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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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trousers

trousers

Posted
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[TD]Comment From Zorba

Are PKF owed all of their fees (est 2 mill) or have they been paid some already? If so, how much is still owed?[/TD]

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[TD=class: chatmsgtime, bgcolor: #F6F6F6]13:29[/TD]

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[TD]Colin:

That is probably a question for PKF. I don't have any information on the sums involved, but this is directly a matter for the creditors, not PST.[/TD]

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They have no idea of the costs but have budgeted for them anyway?!

 

I've never been able to work out if Farmery is blissfully oblivious to his conflicting statements or whether he knows he's talking nonsense but is just bad at covering it up :)

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The Kraken

The Kraken

Posted
Posted

Farmery is a blatant liar, and his spin just unravels itself every time he contradicts himself.

 

The administrators will relatively soon have to publish their year one report (as they did in August with their 6 month report) which will identifiy exactly how much they have amassed in bills, court costs etc, and exactly how much has been paid to date. should make interesting reading (as the previous one did).

 

The PDT suggesting they have budgetted for PKF's fees is laughable in the extreme, unless they painted a worst case scenario and set aside £4M for it.

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Saint Lindford

Saint Lindford

Posted
Posted
The points penalty will be applied at the discretion of the FL, but only after they come out of admin. So it's seems possible they could get points deducted this or next season, however the longer it takes the more likely it will be next season if the current form continues.

 

there are so many scenarios, it needs a decision tree to see all possibilities!

 

My understanding is that IF they get taken over this season (yeah I know pigs might fly) they will get the -10 as per the FL's press release last year. If they don't get taken over then they will be chucked out of the league/liquidated as you can't start 2 seasons in a row in admin.

 

IF they get taken over in the summer I assume the -10 will kick in next season

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The Kraken

The Kraken

Posted
Posted
My understanding is that IF they get taken over this season (yeah I know pigs might fly) they will get the -10 as per the FL's press release last year. If they don't get taken over then they will be chucked out of the league/liquidated as you can't start 2 seasons in a row in admin.

 

IF they get taken over in the summer I assume the -10 will kick in next season

 

There is simply no precendent for this. The Easter date was set by the Football League for clubs going INTO administration. There simply isn't a rule for club's coming OUT of administration. As usual the Football League will make it up as they go along, so I wouldn't be surprised to see it go either way.

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badgerx16

badgerx16

Posted
Posted
" Also in attendance was Aman Vermn, a 26-year-old striker formerly with Leicester City" !

 

Let's look at the stats :

 

[TABLE=class: infobox vcard]

[TR]

[TH=align: left]?–2008[/TH]

[TD]Bedworth United[/TD]

[TD=align: right]?[/TD]

[TD=align: right](?)[/TD]

[/TR]

[TR]

[TH=align: left]2008–2009[/TH]

[TD]Redditch United[/TD]

[TD=align: right]?[/TD]

[TD=align: right](?)[/TD]

[/TR]

[TR]

[TH=align: left]2009–2011[/TH]

[TD]Leicester City[/TD]

[TD=align: right]0[/TD]

[TD=align: right](0)[/TD]

[/TR]

[TR]

[TH=align: left]2009[/TH]

[TD]→ Crewe Alexandra (loan)[/TD]

[TD=align: right]7[/TD]

[TD=align: right](0)[/TD]

[/TR]

[TR]

[TH=align: left]2010[/TH]

[TD]→ Histon (loan)[/TD]

[TD=align: right]8[/TD]

[TD=align: right](0)[/TD]

[/TR]

[TR]

[TH=align: left]2010[/TH]

[TD]→ Kidderminster Harriers (loan)[/TD]

[TD=align: right]1[/TD]

[TD=align: right](0)[/TD]

[/TR]

[TR]

[TH=align: left]2010[/TH]

[TD]→ Darlington (loan)[/TD]

[TD=align: right]26[/TD]

[TD=align: right](4)[/TD]

[/TR]

[TR]

[TH=align: left]2011–2012[/TH]

[TD]Kettering Town[/TD]

[TD=align: right]22[/TD]

[TD=align: right](3)[/TD]

[/TR]

[TR]

[TH=align: left]2011[/TH]

[TD]→ Mansfield (loan)[/TD]

[TD=align: right]4[/TD]

[TD=align: right](1)[/TD]

[/TR]

[TR]

[TH=align: left]2012[/TH]

[TD]Floriana FC[/TD]

[TD=align: right]15[/TD]

[TD=align: right](5)[/TD]

[/TR]

[/TABLE]

 

So he was 'at' Leicester's academy, never played for them, and left to join Kettering. His most recent club plays in Malta.

 

Building a side for the Conference ?

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Colinjb

Colinjb

Posted
Posted
Let's look at the stats :

 

[TABLE=class: infobox vcard]

[TR]

[TH=align: left]?–2008[/TH]

[TD]Bedworth United[/TD]

[TD=align: right]?[/TD]

[TD=align: right](?)[/TD]

[/TR]

[TR]

[TH=align: left]2008–2009[/TH]

[TD]Redditch United[/TD]

[TD=align: right]?[/TD]

[TD=align: right](?)[/TD]

[/TR]

[TR]

[TH=align: left]2009–2011[/TH]

[TD]Leicester City[/TD]

[TD=align: right]0[/TD]

[TD=align: right](0)[/TD]

[/TR]

[TR]

[TH=align: left]2009[/TH]

[TD]→ Crewe Alexandra (loan)[/TD]

[TD=align: right]7[/TD]

[TD=align: right](0)[/TD]

[/TR]

[TR]

[TH=align: left]2010[/TH]

[TD]→ Histon (loan)[/TD]

[TD=align: right]8[/TD]

[TD=align: right](0)[/TD]

[/TR]

[TR]

[TH=align: left]2010[/TH]

[TD]→ Kidderminster Harriers (loan)[/TD]

[TD=align: right]1[/TD]

[TD=align: right](0)[/TD]

[/TR]

[TR]

[TH=align: left]2010[/TH]

[TD]→ Darlington (loan)[/TD]

[TD=align: right]26[/TD]

[TD=align: right](4)[/TD]

[/TR]

[TR]

[TH=align: left]2011–2012[/TH]

[TD]Kettering Town[/TD]

[TD=align: right]22[/TD]

[TD=align: right](3)[/TD]

[/TR]

[TR]

[TH=align: left]2011[/TH]

[TD]→ Mansfield (loan)[/TD]

[TD=align: right]4[/TD]

[TD=align: right](1)[/TD]

[/TR]

[TR]

[TH=align: left]2012[/TH]

[TD]Floriana FC[/TD]

[TD=align: right]15[/TD]

[TD=align: right](5)[/TD]

[/TR]

[/TABLE]

 

So he was 'at' Leicester's academy, never played for them, and left to join Kettering. His most recent club plays in Malta.

 

Building a side for the Conference ?

 

To put it into context, Floriana are really struggling this year. He is barely conference south standard.

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carljack

carljack

Posted
Posted
" Also in attendance was Aman Vermn, a 26-year-old striker formerly with Leicester City" !

 

This could be a productive signing as vermin may lick the fat from the pipes, thereby solving one of their ongoing problems !

 

And there was I thinking that Rats always left a sinking ship!

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hutch

hutch

Posted
Posted
FFS trousers! A budget has been prepared and that budget includes a figure for PKF fees.

 

Therefore everything must be fine.

Ah but it's not a budget though, is it? It's a business plan.

 

Budget sort if implies that it's cast in stone, but a business plan can be reworked. Every day if you want to.

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saint si

saint si

Posted
Posted

Hate to put the other side of the argument for a second...

 

Doesn't the CVA proposal say that the "dividend" payable to creditors will be (heavily paraphrasing) whatever is left after fees and some other costs are deducted? The dividend is only estimated at 2p in the £, so would vary downwards due to the additional fees. At what point creditors get to have their say again about the CVA, if at all, I have no idea.

 

If that is correct, it would be purely a matter between PKF and creditors.

 

But then of course that then wouldn't explain how or why the PST has budgeted for it...

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Chez

Chez

Posted
Posted
Hate to put the other side of the argument for a second...

 

Doesn't the CVA proposal say that the "dividend" payable to creditors will be (heavily paraphrasing) whatever is left after fees and some other costs are deducted?

it does. Not sure it matters much. 2p in the pound dividends means firms write off what is owed.

 

Seems a shame the £500,000 or whatever it was (all the 2p's in the pound) owed to unsecured creditors couldn't have been paid off out of the last parachute payment, or has that been put away for a rainy day to pay the footballer creditors off? I'm losing track where the funds are coming from to pay the footballers off. Is that out of the new owners running costs or future PPs?

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Winchester Red

Winchester Red

Posted
Posted

The fact they put out this sort of comment...

 

"The News understands Cobbetts’ administration will not have an effect on the Pompey Supporters’ Trust’s bid to take over the club."

 

after absolutely every event, big or small, good or bad, makes the statement completely unbelievable.

 

How can you take any organisation seriously that claims a victory whatever the result

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Gingeletiss

Gingeletiss

Posted
Posted

http://www.newsnow.co.uk/A/626899959?-11209:804

2:58 PM on 31/01/2013

Ex U21? Yes! But how old is he now?

I hope somebody at Pompey has asked at Saints if they have any spare youth players in need of games.

We have loaned AFCB 3 players so far for them to get game time.

I would imagine any of them would fancy a few games to get noticed in play time, not just training.

Beneficial to both clubs.[/color]

 

I am laughing so much at this :lol: They loan out their youth, whom they won't play regardless of how desperate they are, to a team above them in the league. Then he want's Saints to loan them our future stars, to give them game time, and help keep them op! :rolleyes:

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Under Weststand

Under Weststand

Posted
Posted
@saintgert: @colinfarmery your pledges will barely cover PKF fees. ****ing hilarious

 

@colinfarmery: @saintgert That says more about PKF's fees than PST's pledges I feel. Good job we budgeted for them, eh? ;o)

 

So, let's get this right.... When the Trust submitted their bid last year they knew exactly how long the admin iwould drag out for (and ergo knew that there would be three adjournments) and were this able to budget for PKF's fees...

 

Have these people really got that much foresight....or a time machine?

 

P.s. I seem to recall a Trust prediction in October saying that the takeover would be done and dusted by Christmas.

 

Budgeted for PKF's fees my arse...

How can this be? How does Farmery know if they've budgeted for PKF's fees. Did he not say on last weeks web chat that he & I quote had not seen the business plan so couldn't comment. So how would he know.

He is fast becoming the new comical Ali! At least if your lying try to remember what you lied about last week, so you can at least try to perpetuate the lie beyond the next time you open your mouth. LOL

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BigShadow

BigShadow

Posted
Posted
How can this be? How does Farmery know if they've budgeted for PKF's fees. Did he not say on last weeks web chat that he & I quote had not seen the business plan so couldn't comment. So how would he know.

He is fast becoming the new comical Ali! At least if your lying try to remember what you lied about last week, so you can at least try to perpetuate the lie beyond the next time you open your mouth. LOL

 

Not only that, but farmery also said that he didn't know how much PKF's fees are as it was 'a matter between PKF and the creditors'. So that must be some outstanding vision being able to budget for something you don't know how much it will come to....and every court extension must increase.

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mcjwills

mcjwills

Posted
Posted
http://www.newsnow.co.uk/A/626899959?-11209:804

2:58 PM on 31/01/2013

Ex U21? Yes! But how old is he now?

I hope somebody at Pompey has asked at Saints if they have any spare youth players in need of games.

We have loaned AFCB 3 players so far for them to get game time.

I would imagine any of them would fancy a few games to get noticed in play time, not just training.

Beneficial to both clubs.[/color]

 

I am laughing so much at this :lol: They loan out their youth, whom they won't play regardless of how desperate they are, to a team above them in the league. Then he want's Saints to loan them our future stars, to give them game time, and help keep them op! :rolleyes:

 

Just think how embarrassing that would be if that happened, they would always have to be grateful for us keeping them up. Much frivolity at that lol.

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St Jim

St Jim

Posted
Posted
@pn_neil_allen: New #Pompey triallists. N'Daiye, Plummer and Verma. Get on your Google searches. http://t.co/KqUDW69m

 

 

 

I think these guys will fit the bill perfectly!!

 

 

 

 

N'Daiye

 

Helped Swindon to relegation from L1 in his 6 appearances

Loan spell with Southend ended after just 1 game after bust-up wiht team mate

Made 6 appearances in 6 months with L2 relegation strugglers Barnet

Made 5 appearances in 3-4 months with Conference side Hayes & Yeading

 

 

Plummer

 

Managed 5 appearances in 5 months with L2 side Luton

Managed 5 appearances in 5 months with L2 side Hereford

After a brief stint (and I mean breif - 6 games) in Portugal he dropped out of professional football

Went back to Hereford (conference) and only managed 3 games

 

Verma

 

7 appearances in 7 months with L2 Crewe on loan

Loaned to Conference side Histon for 2 months

Loaned to Conference side Kidderminster

Loaned to Conference side Darlington, making a whopping 26 appearances in a little over half a season

Signed for Southern League side Kettering

Loaned to Conference side Mansfield

Sigend for Maltese Premier League side Floriana (currently sitting 9th out of 12)

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trousers

trousers

Posted
Posted (edited)

@solentsport: Millwall midfielder Therry Racon set to join #pompey later today, Solentsport understands

 

9 league appearances since 2008....

 

Hark! Is that the sound of scraping barrels I can hear in yonder east?

Edited by trousers
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sussexsaint

sussexsaint

Posted
Posted
I think these guys will fit the bill perfectly!!

 

 

 

 

N'Daiye

 

Helped Swindon to relegation from L1 in his 6 appearances

Loan spell with Southend ended after just 1 game after bust-up wiht team mate

Made 6 appearances in 6 months with L2 relegation strugglers Barnet

Made 5 appearances in 3-4 months with Conference side Hayes & Yeading

 

 

Plummer

 

Managed 5 appearances in 5 months with L2 side Luton

Managed 5 appearances in 5 months with L2 side Hereford

After a brief stint (and I mean breif - 6 games) in Portugal he dropped out of professional football

Went back to Hereford (conference) and only managed 3 games

 

Verma

 

7 appearances in 7 months with L2 Crewe on loan

Loaned to Conference side Histon for 2 months

Loaned to Conference side Kidderminster

Loaned to Conference side Darlington, making a whopping 26 appearances in a little over half a season

Signed for Southern League side Kettering

Loaned to Conference side Mansfield

Sigend for Maltese Premier League side Floriana (currently sitting 9th out of 12)

 

 

Starting to feel like they aren't 'getting away with it' any more :)

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trousers

trousers

Posted
Posted (edited)

http://www.twohundredpercent.net/?p=21759

 

January saw a round of cost-cutting and the recent player cull indicates that the club is now likely to be able to run at break-even and the HNWI can take a breather from writing the cheques. So, those same erudite fans are forced to ask, ‘Why weren’t those costs cut back in October?’

Meanwhile, some of those same players culled from the wage bill complain that promises were made that have not been kept. These are players signed in August, six months after we went into administration. So again the erudite are puzzled. Who was in a position to make promises to these players?

 

And why was that person signing players whose wages took us into the red? If we were working to Portpin’s budget proposed in the June CVA why weren’t these issues addressed at the beginning of October when Portpin ceased to be a viable option?

Pompey could be accused of cheating by fans of other clubs if their results hadn’t proved to be so irredeemably awful. Actually that hasn’t stopped some.

 

So, as long as you don't win it can't be classed as "cheating".... :facepalm:

Edited by trousers
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trousers

trousers

Posted
Posted
In respect of the sale of Fratton Park, this oversight has been beneficial to the Trust as they were able to take the time allowed to improve their bid. They are now in a position to own Fratton Park outright without relying on Robinson to buy it. Loans are in place from Portsmouth City Council and another source, at preferential rates, that will enable the club and the ground to be in the Trust’s ownership from the start. These loans have been factored into the business plan and will be paid off over two years.

 

"Another source".... suitably vague...

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trousers

trousers

Posted
Posted (edited)
The Trust bid is fully funded, signed, sealed and ready to go. Frustratingly the rest of the deal is out of their hands. All that is required is for the courts to agree the value of Fratton Park for the purchase to go ahead. The adjourned date was part of that process.

 

Portpin are being intransigent on the setting aside of their charge of £18m on the Club and ground. The Trust offer, based on several independent valuations, is £2.75m for the ground plus a settlement of the agreed unsecured and football creditors bill as detailed in the CVA.It is a puzzle how the£2m floating charge was missed as it is part of the only charge held over PFC (2010) Ltd. Portpin’s charge was both fixed (on Fratton Park) and floating (on the business of PFC). The Trust’s offer was on the assumption it dealt with the charge. So why did PKF make an application to the court that did not do so?

This charge is not going to disappear. The Trust bid is not going to increase to cover it, as it is a fixed price offer, already agreed. So who pays? Are PKF liable for this mistake? Are Portpin in a position to exploit this error?

Portpin and PKF have been talking. As they should if a resolution to the case is to be sought. The adjournment of the hearing due on 31 January until 14 February can only be to allow these discussions to continue, surely? Although it seems the whole situation is taking on the flavour of a game of cat and mouse.

Meanwhile the Trust is expected to wait. The £800,000 is spent; £800,000 which was given in good faith by the nominated preferred bidders of the administrator. One final thought from the erudite, ‘If the Trust bid fails due to the administrator’s mistake, are PKF liable for this money?’

 

 

So, sounds like the success of PDT's bid is now reliant on PKF picking up the cost of the £2m floating charge "oversight"....?

Edited by trousers
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Ken Tone

Ken Tone

Posted
Posted

In respect of the sale of Fratton Park, this oversight has been beneficial to the Trust as they were able to take the time allowed to improve their bid. They are now in a position to own Fratton Park outright without relying on Robinson to buy it. Loans are in place from Portsmouth City Council and another source, at preferential rates, that will enable the club and the ground to be in the Trust’s ownership from the start. These loans have been factored into the business plan and will be paid off over two years.

 

How can they claim even the council loan is in place, let alone this mysterious 'other source' one? The council made clear in public that their loan would only go ahead if various conditions were met, eg that the parachute payments would be paid to them directly to assure the loan .. conditions that the trust cannot meet.

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