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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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bridge too far

bridge too far

Posted
Posted
I'm pretty sure it's a Trust. Something in the name....

 

Hey you're smart :D I can't find any case law, but common sense tells me that they would incorporate the club as a plc or at least a limited company in order that they can't be held personally liable for any dereliction of fiduciary duty or, indeed, insolvency / liquidation.

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Torres

Torres

Posted
Posted
One presumes that one day in the future at least one blockbuster book will be published exposing at least some of the sordid goings-on down there :suspicious: :suspicious: :suspicious: :suspicious:

 

And people would read that book and think it less believable than the bible. Turning water into wine and feeding 5000 people from a couple of fish is one thing but turning £150m of debt into £500k and still feeling hard done by is a whole different level.

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Lazlo78

Lazlo78

Posted
Posted

Ok, so the trust is out of the way. It's Chinny or bust. 300k separates them from waving goodbye to TBH.

 

- Only possible owner now is Chinny

- TBH probably won't budge

- TB probably won't liquidate

- Chinny probably won't let the club go bust

 

So we roll on :)

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sussexsaint

sussexsaint

Posted
Posted
And people would read that book and think it less believable than the bible. Turning water into wine and feeding 5000 people from a couple of fish is one thing but turning £150m of debt into £500k and still feeling hard done by is a whole different level.

 

 

" Woah to ye who live in the sea , for the taxman sends the Birch to the trust, beacuse he knows the time is short , let him who hath understanding reckon the total value of their bid , for it is an inhumane number - the value is £6.66 '

 

Revalations TSW version

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Lazlo78

Lazlo78

Posted
Posted

 

It's a really difficult message to deliver: "we won't loan you the money but we still want your votes come election time". The only way I could see PCC suddenly loan PST the money is if Penny and others whipped up another vote collecting media frenzy and everything kicked off. No, the PCC will point towards the difficult economical situation, the Premier League (if only they would have given us that guarantee, we know there is 0% chance of obtaining), the PST for proposing a plan that is too risky etc. Watch them try to deliver the message in the kindest possible way :)

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OldNick

OldNick

Posted
Posted
wow that really puts the commitment of the Trust to back their words with high risk. To put your famillies future in the hands of a risk like that would take some doing. I suggest there are not of us who would risk all we have to save Saints.
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Lazlo78

Lazlo78

Posted
Posted
Q: Whilst I think the Trust have done a good job, why hasn’t it been more damning of Trevor Birch’s constant championing of Portpin's bid, David Lampitt’s appointment to SD and the FL -10 points deduction for again failing to govern their league?

 

A: Trevor Birch has to act as an officer of the court. His role is to try to sell the business as a going concern and get the best deal for the creditors. Any remarks he makes need to be understood in that context. Relations between Trevor Birch and the bid team remain open and cordial. On David Lampitt's appointment, while PST understands the anger and frustration of some fans on this issue, it has taken the decision to focus its energy on its bid to buy PFC. A community-owned PFC would challenge the points deduction by the Football League.

 

Good luck with that, chaps!

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Lazlo78

Lazlo78

Posted
Posted
wow that really puts the commitment of the Trust to back their words with high risk. To put your famillies future in the hands of a risk like that would take some doing. I suggest there are not of us who would risk all we have to save Saints.

 

It's a thin line between heroics and blind stupidity :p

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OldNick

OldNick

Posted
Posted
Good luck with that, chaps!
it is about time the the FL got some balls and told them like we were told, if you try and fight the deduction you will either get more or not be awarded the golden share. I doubt they have the finances to pay for the fight although knowing them they would go forward and ask for Legal Aid
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Lazlo78

Lazlo78

Posted
Posted
"points deduction for failing to govern their league"

 

Shame on you PST. Are you trying to move on from the wrongs committed by the club in the past or not?

 

Have they ever said that they wanted that? I thought they just wanted to 'compete at the highest level possible' :rolleyes:...

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Lazlo78

Lazlo78

Posted
Posted
it is about time the the FL got some balls and told them like we were told, if you try and fight the deduction you will either get more or not be awarded the golden share. I doubt they have the finances to pay for the fight although knowing them they would go forward and ask for Legal Aid

 

http://www.barprobono.org.uk/ ?

 

"Ehrm hello, we've get a slight situation we need to get sorted. Got any interns ready for a pro bono assignment on the south coast? They'll be sleeping in tents alongside our unpaid performance analysts"... ;)

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Torres

Torres

Posted
Posted
We expect the Academy to be self-funding in Year 3 through commercial sponsorship and through generating income through transfer deals.

 

Then you're all even more mental than I thought.

 

You think that in 3 years time, your Level 3 academy, which is currently all but shut down will be thriving, worthly of commercial sponsorship and will have generated players of the calibre that can be sold at a profit enough to fund the academy itself. In 3 years. With a Level 1 academy 20 miles down the road sucking up all the half decent youngsters?

 

You're mental. Totally mental.

 

:lol:

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OldNick

OldNick

Posted
Posted
Then you're all even more mental than I thought.

 

You think that in 3 years time, your Level 3 academy, which is currently all but shut down will be thriving, worthly of commercial sponsorship and will have generated players of the calibre that can be sold at a profit enough to fund the academy itself. In 3 years. With a Level 1 academy 20 miles down the road sucking up all the half decent youngsters?

 

You're mental. Totally mental.

 

:lol:

who is projecting this? it is comical, running an academy to any standard with the support and staff must be astronomical. Saints have brought through quite a few high value players but not every season, add to that the majority of clubs will be looking to their own academies to provide players in the future and not looking to buy
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Lazlo78

Lazlo78

Posted
Posted
who is projecting this? it is comical, running an academy to any standard with the support and staff must be astronomical. Saints have brought through quite a few high value players but not every season, add to that the majority of clubs will be looking to their own academies to provide players in the future and not looking to buy

 

It's from the PST Q&A Sevvy linked to: http://www.saintsweb.co.uk/showthread.php?14620-Pompey-Takeover-Saga&p=1433055#post1433055

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The Kraken

The Kraken

Posted
Posted
http://www.newsnow.co.uk/A/591928470?-11209

 

Questions and Answers from the PST

There's a couple of parts I don't get. From the Q&A:

 

Do you not think that by shutting down the Academy, that this is in direct conflict of the core values of “being an integral part of the community”?

 

PST does not intend to 'shut down' the Academy. The PST bid is committed to PFC developing its own talent. There is also a commitment in the bid to fund the Academy in 2012-13 and 2013-14. We expect the Academy to be self-funding in Year 3 through commercial sponsorship and through generating income through transfer deals. The Academy expenditure, like all other areas of the business, will be under review to ensure it offers good value and is cost-effective

Yet from the council bid document (linked on the previous page of this thread):

 

6.8 The key expenditure assumptions include the following:

 

The Academy will cease in the 2014/15 season, saving £240,000

 

So, what am I missing?

 

Also:

 

What assumptions have the Trust made with regards to the percentage of pledges that will actually become reality? And what contingency plans do they have to cover any shortfall?

The bid works on the assumption of a 75% take up of pledges. This is believed by the PST to be a conservative estimate.

Yet the bid document states:

 

* Share scheme – PST are assuming that on average each pledge amounts to £100 and therefore 1,670 pledges have been made. NB - to secure the £1.5m a 90% conversion rate of pledges to shares of £1,000 would need to be achieved.

 

Is it me, or are the Pompey trust just full of sh*t?

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trousers

trousers

Posted
Posted
mack if you were any other company I would be certain it was curtains, but with your crowd!!

BC is the only option I would think and he will take you on to wring as much out as possible.

 

How can Chainrai be a viable option? What with all the stink that the Pompey fans will kick up with the Football League about them being more stringent with the Fit and Proper Person test....

 

Yours rhetorically....

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OldNick

OldNick

Posted
Posted
How can Chainrai be a viable option? What with all the stink that the Pompey fans will kick up with the Football League about them being more stringent with the Fit and Proper Person test....

 

Yours rhetorically....

Lol, to most he is not an option but a consortium of Pol Pot , Stalin and Hitler would be seen as a dream team down there. They have lost their pride in the stampede to stay alive. To a degree i understand the desperation but Iam sure many will feel tainted by the association, not all of them are knuckledraggers
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Fowllyd

Fowllyd

Posted
Posted
So, what am I missing?

 

I can kind of see where the bit about the academy is coming from; however, it's ridiculously optimistic, in line with the rest of the PST proposal. What they're saying is that the academy will cease to cost them any money to run after two years, as it will be financed entirely by player sales and sponsorship. Good luck to them with that then!

Is it me, or are the Pompey trust just full of sh*t?

 

No, they are fuller of sh1t than the clogged toilets at Fortress Fratton.

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Waterside.saint

Waterside.saint

Posted
Posted
Lol, to most he is not an option but a consortium of Pol Pot , Stalin and Hitler would be seen as a dream team down there. They have lost their pride in the stampede to stay alive. To a degree i understand the desperation but Iam sure many will feel tainted by the association, not all of them are knuckledraggers

 

+1 totally

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Tamesaint

Tamesaint

Posted
Posted
It's a really difficult message to deliver: "we won't loan you the money but we still want your votes come election time". The only way I could see PCC suddenly loan PST the money is if Penny and others whipped up another vote collecting media frenzy and everything kicked off. :)

 

 

Porky Penny has more important things to do than to associate with Pompey. That was last season's potential vote winner.

 

She was on the news the other night slagging off the Lib Dems. She can probably sense that pompey are on the way out and is distancing herself from that car crash.

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dubai_phil

dubai_phil

Posted
Posted

Oooh am I back as a real member again? Or am I still just a tool?

 

Why is it, that everytime I read something about the PST (and I am NOT dissing their efforts to save the club or their commitment) I just have this picture of a bunch of greasy haired slipper wearing pipe smoking ex Trade Union Shop Stewards sitting round a table with full ashtrays and half drunk glasses of Light & Bitter and stale cheese & pickle sandwiches while they came up with this plan?

 

I think what it does show is that however well meaning they are there is a strong whiff of fan on the board amateurish optimism about it all. Which is surprising considering they are supposed to have high net worth individuals "on their team".

 

Certainly at this moment in time it would seem that they may well have asked for expert advice, but it truly seems to have come from a Barry the Briefcase rather than the Professional Vision and media management of an LLS.

 

In other thoughts.

 

No word from TB? Not surprised at that, he will be locked in a room with Chinny somewhere, either here or earning airmiles while they (and no doubt some highly paid lawyers) work out exactly what chinks of light the FL left in their edict. Chinny's deal won't be done in one day and the TB silence seems to indicate that they are probably on their 400th cup of coffee (at a cost of 10 quid a time on the bill of course) in some faceless Hotel Meeting room somewhere on the planet reality

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Sevvy

Sevvy

Posted
Posted

http://www.newsnow.co.uk/A/591971504?-11209

 

3. Portsmouth

 

Fratton Park. A true historical relic and unchanged since Nelson played Francis Drake at bowls – although I may have got a bit mixed up there (maybe we should ask a history/geography teacher, Pete – ed). Looks like this wreck of a ground could become the best in the Portsmouth and District League next season.

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fanimal

fanimal

Posted
Posted

I think that Chez and Phil both hit the nail on the head with the conclusion that the silence from TB at PKF indicates a deal is being thrashed out with Portpin behind closed doors, as that really is the only option other than liquidation as Vernon Jones quickly realised.

 

But Fratton Park is not worth anything near his charge value in the current climate; Tescos are reining in on store openings (more returns in China) in the UK, and there is an easier way to satisfy their requirement here anyway. In any event, these scenarios are all subject to planning slow moving affairs with no instant cash appearing.

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rallyboy

rallyboy

Posted
Posted

They're going to Wimbledon?

Isn't that where the Wombles gather up all the damaged crap that nobody wants anymore and try to fob it all off on unsuspecting new owners?

So it's not a match tonight, it's a business meeting.

 

Great Uncle Trevor Bulgaria is trying to recycle some old sh!t and stitch someone up with OriNewco.

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alpine_saint

alpine_saint

Posted
Posted
They're going to Wimbledon?

Isn't that where the Wombles gather up all the damaged crap that nobody wants anymore and try to fob it all off on unsuspecting new owners?

So it's not a match tonight, it's a business meeting.

 

Great Uncle Trevor Bulgaria is trying to recycle some old sh!t and stitch someone up with OriNewco.

 

Good effort. B+ ;)

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OldNick

OldNick

Posted
Posted
Sounds like Mr Lawrence will be shipped out to Cardiff on a permanent deal. That leaves TBH...

 

They are going to get away with it (in relative terms anyway).

is that why they have tried to get LL on a new contract so they can get some money for him?
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The Kraken

The Kraken

Posted
Posted
is that why they have tried to get LL on a new contract so they can get some money for him?

He's already on a contract, that's why they're in this mess in the first place.

 

Lawrence is just desperately holding out as long as he can and telling the fans what they want to hear. He's supposedly on £19K a week yet is saying its not inconceivable he could come to a deal whereby he'd be paid what a League 1 club can afford (i.e. £3K per week at best). He'd likely walk into a Championship side if he reduced his wage demands to a normal level so is just playing a waiting game to hoover up as much as he can.

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TopGun

TopGun

Posted
Posted
Sounds like Mr Lawrence will be shipped out to Cardiff on a permanent deal. That leaves TBH...

 

They are going to get away with it (in relative terms anyway).

 

But why would Cardiff pay money for him now when he's possibly available as a free agent next week? LL would also be able to negotiate a better package as a free agent.

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Gemmel

Gemmel

Posted
Posted
Good effort. B+ ;)

 

B+ my arse.

 

I defy any onther football forum in the world to come up with that last line given the context of what has / happened / happening

 

Great Uncle Trevor Bulgaria is trying to recycle some old sh!t and stitch someone up with OriNewco.

 

 

Last four words are possibly your finest Rallyboy.... but the I am ****ed in Marbella

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