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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Fowllyd

Fowllyd

Posted
Posted
Just when I thought our entertainment on this matter was "On hold" until the HMRC court case, Mr Jacobs comes out with this;

 

http://www.portsmouth.co.uk/sport/Chainrai-has-no-control-over.5971300.jp

 

A couple of enjoyable snippets;

 

He added: 'Mr Al Faraj sees a great opportunity for this to be one of the best and biggest community clubs in the Premier League.

 

'There is a huge and loyal supportive base and we need to build on that.

 

'There have been several games this season whereby we could have sold the game twice over.'

 

More laffs there to be sure. Anybody can see that Balram Chainrai (or his company) doesn't own Fratton Park; the point is that a large loan to Al Faraj is secured against it. If you use your very own, totally owned house as security against a loan, that home is at risk if you can't make the loan repayments. Same applies to Fratton Park.

 

Elsewhere, there's a nice little attempt to pass yet more blame elsewhere - this time onto Portsmouth City Council for not being sufficiently enthusiastic in backing the 2018 World Cup bid. Yes, if only they'd been more supportive things could be so different... :rolleyes:

 

I love the bit you quote there. For what game(s), apart from Man Utd, could they have even filled their ground, let alone twice over?

 

And, for further entertainment, there's this:

 

http://www.portsmouth.co.uk/sport/Sacha39s-snub-39cost-Pompey-35m39.5971350.jp

 

and this:

 

http://www.portsmouth.co.uk/sport/Mokoena-blasts-Pompey-owners.5972116.jp

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aintforever

aintforever

Posted
Posted

 

I take it this hasn't happened?....

 

Earlier Daniel Azougy, the Israeli lawyer hired by the club to drum up investment to aid the club's dire financial position, admitted that they are in a "mess" but claimed that the owner, Ali al-Faraj, will have paid £40m to creditors by 10 January, when he is hoping the embargo on registering new players will be lifted.

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Fowllyd

Fowllyd

Posted
Posted
I take it this hasn't happened?....

 

Earlier Daniel Azougy, the Israeli lawyer hired by the club to drum up investment to aid the club's dire financial position, admitted that they are in a "mess" but claimed that the owner, Ali al-Faraj, will have paid £40m to creditors by 10 January, when he is hoping the embargo on registering new players will be lifted.

 

That's an interesting point. Following that Guardian article, Azougy apparently denied having said any such thing. However, in one of today's pieces in The News, Jacob mentioned the exact same sum, saying that this amount had come into the club thanks to Al Faraj.

 

http://www.portsmouth.co.uk/sport/Pompey-39would-have-sunk39-without.5971386.jp

 

Altogether, if you look at the funds that have been generated into the club since October, you are looking at approximately £40m.

 

No mention of where it's all gone, though - nor of where it all came from, come to that! As for the embargo, I guess we'll just have to wait and see.

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Gravesend Saint

Gravesend Saint

Posted
Posted
More laffs there to be sure. Anybody can see that Balram Chainrai (or his company) doesn't own Fratton Park; the point is that a large loan to Al Faraj is secured against it. If you use your very own, totally owned house as security against a loan, that home is at risk if you can't make the loan repayments. Same applies to Fratton Park.

 

Exactly!

 

'Basically, the club has remortgaged the property and the charge has been taken by a company called Portpin Limited.

 

'Mr Chainrai is the beneficial owner of that company.

 

'Mr Chainrai has provided a facility to the club. He is a lender who has a legal charge over the stadium, which is part of the facility that he has provided to the club'

 

If he doesn't get paid Portpin exercise their legal charge and, potentially, bye bye FP. It would more likely be a case of TAKING ownership by way of exercising the charge and then renting back to PFC.

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Gemmel

Gemmel

Posted
Posted
.Elsewhere, there's a nice little attempt to pass yet more blame elsewhere - this time onto Portsmouth City Council for not being sufficiently enthusiastic in backing the 2018 World Cup bid. Yes, if only they'd been more supportive things could be so different... :rolleyes:

 

I read that as well, you don't think that Al Mirage, bought the club for a pound on the assumption that the FA were about to pay for a nice shiny new 30,000 + stadium for them .....

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PES

PES

Posted
Posted

Any Facist nonesence goes off and i'll walk away, I hope that does not kick off an 'All Pompey fans are facist/racists' series of posts, it'd be really disappointing. Dell Days is just doing what he does best, dragging up any old **** thats anti-Pompey, nothing wrong with that, but pulling out isolated posts on Pompey messageboards by the pompey village biggots means nothing. Don't you have a few on here? And aren't they generally ignored? Just like they are in Pompey. :(

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Colinjb

Colinjb

Posted
Posted
Any Facist nonesence goes off and i'll walk away, I hope that does not kick off an 'All Pompey fans are facist/racists' series of posts, it'd be really disappointing. Dell Days is just doing what he does best, dragging up any old **** thats anti-Pompey, nothing wrong with that, but pulling out isolated posts on Pompey messageboards by the pompey village biggots means nothing. Don't you have a few on here? And aren't they generally ignored? Just like they are in Pompey. :(

 

As any club that has been involved with trouble in recent years will testify though, the majority are always tarnish by a rowdy minority.

 

They could destroy the positive impression the wider public has regarding your fanbase for years to come, after all, there's a media story to be had!

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JonnyLove

JonnyLove

Posted
Posted
What a scummy set of c*nting fans they are.

 

To ALL P*mpey fans...I hope you and your club rot in hell. Fascist scum!

 

True but I am sure there was saints fans on here stating the EDL are the greatest thing since sliced bread so I personally won't be having a go at them for this. I actually feel bad because if it does turn our to be an EDL or BNP march all the media coverage will focus on is that.

 

Imagine what we would of felt like it the same had happened to us, when we marched.

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Chez

Chez

Posted
Posted (edited)
In other news Pompey adopt a novel way of boosting their crowd for the visit of Birmingham:

 

http://www.portsmouth.co.uk/newshome/Pompey-plea-for-volunteers-to.5972592.jp

 

2 free tickets to anyone helping to clear snow.

 

I notice Aberdeen players helped staff and local businesses to clear snow and ice at Pittodre. Any chance we'll see the Pompey first team helping out?

Edited by Chez
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PES

PES

Posted
Posted
the Luton branch of the EDL were at SMS during the cup match. Caused a bit of trouble amongst their own fans.

As PES said most Pompet fans wont have anything to do with them. Interesting if they do turn up though.

 

I hope they don't turn up, or any 'politicaly' motivated group. Chants of 'Sticking Arabs up yer arse' were cringeworthy enough, more ignorant than racist, but what with the current media focus on any and every PFC negative, as some have said on here, it could be disasterous, that said I don't believe there is much if any public/football sympathy towards the plight of PFC so I doubt it'd do that much damage anyway....

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Colinjb

Colinjb

Posted
Posted
haha

 

just read on the blue few site, that Utaka is on (about) £20k a week more than Fabregas..

 

if he stays on at pompey to the end of his contract he would have cost them around £23m

 

Lets hope he does. That contract was signed in good faith, they should honour it. Not Utaka's fault if they couldn't follow it up.

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benjii

benjii

Posted
Posted
I hope they don't turn up, or any 'politicaly' motivated group. Chants of 'Sticking Arabs up yer arse' were cringeworthy enough, more ignorant than racist, but what with the current media focus on any and every PFC negative, as some have said on here, it could be disasterous, that said I don't believe there is much if any public/football sympathy towards the plight of PFC so I doubt it'd do that much damage anyway....

 

I think this is right. I think Pompey have finally been recognised by the wider media as the nasty, unsavoury cess-pit of a club it is.

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St Chalet

St Chalet

Posted
Posted
Lets hope he does. That contract was signed in good faith, they should honour it. Not Utaka's fault if they couldn't follow it up.

 

Storrie believed one of those Nigerian hoax e-mails about a vast fortune.

 

"Just award my brother a £23m contract and we will wire you back his fortune"

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pedg

pedg

Posted
Posted (edited)

 

A bit odd. Other places such as here: http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/6937974/Portsmouths-financial-crisis-10-questions-about-the-problems-at-Fratton-Park.html

 

say

 

9 Will the Premier League lift the transfer ban?

Highly unlikely until the owners demonstrate that they have fresh, sustainable funding. In the meantime the club's television money will be withheld and distributed directly to satisfy football creditors including Tottenham, Chelsea and Watford, who are owed around £7 million.

Yet:

 

A total of £7million is due to the club today as part of the TV agreement.

And Pompey claim once their debts are paid, there will still be a surplus of between £2m and £3m.

So instead of 7 million paying off the english clubs we are to accept that 4 or 5 million will clear all their current immediate debts.

 

Also he says:

 

With the TV money coming in we will have paid all our debts to other clubs
But the TV money was only going to go to the english clubs so have they paid the money to lens plus some sell on fee's they owe to other foreign clubs.

 

Unless some additional money has been paid to their debtors without being announced I can't see how their figures add up?

 

Finally why go to the PL today when tomorrow, if they are so confident they will win the VAT case against HMRC they could go in with a much stronger hand.

 

----

 

plus.. why much around with arguments about TV money and 2 or 3 million surplus when allegedly some Israelis are lending them £40 million? If it was true then just waving that in front of the PL would get the ban lifted double pronto.

Edited by pedg
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Gingeletiss

Gingeletiss

Posted
Posted

 

Portsmouth hope to have their transfer embargo lifted today when they meet with Premier League officials.

Pompey will be represented by Ahmed Al-Faraj, brother of owner Ali Al-Faraj, lawyer Maurice Watkins, who regularly acts for Manchester United, and advisor Yoram Yossifoff.

The trio are seeing Premier League chairman Dave Richards and chief executive Richard Scudamore to argue there is no reason why the ban should go on any longer.

A total of £7million is due to the club today as part of the TV agreement.

And Pompey claim once their debts are paid, there will still be a surplus of between £2m and £3m.

Ahmed Al-Faraj told The Sun: "This ban must be lifted now. There is no argument for it to go on.

"With the TV money coming in we will have paid all our debts to other clubs and it is vital that Portsmouth are allowed to compete on a level playing field with everyone else.

"We need new players in and if we can get the ones our manager wants, we are confident we will stay in the Premier League.

"A lot of money is being put into this club to turn things around.

"We are probably one of the only clubs in the world which doesn't owe a penny to any bank."

You have got to laugh haven't you........they owe millions to 'Property development company's'....but nothing to banks. That my deluded blue fool, is because the banks have ditched you!!!

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pedg

pedg

Posted
Posted (edited)

Mean while back in the real world not inhabited by the board of PFC...

 

http://www.guardian.co.uk/football/2010/jan/11/aruna-dindane-portsmouth-lens

 

Aruna Dindane may have played his last game for Portsmouth after Lens, who loaned him to Fratton Park last August, began instigating moves to recall him. The French club fear the Premier League strugglers are unable to pay the prearranged price to make the transfer definitive and have begun sounding out other clubs about a move.

Lens say Portsmouth promised to pay them £4m and take Dindane on a full contract after the striker's 11th appearance for them. The terms of the agreement were renegotiated to give Portsmouth some breathing space on the eve of Dindane's 11th match – the 2-0 Premier League win over Burnley – but, with the south coast club seemingly no closer to finding the fee, Lens have explored a contingency plan. They could demand Dindane's return this month so that they might sell him to a club with the funds to pay them.

 

 

and to counter point the we will have 3 million left from the TV money honest in the other story...

 

 

The Premier League, however, is poised to divert £7m, which is Portsmouth's next tranche of television money, directly to the club's creditors, who are awaiting instalments on transfer fees. Portsmouth owe a total of £10m and their creditors include Chelsea over Glen Johnson; Tottenham (Younes Kaboul); Udinese (Sulley Muntari) and Rennes (John Utaka) not to mention Lens (Belhadj and Dindane).

The league must decide how best to divide the £7m, with Lens fearing that it will prioritise the English creditors.

 

 

If the PL only pay off the english clubs, let pfc keep 2 to 3 million and lift the embargo I can see Lens being a tad annoyed..

Edited by pedg
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Foxstone

Foxstone

Posted
Posted
Portsmouth hope to have their transfer embargo lifted today when they meet with Premier League officials.

Pompey will be represented by Ahmed Al-Faraj, brother of owner Ali Al-Faraj, lawyer Maurice Watkins, who regularly acts for Manchester United, and advisor Yoram Yossifoff.

The trio are seeing Premier League chairman Dave Richards and chief executive Richard Scudamore to argue there is no reason why the ban should go on any longer.

A total of £7million is due to the club today as part of the TV agreement.

And Pompey claim once their debts are paid, there will still be a surplus of between £2m and £3m.

Ahmed Al-Faraj told The Sun: "This ban must be lifted now. There is no argument for it to go on.

"With the TV money coming in we will have paid all our debts to other clubs and it is vital that Portsmouth are allowed to compete on a level playing field with everyone else.

"We need new players in and if we can get the ones our manager wants, we are confident we will stay in the Premier League.

"A lot of money is being put into this club to turn things around.

"We are probably one of the only clubs in the world which doesn't owe a penny to any bank."

You have got to laugh haven't you........they owe millions to 'Property development company's'....but nothing to banks. That my deluded blue fool, is because the banks have ditched you!!!

 

This is absolutely cringeworthy especially the bit highlighted above!

 

Be allowed to compete on a level playing field ???

 

It was when they decided to drastically overspend so they did not play on a level playing field with other Prem clubs that started all this mess :D

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TNT

TNT

Posted
Posted
Portsmouth hope to have their transfer embargo lifted today when they meet with Premier League officials.

Pompey will be represented by Ahmed Al-Faraj, brother of owner Ali Al-Faraj, lawyer Maurice Watkins, who regularly acts for Manchester United, and advisor Yoram Yossifoff.

The trio are seeing Premier League chairman Dave Richards and chief executive Richard Scudamore to argue there is no reason why the ban should go on any longer.

A total of £7million is due to the club today as part of the TV agreement.

And Pompey claim once their debts are paid, there will still be a surplus of between £2m and £3m.

Ahmed Al-Faraj told The Sun: "This ban must be lifted now. There is no argument for it to go on.

"With the TV money coming in we will have paid all our debts to other clubs and it is vital that Portsmouth are allowed to compete on a level playing field with everyone else.

"We need new players in and if we can get the ones our manager wants, we are confident we will stay in the Premier League.

"A lot of money is being put into this club to turn things around.

"We are probably one of the only clubs in the world which doesn't owe a penny to any bank."

You have got to laugh haven't you........they owe millions to 'Property development company's'....but nothing to banks. That my deluded blue fool, is because the banks have ditched you!!!

 

 

No bank in the world will let them have any money anyway !

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sussexsaint

sussexsaint

Posted
Posted
Shouldn't there be some sort of penalty for winning games against fellow strugglers with players you don't own?

 

I think this is a very valid point, marred only by the word 'winning' :); but yep if the miracle happened and they got points and avoided the drop by playing someone who was not rightfully theirs then there should be a points deduction

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badgerx16

badgerx16

Posted
Posted
I think this is a very valid point, marred only by the word 'winning' :); but yep if the miracle happened and they got points and avoided the drop by playing someone who was not rightfully theirs then there should be a points deduction

Didn't West Ham get away with it though, when they had Tevez & his mate ?

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dubai_phil

dubai_phil

Posted
Posted
Portsmouth hope to have their transfer embargo lifted today when they meet with Premier League officials.

Pompey will be represented by Ahmed Al-Faraj, brother of owner Ali Al-Faraj, lawyer Maurice Watkins, who regularly acts for Manchester United, and advisor Yoram Yossifoff.

The trio are seeing Premier League chairman Dave Richards and chief executive Richard Scudamore to argue there is no reason why the ban should go on any longer.

A total of £7million is due to the club today as part of the TV agreement.

And Pompey claim once their debts are paid, there will still be a surplus of between £2m and £3m.

Ahmed Al-Faraj told The Sun: "This ban must be lifted now. There is no argument for it to go on.

"With the TV money coming in we will have paid all our debts to other clubs and it is vital that Portsmouth are allowed to compete on a level playing field with everyone else.

"We need new players in and if we can get the ones our manager wants, we are confident we will stay in the Premier League.

"A lot of money is being put into this club to turn things around.

"We are probably one of the only clubs in the world which doesn't owe a penny to any bank."

 

You have got to laugh haven't you........they owe millions to 'Property development company's'....but nothing to banks. That my deluded blue fool, is because the banks have ditched you!!!

 

Ah well, so that's all sorted then.

 

PFC are meeting Dave Richards. The man who (IF press stories at the time are to be believed) is as allegedly guilty as any in the whole sorry mess for recommending Sultan Al Fahim in the first place.

 

Hell, if I was going to that meeting I think it would be all about - OK Richards sort this out, give us money or we blow the story BIG time

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Sheaf Saint

Sheaf Saint

Posted
Posted

Heard on the radio this morning that the PL have given Pompey until the close of business today to pay off their football creditors or else they will withhold the £7m Sky money due this month.

 

Seems like they know full well that the debts won't get paid, but they are giving Pompey every opportunity to put their money where their mouths are and come up with this funding that they are 'very confident' of coming up with.

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St Marco

St Marco

Posted
Posted

A very big day today for Portsmouth then. They have until 5pm today to pay the clubs they owe money too or the PL will have to use their slice to pay some of their debts. They owe clubs more then £7m aparently (£10m+). So they will have to make up the difference.

 

If they don't do that i think we can expect to see the PL adopt a very different attitude towards Portsmouth. If they don't pay up then they have no option but to keep the embargo on the club. Which means O Hara goes. If Lens don't get what they are owed from the Belhadj deal they will recall Dindane and sell him to someone else. Add to that Jacobs admitted on radio he has actually never met the owner before means nobody has a clear idea of what is going on.

Then in a couple of weeks you have the court case and the next wages due.

In all honesty you have to say if the PL have to help them today then chances are Portsmouth will be in admin before the month is out.

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Foxstone

Foxstone

Posted
Posted
A very big day today for Portsmouth then. They have until 5pm today to pay the clubs they owe money too or the PL will have to use their slice to pay some of their debts. They owe clubs more then £7m aparently (£10m+). So they will have to make up the difference.

 

If they don't do that i think we can expect to see the PL adopt a very different attitude towards Portsmouth. If they don't pay up then they have no option but to keep the embargo on the club. Which means O Hara goes. If Lens don't get what they are owed from the Belhadj deal they will recall Dindane and sell him to someone else. Add to that Jacobs admitted on radio he has actually never met the owner before means nobody has a clear idea of what is going on. Then in a couple of weeks you have the court case and the next wages due.

In all honesty you have to say if the PL have to help them today then chances are Portsmouth will be in admin before the month is out.

 

Also, when he was spinning his story last night he did all but admit that no new money had been put into the club since the owner came in - Just loans and they of course, need repaying :D

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dubai_phil

dubai_phil

Posted
Posted

Meanwhile Al Faraj hasn't made it to the UK yet.

 

Knowing the system quite well down here, a Saudi National will have to apply for a visa. In a as I remember it all for my staff fashion...

 

They will have to prove their reason for travel, if he intends to "work" in the UK then he will have to go through a very long process of registering in Sheffield and applying under the "Talented Migrant Scheme"

 

If he is doing general business deals or visiting as a tourist he will have to get a no objection letter from his employer or sponsor. He will have to get a letter of invitation from the credible UK business he is visiting.

He will also have to show his tickets and accomodation vouchers, and he will have to show that he has personal funds to cover the cost of the trip.

 

Finally, he will have to show that he holds major funds/interests/commitments in his country of residence so that the possibility of him arriving in the UK and "doing a runner" to become an illegal immigrant/asylum seeker is minimal

 

Now, in that whole list, based upon some of what we have seen and heard of late, am I the ONLY one who thinks that he may have failed to meet some of those criteria?

 

Credible UK business

Proof of funds

Not likely to be an asylum seeker scam

etc

 

tee hee

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