bridge too far Posted 8 February, 2010 Share Posted 8 February, 2010 Report just now on South Today about the problems the disparate ownership of the surrounding land and the stadium will cause. Council spokesman saying that the ground itself cannot be used for development other than sports related. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 8 February, 2010 Share Posted 8 February, 2010 Who actually has to appear on behalf on PCFC on Wednesday? Does the legal owner/owners have to attend, their accountants etc or will it just be a legal team? A legal team will represent them, Storyteller et al are away on their toes! Link to comment Share on other sites More sharing options...
Delmary Posted 8 February, 2010 Share Posted 8 February, 2010 Report just now on South Today about the problems the disparate ownership of the surrounding land and the stadium will cause. Council spokesman saying that the ground itself cannot be used for development other than sports related. Welcome to the end game;-) It's a game of chicken. Who'll bottle it first! Link to comment Share on other sites More sharing options...
pedg Posted 8 February, 2010 Share Posted 8 February, 2010 Council spokesman saying that the ground itself cannot be used for development other than sports related. Nothing that a government inspector could not overrule I expect. Anyway if I was a property developer I would wait for them to be liquidated then let fratton park fall into further decay. Give it a few years and they would probably fall over themselves for it to be redeveloped. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 8 February, 2010 Share Posted 8 February, 2010 I don't get it. If the Hong Kong guy is genuine, won't he just stump up the HMRC money on Weds if the only alternative offered is liquidation? Probably not. Better to lose £17m (or whatever it is) now than put another £17m in and end up losing that as well. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 8 February, 2010 Share Posted 8 February, 2010 Report just now on South Today about the problems the disparate ownership of the surrounding land and the stadium will cause. Council spokesman saying that the ground itself cannot be used for development other than sports related. He did make an interesting remark about it being able to be used for rugby. Link to comment Share on other sites More sharing options...
dronskisaint Posted 8 February, 2010 Share Posted 8 February, 2010 Nothing that a government inspector could not overrule I expect. Anyway if I was a property developer I would wait for them to be liquidated then let fratton park fall into further decay. Give it a few years and they would probably fall over themselves for it to be redeveloped. In a few years Farton Park will have fallen over! Link to comment Share on other sites More sharing options...
$$$ Posted 8 February, 2010 Share Posted 8 February, 2010 Minutes from the PL meeting on Friday http://fansonline.net/portsmouth/article.php?id=1311 Link to comment Share on other sites More sharing options...
SW5 SAINT Posted 8 February, 2010 Share Posted 8 February, 2010 Just been announced on SSN - poopey to be awarded an extra 10 points to lift them above the relegation battle, in order that they can have time to sort their affairs and appear more attractive to any potential buyer!! Link to comment Share on other sites More sharing options...
hamster Posted 8 February, 2010 Share Posted 8 February, 2010 He did make an interesting remark about it being able to be used for rugby. Or duck hunting praps? Link to comment Share on other sites More sharing options...
GenevaSaint Posted 8 February, 2010 Share Posted 8 February, 2010 I notice that Corp has disappeared under his rock again until after Wednesday. A bit concerning that the reasonable PES and Mero are also absent. Come on chaps you must have an angle on this over the weekend with the press coverage. Link to comment Share on other sites More sharing options...
pedg Posted 8 February, 2010 Share Posted 8 February, 2010 Minutes from the PL meeting on Friday http://fansonline.net/portsmouth/article.php?id=1311 Glad to see their 'special circumstances' request got them nowhere. Link to comment Share on other sites More sharing options...
hamster Posted 8 February, 2010 Share Posted 8 February, 2010 Minutes from the PL meeting on Friday http://fansonline.net/portsmouth/article.php?id=1311 So, Chairai IS NOT the legal owner at this point in time! He has not passed the 'fit and proper persons' test. Apparently he is due to submit hos credentials this week. Good to have clarification of what the fapp test means though from the PL big wigs. Link to comment Share on other sites More sharing options...
Eddie Lizzard Posted 8 February, 2010 Share Posted 8 February, 2010 Sky Sports News reporting that they are currently in negotiation with HMRC to avoid the winding up order. Link to comment Share on other sites More sharing options...
Gemmel Posted 8 February, 2010 Share Posted 8 February, 2010 Glad to see their 'special circumstances' request got them nowhere. Ive actually posted a thread on the main board, based on scudamores response to that...... it ****sed me off a little :mad: Link to comment Share on other sites More sharing options...
Thedelldays Posted 8 February, 2010 Share Posted 8 February, 2010 Sky Sports News reporting that they are currently in negotiation with HMRC to avoid the winding up order. they will get an extension......tis written in stone Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 8 February, 2010 Share Posted 8 February, 2010 (edited) Lots of people on here say pimpey owe between 60 - 80 million but Quote "The PL Board are encouraged by the fact that PFC now has very little debt as a club but they recognise that the playing side has been affected in order to achieve this." However R Scudamore did say that due to the small amount of debt and the relatively small amount of money that it would take to actually buy the club, PFC is for the first time in a long while within the grasp of local businesses/local supporters to takeover and run the club. :confused::confused: Edited 8 February, 2010 by Saint in Paradise Link to comment Share on other sites More sharing options...
Clapham Saint Posted 8 February, 2010 Share Posted 8 February, 2010 Sky Sports News reporting that they are currently in negotiation with HMRC to avoid the winding up order. Wouldlove to see how the negotiations are going... Story Teller: We would like to negotiate. HMRC: Not a hope. Cough up. Story Teller: Please... HMRC: Whatever, call back when you can pay. ***click*** Link to comment Share on other sites More sharing options...
sotonjoe Posted 8 February, 2010 Share Posted 8 February, 2010 Probably not. Better to lose £17m (or whatever it is) now than put another £17m in and end up losing that as well. The tax bill is only £7.5m though isn't it? Couldn't he arrange a payment plan which buys him time to find them a new owner? If he's not prepared to stick a bit more cash in to stabilise the club before selling, then why would he seize control of it in the first place? Believe me, I want them to disappear, I just find it hard to believe at the moment. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 8 February, 2010 Share Posted 8 February, 2010 they will get an extension......tis written in stone From what I got from Roger Johnson's report, that seems very unlikely. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 8 February, 2010 Share Posted 8 February, 2010 The tax bill is only £7.5m though isn't it? Couldn't he arrange a payment plan which buys him time to find them a new owner? If he's not prepared to stick a bit more cash in to stabilise the club before selling, then why would he seize control of it in the first place? Believe me, I want them to disappear, I just find it hard to believe at the moment. Yep..'only' £7.5M. Then once he's paid that, he has to negotiate with all the other ongoing creditors. Oh, and pay the wage bill of at least £1.8M at the end of the month. I'm sure I would shell out £10M to keep them going for another month. NOT Link to comment Share on other sites More sharing options...
Clapham Saint Posted 8 February, 2010 Share Posted 8 February, 2010 The tax bill is only £7.5m though isn't it? Couldn't he arrange a payment plan which buys him time to find them a new owner? If he's not prepared to stick a bit more cash in to stabilise the club before selling, then why would he seize control of it in the first place? Believe me, I want them to disappear, I just find it hard to believe at the moment. Yes, but unless he is going to find a buyer sharpish he is also going to have to cough up for/renegotiate other payments too. The players and staff need to be paid. If it takes to the end of the season to sell them thats another £15m or so on its own (5 months at £3m ish). Link to comment Share on other sites More sharing options...
Chin Strain Posted 8 February, 2010 Share Posted 8 February, 2010 Lots of people on here say pimpey owe between 60 - 80 million but Quote "The PL Board are encouraged by the fact that PFC now has very little bank debt as a club but they recognise that the playing side has been affected in order to achieve this." However R Scudamore did say that due to the small amount of debt and the relatively small amount of money that it would take to actually buy the club, PFC is for the first time in a long while within the grasp of local businesses/local supporters to takeover and run the club. :confused::confused: I've corrected your quote. They have next no bank debt. They just owe bucket loads to private individuals, including gunrunners and property developers, as well as other football clubs and HMRC. They have no bank debt because they remortgaged the ground from Barclays to Chainarai...and nobody will lend them a bean now. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 8 February, 2010 Share Posted 8 February, 2010 But wasn't it £7.5million at the time of the WUP? Since then they have sold players paid (eventually) the staff twice, (presumably) sold merchandising and tickets all of which have tax liabilities of one sort or another. Surely their tax bill, through operations, will increase all the time if they are not paying any of it off. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 8 February, 2010 Share Posted 8 February, 2010 The tax bill is only £7.5m though isn't it? Couldn't he arrange a payment plan which buys him time to find them a new owner? If he's not prepared to stick a bit more cash in to stabilise the club before selling, then why would he seize control of it in the first place? Believe me, I want them to disappear, I just find it hard to believe at the moment. I won't say FFS, read the back posts:). So I will say it again. They had a payment plan, they defaulted on it, hence the fact that the HMCR sought a winding up petition against them. So, not a cat in hells chance that the court will give them another one...IMO that is. Link to comment Share on other sites More sharing options...
Chin Strain Posted 8 February, 2010 Share Posted 8 February, 2010 The tax bill is only £7.5m though isn't it? Couldn't he arrange a payment plan which buys him time to find them a new owner? If he's not prepared to stick a bit more cash in to stabilise the club before selling, then why would he seize control of it in the first place? Believe me, I want them to disappear, I just find it hard to believe at the moment. Apparently they've already had one payment schedule in place and it fell over in month 1. Whilst they won't have much VAT on transfer fees to pay now, every month they have a £3m wage bill and are responsible for the PAYE and NI attached to that. If they pay the players, they have to pay the tax and NI...and therefore the HMRC bill gets bigger and bigger. By the end of this month the £7.5m will become £9m...and so on. Come May they're going to owe a shed load of cash, and then they've got to get through the summer without any cash....difficult, to say the least. Link to comment Share on other sites More sharing options...
carljack Posted 8 February, 2010 Share Posted 8 February, 2010 I am awaiting FFs latest info with baited breath! Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 8 February, 2010 Share Posted 8 February, 2010 Just a thought, but this sudden declaration from Gaydamak regarding the land around the stadium and now wanting his money.... Is HE going to be their creditor that sends them into Admin tomorrow? Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 8 February, 2010 Share Posted 8 February, 2010 I notice that Corp has disappeared under his rock again until after Wednesday. A bit concerning that the reasonable PES and Mero are also absent. Come on chaps you must have an angle on this over the weekend with the press coverage. Well! Here's your answer! So, Chairai IS NOT the legal owner at this point in time! He has not passed the 'fit and proper persons' test. Apparently he is due to submit hos credentials this week. Good to have clarification of what the fapp test means though from the PL big wigs. No wonder the little fecker knew so much, was always right and has little time to post on here! Link to comment Share on other sites More sharing options...
Gemmel Posted 8 February, 2010 Share Posted 8 February, 2010 Just a thought, but this sudden declaration from Gaydamak regarding the land around the stadium and now wanting his money.... Is HE going to be their creditor that sends them into Admin tomorrow? CS, If they do go to court, they are likely to lose. Story has been on tv tonight saying unless they get a new owner, then they can't pay . The only thing that would buy them time is administration.....so whay havent they done it I can't beleieve that even story would blunder on regardless, if this was an option and the only conclusion i can think of, is that administrators won't take them on as their chances of success or being paid are so low. I know naff all about these things, but that's the only thing that makes any sense to me at the moment. Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 8 February, 2010 Share Posted 8 February, 2010 The tax bill is only £7.5m though isn't it? Couldn't he arrange a payment plan which buys him time to find them a new owner? If he's not prepared to stick a bit more cash in to stabilise the club before selling, then why would he seize control of it in the first place? Believe me, I want them to disappear, I just find it hard to believe at the moment. I'm sure the seizing control was just to get a better view of the 'true' position. Regarding putting more money in - its like he's been down the casino and put £17m in black & its come up red - does he throw in another pile of money to try and get his original stake back? Link to comment Share on other sites More sharing options...
krissyboy31 Posted 8 February, 2010 Share Posted 8 February, 2010 CS, If they do go to court, they are likely to lose. Story has been on tv tonight saying unless they get a new owner, then they can't pay . The only thing that would buy them time is administration.....so whay havent they done it I can't beleieve that even story would blunder on regardless, if this was an option and the only conclusion i can think of, is that administrators won't take them on as their chances of success or being paid are so low. I know naff all about these things, but that's the only thing that makes any sense to me at the moment. Could have something to do with accountants forensically looking at their books? I wonder how long it will take them to turn up the odd discrepancy? Link to comment Share on other sites More sharing options...
Goalie66 Posted 8 February, 2010 Share Posted 8 February, 2010 About 95% likely I'd say. 45% Pompey enter admin tomorrow (game on) 30% Pompey cut a deal with HMRC tomorrow (game on) 15% Court rules against Pompey, gives them 28 days to pay up (game on) 5% Court rules in favor of Pompey (game on) 5% Court rules against Pompey, puts them straight into liquidation (no game). I would say that it is 95% odds that they will be wound up. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 8 February, 2010 Share Posted 8 February, 2010 I would say that it is 95% odds that they will be wound up. I agree....in fact 99%. It's all been smoke and mirror stuff...take this quote from the PL in their minutes from the meeting between them and the Poopey fans. ......Mike Hall (MH) - Handed Mr Scudamore and the other PL members a matrix, which showed all the connections between the people who have been involved in recent dealings with PFC. The matrix cross referenced the business connections between the Gaydamaks (Senior and Junior), Balram Chainrai, Levi Kushnir, Ron Mana, Yossi Yossifoff and Daniel Azougy. Mr Scudamore thanked MH for the work he had put in, but assured the group that this was something the PL were already aware of, and that their matrix was a lot bigger! RS then advised that Balram Chainrai would have to go through the F&PPT and that he was hopeful of a meeting with Mr. Chainrai next week during which he would inquire about Mr. Chainrai’s intentions for the club and suggest that he opens a dialogue with PFC supporter groups. They are so ferked!!!!!!! Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 8 February, 2010 Share Posted 8 February, 2010 Could have something to do with accountants forensically looking at their books? I wonder how long it will take them to turn up the odd discrepancy? I think you're right, the exit route they will choose will be the one with least amount of scrutiny. Now I don't know if that will be administration or liquidation but I bet that will be the route they choose. Link to comment Share on other sites More sharing options...
grammy Posted 8 February, 2010 Share Posted 8 February, 2010 But wasn't it £7.5million at the time of the WUP? Since then they have sold players paid (eventually) the staff twice, (presumably) sold merchandising and tickets all of which have tax liabilities of one sort or another. Surely their tax bill, through operations, will increase all the time if they are not paying any of it off. I presume the Vat is done quarterly so poss another tax payment due end of March, and by then 2 more wage payouts! Dooooomed Link to comment Share on other sites More sharing options...
dune Posted 8 February, 2010 Share Posted 8 February, 2010 Report just now on South Today about the problems the disparate ownership of the surrounding land and the stadium will cause. Council spokesman saying that the ground itself cannot be used for development other than sports related. Pompey Bowl has a nice ring to it. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 8 February, 2010 Share Posted 8 February, 2010 Pompey Begging Bowl has a nice ring to it. That's better! Link to comment Share on other sites More sharing options...
Goalie66 Posted 8 February, 2010 Share Posted 8 February, 2010 I presume the Vat is done quarterly so poss another tax payment due end of March, and by then 2 more wage payouts! Dooooomed I would assume that their tax bill is money owed from the end of September. They would have had another VAT demand to be paid by the end of January . Notwithstanding monthly NIC. so I would bet you can double the true figure of what they owe. Hence I believe they will go the wall on Wednesday. Ironically my company has just got a contract to buy companies aboit to go into Administraton/Liquidation ..fortunately not in the entertainment business !!! Link to comment Share on other sites More sharing options...
dune Posted 8 February, 2010 Share Posted 8 February, 2010 CS, If they do go to court, they are likely to lose. Story has been on tv tonight saying unless they get a new owner, then they can't pay . The only thing that would buy them time is administration.....so whay havent they done it. I'm no expert on these things, but if the club goes into admin rather than it being liquidated would the amount of cash creditors could recoup be less? In other words is liquidation preferable to those who want to get some of their money back? Link to comment Share on other sites More sharing options...
Fitzhugh Fella Posted 8 February, 2010 Author Share Posted 8 February, 2010 I am awaiting FFs latest info with baited breath! sorry my informer has not replied yet giving me permission. I think he has gone into hiding. He did say it was not looking good for them. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 8 February, 2010 Share Posted 8 February, 2010 I would assume that their tax bill is money owed from the end of September. They would have had another VAT demand to be paid by the end of January . Notwithstanding monthly NIC. so I would bet you can double the true figure of what they owe. Hence I believe they will go the wall on Wednesday. Ironically my company has just got a contract to buy companies aboit to go into Administraton/Liquidation ..fortunately not in the entertainment business !!! So the Skates might be off the hook then? Link to comment Share on other sites More sharing options...
dune Posted 8 February, 2010 Share Posted 8 February, 2010 That's better! A "Skate" rink would be even better. Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 8 February, 2010 Share Posted 8 February, 2010 sorry my informer has not replied yet giving me permission. I think he has gone into hiding. He did say it was not looking good for them. ITK one day, left out of the loop the next. It's a cruel, cruel world out there. Chin up FF, lifelongcherrypipsaint still loves ya. Link to comment Share on other sites More sharing options...
grammy Posted 8 February, 2010 Share Posted 8 February, 2010 Pompey Bowl has a nice ring to it. Just turn it into a Skate Museum/visitor attraction and call it The "Pond life"centre. Link to comment Share on other sites More sharing options...
sidthesquid Posted 8 February, 2010 Share Posted 8 February, 2010 Apparently they've already had one payment schedule in place and it fell over in month 1. Whilst they won't have much VAT on transfer fees to pay now, every month they have a £3m wage bill and are responsible for the PAYE and NI attached to that. If they pay the players, they have to pay the tax and NI...and therefore the HMRC bill gets bigger and bigger. By the end of this month the £7.5m will become £9m...and so on. Come May they're going to owe a shed load of cash, and then they've got to get through the summer without any cash....difficult, to say the least. Assuming that they have only ever scratched enough together each month to pay the staff the net amount owing, presumably the debt to HMRC grows by about £1million per month in unpaid PAYE & NI. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 8 February, 2010 Share Posted 8 February, 2010 A "Skate" rink would be even better. Or combine them and call it the Fish Bowl! Link to comment Share on other sites More sharing options...
Amesbury Saint Posted 8 February, 2010 Share Posted 8 February, 2010 sorry my informer has not replied yet giving me permission. I think he has gone into hiding. He did say it was not looking good for them. just post anyway - we wont tell! Link to comment Share on other sites More sharing options...
Gingeletiss Posted 8 February, 2010 Share Posted 8 February, 2010 (edited) People keep saying about them going into admin, my understanding is a) that will be extremely difficult to arrange, but more importantly b), having something to administer. They haven't, so would find it hard to get a administrator, unless one was appointed by the court.....they are dead as a dead parrot;) Edited 8 February, 2010 by Gingeletiss Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 8 February, 2010 Share Posted 8 February, 2010 I would assume that their tax bill is money owed from the end of September. They would have had another VAT demand to be paid by the end of January . Notwithstanding monthly NIC. so I would bet you can double the true figure of what they owe. Hence I believe they will go the wall on Wednesday. Ironically my company has just got a contract to buy companies aboit to go into Administraton/Liquidation ..fortunately not in the entertainment business !!! And they are, almost certainly, top dollar entertainment! Link to comment Share on other sites More sharing options...
Recommended Posts