Pompey Takeover Saga

[Kingsbridge Saint]

Gotta say Pompey are spending more than they should be and still looking like mid table turkeys. This isn't going to end well. Admin 4. coming to a pox riddled island of sister bothering knuckle draggers before the end of the season.

[andysstuff]

Simon Ferry signed from Swindon - looks like it may be promotion or bust. Or possibly promotion and bust.

 

 

http://m.portsmouth.co.uk/sport/pompey/pompey-sign-ferry-1-5321700

[TopGun]

Ferry told the News: "I could have gone to a number of other clubs in the Championship and League 1 but I knew that Pompey is where I wanted to be. I was in absolute awe of the supporters at Fratton Park when Swindon played there last season. I think they're the loudest fans in the country.

 

"I know that the board don't have the money to pay me at the moment but I've been told that's not a problem as they are collecting money in buckets in the local pubs and it's not true about having to pay something called a CVA."

[rallyboy]

team higher in the league pyramid can't afford to retain player, yet potless club crippled by debt signs him....

 

It has a familiar ring to it!

 

Perhaps we should be advised that he is one of the lowest paid players in the league, and that he isn't costing anyone a penny, and that his wages are covered by parachute payments - that has been the justification for the last three summers.

 

Whatever has happened, they have done very well to rip up their own wages budget before getting into August, and being able to pay more than League One clubs are willing to.

[The Cat]

Marceline the Vampire Queen or motability lady? I know who I think is scarier

 

Haha. Motability Princess would be a great addition to the cast. She'd still be less scary than the brazen, over-confident LSP.

 

That's Lavishly Spending Pompey for the uninitiated.

[Gemmel]

Does anyone know what a "Solvency Statement" is and whether it would be typically seen as a bad or good thing?

 

No no, don't worry pompey haven't registered one - We have and this google summary is the best I can come up with - Can anyone help?

 

This Solvency Statement- Share Capital Reduction has been created in light of the new Companies Act 2006 provisions which came into force on 1st October 2008.

 

Private companies, as an alternative to passing a special resolution and obtaining court approval, have the option of reducing the amount of their share capital by special resolution supported by a Solvency Statement- Share Capital Reduction made by the directors.

 

In order to reduce the amount of share capital through the solvency statement route, private companies must submit to Companies House the following:

- the special resolution;

- the solvency statement;

- a statement of capital showing the alteration in the company's share capital in Form SH19 (Section 644 & 649);

- a further statement of the directors under Section 644(5) of the Companies Act 2006 confirming that the special resolution authorising the reduction of share capital was passed within 15 days of the date on which the solvency statement was made

[warsash saint]

Ferry told the News: "I could have gone to a number of other clubs in the Championship and League 1 but I knew that Pompey is where I wanted to be. I was in absolute awe of the supporters at Fratton Park when Swindon played there last season. I think they're the loudest fans in the country."

 

So glad they haven't lost the usual scipt!!

[holepuncture]

if they are so cash rich, debt-free, and massively ahead of projections after reaping bumper corporate sales and sponsorship deals, why are they doing bucket collections?

 

That's usually the exclusive preserve of clubs flirting with insolvency.

 

Perhaps the bucket collections are indeed the bucket collections at the local pubs?

 

The bumper corporate sales... champagne iain paid his bar tab off perhaps?

 

That Tescos will destroy their matchday food and drink revenue, fratton now has a supermarket, a mcdonalds and a kfc... I hope they sold enough of those luncheon vouchers with their season tickets!

 

Which leaves only broadcasting revenue to rely on... that game vs Accrington couldnt come soon enough.

[mack rill]

just heard on the Radio that Pompey lost to Salisbury last night 3-1. I wonder what Mr Allen has to say about that? Obviously a heroic defeat by bad refereeing and a bad pitch

 

As you can see Nicky boy, twitters has managed to bring some stability to the club,,,,,,,now losing on a regular bases,

Give him chelskie in this league and they would lose,

[hutch]

Ferry told the News: "I could have gone to a number of other clubs in the Championship and League 1 but I knew that Pompey is where I wanted to be. I was in absolute awe of the supporters at Fratton Park when Swindon played there last season. I think they're the loudest fans in the country.

 

"I know that the board don't have the money to pay me at the moment but I've been told that's not a problem as they are collecting money in buckets in the local pubs and it's not true about having to pay something called a CVA."

Thank goodness for that, I was beginning to think they might have seen the light and we would have to think about closing the thread.

[suewhistle]

Does anyone know what a "Solvency Statement" is and whether it would be typically seen as a bad or good thing?

 

I see you took the advice on the main board! :-)

[suewhistle]

I'm deep behind henemy lines, so I'm not sure whether the local bookies would be a friendly place for a young innocent like me [cough], but I'm still tempted by a relegation bet on P**********. Anybody have the latest?

[Hatch]

you can get 66/1 online with bet365, or best high street odds is 50s.

[suewhistle]

Ta! My grandad used to do a 6d yankee, so... Portsmouth relegated, Newcastle relegated, Saints 8th or above and....?

[dubai_phil]

I see you took the advice on the main board! :-)

 

[spyinthesky]

just heard on the Radio that Pompey lost to Salisbury last night 3-1. I wonder what Mr Allen has to say about that? Obviously a heroic defeat by bad refereeing and a bad pitch

 

To be fair it was their U 21 Squad so a good comparison will be to see how our U21's get on at Eastleigh tonight

 

However Mr Allen managed to take positives out of the 3-0 home drubbing by Charlton and it was noticeable that Bournemouth were short of several 1st teamers when plucky Pompey only went down 2-1 at Dean Court (as was)

[spyinthesky]

just heard on the Radio that Pompey lost to Salisbury last night 3-1. I wonder what Mr Allen has to say about that? Obviously a heroic defeat by bad refereeing and a bad pitch

 

To be fair it was their U 21 Squad so a good comparison will be to see how our U21's get on at Eastleigh tonight

 

However Mr Allen managed to take positives out of the 3-0 home drubbing by Charlton and it was noticeable that Bournemouth were short of several 1st teamers when plucky Pompey only went down 2-1 at Dean Court (as was)

[OldNick]

As you can see Nicky boy, twitters has managed to bring some stability to the club,,,,,,,now losing on a regular bases,

Give him chelskie in this league and they would lose,

you obviously dont rate your manager Mack, I beg to differ I think he's great

[andysstuff]

http://m.portsmouth.co.uk/sport/pompey/catlin-allays-pompey-budget-increase-concerns-1-5323345

 

Smoke and mirrors or nothing to worry about.

I can't quite understand that if some sponsors were willing to fund extra playing budget, why then wait for an approach from Guy to sanction it. Surely it would be the other way around?

[Clapham Saint]

Does anyone know what a "Solvency Statement" is and whether it would be typically seen as a bad or good thing?

 

No no, don't worry pompey haven't registered one - We have and this google summary is the best I can come up with - Can anyone help?

 

This Solvency Statement- Share Capital Reduction has been created in light of the new Companies Act 2006 provisions which came into force on 1st October 2008.

 

Private companies, as an alternative to passing a special resolution and obtaining court approval, have the option of reducing the amount of their share capital by special resolution supported by a Solvency Statement- Share Capital Reduction made by the directors.

 

In order to reduce the amount of share capital through the solvency statement route, private companies must submit to Companies House the following:

- the special resolution;

- the solvency statement;

- a statement of capital showing the alteration in the company's share capital in Form SH19 (Section 644 & 649);

- a further statement of the directors under Section 644(5) of the Companies Act 2006 confirming that the special resolution authorising the reduction of share capital was passed within 15 days of the date on which the solvency statement was made

 

 

A solvency statement is essentially the Directors making a sworn declaration that teh company is able to pay all of its debts.

 

They are usually made; either before a solvent winding up of a company, or as it appears in your case, before buying back some of its own shares.

 

Why would your company be buying back some of its own shares?

 

It can (in some circumstances) be a tax efficient way of shareholders taking money out of the the company utilising their capital gains allowance rather than income tax personal allowances

 

Or more likely, one of the shareholders wants to get out/retire and rather than the other shareholder(s) pay him for his shares from their pockets, the company uses its own resources to buy his shares back and cancel them.

 

A company isn't allowed to do this if it isn't solvent, hence the need for the declaration.

[OldNick]

http://m.portsmouth.co.uk/sport/pompey/catlin-allays-pompey-budget-increase-concerns-1-5323345

 

Smoke and mirrors or nothing to worry about.

I can't quite understand that if some sponsors were willing to fund extra playing budget, why then wait for an approach from Guy to sanction it. Surely it would be the other way around?

seems to me that they have moved the figures around to suit. If they are only at 30% then surely there should be plenty of funds to pay for more players. i cant work out why it was such a struggle when they only were at 30%, but of course we do know that the figures down there get more massaging than Avram on a day off.

[Colinjb]

With them so lowly and out of the media now, and this thread not what it once was, I am out of the cheating blue loop.

 

Can someone fill me in please. Have they made good signings? Can they afford them? If so how? Have they paid any debts? Is Neil Allen still the worst journalist to still be employed?

 

Well, they want to re-sign Ricardo Rocha.

 

Make of that what you will.

[ant]

That go-ahead comes on the back of far better season ticket, commercial and sponsorship sales than originally budgeted.

 

So rather than pay off some of their debts earlier, they'd rather plough this unexpected (and very relative) windfall into player wages. Meet the new boss...

[hutch]

seems to me that they have moved the figures around to suit. If they are only at 30% then surely there should be plenty of funds to pay for more players. i cant work out why it was such a struggle when they only were at 30%, but of course we do know that the figures down there get more massaging than Avram on a day off.

My guess is that in the usual way they are not being wholly truthful, and they are including the last of the PPs in their turnover, even though (in theory) they are going straight in and back out again before the skates get a sniff of them. I guess if you strip the PPs out, their wages to T/o is probably closer to 75%.

[The9]

My guess is that in the usual way they are not being wholly truthful, and they are including the last of the PPs in their turnover, even though (in theory) they are going straight in and back out again before the skates get a sniff of them. I guess if you strip the PPs out, their wages to T/o is probably closer to 75%.

 

The Parachute Payments are legitimately part of their turnover, whether they're already accounted for or not. What *I* like about it, is that because they've been relegated so many times since they were in the Prem, the amount they're getting for parachutes is lower than what they'd have got as a Championship team.

Edited 26 July, 2013 by The9

[Pugwash]

My guess is that in the usual way they are not being wholly truthful, and they are including the last of the PPs in their turnover, even though (in theory) they are going straight in and back out again before the skates get a sniff of them. I guess if you strip the PPs out, their wages to T/o is probably closer to 75%.

 

This. I 'trust' it will also mean an extra coat of hammerite on FP's rusty bits and a couple of fire extinguishers to keep the inspector happy.

[hutch]

The Parachute Payments are legitimately part of their turnover, whether they're alreaydy accounted for or not. What *I* like about it, is that because they've been relegated so many times since they were in the Prem, the amount they're getting for parachutes is lower than what they'd have got as a Championship team.

Not exactly transparent though, is it? It's deliberately spun to give the impression that they're only spending half as much as they should be on wages, which we know is not the case. They are now once again gambling on what their future takings might be. And if they're a bit down then they're back to scrounging around for more "shareholder's loans" from the HNWs secured by "fixed and floating charges". As ant said, meet the new boss.....

[Chez]

What *I* like about it, is that because they've been relegated so many times since they were in the Prem, the amount they're getting for parachutes is lower than what they'd have got as a Championship team.

is that true? I thought they increased significantly due to the rise in TV money?

[rallyboy]

it appears from the statement that the only concern with paying higher wages was the percentage against turnover, not their own broken budget promises to the people who donated £1000.

 

If their wages are now approx a third of their projected income for the year, (I think they might be sensibly ignoring the PP for these stats) I can see some gaping holes in the future cashflow.

 

Guesstimate time!

 

Wages - £1.5m?

 

Means a total Income of about £4.5M, which kind of makes sense.

(ST £2M, gates £1.5M, sponsorship/TV £1M)

 

 

Then we have Robinson + council wanting £3M? - pretty sure both want that back fairly sharpish.

They might decide to shaft the council - what can they do?

Nasty council picking on the biggest pluckiest fan-owned club in sporting history!

 

Robinson is different, they must pay him back, or he'll chuck them out on the street like his role model Chinny did.

 

 

 

Add in all travel/hotels/club houses/agent fees (deliberately moved out of wages budget to fool league) and I guesstimate that they will need to average 14,000 to break even.

And of course a percentage of CVA must be due this year.

 

 

There are still fans that think selling season tickets cheap and giving away games means that they make more money longterm.

No, let's try it again, that income is big because it is here now, whereas that other income is now smaller AND far away...

 

Meanwhile those other greedy businesses in the city are still raking in £13M from every home game.

Could be a harsh winter for cashflow, just around the corner.

[The9]

Not exactly transparent though, is it? It's deliberately spun to give the impression that they're only spending half as much as they should be on wages, which we know is not the case. They are now once again gambling on what their future takings might be. And if they're a bit down then they're back to scrounging around for more "shareholder's loans" from the HNWs secured by "fixed and floating charges". As ant said, meet the new boss.....

 

It's got nothing to do with transparency, the PPs are part of their turnover, are calculated as such, and provide the limit for their expenditure. Apart from the wage cap in FL2, the FL has also said there are conditions they need to abide by - it's THERE the lack of transparency is a problem, because no-one has a clue if that's just rhetoric from the FL or not.

[The9]

is that true? I thought they increased significantly due to the rise in TV money?

 

The Prem clubs are offering the lower divisions a smaller proportion of the overall pot. The total amount went up, but they're definitely getting much less than they would have by remaining in the Championship.

 

"League Two clubs [get] £240,000... a 5.4% rise."

 

http://www.bbc.co.uk/sport/0/football/22205419

 

http://www.bbc.co.uk/sport/0/football/22171365

 

"Clubs relegated from football's top flight will receive in excess of £60m over a four-year period from next season.

The Premier League has agreed new parachute payment arrangements, although it is yet to confirm the exact figure.

Clubs relegated to the Championship currently receive £48m over four years."

Edited 26 July, 2013 by The9

[Weston Super Saint]

I don't believe that anyone at the club would dare allow spending to undo all the hard work to pull the club back from the brink. If he says there's a bit more money for the playing budget, then we have to trust him. We are under the microscope big time now, any bad business running or over spending and it will be seized upon. And mauricio you dozy stain, a number of supporters who are business owners got together and paid the charities back some months ago, that's what real supporters do along with trying to save the club. Best not mention the fund raising match to save saints, cancelled through lack of interest, oh too late I just did. It's shameful that you couldn't even be bothered to show up when your supposed own club needed you. Always know the facts before sounding off.

 

Either I fell asleep a couple of months ago or dumb skate in Surrey from that snews article is making stuff up!

 

Can anyone provide a link to the super bestest fans in the whole wide world clubbing together and paying of the charities 'some months ago'?

 

You'd have thought that even with the worst journalist in the world, ever, on the paper, even the snews would have picked up on this and trumpeted it to the whole world?

[Torres]

Nobody can, Weston, because it's simply not true.

[Chez]

The Prem clubs are offering the lower divisions a smaller proportion of the overall pot. The total amount went up, but they're definitely getting much less than they would have by remaining in the Championship.

 

"League Two clubs [get] £240,000... a 5.4% rise."

 

http://www.bbc.co.uk/sport/0/football/22205419

 

http://www.bbc.co.uk/sport/0/football/22171365

 

"Clubs relegated from football's top flight will receive in excess of £60m over a four-year period from next season.

The Premier League has agreed new parachute payment arrangements, although it is yet to confirm the exact figure.

Clubs relegated to the Championship currently receive £48m over four years."

 

 

If they were still in the Championship this season they would have got a basic TV payment of £2.3m a year, whilst now they only get £240,000. But the relegation parachute payments have gone up from £48m over four years to £60m over four years. The skates got an extra £4m this summer due to that rise. So your statement wasn't correct. They don't actually get less parachute money as a result of going down. They would just have got more money (parachute payment + basic TV payment) if they were in the Championship.

Edited 26 July, 2013 by Chez

[The9]

If they were still in the Championship this season they would have got a basic TV payment of £2.3m a year, whilst now they only get £240,000. But the relegation parachute payments have gone up from £48m over four years to £60m over four years. The skates got an extra £4m this summer due to that rise. So your statement wasn't correct. They don't actually get less parachute money as a result of going down. They would just have got more money (parachute payment + basic TV payment) if they were in the Championship.

 

My statement was that "they are definitely getting much less than they would have by remaining in the Championship", which is true. Presumably you're saying the tv money isn't part of the parachute ? That's true because clubs who have never been in the Prem get the money, but it is part of the payments from the Prem to all other clubs.

 

But you're right in that I said "because they've been relegated so many times since they were in the Prem, the amount they're getting for parachutes is lower than what they'd have got as a Championship team", when what I meant was "the amount they're getting overall is lower than what they'd have got as a Championship team".

[Pamplemousse]

Taken from their facebook feed

 

The South Stand at Fratton Park will be sponsored by Fareham-based company L&S Waste Management this season.

 

The historic stand, which dates from 1925, will be officially sponsored as part of the deal, which will see the company have its logo on the seats.

 

 

So, with all these sponsorship deals, what do the users of POL want the money to be spent on? Paying back creditors? Getting the fat out of the pipes? Erecting a statue of the fans outside FP?

 

Wonder if his sponsorship money is funding Rocha + exciting new central midfielder....

 

It's one of the reasons why we can afford three additional players, including Rocha.

 

 

On an unrelated note, I was just having a trawl through and found this comment

 

They say we are obsessed but the only thibg you ever hear is that god forsaken who the **** is laughing song.

 

[The9]

Fancy a laugh ? The Portsmouth page on Wikipedia contains this "latest, up to date information" about their new stadium plans : http://en.wikipedia.org/wiki/Portsmouth

 

Portsmouth F.C. Stadium plans

 

In April 2007 Portsmouth F.C. announced plans to move away from Fratton Park, their home for 109 years, to a new stadium situated on a piece of reclaimed land on The Hard beside the Historic Dockyard. The £600 million mixed use development, designed by world-renowned architects Herzog & de Meuron, would also include 1,500 harbourside apartments as well as shops and offices. The scheme has attracted considerable criticism due to its huge size and location.[115][116] It also involves moving HMS Warrior from her current permanent mooring. The HMS Warrior trust is refusing to move. In Autumn 2007 Portsmouth's local paper 'The News' published that the plans had been turned down as the supercarriers to be situated in Portsmouth dockyard sight lines would be blocked.

 

In answer to the Navy's objections regarding the supercarriers, Portsmouth FC have planned a similar stadium in Horsea Island near Port Solent. If this plan ever goes ahead, it will involve building a 36,000 seat stadium and around 1,500 apartments as single standing structures, not around the stadium as had been previously proposed. Yet the new plan also involves improving and saving land for the Royal Navy's diver training centre by the proposed site and buying a fair amount of land from the UK Ministry of Defence.[117] A new £7 million railway station is to be built at Paulsgrove in Racecourse Lane near the site where there was originally a station.

 

Along with these new roads towards the stadium, it has been proposed to build a new bridge from Tipner alongside the motorway[118] for people walking to the stadium. Park and Ride schemes would also be introduced. The development would have a link road to the Port Solent area which would neighbour the new stadium.

If the new proposals are accepted, the club's previous stadium site at Fratton Park would also be redeveloped once the new stadium is completed. Make Architects has been commissioned to draw up designs for 750 new apartments on the site.

 

Due to the overall economic climate and other factors, plans are currently on hold.

 

I wonder what "other factors" they might be ? Anyone fancy elaborating, Wiki loves a few legitimate links, reckon you could get about 40 pages cross-referencing multiple admins and crowds rather short of 36,000.

[ericofarabia]

Stunning Hypocrisy from The Shameless Blue Few.

 

Just when you thought nothing much could surprise you about the Blue Phew grab a load of this - totally unbelievable!!

Banging on about robbing poor tax payers, ruining local businesses etc. Don't they own mirrors down there?

It would be funny if it was a bunch of feckin scummahs avin a bubble, but sadly this is for real.

 

http://www.fansonline.net/portsmouth/mb/view.php?id=489361

[lifeintheslowlane]

Stunning Hypocrisy from The Shameless Blue Few.

 

Just when you thought nothing much could surprise you about the Blue Phew grab a load of this - totally unbelievable!!

Banging on about robbing poor tax payers, ruining local businesses etc. Don't they own mirrors down there?

It would be funny if it was a bunch of feckin scummahs avin a bubble, but sadly this is for real.

 

http://www.fansonline.net/portsmouth/mb/view.php?id=489361

 

FFS they really are whiter than white down the eastern end of the M27.

[rallyboy]

let's not forget, just like West Ham, the scummahs don't own their own stadium, they're £100M in debt because of free tickets to terrorists and hefty fines after the dock strike, they didn't pay their CVA at all, and they all leave at half time - booing their own players, while strangling orphaned kittens in the car park.

[ALWAYS_SFC]

Stunning Hypocrisy from The Shameless Blue Few.

 

Just when you thought nothing much could surprise you about the Blue Phew grab a load of this - totally unbelievable!!

Banging on about robbing poor tax payers, ruining local businesses etc. Don't they own mirrors down there?

It would be funny if it was a bunch of feckin scummahs avin a bubble, but sadly this is for real.

 

http://www.fansonline.net/portsmouth/mb/view.php?id=489361

 

As we all know, Hearn is another example of an owner who isn't fundamentally interested in the best thing for his club, he's interested in making money. How miserable would it be watching your team with 4k fans in a 60k stadium.

 

This move is Gold and Sullivans only way to deal with their debt. They probably had this in mind when they bought WHU. Like Man City and the Etihad they have got very very lucky by being in the right place at the right time. If only the country needed a major new stadium for a one off event in Pompey!

 

And yet they want this while complaining about tax....they really are a bunch of numb nuts

[Chez]

But you're right in that I said "because they've been relegated so many times since they were in the Prem, the amount they're getting for parachutes is lower than what they'd have got as a Championship team", when what I meant was "the amount they're getting overall is lower than what they'd have got as a Championship team".

 

So sides in the lower leagues get less TV money. I'd of never of guessed that.

[TopGun]

I was pleased to see my made up News story came true.

[Gemmel]

2061 shareholders investing 2.25 million, 11 presidents investing 1.65 million #pompey

[Gemmel]

Olly Birch ‏@ollybirchpfc 2m

Merchandising income up 1680%!!! #pompey

Retweeted by Colin Farmery

Expand Reply Retweet Favorite More

Olly Birch ‏@ollybirchpfc 3m

Advertising up 128% #pompey

Retweeted by Colin Farmery

Expand

Olly Birch ‏@ollybirchpfc 3m

Hospitality income already up 41% on the whole of last season without even playing a game! #pompey

Retweeted by Colin Farmery

Expand

Olly Birch ‏@ollybirchpfc 6m

Sponsorship income up 99% #pompey

[OldNick]

Olly Birch ‏@ollybirchpfc 2m

Merchandising income up 1680%!!! #pompey

Retweeted by Colin Farmery

Expand Reply Retweet Favorite More

Olly Birch ‏@ollybirchpfc 3m

Advertising up 128% #pompey

Retweeted by Colin Farmery

Expand

Olly Birch ‏@ollybirchpfc 3m

Hospitality income already up 41% on the whole of last season without even playing a game! #pompey

Retweeted by Colin Farmery

Expand

Olly Birch ‏@ollybirchpfc 6m

Sponsorship income up 99% #pompey

fair play,

[View From The Top]

fair play,

 

TBF they are starting from a base that was lower than the average skates IQ.

[OldNick]

TBF they are starting from a base that was lower than the average skates IQ.

lol,

[anothersaintinsouthsea]

Olly Birch ‏@ollybirchpfc 2m

Merchandising income up 1680%!!! #pompey

Retweeted by Colin Farmery

Expand Reply Retweet Favorite More

Olly Birch ‏@ollybirchpfc 3m

Advertising up 128% #pompey

Retweeted by Colin Farmery

Expand

Olly Birch ‏@ollybirchpfc 3m

Hospitality income already up 41% on the whole of last season without even playing a game! #pompey

Retweeted by Colin Farmery

Expand

Olly Birch ‏@ollybirchpfc 6m

Sponsorship income up 99% #pompey

 

I really doubt the integrity and rigour behind these numbers.

[dronskisaint]

I really doubt the integrity and rigour behind these numbers.

 

As humorously indicated previously percentages actually mean farkall when the starting base is so diminutive