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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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ST Randy

ST Randy

Posted
Posted
Storrie believes that if he says something enough times it becomes the truth.

 

They told us they had not been served a winding up order, there would be no firesale, he told us there was new investment, that talk of financial problems was media lies, he said that the Prem had offered Pompey their own transfer window, he said there were several consortiums in a bidding war, he told us they had agreed a deal, he announced that it would solve the club's problems, he's now telling us they will go into administration on Friday...

 

Does he actually mean that they will ask the court to swap the winding-up for adminstration?

Does he mean that Chainrai is going to prove that he now doesn't claim to be the owner as he did last week but is now classing himself as a secured creditor?

And will they actually do this or just talk about it?

 

There's a pattern of Storrie appointing himself the boss of everyone and telling people what's going to happen in Storrie World - but the taxman and the court are deafeningly silent, keeping their powder dry perhaps?

 

I would like to hear information from someone involved other than Portsmouth as I don't believe what they say.

 

Though the taxman may still be too busy - digging the graves.

 

 

As ever Rallyboy you have hit the nail on the head,

 

Baloo likes to think that he is the owner and that he rules. That he can decide on administration. But is he??? He claims to be the owner but it has been pointed out several times on this thread that once a winding up order is in place , it is impossible to make changes in a company's ownership. The WUO pre dates his assumption of power so I can only presume that a court will not see him as the owner - despite what he and the media may say.

 

Baloo may be a secured creditor ... but as another article on this thread points out, Barclays are also a secured creditor - and their claim out ranks his as their charge is older. He may want to put the company into administration but is it up to him to decide ??

 

As you say Rallyboy, I would like to hear what somebody else has to say. The Revenue's silence is ominous... perhaps they are too busy digging the graves.

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Jimmy Gabriel's Halo

Jimmy Gabriel's Halo

Posted
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Another important point is when they are confirmed down this year and in admin they will sell the last remaining players who are worth anything. The loan players will return to their parrent clubs.

 

Leaving an already dire team a lot dire.

 

Meaning next season if they are in the CCC they will have to field their youth team due to having no funds to buy players. Meaning they will likely be battling relegation next season too. If they don't have a CVA then they could get a -20 deduction too.

 

So either way you look at it there is no "get out of it" scenario. The only way that happens is if some rich guy takes over, clear's their debts and puts money in the club to buy the players to get them up the table. Which is unlikely. So rather then being put out of their misery they are just set to suffer for at least another 12 months.

 

Someone said they will never DISGRACE the PL again after this and you hae to say at least for the long forseable future they are right.

 

I've corrected that for you St M

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St Marco

St Marco

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Reportedly the highest paid chairman in the PL.

 

He's lucky he isn't on Payments by Result!

 

What ****ed me off in that news peice was this line from him

 

"I have already spoken to the administrator and he wants to keep things settled, which means me staying on"

 

The ****er should be fired

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aintforever

aintforever

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I don't see the point in having an administrator if he's hand picked by Storrie so that he keeps his job and does whatever he likes.

 

I thought the whole point of the administrator is that the idiots who caused the mess were kicked out and someone with the creditors interests was brought in. All pompey will have is some shyster on Chanrai's payroll calling the shots.

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bridge too far

bridge too far

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Posted
I don't see the point in having an administrator if he's hand picked by Storrie so that he keeps his job and does whatever he likes.

 

I thought the whole point of the administrator is that the idiots who caused the mess were kicked out and someone with the creditors interests was brought in. All pompey will have is some shyster on Chanrai's payroll calling the shots.

 

I think we've concluded that Storrie doesn't have the say in who's administrator.

 

As I understand it, since the WUP has been served, PFC has to tell the Court they want to go into administration and the Court says yes or no. The Court then appoints the administrator or the creditor with the biggest amount owing (HMRC / Barlays) does.

 

Is that right guys and gals?

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Channon's Sideburns

Channon's Sideburns

Posted
Posted

From 2007..

 

FROM SOCCER TO PIZZA The French-Russian businessman Alexandre Gaydamak, an owner of Britain’s Portsmouth soccer club, is buying a 52 percent stake in Global Brands for $5.6 million. Global Brands owns the Domino Pizza franchises in Switzerland, Luxembourg and Liechtenstein.

 

When Mr. Gaydamak bought into the soccer team in January 2006, some British journalists raised questions about how he was able to afford the nearly $26 million for the investment.

 

Mr. Gaydamak, 31, said he made his money in banking and real estate, after skipping college and beginning his business career in France at the age of 18.

 

He has been a director of several companies that are now defunct, including Europitex, a marketing consultancy, as well as Monarch Fiduciary, Mondiale Property and Turnkey Management.

 

He has said publicly that the soccer team was purchased with his own money, not that of his father, Arcadi Gaydamak, a Russian-born billionaire who lives in Israel and owns a soccer club of his own, Beitar Jerusalem. ELIZABETH OLSON

 

http://www.nytimes.com/2007/12/30/business/30suits.html

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aintforever

aintforever

Posted
Posted
I think we've concluded that Storrie doesn't have the say in who's administrator.

 

As I understand it, since the WUP has been served, PFC has to tell the Court they want to go into administration and the Court says yes or no. The Court then appoints the administrator or the creditor with the biggest amount owing (HMRC / Barlays) does.

 

Is that right guys and gals?

 

According to the beeb, portsmouth choose who is administrator...

 

Q: Who will be the administrator?

 

A: This is still unclear, but we know it will not be Nick O'Reilly, the man who prepared the club's recent "statement of affairs". This document was the financial reckoning Portsmouth had to submit to court last week and it would have contained all the gory details (debts of £70m, a tax bill of £12m and rising, and a see-the-season-out estimate of £20m), as well as his opinion on the outcomes, in terms of money returned to creditors, of administration and liquidation.

 

Chainrai either disliked O'Reilly's candour or he balked at his quote, which is believed to have been £1m. This may seem like another professional's attempt to wring money from the club, but it should be remembered an administrator becomes liable for the company's debts and businesses in administration have proved they are not that great at paying those.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
I think we've concluded that Storrie doesn't have the say in who's administrator.

 

As I understand it, since the WUP has been served, PFC has to tell the Court they want to go into administration and the Court says yes or no. The Court then appoints the administrator or the creditor with the biggest amount owing (HMRC / Barlays) does.

 

Is that right guys and gals?

 

According to the honest establishment of PFC, 'they' have appointed UHY Hacker Young - not the courts.

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Chez

Chez

Posted
Posted
Is the FP entraceway a listed building ? If not I'm surprised as the local authority could do so to put a spanner in the works of the developers.

 

the Fratton Park land must be used for recreational/leisure purposes so that restricts development

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mcjwills

mcjwills

Posted
Posted

Love this reply on the Matt Slater Blog, how deluded can you be.

 

In this whole blog I have not read one decent thing about Pompey.. Everyone is very keen to slate us and say horrible things about us. I wish people would stop saying this is the end of us like this, becuase it is not. Don't write us off until we are gone because that is the thing that upsets the fans the most. We know what is going on - no we don't know why or who or whatever! But hearing things like this on a daily basis and hearing only the negative things you have to say about us are heartbreaking.

 

''It takes weeks to buy something as complicated as a football club (and that is just the solvent ones) as any prospective new owner would want to know exactly what he or she is buying. In Pompey's case, it is an indebted Championship team in a shabby stadium with almost no corporate seating, a battered credit rating and a murky recent ownership structure. Do not be fooled by talk of talks.''

 

We are not a Championship team. Okay we may be getting relegated at the end of the season but as far as I am concerned we are still in the Premier League and should be classed as a Premier League team. Shabby stadium is just rude, our ground has nothing wrong with it. Sure its not as big as the ones up North but that ground has one of the best atmospheres in football. Our stadium has been around years yeah, my dad went to his first football game there, as did my grandad, brother and myself and neither of us would change a thing about it. Corporate seating? A proper fan is out in the stands cheering on their team. Most of the people at Portsmouth are not to blame for our finacial problems and they should stop getting a hard time for it. Avram Grant for example, one of the only people who has faith in us. After every game he is questionned about our financial problems, how would he know? He is meant to be in charge of how we play not our money. Question the right people and please think about some of the good stuff about Pompey too. We deserve that much!

 

PUP

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bridge too far

bridge too far

Posted
Posted
According to the beeb, portsmouth choose who is administrator...

 

Q: Who will be the administrator?

 

A: This is still unclear, but we know it will not be Nick O'Reilly, the man who prepared the club's recent "statement of affairs". This document was the financial reckoning Portsmouth had to submit to court last week and it would have contained all the gory details (debts of £70m, a tax bill of £12m and rising, and a see-the-season-out estimate of £20m), as well as his opinion on the outcomes, in terms of money returned to creditors, of administration and liquidation.

 

Chainrai either disliked O'Reilly's candour or he balked at his quote, which is believed to have been £1m. This may seem like another professional's attempt to wring money from the club, but it should be remembered an administrator becomes liable for the company's debts and businesses in administration have proved they are not that great at paying those.

 

Yes, I read that too. But I'm sure, way back in the mists of time, something was posted on here that said the creditors chose the administrator.

 

Didn't Barclays appoint BT in our case?

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Faz

Faz

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Posted
Yes, I read that too. But I'm sure, way back in the mists of time, something was posted on here that said the creditors chose the administrator.

 

Didn't Barclays appoint BT in our case?

 

It's also a case of finding someone prepared to do it - we were turned down by several.

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saint si

saint si

Posted
Posted

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7309718/Portsmouth-owner-Balram-Chainrai-first-in-line-for-17m-repayment-as-secured-creditor.html

 

The last accounts valued the stadium at £11million, but the local council has argued that the ground has limited real value as it can only be redeveloped if the club is found an alternative home. Given that condition, Chainrai may have written-off only a moderate sum.

 

So... the value of the ground has been deliberately over-stated in the club's accounts? Tut tut...

 

Chainrai's involvement with Portsmouth began in October last year when he agreed to loan £17million to Ali Al Faraj, enabling the absentee Saudi Arabian to take control of the club.

He agreed the loan just two weeks after he successfully sued Arcadi Gaydamak, father of Sacha Gaydamak, for the same amount in the Israeli courts.

 

That's one helluva coincidence.

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Under Weststand

Under Weststand

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The stink just keeps getting worse! Desperation times amongst the main protagonists. Am I reading this right that they have to go to court before they go into administration & is that on Friday? We know everything happens on Friday, if so should be an Interesting day another hammering for the F5 button.

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emerson massey

emerson massey

Posted
Posted

Not sure if this has been touched upon - anyone know if this is normal procedure for football clubs?

 

"Interest from a South African-based consortium cooled when they discovered that the club's merchandising revenue has already been licensed to a third party for three years, cutting off a crucial source of revenue. It is understood to be one of many examples of future income being sold to meet current debts."

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7309718/Portsmouth-owner-Balram-Chainrai-first-in-line-for-17m-repayment-as-secured-creditor.html

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andysstuff

andysstuff

Posted
Posted
Not sure if this has been touched upon - anyone know if this is normal procedure for football clubs?

 

"Interest from a South African-based consortium cooled when they discovered that the club's merchandising revenue has already been licensed to a third party for three years, cutting off a crucial source of revenue. It is understood to be one of many examples of future income being sold to meet current debts."

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7309718/Portsmouth-owner-Balram-Chainrai-first-in-line-for-17m-repayment-as-secured-creditor.html

 

Didn't we do this for a while, or has my brain turned to mush?

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Colinjb

Colinjb

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Posted
Didn't we do this for a while, or has my brain turned to mush?

 

It was my understanding that we did the opposite and took all branding/merchandising in house in order to maxmise long term revenue!!!

 

I'm sure we all remember the 'Saints sportswear' crap.

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dubai_phil

dubai_phil

Posted
Posted
Didn't we do this for a while, or has my brain turned to mush?

 

Actually pretty standard

One simple example was "The pouring rights contract" which hacks so many off at SMS...

 

Club announces we have signed a contract worth XYZ, cash comes in we can afford to pay Euell's wages for another few months.... Actual result is that most of us then don't bother to drink the crap served at the ground.

 

That comment is making a molehill out of a zit

 

Don't skates have a tie-up with Canterbury who went bust?

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benjii

benjii

Posted
Posted

:lol: at all the guesses about stuff.

 

It's like the old takeover threads. People would come on and say "well, if this happens then it means this because the law says this", and it would be complete rubbish.

 

I almost miss the old takeover threads.

 

Actually, on second thoughts, I really don't! We have one of the best owners around :)

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benjii

benjii

Posted
Posted
Yes, I read that too. But I'm sure, way back in the mists of time, something was posted on here that said the creditors chose the administrator.

 

Didn't Barclays appoint BT in our case?

 

No, we (SLH PLC) did. And I still maintain that any suggestion Barclays give a fig about PFC at the moment is down to nothing other than misguided journalism.

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