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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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rallyboy

rallyboy

Posted
Posted

we like being in League Two, really, it's the best move we've ever made.

It's so much easier to rebuild from a lower division with less income.

Games against people like Kidderminster will generate just as much cash as a game against Bradfod City, it's great.

Yes, it's worked out just as we hoped....so we're going to try and paste a smile on.

 

 

I remember how it felt being relegated, but I don't remember dressing it up as a victory, to kid myself, nor anyone else.

I'm sure this delay in takeover is just what they want too.

Though they said last week they were desperate to complete and have the income from this match, rather than it going to 'Birch and Portpin'.

 

If they don't manage that today it means that everyone who is leaping onto the three-wheeled bandwagon thinks their cash is going to the Trust.

Someone needs to explain to them that the club is still in admin, don't believe the media hype - they're not 'fan-owned', and never will be.

But when they do takeover, that will be the day that CVA1 officially fails.

And that's an insolvency event.

 

 

 

 

 

Seeing those deluded pfc highlights above, it just dawned on me...

Poch knows him, so sometime soon Maradona might roll up at St Marys as a guest!

How funny would that be.

 

Perhaps we should start designing an underwater casino and Saab dealership for the River itchen, Diego could open the Mr Clive factory outlet, then we'll be a proper club with real ambition, rather than the tinpot outfit that we are now.

 

Let's buy the railway, and the river, the petting zoo could be housed in a giant cable car that runs between Itchen Bridge and the civic centre, yes, and bring me Eto, and Beckham, give him a twelve year contract - and don't worry about the budget, parachute payments will cover everything, forever!

What could possibly go wrong?

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Waterside.saint

Waterside.saint

Posted
Posted
we like being in League Two, really, it's the best move we've ever made.

It's so much easier to rebuild from a lower division with less income.

Games against people like Kidderminster will generate just as much cash as a game against Bradfod City, it's great.

Yes, it's worked out just as we hoped....so we're going to try and paste a smile on.

 

 

I remember how it felt being relegated, but I don't remember dressing it up as a victory, to kid myself, nor anyone else.

I'm sure this delay in takeover is just what they want too.

Though they said last week they were desperate to complete and have the income from this match, rather than it going to 'Birch and Portpin'.

 

If they don't manage that today it means that everyone who is leaping onto the three-wheeled bandwagon thinks their cash is going to the Trust.

Someone needs to explain to them that the club is still in admin, don't believe the media hype - they're not 'fan-owned', and never will be.

But when they do takeover, that will be the day that CVA1 officially fails.

And that's an insolvency event.

 

 

 

 

 

Seeing those deluded pfc highlights above, it just dawned on me...

Poch knows him, so sometime soon Maradona might roll up at St Marys as a guest!

How funny would that be.

 

Perhaps we should start designing an underwater casino and Saab dealership for the River itchen, Diego could open the Mr Clive factory outlet, then we'll be a proper club with real ambition, rather than the tinpot outfit that we are now.

 

Let's buy the railway, and the river, the petting zoo could be housed in a giant cable car that runs between Itchen Bridge and the civic centre, yes, and bring me Eto, and Beckham, give him a twelve year contract - and don't worry about the budget, parachute payments will cover everything, forever!

What could possibly go wrong?

 

God bless those parachute payments, they're like an inexhaustible hose of money that can apparently be used for any purpose.

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Matthew Le God

Matthew Le God

Posted
Posted (edited)

Sounds like the Football League are going to take the ten points off this season. An email from them today...

 

"A further 10 point deduction is applicable when and if the club exists administration this season as per The League’s condition of membership as previously outlined last July (e.g. regardless of the when club’s League performance in 2012/13).

 

The Football League issued a statement regarding Portsmouth FC in July 2012, which fully outlined the conditions of membership, including a further points deduction if and when the club exists administration during the current season."

 

Not only is -10 points lenient for diluting a failed CVA compared with the -17 points dished out for failing to agree a CVA for Rotherham and Bournemouth, but taking the ten points off now that they have been relegated is completely futile and has no impact on them.

Edited by Matthew Le God
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trousers

trousers

Posted
Posted (edited)
Sounds like the Football League are going to take the ten points off this season. An email from them today...

 

"A further 10 point deduction is applicable when and if the club exists administration this season as per The League’s condition of membership as previously outlined last July (e.g. regardless of the when club’s League performance in 2012/13).

 

The Football League issued a statement regarding Portsmouth FC in July 2012, which fully outlined the conditions of membership, including a further points deduction if and when the club exists administration during the current season."

 

Not only is -10 points lenient for diluting a failed CVA compared with the -17 points dished out for failing to agree a CVA for Rotherham and Bournemouth, but taking the ten points off now that they have been relegated is completely futile and has no impact on them.

 

Yep, I got the same reply. I've replied asking if they are happy that a penalty they serve ends up having no tangible effect and how that can possibly uphold the integrity of the League.

Edited by trousers
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Saint J 77

Saint J 77

Posted
Posted
Its funny - I couldn't give a shiny **** about the points. They have found their level, they will be a mid table division 4 side for years to come.

 

I hope so but that's assuming they don't start cheating and living beyond their means again because they know they can get away with it. I was really hoping they wouldn't even be a league side anymore after all this. I still feel they have gotten off far too lightly. Someone in the FA clearly has a soft spot for them.

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OldNick

OldNick

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Posted
Its funny - I couldn't give a shiny **** about the points. They have found their level, they will be a mid table division 4 side for years to come.

 

our points deduction came the following season as we were relegated. This would be the first time that the points have been deducted without their being a meaning. The league has played a weak card and if this is truly going to happen then the league authorities have been very lenient yet again. The authorities have been lenient time and again, this should be of little surprise this latest episode.

They will be more than competitive next season and at this moment i feel they will be back in L1 this time next year.

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holepuncture

holepuncture

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Posted
Yep, I got the same reply. I've replied asking if they are happy that a penalty they serve ends up having no tangible effect and how that can possibly uphold the integrity of the League.

 

Its pretty sickening, particularly for the likes of Rotheram etc, the only difference being Rotheram had the balls to admit they couldnt agree a CVA... whereas the skates lied and bluffed their way through.

 

They could have easily paid CVA MKI, however they went on a clotteril spending spree and went all quality over quantity... They didnt have to sign Kitson, Varney, Lawerence, Norris etc, they could have put those millions of wage commitments into the bank to pay off the creditors voluntary agreement.

 

Scandalous really, and there have been plenty of soundbites over the last few years from various chairman, directors and managers of other clubs hinting at their disgust of the DCFSBs.

 

So the skates have underminded the league, the game and driven a train through the integrity of the game (a lot of which under the leadership of the former FA head of integrity!).

 

Not only that but they have opened a loophole in which other clubs can now follow should they wish to dabble in a bit of portsea precedented corruption...

 

the skate formula = agree CVA with those you owe money to - overspend intentionally and go bust again whilst intentionally not paying a penny of the agreed CVA - absorb old debt into a new, reduced percentage CVA agreement to be paid one day...

 

If the football league roll over on this one they are explicitly endorsing a money laundering scheme intentionally designed to cheat UK insolvency law, cheat honest business and cheat the UK taxpayer/population

 

They could potentially now absorb CVA MKI and CVA MKII into CVA MKIII (£10K = £4)... it could go on and on.

 

Still, as long as Farmery feels that he was punished inside his own head, despite not being punished in reality, thats ok!

 

I cant see them getting much sympathy from their footballing piers in the future... they are undermining the intergrity of the game once more.

 

Shame on the skates, but SHALALA nonetheless

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stevegrant

stevegrant

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Posted
This would be the first time that the points have been deducted without their being a meaning.

No it wouldn't, Leeds and Boston both went into administration and took an immediate 10-point hit at the end of the game that relegated them. In fact, in Boston's case, it was at half-time of the game that relegated them.

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rallyboy

rallyboy

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I think the penalty is due next season, and I also think it would make it difficult to bounce back straight away.

 

If they dodge it and go off on another spending spree they could storm League Two with decent gates and would have momentum to continue, plus the media love-in celebrating the raping of creditors would be too much for anyone who knows the facts.

 

I have no wish to see them in the Championship on better TV money anytime soon, the penalty should prevent an immediate rise.

 

League Two with -10?

That doesn't sound like someone getting away with it.

But if they are given a second punishment that doesn't change anything, I might even go a bit Nick for a post or two.

 

Let's not forget that Avram led them out of the Premier League under their own steam, that penalty meant nowt.

Guy has done the same, after great work by UnEmployable.

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Gemmel

Gemmel

Posted
Posted

Steve Wilson ‏@pn_steve_wilson 2m

I hope Dave Kitson gets a decent reception from #Pompey fans tomo (although I fear he won't). Gave up a very big contract to help the club.

 

 

I am sure they welcome him back as a hero

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Winchester Red

Winchester Red

Posted
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How can their 'huge' gate receipts allow them to outbid every other team in the bottom 2 divisions and therefore walk league2?

 

I thought next seasons gates were providing money to pay off all the debts that they have to clear within 4 years, or can they make £8m of parachute payments stretch to cover £12m of debt???

 

I wonder if they could help out with my household cashflow!!?

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biondani

biondani

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Posted
How can their 'huge' gate receipts allow them to outbid every other team in the bottom 2 divisions and therefore walk league2?

 

I thought next seasons gates were providing money to pay off all the debts that they have to clear within 4 years, or can they make £8m of parachute payments stretch to cover £12m of debt???

 

I wonder if they could help out with my household cashflow!!?

 

Of course they can help. Their advice would be to shred the bills and ignore them. When taken to court tell them you will pay 4p in the pound and then ignore that. Repeat ad infinitum.

 

 

Sent from my iPad using Tapatalk HD

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Ken Tone

Ken Tone

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Posted
No it wouldn't, Leeds and Boston both went into administration and took an immediate 10-point hit at the end of the game that relegated them. In fact, in Boston's case, it was at half-time of the game that relegated them.

 

Which is why the FL introduced the rule to stop clubs ever doing this again. Though of course as we all know, this PFC situation is technically different from what the rule-makers envisaged when they wrote it.

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Ken Tone

Ken Tone

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Takeover's not gone through yet then? Hmmmm. Presumably this must happen during normal banking/office hours?

 

So who will get the extra money from the 'bumper' crowd at tomorrow's final home game? PKF? ....Creditors?.... PDT?,..... Kanu? ....HMRC?...Harry?

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holepuncture

holepuncture

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Posted
Takeover's not gone through yet then? Hmmmm. Presumably this must happen during normal banking/office hours?

 

So who will get the extra money from the 'bumper' crowd at tomorrow's final home game? PKF? ....Creditors?.... PDT?,..... Kanu? ....HMRC?...Harry?

 

Tick tock! I hope they dont lose the floppy disc that they were sending to the bank via pigeon to pay the wages a few hilarious years ago... that precious floppy disc.

 

Mind you, the only reason they want the keys for tomorrows game is so that champagne ian and mick can enjoy a day on the lash FOC, brazenly walking behind the victory bar - flashing the lanyards round their necks... "im having this bottle of champers for me and the 657 lads/boardmembers, dont look at me like that, I pay your wages dont you know".. POP!

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melmacian_saint

melmacian_saint

Posted
Posted
our points deduction came the following season as we were relegated. This would be the first time that the points have been deducted without their being a meaning. The league has played a weak card and if this is truly going to happen then the league authorities have been very lenient yet again. The authorities have been lenient time and again, this should be of little surprise this latest episode.

They will be more than competitive next season and at this moment i feel they will be back in L1 this time next year.

 

Weren't we taken -10 as we entered administration (relegating us to L1) and then -10 at the beginning of L1 for coming out of it?

 

If so then the FL is just following the correct procedure. What I don't agree is with the lack of punishment for not being able to pay an agreed CVA, something that usually means the solicitor should be arriving at the head office with a notepad for asset valuation.

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Saint Lindford

Saint Lindford

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Posted
Weren't we taken -10 as we entered administration (relegating us to L1) and then -10 at the beginning of L1 for coming out of it?

 

If so then the FL is just following the correct procedure. What I don't agree is with the lack of punishment for not being able to pay an agreed CVA, something that usually means the solicitor should be arriving at the head office with a notepad for asset valuation.

 

No we only had -10 at the start of the League One season. The FL said that if we finished outside of the relegation spots then the -10 would be given, as we did not and were relegated then it came off at the start of the season.

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Ken Tone

Ken Tone

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Posted
Weren't we taken -10 as we entered administration (relegating us to L1) and then -10 at the beginning of L1 for coming out of it?

If so then the FL is just following the correct procedure. What I don't agree is with the lack of punishment for not being able to pay an agreed CVA, something that usually means the solicitor should be arriving at the head office with a notepad for asset valuation.

 

No. We had -10 taken off the season after we were relegated because we were already doomed when we (or rather our holding company) went into administration. We were not deducted any points for coming out of admin because we did it properly.

 

PFC had -9 for going into admin in premier league , -10 for going into admin again recently and are expecting another -10 for breaking all the promises they made when they came out of admin the previous time.

 

Other clubs such as Rotherham were deducted a further -17 for not agreeing a CVA when they came out of admin. Portsmouth are due to lose only 10 for agreeing one they've completely ignored. so it;s better to agree a CVA and cheat on it than to admit the truth , in the FL's world.

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100%Red&White

100%Red&White

Posted
Posted
Takeover's not gone through yet then? Hmmmm. Presumably this must happen during normal banking/office hours?

 

So who will get the extra money from the 'bumper' crowd at tomorrow's final home game? PKF? ....Creditors?.... PDT?,..... Kanu? ....HMRC?...Harry?

 

@pn_neil_allen: @ChrisThomas99 Nothing will emerge until the club officially comes out of administration. Likely to happen next few working days.

 

 

Doesn't look like its going to happen today then.

 

Bet they were banking on that 'bumper' gate money tomorrow. Shame.

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rallyboy

rallyboy

Posted
Posted

I'm sure the takeover has gone through today, it's just a banking error - plus add-ons, less expenses.

 

 

 

 

I'm getting bored guessing about the points deduction but...

The new owners have been fully-funded and ready to go for months, and they knew that they would get a penalty on the day they chose to complete.

An observer could suggest that on paper it looks a club can intentionally delay a takeover date, thus taking any penalty when it suits their league position.

 

How is that different to what Boston did?

 

If you allow a club to choose when they take a deduction (entering or exiting admin etc), you have to impose sanctions when it is manipulated to gain sporting advantage.

 

 

And when the bestest property developers take control, what will be the first indication that nothing has changed?

Guy's plucky troops to pre-season in Monaco/Japan/Barbados - but it won't cost a penny....

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trousers

trousers

Posted
Posted (edited)
The new owners have been fully-funded and ready to go for months, and they knew that they would get a penalty on the day they chose to complete.

 

An observer could suggest that on paper it looks a club can intentionally delay a takeover date, thus taking any penalty when it suits their league position.

 

How is that different to what Boston did?

 

If you allow a club to choose when they take a deduction (entering or exiting admin etc), you have to impose sanctions when it is manipulated to gain sporting advantage.

 

 

Nah....I'm sure it's purely coincidental that the court case was delayed time and time again until such point they knew that they were unlikely to avoid relegation one way or the other.... no sir-eeee - its just a big fat coincidence....

 

Pompey trying to manipulate the points penalty system to their advantage? You're 'avin' a larf!! They've turned over a new leaf dontcha know....

Edited by trousers
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Matthew Le God

Matthew Le God

Posted
Posted (edited)
One wheel on my wagon. n I'm still rolling along,,,,,,,,,,,can one of you stripy fecker's in the know let me know if we are still hanging on?:uhoh:

 

You really aren't in a great position to gloat, Saints are midtable in the Premier League, category 1 academy, large modern stadium they are looking to expand and develop, £15m upgrade of the training ground nearly complete. Where as Pompey have crippled themselves for decades to come, will be in the 4th tier next season with a dilapidated stadium, don't own a training ground and a poor category 3 academy.

 

You will be squeezed from the West by Saints and the East by a resurgent Brighton for fans and youth players for many years to come.

 

http://www.portsmouth.co.uk/sport/pompey/trust-wants-to-buy-by-april-19-1-4992816

 

"We will be pushing to get it done ahead of the final game of the season against Sheffield. We need that gate money to come to us, rather than go to Portpin."

 

Well that doesn't seem to have happened before the end of the working day today. In any case, why would Chainrai have got the gate money from tomorrow's game? Nor have we seen the details of the High Court deal with Chainrai that were promised a week ago by the trust.

 

What has gone wrong with both of those? I thought the trust were bring a new dawn of fan ownership transparency!

 

Do you still trust the trust? Or will it take some more **** ups for the doubts to creep back in?

Edited by Matthew Le God
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The Kraken

The Kraken

Posted
Posted
@pn_neil_allen: Gutted. Missing tomorrow's landmark #Pompey occasion for a Stag Do. Don't fret, also missed Man Utd (A) FA Cup and Reading (H) goal bonanza.

 

Any idea why it's a "landmark" game tomorrow...?

 

Relegation celebrations, plus top league to bottom league in a club record duration and record club debts written off. F*ck the tax man, ticker tape parade to glory in it.

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