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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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rallyboy

rallyboy

Posted
Posted

just when you start to forget why you hate them, they re-sign a player who presumably looked at the fixtures and told everyone last week see you next Tuesday.

And he is.

 

One of the great heroes who last season sucked cash out of the club like a Horton Heath personal trainer.

He must have been on £20K a week and the poor ba$tard only left because he was unlucky enough to run out of contract.

 

His performance at SMS deserved approx three red cards, but he kindly did his bit for the rest of the season in their shocking defence, trousering the cash every week, but putting in League One performances when Championship ones were required.

He was a pioneer, he blazed a trail, showing the club it's future!

 

And now the greedy little chap is back, to suck a bit more out of the corpse.

No doubt he's taken a massive wagecut to the required level of £1,500 a week.

 

 

Like feck he has, he'll be on £5K and bleeding the fricking corpse even drier - and he's not even fit!

 

Tell you what Ric, you go away for a month and prove your fitness.

No, I'll tell you what - let me grab a month's wages straightaway and then I'll try to get fit on your time.

 

 

What a cheek.

Helps relegate them, gets paid a fortune, retires to play golf because no one wants him, comes back because his wheelbarrow of cash needs refilling - and they welcome him like a fricking messiah.

What an odd island.

 

But by signing him they have become even more unlikable - were that possible.

 

Cue myths about him playing for nothing and dining on rodents - nope, he'll be costing a few bob!

 

But on the bright side he's doing fine work just by hopping back aboard the Bisto Express - he's spending the Trust's much-needed capital. :p

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trousers

trousers

Posted
Posted

Ok....own up.....which one of us is this.....?

 

PUP 1

2:44 PM on 19/11/2012

This all just makes me wonder, how many of last seasons realised players could we have kept? IMO Appleton just wanted everyone out to make the club his own, he failed in that because he brought in crap, and then like a failure he gave up and left the club. I think we could of had a amazing squad with 4/5 of last season squad and some youth, I.e ashdown, Lawrence, rocha, ward and huseklepp

http://www.portsmouth.co.uk/sport/pompey/rocha-rejoins-pompey-1-4499995

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trousers

trousers

Posted
Posted (edited)

And so the media love-in begins...

 

http://m.guardian.co.uk/football/2012/nov/19/no-embargo?cat=football&type=article

 

Supporters Direct, which was established 12 years ago, has helped a number of clubs through the difficult transition into fan ownership, but believes Portsmouth will be a shining light for others due to their size and stature. :facepalm:

 

"It is potentially a landmark for a club of this size to turn to this model and collectively look at the business advantage of not propping up revenue losses each year," said a spokesman. "There are clubs out there for a while that have had this model and have been succeeding, but it's fair to say this is a bigger club in terms of attendances and turnover :lol: .

Edited by trousers
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The Kraken

The Kraken

Posted
Posted

I always thought that I was pretty good at maths, but this whole Pompey situation has got me flummoxed.

 

We know that the ground is being bought by one of the Property Developers; the current "offer" is £2.75M.

We know that there are a number of "High Net Worth" individuals chucking some money in; not sure on the exact amount, rumoured anywhere between £1M and £2M.

And we know that the PDT have around 2,000 pledges which they hope to convert, at £1,000 a go.

 

Now, to me, that suggests a total bid price of between £5.75M and £6.75M, with the PDT pledges contributing up to £2M. However, the PDT are claiming that they only need around 1,800 or so pledges converted to own 51%.

 

Something just isn't quite adding up for me here. I know Pompey maths tend to be different to, well, the real world; but I must be missing something. Is the purchase price not included in these calculations? Or are the HNW lot part of the PDT? In either case; suggesting that they'll have 51% fan ownership seems like a bit of a stretch. At least one of the HNW lot isn't even a Pompey fan.

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andysstuff

andysstuff

Posted
Posted
I always thought that I was pretty good at maths, but this whole Pompey situation has got me flummoxed.

 

We know that the ground is being bought by one of the Property Developers; the current "offer" is £2.75M.

We know that there are a number of "High Net Worth" individuals chucking some money in; not sure on the exact amount, rumoured anywhere between £1M and £2M.

And we know that the PDT have around 2,000 pledges which they hope to convert, at £1,000 a go.

 

Now, to me, that suggests a total bid price of between £5.75M and £6.75M, with the PDT pledges contributing up to £2M. However, the PDT are claiming that they only need around 1,800 or so pledges converted to own 51%.

 

Something just isn't quite adding up for me here. I know Pompey maths tend to be different to, well, the real world; but I must be missing something. Is the purchase price not included in these calculations? Or are the HNW lot part of the PDT? In either case; suggesting that they'll have 51% fan ownership seems like a bit of a stretch. At least one of the HNW lot isn't even a Pompey fan.

Take the ground out of the equation and you're there. I THINK the HNW are buying this and renting it to the trust.

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rallyboy

rallyboy

Posted
Posted

So the property developers chip in £2.5M and they get a chunk of real estate worth between £5M-£10M, plus the rent on it.

 

The fans chip in a couple of million and the get a half share in the club name, a points penalty, a handful of player registrations, and they're responsible for a mountain of historic debt.

 

Nice deal. :?

 

 

I'm surprised they haven't been a bit more detailed with the figures, it looks like a fantastic opportunity - compared with buying Jimmy Savile's Rolls Royce.

And taking the ground out of the business is never clever.

 

 

 

When you see what the fan in the street actually gets for his grand, I think I can now see why this has never been done before....but let them keep promoting it as a fan buyout and see how many are brave enough to query the detail.

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TopGun

TopGun

Posted
Posted

I'm not bothered enough at the moment to try to decipher the PDT's maths.

 

What I do know is that no property developer is a charity and Ricardo Rocha wasn't good enough last year when he was a bit younger and fitter than he is now. But hey, not an issue, they were calling for the return of Herman recently also.

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SaintBobby

SaintBobby

Posted
Posted

On a (very, very) cursory glance, this prospectus is seriously illegal.

 

They are purporting to offer "shares", they are actually soliciting donations.

 

This is - if true - a serious fraud, punishable by up to ten years in prison.

 

As I say, this is based on a very cursory glance, but it's obviously loony amateur land - links on the main site don't work at the moment:

 

http://www.communitypompey.co.uk/files/PST-supplement.pdf

 

http://www.communitypompey.co.uk/faqs/

 

Love the "updated" FAQs..coming soon"....LMAO

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SaintBobby

SaintBobby

Posted
Posted (edited)

With further perusal...the shares are not transferable, cannot be sold and can only be "withdrawn" with express permission of the Trust.

 

These are not shares.

 

This document is - prima facie - an attempt to perpetrate a fraud and should be referred to the Financial Services Authority. Its authors have possibly committed a criminal offence through publication of this document and will be almost certain to have done so if they bank any money based on this prospectus (although not if they can show all the money arrived irrespective of the prospectus).

 

They are plainly not FSA registered. (edit - actually, they claim to be...for shares in the Trust...but in breach of clear FSA guidelines on share ownership)

 

They have quite possibly breached EU law through the mere act of publication as well.

Edited by SaintBobby
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Saint Paul C

Saint Paul C

Posted
Posted
With further perusal...the shares are not transferable, cannot be sold and can only be "withdrawn" with express permission of the Trust.

 

These are not shares.

 

This document is - prima facie - an attempt to perpetrate a fraud and should be referred to the Financial Services Authority. Its authors have possibly committed a criminal offence through publication of this document and will be almost certain to have done so if they bank any money based on this prospectus (although not if they can show all the money arrived irrespective of the prospectus).

 

They are plainly not FSA registered. (edit - actually, they claim to be...for shares in the Trust...but in breach of clear FSA guidelines on share ownership)

 

They have quite possibly breached EU law through the mere act of publication as well.

 

Cough...

 

FSA Share Fraud Reporting form...

 

Cough....

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hutch

hutch

Posted
Posted (edited)

What we know so far is that Mr. Birch intends to sell the club, without Fratton Park, to "Portsmouth Community Football Club Limited [PCFC]". PCFC will have a minimum paid-up share capital of £1,825,000 from the "HNW" shareholders. Most of that will go to the purchase of the club (the CVA plus fees). The football club will be owned by PCFC. The minimum investment required to buy shares in PCFC is £50,000 so pretty much all of the fans are excluded from owning shares in the club.

 

Mr. Birch intends to separately sell Fratton Park to a Spurs fan named Stuart Robinson for £2,600,000 That money will go to Portpin & PCFC will pay Robinson rent for the ground.

 

Skates are being invited to contribute £1,000 each to the PST in exchange for a "share" in PST. PST will not own the club, but will be allowed to purchase shares in PCFC. Unless they can find more than 1,826 fans with a spare grand in their pocket a month before Christmas, the PST will be minority shareholders. The club will be run and predominantly owned by the HNW shareholders and will be forever at the mercy of a property developer landlord who wants his rent money every month.

 

It certainly is ground-breaking. I was expecting the prospectus to be received with euphoria at the blue end of Hampshire, but I can see why it's actually being received with stunned silence.

 

edit: I suppose the first question is why aren't they offering to sell the fans shares in Portsmouth Community Football Club Ltd for a grand apiece?

Edited by hutch
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itchen

itchen

Posted
Posted

I was listening to a podcast of Saturday's Danny Baker show. Taking part in the "Sausage Sandwich Game" (if you're not familiar with this, now is not the time to explain it) was a Pompey fan who described himself as representing "the biggest fan owned football club in the country". So it's official then. B*gger won as well.

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Red and White Army

Red and White Army

Posted
Posted
On a (very, very) cursory glance, this prospectus is seriously illegal.

 

They are purporting to offer "shares", they are actually soliciting donations.

 

This is - if true - a serious fraud, punishable by up to ten years in prison.

 

As I say, this is based on a very cursory glance, but it's obviously loony amateur land - links on the main site don't work at the moment:

 

http://www.communitypompey.co.uk/files/PST-supplement.pdf

 

http://www.communitypompey.co.uk/faqs/

 

Love the "updated" FAQs..coming soon"....LMAO

 

Got some links on why you think it is illegal?

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SaintRichmond

SaintRichmond

Posted
Posted
With further perusal...the shares are not transferable, cannot be sold and can only be "withdrawn" with express permission of the Trust.

 

These are not shares.

 

This document is - prima facie - an attempt to perpetrate a fraud and should be referred to the Financial Services Authority. Its authors have possibly committed a criminal offence through publication of this document and will be almost certain to have done so if they bank any money based on this prospectus (although not if they can show all the money arrived irrespective of the prospectus).

 

They are plainly not FSA registered. (edit - actually, they claim to be...for shares in the Trust...but in breach of clear FSA guidelines on share ownership)

 

They have quite possibly breached EU law through the mere act of publication as well.

 

 

OK, but this is Pompey, right ??

 

So, as per usual, nothing will be done, no challenges to it's legality will be made, and the FL will blindly sit back and let it happen.

 

Now, if it were the likes of Luton or Bournemouth doing this, the FL would have them already playing in Hants IV at the least

 

Does ANYONE in Authority, outside of Pompey Island, actually KNOW this is going on ??

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goneawol

goneawol

Posted
Posted

Withdrawals will be made possible through the continual

investment of new participants and by building up the reserves

of PST

 

Classic Pyramid/Ponzi scheme. Any chance of getting your investment back relies on the 'Bigger Idiot Theory',

and if you invest in this, there aren't going to be many of those.

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suewhistle

suewhistle

Posted
Posted
What we know so far is that Mr. Birch intends to sell the club, without Fratton Park, to "Portsmouth Community Football Club Limited [PCFC]". PCFC will have a minimum paid-up share capital of £1,825,000 from the "HNW" shareholders. Most of that will go to the purchase of the club (the CVA plus fees). The football club will be owned by PCFC. The minimum investment required to buy shares in PCFC is £50,000 so pretty much all of the fans are excluded from owning shares in the club.

 

Mr. Birch intends to separately sell Fratton Park to a Spurs fan named Stuart Robinson for £2,600,000 That money will go to Portpin & PCFC will pay Robinson rent for the ground.

 

Another question. When it all goes tits up, what do the HNW people get out of it? Are they hoping the last parachute payment covers them so that they at least break even, or what? With such a recipe for disaster they must have done some contingency planning...?

 

OK, more than one question, but that's what this whole thread is about: unanswered questions!

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Saint Thomas

Saint Thomas

Posted
Posted
With further perusal...the shares are not transferable, cannot be sold and can only be "withdrawn" with express permission of the Trust.

 

These are not shares.

 

This document is - prima facie - an attempt to perpetrate a fraud and should be referred to the Financial Services Authority. Its authors have possibly committed a criminal offence through publication of this document and will be almost certain to have done so if they bank any money based on this prospectus (although not if they can show all the money arrived irrespective of the prospectus).

 

They are plainly not FSA registered. (edit - actually, they claim to be...for shares in the Trust...but in breach of clear FSA guidelines on share ownership)

 

They have quite possibly breached EU law through the mere act of publication as well.

 

I believe (and may be mistaken) that there is a provision in FSMA2000 that allows for Community Benefit schemes to be exempt from that sort of regulation. Would imagine that's what they're doing. Been a fair while since I've had any cause to have a cursory glance at financial regulations though.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
OK, but this is Pompey, right ??

 

So, as per usual, nothing will be done, no challenges to it's legality will be made, and the FL will blindly sit back and let it happen.

 

Now, if it were the likes of Luton or Bournemouth doing this, the FL would have them already playing in Hants IV at the least

 

Does ANYONE in Authority, outside of Pompey Island, actually KNOW this is going on ??

 

Wrong, unbelievably so. They don't even know what's going on.

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Big Bad Bob

Big Bad Bob

Posted
Posted
I believe (and may be mistaken) that there is a provision in FSMA2000 that allows for Community Benefit schemes to be exempt from that sort of regulation. Would imagine that's what they're doing. Been a fair while since I've had any cause to have a cursory glance at financial regulations though.

 

Yeah, I'm sure I read on the "prospectus" that it is exempt from FSA rules...

 

The Society and the Board accept responsibility for the information contained in this document. To the best of the knowledge of the Society and the Board (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and contains no omission likely to affect its substance.

 

Prospective purchasers of shares should read the whole text of this document and should be aware that the intended outcomes of a purchase of shares involve significant risk. You are advised to read in particular, the sections of this document headed “What else do I need to know?” (page 10 ).

 

Our share offer is exempt from the Financial Services and Markets Act 2000 or subsidiary regulations; this means you have no right of complaint to an ombudsman. A community benefit society is registered

with but not authorised by the Financial Services Authority and therefore the money you pay for your shares is not safeguarded by any depositor protection scheme or dispute resolution scheme. As the whole

of your purchase of shares could carry a risk, please consider it carefully in the context of the complete share offer document, and if needed seek independent advice

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johnhepworth7

johnhepworth7

Posted
Posted
What we know so far is that Mr. Birch intends to sell the club, without Fratton Park, to "Portsmouth Community Football Club Limited [PCFC]". PCFC will have a minimum paid-up share capital of £1,825,000 from the "HNW" shareholders. Most of that will go to the purchase of the club (the CVA plus fees). The football club will be owned by PCFC. The minimum investment required to buy shares in PCFC is £50,000 so pretty much all of the fans are excluded from owning shares in the club.

 

Mr. Birch intends to separately sell Fratton Park to a Spurs fan named Stuart Robinson for £2,600,000 That money will go to Portpin & PCFC will pay Robinson rent for the ground.

 

Skates are being invited to contribute £1,000 each to the PST in exchange for a "share" in PST. PST will not own the club, but will be allowed to purchase shares in PCFC. Unless they can find more than 1,826 fans with a spare grand in their pocket a month before Christmas, the PST will be minority shareholders. The club will be run and predominantly owned by the HNW shareholders and will be forever at the mercy of a property developer landlord who wants his rent money every month.

 

It certainly is ground-breaking. I was expecting the prospectus to be received with euphoria at the blue end of Hampshire, but I can see why it's actually being received with stunned silence.

 

edit: I suppose the first question is why aren't they offering to sell the fans shares in Portsmouth Community Football Club Ltd for a grand apiece?

 

Bang on.

 

And, of course the main part of the PR push is based on semantics.

 

Portsmouth Community Football Club Ltd will own the club. PCFCL will be wholly owned by fans. So, the fans own the club. Of course, the trick is that less than half the shares in PCFCL will be owned by the PST, funded by the £1000 Club (unless more than 1800 £1000s can be collected). The club will be majority owned by the HNW 'fans'.

 

So, on that basis, we were wholly owned by the fan(s) until Markus died...

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derry

derry

Posted
Posted

So what happens if Portpin say bid £13.6m for the ground which they maintain is the value? They are secured creditors for £17m so in theory they would in effect pay nothing except legal costs and take possession of the ground. The value would be irrelevant as any money in PFC goes to Portpin. Surely that would scupper any attempt to buy the ground at a knockdown price. The Administrator would have no room for manoeuvre and a court case wouldn't work, would it?

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ypbl

ypbl

Posted
Posted

 

edit: I suppose the first question is why aren't they offering to sell the fans shares in Portsmouth Community Football Club Ltd for a grand apiece?

 

Presumably because fans could then trade (ie. sell) their shares at any point, perhaps unknowingly, to one of the HNW shareholders, or someone else looking to get a controlling interest in the club. By ensuring that the PST buy 51% of the shares it also means that the whole block of 51% won't be sold to anyone else.

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