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Pompey Takeover Saga


Fitzhugh Fella

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Comment From Shaun

The fact the relegation is looking inevitable surely it would make sense to release all players earning wages that we cant afford and save the money to invest in youth in preparation for next season

 

13:16

 

Neil: Fair point but it is about remaining competitive in the name of football and also not destroying the kids.

They need some experienced people there alongside them. It's no education losing 5-0 every week.

 

:facepalm::facepalm::facepalm::facepalm::facepalm::facepalm:

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Comment From Dave Angel

Do you think the PST have enough funds to steady the ship in this never ending storm?? Honest opinion...

 

13:18

 

Neil: It's no secret the Trust need more funds, they continue to ask fans to help solve that issue.

In theory Portpin have plenty of money, certainly much more than the Trust. But in the past they haven't put it in.

They promised to fund the first administration and didn't for a start.

So funds is a continued concern for the Trust, but they are confident they have enough to keep the club running in a sustainable manner and via a long-term business plan.

 

 

13:19

Comment From Dave Angel

What is left of the parachute payments? Will this effect the PSTs business plan??

13:19

 

Neil: Effectively all future parachute payments have been allocated to pay the compromise agreements reached with former players. You can forget about them.

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The February payment is 50% of the total due about £4m but will it be paid if it is to pay the outstanding football debts?

IIRC, they only received around £3m of the £4m that was due in August. I assume there is some sort of pre-standing agreement that part of the money is used by the PL to pay off some of the football creditors.

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[TD]Comment From Dave Angel

What is left of the parachute payments? Will this effect the PSTs business plan??[/TD]

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[TD]Neil:

Effectively all future parachute payments have been allocated to pay the compromise agreements reached with former players. You can forget about them.[/TD]

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Edit: damn....Big Bad Bob beat me to it :)

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IIRC, they only received around £3m of the £4m that was due in August. I assume there is some sort of pre-standing agreement that part of the money is used by the PL to pay off some of the football creditors.

 

See above :- "Effectively all future parachute payments have been allocated to pay the compromise agreements reached with former players. You can forget about them."

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Comment From Shaun

The fact the relegation is looking inevitable surely it would make sense to release all players earning wages that we cant afford and save the money to invest in youth in preparation for next season

 

13:16

 

Neil: Fair point but it is about remaining competitive in the name of football and also not destroying the kids.

They need some experienced people there alongside them. It's no education losing 5-0 every week.

 

:facepalm::facepalm::facepalm::facepalm::facepalm::facepalm:

Tbf, he's right about the bit I've highlighted, but they had an opportunity in the summer to make realistic signings who would last for an entire season, which would give them an opportunity to blood those youngsters every now and then. They chose not to, they made their bed, time to lie in it.

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Tbf, he's right about the bit I've highlighted, but they had an opportunity in the summer to make realistic signings who would last for an entire season, which would give them an opportunity to blood those youngsters every now and then. They chose not to, they made their bed, time to lie in it.

 

Oh I agree that you need experience alongside youth but his bent is still on remaining competitive...

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[TD]Comment From Derek W

Is it worth asking any questions in relation to court case next week - for example: Is Stuart Robinson still part of the Trust bid? - or will that be met with a blanket "can't say anything about that before it goes back to court"? Thanks![/TD]

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[TD]Comment From mikeypfc

Given that no decision is due on the 15th can you tell us what is actually being determined in the interim[/TD]

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[TD]Neil:

Stuart Robinson is still part of matters and two weeks ago the Trust came out to confirm that. As for the court case, been told talks between PKF, Portpin and the Trust still on-going.

Let's not forget in the middle of this is a big battle between PKF and Portpin.[/TD]

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Yet more deluded talk about their away attendance..

 

PC, i completely agree, people were saying that our attendances would drop dramatically when we went down to league 1, our average attendances to date in League 1 (12,391) are only 20% lower than in the Championship the previous year, i expect that the crowd numbers will drop further when we get relegated to League 2, but if we suffer another 20% drop we will be at about 10,000 average. The average attendance in league 2 last year was 4,405 with the highest average being Bradford at around about 10,000 so we should be right up there in crowd numbers as long as people still keep coming ! What will be telling is our away attendance, as that should be well beyond the capability of most League 2 clubs to deal with comfortably !

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See above :- "Effectively all future parachute payments have been allocated to pay the compromise agreements reached with former players. You can forget about them."

 

Unless of course they are liquidated in which case the FA, the PFA and the FL can say what they like, surely ordinary creditors get as much priority as the ex-players?

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[TD]Comment From Paul Davis

When will we know the outcome of yesterday's creditors' meeting? Did all those appointed to the creditors' committee attend or were there absences?[/TD]

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[TD]Neil:

The meeting involved the creditors' board, which consists of Portpin, HMRC, Baker Tilly, PFA.

They were meeting PKF to look at performance, especially with it being a year next month they were appointed.

Judging by the lack of crowing from Portpin and their minions through press statements or whispering it seems not a lot has changed.

PKF are declining to comment on what happened.[/TD]

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Unless of course they are liquidated in which case the FA, the PFA and the FL can say what they like, surely ordinary creditors get as much priority as the ex-players?

 

PL will with-hold the payments to pay creditors. It's in the PL rules. In fact, more accurately, the money is not even due to PFC as the PL only pays it out if football creditors are up to date.

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[TD]Comment From BlueArmy

Neil, I'm scared that even the best fans this country has ever seen are starting to lose faith. I know it's still impressive that we get 10k in Fortress Fratton and take 400 to Walsall for a tv game but soon people will stop coming. We need some good news to get people packing the park.[/TD]

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[TD]Neil:

We are all losing faith. I am a sports reporter talking about CVAs, High Court dates and takeover funding!

All we want is to talk about football. That's why we are all here.

Can't lose heart though, surely there can be a satisfactory conclusion soon and football dominates every argument rather than Portpin or the Trust.[/TD]

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[TD]Comment From BlueArmy

Neil, I'm scared that even the best fans this country has ever seen are starting to lose faith. I know it's still impressive that we get 10k in Fortress Fratton and take 400 to Walsall for a tv game but soon people will stop coming. We need some good news to get people packing the park.[/TD]

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[TD]Neil:

We are all losing faith. I am a sports reporter talking about CVAs, High Court dates and takeover funding!

All we want is to talk about football. That's why we are all here.

Can't lose heart though, surely there can be a satisfactory conclusion soon and football dominates every argument rather than Portpin or the Trust.[/TD]

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See now under any other circumstances I would take that as a face-value post by one of the deluded Bestest ™ Few. But the fact that Trousers has quoted it makes me think that it might just be a wind-up...

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[TD]Comment From Paul Davis

When will we know the outcome of yesterday's creditors' meeting? Did all those appointed to the creditors' committee attend or were there absences?[/TD]

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[TD]Neil:

The meeting involved the creditors' board, which consists of Portpin, HMRC, Baker Tilly, PFA.

They were meeting PKF to look at performance, especially with it being a year next month they were appointed.

Judging by the lack of crowing from Portpin and their minions through press statements or whispering it seems not a lot has changed.

PKF are declining to comment on what happened.[/TD]

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Well, there you go. Portpin might as well strike NA off their press release distribution list. He'll print anything sent to him by the PDT though.

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[TD]Comment From Helen

Following on from what Brett said and your reply....the question is, why is Birch only just getting around to cutting these costs now? Why didn't we cut our cloth this far earlier in the season - wouldn't we now be in a less precarious position if we'd cut these costs sooner?[/TD]

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[TD]Neil:

As Birch said yesterday in the paper, he was hopeful there would be a buyer in place so wouldn't have to do this.

Unfortunately it has taken longer than anybody thought despite Portpin and the Trust being long-held interested parties.[/TD]

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[TD]Comment From Denmeadpete

Is it true some of there players were on £5-7k a week?[/TD]

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[TD]Neil:

Absolute rubbish. Try around £4,200 a week downwards.[/TD]

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[TD]Comment From Helen

Following on from what Brett said and your reply....the question is, why is Birch only just getting around to cutting these costs now? Why didn't we cut our cloth this far earlier in the season - wouldn't we now be in a less precarious position if we'd cut these costs sooner?[/TD]

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[TD]Neil:

As Birch said yesterday in the paper, he was hopeful there would be a buyer in place so wouldn't have to do this.

Unfortunately it has taken longer than anybody thought despite Portpin and the Trust being long-held interested parties.[/TD]

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That really sums up what they do, run the business on a promise rather than reality!

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[TD]Comment From Darren

Ok, so Portpin didn't "satisfy" the Football League back in the summer so never got to the point of going through the Fit and Proper persons / directors test - but that was then...how do we know they haven;t addressed those Football League concerns in the interim period?[/TD]

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[TD]Neil:

Why would they need to? They are no longer preferred bidders so aren't sat in front of them.

And who is to say they can ever satisfy them? All hypothetical I know, but the truth is they were preferred bidders and met the FL and then they weren't.

That is irrefutable.[/TD]

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[TD]Comment From Andy

Do you think the uni have missed a trick here? An agreement would surely have provided the university with the chance to get stronger bonds with the community. Not to mention, with the way things are there might even be a chance offer some of the universities players to have trials etc...?[/TD]

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[TD]Neil:

Perhaps they were owed money by Pompey in the past. It is a shame but let's not forget a lot of local businesses have been stung by the Pompey mismanagements in the past and left out of pocket.

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Yeah, but past "mismanagement" wins trophies, doesn't it Neil.... yet we don't see Pompey fans disowning past 'successes' on the field as quickly as they disown previous regimes.... funny that....

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[TD]Comment From sb

Have you put your hand in Neil?[/TD]

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[TD]Neil:

Am part of a syndicate at The News and we're currently finalising the remainder of the pledge settlement. Steve Wilson, Jordan Cross, Matt Brown, Howard Frost and Mark McMahon are also on board.[/TD]

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Edited by trousers
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[TD]Comment From BBC Fan

Forget about Express, what about the BBC? They are always beating you to the stories. I saw they scooped you again when they said players would be leaving on Monday night.[/TD]

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[TD]Neil:

I love irony!!!

 

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Erm, how is that irony?!

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[TD]Comment From Ryan

The ones from up the M27 still cant handle the fact we won the FA cup again

 

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It's not "won" old chum....the words you're looking for is "cheated in order to win"

:facepalm:

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[TD]Neil:

Right, going to end this soon, getting a lot of Southampton fans and wind-up merchants appearing.

Last few questions please.

Oh and I'm on twitter @pn_neil_allen[/TD]

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"Am part of a syndicate at The News and we're currently finalising the remainder of the pledge settlement. Steve Wilson, Jordan Cross, Matt Brown, Howard Frost and Mark McMahon are also on board."

 

They're such committed fans, including earning wages from writing about Pompey that they need to take time to come up with £170 each?

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[TD]Comment From BBC Fan

Forget about Express, what about the BBC? They are always beating you to the stories. I saw they scooped you again when they said players would be leaving on Monday night.[/TD]

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[TD]Neil:

I love irony!!!

 

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Erm, how is that irony?!

 

Amazing how many university educated sports journalists and commentators incorrectly use the word "ironic" for unfortunate things or coincidences.

 

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My fellow nutjobs.... I have a confession to make.

 

Over the last days, weeks, months and years (Christ that's scary!) whilst reveling in the misfortunes of the fishy ones down the road, I've always hankered for the day when someone would finally pull the trigger. Life for me could return to normal (I'd have at least another spare hour a day!) and my beloved Saints could gradually grab a few thousand more fans from the eastern end of the M27 to help fill our soon to be extended 45k seater stadium.

 

But I'm starting to have doubts! :scared:

 

I fear that if pfc finally get put out of their misery, there are enough hardcore fans down there to make a new non-league phoenix club very well supported. If 5000 turn up to watch a team that get off to a good start and they rise up the leagues, then they could be getting 10000 to 15000 when they hit the FL again. They'd be fit and healthy and all the fishy people would have a healthy glow and big mouths again.

 

Wouldn't it be better that they carry on as they are? An underfunded buyout by the PDT and losing the ground would cause far more pain. The circle of administrations and failure could go on for years!!!

 

Wouldn't that be preferable to liquidation and reformation?

 

I'm prepared to sacrifice an hour a day for the foreseeable future if that dream can become reality!

 

You know it makes sense :D

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To play devil's advocate, he could be saying that the comment is ironic, because the BBC actually got the news from him.

 

Actually - good point - I think Allen actually did break this one first. The questioner was right about all the other occasions though :)

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[TD]Comment From Helen

Following on from what Brett said and your reply....the question is, why is Birch only just getting around to cutting these costs now? Why didn't we cut our cloth this far earlier in the season - wouldn't we now be in a less precarious position if we'd cut these costs sooner?[/TD]

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[TD]Neil:

As Birch said yesterday in the paper, he was hopeful there would be a buyer in place so wouldn't have to do this.

Unfortunately it has taken longer than anybody thought despite Portpin and the Trust being long-held interested parties.[/TD]

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The luck they've had in the courts, the number of times they've overspent, just assuming it'll all be all right, that they'll get away with it...

 

It's like they've played a game of Russian Roulette, and all of a sudden are wondering if maybe they shouldn't have taken that 6th shot.

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I asked several variations of the question: "How does the unaccounted for £2m floating charge that came up in court last month affect the Trust's business plan?"....not a nibble....another case of the silence speaking volumes me thinks...

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I asked several variations of the question: "How does the unaccounted for £2m floating charge that came up in court last month affect the Trust's business plan?"....not a nibble....another case of the silence speaking volumes me thinks...

 

Maybe if no one mentions it and pretends it doesn't exist, it'll just go away.

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Anyone know if the great and always well-informed Neil Allen is correct on this below? Or is it possible that they might come out of admin late enough and with few enough points to be relegated anyway, and get the points deduction next season , like we did?

 

 

Otherwise they'll have got away with it ! ;)

 

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Comment From Jim Jim : ] Will the minus 10 points be applied on exiting administration, regardless of cut off dates and league position? fb_share2.png

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Neil:

Yes. Once Pompey come out of administration (ie the FL grant the golden share) the deduction will be enforced.

 

 

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[TD][Comment From frattonfan frattonfan : ]

Neil Please don't ignore my quesion about the points deduction carrying over to next season if we come out of admin too late. This is a real worry.

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Wednesday January 9, 2013 14:12 frattonfan [/TD]

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[TD]Neil:

The points deduction will remain on hold until they come out of administration, whenever that will be.

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My fellow nutjobs.... I have a confession to make.

 

Over the last days, weeks, months and years (Christ that's scary!) whilst reveling in the misfortunes of the fishy ones down the road, I've always hankered for the day when someone would finally pull the trigger. Life for me could return to normal (I'd have at least another spare hour a day!) and my beloved Saints could gradually grab a few thousand more fans from the eastern end of the M27 to help fill our soon to be extended 45k seater stadium.

 

But I'm starting to have doubts! :scared:

 

I fear that if pfc finally get put out of their misery, there are enough hardcore fans down there to make a new non-league phoenix club very well supported. If 5000 turn up to watch a team that get off to a good start and they rise up the leagues, then they could be getting 10000 to 15000 when they hit the FL again. They'd be fit and healthy and all the fishy people would have a healthy glow and big mouths again.

 

Wouldn't it be better that they carry on as they are? An underfunded buyout by the PDT and losing the ground would cause far more pain. The circle of administrations and failure could go on for years!!!

 

I think you are right.

 

Pompey have a hardcore support of 8k ish a lot of whom still think the 657 philosophy needs maintaining so they will be intent on putting themselves around on their travels.

So in the lower leagues they will be comparatively well supported and their hatred of this end of the M27 will intensify.

There is every chance that a successful lower league team will bring back JCL's, especially as the match ticket costs will be affordable and most fans will clutch at a modicum of success after a period of abject failure.

They will obviously lose some of the younger floating support to Brighton, ourselves and the Man Utds of this world but the News will continue to glorify the level of support and this will itself increase interest.

The best thing, for all concerned, is for Pompey to be stuck at the lower end of Div 2 with consistently poor performances with a ramshackle ground and no training facilities.

Meanwhile Luton (with a reasonable history and av 6,000 crowds plus decent away support) get along Ok, it seems, in Non league football and the possible relegation of Plymouth and/or Bristol Rovers doesnt appear to be giving the Football authorities too many concerns, yet both are relatively well supported clubs

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See now under any other circumstances I would take that as a face-value post by one of the deluded Bestest ™ Few. But the fact that Trousers has quoted it makes me think that it might just be a wind-up...

 

I'm sure it's wind-up but Neil clearly failed to spot it. Top journalist....

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My fellow nutjobs.... I have a confession to make.

 

Over the last days, weeks, months and years (Christ that's scary!) whilst reveling in the misfortunes of the fishy ones down the road, I've always hankered for the day when someone would finally pull the trigger. Life for me could return to normal (I'd have at least another spare hour a day!) and my beloved Saints could gradually grab a few thousand more fans from the eastern end of the M27 to help fill our soon to be extended 45k seater stadium.

 

But I'm starting to have doubts! :scared:

 

I fear that if pfc finally get put out of their misery, there are enough hardcore fans down there to make a new non-league phoenix club very well supported. If 5000 turn up to watch a team that get off to a good start and they rise up the leagues, then they could be getting 10000 to 15000 when they hit the FL again. They'd be fit and healthy and all the fishy people would have a healthy glow and big mouths again.

 

Wouldn't it be better that they carry on as they are? An underfunded buyout by the PDT and losing the ground would cause far more pain. The circle of administrations and failure could go on for years!!!

 

I think you are right.

 

Pompey have a hardcore support of 8k ish a lot of whom still think the 657 philosophy needs maintaining so they will be intent on putting themselves around on their travels.

So in the lower leagues they will be comparatively well supported and their hatred of this end of the M27 will intensify.

There is every chance that a successful lower league team will bring back JCL's, especially as the match ticket costs will be affordable and most fans will clutch at a modicum of success after a period of abject failure.

They will obviously lose some of the younger floating support to Brighton, ourselves and the Man Utds of this world but the News will continue to glorify the level of support and this will itself increase interest.

The best thing, for all concerned, is for Pompey to be stuck at the lower end of Div 2 with consistently poor performances with a ramshackle ground and no training facilities.

Meanwhile Luton (with a reasonable history and av 6,000 crowds plus decent away support) get along Ok, it seems, in Non league football and the possible relegation of Plymouth and/or Bristol Rovers doesnt appear to be giving the Football authorities too many concerns, yet both are relatively well supported clubs

 

The deciding factor in all this is whether or not they'd get to keep Fratton Park somehow if they were liquidated. With it , many of their fans will still feel it is the same club, whatever league they're in. Without it, they'd just be another Havant & Waterlooville or Moneyfields.

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Well a few weeks ago, my Dad (Tesco development manager for the south of England) came home and said we bought the Portsmouth car park today, "some bloke called Birch sorted it".

 

Watch this space.

 

Actually, thinking (too hard) about this a bit more.....if this is true, could this actually be an indication that the Trust bid is on track? Reason being that it was always part of the plan for Robinson to build an adjoining supermarket to Fratton Park as part of the whole PDT takeover 'package'...so....if things have moved on and Robinson has subsequently sold on the land to Tesco with his development company delivering the project, then maybe things are further advanced than we thought?

 

Or, maybe I'm adding 2 and 2 and coming up with 572?

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My fellow nutjobs.... I have a confession to make.

 

Over the last days, weeks, months and years (Christ that's scary!) whilst reveling in the misfortunes of the fishy ones down the road, I've always hankered for the day when someone would finally pull the trigger. Life for me could return to normal (I'd have at least another spare hour a day!) and my beloved Saints could gradually grab a few thousand more fans from the eastern end of the M27 to help fill our soon to be extended 45k seater stadium.

 

But I'm starting to have doubts! :scared:

 

I fear that if pfc finally get put out of their misery, there are enough hardcore fans down there to make a new non-league phoenix club very well supported. If 5000 turn up to watch a team that get off to a good start and they rise up the leagues, then they could be getting 10000 to 15000 when they hit the FL again. They'd be fit and healthy and all the fishy people would have a healthy glow and big mouths again.

 

Wouldn't it be better that they carry on as they are? An underfunded buyout by the PDT and losing the ground would cause far more pain. The circle of administrations and failure could go on for years!!!

 

Wouldn't that be preferable to liquidation and reformation?

 

I'm prepared to sacrifice an hour a day for the foreseeable future if that dream can become reality!

 

You know it makes sense :D

I think you and Tricky Trev have been drinking at the same fountain, because he is clearly hell-bent on selling the club to the buyer with the least amount of money. I do use the term "selling" in it's loosest possible sense.

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Anyone know if the great and always well-informed Neil Allen is correct on this below? Or is it possible that they might come out of admin late enough and with few enough points to be relegated anyway, and get the points deduction next season , like we did?

 

 

Otherwise they'll have got away with it ! ;)

 

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Comment From Jim Jim : ] Will the minus 10 points be applied on exiting administration, regardless of cut off dates and league position? fb_share2.png

Wednesday January 9, 2013 13:34 Jim

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Neil:

Yes. Once Pompey come out of administration (ie the FL grant the golden share) the deduction will be enforced.

 

 

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[TD][Comment From frattonfan frattonfan : ]

Neil Please don't ignore my quesion about the points deduction carrying over to next season if we come out of admin too late. This is a real worry.

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Wednesday January 9, 2013 14:12 frattonfan [/TD]

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[TD]Neil:

The points deduction will remain on hold until they come out of administration, whenever that will be.

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It's not a penalty for going INTO administration, which is what would normally get carried over if applied after the cut off date.

 

Whether the Football League would choose to carry it over if they decide it didn't punish them is another matter. I suspect they're currently of the mindset that they'll cross that bridge IF they get to it.

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Actually that is a good point.

 

If they finish in the bottom 4 and go down won't the points deduction then go on next season like what happened with us?

 

Not automatically.

 

It's a penalty condition on getting their golden share back due to them diluting the first CVA, which is something not specifically in the regulations. (Unsurprising really. Usually, either a CVA gets repaid in full, or a company goes under.)

 

If they went straight down without the ten point deduction, whether the FL would take another look is another matter.

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