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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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BigShadow

BigShadow

Posted
Posted
@NabilHassan79: #pompey trust chairman Ashley Brown tells BBC Sport: "We're very pleased with that decision that is exactly the result we wanted."

 

:facepalm:

 

Now that really is Comical Ali territory. Really pleased??? Yes, the farce of the past two days has managed to add further uncertainty to an already dubious PST position. The pledges ain't being converted, and anyone who sends in their £900 now needs sectioning.

 

Oh yeah, sorry Guy...guess that transfer budget will be delayed...err....and any of your players that can actually kick a ball in a straight line will be leaving in January.

 

But hey....really pleased with that result. Exactly what we wanted. Couldn't have gone better. Honest. Reaalllllly??

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rallyboy

rallyboy

Posted
Posted

so did they get the keys?...

 

 

 

 

if that was a glorious victory then I'm going to get us promotion only using reluctant academy players shoe-horned into a Total Football system reminiscent of Ajax in the 1970s....

 

Sounds like they have a month to find another property developer who wants to empty his bank account without delay.

Can't see this victory helping the promotion push.

 

A handful of fans acting like animals outside the high court is always great PR as well - I'm sure it was passion rather than abuse that was being spouted in the street.

 

If that was a good day it demonstrates how crap life must be to the east.

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LGTL

LGTL

Posted
Posted

With each passing hour, no make that each passing minute, every quote, story, plea or fit of rage continues to further embarrass everything and everyone associated with that cesspit of a place. This is every football fan rivals dream, and we are lucky enough to be experiencing it. What a bunch of deluded simpletons. You really couldn't make it up, but luckily we don't have to.

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The Kraken

The Kraken

Posted
Posted

@NabilHassan79: #pompey trust chairman Ashley Brown tells BBC Sport: "We're very pleased with that decision that is exactly the result we wanted."

 

@NabilHassan79: A Brown says PST's business plan can survive without 'floating charge' money (£2m) but admits involvement of Stuart Robinson is uncertain.

 

 

Its beginning to make sense now. PKF found out very late that Stuart Robinson has now gotten massively cold feet and wants a way out of the deal. Most importantly, he won't front up as the buyer for the purposes of the court case. In order to ask the judge to rule in their favour, PKF need to demonstrate there is a buyer willing and able to pay the £2.75M on offer for Fratton. Suddenly, they do not have that. And without that, PKF's case collapses.

 

So, the only route left open to PKF is to adjourn for another month and get the PDT to find someone else to fund their amateur venture. They can then return to court with an investor who can/will pay the £2.75M, and they have the basis to start the case. Winning it is another matter altogether.

 

So its perhaps no wonder that the PDT are delighted with today's outcome. It is the only outcome that doesn't torpedo their bid, they now have another month to find an alternative funding source. And the council are ruled out; Chinny's bid is still suspended and therefore technically on the table. So the PDT need to find another developer willing to risk it all on Fortress Fatpipes. Good luck with that.

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Marsdinho

Marsdinho

Posted
Posted
taken from nick on the ui

Couple of things seem to be coming out

 

1. PST is not in a financial position to buy the club or ground, issues with both amount raised through pledges and the property developers they are in bed with.

 

2. A number of their better players are not going to hang around in January, if the issue isnt settled till 15th January even if the trust can raise the money, they are unlikely to be able to convince anyone to leave the security of a contract and join them in January with such unrest.

 

3. a lot of pompey fans are unhappy with the trust in the lack of transparency

 

Not much gets past Nick...

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St Chalet

St Chalet

Posted
Posted

As I prepare to board my flight to the land of Hutch for the next month this has left me gut laughing.

 

The Trust resemble the dis-membered knight in Monty Python's Holy Grail.

 

No Property Developer, “That didn't hurt“

£2m hole in the plan, “its just a flesh wound“

 

Sorry to break it to the Trust, but you are 3-2 down, have just had your goal keeper sent off and Messi is warming up to take a Penalty

 

WTFILN

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dvaughanwilliams

dvaughanwilliams

Posted
Posted
Nabil Hassan ‏@NabilHassan79

A Brown says PST's business plan can survive without 'floating charge' money (£2m) but admits involvement of Stuart Robinson is uncertain.

 

And they are celebrating ?????????

 

So first the trust said that the players had to accept £2m, then when they got promised the full £8m of parachute payments, the business plan could survive without that. Now a further £2m has been withdrawn, they can survive without that.

 

As I remember, the original plan was held together with cobwebs and magic, yet has proved to be remarkably robust. Those trust bods must be business geniuses.

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The Kraken

The Kraken

Posted
Posted (edited)

PDT Official Statement

 

Although it is frustrating not to have a final outcome this week, as we had hoped, we welcome the opportunity for the administrators PKF to return to the courts between now and January and finalise our purchase of Portsmouth Football Club.

 

This has always been a complex deal with several component parts – including some which have been outside of our control – and every part of the bid needs to be absolutely right to be approved by the courts and the administrators. We know any delay is frustrating for fans, but we are committed to completing the purchase of Portsmouth Football Club as soon as possible. We are extremely grateful to our supporters for their terrific support, and we continue urging our fans to pledge and be part of the biggest community club in the country. We are confident that we will be owners of Portsmouth Football Club in the next few weeks, and will continue to work on every last detail of our bid until this process is complete.

Edited by The Kraken
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dvaughanwilliams

dvaughanwilliams

Posted
Posted

The reference to the floating charge is interesting. Chainrai's fixed and floating charge covers all assets of the club, including the cash in the bank account.

 

If Trev is to sell assets from under Chainrai's charge, that is not just Fratton, it is all of the assets. Not much doubt about the value of a bank account.

 

All these references to £2m, suggests that this is how much is left from the last tranche of parachute payments.

 

Oops. Looks like they realised this on Wednesday night.

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stevegrant

stevegrant

Posted
Posted
The reference to the floating charge is interesting. Chainrai's fixed and floating charge covers all assets of the club, including the cash in the bank account.

 

If Trev is to sell assets from under Chainrai's charge, that is not just Fratton, it is all of the assets. Not much doubt about the value of a bank account.

 

All these references to £2m, suggests that this is how much is left from the last tranche of parachute payments.

 

Oops. Looks like they realised this on Wednesday night.

And as a result it's in Chainrai's interests rather than the Trust's for the hearing to be adjourned because it takes the club closer to that next parachute payment...

 

Yes, today was a massive win for the trust :lol:

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Clapham Saint

Clapham Saint

Posted
Posted
The reference to the floating charge is interesting. Chainrai's fixed and floating charge covers all assets of the club, including the cash in the bank account.

 

If Trev is to sell assets from under Chainrai's charge, that is not just Fratton, it is all of the assets. Not much doubt about the value of a bank account.

 

All these references to £2m, suggests that this is how much is left from the last tranche of parachute payments.

 

Oops. Looks like they realised this on Wednesday night.

 

And just as importantly if the trust's advisors "forgot" about the impact of the floating charge it adds even more creditibility to their bid.

 

That business plan looks more and more solid every day...

 

(3rd post)

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buctootim

buctootim

Posted
Posted

Presumably PST have enough to buy Pompey out of admin (probably £1 and some small commitment to creditors), as long as its without FP. imo before the next hearing that will become PST's preferred way forward. Serious question, is Moneyfields up to the standard required by lg2?

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dvaughanwilliams

dvaughanwilliams

Posted
Posted
Presumably PST have enough to buy Pompey out of admin (probably £1 and some small commitment to creditors), as long as its without FP. imo before the next hearing that will become PST's preferred way forward. Serious question, is Moneyfields up to the standard required by lg2?

 

I don't think so. All of the assets are covered by Chainrai's charge. A sale of anything has to be done with his approval or with the authorisation of the court. Which components would the trust buy and why would Chainrai authorise the sale?

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Colinjb

Colinjb

Posted
Posted
Presumably PST have enough to buy Pompey out of admin (probably £1 and some small commitment to creditors), as long as its without FP. imo before the next hearing that will become PST's preferred way forward. Serious question, is Moneyfields up to the standard required by lg2?

 

No, they would have to groundshare at Havant and Waterlooville. Work was done at West Leigh Park when they got into the Conference South to make it FL standard.

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The Kraken

The Kraken

Posted
Posted
No, they would have to groundshare at Havant and Waterlooville. Work was done at West Leigh Park when they got into the Conference South to make it FL standard.

 

Chinny would absolutely love that turn of events. It would remove the need for a community sports solution on the Fratton land, as the football club would have a new home.

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goneawol

goneawol

Posted
Posted
And just as importantly if the trust's advisors "forgot" about the impact of the floating charge it adds even more creditibility to their bid.

 

That business plan looks more and more solid every day...

 

(3rd post)

 

You can see why their lawyers recommended not publishing further financial figures until after the court case. :lol:

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trousers

trousers

Posted
Posted (edited)

http://www.bbc.co.uk/sport/0/football/20728701?utm_source=twitterfeed&utm_medium=twitter

 

"The stadium is currently owned by former club owner Balram Chainrai, who has also tabled a takeover bid.

 

The PST has offered Chainrai, who claims he is owed £12m by the club, £2.75m for the ground but he has refused to sell.

PKF had hoped to force the sale of the stadium through the court."

 

Am I losing the plot or are the BBC being sloppy with their reporting? Chainrai doesn't OWN the ground, does he? He just has a charge over it. Semantics possibly, I know, but why can't these journos get the basic facts right?

Edited by trousers
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The Kraken

The Kraken

Posted
Posted (edited)

Ashley Brown, Chairman of the PDT, speaking to BBC.

 

"We are absolutely certain we can save the club. We're very pleased with today's outcome, it is exactly the result we wanted.

 

We had some last-minute complications because of some unforeseen circumstances that were out of our control and we needed some more time.

 

We already have a plan of action to resolve the problems we have encountered and needed longer than 24 hours, and we are confident we will be back in this court within the next few weeks with a successful application. We knew about the floating charge, that was part of the evidence submission and that's an issue for PKF to deal with.

 

Portpin do have concerns about the way that is being dealt with and as PKF's barristers said in court they refute those concerns.

 

Yes we can go forward without that money. Our business plan is very strong over the next four or five years. We have always worked on a very conservative business model and we are comfortable we have enough money to help the club survive. We are absolutely certain we can save the club.

 

Brown said it was unclear whether Robinson would continue to work with the PDT, but said they had other options if not.

 

That [whether Robinson would continue to work with the PDT] is something we will look at over the coming days. Stuart was always our main option but we would be silly not to have alternative options.

Complications between Stuart and PKF are why we find ourselves having to do the adjournment. Whether we fix things by resolving those issues or whether we come back in with a secondary plan we are not sure yet. We are confident that the secondary plan will work at the very least. We are continuing to talk to Stuart but whether he ends up being part of this deal or not I couldn't tell you right now.

Edited by The Kraken
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ALWAYS_SFC

ALWAYS_SFC

Posted
Posted

http://www.portsmouth.co.uk/news/business/local-business/rich-fans-bankrolling-pompey-says-trust-executive-1-4591182

 

Wealthy fans are keeping Pompey afloat financially, a leading member of the fans’ buy-out bid said today.

 

The revelationa was made by Iain McInnes, proposed chairman of Pompey under Pompey Supporters Trust ownership, after the postponment of the High Court case on Pompey’s future.

 

He said: ‘It was quite clear that if this thing went wrong the blame would have been coming in one direction.

 

‘That was a result for us today. We got a fair hearing, a fair judgement.

 

‘The high net worths are continuing to fund the club and will be funding the club through to the next court case.

 

‘We started seven weeks ago - since the middle of October. We are bridging the losses.

 

‘It’s about time people realised that.

 

‘I’m not seeking any applause. At the end of the day, people need to understand that if we hadn’t have come here today I don’t think there would have been a hearing.

 

‘The obvious outcome would have been liquidation or Portpin walking away.

 

‘We’ve made the decision that we will now fund the club to the court hearing in 28 days time. If we didn’t make that decision, PKF wouldn’t have carried on.’

 

On the issue raised in court relating to property developer Stuart Robinson and the REL company, Mr McInnes said: ‘I liken it to transfer deadline day. The paperwork didn’t come in in time and they had to inform the court that the hearing that was meant to be a valuation was not able to take place.

 

‘We applied for more time to makre sure that gets done. There’s no fault attached but a question of timing.

 

‘It caused a fair amount of hassle but this was the result.

 

‘We were up all night trying to finalise this. It needs to be said because negotiations have been hard. We are not owning the club, we are funding a potential ownership of the club and along that funding is clearly going in the running of the club we don’t yet own.’

 

 

Still living above their means..same old ...

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The Kraken

The Kraken

Posted
Posted

Corp Ho isn't a happy bunny (Hi Corp, by the way; we know you love looking on here despite all your protestations to the contrary).

 

I know it's an incredibly difficult and complicated scenario but come on, the REL/ Robinson "paperwork issue" is ludicrous. To find this out at the eleventh hour is ridiculous. Then to find out that a supposedly top drawer outfit like PKF somehow "missed" the floating charge after being at the club for TEN months compounds that. I mean, if a bunch of dinlos on a football forum are aware of it why aren't a company who are charging £900 an hour for their "expertise".

 

And like many others, I'm starting to get more than a little fed up with the lack of news from the Trust. We've pledged money (and many others are waiting to pledge) but what we repeatedly get is tantamount to being fobbed off. Tell us how many pledges have been converted. If we don't have enough then so be it. Not telling people isn't going to change that when it comes down to the decision on who gets the club. If the money isn't there the business plan doesn't work and the FL won't give us the golden share anyway.

 

Come on PST, it's time to come clean. Tell us what's happening, Tell us how many pledges have come through and let us make our own minds up.

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The Kraken

The Kraken

Posted
Posted

POL's own version of Matthew Le God asks a very pertinent question.

 

How is the club running at a loss when were litterally down to the barebones anyway?

 

Well, you see FMR. It was pointed out by us nutjobs that Pompey's players were on high, unsustainable wages; Pompey fans chose to ignore that and called us ignorant, and not knowing the facts. Turns out we're right? Who'd have thought....

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Kingsland Red

Kingsland Red

Posted
Posted

Headless chickens would be better at sorting this mess out.

 

If a High Net Worth 'investor' -Robinson, did not have sufficient funds to buy Fatpipes, why waste money on legal expenses going to court now ?

Why not go to court when monies to buy the ground are in place?

 

It really is a lot of posturing by those getting their five minutes of fame.

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The Kraken

The Kraken

Posted
Posted

Wahay!! Tricky Trev and PKF's f*ck up has just hit hard.

 

Portpin later issued a statement, saying:

 

"The proposed purchaser of the stadium was simply not in a position to fund the purchase even at the minimum price PST offered. This has been a huge waste of time and money. Legal costs of around £400,000 have been awarded to us against the administrators, money that we are going to pursue administrators personally through the courts, to do all we can to ensure that the club does not have to pay.

 

"In what has already been the most expensive and longest running administration in the history of English football, there can be no further delays if this club is to survive."

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sidthesquid

sidthesquid

Posted
Posted

These two lines are very revealing

 

 

The high net worths are continuing to fund the club and will be funding the club through to the next court case.

 

‘We started seven weeks ago - since the middle of October. We are bridging the losses.

 

That is pretty serious and implies any feckup on the next court case and it could be Morphy Richards glowing/Susan Boyle gargling time at last

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dubai_phil

dubai_phil

Posted
Posted
Originally Posted by Banker I know it's an incredibly difficult and complicated scenario but come on, the REL/ Robinson "paperwork issue" is ludicrous. To find this out at the eleventh hour is ridiculous. Then to find out that a supposedly top drawer outfit like PKF somehow "missed" the floating charge after being at the club for TEN months compounds that. I mean, if a bunch of dinlos on a football forum are aware of it why aren't a company who are charging £900 an hour for their "expertise".

 

 

 

Well, we did offer some advice along the way. And we are nutjobs, NOT dinlos.

 

Next I had an emergency tooth extraction yesterday (ouch) by a cutie (no sorry didn't have camera was in pain) and it only cost 50 quid.

Having the tooth pulled I CAN confirm is a lot easier than explaining why they are screwed to people (like oldnick)

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