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Pompey Takeover Saga


Fitzhugh Fella

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You never know. There might be another dodgy Russian out there wanted to launder some money. The interesting thing will be seeing what happens if somebody like that wanted to buy them from the Trust and the small business owners who currently own them. Would they sell, or would they prefer to continue as the small so-called fan-owned entity?

 

this is what i asked the 2 skates at work & both said they hoped the club would refuse all offers as they want the club to stay in the fans hands! :lol:

i would of asked how exactly is the club in their hands now but i was laughing to much

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Wes - that brings you back to the question of why would anyone want to when there are more attractive clubs out there to buy (Coventry etc). I reckon the likelihood of a generous (nutty) benefactor coming along with £100M to waste is just a dream for them now.

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You never know. There might be another dodgy Russian out there wanted to launder some money. The interesting thing will be seeing what happens if somebody like that wanted to buy them from the Trust and the small business owners who currently own them. Would they sell, or would they prefer to continue as the small so-called fan-owned entity?

 

Now that'll be a future set of lolz - when they're really struggling for cash and someone offers new investment - but not enough to repay all the fan pledges once new debts and the "presidents" are paid off. 1500 fans see their £1000 "shares" turned into £200. Of course, if there was any justice, they'd get just £4 back.*

 

*are my maths right?

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Because the PDT are purported to have offered a Chinny £2m 'windfall' if the club makes it back to the Premier League within the next 10 years.

 

Summer 2023, the PST crack the champagne corks again to celebrate missing relegation back to League 1 and so not having to pay Chinny his 2 million.

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It really makes me laugh that they can't do anything without lauding it as the biggest and best version ever done by anyone.

 

Do they realise how completely up their own a*rses they sound.

 

The thing is, the more they build themselves up, the more spectacular the failure is.

 

Winchester how dare you diss the biggest and bestest Fans owned club in the world, don't you know that Maradonna is gonna be their manager and that Messi bloke is demanding a transfer to the biggest and bestest Fans owned club, he only plays for that poxy fans owned club Barcelona.

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My skate mate is scathing about the kit deal. He says it sums up how fuc.ked they really are when £10k is deemed a lot of ££.

 

It is a substantial amount of money for the trust... currently they are kicking about at parish cake fayres earning the odd £800... not enough to keep champange iain liquid for the night

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you might be right View but I just don't see them accepting lower league football on a budget.

 

Too many times in recent years I've thought 'at last, now they'll have to live within their means', only to be caught out by a dodgy move such as the fantasy false accounts that were presented to the high court allowing them to strengthen their squad for the cup run, or the loaning out of players to dodge the 20 man squad rule, or having no real CVA, but announcing one that wouldn't be paid, just to reduce penalties....etc

 

After you see stunts like that pulled, and they eventually end up with a punishment that just makes them slightly more relegated than they already were, you suspect that they will ignore creditors, wriggle out of the FL restrictions and continue to live beyond their means.

Having the PPs earmarked but not ringfenced means that they can use them all up, and not worry about the debts.

 

Though I see that the south's leading investigative journalist is now best-placed to expose anything like that, and he's good at telling everyone the truth about dodgy owners.

Maybe not so much a case of jobs for the boys but an undercover assignement?

 

To quote KK, I would love it, absolutely love it...if they traded solvently and accepted life at the bottom of League Two.

But I don't believe they will.

 

There'll be a little spending spree on the horizon, dressed up as a frees on the lowest wages, paying their own camping fees and dining on local rodents.

Then we'll have the overseas tour, sold to the few as paid for by someone else.

Until the accounts emerge.

History suggests this will happen - or am I just a jealous Nutjob, who through living on the frontline views our mighty neighbours through red mist?

 

The writing's on the wall. Common sense says the squad they have now is beyond them financially and yet here they are talking about spending this, spending that, expanding the ground, setting up academies...

Their problem lies in the fact that now they have to actually repay some money but they really need to buy stuff on credit, but who will give them credit? Everything will have to be paid n cash and probably in advance and for a club on their sort of budget? well... they're ****ed...

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If the skates got the "opportunity" of another dodgy investor with money, it'll divide the fanbase big time. They couldn't give a rat's ballsack how they get success, just that they get it by any means possible. It'll be interesting to see if someone does appear on the horizon and when they do, will the bestest fans in the world be able to resist the lure of filthy, dirty lucre?

 

I think not.

 

History will repeat itself, just as rallyboy said above.

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Bradley Saunders! ‏@BradSaundersPfc

Are you ****ing joking #pompey nike, Adidas, Puma, Umbro and Fila all came in to make our shirts next year but we chose Sondico #poor

 

Probably the only mob prepared to give them any credit, Might I suggest the fool from Sondico who negotiated the deal start working on his CV

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If the skates got the "opportunity" of another dodgy investor with money, it'll divide the fanbase big time. They couldn't give a rat's ballsack how they get success, just that they get it by any means possible. It'll be interesting to see if someone does appear on the horizon and when they do, will the bestest fans in the world be able to resist the lure of filthy, dirty lucre?

 

I think not.

 

History will repeat itself, just as rallyboy said above.

 

On the nail Crabby! If long John feckin Silver landed dragging Davy Joneses locker then he's the man. Lets face it how many supporters are that interested in where there owner acquired his millions from, This so called fans trust have had the key's to the asylum for just over a week and it.s looking flake all ready

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Now that'll be a future set of lolz - when they're really struggling for cash and someone offers new investment - but not enough to repay all the fan pledges once new debts and the "presidents" are paid off. 1500 fans see their £1000 "shares" turned into £200. Of course, if there was any justice, they'd get just £4 back.*

 

*are my maths right?

 

If the skates got the "opportunity" of another dodgy investor with money, it'll divide the fanbase big time.

 

Interesting angle, what if the PDT were to sell up, or indeed factions within?

 

If a buyout was forced, would Chinny come back into the fold with some sort of overage or floater for the next ten years?

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These losses, along with the purchase of the ground and assets, acquisition costs and the 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

 

So, the PPs are enough to pay the football creditors their £8m+, however, they won't be used to achieve this as the football creditors will be paid in 2016 or 2017.

 

Hands up, which of you nutjobs guessed that they had no intention whatsoever of paying the FCs with the PPs and used them for the purpose they were intended for once upon a time :D

 

I suspect that once again, the figures don't add up, so less than a fortnight after the bestest and biggest fan takeover in the world ever, they are already robbing from Peter to pay Paul.

 

The fun is just getting started, again :D

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If the skates got the "opportunity" of another dodgy investor with money, it'll divide the fanbase big time. They couldn't give a rat's ballsack how they get success, just that they get it by any means possible. It'll be interesting to see if someone does appear on the horizon and when they do, will the bestest fans in the world be able to resist the lure of filthy, dirty lucre?

 

I think not.

 

History will repeat itself, just as rallyboy said above.

 

The average skate maybe might be easily swayed by a dodgy sugar daddy, but I don't think those that have invested their £1000 will be so quick to grab the cash and its them that will ultimately have the vote on selling a percentage of the club. The key will be if they can balance the books. If they start to get into trouble that's when pressure might build.

Edited by Chez
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http://fansonline.net/portsmouth/mb/view.php?id=495770

 

 

A real insight into the minds of skate fans and the cracks getting bigger by the day

 

Follow the thread through and see the back tracking from the riddle :) :) :) :)

 

Love it!

 

They're arguing about EIGHTY lifetime tickets! EIGHTY!!

 

They've probably sold out their poxy rundown fat clogged stadium a handful of times in the last decade and they're arguing about EIGHTY tickets! It's not like they haven't got the room to squeeze EIGHTY people in is it!

 

I wonder how many people Champagne Ian and Champagne Mick will be inviting into the hospitality suite[sic]. I suspect it'll be more than EIGHTY people every week ;)

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Love it!

 

They're arguing about EIGHTY lifetime tickets! EIGHTY!!

 

They've probably sold out their poxy rundown fat clogged stadium a handful of times in the last decade and they're arguing about EIGHTY tickets! It's not like they haven't got the room to squeeze EIGHTY people in is it!

 

I wonder how many people Champagne Ian and Champagne Mick will be inviting into the hospitality suite[sic]. I suspect it'll be more than EIGHTY people every week ;)

 

If they revoked the tickets it would be one way of getting TCWTB out of the ground as I am pretty certain it was mentioned that he was one of the 80?

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http://www.pompeytrust.com/index.php?option=com_content&view=article&id=583:key-questions-and-their-answers&catid=34:demo-category

 

PST Board Member and Portsmouth Community Football Club Director Mick Williams has produced a handy summary of some of the key questions members and shareholders have been asking since the club came out of administration.

If you have further questions please email info@pompeytrust.com

 

Who owns Pompey now?

Portsmouth Community Football Club Ltd (PCFC)is the company that owns the club. 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, a total of around £400,000 to cover the losses and stop the club being liquidated for a number of months last year.

 

Can the Presidents sell their shares for a profit?

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.

 

Who is on the Board of Directors?

The original directors of PCFC were the three members of the PST Executive board, Mark Trapani, Ashley Brown and me, Mick Williams, plus Iain McInnes who was asked to join with us and invited to be PCFC Chairman elect. We also asked Mike Dyer, who is a partner at Verisona solicitors 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. A full biography of the CEO & new board is available here: http://www.portsmouthfc.co.uk/LatestNews/news/Introducing-The-New-Board-4350.aspx

 

How do I influence who is on the Board?

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.

 

Who runs the club on a day-today basis?

The day-to-day running of the club will be controlled by the CEO, Mark Catlin, who will report to the board. A full biography of the CEO can be found on the link above.

 

You will also probably have heard that Mike Hall has also joined the team as Engagement Manager. More details can be found here: http://www.portsmouthfc.co.uk/LatestNews/news/Pompey-Appoint-Engagement-Manager-4351.aspx

 

Shouldn't the PST have more directors to represent its majority stake?

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.

 

Why hasn't the business plan been published yet?

The 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. It is unlikely we will 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 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.

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"PST Board Member and Portsmouth Community Football Club Director Mick Williams has produced a handy summary of some of the key questions members and shareholders have been asking since the club came out of administration.

If you have further questions please email info@pompeytrust.com

 

Who owns Pompey now?

Portsmouth Community Football Club Ltd (PCFC)is the company that owns the club. 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, a total of around £400,000 to cover the losses and stop the club being liquidated for a number of months last year.

 

Clever answer as the question should be - Who owns Fatpipes Park ? They all seem to think that because they own Pompey the club which is the players contracts , staff and the Football League inclusion - it don't included an appropriate answer to the ground or even mention the ground -

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http://portus-eg.blogspot.co.uk/

 

Finally the long-running Pompey ownership saga is over, the PST did it.

 

After what seemed an eternity April 2013 has brought its own showers of good news for Pompey fans.

 

April 10th saw Portpin finally concede in the High Court that its Reign of Error at Portsmouth FC was over, news which had grown men in joyful tears and a seaside city bathed in euphoria.

 

April 19th saw the Pompey Supporters Trust officially take over the club and get the club out of the most complicated administration English football has ever seen..

 

April 20th saw the mother of all parties at Fratton Park as a jubilant 18,000 plus saw the demolition of promotion-chasing Sheffield United with a bevy of beautiful Brazilian dancers lending a surreal but enjoyable facet to the carnival atmosphere.

 

Smiling faces, glorious sunny day, non-stop singing, good football – the feelgood factor went off the scale that day and I found myself checking I was indeed at Fratton Park and not on the film set on a gooey “Ah Bless”–type movie.

 

Even now the good April news keeps on coming – competitive pay-on-the-day ticket prices, kids in for a fiver, no online booking fee, Whittingham offering the entire squad a chance to stay, season ticket prices and a new kit deal with a bespoke and unique Pompey design interlaced with a community deal to attract young players to the New Pompey.

 

Make no mistake, Pompey are now pioneers in the football world in this country.

 

The growing disillusionment with the meticulously-marketed and horrendously-expensive era of modern football will have piqued the interest of many fans up and down the country and they will be watching with interest at what happens at Pompey, wondering if they too could become a tangible part of their football club again as opposed to be mere paying customers of a corporate-led product outlet.

 

The usual gloom and doom merchants out in force of course –“Not enough money to run a football club”, “ A bunch of well-meaning amateurs “ etc.

 

Amazes me that the hugely experienced new board of directors will collectively, according to some, now suddenly shed their vast business acumen garnered through years of running their own multi-million pound turnover companies and turn into bumbling novices who cannot tell the difference between a balance sheet and a bed sheet.

 

Funnily enough I don’t feel that will happen and, having backed the PST bid throughout this blog, I am convinced that the fan-owned New Pompey will work.

 

A lot of that conviction comes from not only meeting them as people and fellow fans but from their backgrounds too. They know what they are doing and have the best interests of the club at heart – not something we have been able to say in many years about the clubs’ management.

 

Of course, being trailblazers of sorts, there are bound to be mistakes made. As long as the club learns from them I am sure fans will be tolerant.

 

Mark Catlin, the new Pompey CEO, seems to have energy and enthusiasm to burn and has wasted no time is setting about repairing decades of neglect in both the club infrastructure and the way the fanbase have been treated.

 

He is ably aided and abetted by Micah Hall, the newly-appointed club Engagement Manager, whose communication skills, both written and verbal, are renowned. He, like Catlin, has an abundance of “can-do” attitude and also possessor of an impressive work career to boot.

 

I cannot wait for the new season to start this coming August, a feeling I have not had in years.

 

I think back to that day on the tenth of this month at the High Court which was the culmination of a long hard road involving sock puppets, verbal slaggings, hissy fits, despair, joy with a dollop or two of sheer lunacy thrown in for good measure.

 

That day in the Rolls Building Court Number 30, like so many have been in recent years with Fratton Park affairs, was a tense drama-laden day never to be forgotten.

 

We had all seen how Portpin operated for the past four years and feared some last-minute devious plan. The Harris late bid, consequently curtly dismissed in court and elsewhere, had thrown an unwelcome spanner in the works so what else would they come up with?

 

As it happens the PST/Verisona bid team had played a blinder all along and had Portpin cornered, countering every move Portpin made and had the Football League, PFA, MP’s, Portsmouth City Council and PKF firmly onside by the end.

 

Added to their skilled manoeuvres came the fact court proceedings challenging the long-time dubious Portpin debenture had started the week before the High Court hearing.

 

Two High Court judges had previously in 2010 and 2012 raised queries about the debenture, finally it had been challenged and I am convinced this last act finally left Portpin with no option but to accept the PST offer, take the money and run.

 

Better that than risk the debenture being overturned and they could have ended up with nothing. They got some money and the dropping of the debenture challenge in return, the first wise move Portpin had made in a very long time in my opinion.

 

There are untold eye-opening stories to be aired about the bid process as a whole. I do understand that the excellent veteran Pompey blogger SJ Maskell will be writing them up in due course.

 

I also understand the long-rumoured book about the turbulent times at Pompey in recent years is currently being discussed and planned amongst those at the heart of it all.

 

That is a book I must and shall read!

 

So hopefully this will be the last blog of mine for the foreseeable future regarding Pompey. I will leave the blogging of the daily affairs to the more skilful writers whose numbers will no doubt grow in line with the clubs’ growth.

 

All eyes are on the Trust and the club and every move made will be closely watched and analysed but I have a good feeling the dark days of deceit, depression and downright financial skulduggery are behind us.

 

I would like to thank the entire PST bid team and Verisona for their fantastic dedication and determination in securing Pompey. Without them and the High Net Worth investors bailing the club out moneywise, the club would be toast. Thank you.

 

To my fellow Pompey fans who have dug deep to buy shares and part shares, thanks. And keep buying them along with tickets, scran in the ground and club shop goodies. The more you keep buying, the better your club will become.

 

 

 

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Edited by trousers
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http://fansonline.net/portsmouth/mb/view.php?id=495770

 

 

A real insight into the minds of skate fans and the cracks getting bigger by the day

 

Follow the thread through and see the back tracking from the riddle :) :) :) :)

 

Had a read through this whilst watching Di Canio being exposed last night, a great read and one I recommend to all...

 

1)the_riddle takes a firm stance of scrutinising the 'lifers', suggesting that their deal expired when the club went bust etc...

 

2)then goes on to make suggestions of a deal to force closure on the 'lifers'

 

3)then suggests a plan is in place

 

4)then announces himself as a pst director

 

5)then launches a patronising attack on the 'lifers'

 

6)then retreats defeated to his lair

 

I love his legalese where its all about the expiration upon the various pfc entities going under... what an absolute fool, in one fell swoop admitting the history is left with the closed down trading entities:

 

I'd be pretty confident that in consumer/ contract law the 'contract' is between the purchaser and the company of the club when purchased (in this case Portsmouth City FC Ltd). That company traded until 2010 - so nothing could have been done about it up until then anyway.

 

The company that offered them that deal has been dead since 2010.

 

'syrup' - I find it a shame you have to keep claiming those who don't have the same viewpoint with you on this matter are 'bitter' ...

 

I've had a ST for 24 years and I'm quite happy paying for it every year - I don't think twice about it. I'm also a Board Member of the PST that has just saved the club so you can have this 'lifetime' issue debated.

 

There's been no suggestion the new PFC Board will be removing these lifetime ST's and the only reason this subject has come up on here, is a suggestion was raised by someone at the Supporters Conference (amongst lots of other suggestions which may never come to pass).

 

So lets keep this as a reasoned debate and stop the name calling and request for 'thanks' as you're currently coming across as thinking you're a 'better fan' than the rest of us.

 

You don't hear all of us who have worked behind the scenes in the story of saving the club this time around asking for 'thanks' or thinking we are 'better fans'.

 

Amazing hypocrisy... so you think youre the bestest fan? Well youre not, I am, I am a board member, I saved the club, without me you are not having this debate at all... but you dont hear me going round asking for thanks or think I am better

 

 

No doubt he still expects his cup and histories though!

 

Brilliant, long journey ahead!

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Any idea what this charge lodged at company's house yesterday for 'Portsmouth Community Football Club' is all about...?

 

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[TD=class: text]REGISTRATION OF A CHARGE / CHARGE CODE 079403350001[/TD]

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And its still showing their annual directors' return as overdue...

 

Edit: actually, it says there are two outstanding charges as things stand...

 

Mortgage: Number of charges: 2 ( 2 outstanding / 0 satisfied / 0 part satisfied )
Edited by trousers
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Any idea what this charge lodged at company's house yesterday for 'Portsmouth Community Football Club' is all about...?

 

 

 

And its still showing their annual directors' return as overdue...

 

LOL - Someone has a charge, probably against fat pipes. Probably be the council or Robinson - It couldn't be Chinny....could it :) :)

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[TD]Jordan:

We're already starting to here bits and pieces on different players arriving[/TD]

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[TD]Jordan:

Nothing too firm yet in terms of identities, although there's been a few thrown around[/TD]

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I know a number of younger players have met Guy and and been shown around the club[/TD]

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All younger lads who are out of contract, about four or five I understand[/TD]

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I believe they are lower league league players - although there's one from a Championship club being worked on[/TD]

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We wait to see what happens there.[/TD]

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The good thing, though, is they are really keen to come.[/TD]

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[TD]Jordan:

We may not have big wages to offer this season[/TD]

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[TD]Jordan:

What we do have is a big club with big gates at L2 level[/TD]

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[TD]Jordan:

That's is the sales pitch being used to these players, and I think they are impressed[/TD]

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[TD]Jordan:

I know that Patrick Agyemang's deal is agreed[/TD]

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[TD]Jordan:

He could have gone elsewhere for more money, but wants to play here[/TD]

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[TD]Jordan:

He'd rather take a little bit less and be part of something, a journey if you like[/TD]

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[TD]Comment From Steve

Hi Jordan - I was looking at the Companies House website earlier at the 'Portsmouth Community Football Club Limited" entry and noticed a couple of things: (a) that the 'Directors Annual Return' is over due by two months and (b) that there is a 'REGISTRATION OF A CHARGE / CHARGE CODE 079403350001' entry for yesterday. Are either of these anything we should be worried about? As a long suffering supporter who has lived through previous 'dubious' regimes I'm obviously keen that we start off on a clean slate! Any ideas? Cheers[/TD]

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[TD]Jordan:

Hi Steve,

That's not anything I'm aware of.[/TD]

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[TD]Jordan:

I think we are going to have this residual fear for a while which we need to get over after all that has gone before[/TD]

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[TD]Jordan:

In terms of the new presidents at the club, who have put in £1.6m, they have all signed agreements saying they will not take money out of the club[/TD]

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[TD]Jordan:

This was the beauty of Pompey becoming a community club, for me[/TD]

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[TD]Jordan:

We may not be flush with money for the forseeable future[/TD]

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[TD]Jordan:

But we can be confident the people in charge aren't taking money out of the club. Would have been the case in alternative outcomes?[/TD]

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Jusr read the items at the Tony Goodall Community Conference

All very good and promising for the future.

Just one point I find argument with - lifetime season ticket holders.

As I understood the system, these were paid for over 10 years ago whilst Milan Manderic was in charge and cost about £1500.

Once the Milan/Gaydamak era was over, I assumed the 'lifers' ended, having got a very good deal from their investment.

Yet now, several owners later, it appears that they still continue to reap the benefits having paid barely £100 each year for a season ticket based on their original investment.

These tickets are sold and passed around amongst friends and even inherited by relatives.

If we are starting a new era of responsibility at Pompey, is it not time to say to the lifers - you've done exceptionally well from your upfront payment, but we are now a community club and there are no longer any free rides?

 

I have this image of these tickets being offered as dowries as aged six-fingered dwellers of the Septic Isle try to offload their most unappealing shell-suited sister/cousin/daughters on the unsuspecting......

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According to the terms on the certificate (which were posted on another forum), the Lifetime Season Tickets expire with the death of the holder.

 

Either way, bearing in mind the Tickets were offered because the club needed a fast injection of cash, it's shameful that any consideration be given to depriving those who were there and dug deep when the club needed them..

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[TD]Jordan:

Pompey, I understand will have a middling to top six budget in L2 next season[/TD]

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[TD]Jordan:

At the moment, I believe, that stands around £1.1m annually. I don't think there is going to be any great change in that[/TD]

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[TD]Jordan:

Unless, of course, we get off to a flying start and the crowds are a lot better than anticipated[/TD]

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[TD]Jordan:

Then I expect the question will be asked if there is any further leeway in the kitty[/TD]

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Any idea what this charge lodged at company's house yesterday for 'Portsmouth Community Football Club' is all about...?

 

 

 

And its still showing their annual directors' return as overdue...

 

Edit: actually, it says there are two outstanding charges as things stand...

 

There are two charges registered.

 

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[TD=colspan: 2]Charge code: 0794 0335 0001 [/TD]

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[TD]Charge status: Outstanding[/TD]

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[TD=width: 26%]Person(s) entitled: [/TD]

[TD]PORTSMOUTH CITY COUNCIL

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[TD=width: 30%]Created: 19/04/2013[/TD]

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[TD=width: 35%]Delivered: 24/04/2013[/TD]

[TD=width: 35%]Form Type: MR01[/TD]

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[TD]Description of property or undertaking: [/TD]

[TD]F/H FRATTON PARK FROGMORE ROAD SOUTHSEA T/NO HP375034 CONTAINS FIXED CHARGE. CONTAINS FLOATING CHARGE. FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY. NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

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[TD=colspan: 2]Charge code: 0794 0335 0002 [/TD]

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[TD]Charge status: Outstanding[/TD]

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[TD=width: 26%]Person(s) entitled: [/TD]

[TD]SOUTH POINT FINANCE LIMITED

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[TD=width: 30%]Created: 19/04/2013[/TD]

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[TD=width: 35%]Delivered: 25/04/2013[/TD]

[TD=width: 35%]Form Type: MR01[/TD]

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[TD]Description of property or undertaking: [/TD]

[TD]FRATTON PARK, FROGMORE ROAD, SOUTHSEA T/NO HP375034 CONTAINS FIXED CHARGE. CONTAINS FLOATING CHARGE. FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY. NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE[/TD]

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According to the terms on the certificate (which were posted on another forum), the Lifetime Season Tickets expire with the death of the holder.

 

Either way, bearing in mind the Tickets were offered because the club needed a fast injection of cash, it's shameful that any consideration be given to depriving those who were there and dug deep when the club needed them..

 

From an accounting perspective the life time season ticket holders are effectively creditors. The club owes them the provision of a season ticket each year. In successive administrations the club has chosen to continue to honour them, deliberately or otherwise, and so have effectively carried over the debt at 100% of the original value. Not exactly fair on other creditors.

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[TD]Comment From Barry H

It was a great relief that we were able to write off tens of millions of pounds from the 2010 CVA without effectively being punished for it points wise. Tough on the thousands of creditors that lost out I guess but we have to move forwards and I'm sure they would understand! PUP![/TD]

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[TD]Jordan:

Sure. I refer you to Guy's quotes on the subject on the link earlier in the webchat[/TD]

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Edited by trousers
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