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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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JustMike

JustMike

Posted
Posted
Meanwhile Peter Storrie continues to deny that the problems affecting the club are having an impact on it's attendances and that the drop in matchday revenues could have a detrimental effect on the takeover prospects of the club

 

ajqwcg.jpg

 

now now Phil that clearly isnt P*mpey FC there are 1 too many fans :D

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wild-saint

wild-saint

Posted
Posted
If it gets to the courts Pompey will be seen as trading whilst being insovent and so the PL will not have a team to fulfill those games. If they pay the revenue then the PL will have a team to finish the games. I suspect the Pl will give the option on the vote that they will help Pompey but give them a 9point pealty. That will appease the other clubs around them and also keep the fixtures played. As soon as Pomey have been relegated then the knives will be out in the summer. This to me seems as iof it will run and run, much to our frustration. No club will have the b#### to stand up and say anything.

I assume that the courts will not get a chance to say whether they are tradin whilst insovent

 

Im not sure if this has been covered before but if and a big if it is proved the company (PFC) is insolvent and it can be proved that the directors that traded whilst the company is insolvent then surely peter storrie and others are going to jail.

 

The law states (as far as i am aware)it is illegal to trade while insolvent. So the moment that the club is officially confirmed as insolvent it is all over. Storrie knows the law and he will not cross the line or he is grabbing soap on the showers.

 

Any one else confirm my understanding?

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dubai_phil

dubai_phil

Posted
Posted

 

Yep.

 

Surprised nobody commented on it - the first printed confirmation that an entire day of speculation and outrage on here caused the EPL to change their tune.....

 

Oh I see what I did there

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SO16_Saint

SO16_Saint

Posted
Posted
Yep.

 

Surprised nobody commented on it - the first printed confirmation that an entire day of speculation and outrage on here caused the EPL to change their tune.....

 

Oh I see what I did there

 

Ah, see what happens when I go away for an hour to watch EastEnders live, all normallity breaks out.

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benjii

benjii

Posted
Posted
Im not sure if this has been covered before but if and a big if it is proved the company (PFC) is insolvent and it can be proved that the directors that traded whilst the company is insolvent then surely peter storrie and others are going to jail.

 

The law states (as far as i am aware)it is illegal to trade while insolvent. So the moment that the club is officially confirmed as insolvent it is all over. Storrie knows the law and he will not cross the line or he is grabbing soap on the showers.

 

Any one else confirm my understanding?

 

No, not gaol - just civil liability. Gaol would only come into the equation of their has been fraudulent stuf going on (like as is alleged in his other court case).

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Gorgiesaint

Gorgiesaint

Posted
Posted

I see Falvio Briatore has stepped down as QPR chairman... surely he wouldn't be mad enough.... or would he?

 

http://news.bbc.co.uk/sport1/hi/football/teams/q/qpr/8525530.stm

 

"My three years as chairman of QPR have been an exciting and incredible experience. I'm proud to have helped save this historical club and to have contributed in paving the way to its future success"

 

He might just be mad enough :rolleyes: (but I doubt it!!)

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trousers

trousers

Posted
Posted

So, let me get this right...

 

Pompey fans blame the Premier League for allowing 'rogue' owners through the 'fit and proper person' safety net.

 

So, by logical conclusion, if the Premier League pass any prospective buyers between now and 1st March the same Pompey fans will be challenging the Premier League's judgement rather than being joyous about a possible takeover, won't they?

 

Unless they'd rather criticise the Premier League with the benefit of hindsight rather than foresight....yet again...

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Saints foreva

Saints foreva

Posted
Posted
I see Falvio Briatore has stepped down as QPR chairman... surely he wouldn't be mad enough.... or would he?

 

http://news.bbc.co.uk/sport1/hi/football/teams/q/qpr/8525530.stm

 

"My three years as chairman of QPR have been an exciting and incredible experience. I'm proud to have helped save this historical club and to have contributed in paving the way to its future success"

 

He might just be mad enough :rolleyes: (but I doubt it!!)

Seeing how QPR never made any movements in The Championship and had something like 9 managers - I honestly hope so!

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Goalie66

Goalie66

Posted
Posted
No, not gaol - just civil liability. Gaol would only come into the equation of their has been fraudulent stuf going on (like as is alleged in his other court case).

 

Trading while insolvent knowingly is breaking criminal law if you are a Director.You can become personally liable for the debts too as well as end up in jail !!

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wild-saint

wild-saint

Posted
Posted
Trading while insolvent knowingly is breaking criminal law if you are a Director.You can become personally liable for the debts too as well as end up in jail !!

 

that was my understanding too.

 

thats why storrie will bale as soon as they are legally insolvent. whilst they can sell players i guess they are solvent. as soon as the PL deny that route and the HMRC demand cash or they have to pay wages then its all over. unless they have a buyer inplace on 1/3/10 they are finished

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saintbletch

saintbletch

Posted
Posted
Mention of Endeavor in The Grauniad:

http://www.guardian.co.uk/football/2010/feb/19/portsmouth-ownership-victor-cattermole

 

Interesting that Telegraph report about an investment trust drip feeding in investors funds... sounds like a Ponzi scheme to me. Mind you, if they buy Pompey (and why on earth would they apart from an excuse for losing money from which they'd already skimmed off their generous commissions), they'd definitely be drip-feeding a moribund patient with little hope of a decent prognosis.

 

Like all the previous owners: what's in it for them???????

 

Well I found it interesting that Victor Cattermole is Hong Kong-based and doesn't appear to have a very big pot to **** in.

 

And yet his approach to invest in/acquire PFC appears to have been part of PFC's the submission to the court at the first WU hearing.

 

A cynic would say that another Hong Kong-based business man who needed a bit of stalling time asked his mate to go through the motions to keep the court and other potential "buyers" on their toes.

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Goalie66

Goalie66

Posted
Posted
ROFL :smt044:smt044:smt044:smt044:smt044:smt044:smt044:smt044:smt044:smt044

 

Crikey that means two things future VAT and NI unpaid or underdeclaration of previous returns.If latter that is fraud.The issue on the first of March is not whetether they will be wound up but how many fraud officers will invade ShattonPark that day !!

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benjii

benjii

Posted
Posted
Trading while insolvent knowingly is breaking criminal law if you are a Director.You can become personally liable for the debts too as well as end up in jail !!

 

I don't think it is.

 

No one is going to go to prison because PFC are insolvent. Financial liability, maybe. Prison, no.

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St Landrew

St Landrew

Posted
Posted

Don't whether anyone has seen this. Complete lift from 606:

 

Pompey Ask The Premier League & FIFA

 

If they didn't mind if they let them win both the Premier League and the upcoming World Cup as it would assist them in attracting investment. The club didn't see it as unreasonable or in anyway detracting from the spirit of these competitions. Pompey are clearly a special club with special needs.

 

Peter Storrie was unavailable for comment to confirm whether he had also approached Simon Cowell to allow Portsmouth FC to win this year's X Factor.

 

However, BBC Sport understands that Pompey have already been given a bye into the latter stages of this year's Miss World contest. Fred Dineage was looking forward to bringing World Peace whilst funding a new roof for the Fratton End toilet.

 

Pretty much sums up the whole sorry affair. It is a joke.

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Saint_clark

Saint_clark

Posted
Posted
So, let me get this right...

 

Pompey fans blame the Premier League for allowing 'rogue' owners through the 'fit and proper person' safety net.

 

So, by logical conclusion, if the Premier League pass any prospective buyers between now and 1st March the same Pompey fans will be challenging the Premier League's judgement rather than being joyous about a possible takeover, won't they?

 

Unless they'd rather criticise the Premier League with the benefit of hindsight rather than foresight....yet again...

 

Or if the Prem don't let a takeover go through, I wonder if they will get praised for doing their job properly.

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Thedelldays

Thedelldays

Posted
Posted

who remembers when they were to biuld a stadium fitting for the 2018 world cup..?

 

they also took the mick as we are hosting rugby world cup games...which is not as grand as football world cup games.

 

when this is all over..we have have a thread about their "gaffs" and wild predictions..

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CB Saint

CB Saint

Posted
Posted
Interesting

http://www.guardian.co.uk/football/2010/feb/20/portsmouth-high-court

 

They claim Pompey have to pay £22m to finish the season and will be proved they are insolvent.

 

"However, this depends on the Premier League's bottom-placed team *finishing 17th as all the club's forecasts have been based on avoiding relegation"

 

WTF. Have they seen the table recently?

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Foxy

Foxy

Posted
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"However, this depends on the Premier League's bottom-placed team *finishing 17th as all the club's forecasts have been based on avoiding relegation"

 

WTF. Have they seen the table recently?

 

Yeah, that's the really damining bit - the £22m is if they finish 17th. That grows to £26m if they come 20th. Then there's the admin consideration. The Grauniad estiamte that even then they'd need £14M, again based on a 17th place finish I would imagine.

 

Even if they had been allowed to flog off their players they'd have struggled to raise that.

 

Even if Chanrai does the seize and leaseback of the ground they'd be short - and with another £1m per annum of liabilities.

 

And we still wont know the whole of it until Monday week, unless there's a leak.

 

So, as has become increasingly obvious over the past few days it's a bail out or it's curtains.

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CB Saint

CB Saint

Posted
Posted
Yeah, that's the really damining bit - the £22m is if they finish 17th. That grows to £26m if they come 20th. Then there's the admin consideration. The Grauniad estiamte that even then they'd need £14M, again based on a 17th place finish I would imagine.

 

Even if they had been allowed to flog off their players they'd have struggled to raise that.

 

Even if Chanrai does the seize and leaseback of the ground they'd be short - and with another £1m per annum of liabilities.

 

And we still wont know the whole of it until Monday week, unless there's a leak.

 

So, as has become increasingly obvious over the past few days it's a bail out or it's curtains.

 

The £22m can't include Chanrai's debt therefore any land sale will only increase the operating costs and make it harder for them to trade solvently. The land sale would of course get £10 million of assets out of PCFC Ltd.

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ericofarabia

ericofarabia

Posted
Posted

18 million quid in unpaid taxes .... just how long has this fiasco of non payment been going on? (Hopefully long enough for Redkrap to get burnt as well :p )

 

Why has HMRC not acted sooner?

 

Surely there is no way the non payment can be swept under the carpet as a slight oversight, it has obviously been orchestrated intentionally to avoid payment .... criminal proceedings to follow?

 

Please please please let Stoke absolutely murder them today with Rory, Beatts and Higgy all weighing with a goal each :D

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dubai_phil

dubai_phil

Posted
Posted
18 million quid in unpaid taxes .... just how long has this fiasco of non payment been going on? (Hopefully long enough for Redkrap to get burnt as well :p )

 

Why has HMRC not acted sooner?

 

Surely there is no way the non payment can be swept under the carpet as a slight oversight, it has obviously been orchestrated intentionally to avoid payment .... criminal proceedings to follow?

 

Please please please let Stoke absolutely murder them today with Rory, Beatts and Higgy all weighing with a goal each :D

 

 

Now now, you know better than to kick a fish when it's down

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Faz

Faz

Posted
Posted

So the HMRC debt is now £18m. Even if the PL let them sell the whole squad tomorrow they wouldn't raise that! All they have left are aging has-beens, over-paid prima donnas and loanees.

 

Talk of rescue is futile Mr Bond.

 

I reckon the £26m needed to see them through to the end of the season is just trading shortfall - it obviously can't include paying £18m to HMRC.

 

If they go into admin, they have to exit via a CVA, which at £18m the HMRC can block if they want to. So a goodly proportion of that debt will remain. They will not own the ground, but still owe Chainrai £7m and have to pay him £1m pa rent! There are still football debts owed.

 

So an astute group of South African-led business men will need to pay, or acquire debt, of:

 

£18m HMRC

£26m Trading shortfall

£7m Chainrai

£28m Gheydamak

£5m other debts (including Sol)

 

£84m - for a Championship club, which does not own it's Ground, nor has any training facilites or infrastructure. The parachute payment will have to go on paying off their player contracts and bonuses. Even in a CVA situation, if the debts outstanding were halved you still have the trading shortfall of £26m, and debts of £29m, total £55m. Hell let's say everyone writes off their debts, just fund the £26m trading shortfall.

 

They're toast.............

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suewhistle

suewhistle

Posted
Posted

I don't have a telly, but I'm sure this is like one of those reality programs where they carefully choose the participants on the basis that disaster is inevitable and everybody can tut tut and say, how stupid and misguided are they.

 

Tut tut, they've chosen some right ones this time.

Got to admit it's fascinating though, but must tear myself away to lesson prep..

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