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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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The Kraken

The Kraken

Posted
Posted
I've taken my eye off the ball here as I thought the next date was to sort out ownership. Are we now saying that if agreement hasn't been reached it's merely to set a date for it all to be decided??

 

That seems to be the gist of it, yes. At least its what Micah Hall and his cronies are saying on the Pompey boards.

 

The original court hearing was scheduled for 2 days, and the judge said that it wasn't possible to hear the case in less time than that. So the 15th Jan date sounds like its just a return to court to check on progress. From there, I have no idea what happens. I guess there's the possibility that the judge could decide PKF actually have no case and deny a further hearing. That's a complete guess though. It seems likely they'll return to court, the legal parties will declare they couldn't reach agreement, then the judge will set a new court date for another 28 days time. Kind of p*sses on the chance to strengthen considerably in the transfer window, which would be a dreadful shame.

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rallyboy

rallyboy

Posted
Posted

that big greedy blue beast is still sucking up ca$h at an alarming rate.

 

It's as if Birch knows how much is due from PPs and he's timing it to bale out as soon as his fees and the pointless legal battle costs can no longer be covered. :scared:

 

And all the Trust can do is wave goodbye to next year's working capital - another court delay is a minor disaster, or as they described it last time, a glorious victory.

While the generous but jittery local businessmen wave goodbye to their 'loans', and any chance of seeing them again.

 

 

This revolutionary 'play the kids' scheme is at least three years too late - the fricking horse's grandchildren have escaped from the stable, and pompey still haven't ordered a door, let alone the fittings!

 

 

 

The scabby blue beast has been terminally and horribly sick for a decade - for god's sake will someone PLEASE put a bolt gun through it's face.

It might be briefly messy, but it's the only humane thing to do.

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Thedelldays

Thedelldays

Posted
Posted

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SaintBobby

SaintBobby

Posted
Posted

Hmmm. Ok, I don't get this court thing at all now.

 

I thought:

 

1. Birch/PKF were applying to the court to seek the right to sell Chanrai's charge for a certain figure (£2.7m?)

2. Chanrai and Portpin contest this, claiming - amongst other things - that the charge is secured and worth much more (£17m?)

3. Courts weren't there to "check on progress", but to adjudicate in a dispute. If PKF and Portpin can reach an out-of-court settlement, there is no more need for a court case than there would be for me and my local landlord agreeing on how much I'm going to give him for a pint of beer. I might end up in court with the landlord, of course, if he claimed I owed him an extra £10m for the pint of beer or I claimed that he owed me £10m in change.

4. If PKF can't get the agreement they were seeking in point 1, they can't sell the club to the Trust.

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The Kraken

The Kraken

Posted
Posted
Hmmm. Ok, I don't get this court thing at all now.

 

I thought:

 

1. Birch/PKF were applying to the court to seek the right to sell Chanrai's charge for a certain figure (£2.7m?)

 

Correct. The court case was to apply for the right to sell the ground, and for the court to assign a fair market value (in line with the £2.75M the PDT have offered)

 

2. Chanrai and Portpin contest this, claiming - amongst other things - that the charge is secured and worth much more (£17m?)

 

Portpin contest that they are owed £17M, which was secured against Fratton. Its unknown what they value the ground at, other than that they haven't accepted the PST's offer of £2.75M.

 

3. Courts weren't there to "check on progress", but to adjudicate in a dispute. If PKF and Portpin can reach an out-of-court settlement, there is no more need for a court case than there would be for me and my local landlord agreeing on how much I'm going to give him for a pint of beer. I might end up in court with the landlord, of course, if he claimed I owed him an extra £10m for the pint of beer or I claimed that he owed me £10m in change.

 

Here's where the confusion begins, really. The court case never even got underway as PKF's legal team put a halt to it straight away and requested an adjournment as there was a problem with their case. Other than that, its not really known what the problem is. Portpin threw another curve ball into the mix, stating that they weren't happy with the administrator appointed and wanted a new one; this was instantly rejected. But the nature of PKF's problem and why they were suddenly negotiating with the other lawyers is one that's beyond me, really. The PDT have offered £2.75M and no more, Chainrai won't accept that. Anything else is guesswork, and the PDT and their lawyers are staying schtum.

 

4. If PKF can't get the agreement they were seeking in point 1, they can't sell the club to the Trust.

The PDT have suggested there might be some wiggle room with the valuation (i.e. if it comes in at £3M they probably would find the extra cash) but obviously there's a limit on that. Of course, the court could very well rule that PKF cannot sell the ground in the first place, which kind of blows the PDT bid apart.

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Thedelldays

Thedelldays

Posted
Posted

Things I have learned about football in 2012 - No. 2

 

For the second in this end of year round-up of posts, a few thoughts on the Portsmouth FC situation and the response of some of their support.

POMPEY CHIMES OUT OF TUNE

 

 

 

pompey.jpg

 

 

 

 

Portsmouth FC fans ought to deserve some sympathy and, for a while, I have given it to them. But over the course of the year they have started to grate with, rather than ingratiate themselves to, some fellow football fans; me included.

 

What has happened at Portsmouth could happen to any club. Over time, clubs have been set back or destroyed by the unscrupulous actions of local businessmen or tainted by much vaunted foreign owners. The continued failure of Fit & Proper rules for ownership should be a constant source of embarrassment to the footballing authorities and one can only hope that the financial fair play rules are more adept at preventing the financial meltdown of clubs funded well beyond self-sustainable means.

 

 

 

But as the Portsmouth administration lingers on for the second time, I have grown tired of the self-righteous bull****tery mouthed by certain supporters of the club. When questions were raised about the high profile (for League One) short term signings being made by the club at the start of the season; including a player who, prior to signing for Pompey, couldn't negotiate a deal with a club with 18,000 crowds and a salary cap to meet, they couldn't see the problem. Detractors were chided for knowing nothing about the financial state of the club and generally being "clueless". True the administrator should not be running the club so close to the financial precipice, but who really knows?

 

There was nothing to stop Portsmouth signing professional players to pep up their squad this season, but with many local businesses remaining unpaid or receiving pennies in the pound, the irony of signing Championship and League One players appeared lost on many. You can point the finger at previous owners, but the one constant that remains, for now, is the football club and as one commenter on this excellent post at The Two Unfortunates was quick to point out, the administrator of the football club was sitting on a £6m bank balance.

 

Whether the amount is a fact or not, the problem remains that yet again a football club hits financial meltdown and leaves a trail of destruction for local businesses in its wake, yet they still have funds to pay players' wages. To creditors offered 20p in the £ in the first CVA (and never saw it) and potentially 2p in the £ now, that £6m that Pompey have burning a hole in their bank account (and are using to fund good League One players) must provide great succour as they struggle to keep their business running and cut jobs.

Accusations of jealousy abounded on social networks;

 

"You were only hoping for an easy three points" - No we are looking for fairness in the way clubs are treated and special cases not being made for others.

 

"We have a right to sign players to be competitive; it's in the Football League rules"- What rules are these then? The Football League rules state:

 

"Each club shall play its full strength in all matches played under the auspices of The League unless some satisfactory reasons are given."

 

That is the strongest available side. If you can only sign League 2 standard players or use your youth players that is tough.

 

"It's just not fair on Portsmouth" - Who said football, and life for that matter, is fair? If you are dealt a duff hand, then you just have to play it. Cup finals and AC Milan at Fratton Park - shall we disregard those then, given you, in effect, achieved them through financial doping?

 

"You just don't understand, it is a lot more complicated than a simplistic narrative"- I am sure it is, but the fact remains how certain fans behave now they have got here is causing people to lose any compassion or understanding they might have had for the circumstances.

 

I have even heard the "big club" card being played by Pompey fans this year, the joker in the pack that belies a multitude of sins. How are they measured as a big club? Crowds of less than 20,000? An FA Cup in 2008? A Europa League campaign? Two League titles over 60 years ago? The chiding of other club's fans demonstrated an arrogance that saddened me. The use of "tin-pot" to deride fans of other smaller clubs; the last desperate cry of fans who cannot accept their club has found its rightful place, below where they perceive they should be and they refuse to accept it.

 

Underlying the questions being asked is a belief amongst supporters of other clubs that Pompey are getting opportunities that were not afforded to clubs in similar positions before. Smaller clubs have been to hell in a handcart for less. Pompey's points deductions have been nowhere near those suffered by Luton Town or South coast rivals AFC Bournemouth. To think there was talk of an appeal against the ten point deduction when they eventually exit administration (again) was some sort of sick joke.

 

The fact that football remains the exception in terms of insolvencies, thanks to the ridiculous football creditor rules, is one thing, but to see varying punishments being doled out by the authorities following CVAs and administrations is quite another. Portsmouth fans should be thankful that they haven't been treated any worse. Other clubs have.

 

Much reference is made to the wonderful support of the South Coast club and whilst the Pompey Trust deserve enormous credit for their efforts to salvage their club, the tribal and aggressive rhetoric of a number of their supporters in defending their club and its current undertakings, leaves me cold.

 

I don't wish ill on Portsmouth FC, I really do hope they find a long-term solution to the club's woes, but forgive me if I cock a deaf 'un to the sanctimony. If Kevin McCabe ever properly pulled the plug on the Blades' funding, or sold out to a miscreant businessman, I'd like to think I'd accept our situation and deal with it with a greater deal of maturity and lesser degree of arrogance than that demonstrated by some of the Portsmouth support in the last twelve months[/QUOTE]

 

nice

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Gemmel

Gemmel

Posted
Posted

Don't get too bogged down in the fact that the 15th is just an exercise to fix another date, that is how it has been explained since the original case, although it will be intresting to see if PKF formally request another adjourment. As for the last one buying times to see if the lawyers could agree something, that is very fluffy wording. It was because their buyer couldn't or wouldn't complete on the terms that THEY were putting forward to the judge. I am certainly no expert, but even if the judge does allow them to purchase the ground at the knockdown rate, I would assume that as it were them that were going to court and them that delayed everything, then they will need to pay all legal costs upto the point in which the case actually gets heard.

 

The last case wasn't a complete washout. Chanrai claimed an additional two million "floating charge". Matt Slater tweeted that Portpin had said that PKF had acknowledged this oversight. I would have thought PKF would be very keen to dismiss this, if there was no truth in it. But nobody from the pst, pkf or the news have mentioned it since. Although intrestingly the pst have changed from the share money being working capital, to now being required to purchase the club. If I was a betting man, I'd say the floating charge is real, which is another two million pound dent.

 

To me it looks like the pdt is further away than it has ever been. Which is a great shame, but they now need 1.8million pounds worth of coverted shares (As posted on fans online) to actually buy the club (We'll assume that would meet the FL conversion requirements). Then there is the additional legal and admimistration costs, attendances down on pdt business plan and the current shortfall, being met by the HNW's. Intrestingly, at the last court case when this came out, I think it was their chairman who said that they if they lost the court case and didn't buy the club, they wouldn't get their money back.........Which suggests if they do take over, they will get it back.....Looks and smells like a loan to me and with no working capital, they will probably need a cash injection, which would most likely be another Directors loan., Which if correct, is probably not the best way to start.

 

BUT, that is still dependant on getting a result in court and collecting the other 800k and when you look at the potential scenarios, it's bleak;

 

1) Even if they win Chanrai will likely appeal.... It's the time that could kill the pdt

2) The Judge allows the sale but at a higher value - Fooked

3) The Judge includes an overage position in the deal - If Robinson won't sign on the current terms, can't see him agreeing to new ones - Fooked

4) The Judge refuses the sale - Fooked

 

And that's what they have to contend with, before Chanrai, starts playing nasty.

 

Plenty more pages in this old girl yet.

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latter day saint

latter day saint

Posted
Posted
@unitedite How about this .... game at Pools Dec 22, called off on day, team came up 2 days before and stayed at North-East's best hotel

 

@unitedite It's a 5 star, owned by Boro chairman Gibson - £4,000 per night it cost ... and this a club on the brink

 

Think people are getting fed up with them

1st thought on reading that was 1of disgust not surprise but then i just thought of more cash dripping out of the ever decreasing pot for the PDT & smiled .

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trousers

trousers

Posted
Posted (edited)
Neil Allen @NeilAllenPN

great photo of the #Pompey travelling army at the Swindon game. Massive away support. Packed out. pic.twitter.com/djLqGnJx

 

Own up.....who?

 

allen.PNG

 

:lol:

 

Pompey Royal ‏@Pompey_Royal

Well done to @pn_neil_allen for being parodied by @neilallenpn You know you're doing gd work when rattled scummers become obsessed with you

 

Nagoya blue ‏@nagoyapompey

@Lord_Palmerston @pn_neil_allen he's got at least 2. They are the of the super obsessive scummers from that stupid long thread on #saintsweb

 

Neil Allen ‏@pn_neil_allen

@nagoyapompey @Lord_Palmerston @Pompey_Royal I feel honoured. Also clearly disproves long-held opinions they're obssessed with their rivals.

 

 

Edited by trousers
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andysstuff

andysstuff

Posted
Posted
allen.PNG

 

:lol:

 

Pompey Royal ‏@Pompey_Royal

Well done to @pn_neil_allen for being parodied by @neilallenpn You know you're doing gd work when rattled scummers become obsessed with you

 

Nagoya blue ‏@nagoyapompey

@Lord_Palmerston @pn_neil_allen he's got at least 2. They are the of the super obsessive scummers from that stupid long thread on #saintsweb

 

Neil Allen ‏@pn_neil_allen

@nagoyapompey @Lord_Palmerston @Pompey_Royal I feel honoured. Also clearly disproves long-held opinions they're obssessed with their rivals.

 

 

 

The thing is I'm not entirely convinced its one of us - whoever it is is only following skates and manages to use 2 sentence paragraphs.

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trousers

trousers

Posted
Posted

This can't be right? Swansea only worth £58m to the local economy when the mighty Pompey brings in c.£300m in League One....?

 

http://www.thisissouthwales.co.uk/Swansea-City-FC-worth-58-million-city-economy/story-17746424-detail/story.html

 

WHEN the Swans were promoted to football’s top table the city was buoyant on a wave of excitement at the prospect of its team being in the best football league in the world.

But the move brought with it more than a renewed sporting spirit — the first season alone was worth more £58 million to the local economy.

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The Kraken

The Kraken

Posted
Posted
@unitedite How about this .... game at Pools Dec 22, called off on day, team came up 2 days before and stayed at North-East's best hotel

 

@unitedite It's a 5 star, owned by Boro chairman Gibson - £4,000 per night it cost ... and this a club on the brink

 

Think people are getting fed up with them

 

That's really quite staggering, if true. A close mate of mine works for a leading Championship club and when I met up with him recently he said that they typically spend £2K - £3K on hotels for away trips. And lets just say that his club aren't short of a quid or two.

 

PKF's lavish overspending really does beggar belief.

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trousers

trousers

Posted
Posted (edited)

http://www.skysports.com/fanzone/blogs/story/0,24015,23008_8378744,00.html

 

Portsmouth supporters are a different breed....Ronaldinho referred to his night at Fratton as 'the best atmosphere' he'd ever experienced.

 

And despite being about 20,000 less in size, the County Ground found out the Blue Army can still make a racket.

Swindon fans have flooded Twitter ever since to recognise the efforts of those who made the trip to Wiltshire. On the pitch, the team have been less than impressive. But off it, Portsmouth are definitely in a league of their own.

 

As the goals rained in, the travelling support belted out "We lose every week, We lose every week! You're nothing special, We lose every week!" Funny, but true.

And an old favourite made an appearance too, "Let's pretend we've scored a goal!" followed by wild celebration.

The players on the pitch may change, but the level of loyalty and support from the fans will certainly not. That's why there are no better supporters to seize control of their beloved team than the Portsmouth ones.

 

:facepalm:

Edited by trousers
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rallyboy

rallyboy

Posted
Posted

that drivel is right up there with the Radio Solent presenter who said yesterday that with all the restrictons behind the scenes, what the club had achieved on the pitch is fantastic. :o

 

Just because someone has journalist written on their business card doesn't always mean they have a clue what they are talking about.

 

Very few media commentators have any grasp of the financial situation, how many times have we seen b0ll0x dressed up as fact, or debt amounts reported wrongly?

We've even seen business journalists corrected on Twitter and having to check facts with random strangers.

 

Half of Fleet Street doesn't realise they haven't paid a penny, because they don'ty care, and they have an agenda to write to.

 

Thieving ba$tards buy Championship players isn't as good as plucky underdogs still fighting against the world.

So for Sky to plod out this ancient spin is no great surprise.

 

And while I'm having a little rant, could John Motson please retire.

I don't want the games scripted like Emmerdale, I just want it to unfold, just let me watch it with some informed commentary.

 

But no - when he puts his words on the images later and starts saying, well Spurs haven't conceded a goal in the first fifteen minutes this season, let's see what happens here...it's pretty bloody obvious what little storyline he is preparing us for.

Ditto when we get a shot of a player at a corner and the sheepskin-clad has-been announces that this former player is yet to score against his old club, you don't need to be Einstein to work out what's coming.

 

He's catering for the thickest people and trying to guide them through a soap opera.

 

Football doesn't have to be like drama, we don't need the formula of goodies, baddies and plot twists.

The game does that on it's own without commentators trying to spice it up or create subplots for cretins.

 

So Sky, and the BBC - put a new record on, your little playlist is so last century, and devoid of facts.

 

And that thicko on the FL show - how many cliches do we need to hear in one summing up??

He's not that type of player, yes he is, he just did it!

They'll bounce back for sure, will they?

 

He lacked belief - no, he lacked the technical skill that the moment demanded!

 

They didn't get the rub of the green, and my favourite from when Reading equalised against Arsenal at 5-5.

This Reading side just doesn't know when it's beaten!!

 

Well they did two goals later. :lol:

But they didn't defend badly through loose marking, lack of pace or poor positional play, no, Arsenal just wanted it more and got the rub of the green to go with their belief.:?

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Crab Lungs

Crab Lungs

Posted
Posted
I think he was refering to football creditors so that was enforced payments from the parachute payments !

 

Yeah, that's what I thought... I think that'll be the next riposte, that it was enforced. If they had it their way, they'd continue spunking it with complete disregard for anyone else, that's exactly what history has shown us.

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miserableoldgit

miserableoldgit

Posted
Posted
allen.PNG

 

:lol:

 

Pompey Royal ‏@Pompey_Royal

Well done to @pn_neil_allen for being parodied by @neilallenpn You know you're doing gd work when rattled scummers become obsessed with you

 

Nagoya blue ‏@nagoyapompey

@Lord_Palmerston @pn_neil_allen he's got at least 2. They are the of the super obsessive scummers from that stupid long thread on #saintsweb

 

Neil Allen ‏@pn_neil_allen

@nagoyapompey @Lord_Palmerston @Pompey_Royal I feel honoured. Also clearly disproves long-held opinions they're obssessed with their rivals.

 

 

 

 

They obviously don`t understand why "Only Fools and Horses" was so popular for so many years. It was comedy gold.

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pedg

pedg

Posted
Posted
Yeah, that's what I thought... I think that'll be the next riposte, that it was enforced. If they had it their way, they'd continue spunking it with complete disregard for anyone else, that's exactly what history has shown us.

 

Ask them how much they have voluntarily paid to creditors.

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OldNick

OldNick

Posted
Posted
allen.PNG

 

:lol:

 

Pompey Royal ‏@Pompey_Royal

Well done to @pn_neil_allen for being parodied by @neilallenpn You know you're doing gd work when rattled scummers become obsessed with you

 

Nagoya blue ‏@nagoyapompey

@Lord_Palmerston @pn_neil_allen he's got at least 2. They are the of the super obsessive scummers from that stupid long thread on #saintsweb

 

Neil Allen ‏@pn_neil_allen

@nagoyapompey @Lord_Palmerston @Pompey_Royal I feel honoured. Also clearly disproves long-held opinions they're obssessed with their rivals.

 

 

they would have a stupid long thread on us if we had been on the brink so many times........although the whole 17 of them on their site may have trouble getting to 3 figures. Their support at Swindon may have been marvellous. I recall how Ho and co came on and took the mickey re the swaying to the AL song and then I assume the 'lets pretend we scored a goal' was seen to be greatclol
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derry

derry

Posted
Posted
@unitedite How about this .... game at Pools Dec 22, called off on day, team came up 2 days before and stayed at North-East's best hotel

 

@unitedite It's a 5 star, owned by Boro chairman Gibson - £4,000 per night it cost ... and this a club on the brink

 

Think people are getting fed up with them

 

I suppose with PFCs failure to pay bills it makes sense to stay at the best hotels. Might as well not pay the bill at a 5 star as a 1 star, a lot more comfortable.

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trousers

trousers

Posted
Posted (edited)

@pn_neil_allen: Feel honoured & blessed having parody account made of me by Southampton fans. Also clearly debunks myth they're obsessed with things #Pompey

 

How many more times do we have to explain this to them? Yes Neil, we ARE obsessed about the whole Pompey farce. That's the whole point...this saga wouldn't be half as amusing if we didn't take it so seriously....keep up...

 

P.S. keep banging on about how obsessed we are...we like a dash of irony on here too...

Edited by trousers
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View From The Top

View From The Top

Posted
Posted

David Up North(ish) @S13SFC

@colinfarmery @HeyGeno Bloody hell Colin, you said you needed 1800 you had, £200k in deposits, add £800k or so on means about 55% conversion

 

 

David Up North(ish) @S13SFC

@colinfarmery @HeyGeno Colin, it's not difficult. Two sets of figures, some basic maths = rough estimate not too far off.

 

Colin Farmery @colinfarmery

@S13SFC @HeyGeno Of course I don't deny them. I arranged for a pic in the paper a fortnight ago to say as much. What's taken you so long?

 

 

 

David Up North(ish) @S13SFC

@colinfarmery @HeyGeno What's more shocking is how long it's taken any of the blue lot to work it out. As I said, good luck getting the rest

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Pugwash

Pugwash

Posted
Posted
They obviously don`t understand why "Only Fools and Horses" was so popular for so many years. It was comedy gold.

 

Exactly.

 

Well, almost. The PTS is probably funnier, the whole saga is set in a far seedier district and there'll be no millionaires at the end of it.

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Dark Munster

Dark Munster

Posted
Posted
That's really quite staggering, if true. A close mate of mine works for a leading Championship club and when I met up with him recently he said that they typically spend £2K - £3K on hotels for away trips. And lets just say that his club aren't short of a quid or two.

 

PKF's lavish overspending really does beggar belief.

 

Relax, Kraken. I think it's all part of Tricky Trev's devious plot to burn through as much of the remaining parachute payments as possible, in order to leave Chinny with diddly-squat. Spiteful? Maybe, but Trev was hand picked by HMRC. :D

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