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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Minsk

Minsk

Posted
Posted
Not sure if its already been posted, but this link explains the Pompey / Administration thing quite well ... they are fooked dudes !

 

http://www.bbc.co.uk/blogs/mattslater/2010/02/portsmouth_fc_in_crisis_qa.html

 

.

 

 

Personally, I am going to cling on to the hope of 2 things said in this article:

 

1. (As Rallyboy said) '...the company, in this case Portsmouth City Football Club Limited, asks the high court to be placed in administration.'

 

2. 'Going into administration means the club is UNLIKELY to face a winding-up petition on Monday.'

 

My hope here is that the High Court refuse the request and make them go see to court on Monday instead. I am heartened by the use of the word 'unlikely' in the 2nd quote as this indicates that there is still some possiblility of it happening.

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dubai_phil

dubai_phil

Posted
Posted

Employees at Portsmouth face uncertainty about their futures. They could be fired instantly.

 

Local suppliers face little chance of recovering monies owed to them.

 

But Mark Jacob who work for the Al Faraj group - who were responsible for getting the club into this mess leaves a highly paid job to go work there?

 

Peter Storrie expected to be kept on "to help".

 

I'm sorry, but if this happens it will be a disgrace beyond anything else that has happened to date.

 

By comparison, Lowe would deserve a Sainthood for the way he was resigned quietly and with some public dignity. That is how wrong this is.

 

But then why is anyone surprised?

 

The carve up was done over the weekend, surely nobody really believed Storrie was in meetings to save the club? He was bashing out the deal to carve up admin.

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CB Saint

CB Saint

Posted
Posted
Employees at Portsmouth face uncertainty about their futures. They could be fired instantly.

 

Local suppliers face little chance of recovering monies owed to them.

 

But Mark Jacob who work for the Al Faraj group - who were responsible for getting the club into this mess leaves a highly paid job to go work there?

 

Peter Storrie expected to be kept on "to help".

 

I'm sorry, but if this happens it will be a disgrace beyond anything else that has happened to date.

 

By comparison, Lowe would deserve a Sainthood for the way he was resigned quietly and with some public dignity. That is how wrong this is.

 

But then why is anyone surprised?

 

The carve up was done over the weekend, surely nobody really believed Storrie was in meetings to save the club? He was bashing out the deal to carve up admin.

 

Please could everyone give Storrie some slack here. He has a very expensive extention planned and really needs this job. I mean have you seen the price of granite worktops recently.

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CB Saint

CB Saint

Posted
Posted
So Jacobs is leaving (presumably) a well paid job for a city law firm to 'help' out Pompey....what exactly will his role be and who will be paying him?

 

They'll have the administrator controlling the company but still have Storrie and Jacobs hanging around. I don't get it?! something fishy there.

 

I wonder if Fuglers have had enough of the indirect bad publicity and the fact the Jacobs has probably done sod all for the firm for the last 6 months and suggested that he leave.

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dubai_phil

dubai_phil

Posted
Posted (edited)
I wonder if Fuglers have had enough of the indirect bad publicity and the fact the Jacobs has probably done sod all for the firm for the last 6 months and suggested that he leave.

 

Of course, damn, I normally spot those.

 

"Marc Jacobs was resigned from his position at Fuglers today to concetrate on his on the side job"

 

Exact copy of

 

Jan Poortvliet was resigned from his position at SMS

 

Rupert Lowe was resigned by Mark Fry

 

all allegedly of course

Edited by dubai_phil
having to use karpy laptop keyboard
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dubai_phil

dubai_phil

Posted
Posted

To be closely followed by

 

Avram Grant was resigned from his position as first team manager. In the light of the new financial situation I felt it was only right for me to leave so that the club could use the remainder of this season to give their new manager Nickh time to gain much needed first team experience.

 

(translated to the bstds agreed to pay me at least one month's wages if I did a runner from a no win situation)

 

the only one it won't apply to will be Storrie, his will read..

 

Storrie still handcuffed to floodlight pylon.

 

Due to Health & Safety Issues, the emergency services have been unable to climb the pylon to release Mr Storrie. Storrie was was allegedly resigned on the appointment of Computer Hackers, who's chief Administrator Mr Android said that they understood Mr Storrie was armed with a well charged Blackberry and was insisting that a new buyer was close and that he was just looking out for them.

 

They appreciated his dedication to the cause but felt that after 6 weeks on the pylon he should now come down or he would shortly smell worse than TCWTB and the odour was having an impact on attendances. It was also felt that having a Harrod's Hamper deliverd by chauffeur each day on company expenses ws not helping create the new image of a Professionally run football club

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Gingeletiss

Gingeletiss

Posted
Posted

 

Chainrai gave notice this week that he intended to take Portsmouth into administration on Friday, and officials from accountants UHY Hacker Young have already taken control of the club:smt103:smt103, working out of Fratton Park and liaising directly with the Premier League:smt103.

Officially Portsmouth remain in talks with a number of potential investors but there is no llikelihood of a deal, and Chainrai is expected to fly back to Hong Kong on Thursday night, leaving the administrators to formally begin addressing Portsmouth's creditors on Friday.

 

 

They are expected to find that despite being the man in charge when the money ran out, Chainrai has structured his ownership;) in order to avoid taking a significant financial hit.

Chainrai is in a position of strength because he is a "secured creditor", after lending money to the club charged against their assets, including Fratton Park and future revenues.

 

 

 

So, the administrators are in charge. Chairai is (according to the Telegraph), both the owner and a secured creditor. I am going to be a bloody expert when the mud clears, and I can see the truth in all of this.:smt036

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CB Saint

CB Saint

Posted
Posted
Chainrai gave notice this week that he intended to take Portsmouth into administration on Friday, and officials from accountants UHY Hacker Young have already taken control of the club:smt103:smt103, working out of Fratton Park and liaising directly with the Premier League:smt103.

Officially Portsmouth remain in talks with a number of potential investors but there is no llikelihood of a deal, and Chainrai is expected to fly back to Hong Kong on Thursday night, leaving the administrators to formally begin addressing Portsmouth's creditors on Friday.

 

 

They are expected to find that despite being the man in charge when the money ran out, Chainrai has structured his ownership;) in order to avoid taking a significant financial hit.

Chainrai is in a position of strength because he is a "secured creditor", after lending money to the club charged against their assets, including Fratton Park and future revenues.

 

 

 

So, the administrators are in charge. Chairai is (according to the Telegraph), both the owner and a secured creditor. I am going to be a bloody expert when the mud clears, and I can see the truth in all of this.:smt036

 

I 've got to hand it to him. He has done a great job of sorting himself out. He has been ripped off by the Gaydamaks previously and is repaying the favour in spades. Unfortunately for pompey the game being played is not the one that will benefit the club.

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CB Saint

CB Saint

Posted
Posted
Surley it`s pay day tommorrow any news on that?

 

Can`t help feeling sorry for the "normal" workers who need to pay mortgage/bills. Saw a report yesterday about the Administrators cutting staff levels to the bare minimum abd feel really bad for those people!

 

This is where the football creditor rule is so wrong and IMO has no place in football. Clubs are multimillion pound businesses and should be treated as such. The thought of a players being paid out before office staff makes my angry.

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dubai_phil

dubai_phil

Posted
Posted
I 've got to hand it to him. He has done a great job of sorting himself out. He has been ripped off by the Gaydamaks previously and is repaying the favour in spades. Unfortunately for pompey the game being played is not the one that will benefit the club.

 

I guess the ext few days we will learn some new stuff - namely just how good Chanrai's lawyers actually are.

 

I am sure that a lot of people will be going through it with a fine tooth comb to find any little chink in the paperwork armour

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Fowllyd

Fowllyd

Posted
Posted (edited)
I wonder if Fuglers have had enough of the indirect bad publicity and the fact the Jacobs has probably done sod all for the firm for the last 6 months and suggested that he leave.

 

I was thinking of posting something similar. As with so much happening at the wrong end of the M27, I'm sure this isn't the happy little story it's being put about as being. I'd say there are three possible explanations:

 

First, as CB says above, Fuglers have simply asked Jacob to leave the partnership. This is certainly possible; after all, it's hard to imagine he's been bringing in too many fees of late, and the publicity surrounding Pompey is hardly a selling point for any law firm. On the other hand, it's not common for partners in law firms to simply up and leave (or be asked to do so) - it would be more likely that he'd have been given a choice (pull your weight here or sod off). Harder to believe that he'd have opted for the latter option if this is the case.

 

Second, he's actually taking a sabbatical from Fuglers, and will be back with them full time once all the shenanigans down the road have been sorted. Quite possible, and the firm's web site will no doubt give some info on that in due course.

 

Third - and this is one for the conspiracy theorists - a cunning plan is being hatched which will make Jacob rich beyond the wildest dreams of a City lawyer. I can't for the life of me see what that might be, but then I'm hopeless at dreaming up conspiracy theories.

 

And now I think of it, there is of course a fourth possibility. Don't know how I missed it before, as it's so obvious. In addition to a money lender who's 'fallen in love with the club' there's a lawyer who's done exactly the same! On second thoughts, that one's strictly for the birds.

Edited by Fowllyd
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Saint in Paradise

Saint in Paradise

Posted
Posted

I would really have a good laugh IF the Court said that all of the deals made since the presentation of that financial report

were invalid as they were trading illegally.:D They get wound up there and then and all the directors , owners past and present

loose lots of money :D

 

Has it been proven that Chanrai is the owner ?, I mean has he passed the fit and proper PL test as I didn't think

he could be the owner unless he passed ?

 

Mind you after laughing I would then feel genuine sorrow for the ordinary club employees, and smaller creditors, as someone

who has been made redundant a couple of times I know exactly how they will feel :( :(

 

.

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Gingeletiss

Gingeletiss

Posted
Posted

 

Um!!, I saw Pontys reply, my take is that all registrations are dealt with by the FA. So he was in fact, inelegable to play in the FA cup against us, now that is serious if true!!!. Even at grass roots level, you will get expelled, and the team you played gets the win. Surprised this has been jumped on, mind you, I haven't been on the main board yet, as I've only just got to work;)

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Chin Strain

Chin Strain

Posted
Posted
Um!!, I saw Pontys reply, my take is that all registrations are dealt with by the FA. So he was in fact, inelegable to play in the FA cup against us, now that is serious if true!!!. Even at grass roots level, you will get expelled, and the team you played gets the win. Surprised this has been jumped on, mind you, I haven't been on the main board yet, as I've only just got to work;)

 

He didn't play though, so I don't think it matters.

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Chin Strain

Chin Strain

Posted
Posted
IMO it does....as clearly the intention to play him was there. I think this will rumble on a little.

When I said I don't think it matters, I was referring to the FA rule book. I remember WHU getting into trouble in one of the Cups a few years ago for fielding an ineligible player - he came on with a couple of minutes to go. I'm pretty certain they wouldn't have been in trouble had he not come on.

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Doctoroncall

Doctoroncall

Posted
Posted
When I said I don't think it matters, I was referring to the FA rule book. I remember WHU getting into trouble in one of the Cups a few years ago for fielding an ineligible player - he came on with a couple of minutes to go. I'm pretty certain they wouldn't have been in trouble had he not come on.

 

The lower down you go in the leagues, the worse the penalties gets. I remember a conference team getting kick out of a cup for fielding an non-registered player and also a few teams have had points deduction for the same issue but for league matches.

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altoniansaints

altoniansaints

Posted
Posted
IMO it does....as clearly the intention to play him was there. I think this will rumble on a little.

 

http://www.thefa.com/~/media/776FDC2C663A48568FC3688FA667463A.ashx/01%20FAC%20rules%202009-2010%20_blue_.pdf

 

Rules for fa cup; rule15(h) and (i) ALL players must be registered but it`s doesn`t state punishment if not!

 

rule 5(f)iv a club which enters WUP must inform the FA in writing then it`s at the FAs discretion if they can continue in comp. Did they do this?

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saintbletch

saintbletch

Posted
Posted
This is where the football creditor rule is so wrong and IMO has no place in football. Clubs are multimillion pound businesses and should be treated as such. The thought of a players being paid out before office staff makes my angry.

 

I think the article linked earlier in the thread at twohundredpercent football stated that non-footballing staff members' salaries are treated as part of the footballing debt.

 

Won't stop them from losing their jobs now, but might protect what is owed to them.

 

See the first comment in the post here.

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rallyboy

rallyboy

Posted
Posted

'open air leisure' is the precise term - so that petting zoo could be a goer.

 

 

I also see no reason to retain Storrie unless he pops straight back into the office as a potential buyer.

If staff cuts are being made to save money a non-playing big earner must be first.

Though he can leave a list of files and cabinets that the administrator mustn't look at.

 

Whatever happens he will still be wandering down there every day with a briefcase and sandwiches, refusing to accept that he's been sacked and that he doesn't actually work there anymore.

He lives in the magical Storrie World, a bit like the real one but you can change facts by saying the opposite, and no one ever wants their money back.

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angelman

angelman

Posted
Posted

I rather suspect that a health club with fields and tennis courts will be the way forward. Run on a private basis with access to the public granted. Happened at my local one.

 

Redevelopment is the key. Secured debts are what? £30-50m. HMRC will insist on full payment and if they do, so will everyone else. So if the figured for secured is too high, maybe accurate for total.

 

So two options. PFC get docked 20points over CVA. Relegation and still secured creditors to pay. Other option (IMO most likely) is liquidation. Chainrai let's ground rot for a couple of years, pressures council to push through planning and walks away with a profit.

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fromdayone

fromdayone

Posted
Posted
I wonder if Fuglers have had enough of the indirect bad publicity and the fact the Jacobs has probably done sod all for the firm for the last 6 months and suggested that he leave.

 

Looks like Jacobs could be looking for alternative employment soon!

 

"The future of the executive director, Mark Jacob, is less clear. He was also at Fratton Park yesterday but it is thought that he will be removed once administration begins."

 

http://www.guardian.co.uk/football/2010/feb/25/portsmouth-administration

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Bongo badger

Bongo badger

Posted
Posted
I rather suspect that a health club with fields and tennis courts will be the way forward. Run on a private basis with access to the public granted. Happened at my local one.

 

Redevelopment is the key. Secured debts are what? £30-50m. HMRC will insist on full payment and if they do, so will everyone else. So if the figured for secured is too high, maybe accurate for total.

 

So two options. PFC get docked 20points over CVA. Relegation and still secured creditors to pay. Other option (IMO most likely) is liquidation. Chainrai let's ground rot for a couple of years, pressures council to push through planning and walks away with a profit.

 

 

Have to say i agree, he wants his money, he has been turned over by old enimies and to be honest he dont give a cr4p about the skate.

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OldNick

OldNick

Posted
Posted

 

 

And now I think of it, there is of course a fourth possibility. Don't know how I missed it before, as it's so obvious. In addition to a money lender who's 'fallen in love with the club' there's a lawyer who's done exactly the same! On second thoughts, that one's strictly for the birds.

Perhaps as he is a Spurs fan , it is time for all their tie ups to be erased
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pedg

pedg

Posted
Posted
Sorry Girls but just so I understand correctly, are you saying no-one will buy Pompey out of admin and that Fratton Park will be demolished?

 

I think you are confusing wishful thinking with realism. A common problem with pompey fans.

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Gingeletiss

Gingeletiss

Posted
Posted
Sorry Girls but just so I understand correctly, are you saying no-one will buy Pompey out of admin and that Fratton Park will be demolished?

 

 

I wouldn't gloat yet...for one, you're not in admin yet, crow about that when you are. Cheats always prosper, your second time at this, and still you think it's OK. Don't you worry about all your debts, you just keep racking them up, then go the admin route!!!!!.

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Kingsland Codger

Kingsland Codger

Posted
Posted
Sorry but just so I understand correctly, are you saying no-one will buy Pompey out of admin and that Fratton Park will be demolished?

 

No. Currently we are discussing all the various options. No-one buying you out of admin and FP being demolished is but one (probably unlikely) possibility.

 

The list of options is far too long to repeat - but perhaps one of the more likely is relegation, start in the CCC next season with a large (say -20) points deduction and playing your youth team - relegation to League 1 followed by, hopefully, another relegation.

 

There is also the possiblity (albeit slim) that the Court might just find a spare slot today or tomorrow to hear the case before you enter administration - in which case it's bye-bye for ever.

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redkeith

redkeith

Posted
Posted
Sorry Girls but just so I understand correctly, are you saying no-one will buy Pompey out of admin and that FP will be demolished?

 

I think most people are saying that it is possible that no-one will buy the club, and that the ground could then be redeveloped.

 

Unless you have some other top info?

 

Palace, like yourselves, do not own there ground but have nothing like the level of debt that PFC have, and so would be much better placed to come out of admin with the golden share and a CVA.

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OldNick

OldNick

Posted
Posted
Sorry Girls but just so I understand correctly, are you saying no-one will buy Pompey out of admin and that Fratton Park will be demolished?

Hold on my ITK friend, you came on and stated when it looked like you were going out of business a similar thing, but before going into admin.Now you have yet again moved the goalposts..what a surprise. I have no doubt that you will be bought in admin as there are too many people who have vested interests in you staying alive. Not due to a love a the club, but love of their own money.

It is not your fault that you have a bunch of chancers running the business but you should show a little shame that once AGAIN your club has ruined many peoples lives and many of those people are your own fans who have small businesses.

Pompey will IMO be bought out of admin but only due to the fact so many people including the PL have bent over backwards, and that is only due to the fact htey want to keep their old boys club going.

You are going to get 2 years parachute payments and that is obviously something that interests people to look into buying you when the debts have to some degree been erased. Only time will tell whether enough has been.

I will at least admit you have been sceptical about Storrie, i think it is time you woke a lot of your friends down there to the fact as well.

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solentstars

solentstars

Posted
Posted
I fully expect to see Storrie dismissed by the administrator. His position is untenable given his record as CEO which any administrator will recognise. There is also no role for a CEO while the administrator takes those duties.

get rid of storrie teller,his wages will pay for the real victims in this,the ordinary

people who work their and are wondering if they will still have a job and getting paid.

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miserableoldgit

miserableoldgit

Posted
Posted
Sorry Girls but just so I understand correctly, are you saying no-one will buy Pompey out of admin and that Fratton Park will be demolished?

Oh, go on then! I just know that you are privvy to some inside information that is going to blast us out of the water. You are such a tease. I can already see the pheonix rising out of the ashes over Fortress Fratton!:-\":smt101

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