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Pompey Takeover Saga


Fitzhugh Fella

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Of course bear in mind its not TBs call to give Chinney his discount its PKF. They would be mad to agree to his terms because of the effects on future business. Its soon going to be toast time. Yippee!!!!

 

Which would actually fly in the face of alleged empirical evidence previously cited in how to alleged obtain a 20% discount from PKF for services rendered

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Very often when I received Solicitor or Accountant Fees I negotiated a settlement below the fee earners booked hours. Chainrai is doing the same here but it seems in public.

 

PKF will not be happy with his £200,000 reduction but I am certain they will reach a negotiated compromise on the total account.

 

The fact that Chainrai has allegedly cut his budget for players proves what most were predicting. He will run the football club on a shoe string to get hold of the PP's.

 

Forget the PP's going into Chainrai's pocket as none of the other Div 1 clubs have that benefit either. It means PFC will be run within their financial means after years of excess.

 

Benefit to their supporters is that they have a club still competing in the Football League. I have many decent Pompey friends all who have been dismayed at how the club was being run financially and I am pleased for them.

 

For us, not only do we have our old enemy but it's wings have been clipped. They will struggle in Div 1 and the -10 points might just be too much and Div 2 the following season looks likely.

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Very often when I received Solicitor or Accountant Fees I negotiated a settlement below the fee earners booked hours. Chainrai is doing the same here but it seems in public.

 

PKF will not be happy with his £200,000 reduction but I am certain they will reach a negotiated compromise on the total account.

 

The fact that Chainrai has allegedly cut his budget for players proves what most were predicting. He will run the football club on a shoe string to get hold of the PP's.

 

Forget the PP's going into Chainrai's pocket as none of the other Div 1 clubs have that benefit either. It means PFC will be run within their financial means after years of excess.

 

Benefit to their supporters is that they have a club still competing in the Football League. I have many decent Pompey friends all who have been dismayed at how the club was being run financially and I am pleased for them.

 

For us, not only do we have our old enemy but it's wings have been clipped. They will struggle in Div 1 and the -10 points might just be too much and Div 2 the following season looks likely.

 

I'll settle for that. Not quite toast but stale, crusty, mouldy bread.

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the_riddle

10:48 PM on 11/08/2012

Short changing footballers?

 

If the PST are in the position to negotiate with the players it means Portpin have pulled out.

 

Therefore the players will get something or nothing. That's not the PST's fault is it? It's the failing of the club the players signed for.

 

Do you think it's OK what Portpin have done then?

 

Portpin have made them compromise offers they have agreed to, but if you think Portpin will honour these you've not been keeping up. 4 year deals but they are 'reluctant' owners who have said they'll be gone in two years and have a CV which says they've never paid any creditors EVER.

 

100% of nothing (Portpin's 4 year deferred packages) is not as good as 25% of something (PST's £2m pot which will be honoured) or just £0 (liquidation).

 

Above is from the comments section of the Snooze article re. Portpin's potential pullout !

'The Riddle' is apparently on the PST board and (believe it or not!) is very sensible and pretty realistic !

For him to say that Chinny cannot be trusted like this, just confirms what most on here often allude to that he is a clever, manipulating, money lender who uses the law when it suits him and flirts with it when it doesn't !

If he becomes Chief Skate next week (again!) then God help them !!!

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How on earth could the trust cough up close to £2m for fees for Trevor?

 

Their pledges, even with a 100% conversion rate is nowhere near that figure. I think they will be lucky to convert 60% of the pledges from £100 to £1000.

 

I think I have developed a crush on Balu Chainrai

 

I believe the Trust have already taken this into account and factored in the writing off of the first lot of parachute payments to include costs such as admin fees.

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the_riddle

10:48 PM on 11/08/2012

Short changing footballers?

 

If the PST are in the position to negotiate with the players it means Portpin have pulled out.

 

Therefore the players will get something or nothing. That's not the PST's fault is it? It's the failing of the club the players signed for.

 

Do you think it's OK what Portpin have done then?

 

Portpin have made them compromise offers they have agreed to, but if you think Portpin will honour these you've not been keeping up. 4 year deals but they are 'reluctant' owners who have said they'll be gone in two years and have a CV which says they've never paid any creditors EVER.

 

100% of nothing (Portpin's 4 year deferred packages) is not as good as 25% of something (PST's £2m pot which will be honoured) or just £0 (liquidation).

 

Above is from the comments section of the Snooze article re. Portpin's potential pullout !

'The Riddle' is apparently on the PST board and (believe it or not!) is very sensible and pretty realistic !

For him to say that Chinny cannot be trusted like this, just confirms what most on here often allude to that he is a clever, manipulating, money lender who uses the law when it suits him and flirts with it when it doesn't !

If he becomes Chief Skate next week (again!) then God help them !!!

 

Pretty much agrees with what is thought on here.

 

All the creditors under £2500 won't be paid - although it has been promised they will

All the charities that were owed money won't be paid - although it has been promised that they will

The players who have agreed reduced settlements to save the club won't be paid - although it has been promised that they will

The creditors who accepted a ridiculously low return in the CVA won't be paid - although it has been promised that they will

Now PFK have been asked to reduce their fees, even though there is absolutely no leverage to make them do so, other than emotional blackmail

 

BC ought not to pass the FPPT until he has lodged monies to cover at least the first 2 above

 

And the PL ought to give all of the remaining parachute payments to the FL to ensure the others are paid before BC does a vanishing act with the money

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Does anyone know if Dumbaya, Howard, Rodgers, McLeod and the rest are still training with Pompey? Feeling a bit of buyers regret over my £50 punt on Plymouth to win by 3+ goals last night.

 

No one can sign yet as they don't have an owner.

 

Even if BC does complete it's being suggested that the budget he's made available for MA is way less than he thought and subsequently the promises MA has made to the better trialists can no longer be fulfilled.

 

They're f*cked

Edited by Winchester Red
spelling (again)
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I believe the Trust have already taken this into account and factored in the writing off of the first lot of parachute payments to include costs such as admin fees.

 

If the trust was still an option how could Chanrai be playing hardball? Birch would just hand the club over to the trust.

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Is this just for Tuesday's game, or is 12.30pm tomorrow some sort of deadline for them to exit administration before the season starts to allow them to sign players?

 

Tomorrow. The cannot sign anyone until they are out of admin & once the FL give them permission to.

 

Forget all the lather from Appleton regarding building a squad, they are totally & utterly fu.cked.

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If the trust was still an option how could Chanrai be playing hardball? Birch would just hand the club over to the trust.

 

They aren't an option in the timescale available (though may be in the future when Chanrai gets tired of them). I'm just saying they had factored in admin costs into their bid.

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Tomorrow. The cannot sign anyone until they are out of admin & once the FL give them permission to.

 

Forget all the lather from Appleton regarding building a squad, they are totally & utterly fu.cked.

 

Only for tomorrow. Quite likely I reckon they will be cleared to make their signings before next week.

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I'm wondering about the deadline for the Golden Share. The FL said that a number of conditions had to be met for the club to be granted it.

 

When do the conditions have to be met? As things stand they don't meet any of the conditions, well, they are within the player budget constraint :D.

 

Do they need the GS to be granted before the League Cup game, before the first game of the league? Will they be given provisional entry to the league? What if they start the league and then fail to meet the conditions set down once they finally exit administration?

 

If Portpin pulls out and the trust need to re-negotiate the compromise agreements do they have to have completed this before the league starts?

 

So many questions, so little time.

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Only for tomorrow. Quite likely I reckon they will be cleared to make their signings before next week.

 

But is dependent on the owner meeting the commitment, TB will not sign the players. We have a reasonable estimate of what Portpin's budget is now and we know the Trust's budgets from its document and it doesn't look good.

 

If some of the better players are still there then something more in keeping with the skates is going on.

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I'm wondering about the deadline for the Golden Share. The FL said that a number of conditions had to be met for the club to be granted it.

 

When do the conditions have to be met? As things stand they don't meet any of the conditions, well, they are within the player budget constraint :D.

 

Do they need the GS to be granted before the League Cup game, before the first game of the league? Will they be given provisional entry to the league? What if they start the league and then fail to meet the conditions set down once they finally exit administration?

 

If Portpin pulls out and the trust need to re-negotiate the compromise agreements do they have to have completed this before the league starts?

 

So many questions, so little time.

 

Portsmouth Football Club (2010) in Administration has the Golden Share, so no problems there, if PKF wanted to, PFC could be in admin for the entire season, they just can't start a second season in administration. The Football League conditions apply if/when PKF sell the assets (including the Golden Share) to a new company, the Football League has to approve the new company, PFC(2012) to receive the golden share.

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Portsmouth Football Club (2010) in Administration has the Golden Share, so no problems there, if PKF wanted to, PFC could be in admin for the entire season, they just can't start a second season in administration. The Football League conditions apply if/when PKF sell the assets (including the Golden Share) to a new company, the Football League has to approve the new company, PFC(2012) to receive the golden share.

 

So no problem. They can start the league season... Just not with any players

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Unless pompey come out of admin by 12.30 tomorrow lunchtime they can't be signed anyway.

 

That is only a Deadline for them to play Plymouth in the "League Cup"

 

Even IF they fail to fulfill that fixture, my bet is that the FL will just issue a "We understand the situation and pcfc have forfeited the tie allowing Plymouth to progress. We reserve the right to discuss this matter at our next meeting"

 

Namely the FL will give them EVERY last chance to crawl into the FL kick-off, they will not want to be the ones who put the final knife in the back, and can still"fine them" later.

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Portsmouth Football Club (2010) in Administration has the Golden Share, so no problems there, if PKF wanted to, PFC could be in admin for the entire season, they just can't start a second season in administration. The Football League conditions apply if/when PKF sell the assets (including the Golden Share) to a new company, the Football League has to approve the new company, PFC(2012) to receive the golden share.

 

That leads to the possibility of the Football League being in a difficult position. If they allow them to start the season and then Pompey exit administration with too much secured debt, what then? I can't imagine the FL chucking them out mid-season, there would be outrage. Alternatively, if they allowed them to continue in the league, albeit with a further points deduction possibly, it would also lead to outrage. The FL will want some degree of assurances before they allow them to start the season surely, especially since they imposed the conditions.

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Ah bless...

 

Let's look at the facts, we are riddled with debt and legacy problems from previous admins. We have just been relegated to league one and start the season on minus 10.

The only saving grace is our support which "IS" the best in the country and Thierry Henry will concur this.. Personally I think if somebody took a punt and could prudently achieve some success maybe a promotion or cup run thrown in then they could get back a return on their investment.

Thing is in times of austerity would an astute business person want to take the risk..

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Thing is in times of austerity would an astute business person want to take the risk..

The answer to that one is no.

My nagging fear, though - and please correct me if I'm wrong - is that Chinny takes control then promptly sells it on for a £million or more to another dodgy East European who then starts churning the cash and maybe gets them promoted into the bargain. The trust gaining control is my dream scenario - the in-fighting amongst the in-breds as the reality of their situation takes hold could keep us amused for years yet.

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Thing is in times of austerity would an astute business person want to take the risk..

The answer to that one is no.

My nagging fear, though - and please correct me if I'm wrong - is that Chinny takes control then promptly sells it on for a £million or more to another dodgy East European who then starts churning the cash and maybe gets them promoted into the bargain. The trust gaining control is my dream scenario - the in-fighting amongst the in-breds as the reality of their situation takes hold could keep us amused for years yet.

 

Personally I think the FL will be all over them like a rash for quite a while & BC will simply run them on a shoestring until he's got his ££ back.

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I'm just amazed there are still people who think the FL will baulk at kicking them out. They've done it plenty of times before to teams, and they're usually in this kind of state for it to have to happen.

 

I am interested to know if the League Cup registration is linked to the FL one.

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I'm just amazed there are still people who think the FL will baulk at kicking them out. They've done it plenty of times before to teams, and they're usually in this kind of state for it to have to happen.

The wikipedia page on Maidstone United gives a good route map for this.

 

The 1992–93 season saw the creation of the Premier League from the old First Division, with the Second Division becoming Division One, the Third Division becoming Division Two, and the Fourth Division becoming Division Three. The Stones would be founder members of the new Division Three, but as the new season came closer it looked more and more unlikely that the Stones would be able to play in it as their financial worries showed no sign of easing.

They were due to play their first game of the season away to S****horpe United on 15 August 1992 but by this stage only two players were still registered to the club. They were given until the following Monday to guarantee that they would be able to fulfill their fixtures; unable to come up with the necessary backing, they resigned from the league on 17 August and went into liqudation.

They had been due to contest the Football League Cup first round against Reading, with the first leg played on 19 August, and their demise meant that Reading received a bye to the second round.[1]The final competitive game that the club played had been at Doncaster Rovers on 2 May 1992, the final day of the Fourth Division; the game ended in a 3–0 defeat for the Kent side.

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Personally I think the FL will be all over them like a rash for quite a while & BC will simply run them on a shoestring until he's got his ££ back.

 

Indeed, If I was a dodgy east european with money that needed 'recycling' I would buy another club whilst the FL's attention was on pompey.

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TB could, I guess, start the season in Administration. He then has the Aug PP to distribute according to the compromise agreements reached, set a budget for new players, and pay us own fees. Once his fees are up to date Chinny can do one.

Edited by Faz
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I'm just amazed there are still people who think the FL will baulk at kicking them out. They've done it plenty of times before to teams, and they're usually in this kind of state for it to have to happen.

 

I am interested to know if the League Cup registration is linked to the FL one.

 

I can see the authorities refusing to let them start the season. I can't envisage the FL booting them out mid-season.

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I can see the authorities refusing to let them start the season. I can't envisage the FL booting them out mid-season.

 

They've done both before. Funnily enough I posted that Wiki info re: Maidstone earlier in the thread.

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Indeed, If I was a dodgy east european with money that needed 'recycling' I would buy another club whilst the FL's attention was on pompey.

 

That's exactly what Corpse Ho Ho used to say when the last lot of dodgy east Europeans were on the scene !!

:)

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I'm still torn between wanting them to go pop right now due to no buyers, and wanting Chainrai to take over, sell to the Trust and then the council to repossess and lock them out of the stadium...

 

I should think any of those options will work for us. The last time I felt like this was as a child in a sweet shop - its *all* good :)

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Some reality finally kicking in on POL ........

 

 

New

"A ground that holds less than 21k. No really decent or any proper corporate facilities. Training facilities quite basic and not even owned by the club, a significant debt, no signed squad. As for the best fans......Afraid not. We keep on saying we are but even when in the top flight we couldn't consistantly fill a small stadium. Even in the premiership there wasn't a waiting list of fans who couldn't get season tickets was there? So there are not twenty thousand Pompey fans wanting to see their team in the top flight with players that a just a few years before we could only dream of. I'm not knocking the fans, after all i'm one of them, but think of the so called Pompey fans who filled Wembley or the 250k who cheered the open top bus ride, where were they when the season was under way?

 

People talk about the catchment area that PFC has but I don't think even acounting for the glory hunters or prawn sarny brigade we could fill a shiney new 30k seater stadium. Forget the rivalry forget the bias or scum hating emotions, it will be interesting to see how many season tickets have been sold down the road now that they are in the Premiership and have a nice new stadium; after all our catchment area is near enough the same as thiers surely?

 

The hard core Pompey fans are passionate are noisey but that hard core is not that big. Many of those fans that cheered and clapped Mr Henry did not bother to buy a season ticket. I don't know what our prices were compared to other Premiership clubs but everyone across the nation were affected by the economic downturn so can we simply put it down to cost?

 

So IMHO we are not a good buy and even though it was not the fans fault, Portsmouth Football Club's name since this whole debacle began has been tarnished and that may also influence some potential buyers. There must be other clubs out there with potential, good facilities, a good fan base but without the baggage we have and who is investing millions in them?

 

There is no white knight, our best bet is something like the Trust to bring us back to being an honest club, a family club, a community club, a passionate club, a decent club, but not a big one.

Edited by Ken Tone
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Some reality finally kicking in on POL ........

 

 

New

"A ground that holds less than 21k. No really decent or any proper corporate facilities. Training facilities quite basic and not even owned by the club, a significant debt, no signed squad. As for the best fans......Afraid not. We keep on saying we are but even when in the top flight we couldn't consistantly fill a small stadium. Even in the premiership there wasn't a waiting list of fans who couldn't get season tickets was there? So there are not twenty thousand Pompey fans wanting to see their team in the top flight with players that a just a few years before we could only dream of. I'm not knocking the fans, after all i'm one of them, but think of the so called Pompey fans who filled Wembley or the 250k who cheered the open top bus ride, where were they when the season was under way?

 

People talk about the catchment area that PFC has but I don't think even acounting for the glory hunters or prawn sarny brigade we could fill a shiney new 30k seater stadium. Forget the rivalry forget the bias or scum hating emotions, it will be interesting to see how many season tickets have been sold down the road now that they are in the Premiership and have a nice new stadium; after all our catchment area is near enough the same as thiers surely?

 

The hard core Pompey fans are passionate are noisey but that hard core is not that big. Many of those fans that cheered and clapped Mr Henry did not bother to buy a season ticket. I don't know what our prices were compared to other Premiership clubs but everyone across the nation were affected by the economic downturn so can we simply put it down to cost?

 

So IMHO we are not a good buy and even though it was not the fans fault, Portsmouth Football Club's name since this whole debacle began has been tarnished and that may also influence some potential buyers. There must be other clubs out there with potential, good facilities, a good fan base but without the baggage we have and who is investing millions in them?

 

There is no white knight, our best bet is something like the Trust to bring us back to being an honest club, a family club, a community club, a passionate club, a decent club, but not a big one. Above all the fans have to accept that."

 

 

You fool! Edit this or everyone knows what your username is and you will be banned...

Edited by St Chalet
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