Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
in Golden Posts

 Share

Recommended Posts

dubai_phil

dubai_phil

Posted
Posted
I was in SA last year and playing golf with an old farmer. He had seen at first hand in both Zimbabwe and SA what had happened when land was given to people with no farming background based on the land distribution policies.

 

He said that everything worked well for a year, the crops were good and all well. They celebrated by building nice houses and buying Mercedes cars. What they did neglect to do was give their mates overpaid jobs, failed to invest in the infrastructure or fertilise the ground for next years crops. The result was their crops got worse each year until they went out of business.

 

I see parallels. Land given away at a price below what it was worth to the owners, jobs for the boys and the inevitable transfer bonanza at the expense of investing in a credible youth system.

 

Oi!

 

I do the golf stories on here.

Link to comment
Share on other sites
alehouseboys

alehouseboys

Posted
Posted
(From FACTLESS Allen of the Snooze)‘You can’t get Fratton Park packed out every week, but we want bums on seats, we want the Portsmouth public to support their local team....‘We don’t want empty seats so are looking at students, disadvantaged groups, children, whatever – we are going to do all we can to get people into the Park.’

 

That can't be true the "bestest" are surely now gonna 'pack the park' every week...they're already planning the ground expansion ffs...every one that was there last week (OK they couldn't fill the place but hey) will now back up their claims and be there with more passion, more noise that'll make yer ears bleed, home and away, nothing like it anywhere else in the world. They've got their club back.

 

Well, when the TV cameras are there anyway.

 

http://m.portsmouth.co.uk/sport/pompey/new-director-dyer-happy-to-stick-around-1-5033309

‘We have had to negotiate but also come to an agreement with the PFA, Football League and Premier League to determine how those bodies deal with the parachute payments, the players owed money.

 

‘Those issues have been quite complex and the deal is unique as far as they are concerned.

 

‘I wonder whether it will ever be done again in some respects – it has been absolutely ground breaking.

 

So they're still bending the rules for the cheating ****s then.

Link to comment
Share on other sites
rallyboy

rallyboy

Posted
Posted

interesting Hutch, I was looking at projections too.

Being generous and thinking they would come in cheap on the season tickets and cash in on the feelgood factor, I was thinking of their annual income nearer £4M, and a bargain basement wagebill of £1M.

 

I reckon they need to average 15,000+ to stand still. :scared:

Possible with a promotion push, but that's not easy with a squad that earns £1M.

 

A promotion effort could require some players on £3k a week? - maybe an average of £2k.

To put that into context, that would give you a playing wagebill of close to £3M...

 

By doing the maths in pompey style, back-of-envelope, I think that in reality they need to have a wagecap of maybe £750 a week.

Even after the great cull, one or two of their current stars must be on at least £2,500.

 

So any future signings that raise your eyebrows are likely to take their budget into Championship levels, but this time there's no spare parachute payments or Plan B.

 

Unless they do what Birch did last year, spend money that they know is spoken for in twelve months time...

 

 

Their problem on day one of this thread was a need for new cash - not loans, real money that they could use to rebuild.

1771 pages later, that problem remains exactly the same.

This latest new era appears to be built on loans and debt.

 

Tis the pompey way mush.

 

I fully expect to see the PPs being used to pay new wages to fund a plucky promotion warchest, and football debt to be delayed.

Forever.

Link to comment
Share on other sites
Red and White Army

Red and White Army

Posted
Posted
Hey Phil.

 

Last [working] day of the week today Phil.

 

Still no sign of this 'mystery' that you promised us in your 'look at me' post last weekend.

 

Since it hasn't come true yet again, why not share what you were told - it's not like you're going to get anyone in trouble by telling us all about something that didn't happen anyway...

 

Don't hold your breath. He is still waiting for something to happen and then he'll claim thats what he was talking about - thats his form!

Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)

@pn_neil_allen: New chief executive Mark Catlin makes #Pompey Academy pledge. http://t.co/

 

Mark Catlin vowed to keep Pompey’s thriving Academy in its existing form. But the chief executive has warned its losses must become ‘sustainable’ as he seeks to tighten up financially.

 

Erm....so that's something else that's changed from the original Trust prospectus without formal communication then.... I thought they were planning on ditching the Academy?

 

p.s. "thriving".... :lol:

Edited by trousers
Link to comment
Share on other sites
Komisaruk

Komisaruk

Posted
Posted
The academy makes no sense. No decent player will go to a category three academy over us.

 

Their academy team did win the Youth Alliance South-East league this season, so they are near the top of the bottom, if you see what I mean. Also Alan McLoughlin (ex-Saint) who is no mug, coaches them, and lets face it, their lads are more likely to get a chance in the first team than those at any top division club.

Link to comment
Share on other sites
saint si

saint si

Posted
Posted
@pn_neil_allen: New chief executive Mark Catlin makes #Pompey Academy pledge. http://t.co/

 

 

 

Erm....so that's something else that's changed from the original Trust prospectus without formal communication then.... I thought they were planning on ditching the Academy?

 

p.s. "thriving".... :lol:

 

They weren't planning on ditching it, but they were planning on it being self funding. Which isn't quite the same as making sustainable losses...

Link to comment
Share on other sites
hypochondriac

hypochondriac

Posted
Posted
Their academy team did win the Youth Alliance South-East league this season, so they are near the top of the bottom, if you see what I mean. Also Alan McLoughlin (ex-Saint) who is no mug, coaches them, and lets face it, their lads are more likely to get a chance in the first team than those at any top division club.

 

I note that he said he can't make any long term promises. Unless they can get enough players through to make a decent profit and keep it going then they will close it in a few years IMO. It simply isn't sustainable.

Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)

@NabilHassan79: The #Pompey Supporters' Trust have revealed full details of the settlement reached with former owners Portpin: http://t.co/Rayi3jDZym

 

The Pompey Supporters' Trust have revealed full details of the settlement reached with former owners Portpin.A deal was struck on Wednesday 10 April between Portpin and administrators BDO to release their charge on the club.

It meant the PST could take control of the club's Fratton Park stadium and complete their takeover.

The PST paid £3m for the 'property' (fixed charge on Fratton Park) and £450,000 for other assets (floating charge) plus two 'add-ons' to Portpin.Those adds-ons were £125,000 to be paid to Portpin at the end of each of the 2016/17 and 2017/18 seasons as well as a £2m payment if Portsmouth reach the Premier League in the next 10 years.

The club exited administration on Friday after 14 months.

The PST are backed by several High Net Worth investors, including Iain McInnes, who is also the club's new chairman.

As well as the HNWs, ordinary fans have been pledging £1,000 each to help Pompey become the largest supporter owned club in the country.

Earlier this month Pompey were relegated for the second-successive season but their settlement means Portpin's charge against Fratton Park has been removed and they no longer have a hold or guarantees over Portsmouth Football Club.

And chairman of the PST Ashley Brown said the deal, which was settled out of court, heralded a new era for the club.

"This was a very sensible and prudent financial settlement which we are confident the business can afford," he said,

"Pompey will be a community-owned football club and will own Fratton Park. We are working towards formally coming out of administration well before the end of the season and we will announce our new board and senior management team soon afterwards.

"The club can now look forward to a bright, stable and financially sustainable future. Under the Trust's ownership, the club will have more working capital than at any point in the last few years.

"We have received tremendous support from fans in the last few days and have received hundreds more pledges and conversions - all of which means more income for the football club. The opportunity for fans to buy shares is going to remain open for the foreseeable future.

"Once again, we'd like to offer our thanks to Pompey fans everywhere who have backed their football club to the hilt to create a true community club."

 

So Chainrai's "oops, we forgot about that" £2m floating charge is somehow whittled down to £450k...It's amazing how one club can make so much debt vanish at the stroke of an airbrush...

Edited by trousers
Link to comment
Share on other sites
goneawol

goneawol

Posted
Posted
@NabilHassan79: The #Pompey Supporters' Trust have revealed full details of the settlement reached with former owners Portpin: http://t.co/Rayi3jDZym

 

 

 

So Chainrai's "oops, we forgot about that" £2m floating charge is somehow whittled down to £450k...It's amazing how one club can make so much debt vanish at the stroke of an airbrush...

 

 

22.5% - that's high for a pompey debt.

Link to comment
Share on other sites
OldNick

OldNick

Posted
Posted
Hey Phil.

 

Last [working] day of the week today Phil.

 

Still no sign of this 'mystery' that you promised us in your 'look at me' post last weekend.

 

Since it hasn't come true yet again, why not share what you were told - it's not like you're going to get anyone in trouble by telling us all about something that didn't happen anyway...

i think he gave the background to it in one of his posts yesterday.
Link to comment
Share on other sites
Verbal Kint

Verbal Kint

Posted
Posted

Posted by OldSpice on Pompey Online

 

"First of all, I have to say that I am not going to be able to spend a load of time answering questions or responding very quickly to what I am about to write - I am rushed off my feet at the moment and working every day at Fratton Park or on Pompey business.

 

Portsmouth Community Football Club Ltd (PCFC)is the company that owns Pompey.

 

The shareholders of PCFC are 11 Pompey fans (Presidents) who have invested between £50,000 and £250,000 each (totalling about £1.6M) and the Pompey Supporters Trust (PST) which is rapidly approaching £2M investment. The exact percentage of shareholdings will not be known for months as we are still looking for new Presidents and fans are, hopefully, going to continue to convert their pledges and make new applications. The 11 Presidents paid the administrators, on a weekly basis, cash to cover the losses and stop the club being liquidated for a number of months last year.

 

The shareholders agreement precludes dividends and restricts the sale of shares. It also lists a number of 'Reserved Matters' which the board may not action without a shareholders vote, such as issuing loan capital, acquisitions, disposal of the business or varying the rights attached to any shares. These Reserved Matters require a 75% or 90% majority, depending on which list they are in.

 

The original directors of PCFC were the three members of the PST Executive board, Mark Trapani, Ashley Brown and me, plus Iain McInnes who was asked to join with us and invited to be PCFC Chairman elect. We also asked Mike Dyer to join the board and agreed that two other Presidents, Chris Moth and John Kirk, would have the option to become directors if their workload permitted. Happily, they have now exercised that option and are now directors.

 

PST members, which includes shareholders, vote each year for members who stand for election to the executive board. From the elected board, three will be selected to become PST directors of PCFC.

 

The day-to-day running of the club will be controlled by the CEO, Mark Catlin, who will report to the board. You will also probably have heard that Mike Hall has also joined the team as Engagement Manager. Mike Hall The profiles of every director and the CEO are here: Directors

 

Now, the board of PCFC has an extensive mix of skills and business experience and there is no question of there being any sort of split along PST/President lines. Each director will have an equal say in decision making and each will have a free vote should the need arise. All are Pompey fans wanting to make the right decision for the sake of the club they love.

 

A lot has been made about the transparency, or lack of, of the business plan. This business plan has probably been updated more than 50 times as more information has become available to us or other people make demands of us. It has been a moving feast, big time!! I do not expect us to publish the full details of our business plan, as it contains commercial and legal sensitive information - there is nothing any of us can do about that!

 

The latest business plan, which I am monitoring daily, shows us making a trading loss for the rest of this season and next season and achieving a small profit in 2014/15. These losses along with the purchase of the ground and assets, acquisition costs and the mega payments to creditors are covered by the investment of the fans and parachute payments up until the end of next season. Our cash reserve will be healthy next season, even after repaying the loan from Portsmouth City Council, and will be sufficient to pay the football creditors their £8M+ and repay the loan to Stuart Robinson. The loans to buy the ground will be repaid in approx 15 months and the final payments to the football creditors will be made in season 2016/17.

 

To achieve this we must keep to our budgets and have controls to ensure that this is the case. We have to work to increase revenue from fan investment, ticket sales, sponsorship, hospitality etc and minimise costs throughout the business.

 

We have a team of people working, right now, to achieve our aims and I am certain we can do it.

 

Thank you all for the massive support you have given to the cause.

 

Together, WE DID IT! PUP"

Link to comment
Share on other sites
hutch

hutch

Posted
Posted

I guess there is a reason why they would still prefer to talk about what the respective ownership percentages might be at some undefined point in the future, rather than what it actually is today. They do, of course, know what that figure is today, but prefer to keep it a secret.

Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)
Posted by OldSpice on Pompey Online

 

"I do not expect us to publish the full details of our business plan, as it contains commercial and legal sensitive information"

 

And there you have it....the catch all caveat which they can hide behind as they see fit...

 

The latest business plan, which I am monitoring daily, shows us making a trading loss for the rest of this season and next season and achieving a small profit in 2014/15. These losses along with the purchase of the ground and assets, acquisition costs and the mega payments to creditors are covered by the investment of the fans and parachute payments up until the end of next season. Our cash reserve will be healthy next season, even after repaying the loan from Portsmouth City Council, and will be sufficient to pay the football creditors their £8M+ and repay the loan to Stuart Robinson. The loans to buy the ground will be repaid in approx 15 months and the final payments to the football creditors will be made in season 2016/17.

 

To achieve this we must keep to our budgets and have controls to ensure that this is the case. We have to work to increase revenue from fan investment, ticket sales, sponsorship, hospitality etc and minimise costs throughout the business.

Does that apply to player wages too? How are they going to build a squad that can "be competitive" (or "walk this league" as fans call it) if they've got to "minimise costs throughout the business"? Edited by trousers
Link to comment
Share on other sites
seaempty

seaempty

Posted
Posted
The latest business plan, which I am monitoring daily, shows us making a trading loss for the rest of this season and next season and achieving a small profit in 2014/15.

Why not make the sqaud less competitive, and achieve a profit more quickly?

Link to comment
Share on other sites
Chopper71

Chopper71

Posted
Posted
The latest business plan, which I am monitoring daily, shows us making a trading loss for the rest of this season and next season and achieving a small profit in 2014/15. These losses along with the purchase of the ground and assets, acquisition costs and the mega payments to creditors are covered by the investment of the fans and parachute payments up until the end of next season. Our cash reserve will be healthy next season, even after repaying the loan from Portsmouth City Council, and will be sufficient to pay the football creditors their £8M+ and repay the loan to Stuart Robinson. The loans to buy the ground will be repaid in approx 15 months and the final payments to the football creditors will be made in season 2016/17.

 

To achieve this we must keep to our budgets and have controls to ensure that this is the case. We have to work to increase revenue from fan investment, ticket sales, sponsorship, hospitality etc and minimise costs throughout the business.

"

 

This little gem basically means that the current plan is based on the assumption they can increase income across the whole club and at the same time reduce expenditure. I'm sure the fans will "pack the park" despite this..... Also, if the plan relies on achieving this assumption, then I think it onlt right we should open the sweepstake on the timing of the next (number 5?) administration.

Link to comment
Share on other sites
Daren W

Daren W

Posted
Posted
Why not make the sqaud less competitive, and achieve a profit more quickly?

 

Sorry but how can these morons talk about turning a profit when they've not paid a penny back of their debt????

Is it in never never land now???

You owe money.... Pay some of it back for common decencys sake!

Link to comment
Share on other sites
spyinthesky

spyinthesky

Posted
Posted
Their academy team did win the Youth Alliance South-East league this season, so they are near the top of the bottom, if you see what I mean. Also Alan McLoughlin (ex-Saint) who is no mug, coaches them, and lets face it, their lads are more likely to get a chance in the first team than those at any top division club.

 

The interesting thing here is that Pompey did not actually come top of the South East Alliance Youth League (comprising teams from Divs 1 & 2 plus Luton - Watford were the only Championship team)

 

They actually came 4th or 5th but 'won' the league on a average points per game basis as not all teams played the same amount of games.

 

Odd way to operate a League!!

Link to comment
Share on other sites
trousers

trousers

Posted
Posted
Sorry but how can these morons talk about turning a profit when they've not paid a penny back of their debt????

Is it in never never land now???

You owe money.... Pay some of it back for common decencys sake!

 

Yeah, but that wasn't "their" debt, that was the previous owners' debt... Nothing to do with the new guys...no sir-eeee (but we'd quite like to keep some of the good historical stuff pretty please...)

Link to comment
Share on other sites
EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Posted by OldSpice on Pompey Online

 

Blah, blah,blah.........

 

The latest business plan, which I am monitoring daily, shows us making a trading loss for the rest of this season and next season and achieving a small profit in 2014/15. These losses along with the purchase of the ground and assets, acquisition costs and the mega payments to creditors are covered by the investment of the fans and parachute payments up until the end of next season. Our cash reserve will be healthy next season, even after repaying the loan from Portsmouth City Council, and will be sufficient to pay the football creditors their £8M+ and repay the loan to Stuart Robinson. The loans to buy the ground will be repaid in approx 15 months and the final payments to the football creditors will be made in season 2016/17.

 

To achieve this we must keep to our budgets and have controls to ensure that this is the case. We have to work to increase revenue from fan investment, ticket sales, sponsorship, hospitality etc and minimise costs throughout the business.

 

We have a team of people working, right now, to achieve our aims and I am certain we can do it.

 

Thank you all for the massive support you have given to the cause.

 

Together, WE DID IT! PUP"

 

Oh! A little less than the debt prior to CVA1 then :rolleyes:.

Link to comment
Share on other sites
Daren W

Daren W

Posted
Posted
Yeah, but that wasn't "their" debt, that was the previous owners' debt... Nothing to do with the new guys...no sir-eeee (but we'd quite like to keep some of the good historical stuff pretty please...)

 

But surely if you take on the assets and the league status/standing then surely you're liable for the debt or at least part of????

It seems these muppets want to have their cake and eat it....

You want a penalty then take away their history, don't pay your debts but your club starts from next season on....

What would they talk about??

Link to comment
Share on other sites
trousers

trousers

Posted
Posted
But surely if you take on the assets and the league status/standing then surely you're liable for the debt or at least part of????

It seems these muppets want to have their cake and eat it....

You want a penalty then take away their history, don't pay your debts but your club starts from next season on....

What would they talk about??

 

That is the crux of why this thread has been going on for so long.... if the fan base had come out and said..."You know what? The last 10 years should be wiped from Pompey history because it was all based on foundations of sand (sand that we then put our heads in). The good stuff, the bad stuff - consign it all to the dustbin of history and we'll start again from scratch. Oh, and if we ever make a surplus we'll do what any decent COMMUNITY club would do and give some of it back to the COMMUNITY that lost out in the past rather than pour every last penny into buying the most competitive squad in the league"....we'd probably have dropped our "obsession" with the injustice by now...

 

And on that basis I predict this thread will never end...

Link to comment
Share on other sites
Monk

Monk

Posted
Posted

Having lived, played and now coached in Portsmouth, I can tell you for one that they have never looked after their own. Saints, Reading, Bournemouth, Brighton and now Chelsea have always dominated the grassroots level when 'scouting and recruiting’.

 

As you may of seen, we have had some pretty scathing attacks from the skates in the media and even one coach receiving a phone call from an ex-non league manager now coaching at Pompey (you can guess) telling us to '**** off out of their Island & Hampshire’. We’ve never had this issue with Saints.

If ran correctly and by the RIGHT people, Portsmouth actually could have a very good academy but the club have never cared for infrastructure, more about favours and brown envelops.

Link to comment
Share on other sites
Chez

Chez

Posted
Posted
and the final payments to the football creditors will be made in season 2016/17.

 

Despite getting £11m of parachute payments in the next 12 months its not until 2017 before they complete the payments to the players/clubs.
Link to comment
Share on other sites
Whitey Grandad

Whitey Grandad

Posted
Posted
The interesting thing here is that Pompey did not actually come top of the South East Alliance Youth League (comprising teams from Divs 1 & 2 plus Luton - Watford were the only Championship team)

 

They actually came 4th or 5th but 'won' the league on a average points per game basis as not all teams played the same amount of games.

 

Odd way to operate a League!!

 

So to win this league all you need to do is win the first game and then not play any more games.

 

Simples

Link to comment
Share on other sites
Hatch

Hatch

Posted
Posted
Does anyone know if the -10 will carry over to next season in league 2 what with Pompey being relegated without the punishment this season as happened with Saints when going from the Championship to League 1?

 

 

As it stand no. But hopefully the FL will change its mind. All sorts of shyte can happen between now and the start of next season.

Link to comment
Share on other sites
FloridaMarlin

FloridaMarlin

Posted
Posted
@pn_neil_allen: New chief executive Mark Catlin makes #Pompey Academy pledge. http://t.co/

 

 

 

Erm....so that's something else that's changed from the original Trust prospectus without formal communication then.... I thought they were planning on ditching the Academy?

 

p.s. "thriving".... :lol:

 

Can somebody remind us where this 'thriving' academy is based? Is it based at a state of the art training headquarters with all the latest sports science technology and innovations to help develop young players and bring out the best of their talent? Or is it at a former community centre with broken windows where the young stars' main concern will be keping half an eye on the dressing rooms to make sure their clothes aren't nicked by the locals?

Link to comment
Share on other sites
qwertySFC

qwertySFC

Posted
Posted (edited)

But who currently owns Fatpipes ? Its not the Trust or the Directors , 15 months to repay the "loan" to purchase the ground - yesterday on the website is was suggested that they are renting the ground at a reasonable rate and "hope" to purchase in full within 5 years - but I guess that's transparency for you

 

All of the wording is constructed quite cleverly - if you read the detail

 

Guy has already been quoted as saying he can't buy any new players - looks like Jed Wallace is on his way, if he does go I wonder if there will be a vote on it , they could be holding a referendum every week until August - who's in who's out afterall they all own it now

Edited by qwertySFC
Link to comment
Share on other sites
rallyboy

rallyboy

Posted
Posted

So much for Chanrai being history - we now discover that he has a quarter of a million 'add-ons' tied up in the new business, and will take his last money from the club in five years time.

 

 

Should those modest payments not appear on the day that they are due he will no doubt claim whatever security arrangements he requested in the agreement - a bit like he did last time, and that went really well for the club.

 

Looking at some of the projections, I'm not sure it'll be the Trust that he's chasing when those payments are missed.

 

And what's the likelihood of the great heroes like Kanu and Norris EVER getting their money?

I see no reason why pompey will pay it.

The authorities have proved to be toothless, the football creditor rule hasn't led to payment, it's just led to the debts being written down as IOUs that they never intend to honour.

 

The only way the football debt will be paid is through redirecting the PPs.

 

It's like CVA1 that's been dead for years, but only failed last week.

 

The football debt isn't unpaid, it just hasn't been paid yet. :?

 

It's still on some imaginary list to be paid, which to the FA and FL, makes it okay.

 

They are gullible.

The PFA need to jump up and down a bit, because the plonkers in blazers have clearly given up trying to police financial doping.

Link to comment
Share on other sites
 Share
Go to topic listing
×
×
  • Create New...