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Pompey Takeover Saga


Fitzhugh Fella

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"Portsmythmatics is the most powerful computational force known to parascience... Portsmythmatics is a way of understanding the behavior of septic islanders. Just as Einstein observed that time was not an absolute, but depended on the observer's movement through space, so it was realized that facts are not absolute, but depend on being the Bestest."

 

(With apologies to the late great Douglas Adams)

 

*Like!*

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I thought they only got the money if tesco's built their store. Or am I missing something here.

AIUI, the money became payable as soon as planning approval had been granted - from there on in, it didn't matter whether a store was built or not.

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I thought they only got the money if tesco's built their store. Or am I missing something here.

 

I don't think Tesco build stores - rather a developer builds the store and sells / rents it to Tesco. Given Tesco's rowing back from new stores, I wonder if the developer will have to try to do something else with the site. He won't give Pompey any dosh until he's done so, surely?

Robinson is building the store, he'll rent it to whomever will have it, currently Tesco. The money for Pompey was effectively a bribe to allow him to build the new store next to the stadium..

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11 points south of the play offs, 11 points north of the drop. Goal difference 0. The definition of pointlessness in Division 4. Saints at the Top Table in the EPL, the best training facilities in the country all bought and paid for, and another £20M cash float from our Swiss Billionaire owner. WTFILN.

Edited by Kingsbridge Saint
$20M sold it short a bit - Aussie keyboard!
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They're getting a bit of clog in the Mail on Sunday from the Wba chairman.

 

But it is another example, Portsmouth, that most irks West Brom, who lost to a ‘financially doped’ Pompey in the 2008 FA Cup semi-finals. Portsmouth went on to win the trophy before a spectacular meltdown caused by the unsustainable spending undertaken to assemble and pay Harry Redknapp’s squad at that time.

 

"It still pinches us at West Brom that we lost our last FA Cup semi-final to a team the opposition basically couldn’t afford,’ said Jenkins. ‘Our fans went home miserable that night. Theirs were jubilant. I suspect they would want to swap places now though.’

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They're getting a bit of clog in the Mail on Sunday from the Wba chairman.

 

But it is another example, Portsmouth, that most irks West Brom, who lost to a ‘financially doped’ Pompey in the 2008 FA Cup semi-finals. Portsmouth went on to win the trophy before a spectacular meltdown caused by the unsustainable spending undertaken to assemble and pay Harry Redknapp’s squad at that time.

 

"It still pinches us at West Brom that we lost our last FA Cup semi-final to a team the opposition basically couldn’t afford,’ said Jenkins. ‘Our fans went home miserable that night. Theirs were jubilant. I suspect they would want to swap places now though.’

 

Lol.

 

They've said it over and over - so many times in fact that it MUST be true - they would not swap that FA cup win for the world! Besides, they COULD afford the team as the international finance institutions didn't destroy them until the day after the cup final! Bitter brummies!

 

Just think, TEN wins on the trot and they will have climbed to the dizzy heights of League 1. Lose just one of the next seven games and another season in League 2 beckons. Anyone remember whether the 'business plan' required promotion at the end of the first or second season in League 2 - or is it that robust that they don't need to worry about trivial things like promotion these days...

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oh, and I haven't even mentioned the thread suggesting that they receive public funds to build a new stadium !!!

Oh how I wish all the funds that we pay in council tax to HCC not be spent on trivial things like schools, roads, children's services et al or my hard earned tax not be spent on the National Health or Pensions. Come on why do the sick and the old need our help when they can suffer in the knowledge that the skates would be getting a better ground.

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MOS article, worth a chuckle as it is the same WBA that celebrated with Pompey when we went down.

http://www.mailonsunday.co.uk/sport/football/article-3016331/3billion-revenue-2-5bn-debt-boom-bust-culture-ruins-big-spenders.html

Exactly. The majority of Pompey fans on that cup run are unlikely to set foot in FP again. They are the ones who wouldn't swap their days in the sun and have the memories that can't be taken away, a bit like drug cheats in athletics etc . Pompey deprived many clubs fans of the same excitement of the cup run by fielding a team that the nation was paying for.

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yes, building a 40,000 seater stadium is the answer!

 

The Fortress of Fat has 5,000 empty seats, so they need to increase capacity asap... :scared:

And as they looked around that decaying memorial to 17th century toilet arrangements yesterday and listened to the booing, what was it exactly that made them think that there is far more potential there than at Brighton or Southampton?

Hello, world calling!

You're living in the shadow of Bournemouth, you even lost your cup final battle of Hampshire to Aldershot, yet the delusion remains undiminished, not through any sort of admirable plucky fighting spirit, just plain toothless cross-eyed stupidity. :lol:

 

And people wonder why we chuckle...

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oh, and I haven't even mentioned the thread suggesting that they receive public funds to build a new stadium !!!

 

I saw this last night and assumed I was drunker than I thought.

 

This one might take more than a pinch of salt.

 

As mentioned above, they have just realised that the Robinson money, doesn't quite cover a new stadium, actually it doesn't quite cover a new stand, it might however stretch to a few running repairs.

 

Obviously this isn't in keeping with their grand plans..... so the obvious answer is public funds...... (And no they are not joking)

 

http://fansonline.net/portsmouth/mb/view.php?id=583448

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Good fun over there today...apparently our financial results show we are f**ked and need to have a fire sale. Meanwhile they think they need a new 40000 capacity stadium.

 

http://www.fansonline.net/portsmouth/mb/view.php?id=583739

 

Thick and deluded.

 

They want a 40,000 stadium :lol:

 

As rallyboy mentions, 5,000 cheap empty seats now, they couldn't fill little old fratton's 21,500 capacity regularly back in the heady days of the Premier League and (cheating) cup finals and now they want 40,000 :lol: :lol: :lol:

 

Is this for when they're qualifying for Champions League football? :lol:

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Lawrence captained the club after arriving from Stoke in 2010 and reached a compromise settlement to tear up a lucrative contract when Pompey were threatened with liquidation in 2012.

 

"‘I got a good reception from some (of the fans) but there was a few in the corner that were giving me a bit of stick."

 

Yeah, lets give some stick to one of the players who we couldn't afford to pay and who helped us survive by forfeiting his contract.... :mcinnes:

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I saw this last night and assumed I was drunker than I thought.

 

This one might take more than a pinch of salt.

 

As mentioned above, they have just realised that the Robinson money, doesn't quite cover a new stadium, actually it doesn't quite cover a new stand, it might however stretch to a few running repairs.

 

Obviously this isn't in keeping with their grand plans..... so the obvious answer is public funds...... (And no they are not joking)

 

http://fansonline.net/portsmouth/mb/view.php?id=583448

 

The question is, if the ground urgently needs say 500k spending on it to pass safety certificates, or allow us to play evening games, or keep more than 2 stands open, or whatever, what would you rather do ... spend the money ring-fenced for the ground or sell Wallace to pay for it and not strengthen the team with the proceeds ?

 

Umm, aren't any monies from transfers being taken by the FL to pay off their debts (that don't exist)!!!

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http://www.portsmouthfc.co.uk/news/article/portsmouth-football-club-financial-statement-2366994.aspx

 

“We undertook a substantial restructuring of internal operations, as well as managing the £14m legacy debt, which was reduced to £5m at the year-end and then fully repaid in September 2014 – two years ahead of schedule – and we negotiated significant discounts.

 

“The rebuilding process has continued this year, with the building of a new training ground, the Tesco project and improvements to the stadium, with the aim of securing solid foundations to enable the sustainable growth of the club.”

 

Chief executive Mark Catlin added: “These set of accounts give us a fantastic base on which to build on.

 

“The financial figures for the year were significantly better than what we budgeted for and that is down to the hard work of the chairman, directors and all our staff.”

 

 

 

http://www.portsmouthfc.co.uk/documents/pcfc14acs-signed522-2366509.pdf

 

PORTSMOUTH COMMUNITY FOOTBALL CLUB LIMITED

CHAIRMAN'S STATEMENT AND STRATEGIC REPORT

YEAR ENDED 30th JUNE 2014

 

One of my assignments and in this instance satisfaction is to provide an overview and with your indulgence my

take on our first full trading year as the football league's largest fan owned club. Of course already on record

are the accounts for the period ended June 2013 which naturally would only reflect a very short period of

performance and ownership.

 

The opportunity of fan ownership was presented to us by financial mis-management of this great club and

therefore the mandate given to those of us responsible and accepted with due recognition, was and will always

be to vindicate that trust and by doing so lay robust and sustainable foundations for generations of supporters

to follow.

 

It is my firm wish that you read these accounts and reflect that we've made the first step, of many, on the road

to that ambition and in doing so accrue increased confidence by the stated results both in the management

and our direction of travel.

 

Kicking off with the financial indicators more fully detailed in the financial statement:

 

* First full year of trading shows an operating profit of £118,000

* Football debt massively reduced from £14m to £5m and completely eradicated in Sept 2014)

* Cash on hand in the bank

 

Of course those key indicators encouraging as they are reflective of operational costs and cash flows, in

themselves offer insufficient testimony to their proportional allocation to keystone projects undertaken. So

let's recap a little.

 

The acquisition of Fratton Park itself was of course prerequisite to our ownership and creation of PCFC but lest

we forget was acquired 'as seen' and although there's much to be done to our favourite football ground, that

was most definitely not 'as seen now'. The old lady has undergone some cosmetic surgery, short of a full

facelift we know but nevertheless significant expenditure has made her a safer and more comfortable home.

 

These accounts also reflect the acquisition of our very own training ground and whilst still a work in progress

instalments if not all the funding, much of which was so generously provided from club presidents, impressively

partnered by the uniquely successful Tifosy crowd funding venture has provided your club with it's very own

facility secured for generations to come.

 

In what for purposes of this financial statement would be classed as a 'post balance sheet' item we finally

concluded the convoluted but ultimately advantageous 'Tesco' transaction benefitting the club not only in

financial terms but also through the land swap accommodation enabling substantial on stadium car parking

hitherto annexed from our ownership.

 

Day to day operational structures in all areas have been assessed, re-motivated and where necessary

strengthened, not least of all in our commercial, hospitality and sponsorship activities. We needed to

demonstrate humility to those previously jaundiced by associated treatment and work to restore trust,

empathy and by process the associated income that would naturally flow from that strategy. This vital area of

income continues to break budgets and our commercial team have worked hard to re-generate the club's

sponsorship partners.

 

What a year on the field of play!

 

The initial and understandable euphoria and candidly the decisions that may have flowed from that period,

soon presented great challenges in both results and personnel relationships and I reflect on that period

personally with some regret and humility, particularly with regard to the personal and career impact resultant

from successive managerial changes. Football is an unforgiving business, unashamedly result motivated and

consequentially harsh in the event of failure.

 

Our eventual league status undoubtedly under threat and the impending and likely unmitigated disaster was as

is now history, averted by a 'cavalry charge' of unprecedented results whereupon we finished

comfortably mid table. Ironically that feat was accomplished with us reverting to an ideology commensurate

with our initial strategy, that being putting faith and future into the hands of a club legend (s) as still seems to

befit a fan owned club.

 

We've learned and continue to learn lessons and being convinced there's neither a magic wand or golden rule

that would seem to apply to success in football, we just need to apply ourselves even more rigorously to

sustained and measurable strategy allied to affordable ambition.

 

After all we are entrusted with the future of this great club of ours by the best football fans anywhere.

 

IAIN MCINNES

Chairman

 

:mcinnes:

Edited by trousers
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http://www.portsmouthfc.co.uk/documents/pcfc14acs-signed522-2366509.pdf

 

SHARE CAPITAL

Allotted, called up and fully paid:

........................................................................2014......................................2013

........................................................................No........ £ ...............................No........£

Ordinary shares of £1 each................................. 5,141.... 5,141........................ 3,902.... 3,902

 

 

During the year to 30th June 2014, the company issued 1,239 Ordinary shares of £1 each at a issue price

of £1,000 per share.

 

The Portsmouth Supporters Trust (a Community Benefit Society registered with the Financial Services

Authority as Portsmouth Supporters Society Limited) has established a community share offer whereby

members of the public can make a donation to the Portsmouth Supporters Trust, who in turn use the

donation to purchase additional shares in Portsmouth Community Football Club Limited. At 30th June

2014 the Portsmouth Supporters Society Trust had purchased 2,499 of the 5,141 shares currently in issue,

representing 49% of the company's share capital (2013 - 2,347 shares representing 60%).

 

 

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The day they stop referring to themselves immodestly as "the best fans in the world" will be the day I might start showing them some empathy/pity.

Plus I note, Fratton Park is now being described as an "old lady" which must be an euphemism if I ever heard one.

 

Their whole demeanour is full of nauseous hype but the natives swallow it and the myths just go on and on which is why there will always be a need for this thread.

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The day they stop referring to themselves immodestly as "the best fans in the world" will be the day I might start showing them some empathy/pity.

Plus I note, Fratton Park is now being described as an "old lady" which must be an euphemism if I ever heard one.

 

Their whole demeanour is full of nauseous hype but the natives swallow it and the myths just go on and on which is why there will always be a need for this thread.

 

Gate receipts of £3,4m divided by 23 games divided by an average home gate of 14,000 = av £10.55 per paying customer

 

If correct, very cheap footie!!

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