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Pompey Takeover Saga


Fitzhugh Fella

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latest rumour is that the Minghella family have put up half a million.

Their lolly will cover the wages for a fortnight then - can't see that sending a ripple through Chinny's world.

 

 

If true, I guess the Trust must now have pledges of £2M tops.

 

They're going to have to pitch a pretty spectacular script to impress the FL.

 

Truly, Madly, Pikey.

 

Ben and Jerry's aren't going to be happy with this. They understood they had an exclusive tie-in deal with Pompey....

 

ben_jerrys_phishfood__92824_zoom.jpg

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latest rumour is that the Minghella family have put up half a million.

Their lolly will cover the wages for a fortnight then - can't see that sending a ripple through Chinny's world.

 

 

If true, I guess the Trust must now have pledges of £2M tops.

 

They're going to have to pitch a pretty spectacular script to impress the FL.

 

Truly, Madly, Pikey.

 

M i n g e Hell Eh?. An appropriate new owner for them.

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http://fclegal.blogspot.co.uk/2012/05/why-football-creditor-rule-is-here-to.html?m=1

 

The football creditor rule ensures that in the event of a club becoming insolvent, football creditors such as other clubs, players and managers are paid in full in priority to other unsecured creditors. However, the rule has been heavily criticised by various parties including the Courts and Parliament due to its nature of preferring one class of creditors over another. The Culture, Media and Sport Committee of the House of Commons report dated 29 July 2011 recommended that it should be abolished, by legislation if necessary, and in the case of Portsmouth Football Club, Norris J summarised the reasons for the criticisms:

 

"I understand the disquiet from the creditors. The general body of taxpayers, and the ordinary consumers who do pay their energy bills, and the ordinary traders and professionals who provide services such as, from the creditor list, coach hire, catering, medical services, ground care and maintenance, must wonder why they should subsidise the club's wage bill, why it is that they are involuntarily lenders to the club of their outstanding bills and why they will only get back pence in the pound for the services they have provided."

Richards J was keen to stress that “The Football League should not regard the result of this case as an endorsement of its approach to football creditors. It is, as I said at the start, a decision on a challenge brought on a particular legal basis” which seems to open up the possibility of a further challenge by HMRC on perhaps another legal basis. HMRC confirmed that they were “naturally disappointed with the judgment” and that they "will carefully consider the detail of the judgment before deciding whether an appeal is in the public interest." I, therefore, doubt whether this will be the final challenge to the Football Creditor Rule.
Edited by trousers
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this is the big week, a few days left to convince the FL that the club is viable and has any future.

Deals MUST be done, players offloaded, funding secured, realistic financial forecasts set in stone.

 

Birch has a massive job to pull all that together before facing the FL - he must be jetsetting between meetings with Chanrai and the Trust, while constantly fielding transfer negotiation calls.

 

 

Yet....I get the impression that he's sat in his garden reading a book, and if the clock that used to tick was still working, it would be deafening right now.

 

And the few who keep telling us they are the passionate and most bestest the world has ever seen and smelt, seem to be sitting quietly, watching it all slip away without a whimper....

 

Why so quiet?

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Presumably Birch will present Chainrai's bid to the FL on Thursday as 'proof' that the club will be bought by someone, whether it be BC or the trust. But surely until/unless the creditors agree to acept a bid, nothing is safe? anf=d how can that be confirmed by Thursday's meeting. Does chainrai really have a straight majority of the creditors vote himself?

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One of the main reasons stated in support of the FCR is to prevent the domino effect on other clubs should one go pop - that argument has some validity but ring-fencing salaries does not really stack up in this context.

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So isn't this the big week - when, all being equal, PFC presumably cease to be a Football League club?

 

I could have sworn you used "all being equal" and "PFC" in the same sentence there...Carlsberg don't do oxymorons, but if they did.... :)

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@pn_neil_allen: So Joel Ward expected to join Palace later today. Such a shame players #Pompey are desperate to leave still remain drawing big wages.

 

I'm pretty sure it was Pompey who gave said players such high wages; and I'm pretty sure the PL have been issueing PPs to compensate for them.

 

Stop whinging!! If the PL had not increased the PPs the exact year the Skates went down they would have been extinct already!!

 

N.B. This post is, of course, aimed at d!ckwad Allen - not Trousers.

Edited by Minsk
N.B.
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Presumably Birch will present Chainrai's bid to the FL on Thursday as 'proof' that the club will be bought by someone, whether it be BC or the trust. But surely until/unless the creditors agree to acept a bid, nothing is safe? anf=d how can that be confirmed by Thursday's meeting. Does chainrai really have a straight majority of the creditors vote himself?

 

My guess is that whetehr the creditors are likely to accept or not is irrelevent to them going forward - all the FL need is assurance they wont be liquidated - eg have a buyer who will keep the club going and fulfill next seasons fixtures... The creditors agreeing to a CVA or not will only impact when and if they come out of Admin with Chanrai at the helm and if no CVA is agreed, the pints penalty that will follow for exiting admin without a CVA in place... They need to get out of admin asap so that they sign players again... after havig sold the current lot off ... which is proviong to be more difficult than hoped by Birch/Chinney

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The football creditors rule is wrong.It is that simple.

 

Try and convince me,anyone why a childrens cancer charity should get 20% from CVA1 while a millionaire footballer gets 100% from the same CVA.

 

C'mon...anyone.

 

There is nothing to be argued here!

 

God bless HMRC

 

Absolutely, and its just pompey taking the utter p*ss by shoving the childrens cancer charities out of CVA MKI and into CVA MKII... a % of a f*cking %... whilst millionaire footballers had their 100% a long time ago.

 

Its absolutely sickening.

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Presumably Birch will present Chainrai's bid to the FL on Thursday as 'proof' that the club will be bought by someone, whether it be BC or the trust. But surely until/unless the creditors agree to acept a bid, nothing is safe? anf=d how can that be confirmed by Thursday's meeting. Does chainrai really have a straight majority of the creditors vote himself?

They could do worse than quote Justice Norris in Court in March 2010:

 

Mr Justice Norris said there was 'a prospect but no more than a prospect' that funding for administration is available.

 

Spookily, in response to a suggestion from PFC in Court that they were being bankrolled by a certain Mr. Balram Chainrai

Edited by hutch
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Presumably Birch will present Chainrai's bid to the FL on Thursday as 'proof' that the club will be bought by someone, whether it be BC or the trust. But surely until/unless the creditors agree to acept a bid, nothing is safe? anf=d how can that be confirmed by Thursday's meeting. Does chainrai really have a straight majority of the creditors vote himself?

 

This is why it must be a big week, and PFC will surely get bounced out of the Football League. Birch can't present Chainrai as a new owner, since he owned the club during a failed CVA. The only hope is the trust. I say 'hope'....

 

What I don't get is why this thread is just pootling along as if it's just another saga week. Come on people! We need a Henry V moment! (Or at least some big-league gloating build-up to D-Day...to slightly mix up the battle analogies)

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Think back to the latest creditors list it appears they have not paid anyone for anything, all the income must have gone in wages. Do the FL honestly believe this leopard will change its spots.

 

Still think they will get away with it though but this will prolong their agony.

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How efficient is the FL? Would they have followed the events as closely as some on here or do they just look at the facts that are presented to them? Surely they don't have the resources to monitor every team as closely as we monitor the skates?

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My guess is that whetehr the creditors are likely to accept or not is irrelevent to them going forward - all the FL need is assurance they wont be liquidated - eg have a buyer who will keep the club going and fulfill next seasons fixtures... The creditors agreeing to a CVA or not will only impact when and if they come out of Admin with Chanrai at the helm and if no CVA is agreed' date=' the [b']pints[/b] penalty that will follow for exiting admin without a CVA in place... They need to get out of admin asap so that they sign players again... after havig sold the current lot off ... which is proviong to be more difficult than hoped by Birch/Chinney

Blimey! I know this is Pompey we're talking about and they deserve all that's coming to them but that's a bit harsh. ;)

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the league must have so many basket case clubs under their jurisdiction that pompey is just the most disturbed nutter in a busy asylum.

 

I can't see them getting chucked out....unless Birch goes to the meeting and actually admits that it's over, that the club is insolvent and that there is no funding - I think it would have to be a suicide rather than an execution.

 

He's more likely to talk about deals in pipelines and vague offers of finance - that should be enough for the league to give them free rein to do whatever they want.

 

In the cold light of day we have to accept that the league have to let them carry on if there is any indication that they can complete the season.

 

Experience indicates that a few muttered half-promises from a loan shark with an appalling track record will satisfy them.

 

Presumably Birch has one eye fixed firmly on the Parachute Payments, they are the only way he can avoid being responsible for the current losses.

If their dwindling attraction can keep the club 'solvent' for a few months and he can offload to Chanrai then he's happy and can walk away.

 

The club survives, Birch escapes, Chinny does his thing, the money runs out, they limp on, everyone's appy.

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Not even a director?

 

No idea to be honest....I lost the plot on who owned Pompey and when a long time ago. I'm sure the waters are muddy enough for the Football League to take the course they feel most comfortable with going forward....

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Cheeky barstewards!!!!

 

http://www.portsmouth.co.uk/sport/england-bow-for-portsmouth-talent-1-3889219

 

Alex Oxlade-Chamberlain became the first Portsmouth-born player to represent England for 30 years after his Norway bow.

 

Trying to take the glory methinks!!

 

 

They know and report he went through saints because of our development is better. Wonder why his brother does not come here? unless not good enough.

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Okay I'm confused. So many times people on here are saying they are toast yet they're still there. Can anyone give me a good rundown of why Chanrai is prepared to buy them again and what he thinks he'll get out of it? Okay there are a couple of PP's to come but how much of that will he actually get and how much is already spoken for? I'm guessing all the current running costs asnd deferred wages will have to come out of it so what is left for an 'astute business man'?

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Okay I'm confused. So many times people on here are saying they are toast yet they're still there. Can anyone give me a good rundown of why Chanrai is prepared to buy them again and what he thinks he'll get out of it? Okay there are a couple of PP's to come but how much of that will he actually get and how much is already spoken for? I'm guessing all the current running costs asnd deferred wages will have to come out of it so what is left for an 'astute business man'?

 

 

He may hope to reduce debts to avery low level via a CVA, potter on using the parachute payments to cover the ongoing losses, and maybe squeeze a few million out for himself, THEN liquidate, emerging as undisputed owner of the ground. After a year or two of seeing Fratton rot (I know, I know...) the council will give in on planning and then chainrai can sell the ground for housing or retail development.

 

But even that scenario relies on at least some of the high wage earners leaving so that he doesnt have to cover significant losses in the 3(?) years of the parachute payments.

 

Assuming that the blue few's conspiracy theorists are wrong and he really did lend the club £18 million, you have to wonder why he go tinvolved in the first place. But from where he is now the scenario above is his best bet of getting some profit back. If he just alllows liquidation now, there will be legal disputes over his 'charge' on the ground, and perhaps forensic examination of the accounts.

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@pn_neil_allen: So Joel Ward expected to join Palace later today. Such a shame players #Pompey are desperate to leave still remain drawing big wages.

 

Never understood this mentality. Why should the players leave and receive a fraction of what they are entitled to? For all we know they have made financial plans that include their current contract. It isn't their faults that pfc are thick idiots.

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Assuming that the blue few's conspiracy theorists are wrong and he really did lend the club £18 million, you have to wonder why he go tinvolved in the first place. But from where he is now the scenario above is his best bet of getting some profit back. If he just alllows liquidation now, there will be legal disputes over his 'charge' on the ground, and perhaps forensic examination of the accounts.

 

Did I just dream it, or was it a condition of the Skate's administration that a forensic examination of Oldco was to be carried out by Baker Tilley? If so, then what would any further forensic examination turn up, that doesn't seem to have surfaced this far? Is that examination still ongoing, or did it draw a blank?

 

Or did I dream about it?

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He may hope to reduce debts to avery low level via a CVA, potter on using the parachute payments to cover the ongoing losses, and maybe squeeze a few million out for himself, THEN liquidate, emerging as undisputed owner of the ground. After a year or two of seeing Fratton rot (I know, I know...) the council will give in on planning and then chainrai can sell the ground for housing or retail development.

 

But even that scenario relies on at least some of the high wage earners leaving so that he doesnt have to cover significant losses in the 3(?) years of the parachute payments.

 

Assuming that the blue few's conspiracy theorists are wrong and he really did lend the club £18 million, you have to wonder why he go tinvolved in the first place. But from where he is now the scenario above is his best bet of getting some profit back. If he just alllows liquidation now, there will be legal disputes over his 'charge' on the ground, and perhaps forensic examination of the accounts.

 

This mirrors my own thoughts, especially the Chinny liquidating them himself once he has syphoned off everything else he can get his hands on. It is certainly in his best interests to run the liquidation process (probably through AA) than let Birch do it.

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Cheeky barstewards!!!!

 

http://www.portsmouth.co.uk/sport/england-bow-for-portsmouth-talent-1-3889219

 

Alex Oxlade-Chamberlain became the first Portsmouth-born player to represent England for 30 years after his Norway bow.

 

Trying to take the glory methinks!!

 

hilarious and staggeringly pathetic by pompey all at the same time!

 

If first Portsmouth-born player to represent England for 30 years wasnt embarrassing enough for them, to find out they are clinging on to one of our academy graduates is unbelievably desperate... so he went to primary school in pompey then spent all his teenage and young adult years under the wing of SFC... yes, well done pompey, give yourselves a pat on the back, a fine achievement, Saints produce the first pompey born person to play for England in 30 years!

 

This line sums up the quality of the article:

 

Instead his father put him in to Southampton’s youth set-up in the belief it would better help the players development.

 

So Neil, in your piece about a saints academy graduate, the first Portsmouth-born player to represent England for 30 years, do you think his belief was misguided and AOC would have broken into the national team if he stayed at pompey?

 

 

 

Epically Pathetic!

 

:facepalm:

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For those that are hoping this week will spell the end, then you will be disapointed.

 

Birch will present chinny as the new owner (Again) and the FL will have no choice but to accept him.

 

But that's good news, he will bleed them dry over the next couple of years, won't care what legaue they are in and won't be funding any decent player acquisitions.

 

And you know what, when he is done, when the parachute payments are finished and they are wallowing around mid table in league two, there is every chance he will put back into admin.

 

This thread is only half way through

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this is the big week, a few days left to convince the FL that the club is viable and has any future.

 

Why so quiet?

 

I am concerned that whilst they celebrate a southampton academy graduate and first team player they may have forgotten about this incredibly important week.

 

Only headlines I am seeing are the OXO celebrations and Rocha blessed to feel love from Fratton faithful ... then the article quotes him saying nothing of the sort, just that he didnt know the skates liked him all that much.

 

Im starting to think that Neil Allen chap from the News is simply having a laugh with his news articles! Honestly, the first pompey born player for England in 30 years... and he was raised through southampton!

 

The only noise I can hear is the galloping of Chinnys trusty steed racing into town (Azougy) with a half a dozen swag bags hanging over his shoulder...

 

got to love a bit of Chainrai!

 

13360440.jpg

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For those that are hoping this week will spell the end, then you will be disapointed.

 

Birch will present chinny as the new owner (Again) and the FL will have no choice but to accept him.

 

But that's good news, he will bleed them dry over the next couple of years, won't care what legaue they are in and won't be funding any decent player acquisitions.

 

And you know what, when he is done, when the parachute payments are finished and they are wallowing around mid table in league two, there is every chance he will put back into admin.

 

This thread is only half way through

 

A slow and painful death it is then :)

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For those that are hoping this week will spell the end, then you will be disapointed.

 

Birch will present chinny as the new owner (Again) and the FL will have no choice but to accept him.

 

But that's good news, he will bleed them dry over the next couple of years, won't care what legaue they are in and won't be funding any decent player acquisitions.

 

And you know what, when he is done, when the parachute payments are finished and they are wallowing around mid table in league two, there is every chance he will put back into admin.

 

This thread is only half way through

 

I'm betting trousers' mortgage on all hell breaking loose this Friday.

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I imagine Birch is ****ting himself waiting for the Ward to Palace transfer to go through, because he needs that money to cover the bills he's not been paying for the last fortnight or so -- allegedly

 

But what bills? Surely no sensible supplier would be dealing with them for other than cash?

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@pn_neil_allen: Interesting @SuppDirect interview with new CEO David Lampitt. Sounds plausible enough.. http://t.co/IYeIzRA8 #Pompey

 

Supporters Direct: What attracted you to the role of Supporters Direct chief executive?

 

David Lampitt: Everything that I’ve been involved in since coming into football has reflected a personal determination to improve the way the game operates, whether that’s part of the overall standards at a governing body or at an individual club. That continues to be a passion and something which resonates strongly with the work of Supporters Direct.

 

I’ve worked closely with SD previously so know it has a great reputation, as was recognised by the Select Committee in their report last year, and some excellent staff who I look forward to working with. It’s also an exciting and challenging time for the Trust movement with continued economic uncertainty that will undoubtedly affect clubs, along with the significant growth of our work at European level.

 

SD : Tell us a bit about that thread then – you’ve been involved on a number of fronts over the last decade…

 

DL : Well I come from a financial services background having trained as an accountant with Ernst & Young in the Nineties. I moved to The FA in 2003 and for the next 7 years I worked across a variety of areas on the regulatory side. In my first week in the job, there was the “battle of Old Trafford” between United and Arsenal and Rio missing his drugs test - I can safely say it was never dull.

 

The latter part of my time at The FA was spent focussed on some of the more complex issues around club finances, agents, the transfer system and betting integrity. I was part of the UEFA Club Licensing Committee and the working group that developed Financial Fair Play as a concept. In 2010, I decided to take on a huge challenge at Portsmouth FC which was in an extremely distressed state.

 

Plenty of people questioned my decision at the time, but I believed in the club – and still do - and felt it was something of a personal calling to do what I could to try to set it right. Having pulled it through an incredibly uncertain and precarious period which was only achieved with the hard work and dedication of a lot of good people, it is obviously gut-wrenching to see that work undone following the catastrophic collapse of the ownership last November. Whilst those experiences have been extremely tough, I know that they will be of benefit in this new challenge taking Supporters Direct forward.

 

SD: With your experience in the UK and Europe, you’ll undoubtedly be aware of the crucial role that supporters can play in making the game better. What’s your personal view on the importance of supporter involvement?

 

DL : Supporters are the most important stakeholder in football, and are still under-represented in terms of their involvement in the key-decision making processes that affect the running of the sport.

 

But that is changing and SD has played a key role in bringing about that change with successes such as those at Exeter City, AFC Wimbledon, Wrexham, Chester FC, and many more. For me perhaps the most compelling fact is that the Trust movement has brought in over £30m of new finance to football and rugby league since 2000.

 

So the evidence base that it works is there, and it’s growing all the time. It’s also being reinforced by experiences in other parts of Europe. We need to make sure that continues and that it is promoted as widely as possible. We also need to ensure that those supporters already involved continue to get our support and assistance to face an ever-changing set of challenges.

 

SD: And you feel that Supporters Direct is the organisation to keep the momentum going?

 

DL: Supporters Direct's record of achieving that sort of representation and positive outcomes – from the raising of finance by the Trust movement generally to the saving of sports clubs – is a testament to the importance of that work, although it is probably an even greater testament to the incredible power that fans can generate. Harnessing that energy and channelling it to best effect is a critical part of SD’s role now and in the future.

 

With the increasing focus on financially sustainable ownership, we also need to make sure our voice is heard, and that we are actively involved in the discussions around financial regulation frameworks that are on the agenda both in the UK and Europe.

 

SD: If you could sum up where you want to lead SD in a single sentence, what would you say?

 

DL: I would like SD to be widely recognised throughout the UK and Europe as the leading organisation for improving professional sport by involving supporters in the governance and ownership of their clubs.

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@pn_neil_allen: Interesting @SuppDirect interview with new CEO David Lampitt. Sounds plausible enough.. http://t.co/IYeIzRA8 #Pompey

 

At most organisations I've worked for, I've stumbled across the odd individual, who you just think "How the fook" did you get that job followed by appointments that you can only say "Why".

 

But when you look at Supporters Direct "values and objectives" and marry them to the decisions he took at pompey, it is the most bizarre appointment, I've ever seen.

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@pn_neil_allen: Interesting @SuppDirect interview with new CEO David Lampitt. Sounds plausible enough.. http://t.co/IYeIzRA8 #Pompey

 

Everything that I’ve been involved in since coming into football has reflected a personal determination to improve the way the game operates, whether that’s part of the overall standards at a governing body or at an individual club. That continues to be a passion and something which resonates strongly with the work of Supporters Direct.

 

I couldn't read any further...

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