to gain pomotion I can't see why you're not looking at your own club more. Losses of £9m in your first year in L1, wages to turnover ratio of 86% and hard to see how that wage bill hasn't gone up considerably. Yes, I know, Liebherr's, honourable blah blah blah but the same holds true in that if they'd stopped funding you before now you'd be in trouble. It just smacks of ridiculous double standards

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@pn_neil_allen: #Pompey to receive £150,000 owed by Genoa for Prince Boateng. Also called in FA to pursue £100,000 owed by 2 other foreign clubs.

 

Pompey chasing down money owed to them....Carlsberg don't do hypocrisy but if they did....

 

...they'd probably hire Hypocrite Co for the advert.

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hello Dragons, my name is John Westwood and my business is Pack the Park Limited - I'm after an initial £180M for 1.75% of an unspecified 'small' part of the business, less expenses.

 

I also need about 5,000 people who I've previously abused to make the effort to come all the way to my business and pay money to get abused again - bring the family.

Though visitors in other shirts may get spat at.

 

In return for money they will get to visit the living museum of football, the theme is the late 50s, and inbreeding - and the extra exhibit is toilets through the ages, this week it's the 17th century.

For children we have face tattooing, badger-baiting, lucky heather classes, and many themed games and rides.

 

Adjacent to the arena you can see where Mandaric knocked a shed down and promised a new ground, and you can check out the CSI mob burial grounds.

Kids can try to survive the child-maiming maze, play find the arab or buy an ice cream off a fat man in a small shirt - all against the backdrop of our famous hot and cold running fat display - and with no clock, the fun lasts all day!

 

Visitors will also get to see highly paid players underperforming, and you can clap David James and thank him for taking all those lovely wages that have helped the club so much.

Appy the clown will be on hand to offer a Fortress Fratton rallying cry, even though you can see in his eyes that he's dead inside and has given up.

 

There will be guided tours of the cave paintings that give precise details of the mythical dock strike, and the sacred document, the famous leaked email that tells refs to be naughty to pompey, will also be displayed for the first time.

 

The business has been established for two years now and has been an unmitigated disaster, and when I say I can offer 1.75%, I'm not sure how much of it I can actually sell as ownership is a bit vague, and it's landlocked, though it might have an underwater casino and leather shop soon.

 

Our projections for the next eight weeks show that we might manage to complete that time frame, though we don't really do accounts in the traditional sense so please don't ask me about turnover or assets.

 

If you give me £180M I would use it to create a pioneering sustainable business model that would set the benchmark for solving football's financial issues, I'd restructure the debt and create a new style of club that would embrace community spirit and be an asset to local businesses and a source of pride for the city.

 

No, only joking, I'd spunk the lot on more players and ridiculous wages!

 

Thank you for listening, any questions?.....

 

Brilliant again!!....your quality post never fail to make me laugh out loud but this one has had me in absolute fits.....thanks...

 

ps can i post it on the news site..please,please?

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Like the comment abou not paying a penny towards the CVA when we've actually paid £20m+ to the football creditors - and before anyone says anything, they're secured so have to be paid first.

 

It's one thing if you slag us off and you're right but it's ******** like this along with the self reverential back slapping after it that makes me laugh so much

You really are a total f* ckwit, Steve. The football creditors were paid by the Premier League directly from your ill gotten parachute payments. If they'd paid the parachute payments to you lot, most of it would have disappeared. Talking about defending the indefensible.

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FAF. So you've added £50m current debts onto the original debt figure without realising(although Granty got halfway there) that most of that is debt from the original £120m (£16m for the CVA, Chainrai's mystical £17m). Then of course there's the fact that nearly £60m of the original £120m is "debt" that we supposedly owed to previous owners who loaded it onto the club (e.g the £5m fahim is somehow owed plus £1.5m to al Faraj FFS). If we'd run up debts of £180m on signing players and paying wages then I'd say fair enough and agreed with you. But it's simply wrong. Like the comment abou not paying a penny towards the CVA when we've actually paid £20m+ to the football creditors - and before anyone says anything, they're secured so have o be paid first.

 

It's one thing if you slag us off and you're right but it's ******** like this along with the self reverential back slapping after it that makes me laugh so much

 

 

 

FC, where does the £38m debt in the first PL year com from - do you have a link? There's a constant claim on here that mandaric gambled on promotion but of course we did dsell Crouch for around £6m and that money was largely used for our promo push. Again, talking about what we spent on players and wages in the PL before winning the cup (and I'll say again, our wages to turnovr ratio the year we won it were less than yours in your first year in L1 and on a par with most other mid table PL clubs of the time - as were our debts it has to be said). Regarding failing to service the debt, administration in both instances was triggered by external events out of the clubs control. And if you talk about spending beyond your means to gain pomotion I can't see why you're not looking at your own club more. Losses of £9m in your first year in L1, wages to turnover ratio of 86% and hard to see how that wage bill hasn't gone up considerably. Yes, I know, Liebherr's, honourable blah blah blah but the same holds true in that if they'd stopped funding you before now you'd be in trouble. It just smacks of ridiculous double standards

 

So like Steve said, £164m, not £180m. You'll be fine then

 

It doesnt matter how you got there, that's the figure whether you like it or not

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You really are a total f* ckwit, Steve. The football creditors were paid by the Premier League directly from your ill gotten parachute payments. If they'd paid the parachute payments to you lot, most of it would have disappeared. Talking about defending the indefensible.

 

Indeed :- from the 'amended' CVA proposal, 1st Dec 2010 :

"• The Football Creditors in this matter total approximately £22.4 million. This category of

creditors will be paid in full by the FAPL by way of a direct deduction from the Club’s

allocated parachute payments.

• The current level of other unsecured creditors’ claims within the CVA is estimated to be

in the region of £83 million, although the Administrators are of the opinion that the final

admitted claims will be significantly less than this total. A dividend of 20 pence in the

pound translates to an approximate total contribution of £16.5 million being paid to

creditors."

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FAF. So you've added £50m current debts onto the original debt figure without realising(although Granty got halfway there) that most of that is debt from the original £120m (£16m for the CVA, Chainrai's mystical £17m). Then of course there's the fact that nearly £60m of the original £120m is "debt" that we supposedly owed to previous owners who loaded it onto the club (e.g the £5m fahim is somehow owed plus £1.5m to al Faraj FFS). If we'd run up debts of £180m on signing players and paying wages then I'd say fair enough and agreed with you. But it's simply wrong. Like the comment abou not paying a penny towards the CVA when we've actually paid £20m+ to the football creditors - and before anyone says anything, they're secured so have o be paid first.

 

 

Yes, I know, Liebherr's, honourable blah blah blah but the same holds true in that if they'd stopped funding you before now you'd be in trouble. It just smacks of ridiculous double standards

 

Fully accept that the CVA payment (16 mil)l and Chinny's money (17 mill) have been counted twice............ So we can agree on 150 milllion... phew, I thought you lot were in financial trouble for a moment. Intresting if it is true (I will leave it to the experts to confirm - That's not you by the way corp) that once the CVA has formally failed that the debts return back to the original amounts. Anyway, ultimately you are right, so doc 33 million from 180. The point about nearly 60 million is trying to count chinnys debt a 3rd time and you didnt mention sacha who obviously did spend money on players and fa cups - things like that.

 

As for being in trouble if the Liebherr's pulled out, how the fook do you know??? We know we aren't a million miles off breaking even based on last years figures and tthis seasons attendances, we have the large majority (On paper) of the Chamberlain money left and we with a fair wind are 10 games of a 70 million pound windfall. Every regular first teamer is locked down to a minimum two years left on their contract and it seems if we make it, that they will be given a chance in the prem, which would give us one of, if not the lowest wage bills in the league.

 

If it doesnt happen and the Liebherrs pull out, we would just sell our players (Strange concept I know) but even if it happened tomorrow, there is enough in the kitty + season ticket renewals to get us to the transfer window, where 3 players sales alone would generate over 10 million quid. We are fine corp.....and as you cay you can write it as much as you want, it doesn't make it true, that if they pull out we are in trouble.

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http://www.portsmouth.co.uk/sport/pompey/webchats

 

Feel free to join in the merryment:)

 

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[TD]Comment From Rossi

Do You think That MA Was Duped By The Powers That Were, When He agreed To Manage The Club. I beleive he Wasn't Told The Whole Story!! [/TD]

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No I don't. It was just a different story then. Things unfortunately changed significantly within a matter of weeks. [/TD]

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Yeah....of course...

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The simple answer is 'no' you aren't right in thinking that!

 

The long answer is :

 

In our case, we went into admin after the cut off date - 3rd week in March? - and if we had survived relegation we would have had the points deduction applied that season. As we didn't survive we had the points deducted the following season.

 

The only way Pompey can get points deducted next season is if they receive some for 'financial irregularities' or if the CVA fails - since that has another 4 years to be paid off, I guess they won't be getting any more!

 

However, the likelihood of them surviving into next season without a buyer is nil. The likelihood of them getting a buyer is pretty close to nil, so I guess a points deduction next season is irrelevant!

You can add to that list:

 

or if the start a second successive season while still in administration

 

or if they exit administration without a CVA

 

IF they get to next season, to avoid starting with a whopping points penalty, they have to exit administration before August, and do it with a CVA voted for by Baker Tilley and/or HMRC.

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[TD]Comment From Pompey Medic

I hear that Paul Walsh is fronting bid with Charles Lissack, the ex-Watford director. [/TD]

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Not heard that. Always happy to chuck these rumours out there to be shot down! [/TD]

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Pompey have received a £150,000 Prince Boateng windfall in their battle to remain alive.

 

However, Trevor Birch has warned there is still no cast-iron guarantee the club will be able to see out the season.

 

 

money coming in and going staight don the pit..or tal ben`s pocket...:)

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[Comment From Pompey Medic Pompey Medic : ]

I hear that Paul Walsh is fronting bid with Charles Lissack, the ex-Watford director[/TD]

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You really are a total f* ckwit, Steve. The football creditors were paid by the Premier League directly from your ill gotten parachute payments. If they'd paid the parachute payments to you lot, most of it would have disappeared. Talking about defending the indefensible.

 

I doesn't matter how many times you post it, he doesn't understand and that in itself is f* ing hilarious!

 

 

A general point - were the foreign clubs they owed money to classed as unsecured creditors and will only receive 20p/£ under the current CVA which is heading for a fail?

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[TD]Comment From pingpong

Steve, I have a friend in financial circles who insists Brian Howe has lodged a 'provisional offer' with PKF... have you heard anything on this? PUP [/TD]

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[TD]Steve:

Things have gone quiet on Brian Howe of late. Your circles are different though. Someone with Pompey in the blood has to be among the club's last remaining hopes of finding a buyer now though. However, I know plenty of people who think Brian Howe simply can't do the deal that he wants to do. [/TD]

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[TD]Comment From Mick Williams

In liquidation, a business plan needs to be in place within 21 days and certainly before May. Then FA would consider us a continuation club (complete with history etc) and slot us in to the appropriate division taking into account our likely support. That is why liquidation at the end of the season would be very bad news for Plan B. [/TD]

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[TD]Steve:

Interesting stuff [/TD]

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[TD]Comment From Denmead BLUE

Hi Steve, do you find this article by Micah Hall as revolting as I do? http://t.co/I1z1FzRv ... seems we have no shame at all these days - blow off our debt shalalalala [/TD]

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Discussed earlier on. Certainly a good read. [/TD]

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[TD]Comment From Mick Williams

In liquidation, a business plan needs to be in place within 21 days and certainly before May. Then FA would consider us a continuation club (complete with history etc) and slot us in to the appropriate division taking into account our likely support. That is why liquidation at the end of the season would be very bad news for Plan B. [/TD]

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Interesting stuff [/TD]

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pmsl..our likely support....**** poor thats what the support is

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[TD]Comment From NicolaC

The Pack the Park campaign clearly isn't working, what else can be done? Where are the missing fans? [/TD]

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[TD]Steve:

Pressgang people like they used to do for the Navy on the streets of Portsmouth? I honestly don't know - if people don't want to come in the club's hour of need, then you cannot physically make them. I do wonder where all the people moaning about being fans for 10/20/30/40/50 years and not being able to get FA Cup semi-final and final tickets are now though... [/TD]

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[TD]Comment From NicolaC

The Pack the Park campaign clearly isn't working, what else can be done? Where are the missing fans? [/TD]

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[TD]Steve:

Pressgang people like they used to do for the Navy on the streets of Portsmouth? I honestly don't know - if people don't want to come in the club's hour of need, then you cannot physically make them. I do wonder where all the people moaning about being fans for 10/20/30/40/50 years and not being able to get FA Cup semi-final and final tickets are now though... [/TD]

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Why thank you!

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[TD]Comment From Comfy Chair

Hi Steve. So, if those loans are not likely to come back, IF, and that's a big IF, we survive to play again next season, who exactly will we be putting out? It's not like we can afford to buy anyone, so it would have to be a squad full of free agents, If only we had an academy we could draw from! [/TD]

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[TD]Steve:

The make up of next season's team is way down the list of priorities at the moment, I would suggest... [/TD]

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[TD]Comment From Axel Foley

Steve have you and the guys started attending net ball matches and pony eventing in order to broaden the sports desks covered topics in case the worse happens ? [/TD]

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[TD]Steve:

Not yet... [/TD]

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[TD]Comment From Barry

Talksport seem to have it in for us.....they keep saying that we bought success like the FA Cup with players we couldn't afford.....I'm getting a bit fed up with them to be honest....as if it was our fault (the fans). PUP![/TD]

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Don't listen - simple![/TD]

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Yay....got one through :-)

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12:56

 

 

Comment From Barry

Talksport seem to have it in for us.....they keep saying that we bought success like the FA Cup with players we couldn't afford.....I'm getting a bit fed up with them to be honest....as if it was our fault (the fans). PUP!

 

lol

 

 

Like it trousers

Edited by ALWAYS_SFC
identified "culprit"
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[TD]Comment From Paul R-F

Do you think it is worth investing money in a lucky mascot - perhaps a dog or a cat - to bring us better forture for the rest of the season? [/TD]

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[TD]Steve:

Yep. That will fix all of the club's problems... [/TD]

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[TD]Comment From PaulF

You're sounding very defeatist, Steve. Can you give us any hope? [/TD]

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[TD]Steve:

There are shades of defeatist. I think Pompey will not surive relegation. But I am hopeful they will be in League One next season. Some would say that's optimistic! [/TD]

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[TD]Comment From Corporate Ho

What are your thoughts on Sibleys comments? I don't understand why he's taken a swipe at us. We took the Family award fair and square, has he never been to FP, it's like we are one big family! PUP [/TD]

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In my opinion, I think it's a waste of time giving someone like that attention. It's just not worth getting worked up about. Well done to those who did win the award at the Football League do though. [/TD]

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