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Pompey Takeover Saga


Fitzhugh Fella

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Another journalistic masterpiece from Neil Allen:

 

Varney signed for Leeds earlier this week following talks with Appleton.

 

Just as Appy mounts his white charger, or maybe it's an orange airbus, to ride back into town.

 

"Who's that coming over the hill?"

 

"It's Happy Appy"

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Just had an interesting thought ... Let's say Pompey do make compromises with all their players and are brought and then cannot sign enough players in time for the season, what happens then? What's the lowest number of players you can name in a match day squad? How many players can you start on the pitch with?!

 

Good question. Obviously this is where the FL will hit the club with further penalties for not being able to field a team. Usual FL policy of being reactive not proactive in punishment to not look like the bad guys ;)

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So AA is back trying to help save the club, 'Arry and Storrie colluding to do the same, I don't suppose it has dawned on them that if they do go pop there may well be a 'proper' investigation into the financial 'management'. Surely not :uhoh:

 

Whatever gives you that impression....? :)

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Have got pic but basically just 2 mates (Harry & Pete) sitting having a friendly conversation....

 

... in very hushed voices, stopping when anyone walks past and sitting at a table where they couldn't possibly be overheard

 

Will upload pic later when I'm near wireless, other than that nothing I can report factually!

 

Bet they thought the nutjobs wouldn't see them here!

 

Let the conspiracy theories commence!

 

Managed to upload the photo yet?

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A Walsall fan that get's it.....

 

Portsmouth fans want players to write off a few million that will make or break the club. I will repeat the brief timeline that has allowed them to get even this far:

 

2009 - Portsmouth go bust, owing £135m. They are allowed to continue to trade after agreeing a deal to pay 20% of debt to unsecured creditors.

2010-2012 - Portsmouth fail to pay the reduced debt to unsecured creditors, instead choosing to buy a squad of players they can't afford.

2012 - Portsmouth go bust again, owing £58m. They may be allowed to continue to trade after agreeing a deal to pay 2% of debt to unsecured creditors. This means that the businesses still owed from 2009 will have to write off 99.6p of every £1 they were originally owed.

2012 - Portsmouth continue to exist in League One and sign Izale McLeod, Luke Rodgers, Brian Howard and other players out of the reach of current League One clubs?

 

Explain to me why we should look to save Portsmouth at all costs? The players should all be told to hold out for what they owe - they seem to be the only people who are able to give this cheating club what it deserves.

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A Walsall fan that get's it.....

 

Portsmouth fans want players to write off a few million that will make or break the club. I will repeat the brief timeline that has allowed them to get even this far:

 

2009 - Portsmouth go bust, owing £135m. They are allowed to continue to trade after agreeing a deal to pay 20% of debt to unsecured creditors.

2010-2012 - Portsmouth fail to pay the reduced debt to unsecured creditors, instead choosing to buy a squad of players they can't afford.

2012 - Portsmouth go bust again, owing £58m. They may be allowed to continue to trade after agreeing a deal to pay 2% of debt to unsecured creditors. This means that the businesses still owed from 2009 will have to write off 99.6p of every £1 they were originally owed.

2012 - Portsmouth continue to exist in League One and sign Izale McLeod, Luke Rodgers, Brian Howard and other players out of the reach of current League One clubs?

 

Explain to me why we should look to save Portsmouth at all costs? The players should all be told to hold out for what they owe - they seem to be the only people who are able to give this cheating club what it deserves.

 

Give that man an honoury life membership of the PTS Nutjob Society

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In what way does Birch think he's working in the best interests of the game in England by pursuing his policy of 'Save the Skates at All Costs'. if he succeeds, let him be judged by history as other clubs begin to follow their example. It would be the end of days for the game if they get away with this and end up fielding the likes of Howard, Gillet and McLeod in League 1. The bloke should be burying them and he's literally lost the plot.

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A Walsall fan that get's it.....

 

Portsmouth fans want players to write off a few million that will make or break the club. I will repeat the brief timeline that has allowed them to get even this far:

 

2009 - Portsmouth go bust, owing £135m. They are allowed to continue to trade after agreeing a deal to pay 20% of debt to unsecured creditors.

2010-2012 - Portsmouth fail to pay the reduced debt to unsecured creditors, instead choosing to buy a squad of players they can't afford.

2012 - Portsmouth go bust again, owing £58m. They may be allowed to continue to trade after agreeing a deal to pay 2% of debt to unsecured creditors. This means that the businesses still owed from 2009 will have to write off 99.6p of every £1 they were originally owed.

2012 - Portsmouth continue to exist in League One and sign Izale McLeod, Luke Rodgers, Brian Howard and other players out of the reach of current League One clubs?

 

Explain to me why we should look to save Portsmouth at all costs? The players should all be told to hold out for what they owe - they seem to be the only people who are able to give this cheating club what it deserves.

 

An excellent summary from that Walsall fan.

 

Its a f**king disgrace that they've been allowed to continue to exist for as long as they have.

 

I'm guessing that if PFC does make it to the starting day of this season in Division 1, we will be back here re-visiting this topic, within 18 months.

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Yet another article that fails to mention Chainrai's refusal to accept the PFA's proposed compromise....it's a good job the BBC aren't funded by tax payers otherwise I'd have the right hump....

 

@solentsport: Portsmouth condition 'critical': Portsmouth's administrators reiterate their warning that the club is heading fo... http://t.co/ZcV2pS9E

 

"The situation is now critical," said joint administrator Bryan Jackson.

 

"If the remaining high-cost players do not compromise on their wages or agree to move then we won't be able to complete the sale of the club and it will close down. It is as simple as that.

 

"Whilst we sympathise with the players and acknowledge that they are not to blame for the club's predicament, they do have the power to keep the club going.

 

"What is certain is that if the club does go into liquidation they are unlikely to receive anything at all. If, however, they agree to leave or conclude compromise settlements then the club has a future."

 

Interesting perhaps that PKF have now started to wheel out Jackson rather than Birch in the wake of AA's intervention....?

Edited by trousers
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In what way does Birch think he's working in the best interests of the game in England by pursuing his policy of 'Save the Skates at All Costs'. if he succeeds, let him be judged by history as other clubs begin to follow their example. It would be the end of days for the game if they get away with this and end up fielding the likes of Howard, Gillet and McLeod in League 1. The bloke should be burying them and he's literally lost the plot.

 

Birch is an administrator. His job is to serve the best interests of the creditors, nobody else. Any other stuff he (or anyone else) comes out with is flannel. If he can get a better deal for the creditors by taking actions which screw lots of other people, he'll have done his job. If the whole game gets screwed as a result, he'll still have done his job. This is something that, like Gordon Taylor's comments on player compromises, gets mentioned all too rarely.

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The players should all be told to hold out for what they owe - they seem to be the only people who are able to give this cheating club what it deserves.[/i]

 

Aint that the truth.

 

I would go as far as to say it is vital for football that portsmouth get liquidated. Club's need to know that there has to be a limit to how much they can overspend. There has to be the ultimate deterant.

 

The -10 for administration has turned into a weak slap on the wrist for clubs determined to cheat.

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Yet another article that fails to mention Chainrai's refusal to accept the PFA's proposed compromise....it's a good job the BBC aren't funded by tax payers otherwise I'd have the right hump....

 

@solentsport: Portsmouth condition 'critical': Portsmouth's administrators reiterate their warning that the club is heading fo... http://t.co/ZcV2pS9E

 

 

 

Interesting perhaps that PKF have now started to wheel out Jackson rather than Birch in the wake of AA's intervention....?

 

Isnt it about time the PFA step in to protect their members from this bullying ?

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Birch is an administrator. His job is to serve the best interests of the creditors, nobody else. Any other stuff he (or anyone else) comes out with is flannel. If he can get a better deal for the creditors by taking actions which screw lots of other people, he'll have done his job. If the whole game gets screwed as a result, he'll still have done his job. This is something that, like Gordon Taylor's comments on player compromises, gets mentioned all too rarely.

 

Doesnt Birch see the players as legitimate creditors too ?

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Rate:

AllMouth

 

11:18 AM on 26/07/2012

 

They lent us money to buy players? But they were our owner! Owners put money into clubs and buy them players and stuff. You can't ask for it back. It's like saying I've 'lent' money to my children to buy them food and clothes and then invoicing them for it when they reach 18.

 

So young, so innocent!!

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Doesnt Birch see the players as legitimate creditors too ?

 

Of course he does - in fact, their position is better than that of ordinary unsecured creditors because of the football creditors rule. Birch's case is that, in the event of liquidation, the players will receive nothing (or very close to it). If the club is kept alive, they'll receive whatever they can manage to negotiate; a reduction on the 100% that the FCR says they should get, but better than the 2% all other unsecured creditors will get. And, without compromise from the high earners, the club will quite certainly be liquidated.

 

The bit which nobody seems really certain about is whether or not the players will receive monies from the parachute payments in the event of liquidation. Birch's comments only apply to what little might be raised by a sale of assets in the event of liquidation and don't take this into account at all.

 

So, the view put forward by Birch is that, by compromising, TBH et al will get some of what they are owed; without any compromise they'll get nothing or very close to it. I'm not defending this view by the way, just stating it.

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A Walsall fan that get's it.....

 

Portsmouth fans want players to write off a few million that will make or break the club. I will repeat the brief timeline that has allowed them to get even this far:

 

2009 - Portsmouth go bust, owing £135m. They are allowed to continue to trade after agreeing a deal to pay 20% of debt to unsecured creditors.

2010-2012 - Portsmouth fail to pay the reduced debt to unsecured creditors, instead choosing to buy a squad of players they can't afford.

2012 - Portsmouth go bust again, owing £58m. They may be allowed to continue to trade after agreeing a deal to pay 2% of debt to unsecured creditors. This means that the businesses still owed from 2009 will have to write off 99.6p of every £1 they were originally owed.

2012 - Portsmouth continue to exist in League One and sign Izale McLeod, Luke Rodgers, Brian Howard and other players out of the reach of current League One clubs?

 

Explain to me why we should look to save Portsmouth at all costs? The players should all be told to hold out for what they owe - they seem to be the only people who are able to give this cheating club what it deserves.

 

This needs a link, please, so it can be put on Social Networks. The quicker this 'portsMYTH' is dispelled the less fans of other clubs will be ignorant of the facts

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Of course he does - in fact, their position is better than that of ordinary unsecured creditors because of the football creditors rule. Birch's case is that, in the event of liquidation, the players will receive nothing (or very close to it). If the club is kept alive, they'll receive whatever they can manage to negotiate; a reduction on the 100% that the FCR says they should get, but better than the 2% all other unsecured creditors will get. And, without compromise from the high earners, the club will quite certainly be liquidated.

 

The bit which nobody seems really certain about is whether or not the players will receive monies from the parachute payments in the event of liquidation. Birch's comments only apply to what little might be raised by a sale of assets in the event of liquidation and don't take this into account at all.

 

So, the view put forward by Birch is that, by compromising, TBH et al will get some of what they are owed; without any compromise they'll get nothing or very close to it. I'm not defending this view by the way, just stating it.

 

The problem with all that is that will mean pompey are driving a bus straight through the FCR, which the footballing authorities have been protecting for around a decade now, fighting off HMRC in the courts numerous times.

 

If pompey destroy the FCR the whole system is completely f*cked...

 

Hence why the PFA are listed as a major creditor on the CVA committee, they are safeguarding the contracts.

 

 

 

pompey are shattering what little integrity remains in the beautiful game... they really should just liquidate and be forgotten about.

 

 

Mind you I am also warm to appys world class development squad starting the campaign. It will be a shock to the big spending skates. Either way I believe and sincerely hope the deluded cheats have a hard reality check on their way.

 

SHALALA

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A Walsall fan that get's it.....

 

Portsmouth fans want players to write off a few million that will make or break the club. I will repeat the brief timeline that has allowed them to get even this far:

 

2009 - Portsmouth go bust, owing £135m. They are allowed to continue to trade after agreeing a deal to pay 20% of debt to unsecured creditors.

2010-2012 - Portsmouth fail to pay the reduced debt to unsecured creditors, instead choosing to buy a squad of players they can't afford.

2012 - Portsmouth go bust again, owing £58m. They may be allowed to continue to trade after agreeing a deal to pay 2% of debt to unsecured creditors. This means that the businesses still owed from 2009 will have to write off 99.6p of every £1 they were originally owed.

2012 - Portsmouth continue to exist in League One and sign Izale McLeod, Luke Rodgers, Brian Howard and other players out of the reach of current League One clubs?

 

Explain to me why we should look to save Portsmouth at all costs? The players should all be told to hold out for what they owe - they seem to be the only people who are able to give this cheating club what it deserves.

 

This needs a link, please, so it can be put on Social Networks. The quicker this 'portsMYTH' is dispelled the less fans of other clubs will be ignorant of the facts

 

Have faith, the word is spreading and spreading fast. The footballing community know the deal, the pfc brand is tainted for a generation.

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Well the fact they are only 250k away with TBH, means they are negociating with Chinny and he is ready to come back into town. The trust will have to come up with something significantly higher tha Chinnys offer, due to complexity of and uncertanty of collecting the pledges.

 

The 250k will get resolved, which will ultimately leave Kanu. I think Chinny will let that drag on for a year or so, stalling it coming to court, that means its cheaper in the short term that reaching a compromise.

 

Chinny's coming home ... the trust is dead.

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http://www.newsnow.co.uk/A/589587390?-11209

 

Aldershot have decided to give pompey fans the whole of one end, because they expect a few to turn up, probably to watch pompey play their last game,

 

You just know this game will be turned into a local media love-in....I assume Appy will pick the remaining 'nasty' players so that they can get it in the neck from the fans....? Could present an interesting security situation....

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A Walsall fan that get's it.....

 

Portsmouth fans want players to write off a few million that will make or break the club. I will repeat the brief timeline that has allowed them to get even this far:

 

2009 - Portsmouth go bust, owing £135m. They are allowed to continue to trade after agreeing a deal to pay 20% of debt to unsecured creditors.

2010-2012 - Portsmouth fail to pay the reduced debt to unsecured creditors, instead choosing to buy a squad of players they can't afford.

2012 - Portsmouth go bust again, owing £58m. They may be allowed to continue to trade after agreeing a deal to pay 2% of debt to unsecured creditors. This means that the businesses still owed from 2009 will have to write off 99.6p of every £1 they were originally owed.

2012 - Portsmouth continue to exist in League One and sign Izale McLeod, Luke Rodgers, Brian Howard and other players out of the reach of current League One clubs?

 

Explain to me why we should look to save Portsmouth at all costs? The players should all be told to hold out for what they owe - they seem to be the only people who are able to give this cheating club what it deserves.

 

If Carlsberg did summaries..........

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Just seen a Pompey fan on twitter moaning that they have sold Norris.

 

"Wanted to keep best players"

 

#facepalm

 

Well that something we have in common with them because we don't want their best players to go (yet) either.

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they wont be liquidated, that is now looking certain. They are not toast but slightly singed .

 

I'd hardly say it's looking certain. Norris has gone pending a medical, it's been reported that others may be going too. But the latter is yet to become material fact as opposed to reported interest; further, TBH and Kanu remain very much in the mix. Far from plain sailing I'd say.

 

And, should they scrape through and avoid liquidation, what awaits them? Take your pick between being owned by Chainrai (who'll keep them on life support long enough to pocket whatever he can from the parachute payments) or the Trust (highly unlikely I'd think, but if they do succeed they'll have sod all to spend and will almost certainly be paying substantial rent to Chainrai for the dubious honour of continuing to play at Fratton Park). In either case, they'll be starting life in League One on -10 points (at best), with a tiny, low-quality squad and nothing to spend. Whoever owns them, they won't be able to overspend because no-one will lend to them. Successive relegations will beckon - quite possibly a few of them.

 

I still reckon liquidation is a fair bet, but the alternatives look pretty good to me as well.

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Still bragging about 'former glories' built on players they couldn't afford...

 

@pn_neil_allen: RT @Tom_Overton: One moment of brilliance and you went down in #Pompey folklore, thank you David Norris! #Norris94

 

Still, it's true what they say about little things....

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Still bragging about 'former glories' built on players they couldn't afford...

 

@pn_neil_allen: RT @Tom_Overton: One moment of brilliance and you went down in #Pompey folklore, thank you David Norris! #Norris94

 

Still, it's true what they say about little things....

its funny how his attitude has changed to this highly paid player now he is leaving. He is just like a spoilt child and is happy now he is allowed to have a bar of chocolate. He is like Ho's clone
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Still bragging about 'former glories' built on players they couldn't afford...

 

@pn_neil_allen: RT @Tom_Overton: One moment of brilliance and you went down in #Pompey folklore, thank you David Norris! #Norris94

 

Still, it's true what they say about little things....

 

Jesus H Christ how far have they fallen? A poxy equaliser that didn't either save them from relegation or stop our promotion. Anybody would think it was the only goal ever scored in games between the teams, still with a bit of luck it will be the last one. Boy did they take some hammerings from Saints in the past I bet folklore forgot them.

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Jesus H Christ how far have they fallen? A poxy equaliser that didn't either save them from relegation or stop our promotion. Anybody would think it was the only goal ever scored in games between the teams, still with a bit of luck it will be the last one. Boy did they take some hammerings from Saints in the past I bet folklore forgot them.

 

And I had the pleasure at being at most of them and a Steve Moran goal is one that stands out.

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http://www.portsmouthfc.co.uk/LatestNews/news/Aldershot-Back-Pompey-Cause-3558.aspx

 

Aldershot Back Pompey Cause

 

The Shots have made 2,000 tickets available to Blues fans and even given them their own bar for the 7.45pm kick-off on August 1.

 

Aldershot are making the Blues as welcome as possible as a show of friendship towards their fellow Hampshire club.

 

A statement from the League Two club says: “The directors, management and staff at Aldershot Town FC send our best wishes to everyone involved with Portsmouth FC and hope that these difficult times for your club are resolved as soon as possible and that you will soon be able to look forward to the coming season.

 

“For this game Portsmouth supporters will be allocated the whole of the South Stand as well as the away covered and uncovered terraces - this will also include exclusive use of the Phoenix Lounge Bar and Cafe under the South Stand, normally used by home supporters.

 

“This extra allocation will increase the away capacity from 1,440 to 1,962.

 

“Aldershot Town are looking forward to welcoming Portsmouth fans and would hope that this initiative will not only allow for more fans to attend but with the added facilities will also make your visit to the EBB Stadium as enjoyable as possible.”

 

Aldershot request Pompey fans buy their tickets in advance to avoid congestion on the night.

 

Tickets can be purchased by calling the Aldershot Town ticket office on 01252 320211 between 9.30am and 4.30pm on weekdays.

 

The statement continues: “We would like to reassure any Portsmouth supporters who may be cautious about pre-purchasing tickets due to the current circumstances surrounding your club that should this game have to be cancelled or postponed then all pre-purchased tickets will be refunded in full.

 

“Although we do not believe this is likely to happen we do feel that it is appropriate to give that reassurance.

 

:lol:

Edited by trousers
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The astute thoughts of a Leeds Utd fan....

 

Billy Bland ‏@BillyOwenBland Shouldnt we just wait for #pompey to go bust then get all these players for free?

 

It appears in most cases clubs are only paying what was outstanding on a players previous transfer and as others have said there could be legal arguments about a players registration returning to their former club if pompey are liquidated whilst still owing on them.

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You just know this game will be turned into a local media love-in....I assume Appy will pick the remaining 'nasty' players so that they can get it in the neck from the fans....? Could present an interesting security situation....

 

Suspect the 'nasty' players will pick up an "injury" the day before the game...

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I suspect that even if all the players leave, they will keep their football creditors' claims on the table, so that the parachute payments do not quite so easily fall into the hands of Chainrai.

 

I think their is some debate about whether these players are leaving as a normal transfer where they would then be in line for all the pay they have deferred or whether they are leaving as part of an agreement where they will either get less money than they have deferred up front or that they will get their money but at a future date such that they are not initially considered as football creditors under chainrai's rule.

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I'd hardly say it's looking certain. Norris has gone pending a medical, it's been reported that others may be going too. But the latter is yet to become material fact as opposed to reported interest; further, TBH and Kanu remain very much in the mix. Far from plain sailing I'd say.

 

Kanu is the interesting one. The others will get contracts elsewhere, but he won't due to his age. He has nothing to lose by sticking to his guns.

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I think their is some debate about whether these players are leaving as a normal transfer where they would then be in line for all the pay they have deferred or whether they are leaving as part of an agreement where they will either get less money than they have deferred up front or that they will get their money but at a future date such that they are not initially considered as football creditors under chainrai's rule.

 

But that, surely, is up to the players, right? I can imagine that some deferments will be waived, but why on earth would you agree to a 100% wipeout?

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