Jump to content

Pompey Takeover Saga


Fitzhugh Fella

Recommended Posts

is someone misleading councillors about housing potential?

 

So the Dell holds 228, Highbury is home to 655 properties - yet they only want to budget for between 40-80 at Fatpipe Meadows?

 

As already pointed out, from that document it is clearly a non-starter for any loan - tis worthless wasteland rendered useless by contamination and offers no security to the lender.

 

What are they up to this time?

If this nonesense is designed to support the court case, it doesn't help the loan.

Or is the council trying to discourage all developers?

 

Which doesn't help Robinson - unless his surveys already show that this council report has been made-up during a temp's teabreak.

Link to comment
Share on other sites

is someone misleading councillors about housing potential?

 

So the Dell holds 228, Highbury is home to 655 properties - yet they only want to budget for between 40-80 at Fatpipe Meadows?

 

As already pointed out, from that document it is clearly a non-starter for any loan - tis worthless wasteland rendered useless by contamination and offers no security to the lender.

 

What are they up to this time?

If this nonesense is designed to support the court case, it doesn't help the loan.

Or is the council trying to discourage all developers?

 

Which doesn't help Robinson - unless his surveys already show that this council report has been made-up during a temp's teabreak.

 

Fatpipe Meadows :lol:

OK my febrile imagination is having a party here- suggestions on a postcard for street names on this prestige development:

The streets and byways:

Cala Circus

Storey Teller Street

EndOfThe Road

Saints Way

CutOffWithoutaCent Crescent

Liquidation Close

FullyFundedPST Square

Debt Hill

EmptyWindSwept Terrace

FakeSheikh Mews

FactlessAllen Lane

Drunkards Walk

FatPenny Path

ArmsDealer Alley

 

The blocks of flats:

SoonBeBackIn Court

HMRC House

RollOutTheOpenTopBusWeScoredA Point

ICanSeeMoneyfieldsFromHere Tower

 

And of course, the cul-de-sac-

Chanrai End.

Edited by Waterside.saint
Link to comment
Share on other sites

apologies for ignorance but confused now.... I did not see the admin fees outstanding in the list - have PFK already paid tehmselves? This leaves just under 14 mil they have to find... which I gather in their eyes is 1 mil form HNWI, 1.3 mil from share scheme, 1.45 mill from council + PP (how much are they still getting as it mentioned only 5.5 mil in august with currently 4 mil or so in the bankwhich probably ;leaves them a mil or two short to complete all those payments in one go... so plan is obviously to pay back football creditors over a longer period of time... whilsts pending tehir 'income' on players they cant really afford no doubt... where is the transparency from the PST on the figures? And how how much due diligence have the PCC performed on those figures before agreeing to the loan...?

 

They will start L2 with a minimum of 3-5 mil of debt, whilst spending maybe a 1-2 mil on players....is my guess, nothing changes I guess.

Link to comment
Share on other sites

Yes but that would require someone, who is not a fan, to buy Gaydamak's land then underwrite the PCC loan and also lend them some money himself so that the trust go ahead with more debt than they can service, so that when the club default on the repayments they can't afford, the ground will also belong to him, so he can eventually develop the lot for a big profit.

 

Thank goodness no one has thought of that ....Oh!

 

So what you're saying is friendly Mr Robinson may not be so friendly in a few months time

Link to comment
Share on other sites

So what you're saying is friendly Mr Robinson may not be so friendly in a few months time

 

Feel a song coming on....

 

And here's to you Mr Robinson

Saints fans love you more than you can know... ho ho ho

 

God bless you please Mr Robinson

Heaven holds a place for those you prey (pray) (on the gullable skates) hey hey hey....

 

We'd like to know a little bit about you for our files

Going through the candidates to date

Laugh about it shout about it when you stuff the Blues

Anyway you look at it they lose....

 

And here's to you ......

 

 

 

Surprizingly prescient of Simon and Garfunkal me thinks :lol:

Edited by Frank's cousin
Link to comment
Share on other sites

Fatpipe Meadows :lol:

OK my febrile imagination is having a party here- suggestions on a postcard for street names on this prestige development:

The streets and byways:

Cala Circus

Storey Teller Street

EndOfThe Road

Saints Way

CutOffWithoutaCent Crescent

Liquidation Close

FullyFundedPST Square

Debt Hill

EmptyWindSwept Terrace

FakeSheikh Mews

FactlessAllen Lane

Drunkards Walk

FatPenny Path

ArmsDealer Alley

 

The blocks of flats:

SoonBeBackIn Court

HMRC House

RollOutTheOpenTopBusWeScoredA Point

ICanSeeMoneyfieldsFromHere Tower

 

And of course, the cul-de-sac-

Chanrai End.

 

Bestest Boulevard.........

Link to comment
Share on other sites

So what you're saying is friendly Mr Robinson may not be so friendly in a few months time

 

Don't be crazy! Stuart Robinson is a life-long Pompey fan who would give everything he had and do anything he can to save the club he so passionately loves!

Link to comment
Share on other sites

Why, under "Reductions in Risk" do the council state "Parachute payments are expected to increase by £4m (from £7.0m to £11.0m)"

 

How come? What's changed?

 

stranger still, in the first report the PCC required access to the full £11.7m of PPs. These appear to have gone down to £7m and then raised back up to £11m, but still are lower than they were before. Supermarket discounting at its best!

Link to comment
Share on other sites

Fatpipe Meadows :lol:

OK my febrile imagination is having a party here- suggestions on a postcard for street names on this prestige development:

The streets and byways:

Cala Circus

Storey Teller Street

EndOfThe Road

Saints Way

CutOffWithoutaCent Crescent

Liquidation Close

FullyFundedPST Square

Debt Hill

EmptyWindSwept Terrace

FakeSheikh Mews

FactlessAllen Lane

Drunkards Walk

FatPenny Path

ArmsDealer Alley

 

The blocks of flats:

SoonBeBackIn Court

HMRC House

RollOutTheOpenTopBusWeScoredA Point

ICanSeeMoneyfieldsFromHere Tower

 

And of course, the cul-de-sac-

Chanrai End.

 

You missed:

Bell End

Link to comment
Share on other sites

So the loan will be paid back in August with the parachute money. If I was a taxpayer in that godforsaken ****hole, I would be asking why, in times like these, would the council give £1.5m towards a cause that has no future. Apologies if it's already been mentioned, what happens if they go bust before August? Would the loan still be paid?

Link to comment
Share on other sites

Apologies if already posted. Struggle to keep up with this thread sometimes

 

@blueballoo2000: UNANIMOUS support from cabinet of pcc for Pompey! We have the loan!

 

@blueballoo2000: Shamefully, labour and Tory deputations argued for delay and liquidation - Ferrett and Stubbs, hang your heads in shame.

 

I hereby apologise for the glimmer of respect I started giving this Hall character last year. How DARE local council members argue against loaning money to a private enterprise when local services are having to absorb a necessary reduction in funding.

 

Still, it gives paves the way for months more hilarity on here....

Link to comment
Share on other sites

So the loan will be paid back in August with the parachute money. If I was a taxpayer in that godforsaken ****hole, I would be asking why, in times like these, would the council give £1.5m towards a cause that has no future. Apologies if it's already been mentioned, what happens if they go bust before August? Would the loan still be paid?

 

I assume that that is where the guarantee from the property developer comes in.

Link to comment
Share on other sites

http://www.portsmouth.co.uk/news/politics/portsmouth-city-council-agree-to-loan-1-45m-to-pompey-supporters-trust-1-4832806

 

POMPEY fans have scored a victory after the council agreed to give the Pompey Supporters’ Trust a huge cash loan to take over the club.

Council members unanimously voted in favour of rubber stamping the £1.45m payment after hearing that the financial situation had greatly improved at Pompey since the local authority put the money aside in August last year.

 

The trust also promised it would pay back the money in full after five months of being in charge of the club.

 

The decision was made at an emergency cabinet meeting held this afternoon, which was called because the club’s administrators PKF need to file papers to the High Court on Thursday which outlines how the trust is funding its bid.

 

If a decision had not been made then the club would have been at risk of liquidation.

 

As previously reported in The News, the club will appear before the court before the end of April over the valuation of Fratton Park.

 

Trust chairman Ashley Brown said: ‘This is a victory for the fans and we don’t want it to sound like there was any concern about this not being approved. It was a rubber stamping and showed the council is still supportive of us.

‘It’s now about getting to the High Court and moving the club forward.’

Link to comment
Share on other sites

http://www.portsmouth.co.uk/news/politics/portsmouth-city-council-agree-to-loan-1-45m-to-pompey-supporters-trust-1-4832806

The trust also promised it would pay back the money in full after five months of being in charge of the club.

 

Cue protestations of

'Our p1ssed-off-former pompey players were the wrong kind of legends and wanted to be paid something after all'

'Loan? What loan? Oh *that* loan! sorry, its gone to pay more mercenaries so we could be competitive in L2'

etc.

etc.

in 5 months time

Link to comment
Share on other sites

I assume the council have seen the whole business plan in order for them agree to the loan, and being sensible and law abiding people, the business plan must bear scrutiny and be workable.

 

That reassures me because my blood would be boiling if I thought pfc were going to escape again just because some politicians couldn't be trusted to behave with integrity and in the best interests of their community.

Link to comment
Share on other sites

Micah Hall proving once again the people of Portsea island are lacking in mathematical skills.

 

Micah Hall ‏@blueballoo2000

pcc makes a 6 figure profit from it to help fund local services

 

5% of £1.45m is NOT a six figure sum. It is £72,500. A five figure sum!

 

Is it worth the risk of loaning a business that has failed 3 times, to pick up such a small figure?

Link to comment
Share on other sites

Micah Hall proving once again the people of Portsea island are lacking in mathematical skills.

 

Micah Hall ‏@blueballoo2000

pcc makes a 6 figure profit from it to help fund local services

 

5% of £1.45m is NOT a six figure sum. It is £72,500. A five figure sum!

 

Is it worth the risk of loaning a business that has failed 3 times, to pick up such a small figure?

And of course that interest rate will almost certainly be an annual interest rate, with the loan supposedly being repayable within five months, so it'll be (5/12 x 5%), roughly £30,208. They might be able to keep one public toilet open for that amount :adore:

Link to comment
Share on other sites

Micah Hall proving once again the people of Portsea island are lacking in mathematical skills.

 

Micah Hall ‏@blueballoo2000

pcc makes a 6 figure profit from it to help fund local services

 

5% of £1.45m is NOT a six figure sum. It is £72,500. A five figure sum!

 

Is it worth the risk of loaning a business that has failed 3 times, to pick up such a small figure?

 

Unless it's compound interest worked out on a daily basis.......

 

Edit; Damn you Grant, getting in there before me

Link to comment
Share on other sites

How are they going to repay the loan within 5 months?

 

Could it be that the heroic (today, anyway) HNW's already have a deal in place to sell the land to Robinson for their own little profit. I wonder where pfc's playing requirements figure in those plans? (if anywhere).

 

... or am I being shamefully mistrustful on those fine upstanding individuals

 

Edit - Oh, I see. They're using the PP's for that as well as everything else. Kinda 1 cheque pays all

Edited by Winchester Red
Link to comment
Share on other sites

While it grates a bit to see them get something they want, and lending public funds like this is just plain wrong on so many levels, it is actually a good thing for the prospect of seeing the Trust as bit-part owners. Many more laughs to come.

 

Unfortunately there are much more difficult obstacles yet to be overcome.

 

 

P.s. They've got £3.12m available for FP, but don't tell Chinny, it's confidential for legal reasons.

Edited by hutch
Link to comment
Share on other sites

And of course that interest rate will almost certainly be an annual interest rate, with the loan supposedly being repayable within five months, so it'll be (5/12 x 5%), roughly £30,208. They might be able to keep one public toilet open for that amount :adore:

 

Not forgetting the tax the council will need to pay on the income...

Link to comment
Share on other sites

And of course that interest rate will almost certainly be an annual interest rate, with the loan supposedly being repayable within five months, so it'll be (5/12 x 5%), roughly £30,208. They might be able to keep one public toilet open for that amount :adore:

 

minus what they would have got had they left that much in a high street bank current account.

Link to comment
Share on other sites

Still boils down to the Court case - note the need to get the business plan in before the judge.

 

Who are Councillors Ferret and Stubbs? Sounds like a private detective agency!!

 

BTW NAK is 5 acres; in 2004 PCC approved a plan for this 5 acres plus adjoining 8.5 acres of Miland's wasteland for an extended stadium of 35,000 capacity PLUS 536 residential units in 8 BLOCKS, PLUS community facilities PLUS 372 Car spaces in a 4 storey block. So goodness knows where those latest figures were dreamt up from!!

Link to comment
Share on other sites

So the loan will be paid back in August with the parachute money.

 

Well here's the thing - last time around the PCC made the loan conditional on the PL assigning £1.5m of the PPs to the PCC, and the PL would only agree to that if Tricky Trev, as the man at the helm of the sinking ship, would make the request. Trev wouldn't do it, so the PL said "No guarantees".

 

The question is, what's changed? HAs Trev made the request, have the PL agreed without a request from Trev, or are the PCC ploughing on without the guarantee from the PL?

 

I assume the latter is correct, and that Robinson/HNW have acted as guarantor to the loan, themselves expecting it to actually be paid from the PPs once they are in place to make that decision themselves.

 

You can see why the PFA aren't too pleased as they see the only guaranteed method of them being paid is slipping through their grasp...

Link to comment
Share on other sites

minus what they would have got had they left that much in a high street bank current account.

The Council are borrowing the money to lend them. But they will have to dip into their reserves to pay it back if the skates default in August.

Link to comment
Share on other sites

The Council are borrowing the money to lend them. But they will have to dip into their reserves to pay it back if the skates default in August.

 

So actually the real "profit" to the council is the difference between the interest rate the skates are paying vs the interest rate the council is paying.

 

Call me cynical but the real "profit" here is measurable in votes.

Link to comment
Share on other sites

So, they've promised first dibs on the August parachute payments to the council, according to the BBC.

 

That means they need to renegotiate with the players, no wonder the PFA isn't happy.

 

Guess the former players already owed money are easier to negotiate with than PCC who they're trying to get to lend them money.

Link to comment
Share on other sites

×
×
  • Create New...

Important Information

View Terms of service (Terms of Use) and Privacy Policy (Privacy Policy) and Forum Guidelines ({Guidelines})