Smirking_Saint Posted 20 July, 2009 Share Posted 20 July, 2009 I like what you did there... :-) Should have been a journo. Link to comment Share on other sites More sharing options...
stevegrant Posted 20 July, 2009 Share Posted 20 July, 2009 Surely if the deal was going to happen Gayboy wouldn't need the fire sale as every departure will have a direct impact upon the amount that Al Fahim will eventually pay. The most obvious reasons for the fire sale are that either Al Fahim cannot afford to pay for a team with more than 14 players (in which case I suspect he also wouldn't be able to pay for any new signings at all), or Gayboy knows that the deal is not going to complete and so is extracting as much cash as he possibly can before the administrators are called in. My suspicion is a little bit of both of those. As Corp has suggested above, the price Al-Fahim is going to pay to actually acquire the 'assets' (worth somewhere in the region of minus £50m, hence the use of inverted commas) is nominal - probably £1. That's not going to change now (and I suspect has always been the actual purchase price because of the liabilities), so he's making the most of his final moments in control by essentially asset-stripping with the sale of the most valuable players. Obviously it helps in that regard that those players see the stuff going on and want to leave as well. The revenue from that is used to pay off the portions of the loans that are tied personally to Gaydamak, which means they don't need to be renegotiated by whoever takes over - renegotiating could be a problem in the current climate, particularly when there's no obvious pot of gold that's going to ensure a Premier League football club with crowds of 19,500 can repay those sort of amounts while maintaining a competitive team on the pitch. Link to comment Share on other sites More sharing options...
SO16_Saint Posted 20 July, 2009 Share Posted 20 July, 2009 so are we saying here that PFC are in much the same position as we were a few weeks back and there's a serious possibility that THEY may now go under? Link to comment Share on other sites More sharing options...
Clapham Saint Posted 20 July, 2009 Share Posted 20 July, 2009 My suspicion is a little bit of both of those. As Corp has suggested above, the price Al-Fahim is going to pay to actually acquire the 'assets' (worth somewhere in the region of minus £50m, hence the use of inverted commas) is nominal - probably £1. That's not going to change now (and I suspect has always been the actual purchase price because of the liabilities), so he's making the most of his final moments in control by essentially asset-stripping with the sale of the most valuable players. Obviously it helps in that regard that those players see the stuff going on and want to leave as well. The revenue from that is used to pay off the portions of the loans that are tied personally to Gaydamak, which means they don't need to be renegotiated by whoever takes over - renegotiating could be a problem in the current climate, particularly when there's no obvious pot of gold that's going to ensure a Premier League football club with crowds of 19,500 can repay those sort of amounts while maintaining a competitive team on the pitch. So in basic terms. Al looks to buy club with massive debts but some good players for £1. He doesn't have much additional cash to invest but is prepared to take on the debts. G sells assets to pay down loans due to himself prior to the sale. Club now has fewer debts but only 14 players. Al still wants to go through with the deal but still has no additional money to invest in new players. Sky tv money is which would have been used to pay the wages for the rest of the season is given to G. Without any sky tv money the club is out of cash by christmas. With just 14 players (plus presumably some free transfers) they will struggle and the remaining 14 will want out. Club is relegated. Turnover is halved. Still no money to invest in new players. Administration. This is doomed to failure even if it does go through. Link to comment Share on other sites More sharing options...
stevegrant Posted 20 July, 2009 Share Posted 20 July, 2009 I have a bit of a feeling that Al-Fahim is essentially willing to gamble that the current set of players plus a few loans/Bosmans will be able to keep the team up this year so they can essentially start from scratch again with NEXT season's Sky money. With the likes of Burnley, Wolves, Hull, etc down there, it's a gamble I'd probably be fairly confident of winning if I was in his position. It also then gives him a year to showcase the club to other investors - perhaps people he's worked with before - to get some genuine cash put in. Link to comment Share on other sites More sharing options...
Thedelldays Posted 20 July, 2009 Share Posted 20 July, 2009 I really cannot see pompey staying up this season....I really cant. The playing squad is probably one of the worst in the leage (minus crouch of course) unless they add about 6 players they are well and truely fooked unless of course, the new owner has a hidden pot of gold come his way (which seems unlikely)... im one way, it is sad to see it happen..im sure most pompey fans will agree..but one thing, from the position they were in 10 years ago, it has been one hell of a ride for our fish fiddling friends..sadly, that ride is about to come to an abrupt end.. for my own reasons, i hope they go through as much grief as possibel as a football club..i really do and I cannot wait for the day we get revenge on that 4-1 beating at fratton...abd i dont think that day is too many years away.. Link to comment Share on other sites More sharing options...
OldNick Posted 20 July, 2009 Share Posted 20 July, 2009 I have a bit of a feeling that Al-Fahim is essentially willing to gamble that the current set of players plus a few loans/Bosmans will be able to keep the team up this year so they can essentially start from scratch again with NEXT season's Sky money. With the likes of Burnley, Wolves, Hull, etc down there, it's a gamble I'd probably be fairly confident of winning if I was in his position. It also then gives him a year to showcase the club to other investors - perhaps people he's worked with before - to get some genuine cash put in.The season ticket sales and match day receipts will be crucial if that is the case. in these hard times and high cost of tickets with a fan base upset at losing all the etar players ,that stream will be hard hit as well. While the dr is on the scene they may survive from the administrator. Perhaps he is going to be the new manager as well, afteral he is lookinjg through the player lists Link to comment Share on other sites More sharing options...
FMPR Posted 20 July, 2009 Share Posted 20 July, 2009 I do love the fact that most of the fans here seem to think Portsmouth havent been through the edge of extinction/admin route before and that its unique to them. Yes we didnt get decuted 10 points but weve been through the pain before so know whats it like Link to comment Share on other sites More sharing options...
OldNick Posted 20 July, 2009 Share Posted 20 July, 2009 I do love the fact that most of the fans here seem to think Portsmouth havent been through the edge of extinction/admin route before and that its unique to them. Yes we didnt get decuted 10 points but weve been through the pain before so know whats it like and dont you like to tell us about it! Link to comment Share on other sites More sharing options...
RedArmy Posted 20 July, 2009 Share Posted 20 July, 2009 I do love the fact that most of the fans here seem to think Portsmouth havent been through the edge of extinction/admin route before and that its unique to them. Most of your fans weren't around then. Link to comment Share on other sites More sharing options...
FMPR Posted 20 July, 2009 Share Posted 20 July, 2009 If you take the way you attendances have been dropping in your non premier league years you would have gone the same way as us without new backing. We got new backing and the glory hunters came out You have got new backing and the same result will happen Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 20 July, 2009 Share Posted 20 July, 2009 If you take the way you attendances have been dropping in your non premier league years you would have gone the same way as us without new backing. LOL. We had more people at a pre season friendly than you will get at any single game this season Put that attendance figure in your pipe and smoke it Link to comment Share on other sites More sharing options...
mack rill Posted 20 July, 2009 Share Posted 20 July, 2009 LOL. Does he still live with his Mum oooooooooooh,,,,,,,,you little devil! Link to comment Share on other sites More sharing options...
anothersaintinsouthsea Posted 20 July, 2009 Share Posted 20 July, 2009 for my own reasons, i hope they go through as much grief as possibel as a football club..i really do and I cannot wait for the day we get revenge on that 4-1 beating at fratton...abd i dont think that day is too many years away.. amen brother, amen. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 20 July, 2009 Share Posted 20 July, 2009 I have a bit of a feeling that Al-Fahim is essentially willing to gamble that the current set of players plus a few loans/Bosmans will be able to keep the team up this year so they can essentially start from scratch again with NEXT season's Sky money. With the likes of Burnley, Wolves, Hull, etc down there, it's a gamble I'd probably be fairly confident of winning if I was in his position. It also then gives him a year to showcase the club to other investors - perhaps people he's worked with before - to get some genuine cash put in. Wishful thinking if you ask me. Ultimately though if he does fail he does only lose his £1. Who knows, but I'm sure that Ho etc will be quick to remind me If I turn out to be wrong. Link to comment Share on other sites More sharing options...
rpb Posted 20 July, 2009 Share Posted 20 July, 2009 Ultimately though if he does fail he does only lose his £1. Surely he will get some change? Link to comment Share on other sites More sharing options...
SW5 SAINT Posted 20 July, 2009 Share Posted 20 July, 2009 Shouldn't really laugh, they have gone from being the next Man City - to this sorry state of affairs in just 10 weeks Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 20 July, 2009 Share Posted 20 July, 2009 Surely he will get some change? Probably enough for a McBurger Link to comment Share on other sites More sharing options...
Gemmel Posted 20 July, 2009 Share Posted 20 July, 2009 Al Fahim doesn't have as much money as was expected.... Wow that's a HUGE shock..... Another tick in the I told you so's column for DP Just for you Phil............... http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2125309369 i understand peoples concerns about fahim not being a billionaire, but i've read reports online and in the paper (the daily mail, if i recall) and general reasearching which confirm he doesn't just scrape the billionaire tag, he is very much comfortably in the billionaire bracket. I've a friend who works in UAE and apperantly he is ranked as the 3rd richest man over that neck of woods and is comfortably a billionaire. He also confirmed with an interview not long ago, when asked a question, that he is a comfortable billionaire. His family are reportedly worth a trillion. Not In man city owner bracket, but who is? It has been widely thought that Fahim is TEN times the wealth of Roman Abromovich. I understand peoples concerns, and rumours, but for the worrying Pompey fans, this guy is the real deal. If we get him, which looks likely, then brace up, it's going to be one hell of an incredible ride! If we don't, we move on! Link to comment Share on other sites More sharing options...
hypochondriac Posted 20 July, 2009 Share Posted 20 July, 2009 Just for you Phil............... http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2125309369 i understand peoples concerns about fahim not being a billionaire, but i've read reports online and in the paper (the daily mail, if i recall) and general reasearching which confirm he doesn't just scrape the billionaire tag, he is very much comfortably in the billionaire bracket. I've a friend who works in UAE and apperantly he is ranked as the 3rd richest man over that neck of woods and is comfortably a billionaire. He also confirmed with an interview not long ago, when asked a question, that he is a comfortable billionaire. His family are reportedly worth a trillion. Not In man city owner bracket, but who is? It has been widely thought that Fahim is TEN times the wealth of Roman Abromovich. I understand peoples concerns, and rumours, but for the worrying Pompey fans, this guy is the real deal. If we get him, which looks likely, then brace up, it's going to be one hell of an incredible ride! If we don't, we move on! Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 20 July, 2009 Share Posted 20 July, 2009 Just for you Phil............... http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2125309369 It has been widely thought that Fahim is TEN times the wealth of Roman Abromovich. Lol. £75 billion :shock: is ten times richer than Abramovich.... Link to comment Share on other sites More sharing options...
stevegrant Posted 21 July, 2009 Share Posted 21 July, 2009 Someone's in for a nasty shock then... Link to comment Share on other sites More sharing options...
FMPR Posted 21 July, 2009 Share Posted 21 July, 2009 I have to admit you boys are experts at this Link to comment Share on other sites More sharing options...
miserableoldgit Posted 21 July, 2009 Share Posted 21 July, 2009 Sulaiman Al Fahim to complete Portsmouth takeover and save club from administration By Colin Wood Last updated at 2:22 AM on 21st July 2009 Comments (0) Add to My Stories Sulaiman Al Fahim is expected to finally complete his takeover at Portsmouth today – saving them from becoming the first Premier League club to go into administration. Al Fahim was last night given the go-ahead to finalise his £60m buyout after passing the Premier League’s stringent new fit-and-proper-person test. It comes just in time to stop South African-based Standard Bank calling in the administrators to reclaim an unpaid £30m loan. Flashing the cash: Sulaiman Al Fahim (left) seen here with Piers Morgan Bank officials are believed to have contacted Pompey on Friday to demand repayment by the end of this week. In a further twist it has emerged the Premier League’s checks have scared off the mystery backers Al Fahim had lined up. The investors wanted to remain anonymous but, under league rules, anyone with over a ten per cent stake in a consortium must be identified and undergo the test. This means Al Fahim will struggle to make any big-money signings. Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 21 July, 2009 Share Posted 21 July, 2009 Can Marc - Lifelong Pompey fan - Jackson not help them out? It would be great if he got involved. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 21 July, 2009 Share Posted 21 July, 2009 If the take over doesn't go through I don't think it takes an IP to know that Administration is as close to a nailed on certainty for them as it is possible to get. ...... It comes just in time to stop South African-based Standard Bank calling in the administrators to reclaim an unpaid £30m loan. Flashing the cash: Sulaiman Al Fahim (left) seen here with Piers Morgan Bank officials are believed to have contacted Pompey on Friday to demand repayment by the end of this week. In a further twist it has emerged the Premier League’s checks have scared off the mystery backers Al Fahim had lined up. The investors wanted to remain anonymous but, under league rules, anyone with over a ten per cent stake in a consortium must be identified and undergo the test. This means Al Fahim will struggle to make any big-money signings. Told you! Link to comment Share on other sites More sharing options...
Clapham Saint Posted 21 July, 2009 Share Posted 21 July, 2009 Just for you Phil............... http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2125309369 i understand peoples concerns about fahim not being a billionaire, but i've read reports online and in the paper (the daily mail, if i recall) and general reasearching which confirm he doesn't just scrape the billionaire tag, he is very much comfortably in the billionaire bracket. I've a friend who works in UAE and apperantly he is ranked as the 3rd richest man over that neck of woods and is comfortably a billionaire. He also confirmed with an interview not long ago, when asked a question, that he is a comfortable billionaire. His family are reportedly worth a trillion. Not In man city owner bracket, but who is? It has been widely thought that Fahim is TEN times the wealth of Roman Abromovich. I understand peoples concerns, and rumours, but for the worrying Pompey fans, this guy is the real deal. If we get him, which looks likely, then brace up, it's going to be one hell of an incredible ride! If we don't, we move on! Biggest lol ever on this board? Link to comment Share on other sites More sharing options...
Thedelldays Posted 21 July, 2009 Share Posted 21 July, 2009 it is a done deal apparently http://www.arabianbusiness.com/562580-exclusive-portsmouth-fc-deal-is-done Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 21 July, 2009 Share Posted 21 July, 2009 Is Gemmel AKA the ash1987 on the poopey board that is also getting completely shot down by his own fishy fans ?? Link to comment Share on other sites More sharing options...
OldNick Posted 21 July, 2009 Share Posted 21 July, 2009 Al Fahim eyes first Emirati Premier League player. interesting. Link to comment Share on other sites More sharing options...
Gemmel Posted 21 July, 2009 Share Posted 21 July, 2009 Is Gemmel AKA the ash1987 on the poopey board that is also getting completely shot down by his own fishy fans ?? :rolleyes: Link to comment Share on other sites More sharing options...
sotonjoe Posted 21 July, 2009 Share Posted 21 July, 2009 it is a done deal apparently http://www.arabianbusiness.com/562580-exclusive-portsmouth-fc-deal-is-done Just like Pinnacle ... it's lynam under that arab costume I swear. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 21 July, 2009 Share Posted 21 July, 2009 Just like Pinnacle ... it's lynam under that arab costume I swear. If it is a done deal why has there no official announcement? Al Lynam seems to love publicity, why is he not shouting about it? Link to comment Share on other sites More sharing options...
Merovingian Posted 21 July, 2009 Share Posted 21 July, 2009 just been announced in PFC Official Site Link to comment Share on other sites More sharing options...
Thedelldays Posted 21 July, 2009 Share Posted 21 July, 2009 hart as manager.. LOL Link to comment Share on other sites More sharing options...
Clapham Saint Posted 21 July, 2009 Share Posted 21 July, 2009 just been announced in PFC Official Site No it hasn't. An agreement in principle has. Something that I would have thought could have been done before due dilligence was even started. Link to comment Share on other sites More sharing options...
Thedelldays Posted 21 July, 2009 Share Posted 21 July, 2009 it has been reported that hart is staying and that the DR is on the board of PFC Link to comment Share on other sites More sharing options...
Merovingian Posted 21 July, 2009 Share Posted 21 July, 2009 No it hasn't. An agreement in principle has. Something that I would have thought could have been done before due dilligence was even started. funny that he has been announced as new chairman with Storrie going back to CEO then isn't it ? its done end of bar the solicitors and formal transfer. Like it lump it - the fact is though we still have no money, although we have a club so dunno why your clinging onto the admin theory Link to comment Share on other sites More sharing options...
Scummer Posted 21 July, 2009 Share Posted 21 July, 2009 dunno why your clinging onto the admin theory He works for an administrator, maybe he's just hoping to get some business. Link to comment Share on other sites More sharing options...
Ludwig Posted 21 July, 2009 Share Posted 21 July, 2009 Good luck to Pompey with their new owner. Hopefully we can meet soon. Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 21 July, 2009 Share Posted 21 July, 2009 funny that he has been announced as new chairman with Storrie going back to CEO then isn't it ? its done end of bar the solicitors and formal transfer. Like it lump it - the fact is though we still have no money, although we have a club so dunno why your clinging onto the admin theory Trust me, there is still time for it to fail Link to comment Share on other sites More sharing options...
OldNick Posted 21 July, 2009 Share Posted 21 July, 2009 funny that he has been announced as new chairman with Storrie going back to CEO then isn't it ? its done end of bar the solicitors and formal transfer. Like it lump it - the fact is though we still have no money, although we have a club so dunno why your clinging onto the admin theory you came on statung their were rumours about your future and made out they were not neccessarily good for you Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 21 July, 2009 Share Posted 21 July, 2009 http://www.skysports.com/story/0,19528,11661_5446216,00.html done deal ******** still going down Link to comment Share on other sites More sharing options...
Gemmel Posted 21 July, 2009 Share Posted 21 July, 2009 Official announcement is "Agreement In Principle" Whilst i'm sure it will all go through eventually, that doesn't sound to me like everythiing is cut and dried. Looking forward to meeting the fishy few very soon Link to comment Share on other sites More sharing options...
OldNick Posted 21 July, 2009 Share Posted 21 July, 2009 looks like Duncan's source has led him a dance. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 21 July, 2009 Share Posted 21 July, 2009 funny that he has been announced as new chairman with Storrie going back to CEO then isn't it ? its done end of bar the solicitors and formal transfer. Like it lump it - the fact is though we still have no money, although we have a club so dunno why your clinging onto the admin theory No it isn't. Also I am not “clinging on to administration”. I acknowledged this morning (on one of these multiple threads) that the deal may go through and that I had thought it wouldn’t. Does the course of events not strike you as strange though? I’m aware that this is slightly over simplifying things but, if you compare it to buying a house the basic steps are: 1) Make an offer. 2) Have offer accepted (subject to contract) 3) Complete survey 4) Adjust offer if required 5) Exchange contracts/Complete 6) Move in What has happened here is: 1) Make an offer 3) Due diligence….. 4) Adjust offer 2) Have offer accepted (in principle) 6) Join the board Why are they issuing statements about agreements in principle? Why have they not agreed the final deal? They have had MONTHS to draw up contracts in anticipation of finishing due diligence. Why announce that the deal is agreed in principle but then not also say "and should comlete formally later today" or similar. Again, I’m not saying it definitely won’t complete, and the only information that I’m going on is that which I have read in papers / on the internet, but everything which I have seen about this screams “deal which is hanging by a threat” at best. Link to comment Share on other sites More sharing options...
OldNick Posted 21 July, 2009 Share Posted 21 July, 2009 No it isn't. Also I am not “clinging on to administration”. I acknowledged this morning (on one of these multiple threads) that the deal may go through and that I had thought it wouldn’t. Does the course of events not strike you as strange though? I’m aware that this is slightly over simplifying things but, if you compare it to buying a house the basic steps are: 1) Make an offer. 2) Have offer accepted (subject to contract) 3) Complete survey 4) Adjust offer if required 5) Exchange contracts/Complete 6) Move in What has happened here is: 1) Make an offer 3) Due diligence….. 4) Adjust offer 2) Have offer accepted (in principle) 6) Join the board Why are they issuing statements about agreements in principle? Why have they not agreed the final deal? They have had MONTHS to draw up contracts in anticipation of finishing due diligence. Why announce that the deal is agreed in principle but then not also say "and should comlete formally later today" or similar. Again, I’m not saying it definitely won’t complete, and the only information that I’m going on is that which I have read in papers / on the internet, but everything which I have seen about this screams “deal which is hanging by a threat” at best. I did wonder why it said he was new chairman, it didnt say he was new owner.A bit odd compared to other takeovers and wording of such.Timedelaying factor perhaps to keep bank at bay as they try to source money? Link to comment Share on other sites More sharing options...
Merovingian Posted 21 July, 2009 Share Posted 21 July, 2009 last post as reached 3 - is abit odd I agree - but deal hanging by a thread? - doubt he would have joined the board if thats the case - why not just pull out and be done with it. who can tell. I can't do anything about it so I shall wait and see. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 21 July, 2009 Share Posted 21 July, 2009 last post as reached 3 - is abit odd I agree - but deal hanging by a thread? - doubt he would have joined the board if thats the case - why not just pull out and be done with it. who can tell. I can't do anything about it so I shall wait and see. Fair enough. For me though it just has too many similarities to cases I have seen where positive fronts are being shown whilst everything behind the scenes is chaos. We'll see soon enough though I guess. Link to comment Share on other sites More sharing options...
View From The Top Posted 21 July, 2009 Share Posted 21 July, 2009 last post as reached 3 - is abit odd I agree - but deal hanging by a thread? - doubt he would have joined the board if thats the case - why not just pull out and be done with it. who can tell. I can't do anything about it so I shall wait and see. I get the impression that you think your club might be a wee bit fu cked. It certainly looks on iffy ground as an outsider looking in. Link to comment Share on other sites More sharing options...
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