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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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trousers

trousers

Posted
Posted (edited)

Ryan Elvin ‏@ryanelvin

Haha lee Williamson how's that bigger club with loads of ambition working out for ya? #sufc #twitterblades #layedoff

Chris Clifford ‏@chrisclifford29

Dear Lee Williamson, The grass isn't always greener on the other side, funny looking ambition that!! Yours truly, #sufc #twitterblades

 

Brad Hague ‏@BradHague

I'm glad to see Lee Williamson's ambitious career move worked out well ☺ released by a club in the relegation zone! Hahahaha #*****

 

Theo 'DENCH' Wilson ‏@theo_kwadjo45

Portsmouth have released Lee Williamson! Hahah, yeah loads more ambition haven't they... KARMA ******!!!!

 

Daniel Baguley ‏@BaguleyDaniel

So Lee Williamson how did that move from Sheff Utd turn out? #sufc

 

Andy Hill ‏@hillblade1889

Lee Williamson released by Pompey? Quote "I want to move to a bigger club" Come back to the Lane then #GrassGreener

 

Luke Hodder ‏@lahodder

Let's all laugh at Lee Williamson.. The club with ambition releasing you?! Hahahahaaaaa #sufc #twitterblades #pompey

 

abbie ‏@abbief0ster

Good ****ing bye Lee Williamson! Pompey have more ambition than the blades? My arse

Edited by trousers
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pedg

pedg

Posted
Posted
34582_106609642724935_100001276988812_49248_1410538_n_normal.jpgSj Maskell ‏@SjMaskell

You have to ask - if Portpin haven't taken the 'Owners and Directors' Test' - WHY haven't they? #Pompey

 

Erm....perhaps because the Football League won't put them through the test until such time the administrator declares them as preferred bidder? #chicken? #egg?

 

Or perhaps they just want to own the grounds of an ex-football club not own a football club?

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Dark Munster

Dark Munster

Posted
Posted
Would prefer toast.

12419086105bYiUd.jpg

 

This is incredible. There's genuinely going to be no-one left!

 

Connolly must be looking around wondering where everyone went!!

He's going to feel very lonely while lying in the treatment room.

 

@tomdearie: @davepfc1 Don't go on FB... We're being liquidated and Sat is our last game according to one of the Pompey groups on there.

 

Only if February's parachute payment is being paid one month early.

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TopGun

TopGun

Posted
Posted (edited)
@tomdearie: @davepfc1 Don't go on FB... We're being liquidated and Sat is our last game according to one of the Pompey groups on there.

 

Will the intrepid quartet of Dumbaya, Harley, Williamson and Agent Howard actually play on Saturday? Theoretically they're in contract for the game... And it is at Fortress Fratton, after all.

Edited by TopGun
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sussexsaint

sussexsaint

Posted
Posted

Quote from snooze :

 

Guy Whittingham faces a fight to put together a competitive squad for Saturday’s clash against Notts County, with five players heading out of the exit door.

 

 

It's hard to say what word has p issed me off more through this whole sorry saga 'bestest' or 'competitive'.

 

If they hadn't stupidly and doggedly persisted with the fantasy of being competitive they they might have got away with it

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Saint in Paradise

Saint in Paradise

Posted
Posted
Just short of confidence.......(and players!)

 

http://www.portsmouth.co.uk/sport/pompey/allan-confidence-is-key-to-pompey-survival-1-4654405

 

‘..The team needs some results quickly to have a chance of staying up.

 

‘It’s going to have to happen soon otherwise this club will be relegated and nobody wants to see that happen.’

 

:lol:

 

Yea rite, I for one would love it, just love it.:lol:

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CB Saint

CB Saint

Posted
Posted
Just short of confidence.......(and players!)

 

http://www.portsmouth.co.uk/sport/pompey/allan-confidence-is-key-to-pompey-survival-1-4654405

 

‘..The team needs some results quickly to have a chance of staying up.

 

‘It’s going to have to happen soon otherwise this club will be relegated and nobody wants to see that happen.’

 

:lol:

 

I imagine there will be at least 20 league 1 clubs who will be delighted to see pompey in the bottom 4

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OldNick

OldNick

Posted
Posted
Ryan Elvin ‏@ryanelvin

Haha lee Williamson how's that bigger club with loads of ambition working out for ya? #sufc #twitterblades #layedoff

Chris Clifford ‏@chrisclifford29

Dear Lee Williamson, The grass isn't always greener on the other side, funny looking ambition that!! Yours truly, #sufc #twitterblades

 

Brad Hague ‏@BradHague

I'm glad to see Lee Williamson's ambitious career move worked out well ☺ released by a club in the relegation zone! Hahahaha #*****

 

Theo 'DENCH' Wilson ‏@theo_kwadjo45

Portsmouth have released Lee Williamson! Hahah, yeah loads more ambition haven't they... KARMA ******!!!!

 

Daniel Baguley ‏@BaguleyDaniel

So Lee Williamson how did that move from Sheff Utd turn out? #sufc

 

Andy Hill ‏@hillblade1889

Lee Williamson released by Pompey? Quote "I want to move to a bigger club" Come back to the Lane then #GrassGreener

 

Luke Hodder ‏@lahodder

Let's all laugh at Lee Williamson.. The club with ambition releasing you?! Hahahahaaaaa #sufc #twitterblades #pompey

 

abbie ‏@abbief0ster

Good ****ing bye Lee Williamson! Pompey have more ambition than the blades? My arse

He seems popular in Sheffield. I assume he left with parting words that were not too complimentary
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andysstuff

andysstuff

Posted
Posted
I assume the HNW fans who were paying the wages have decided that they were being bled dry. Did they decide to stop the funding? Icannot see why the players have been released if they were still funding the club.

 

Giving notice on the training ground and dumping all the players strongly suggests an income stream has been suddenly cut off. What that is and what the longer term consequences are only time will tell. But it doesn't look good.

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dubai_phil

dubai_phil

Posted
Posted
Giving notice on the training ground and dumping all the players strongly suggests an income stream has been suddenly cut off. What that is and what the longer term consequences are only time will tell. But it doesn't look good.

 

Well, others did point out that it had been "all quiet on the Eastern Front" over Xmas.

 

Perhaps we are starting to see why

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trousers

trousers

Posted
Posted
I assume the HNW fans who were paying the wages have decided that they were being bled dry. Did they decide to stop the funding? Icannot see why the players have been released if they were still funding the club.

 

I can't see any other logical explanation. I guess the question is: What has happened to change their mind? The realisation of the likelihood that the court case won't go their way?

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ALWAYS_SFC

ALWAYS_SFC

Posted
Posted
Giving notice on the training ground and dumping all the players strongly suggests an income stream has been suddenly cut off. What that is and what the longer term consequences are only time will tell. But it doesn't look good.

 

Not for me.. ...it looks Excellent:D

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rallyboy

rallyboy

Posted
Posted

balancing income and expenditure isn't rocket surgery, Birch has played an odd game.

 

His first priority is to his own company, have their fees reached a level where he needs most of the income that he can see, plus the PP?

That would leave him with no working capital.

Have the HNW individuals got cold feet?

If they have any sense, yes!

 

This blatant cost-cutting is completely out of character with the recent business history, it does suggest changes afoot.

These aren't players just leaving, it's Birch sacking them, giving up on his little promotion fantasy, but something he could have done two months and several hundred thousand pounds ago.

 

The last statement from the Trust was lower key than previous ones...have they run out of steam?

 

I wouldn't want to get Nutjobs excited, but something's going on and it could be terminal.

The sign that the game is up might be Whittingham walking, or another mass exodus from the rest of the contract renewals.

 

Next week is likely to be VERY interesting - so cancel holidays, get your favourite Nutjob anorak on and settle in front of the computer, and ensure you have an extra large Themos of steaming Bovril to hand.

I predict a further trickle of player exits as a build up to the non-event in court - but that further adjournement might be the breaking point for cashflow that Birch is trying to address.

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stevegrant

stevegrant

Posted
Posted
I can't see any other logical explanation. I guess the question is: What has happened to change their mind? The realisation of the likelihood that the court case won't go their way?

Not necessarily. I suspect they were working on the assumption that they would know one way or the other whether they were going to be running the club just before Christmas, so were happy to cover costs up until that point, but then the case got adjourned and the hearing itself might not get put in front of a judge again until next month at the earliest, so that's an additional two months' losses they would have to cover.

 

Either their NW isn't that H or they're simply not stupid enough to keep throwing good money after bad.

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OldNick

OldNick

Posted
Posted

Have the HNW individuals got cold feet?

.

I wonder if they are starting to worry about becoming LNW. The amount of money that probably being sucked out of their accounts must be worrying. The administrator I presume phones them up and says ' Hi, we have run out of money and the laundry bill is due, if its not paid the club will be liquidated. Pleae write a cheque for £15k. Thank-you'

30 minutes later 'Hi we have run out of money and the gas bill is due, if it is not paid we will be liquidated. Please write a cheque for 25k. Thank-you'

An hour later @Hi we have run out of money..............bla bla bla'

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Clapham Saint

Clapham Saint

Posted
Posted
Hi Clapham - If the shortfall between what the court agrees fp should be sold for and the 17 million pound charge, became unsecured debt (So lets say around 10 million) would such a material change allow for a creditor with 0ver 70% of the debt, to force a new vote or take any other action?

 

Just trying to see what is open to Chanrai

 

Gemmel, sorry for the slow response but I hit the three post wall (really need to cough up my fiver)

 

A secured creditor cannot vote in a CVA. Where there is a shortfall in their security (which can be demonstrated/valued) they can vote for the unsecured element so in if Chinny can demonstrate a shortfall of £10m then he would be able to vote of £10m, however...

 

Once the CVA is approved it is binding on all creditors who were eligible to vote. Unless specific provision were made in the agreement then a creditor can't apply to vary it as and when they wish.

 

Was the agreement worded in such a way that his pulling out of the purchase makes it fail? I doubt it as there wasn't much fuss when he withdrew a few months ago, before returning.

 

Didn't the football league limit the amount of unsecured debt they could carry forward, as part of the golden share conditions? So if the scenario you describe happened it would in effect mean liquidation anyway, becasue they'd be expelled from the league and could not go on financially.

 

The FL limited the amount of secured debt which could be carried over. This doesn't limit the amount of unsecured debt. I think that they were seeking to prevent Chinny from continually being owed more under his fixed charge than the club was actually worth outbidding any genuinely commercial offer for the business from future insolvencies (however many there may be...). If Chinny's debt were split between £3m (say) which was secured on the ground and £14m which was unsecured he will likely lose the £14m in the next administration helping to break the cycle.

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The Kraken

The Kraken

Posted
Posted

I imagine a lot of the cost cutting has been done as PKF realise they could be seriously in the sh*t if they continue to run a loss making business. They've clearly already hoovered up whatever working capital there was and the club's very existence is reliant upon HNW contributions, so they're pretty much insolvent without that financial backing. Tricky Trev is on shaky ground there, if he's allowing an insolvent business to continue to trade, PKF could find themselves in serious hot water. Especially so as the PDT are not necessarily the only game in town; Portpin haven't (yet) failed the Owners and Directors Test so they're still a potentially viable prospect. Trev has given exclusivity to the PDT at the expense of the financial sustainability of the club; that's a huge thing for a court appointed administrator to do. And if the creditors (i.e. Portpin) have now exerted pressure on Birch to prove that the club can be run sustainably, or they'll object to the ongoing administration (which I imagine they will do/would have done in court) then Birch has a sudden problem on his hands as to how to fiddle the books to show the club can be/is on an even keel.

 

If Portpin can/want to argue in court that the club should be killed as there is no way of salvaging it, I think Trickster might have a very hard job convincing the court that they're wrong, or that he's done a good job with his £3M - £4M expenses clocked up to date.

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Gemmel

Gemmel

Posted
Posted
Not necessarily. I suspect they were working on the assumption that they would know one way or the other whether they were going to be running the club just before Christmas, so were happy to cover costs up until that point, but then the case got adjourned and the hearing itself might not get put in front of a judge again until next month at the earliest, so that's an additional two months' losses they would have to cover.

 

Either their NW isn't that H or they're simply not stupid enough to keep throwing good money after bad.

 

I'd go along with that.

 

The amount of the shortfall (Picked up by the hnw) would have to be based on a definatve date. Birch knows how much is the bank, how much the wages are, how much is coming in from the next PP, how much is committed to ex player compromises, how much his fees our and roughly the ticket income inbetween.

 

So unless there is a commitment from the hnw's (Which based on this cost cuttting excercise, would appear not) that they will pick up ALL running costs, then there has to be a date to which Birch is running to. My guess would be a week or so after the PP is a made and whilst it is still guess work before now and then;

 

1) They need to go to court and win

2) The trust need to convert around another 45%

3) Chanrai needs to walk away without a fight

 

That's a lot of asks.

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Joe Kirkup

Joe Kirkup

Posted
Posted

I thought the reason the heroes were deserting now was because their hands were tied until the transfer window? Now it's open they are free to join other clubs. I suspect they know the score and can see the writing on the wall and see no point hanging around for a couple more months particularly as they are on the 2nd lowest salaries in the division :rolleyes:

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Pugwash

Pugwash

Posted
Posted

Of course it only needs ONE of the HNWs getting cold feet to instigate the kind of cost cutting we're seeing now. I can't see the rest of them increasing their exposure now if one individual wants to pull out.

 

The whole thing's a house of cards.

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Depressed of Shirley

Depressed of Shirley

Posted
Posted
I thought the reason the heroes were deserting now was because their hands were tied until the transfer window? Now it's open they are free to join other clubs. I suspect they know the score and can see the writing on the wall and see no point hanging around for a couple more months particularly as they are on the 2nd lowest salaries in the division :rolleyes:

 

This would seem reasonable, but its the club that are getting rid, not the players walking away. It looks, fantastically, that they are finally going to get flushed like the turd they are.

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The Kraken

The Kraken

Posted
Posted

Just to clarify; a couple of soundbites from PDT bod Ashley Brown.

 

Ashley Brown‏@AshBeen23

The administrator is forced to cut costs due to pressure from his creditors. Ask yourself who they are?

Ashley Brown‏@AshBeen23

PST deal is still on track and the only deal that allows PFC to survive. Keep the faith and back the bid

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Ken Tone

Ken Tone

Posted
Posted

Didn't the HNWs only guarantee to carry on underwriting the club until the 15th January hearing ? ...you know , when the trust was still claiming it would be 'taking over in a few weeks'? Before they admitted that the 15th will only be to set a hearing date.

 

BTW if any forum adminstrator reads this, I've paid my £5 for this year again, and filled in a 'contact us' form 3 times over the past 3 weeks or so, but still am shown as only a registered user and have had no reply to my queries. Not good.

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