Weston Saint Posted 23 February, 2010 Share Posted 23 February, 2010 Just putting 2 and 2 together... Weston stated to get this plan into place that they would have had to applied for this back on Saturday or Sunday..... Phil mentioned something happening over the weekend that may have changed the '48hours' mentioned by Storyteller..... Cue influx of articles online on Monday about the 'takeover'...What changed? Possibly the loss on Saturday brought the realisation of relegation as a real possibilty and messed up their figures Possibly, the fact that Chainrai took the stadium out of the equasion and messed up their figures Possibly a meeting with the PL did not go as well as they hoped and messed up their figures. Definately the 5 days notice of Administration to avoid the Winding Up hearing or they were messed up period. Link to comment Share on other sites More sharing options...
St Marco Posted 23 February, 2010 Share Posted 23 February, 2010 http://www.football.virginmedia.com/page/Football/Headlines/0,,12555~1975012,00.html In this piece Chanrai says it is unlikely a buyer will be found before monday. Quite the opposite from Storrie saying "i am confident the club will be takeover on monday" then... Unless he means takeonover by the baliffs of course Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 23 February, 2010 Share Posted 23 February, 2010 Coming soon, THE most anticipated media event since Who Shot JR? Who car bombed the Mercedes? In other shock news, The thread regulars are today revealed to be in advanced discussions with Waddingtons in Leeds regarding the licencing of a new Board Game based on this thread and featuring a Who Done It based on the now legendary Nottarf Krap. The game, due for release in time for Christmas will be entitled Clueless and all profits from the sale of the game will be used to pay for the drinks bill after the forum match. This will be Waddington's second game based on the Pompey area. The earlier one, interestingly called Incest, was claimed to be a game for all the family. Link to comment Share on other sites More sharing options...
Weston Saint Posted 23 February, 2010 Share Posted 23 February, 2010 Can someone clarify (Ron) if they go into administration and only 75% of creditors get paid, Does that mean sol campbell will not get paid the 1.7m for his brand image rights. Poor poor lad if he misses out. My concern will be for the caterers and small businesses who could miss out on recieving monies owed to them meanwhile the skates get out of jail free and start afresh with a 9 point deduction and no debts. Is it still mathmatically possible for them avoid relegation from the premier league even if they were given a 9point deduction. If that were to happen it will **** off a lot of other clubs lurking around the bottom of the league knowing full well the skates have be trading and playing as an insolvent club He will be a creditor. He will be protected if he is entitled to the money as a football debt and will be paid by the "new owners" when they come out of Admin, or no golden share or a bigger points deduction to start the season. In my opinion Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 23 February, 2010 Share Posted 23 February, 2010 I reckon HMRC will be on the case over all this today. They are not going to be pleased. Insolvency expert on Solent now... I would laugh - in a Kevin Keegan like maniacal way - if a couple of cases at the high court suddenly got postponed on Thursday, and hey presto Pompey get called in to court for 11.00am on Thursday, as that would then be the next available date after last Friday In fact, I would probably need to buy a new pair of boxers from laughing so much... Not that I'd expect the courts to employ the kind of underhand tactics that Pompey would look in to;) Link to comment Share on other sites More sharing options...
derry Posted 23 February, 2010 Share Posted 23 February, 2010 Correct. Probably. It seems on the surface that all Chanrai has to do now is keep paying the current PAYE & VAT to make sure that the debt owed to them stays below 25% of the total, and the revenue can stamp their feet as much as they like He might pay it but he won't have any influence after administration. The money he pays in,, will go in the administrators pot not to HMRC and will be used for all creditors not just to pay one. Link to comment Share on other sites More sharing options...
Under Weststand Posted 23 February, 2010 Share Posted 23 February, 2010 What I can't figure out is its nothing more than a shell company now that's asking to go into administration, they have only players as assets. Do company's ever get refused the chance to go down this route? Link to comment Share on other sites More sharing options...
saintkiptanui Posted 23 February, 2010 Share Posted 23 February, 2010 I'm gonna have a Tiger woods sulk if they go into admin and lose the 9 points get relegated and thats it, they deserve far worse, horrible cheating, thieving c*nts. Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 February, 2010 Share Posted 23 February, 2010 So the next question What will admin REALLY cost the club? We've seen how the costs of running the club to the end of the season are high (the SoA estimated 26mil IF relegated. Where will that money now come from? How much can be cut from that figure? It is all very well to talk of cancelling players contracts, but what if the players union advise their members not to accept "being thrown on the scrap heap"? So where is the cash flow coming from? That means the rest of this season's PL TV revenue - around 14mil will now have to be borrowed or "factored" likely at an interest rate approaching 20% so that gives them only half what Storrie estimated. Either they find an Ocean Finance or Chanrai extracts more based on lending at high rates of interest. I would imagine that the PL will do everything they can to help out here BUT they will not and cannot be seen to be giving them the money in advance. Next up to keep going to the end of the season would be to mortgage the parachute payments (if not already done). The likely outcome is that the club can get through to the end of the season, however for a buyer they would be having to ensure that HMRC do not block a CVA - the cash outflow still comes to 25-30 million to get to that stage. So, 25-30 mil outgoing for no assets and in all probability another season of losses.... Saints were a good deal in the CCC at that price - but - nada. Then there is the other minor issue. The SoA is still lodged with a court. Sure, the administrator can have the WUO removed, but the SoA is now lodged and legally binding. Did that show any wrong doing? Can Terry the builder demand access to take out a civil action against the Directors to get his money back? That angle may have some more mileage in it yet, for sure the administrator will face a barrage of questions from the disappointed creditors, IF local companies fold you can expect to see local politicians wading into the fray defending little Terry losing his family home while the big cheeses get away with it. They may have a way to get to the end of the season, but it is quite possible that there will be nothing left when they do. It may just delay the inevitable. Link to comment Share on other sites More sharing options...
Johnny Shearer Posted 23 February, 2010 Share Posted 23 February, 2010 (edited) If Pompey's total debt is £60m (or above) and the HMRC are owed £12m, judging what has been said above, HMRC will not be able to contest the CVA (£12m is only 20 per cent of £60m). However, if the HMRC are owed the £18m that has been reported in recent days, HMRC can challenge the debt (£18m is roughly 30 per cent of £60m and about 26 per cent of £70m). Of course, this is dependent on the 75 per cent of total debt thing being correct, of which I have no idea. Has the overall debt not been reduced then with Baloo's taking the stadium for the debt? Just hope the smaller creditors dont agree to the CVA. Interesting next few days coming up methinks. Edited 23 February, 2010 by Johnny Shearer Link to comment Share on other sites More sharing options...
INFLUENCED.COM Posted 23 February, 2010 Share Posted 23 February, 2010 He might pay it but he won't have any influence after administration. The money he pays in,, will go in the administrators pot not to HMRC and will be used for all creditors not just to pay one. He will have influence over the administrator he appoints Link to comment Share on other sites More sharing options...
pfc123 Posted 23 February, 2010 Share Posted 23 February, 2010 Solent are still saying that the court case has been suspended. Where's the proof apart from Chinarai's statement ????????? Sky News saying the same..... http://news.sky.com/skynews/Home/Business/Portsmouth-FC-Owner-Says-Club-Will-Go-Into-Administration-If-It-Cannot-Find-Buyer-By-Friday/Article/201002415557976?lpos=Business_First_UK_News_Article_Teaser_Region_0&lid=ARTICLE_15557976_Portsmouth_FC_Owner_Says_Club_Will_Go_Into_Administration_If_It_Cannot_Find_Buyer_By_Friday I can't see how, if he is now termed as the 'owner' that HE can put them into admin. What is the fookin point of a WUO meeting if it can be avoided by sidestepping the process? He said... Administrator will ensure Insolvency Hearing dismissed for Monday. Reckons the debts can be restructured. Wage Bill is an issue - money needs to cover trading. Administrator would have to assess before Friday whether enough income would be there to run the club until a buyer (:-D) would be found. HOPE THE FOOKERS FAIL. Well, Mark Fry said that they would not have been given the 7 days normally.... Great move by the Judge. Justice has not been served. So, Poopey are saved for a month or two whilst local businesses may go to the wall as a result....hardly fair is it? You don't give a toss about local businesses, especially if they're from Pompey. It's obvious from your posts that you're just ****ed off that we appear to have found a way of avoiding being wound up...... Link to comment Share on other sites More sharing options...
Thedelldays Posted 23 February, 2010 Share Posted 23 February, 2010 who cares who gets what money from their admin. they are relegated anyway and this will add to the embarrassment. they are proving to be a untterly disgraceful football club. as for next season. there is no way they will be able to bring a half decent team togther after a turbulent summer they are as good as ruined Link to comment Share on other sites More sharing options...
derry Posted 23 February, 2010 Share Posted 23 February, 2010 He will have influence over the administrator he appoints The administrator won't be able to favour one creditor to the detriment of the remainder. Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 February, 2010 Share Posted 23 February, 2010 could I hazard a guess that the club is talking crap again and that the court and the taxman may have a different view of how things move forward? And I recall what a world of plenty we found admin to be, so many offers, so much positivity, happy days...... Either way, by pledging his support and no money, Chanrai has today guaranteed the future of this thread. Poor old Phil, they pull this stunt while he's getting his beauty sleep! He's gonna go keyboard crazy when he catches up....so many ways they can implode, where to start?? The number of postings here will pass their average attendance before they can get into admin! Lol beauty sleep my arse! I was cooking a fantastic Pork Thai Red Curry (I'll save the actual recipe for the promotional tour and book signings when FF has time to get back on here after beating up big business.) Last 24 hours has been some sort of weird "Being John Malkovich" type moment, except it was Storrie teller (arrrgghh). It just seemed every move and every play has been so obviously choreographed, some of the press links/leaks coming less than an hour after we discuss an issue on here - fecking freaky. Next hot bet has to be the "Return of the sympathetic but hamstrung Premier League" Link to comment Share on other sites More sharing options...
View From The Top Posted 23 February, 2010 Share Posted 23 February, 2010 we appear to have found a way of avoiding being wound up...... This month. Link to comment Share on other sites More sharing options...
View From The Top Posted 23 February, 2010 Share Posted 23 February, 2010 who cares who gets what money from their admin. they are relegated anyway and this will add to the embarrassment. they are proving to be a untterly disgraceful football club. as for next season. there is no way they will be able to bring a half decent team togther after a turbulent summer they are as good as ruined Yep. Sums it up. Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 February, 2010 Share Posted 23 February, 2010 ....we appear to have found a way of avoiding being wound up...... Oh no, we've been given enough ammunition to keep winding you lot up for decades! Link to comment Share on other sites More sharing options...
Jimmy_D Posted 23 February, 2010 Share Posted 23 February, 2010 Hm, don't forget we were able to pay running costs, just about, when we were in admin, what with selling players, and Crouch dipping into his own pocket... If they go into admin friday, we could well see them wound up by the administrator on friday as well when they can't pay the wages, as they're not allowed to put the company further into debt. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 In fact, yes I do give a toss about local businesses, including those from Pompey. Probably care more than Peter Storrie to be honest. So Terry the Builder then? Didn't they say in the forum last week that he was owed thousands? and that he had sponsored players in the past (or present)? What a great way to treat a local fan - yep, that's your owners doing that. What we are looking at now is an insolvent company sidestepping the authorities and people like Terry. Instead of criticising my views on the 'club' and the scum that run it, why not consider this.. Are you proud of Portsmouth Football Club this evening? I appreciate that there are always casualties when businesses go bust - it doesn't however excuse the moral issue of what Storrie, Chinarai, Gaydamak etc have done. That isn't MY fault. Link to comment Share on other sites More sharing options...
Guided Missile Posted 23 February, 2010 Share Posted 23 February, 2010 (edited) Guys, guys, I know that to some people, the prospect of Pompey surviving the winding up order is disappointing, as they seem to have cheated death yet again, but just think of this. They will never, IMHO, regain the status above Saints that they temporarily and fraudulently attained. The crippling points deduction they and any future owner will be saddled with, will gaurantee a rapid descent, even if they survive the winding up order that has been temporarily suspended. The best they can hope for is the daily reminder of Southampton Football Club marching upwards to the Premiership on the back of a wealthy owner and a sustainable income, culminating, eventually, in Champions League Football in our lifetime, IMO. Their outcome provides us with the opportunity of many happy hours of posting at their expense, while we watch their club on the down escalator to the basement. Who would want them made extinct and miss out on the fun, another 26 years of fun, reminding them who is the number one club in the South.... Edited 23 February, 2010 by Guided Missile Fat Fingers Link to comment Share on other sites More sharing options...
pedg Posted 23 February, 2010 Share Posted 23 February, 2010 You don't give a toss about local businesses, especially if they're from Pompey. It's obvious from your posts that you're just ****ed off that we appear to have found a way of avoiding being wound up...... I think we have all been aware that going into admin would stop the WUO since the order was first issued. What's surprising is that it has not happened sooner, afterall there was possibly enough evidence to proceed with the winding up at the last hearing. Link to comment Share on other sites More sharing options...
derry Posted 23 February, 2010 Share Posted 23 February, 2010 SFC had a massive advantage last year as the club continued to trade out of administration as it was SLH in administration not the club, therefore any money paid to the club was outside the administration. PCFC will be in administration, therefore any intention to pay in money for specific creditors can't happen. Link to comment Share on other sites More sharing options...
DrZuess1979 the 2nd Posted 23 February, 2010 Share Posted 23 February, 2010 Just think Poopy might set 2 records 1. First club In the Prem to go in to admin 2. Lowest points tally ever? Link to comment Share on other sites More sharing options...
Saint_clark Posted 23 February, 2010 Share Posted 23 February, 2010 Just think Poopy might set 2 records 1. First club In the Prem to go in to admin 2. Lowest points tally ever? What does the lowest stand at right now? 16? Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 February, 2010 Share Posted 23 February, 2010 Guys, guys, I know that to some people, the prospect of Pompey surviving the winding up order is disappointing, as they seem to have cheated death yet again, but just think of this. They will never, IMHO, regain the status above Saints that they temporarily and fraudulently attained. The crippling points deduction they and any future owner will be saddled with, will gaurantee a rapid descent, even if they survive the winding up order that has been temporarily suspended. The best they can hope for is the daily reminder of Southampton Football Club marching upwards to the Premiership on the back of a wealthy owner and a sustainable income, culminating, eventually, in Champions League Football in our lifetime, IMO. Their outcome provides us with the opportunity of many happy hours of posting at their expense, while we watch their club on the down escalator to the basement. Who would want them made extinct and miss out on the fun, another 26 years of fun, reminding them who is the number one slub in the South.... GM an excellent post and one that I agree with. Although I am not sure that Saints would want to be the #1 slub in the south If I were to critique the outcome as we see it and defend the burn the witch faction, I still believe and hope that karma and The Law make their own retribution on the people that caused all this, from the star of their fake rise to the demise of their fake sheiks. Hopefully one day the "little guys" who have been hurt by these imbeciles frauds and possibly downright crooked fools who have run the club will be able to sit down and say that'll teach you, you b**std. That would be the right ending and as you say, years of enjoyment for us. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 23 February, 2010 Share Posted 23 February, 2010 This month. Exactly! To come out the other side they need a credible buyer. Gayboy and Chanrai, if they are the major creditors, aren't going to sell back the land and and FP for a penny in the pound, so they will remain theirs. What is left? A Championship club with no assets and an unsustainable wage bill, even if many of the really high earners are off loaded. We very nearly went out of business during administration when we owned our stadium, our training ground and had Jackson's Farm as a little aside. What is any new buyer buying? Link to comment Share on other sites More sharing options...
pedg Posted 23 February, 2010 Share Posted 23 February, 2010 What happens to the 10% that may (or may not) be held by their supporters trust? If they go into admin I assume it becomes worthless and they will not end up with any fraction of the club post admin assuming it makes it out. Link to comment Share on other sites More sharing options...
aintforever Posted 23 February, 2010 Share Posted 23 February, 2010 Is there a chance that the administrator will take one look at the books and say **** this, I'm winding it up? Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 February, 2010 Share Posted 23 February, 2010 Exactly! To come out the other side they need a credible buyer. Gayboy and Chanrai, if they are the major creditors, aren't going to sell back the land and and FP for a penny in the pound, so they will remain theirs. What is left? A Championship club with no assets and an unsustainable wage bill, even if many of the really high earners are off loaded. We very nearly went out of business during administration when we owned our stadium, our training ground and had Jackson's Farm as a little aside. What is any new buyer buying? TCWTB and the bestest fans in the world. It will now come down to this. What will be the best deal? Crystal Palace or Portsmouth? Pompey MAY be able to avoid borrowing BOTH their parachute payments, but other than that it is a close run thing then Link to comment Share on other sites More sharing options...
derry Posted 23 February, 2010 Share Posted 23 February, 2010 This is going to be interesting Chanrai's spokesman says he is going to fund the club whilst in administration and pay the administration costs out of his own pocket. Hope he's got deep pockets. Link to comment Share on other sites More sharing options...
Weston Saint Posted 23 February, 2010 Share Posted 23 February, 2010 Is there a chance that the administrator will take one look at the books and say **** this, I'm winding it up?I suspect an Administrator has been lined up and has seen the books or at least the SoA Link to comment Share on other sites More sharing options...
teamsaint Posted 23 February, 2010 Share Posted 23 February, 2010 Correct. Probably. It seems on the surface that all Chanrai has to do now is keep paying the current PAYE & VAT to make sure that the debt owed to them stays below 25% of the total, and the revenue can stamp their feet as much as they like "all he has to do .................."??!! Link to comment Share on other sites More sharing options...
Saints foreva Posted 23 February, 2010 Share Posted 23 February, 2010 What the **** was that on Sky Sports News? John W******d's wife? Link to comment Share on other sites More sharing options...
INFLUENCED.COM Posted 23 February, 2010 Share Posted 23 February, 2010 This is going to be interesting Chanrai's spokesman says he is going to fund the club whilst in administration and pay the administration costs out of his own pocket. Hope he's got deep pockets. To retain influence Link to comment Share on other sites More sharing options...
krissyboy31 Posted 23 February, 2010 Share Posted 23 February, 2010 I suspect an Administrator has been lined up and has seen the books or at least the SoA Which is why Chanrai has guaranteed the Administrator's fees. IMO no sane Administrator would have touched it after doing the sums on what they will be able to recover. Link to comment Share on other sites More sharing options...
mcjwills Posted 23 February, 2010 Share Posted 23 February, 2010 The £30M question is if they go into admin, and they exit with a CVA, as a CVA is based over 5 years does not the administrator have to take into account the amount of money they will receive as parachute payment over the next 3 years. Would not the Administrator not be performing his duties if he was to ignore this revenue, and let the come out with a CVA and then get given £11M for the next 3 seasons. Link to comment Share on other sites More sharing options...
Under Weststand Posted 23 February, 2010 Share Posted 23 February, 2010 What the **** was that on Sky Sports News? John W******d's wife? F**kin horrendous just shows what years of interbreeding gets you. Link to comment Share on other sites More sharing options...
derry Posted 23 February, 2010 Share Posted 23 February, 2010 To retain influence So who by law has the administrator to protect, the shareholders or the creditors. The CVA, football debts and the licence could be a real mess. Link to comment Share on other sites More sharing options...
Thedelldays Posted 23 February, 2010 Share Posted 23 February, 2010 F**kin horrendous just shows what years of interbreeding gets you. how many beers would it take you..:smt033 Link to comment Share on other sites More sharing options...
bridge too far Posted 23 February, 2010 Share Posted 23 February, 2010 So who by law has the administrator to protect, the shareholders or the creditors. The CVA, football debts and the licence could be a real mess. It's the creditors, isn't it? IIRC our shareholders got diddly squat when we went into administration. Link to comment Share on other sites More sharing options...
andysstuff Posted 23 February, 2010 Share Posted 23 February, 2010 Are we absolutely certain thay they can go into voluntary administration with the WUO order hanging over them? I know the media are bleating on about admin without a thought, but is there the possibility that they have made a horrendous c()ck up al la us and admin dates last year? Link to comment Share on other sites More sharing options...
krissyboy31 Posted 23 February, 2010 Share Posted 23 February, 2010 how many beers would it take you..:smt033 I'd be unconscious before I got beer goggles that thick. Link to comment Share on other sites More sharing options...
explorer saint Posted 23 February, 2010 Share Posted 23 February, 2010 How can reports be correct that their case at HMRC has ben suspended, they are not in admin yet are they, just probably will be by friday. Link to comment Share on other sites More sharing options...
OldNick Posted 23 February, 2010 Share Posted 23 February, 2010 As they are likely to be in administration are they still guarenteed the parachute payments and also their money from the PL season? Could the PL hold that money for their football related debts .I suspect they are due those monies but I thought Id ask. I would expect that the administrator will immediately send back any loan players to help cut the wage bill Link to comment Share on other sites More sharing options...
Winchester Red Posted 23 February, 2010 Share Posted 23 February, 2010 Come on guys!!! The world is full of people who want to buy a championship club with an average fan base, a probable points deduction (CVA or irregularities), a crap ground they have to rent at £1m per year, no training facilities, and who knows if they still have the parachute payments. They're still in the ****e. Unless someone wants to chuck money away they have no operating cash and it's still a mess. As an admin purchase Palace are still 10x more attractive. Christ they have a team!!! Link to comment Share on other sites More sharing options...
Weston Saint Posted 23 February, 2010 Share Posted 23 February, 2010 Are we absolutely certain thay they can go into voluntary administration with the WUO order hanging over them? I know the media are bleating on about admin without a thought, but is there the possibility that they have made a horrendous c()ck up al la us and admin dates last year?The media are advised by insolvency experts so unlikely. We did not make a mistake with dates last year. Lowe expected to be able to trade until at least the end of the season with bank support. The bank withdrew that support and meant we would trade insolvent if we continued so, without alternative investment guarantee he had no alternative. Link to comment Share on other sites More sharing options...
OldNick Posted 23 February, 2010 Share Posted 23 February, 2010 Are we absolutely certain thay they can go into voluntary administration with the WUO order hanging over them? I know the media are bleating on about admin without a thought, but is there the possibility that they have made a horrendous c()ck up al la us and admin dates last year? I can tell you on good authority that RL was told by the top london lawyers that the League could not give us the -10 penalty . Link to comment Share on other sites More sharing options...
derry Posted 23 February, 2010 Share Posted 23 February, 2010 It's the creditors, isn't it? IIRC our shareholders got diddly squat when we went into administration. I knew that but I'm not sure about the legal position. The CVA, if there is one, looks after the creditors. The football debts have to be 100% settled or there is no licence plus all the malarkey of points deductions etc. The FL are no pushover and turned Fry over. This is going to run and run. Link to comment Share on other sites More sharing options...
View From The Top Posted 23 February, 2010 Share Posted 23 February, 2010 It's the creditors, isn't it? IIRC our shareholders got diddly squat when we went into administration. Creditors get the ££. Link to comment Share on other sites More sharing options...
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