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Pompey Takeover Saga


Fitzhugh Fella

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So Chainrai is funding the alleged admin, and I can only assume he is doing so for financial gain.

 

By renting the stadium back the Pompey, Chainrai will stand to make £15million (over 15 years). However, each month that admin drags on he will be another £4 million out of pocket. By the time the transfer window re-opens Chainrai will have put more money into the club than he stands to gain via stadium rent.

 

I can only assume that Chainrai is hoping for a quick sale after they enter admin. It's not even that much of a gamble, as if the buyers they have lined up don't come up with the cash, he can simply cut his losses and put the club into liquidation.

 

It's spin, as owner who put them into admin the skate chat bloke says he atually has to do it

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Dont care who takes them through admin, what i do know is whoever is assigned to do the work will be working for the creditors and nothing else. We have to remember, the suits and rooms at SMS not to long ago had packing boxes in them that were ready to be shipped out. MF did what he could and if ML didnt step in we woul dhave gone to the wall. I fell skate will not have a happy ending and their boxes will in fact be taken outside when adim can not do anything for them and a buyer can not be found. I still think Monday could have an interesting twist

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Dont care who takes them through admin, what i do know is whoever is assigned to do the work will be working for the creditors and nothing else. We have to remember, the suits and rooms at SMS not to long ago had packing boxes in them that were ready to be shipped out. MF did what he could and if ML didnt step in we woul dhave gone to the wall. I fell skate will not have a happy ending and their boxes will in fact be taken outside when adim can not do anything for them and a buyer can not be found. I still think Monday could have an interesting twist

 

Mickey Fialka?

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Unlike our Administration, I can't see many of Pompey's creditors accepting a reduced amount for what they owe.

 

Chainrai: (£10m?) will demand 100%, as the only secured creditor he stands to make all of his money back. The only reason for accepting less would be to keep the club alive for the loan money...

 

HMRC: (£18m?) will demand 100%

 

Gaydamak: (£30m?) might agree to a lesser amount as he will walk away with the valuable development plots.

 

Football creditors: (£10m?) will demand 100%, as they know Pompey will have another point deduction next season if they dont' cough up.

 

Others: (£1m?) their reaction will vary, and the amounts are releatively small

 

As such, anyone purchasing them from admin is going to have to pay quite a few of the creditors in full.

 

Guesstimate: A buyer would have to come up with at least £10million for a CCC club with no assets and 20 points deductions, who are possibly

ineligible for the league; or at least £40million for a CCC club with no assets.

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Some Pompey bloke from portsmouth SOS giving a well reasoned arguement on SSN................. or not as the case maybe.

 

He seriously seems like he has walked towards the SSN crew from off the street

 

No that was that Mike Hall that was interviewed yesterday (their version of Nick Illingsworth, it would seem). He talked sense yesterday and again today, not like a Skate at all really! I was disappointed that as the interview was live outside Wellington that nobody drove past, wound the window down and bellowed "You Skate barsteward!" though.

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It's spin, as owner who put them into admin the skate chat bloke says he atually has to do it

 

He's not compelled to pay for it, but the reality is that no one would take it on without a guarantee of payment from something/someone more financially robust, shall we say, than PFC!

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Gaydamak: (£30m?) might agree to a lesser amount as he will walk away with the valuable development plots.

 

 

 

I am not sure Gaydamak is actually owed the money, I think the money quoted is what he wants PFC to pay him to transfer the land owed by Miland Developments, that is the land surrounding the ground, which includes their head office etc.

 

This is the land that Barclays and Coutts have had an interest in since September 17th 2009, which might suggest that Gaydamak has had his money from the bank using the land as collateral.

 

I am guessing but I assume he released the ground when the £17m was paid by Sheik 2, which was loaned to him by ....... and the story goes on.

 

If so, this will not be part of the proceedings. But to be honest who can be sure?!

 

Though of course the ground without the surrounding land is worth?????

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Unlike our Administration, I can't see many of Pompey's creditors accepting a reduced amount for what they owe.

 

Chainrai: (£10m?) will demand 100%, as the only secured creditor he stands to make all of his money back. The only reason for accepting less would be to keep the club alive for the loan money...

 

HMRC: (£18m?) will demand 100%

 

Gaydamak: (£30m?) might agree to a lesser amount as he will walk away with the valuable development plots.

 

Football creditors: (£10m?) will demand 100%, as they know Pompey will have another point deduction next season if they dont' cough up.

 

Others: (£1m?) their reaction will vary, and the amounts are releatively small

 

As such, anyone purchasing them from admin is going to have to pay quite a few of the creditors in full.

 

Guesstimate: A buyer would have to come up with at least £10million for a CCC club with no assets and 20 points deductions, who are possibly

ineligible for the league; or at least £40million for a CCC club with no assets.

 

I agree with this.

 

HMRC won't cut a deal out of principle. Gaydamak and Chanrai are in a stronger position then a creditor usually finds themselves in because they own assets (subject to any finding to the contrary!) that the insolvent company needs, or at least wants, in order to be viable in the future.

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He's not compelled to pay for it, but the reality is that no one would take it on without a guarantee of payment from something/someone more financially robust, shall we say, than PFC!

 

Well, yes. For an administrator to take it on, they need to know that they will be paid by "the business" but for all intents and purposes, in this case, Chanrai is "the business".

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I presume the land that Gaydamak owns around the stadium is registered to a separate company? So is protected if they go into Admin or Liquidation?

 

If so, the Administrator will have fook all assets to sell. The stadium and the squad (both of dubious worth).

 

What's the weather gonna be like next season? -20?!

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They would still need a CVA, however a CVA is granted on a 75% agreement of the total owed is required, so on the basis that they are around 65 million in debt, which is around 48 million Chanrai + Gadamak = ..... you guessed it 48 million, so they will probably get their CVA

 

75% of unsecured isn't it? Chainrai is secured and I think Gaydamak is to so they can't vote

 

CVA won't be that easy to avoid

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It's spin, as owner who put them into admin the skate chat bloke says he atually has to do it

 

If the skate chap is right, then why would Chainrai bother with admin? Surely admin will just cost him £4m a month, and that will be an ongoing charge until the transfer window opens. Surely Chainrai would be better off cutting his losses and opting for liquidation on Monday?

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So Chainrai is funding the alleged admin, and I can only assume he is doing so for financial gain.

 

By renting the stadium back the Pompey, Chainrai will stand to make £15million (over 15 years). However, each month that admin drags on he will be another £4 million out of pocket. By the time the transfer window re-opens Chainrai will have put more money into the club than he stands to gain via stadium rent.

 

I can only assume that Chainrai is hoping for a quick sale after they enter admin. It's not even that much of a gamble, as if the buyers they have lined up don't come up with the cash, he can simply cut his losses and put the club into liquidation.

 

PL paying the wages. They are football creditors. That is the deal

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I presume the land that Gaydamak owns around the stadium is registered to a separate company? So is protected if they go into Admin or Liquidation?

 

If so, the Administrator will have fook all assets to sell. The stadium and the squad (both of dubious worth).

 

What's the weather gonna be like next season? -20?!

 

Yes, that is exactly the point... except that in fact it's worse. The stadium is also not owned by PCFC Ltd (according to recent reports). The assets therefore seem to be:

 

some player registrations

goodwill

a "golden share" (suspended)

 

and, er....

 

:p

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75% of unsecured isn't it? Chainrai is secured and I think Gaydamak is to so they can't vote

 

CVA won't be that easy to avoid

 

Plus, as I remember. The reason why Leeds, B'mouth and Luton all couldn't get their CVA's was because the HMRC would not agree to it. On much, much less sums owed.

 

HMRC will flex as much to power as they own to get back as much as possible. They have to. This is a massively public case and they can't be seen to be taking it easy on football clubs. Not when they're owed £11m odd - that would fund a couple of schools!

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yes, that is exactly the point... Except that in fact it's worse. The stadium is also not owned by pcfc ltd (according to recent reports). The assets therefore seem to be:

 

Some player registrations

goodwill

a "golden share" (suspended)

 

and, er....

 

:p

 

tcwtb?

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75% of unsecured isn't it? Chainrai is secured and I think Gaydamak is to so they can't vote

 

CVA won't be that easy to avoid

 

Not sure whether it's 75% of all debt or just unsecured, but each month HMRC's tax bill be be getting ever bigger...

 

As Chainrai has now reduced his stake to c. £10m, the total debt has gone down to c. £55-60m. This means HMRC already have between 20 & 30% of the debt. Oh, and it's still growing.

 

(as I said before, Chainrai, HMRC, and football debt won't settle for less than 100%. And between them they are already due about £35-40m, or 58-72% of the total debt... Without c. £40million, they can wave the CVA goodbye).

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Some Pompey bloke from portsmouth SOS giving a well reasoned arguement on SSN................. or not as the case maybe.

 

He seriously seems like he has walked towards the SSN crew from off the street

Worth pointing out that the bloke they interviewed there is the same bloke who wrote this article: http://fansonline.net/pompey-fans/article.php?id=6

 

Epic fail :lol:

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If the skate chap is right, then why would Chainrai bother with admin? Surely admin will just cost him £4m a month, and that will be an ongoing charge until the transfer window opens. Surely Chainrai would be better off cutting his losses and opting for liquidation on Monday?

 

I'm sure Chainrai could come up with PR most suitable for this occasion. . .

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Why would the PL be paying 2-3m / month wages for Portsmouth?

 

Rumoured to be the deal they struck with Chainrai to keep the club going to the end of the season

 

'we can't forward you any money' (because we think it might disapear) 'but we will use your future revenue to pay football creditors directly'.

 

That includes players - Chainrai sure as hell wasn't going to do it for 4 months

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Why would the PL be paying 2-3m / month wages for Portsmouth?

 

I'm guessing they would advance them the cash that's due at the end of the season + parachute payments.

 

It would cause all sorts of grief to the PL if pompey folded so it's in their interests to keep them running. Also I expect they will actually be better off financially as I expect the total they will give to pompey would be less (like when we cashed in on Walcott early).

 

The PL are not a charity, I think you can rest assure dthat anything they recieve now will mean they miss out on twice as much in the future. Would be great if their current players, Chanrai, Gaydamak n co walk off with all their next two years parachute cash - they will be ****ged.

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Rumoured to be the deal they struck with Chainrai to keep the club going to the end of the season

 

'we can't forward you any money' (because we think it might disapear) 'but we will use your future revenue to pay football creditors directly'.

 

That includes players - Chainrai sure as hell wasn't going to do it for 4 months

 

Any source for that WR? Surely if true the EPL would be opening themselves up to a lot of legal issues...

 

And since when did the EPL become a bank anyway!

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I'm guessing they would advance them the cash that's due at the end of the season + parachute payments.

 

All far too much for me, I really must concentrate on my job! I thought the PL offering up the money up front was mooted but then dismissed as unfeasible? Maybe that was before the move to administration. Meh. Who cares. They're on a terminal decline as far as we can all see at the moment.

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All far too much for me, I really must concentrate on my job! I thought the PL offering up the money up front was mooted but then dismissed as unfeasible? Maybe that was before the move to administration. Meh. Who cares. They're on a terminal decline as far as we can all see at the moment.

You have a PM :)

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you know what, im certain we haven't heard the last from HMRC on this. i cant believe they are going to just roll over and let pompey go into admin, without sticking their oar in

 

surely, the admin order has to be approved by the court. im sure the hmrc might just have a lawyer or two accidently passing by the court tomorrow, and might just pop in and have a little chat

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you know what, im certain we haven't heard the last from HMRC on this. i cant believe they are going to just roll over and let pompey go into admin, without sticking their oar in

 

surely, the admin order has to be approved by the court. im sure the hmrc might just have a lawyer or two accidently passing by the court tomorrow, and might just pop in and have a little chat

 

Hopefully hear from them sometime tomorrow (which is Friday isn't is?)

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I well remember Corporate Ho coming onto this site at the time of our administration and giving it large about how the Skates were simultaneously heading for the heights with their fake sheik number one. If I remember correctly, I also recall him entering the debate about whether we or they were in the better position at the time that we had been taken over by multi-billionaire Markus Liebherr and that it appeared that Fahim was not quite as wealthy as he first appeared. Even when fake sheik number two turned up, it seemed as if the jammy gits down the road had landed on their feet once more, although we were oce again in the ascendancy.

 

There are one or two decent Skates who come on here and debate these things with humility and magnaminity. I feel genuine sorrow for them and some business acquaintances I have who are just unlucky enough to be Pompey supporters.

 

But I'm afraid that I do not feel any sympathy towards those such a Corporate Ho who have gloated at our demise and cannot see how really good it feels to be rubbing their noses in it when the boot is on the other foot.

 

I really do not know which option I would prefer; either them going into liquidation very soon and having to start in the lowest league that will allow them to join it, or to watch their slow demise with relegations at the end of this season, a further 20 points deduction next season taking them down to the third division and probably even another one the year after.

 

Either way, we will very soon be above them once again, but this time it will probably be more than another quarter of a century before they get back to level terms with us, if ever again.

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my skate mate seems to think they have another few millions coming in from season ticket sales in march

 

i seem to remember when we were in admin that we didnt sell any season tickets during that time

 

is that just something mark fry thought was sensible, or is there some legal restriction to doing it

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I'll ask again.

 

If the current "owner" is going to pay the costs of administration/wages will he be able to then claim that back from the Sky money?

 

You'd assume so. It would take that reveune stream / asset off the books, but if it funded the administartion then I'm sure he could de a deal with teh administrator. (I'm sure Leon's money to fund our wage bill would have been guranteed against something)

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my skate mate seems to think they have another few millions coming in from season ticket sales in march

 

i seem to remember when we were in admin that we didnt sell any season tickets during that time

 

is that just something mark fry thought was sensible, or is there some legal restriction to doing it

 

As I recall we were not allowed to, as we had lost our 'golden share' at that time because we were in admin.

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Guest Dark Sotonic Mills
my skate mate seems to think they have another few millions coming in from season ticket sales in march

 

i seem to remember when we were in admin that we didn't sell any season tickets during that time

 

is that just something mark fry thought was sensible, or is there some legal restriction to doing it

 

Well, I would have thought that selling advance tickets to fixtures that may or may not be completed by an insolvent company, might just be deemed as gaining money by deception.

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my skate mate seems to think they have another few millions coming in from season ticket sales in march

 

i seem to remember when we were in admin that we didnt sell any season tickets during that time

 

is that just something mark fry thought was sensible, or is there some legal restriction to doing it

 

Had the same conversation a couple of days ago. Apparently we weren't allowed. Not sure if that is 100% correct...... if not blame Granty :D

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