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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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SOTONS EAST SIDE

SOTONS EAST SIDE

Posted
Posted
''Maybe if the Revenue hadn't brought the action that they did, we might have carried on, who knows?''

 

wtf?

 

yep, sorry peter - we should let you continue not paying your bills. bloody inland revenue for wanting their money.

 

morons

Are you sure his name is Storrie and not Pan, as he does seem to live in a complete fantasy world!! lol
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dubai_phil

dubai_phil

Posted
Posted

Meanwhile, news is emerging on the failed takeover plan from lifelongafrikaaner.

 

"Sources suggest that the deal faltered over the plans to adopt the World Famous concept of the first ever Monkey Petting Zoo at Fratton Park.

 

It seems that the bidders over estimated the enthusiasm of the loyal fan base to help save the club when a key fan refused to sign up.

 

A spokesman said - Vee hole Theeng was orl dun. Wee ad vee agreement weeth vee supplier of vee rotten tomatoes and vee stale bananas. Eets a reel shame as we filt that our TCWTB Pelting Zoo would ave been a great success weeth vee away fans gratelee enhancing are match day reevenoos.

 

TCWTB was not believed to be available to make a comment."

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dubai_phil

dubai_phil

Posted
Posted

Parallels

 

OK so it relates to a different club and different problems but it does show how lucky we are and the extent to which La La Land comes into play when idiots get to run a football club. Beckham? 40 Grand in Chauffeur Bills Lol

 

http://www.telegraph.co.uk/sport/football/leagues/leaguetwo/nottscounty/7301526/Sven-Goran-Eriksson-hatched-plan-to-lure-David-Beckham-to-Notts-County.html

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Fowllyd

Fowllyd

Posted
Posted
Parallels

 

OK so it relates to a different club and different problems but it does show how lucky we are and the extent to which La La Land comes into play when idiots get to run a football club. Beckham? 40 Grand in Chauffeur Bills Lol

 

http://www.telegraph.co.uk/sport/football/leagues/leaguetwo/nottscounty/7301526/Sven-Goran-Eriksson-hatched-plan-to-lure-David-Beckham-to-Notts-County.html

 

Parallels indeed. I liked this bit:

 

A winding-up petition was issued by HMRC for an unpaid tax bill of over £600,000, yet it was a reality Trembling refused to accept.

 

Now who does that remind me of? :smt044 On the other hand, at least Trembling put a considerable sum of his own money into Notts.

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BGF

BGF

Posted
Posted

According to Solent Barclays bank might be the one's to put pompey into admin as they are owed money from 2004!! it's a rolling debt apparently, If they do then they, not the owners appoint an administrator, the fun goes on.

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Gingeletiss

Gingeletiss

Posted
Posted

I was asked about a million pages back, by someone who knows it all, to back up a statement about the PL and insolvency. He claimed there was nothing in the PL's rules to govern it............I think this says it all thank you.

 

 

Events of Insolvency

 

50.

Subject to Rule C.58, the Board shall have power to suspend a Club by giving to it notice in writing to that effect if it or its Parent Undertaking suffers an Event of Insolvency, that is to say:

 

50.1 it enters into a Company Voluntary Arrangement pursuant to Part 1 of the Insolvency Act 1986 (“the 1986 Act” which expression shall include any statutory modification or re-enactment thereof for the time being in force) or a Scheme of Arrangement with its creditors under section 425 of the Companies Act 1985 or enters into any compromise agreement with its creditors as a whole; or

 

 

50.2 it or its shareholders or directors lodge a Notice of Intention to Appoint an Administrator or Notice of Appointment of an Administrator at the Court in accordance with paragraph 26 or paragraph 29 of Schedule B1 to the 1986 Act or where it or its shareholders or directors make an application to the Court for an Administration Order under paragraph 12 of Schedule B1 to the 1986 Act or where an Administrator is appointed or an Administration Order is made in respect of it (“Administrator” and “Administration Order” having the meanings attributed to them respectively by paragraphs 1 and 10 of Schedule B1 to the 1986 Act); or

 

50.3 an Administrative Receiver (as defined by section 251 of the 1986 Act), a Law of Property Act Receiver (appointed under section 109 of the Law of Property Act 1925) or any Receiver appointed by the Court under the Supreme Court Act 1981 or any other Receiver is appointed over any of its assets which, in the opinion of the Board, are material to the Club’s ability to fulfil its obligations as a member of the League; or

 

50.4 its shareholders pass a resolution pursuant to section 84(1) of the 1986 Act to voluntarily wind it up; or

 

50.5 ameetingofitscreditorsisconvenedpursuanttosection95orsection98ofthe1986 Act; or

 

50.6 a winding up order is made against it by the Court under section 122 of the 1986 Act or a provisional liquidator is appointed over it under section 135 of the 1986 Act; or

 

50.7 it ceases or forms an intention to cease wholly or substantially to carry on its business save for the purpose of reconstruction or amalgamation or otherwise in accordance with a scheme of proposals which have previously been submitted to and approved in writing by the Board; or

 

50.8 it enters into or is placed into any insolvency regime in any other member state of the European Union which is analogous with the insolvency regimes detailed in Rules C.50.2 to C.50.7 hereof.

 

51. A Club shall forthwith give written notice to the Board upon the happening of any of the events referred to in Rule C.50.

 

52. At the discretion of the Board exercised in accordance with Rule C.58, a suspension may take effect from the giving of the notice or it may be postponed subject to:

 

52.1 a condition that while the suspension is postponed the Club may not apply to register or have transferred to it the registration of any Player; and

 

52.2 suchotherconditionsastheBoardmayfromtimetotimeduringthepostponementof the suspension think fit to impose.

 

53. Unless a suspension is postponed, a suspended Club shall not play in: 53.1 anyLeagueMatch;or

 

RULES: SECTION C

53.2 anyPremierAcademyLeagueMatch;or

 

53.3 anyPremierReserveLeagueMatch;or 53.4 any of the competitions set out in Rules E.10 and E.11; or

 

53.5 any other match.

 

54. For the purposes of the League competition, the Board shall have power to determine how the cancellation of a League Match caused by the suspension of one of the Clubs which should have participated in it shall be treated.

 

55. While pursuant to this Section of these Rules a Club is suspended or its suspension is postponed, the Board shall have power, subject to Rule C.58, to make such payments as it may think fit to the Club’s Football Creditors out of:

 

55.1 any UK Broadcasting Money payable to the suspended Club under the provisions of Rule C.35; and

 

55.2 any Overseas Broadcasting Money payable to the suspended Club under the provisions of Rule C.37; and

 

55.3 any Title Sponsorship Money payable to the suspended Club under the provisions of Rule C.39; and

 

55.4 anyCommercialContractMoneypayabletothesuspendedClubundertheprovisionsof Rule C.41; and

 

55.5 any Radio Contract Money payable to the suspended Club under the provisions of Rule C.44.

 

56. For the purposes of this Section of these Rules, Football Creditors shall comprise:

 

56.1 theFootballAssociationandclubsinfullorassociatemembershipthereof;and 56.2 Affiliated Associations (as defined by the articles of association of the Football

Association); and

 

56.3 theCompanyandanysubsidiaryofit;and 56.4 the Football League, the Football Conference, the Northern Premier League, the Southern Premier League and the Isthmian Football League; and

 

56.5 theProfessionalFootballers’Association;and

 

56.6 theFootballFoundation;and

 

56.7 any employee or former employee of the suspended Club to whom arrears of wages

or salary are due, to the extent of such arrears; and

 

56.8 any pension provider to which a pension contribution payable by the suspended

Club in respect of its employees or former employees is due, to the extent of such contribution.

 

RULES: SECTION C

57. Upon being reasonably satisfied that a suspended Club’s liabilities to its Football Creditors have been settled, the Board shall have power, subject to Rule C.58, to withdraw the suspension of that Club by giving to it notice in writing to that effect.

 

58. In exercising its powers under Rules C.50, C.55 and C.57 and its discretion under Rule C.52, the Board shall have regard to all the circumstances of the case and to:

 

58.1 such of the provisions of the Insolvency Act 1986, the Competition Act 1998 and the Enterprise Act 2002 as are relevant and then in force;

 

58.2 theconsideration(ifany)givenbytheinsolventClubundertheprovisionsofRulesC.35, C.37, C.39, C.41 and C.44;

 

58.3 the interests of the insolvent Club’s Officials, Players, supporters, shareholders and sponsors;

 

58.4 theinterestsoftheinsolventClub’sotherFootballCreditors;

 

58.5 the need to protect the integrity and continuity of the League competition; and

 

58.6 the reputation of the Company and the League and the need to promote the game of

association football generally.

 

59. Any distribution to a Relegated Club under the provisions of Rules C.35, C.37 or C.39 may be deferred if, on or before the date of the distribution, the Relegated Club has been given notice under article 4.5 of the articles of association of the Football League which has been suspended. Upon such notice being withdrawn the deferred distribution shall be paid but if in consequence of the notice the club to which it was due ceases to be a member of the Football League its amount shall be added to the next distribution made in accordance with these Rules.

 

Sporting Sanction

 

60. Upon a Club suffering an Event of Insolvency:

 

60.1 theinsolventClubshallthereuponsufferadeductionof9pointsscoredortobescored in the League competition; and

 

60.2 the Board shall forthwith give written notice to the insolvent Club to that effect.

 

61. Subject to Rule C.62, the insolvent Club may appeal against the deduction of points by sending or delivering to the Secretary Form 2 so that he receives the same together with a deposit of £1,000 within 7 days of the date of the notice given under the provisions of Rule C.60.2 (time of the essence).

 

 

RULES: SECTION C

 

62. The only ground upon which an insolvent Club may appeal as aforesaid is that

 

62.1 the Event of Insolvency was caused by and resulted directly from circumstances, other than normal business risks, over which it could not reasonably be expected to have had control; and

 

62.2 its Officials had used all due diligence to avoid the happening of that event.

 

63. An appeal under the provisions of Rule C.61 shall lie to an appeal tribunal which shall hear the appeal as soon as reasonably practicable. The appeal tribunal shall be appointed by the Board and shall comprise 3 members of the Panel including:

 

63.1 an authorised insolvency practitioner and

 

63.2 a legally qualified member who shall sit as chairman of the tribunal.

 

64. The chairman of the appeal tribunal shall have regard to the procedures governing the proceedings of Commissions and Appeal Boards set out in Section R of these Rules but, subject as aforesaid, shall have an overriding discretion as to the manner in which the appeal is conducted.

 

65. The Club shall have the onus of proof of the matters set out in the appeal on the balance of probabilities.

 

66. If the members of the appeal tribunal are not unanimous the decision of the majority of them shall prevail.

 

67. The appeal tribunal shall give written reasons for its decision.

 

68. Members of the appeal tribunal shall be entitled to receive from the Company a reasonable

sum by way of fees and expenses. 69. The appeal tribunal shall have the following powers:

 

69.1 to allow or dismiss the appeal; 69.2 to order the deposit to be forfeited to the Company or repaid to the appellant Club; 69.3 toordertheappellantClubtopayorcontributetothecostsoftheappealincludingthe

fees and expenses of members of the appeal tribunal paid or payable under Rule C.68. 70.

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pedg

pedg

Posted
Posted

Oh well so much for my prediction that nothing much would happen yesterday! Do you think I should try predicting the same for today?

 

How will admin affect the court case from Campbell? I assume the case will be cancelled and he will join the list of creditors? He did say in his interview the other week that he was not alone in that situation so may see other creditors appear. Hopefully each will be ticked of against the SoA to make sure vantis included them?

 

Talking of the SoA if it assumed they were going to be 17th then its now something of a work of fiction in places I assume?

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Fowllyd

Fowllyd

Posted
Posted
For those who struggle to read all the pages each day to keep up, here is a very well constructed blog/article that hits a lot of nails on the head and also an interesting comment.

 

http://www.twohundredpercent.net/?p=4582

 

A decent summary, though it would have been better if the writer hadn't referred more than once to "Friday's court hearing". Getting details of that sort wrong tends to reduce the credibility of the whole article, which is unfortunate. Interesting comment following the article as well.

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Goalie66

Goalie66

Posted
Posted
I was asked about a million pages back, by someone who knows it all, to back up a statement about the PL and insolvency. He claimed there was nothing in the PL's rules to govern it............I think this says it all thank you.

 

 

Events of Insolvency

 

50.

Subject to Rule C.58, the Board shall have power to suspend a Club by giving to it notice in writing to that effect if it or its Parent Undertaking suffers an Event of Insolvency, that is to say:

 

50.1 it enters into a Company Voluntary Arrangement pursuant to Part 1 of the Insolvency Act 1986 (“the 1986 Act” which expression shall include any statutory modification or re-enactment thereof for the time being in force) or a Scheme of Arrangement with its creditors under section 425 of the Companies Act 1985 or enters into any compromise agreement with its creditors as a whole; or

 

 

50.2 it or its shareholders or directors lodge a Notice of Intention to Appoint an Administrator or Notice of Appointment of an Administrator at the Court in accordance with paragraph 26 or paragraph 29 of Schedule B1 to the 1986 Act or where it or its shareholders or directors make an application to the Court for an Administration Order under paragraph 12 of Schedule B1 to the 1986 Act or where an Administrator is appointed or an Administration Order is made in respect of it (“Administrator” and “Administration Order” having the meanings attributed to them respectively by paragraphs 1 and 10 of Schedule B1 to the 1986 Act); or

 

50.3 an Administrative Receiver (as defined by section 251 of the 1986 Act), a Law of Property Act Receiver (appointed under section 109 of the Law of Property Act 1925) or any Receiver appointed by the Court under the Supreme Court Act 1981 or any other Receiver is appointed over any of its assets which, in the opinion of the Board, are material to the Club’s ability to fulfil its obligations as a member of the League; or

 

50.4 its shareholders pass a resolution pursuant to section 84(1) of the 1986 Act to voluntarily wind it up; or

 

50.5 ameetingofitscreditorsisconvenedpursuanttosection95orsection98ofthe1986 Act; or

 

50.6 a winding up order is made against it by the Court under section 122 of the 1986 Act or a provisional liquidator is appointed over it under section 135 of the 1986 Act; or

 

50.7 it ceases or forms an intention to cease wholly or substantially to carry on its business save for the purpose of reconstruction or amalgamation or otherwise in accordance with a scheme of proposals which have previously been submitted to and approved in writing by the Board; or

 

50.8 it enters into or is placed into any insolvency regime in any other member state of the European Union which is analogous with the insolvency regimes detailed in Rules C.50.2 to C.50.7 hereof.

 

51. A Club shall forthwith give written notice to the Board upon the happening of any of the events referred to in Rule C.50.

 

52. At the discretion of the Board exercised in accordance with Rule C.58, a suspension may take effect from the giving of the notice or it may be postponed subject to:

 

52.1 a condition that while the suspension is postponed the Club may not apply to register or have transferred to it the registration of any Player; and

 

52.2 suchotherconditionsastheBoardmayfromtimetotimeduringthepostponementof the suspension think fit to impose.

 

53. Unless a suspension is postponed, a suspended Club shall not play in: 53.1 anyLeagueMatch;or

 

RULES: SECTION C

53.2 anyPremierAcademyLeagueMatch;or

 

53.3 anyPremierReserveLeagueMatch;or 53.4 any of the competitions set out in Rules E.10 and E.11; or

 

53.5 any other match.

 

54. For the purposes of the League competition, the Board shall have power to determine how the cancellation of a League Match caused by the suspension of one of the Clubs which should have participated in it shall be treated.

 

55. While pursuant to this Section of these Rules a Club is suspended or its suspension is postponed, the Board shall have power, subject to Rule C.58, to make such payments as it may think fit to the Club’s Football Creditors out of:

 

55.1 any UK Broadcasting Money payable to the suspended Club under the provisions of Rule C.35; and

 

55.2 any Overseas Broadcasting Money payable to the suspended Club under the provisions of Rule C.37; and

 

55.3 any Title Sponsorship Money payable to the suspended Club under the provisions of Rule C.39; and

 

55.4 anyCommercialContractMoneypayabletothesuspendedClubundertheprovisionsof Rule C.41; and

 

55.5 any Radio Contract Money payable to the suspended Club under the provisions of Rule C.44.

 

56. For the purposes of this Section of these Rules, Football Creditors shall comprise:

 

56.1 theFootballAssociationandclubsinfullorassociatemembershipthereof;and 56.2 Affiliated Associations (as defined by the articles of association of the Football

Association); and

 

56.3 theCompanyandanysubsidiaryofit;and 56.4 the Football League, the Football Conference, the Northern Premier League, the Southern Premier League and the Isthmian Football League; and

 

56.5 theProfessionalFootballers’Association;and

 

56.6 theFootballFoundation;and

 

56.7 any employee or former employee of the suspended Club to whom arrears of wages

or salary are due, to the extent of such arrears; and

 

56.8 any pension provider to which a pension contribution payable by the suspended

Club in respect of its employees or former employees is due, to the extent of such contribution.

 

RULES: SECTION C

57. Upon being reasonably satisfied that a suspended Club’s liabilities to its Football Creditors have been settled, the Board shall have power, subject to Rule C.58, to withdraw the suspension of that Club by giving to it notice in writing to that effect.

 

58. In exercising its powers under Rules C.50, C.55 and C.57 and its discretion under Rule C.52, the Board shall have regard to all the circumstances of the case and to:

 

58.1 such of the provisions of the Insolvency Act 1986, the Competition Act 1998 and the Enterprise Act 2002 as are relevant and then in force;

 

58.2 theconsideration(ifany)givenbytheinsolventClubundertheprovisionsofRulesC.35, C.37, C.39, C.41 and C.44;

 

58.3 the interests of the insolvent Club’s Officials, Players, supporters, shareholders and sponsors;

 

58.4 theinterestsoftheinsolventClub’sotherFootballCreditors;

 

58.5 the need to protect the integrity and continuity of the League competition; and

 

58.6 the reputation of the Company and the League and the need to promote the game of

association football generally.

 

59. Any distribution to a Relegated Club under the provisions of Rules C.35, C.37 or C.39 may be deferred if, on or before the date of the distribution, the Relegated Club has been given notice under article 4.5 of the articles of association of the Football League which has been suspended. Upon such notice being withdrawn the deferred distribution shall be paid but if in consequence of the notice the club to which it was due ceases to be a member of the Football League its amount shall be added to the next distribution made in accordance with these Rules.

 

Sporting Sanction

 

60. Upon a Club suffering an Event of Insolvency:

 

60.1 theinsolventClubshallthereuponsufferadeductionof9pointsscoredortobescored in the League competition; and

 

60.2 the Board shall forthwith give written notice to the insolvent Club to that effect.

 

61. Subject to Rule C.62, the insolvent Club may appeal against the deduction of points by sending or delivering to the Secretary Form 2 so that he receives the same together with a deposit of £1,000 within 7 days of the date of the notice given under the provisions of Rule C.60.2 (time of the essence).

 

 

RULES: SECTION C

 

62. The only ground upon which an insolvent Club may appeal as aforesaid is that

 

62.1 the Event of Insolvency was caused by and resulted directly from circumstances, other than normal business risks, over which it could not reasonably be expected to have had control; and

 

62.2 its Officials had used all due diligence to avoid the happening of that event.

 

63. An appeal under the provisions of Rule C.61 shall lie to an appeal tribunal which shall hear the appeal as soon as reasonably practicable. The appeal tribunal shall be appointed by the Board and shall comprise 3 members of the Panel including:

 

63.1 an authorised insolvency practitioner and

 

63.2 a legally qualified member who shall sit as chairman of the tribunal.

 

64. The chairman of the appeal tribunal shall have regard to the procedures governing the proceedings of Commissions and Appeal Boards set out in Section R of these Rules but, subject as aforesaid, shall have an overriding discretion as to the manner in which the appeal is conducted.

 

65. The Club shall have the onus of proof of the matters set out in the appeal on the balance of probabilities.

 

66. If the members of the appeal tribunal are not unanimous the decision of the majority of them shall prevail.

 

67. The appeal tribunal shall give written reasons for its decision.

 

68. Members of the appeal tribunal shall be entitled to receive from the Company a reasonable

sum by way of fees and expenses. 69. The appeal tribunal shall have the following powers:

 

69.1 to allow or dismiss the appeal; 69.2 to order the deposit to be forfeited to the Company or repaid to the appellant Club; 69.3 toordertheappellantClubtopayorcontributetothecostsoftheappealincludingthe

fees and expenses of members of the appeal tribunal paid or payable under Rule C.68. 70.

 

So apart from the fact that it is impossible to read 63 letter length words. What is your point?

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qwertySFC

qwertySFC

Posted
Posted

What is the betting that if Chineroo was not around protecting his "investment" , Story Jackanory would have gone ahead with the S/Africans without seeing 1 S/A Rand ,

 

It does appear that Chineroo is some what a bit more business savy than Story who would have done any thing to get a new owner..

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sidthesquid

sidthesquid

Posted
Posted
http://soccernet.espn.go.com/news/story?id=746083&sec=england&cc=5739

 

Nothing we do not already know but lol at Storries comments. The poor boy is exhausted

 

Note this quote from them: Soccernet have been predicting the club's chronic financial fall since September........

 

They have been the most pro-Storrie, pro-Skates news service of all, bigging up every hint of a bit of good news. No wonder they hit it off with Storrie - an almost spiritually shared love of spin & hatred of the truth.

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slickmick

slickmick

Posted
Posted

What is in it for Chainrai ?

The amount its going to cost him to keep them going through administration will cost him what ?? £8m for a couple of months ???

What will he expect to gain from this ??

 

Add that to what he has already put in surely he would be better off letting them go under on Monday ?

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Goalie66

Goalie66

Posted
Posted
I think, that if you read it, there are several points. My main point however, is that there is in fact, rules in place that govern Insolvency.

 

Yes but the key word is MAY, not will.,It is all about discretion.Now is that the point you were trying to make ?

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Faz

Faz

Posted
Posted
What is in it for Chainrai ?

The amount its going to cost him to keep them going through administration will cost him what ?? £8m for a couple of months ???

What will he expect to gain from this ??

 

Add that to what he has already put in surely he would be better off letting them go under on Monday ?

 

There are dark forces at work

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Winchester Red

Winchester Red

Posted
Posted
What is in it for Chainrai ?

The amount its going to cost him to keep them going through administration will cost him what ?? £8m for a couple of months ???

What will he expect to gain from this ??

 

Add that to what he has already put in surely he would be better off letting them go under on Monday ?

 

I think he's done a deal with the PL. PFC will get to the end of the season and go into admin if you give us all the parachute monies

 

With Chainrai it will be because one way or another he's getting more of his money back

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Wade Garrett

Wade Garrett

Posted
Posted
What is in it for Chainrai ?

The amount its going to cost him to keep them going through administration will cost him what ?? £8m for a couple of months ???

What will he expect to gain from this ??

 

Add that to what he has already put in surely he would be better off letting them go under on Monday ?

 

What, you mean them going under and him and Gaydamak developing land that has no development potential while there is a football club their?

 

Surely not.:smt039

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Wade Garrett

Wade Garrett

Posted
Posted
I think he's done a deal with the PL. PFC will get to the end of the season and go into admin if you give us all the parachute monies

 

With Chainrai it will be because one way or another he's getting more of his money back

 

Premier League have made it clear that they will do nothing outside the set down rules to help Portsmouth, and nor should they.

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pedg

pedg

Posted
Posted
Premier League have made it clear that they will do nothing outside the set down rules to help Portsmouth, and nor should they.

 

That was while they were competing on an even playing field. Now they have accepted administration and all but certain relegation then one would expect that the PL chairmen would look more kindly on advancing them money, or at least making it easier for them to borrow now against future parachute payments.

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tony13579

tony13579

Posted
Posted

I dont see how anyone could "run" this club in administration. surely they would have to run this bussiness with out incuring an increasing debt. As it stands it looks like they are incuring an extra £2m per month debt. There looks like they have sold every sellable assett and cant sell the players till the summer. The opportunity to rescue via administration died at the end of the January transfer window.

 

Surely all an administrator could do is sell the club to the non existant buyers or wind it up. all adminstraion will do is buy them 2 weeks?

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Faz

Faz

Posted
Posted

Questions:

 

1. If the SoA makes it clear that Admin cannot work (as surely it must do), can HMRC ask the court to put Administration aside and carry on with the WUO?

 

2. If Chainrai support the club to the tune of £3m per month - i.e. hands these funds over to the Administrator to pay wages etc, can he lay claim to PL/TV monies ahead of any other creditor? Can the Administrator do that type of deal?

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Winchester Red

Winchester Red

Posted
Posted (edited)
That was while they were competing on an even playing field. Now they have accepted administration and all but certain relegation then one would expect that the PL chairmen would look more kindly on advancing them money, or at least making it easier for them to borrow now against future parachute payments.

 

Nearly every PL club said they'd be happy for PFC to receive money early if there was a points deduction attached to it. There is... admin.... 9 points

 

If you look back over this thread yesterday evening, it was generally agreed that they are toast and that Chainrai has them with their trousers around their ankles. If Chainrai is paying the administrator he has very cold hard reasons

 

He has no interest in them at all, only getting his money back. He made a short term loan and he was conned.

 

He has a long lingering death planned for Portsmouth.

 

No ground, just a 15 year payment plan which eats up most of their CC TV income

No Parachute payments as prob a PL deal or used securing previous money

...and if you want to buy them out of admin you will still need to pay £10m of (UK) football debts, plus another £10m in Italy (possibly) and £18m to the revenue. If you don't do that you won't get your league share and they either won't let you in or you'll have a 20point penalty

 

....and this is without a possible increased penalty for a second admin and irregularities

 

The is PFC's worst nightmre. Horror for years to come

Edited by Winchester Red
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Faz

Faz

Posted
Posted
That was while they were competing on an even playing field. Now they have accepted administration and all but certain relegation then one would expect that the PL chairmen would look more kindly on advancing them money, or at least making it easier for them to borrow now against future parachute payments.

 

So they are advanced next years parachute payments. Half their remining squad is still on PL wages and have contracts which need to be paid up. Sol I guess is regarded as a football creditor, and other transfer payemtns are due. Rumour has it they are still payng part salaries of players sold previously, and no doubt will have to continue ot do so. HMRC will not lay down.

 

Surely this is still the beginning of the end for them?

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OldNick

OldNick

Posted
Posted

a few points.

Storrie will have to step down aka RL did. The administrator will then be able to assess if there has been any criminal activity I assume.

 

Chanrai saying he will cover costs, does that also include the wage bill? If so and it takes a couple of months to find a buyer his 17m will look pretty sad.

Surely any future parachute and money comong from competition can be alloted to all the creditors.

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Winchester Red

Winchester Red

Posted
Posted
a few points.

Storrie will have to step down aka RL did. The administrator will then be able to assess if there has been any criminal activity I assume.

 

Chanrai saying he will cover costs, does that also include the wage bill? If so and it takes a couple of months to find a buyer his 17m will look pretty sad.

Surely any future parachute and money comong from competition can be alloted to all the creditors.

 

If you see Loanees returning (when they can) you know that costs are only being covered to the absolute minimum.

 

I wonder if Avram has a proper contract - he could be on his way quickly

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bridge too far

bridge too far

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Posted
Questions:

 

1. If the SoA makes it clear that Admin cannot work (as surely it must do), can HMRC ask the court to put Administration aside and carry on with the WUO?

 

2. If Chainrai support the club to the tune of £3m per month - i.e. hands these funds over to the Administrator to pay wages etc, can he lay claim to PL/TV monies ahead of any other creditor? Can the Administrator do that type of deal?

 

And I'd add a further point:

 

3. If the SoA demonstrates that the club IS currently trading insolvently, then the club should cease trading IMMEDIATELY - never mind hanging on for admin - surely?

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qwertySFC

qwertySFC

Posted
Posted
a few points.

Storrie will have to step down aka RL did. The administrator will then be able to assess if there has been any criminal activity I assume.

 

Chanrai saying he will cover costs, does that also include the wage bill? If so and it takes a couple of months to find a buyer his 17m will look pretty sad.

Surely any future parachute and money comong from competition can be alloted to all the creditors.

 

Ah Nick....Please look here... Jackanory is willing to take a pay cut to remain on board the sinking ship...Very decent of the ole chap :D

 

http://www.portsmouth.co.uk/pompeyinvestigation/Storrie-I39ll-stay-to-fight.6098638.jp

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Winchester Red

Winchester Red

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There you go....

 

He may be paying the administrator out of his own pocket, but the PL are covering the overheads.

 

They are in for a hideous future.

 

Freefalling through the CC without a parachute (payment)

 

I was going to do a grinny thing, but I'm actually starting to fee a bit angry and sorry for them. PFC fans.... get the AFCP club started ASAP. We need you back.... (2 divisions below us:D)

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Winchester Red

Winchester Red

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The courts can still turn down admin I believe. If they think the only person who will benefit is Chainrai and that PFC won't be bought out of admin. (Ie - UK creditirs won't wee any of their money anyway)

 

The next week is going to be interesting for non-PFC fans

 

For PFC fans - there is no good way out now

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