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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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docker-p

docker-p

Posted
Posted
The FA should be embarrassed a club in the cup final because they have not paid there tax bill allowing them to play players they cannot really pay for.

it all stinks

 

The Premier League are embarrassed by Portsmyth, thats why they won't impose a points penalty on them as long as they are going down anyway, so as not to draw attention to the sporting mockery that is PFC.

They desperately want the Skates to quietly disappear to the relative onsurity of the Championship and not sully their shining competition.

The same with the FA Cup, they will be keeping every finger crossed that Spurs or Fulham beat them in the Semi

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marc_saint

marc_saint

Posted
Posted

Pompey trust seem to think they could be playing in the conference next season if thye go out of business.

 

This made me laugh........

 

http://www.clubcall.com/portsmouth/pompey-set-non-league-1034209.html?

Bone added: "There is no precedent for a club of our size going out of business, and we think we would be admitted into the Conference [one league higher than their landlords]. With the number of away fans we have, clubs in lower leagues wouldn't be able to cope."

 

Remind me...... How many went to Sunderland this season? :-D

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ALWAYS_SFC

ALWAYS_SFC

Posted
Posted
My suggestion for 'Leisure Use Only' is the Exercise Yard in an extension to Ford Open Prison.

 

Now remind me again when are Storrietellers, Henry and Milan court cases, I believe it the 14/15 of April.

 

I think they could start building the Exercise Yard in 8 days time.

 

They could make it into a massage parlour,it would keep Avram happy:-D

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Daren W

Daren W

Posted
Posted

Funny how a semi final at Wembley has got the skates out in their droves...

 

Now for the nightmare scenario, they go out to Redknapp's team with Crouch/Defoe/Krancjar scoring, relegation and a further points deduction whilst in the hands of the Football League...

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the colonel

the colonel

Posted
Posted

I got speaking to a Chelsea fan and Spurs fan on Friday afternoon and of course the conversation went on to Pompey's plite.

 

They were going on about how big a fan base Pompey have with 18-19k per week. Of course I said but when Saints were in a similar position we were getting approx 30k..........they replied 'yeah ok but thats Southampton'.

 

So I asked them to explain and they both came from the same angle saying that Portsmouth is only a small town and not a major city compared to Southampton so they don't have such a big population to call on.

 

They were most surprised when I said that Southampton only had a population of about 30-40k more than Portsmouth.

 

My point is that we all get a bit thrustrated when punters go on about but the blue few and how big their fan base is. Well I think we are looking at it the wrong way. Rather than comparing the two fan base sizes we should compare them based on perceived size of city.

 

May be just a load of rubbish but thought it was interesting view on the two clubs from two outsiders that I just met for the first time.

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Weston Saint

Weston Saint

Posted
Posted

OK prediction time.

 

PFC go back to court but admit Chainrai is not a secure creditor because he loaned the money to Falcondrome.

 

Court ask if funds will still be available to continue administration but the Administrator admits he has no idea and without, PFC cannot continue to trade. They are wound up.

 

Alternatively the Administrator confirms that the PL have agreed to release parachute payments which garantees the club can continue to May. Court allow the Administrator to continue.

 

PL impose the 9 points penalty. That means almost certain relegation at the end of the season.

 

End of the season arrives. Loanee's go back to their clubs. Certain players out of contract leave and other high earners are put up for sale.

 

New owners are found..the SA syndicate who purchace the remains of the club for £20m and that money is used to pay off creditors. HMRC are an unsecure creditor and have at least 25% interest. They refuse to agree CVA. New owners pay off the remainder of the football creditors and then appraoch FA for return of "golden share" which is granted subject to 15 point penalty.

 

So PFC start a new season in the Championship with -15, no parachute payment to rely on and owners who have used most of their investment capital already so do not have major funds to release but will rely on "championship players" and a few young Premier loanee's. (Why would they bother to purchase in the first place!!)

 

Every chance that PFC will fail to avoid a second relegation.

 

This is not a dream or a hope. This is a real posibility

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dubai_phil

dubai_phil

Posted
Posted
OK prediction time.

 

PFC go back to court but admit Chainrai is not a secure creditor because he loaned the money to Falcondrome.

 

Court ask if funds will still be available to continue administration but the Administrator admits he has no idea and without, PFC cannot continue to trade. They are wound up.

 

Alternatively the Administrator confirms that the PL have agreed to release parachute payments which garantees the club can continue to May. Court allow the Administrator to continue.

 

PL impose the 9 points penalty. That means almost certain relegation at the end of the season.

 

End of the season arrives. Loanee's go back to their clubs. Certain players out of contract leave and other high earners are put up for sale.

 

New owners are found..the SA syndicate who purchace the remains of the club for £20m and that money is used to pay off creditors. HMRC are an unsecure creditor and have at least 25% interest. They refuse to agree CVA. New owners pay off the remainder of the football creditors and then appraoch FA for return of "golden share" which is granted subject to 15 point penalty.

 

So PFC start a new season in the Championship with -15, no parachute payment to rely on and owners who have used most of their investment capital already so do not have major funds to release but will rely on "championship players" and a few young Premier loanee's. (Why would they bother to purchase in the first place!!)

 

Every chance that PFC will fail to avoid a second relegation.

 

This is not a dream or a hope. This is a real posibility

 

I go along with a great deal of that IF this really is a case of admin & Business "As we would recognise it", but I think that "The Authorities" including the PL have picked up the scent of the Shadow.

 

In that scenario the solution is for the court to appoint a "perceived as neutral" administrator. Not because of any wrong doing by UHY Hacker, but simply as part of the healing process. The Court &/Or HMRC or PCFC IMHO should have an alternate lined up.

 

After that I don't see it being a problem.

 

As for the buyers in admin, I think they would have more than the 20 mil on hand but the new administrator would pull similar games to Mark Fry in dragging ever last penny he can out of them. They will be left with the painful choice of tidying up the property side.

 

Unless the new guys can turn a profit from developing the current site and moving to a new stadium (financed similar to ours by mortgage) I don't see a value to them.

 

But again as I said earlier it all depends on whether they go to Court prepared to talk of if they sleep walk to oblivion. I actually hope they don't. Fraud Theft & Chating cause great pain to the victims, but it doesn't carry a Death Penalty.

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PES

PES

Posted
Posted
OK prediction time.

 

PFC go back to court but admit Chainrai is not a secure creditor because he loaned the money to Falcondrome.

 

Court ask if funds will still be available to continue administration but the Administrator admits he has no idea and without, PFC cannot continue to trade. They are wound up.

 

Alternatively the Administrator confirms that the PL have agreed to release parachute payments which garantees the club can continue to May. Court allow the Administrator to continue.

 

PL impose the 9 points penalty. That means almost certain relegation at the end of the season.

 

End of the season arrives. Loanee's go back to their clubs. Certain players out of contract leave and other high earners are put up for sale.

 

New owners are found..the SA syndicate who purchace the remains of the club for £20m and that money is used to pay off creditors. HMRC are an unsecure creditor and have at least 25% interest. They refuse to agree CVA. New owners pay off the remainder of the football creditors and then appraoch FA for return of "golden share" which is granted subject to 15 point penalty.

 

So PFC start a new season in the Championship with -15, no parachute payment to rely on and owners who have used most of their investment capital already so do not have major funds to release but will rely on "championship players" and a few young Premier loanee's. (Why would they bother to purchase in the first place!!)

 

Every chance that PFC will fail to avoid a second relegation.

 

This is not a dream or a hope. This is a real posibility

 

Good, I'd take that now, you paint a positive picture! :)

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PES

PES

Posted
Posted
Not a chance.

 

It really is going to end in serious tears.

 

Why would it end in tears? I fully expect a great day out at Wemberlee, a likely defeat at the hands of a much better team and a last hurrah before returning to the football league, club weakened but intact. Nothing to cry about there. :)

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Chin Strain

Chin Strain

Posted
Posted
Why would it end in tears? I fully expect a great day out at Wemberlee, a likely defeat at the hands of a much better team and a last hurrah before returning to the football league, club weakened but intact. Nothing to cry about there. :)

 

I think the tears bit is liquidation, prior to your trip to Wembley.

 

If Chanrai is shown not to be a secured creditor, there's no way he's going to fund admin. Who will then step in top the tune of £7m? If you can't run the club past the end of this month, or can't sell it as a going concern, the plug will be pulled.

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dubai_phil

dubai_phil

Posted
Posted
Why would it end in tears? I fully expect a great day out at Wemberlee, a likely defeat at the hands of a much better team and a last hurrah before returning to the football league, club weakened but intact. Nothing to cry about there. :)

 

The one thing you guys have to do (and I don't mean you & Mero) is just remove the arrogant swagger and replace it with the understanding of why you got in such a mess and why as real football fans SOME of you deserve to have your day out.

 

Maybe the Court Hearing will be that moment when the guilty parties finally get their comeuppance, but I still worry that your idiot "Leadership" will try and BS their way through it.

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dubai_phil

dubai_phil

Posted
Posted
I think the tears bit is liquidation, prior to your trip to Wembley.

 

If Chanrai is shown not to be a secured creditor, there's no way he's going to fund admin. Who will then step in top the tune of £7m? If you can't run the club past the end of this month, or can't sell it as a going concern, the plug will be pulled.

 

CS anyone with half a brain COULD do the deal that is needed to secure their survival.

 

Unfortunately they have Storrie & Android

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Chin Strain

Chin Strain

Posted
Posted
CS anyone with half a brain COULD do the deal that is needed to secure their survival.

 

Unfortunately they have Storrie & Android

 

Possibly, but any buyer will not have PFC's interests at heart. It'll be purely an asset stripping, TV money deal. If there's any unsecured tv money left, then I could see someone picking the club up, flogging everything and everyone, playing with kids and cheap frees, watch the club go south to L1 next season, pick up the parachute money and walk away.

 

There's a deal.....but not one that is palatable to Pompey fans.

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OldNick

OldNick

Posted
Posted
Why would it end in tears? I fully expect a great day out at Wemberlee, a likely defeat at the hands of a much better team and a last hurrah before returning to the football league, club weakened but intact. Nothing to cry about there. :)

Pes if you think losing in a cup semi is a good day out, you are going to have a bit disappointmernt if it happens to you.

As for Pompeys situation from my position the FA and PL will have to bale you out in their pathetic stance to try and keep their competitions integrity. Lol

I assume if they pay the HRMC all is forgotten. A rotten old world we live in. I can't believe that fans tyhink they deserve a day out,when their club is Imo dishonestly fielding players they should not , in so doing cheating fans from other teams from having that day

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PES

PES

Posted
Posted
The one thing you guys have to do (and I don't mean you & Mero) is just remove the arrogant swagger and replace it with the understanding of why you got in such a mess and why as real football fans SOME of you deserve to have your day out.

 

Maybe the Court Hearing will be that moment when the guilty parties finally get their comeuppance, but I still worry that your idiot "Leadership" will try and BS their way through it.

 

They are just crooks, I doubt that the best interests of the football club come high on their agenda.

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PES

PES

Posted
Posted
Pes if you think losing in a cup semi is a good day out, you are going to have a bit disappointmernt if it happens to you.

As for Pompeys situation from my position the FA and PL will have to bale you out in their pathetic stance to try and keep their competitions integrity. Lol

I assume if they pay the HRMC all is forgotten. A rotten old world we live in. I can't believe that fans tyhink they deserve a day out,when their club is Imo dishonestly fielding players they should not , in so doing cheating fans from other teams from having that day

 

Like everyone said on here regarding the recent Derby Nick, you had nothing to lose. Well, in similar circumstances, neither do we. I remember the Cardiff fans weren't that bothered losing two years ago and neither will I be. On those wide open Wembley surfaces, I fully expect Spurs (who should despatch Fulham) to take full advantage of our Defence, which does it's best but is very definately Championship. :)

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Saint in Paradise

Saint in Paradise

Posted
Posted
Unless of course you play Fulham (who would be the weakest of the possible opponents). I wouldn't be surprised if that happens, jammy bastards. I'm beginning to think that the blue few have a pact with the devil.

 

 

My feelings exactly plus I feel that somehow they will be given even more time by the Court. I worry that the judge

will fudge his decision by saying that the HMRC are not 100% correct in some way. I can't give definite reasons

of course, it's just a bad feeling I have.:(

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Fishy_Friend

Fishy_Friend

Posted
Posted
[/b]

 

 

My feelings exactly plus I feel that somehow they will be given even more time by the Court. I worry that the judge

will fudge his decision by saying that the HMRC are not 100% correct in some way. I can't give definite reasons

of course, it's just a bad feeling I have.:(

 

You lot are going to have to man up.

 

At then end of the day you have got more 'fans' then us but we have won more, so be happy and watch old ****flapps twitch his way through this one.xx

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pedg

pedg

Posted
Posted (edited)
Can`t see it online, but Daily Express reporting that the FA are considering chucking Poopey out of the Cup as a punishment for their admin. Headline of back page "P*mpey facing FA axe for Wembley"

 

http://www.express.co.uk/posts/view/162161/Portsmouth-facing-FA-axe-for-Wembley

 

But even if the High Court concludes that Portsmouth are not legally in administration, they could still be kicked out of the cup – because the Revenue will seek a winding-up order which, if granted, would be an “insolvency event”, and trigger the FA’s clause.

If they are wound up they cease to exist so removing them from the cup becomes something of a formality.

Edited by pedg
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Gingeletiss

Gingeletiss

Posted
Posted (edited)
OK prediction time.

 

PFC go back to court but admit Chainrai is not a secure creditor because he loaned the money to Falcondrome.

 

So the law says, 'you lied to the courts, you are in contempt, and the original order that was stayed by those lies, is now lifted...that gentlemen IS THE LAW'. So I have no aternative but to appoint the OR.

 

Court ask if funds will still be available to continue administration but the Administrator admits he has no idea and without, PFC cannot continue to trade. They are wound up.

 

Alternatively the Administrator confirms that the PL have agreed to release parachute payments which garantees the club can continue to May. Court allow the Administrator to continue.

 

The judge sees that the original order was stayed because of lies and deception, and regardless of all the backdoor deals being made, orders that Poor smouth are wound up, as per THE LAW.

 

PL impose the 9 points penalty. That means almost certain relegation at the end of the season.

 

End of the season arrives. Loanee's (surely these should go back this week as part of the cost cutting?) go back to their clubs. Certain players out of contract leave and other high earners are put up for sale.

 

New owners are found..the SA syndicate who purchace the remains of the club for £20m and that money is used to pay off creditors. HMRC are an unsecure creditor and have at least 25% interest ( If Chainrai is found not to be a secured creditor, then this will not be in question). They refuse to agree CVA. New owners pay off the remainder of the football creditors and then appraoch FA (surely you meant the FL) for return of "golden share" which is granted subject to 15 point penalty (It will be more than 15 IMO. This is their second time in administration, and with all the financial irregularities likly to come out, they could end up with -30) .

 

So PFC start a new season in the Championship with -15 (-30), no parachute payment to rely on and owners who have used most of their investment capital already so do not have major funds to release but will rely on "championship players" and a few young Premier loanee's. (Why would they bother to purchase in the first place!!)

 

Every chance that PFC will fail to avoid a second relegation.

 

This is not a dream or a hope. This is a real posibility

 

WS, it's easy to predict possible outcomes;). I want the law applied, without law, we have anarchy. The FA, and the PL should be hanging their respective heads in shame, for allowing this to continue. I hope beyond hope, that if they help Poor smouth out, that they survive in the PL, and that the team relegated in their stead, sue the pants of the PL. I hope the FA are having sleepless nights now, for allowing Poor smouth to continue in their showpiece cup competition, whilst knowengly trading whilst insolvent. They allowed they to compete with an un-registered player FFS, and saw fit to bury their respective heads in the sand.

 

http://www.express.co.uk/posts/view/162161/Portsmouth-facing-FA-axe-for-Wembley

I guess someone else is thinking the same

 

 

If not wound up, I love to see them get to the final and win it, then for all their wrongdoings to be brought to light, thus heaping more shame on the FA.

 

Forget not, we still have the side shows to be bought to a conclusion yet, HR, PS, and MM in court to answer seperate charges on tax.

 

This of course, is all conjecture, and is one of many possible outcomes.

Edited by Gingeletiss
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dubai_phil

dubai_phil

Posted
Posted
http://www.express.co.uk/posts/view/162161/Portsmouth-facing-FA-axe-for-Wembley

But even if the High Court concludes that Portsmouth are not legally in administration, they could still be kicked out of the cup – because the Revenue will seek a winding-up order which, if granted, would be an “insolvency event”, and trigger the FA’s clause.

If they are wound up they cease to exist so removing them from the cup becomes something of a formality.

 

I really cannot see the FA doing this if they are simply in admin. More likely to see fines removing the winnings and further playing sanctions in the future

 

It could of course happen IF the Court case goes badly and they are wound up.

 

The FA also have been incredibly lucky SHOULD this happen as the replay between Spuds & Fulham could be changed to a "Semi Final" and played at Wembley.

 

Highly unlikely but at least as a scenario it has a fair solution for the FA Cup in terms of teams getting to play another team in order to progress

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sidthesquid

sidthesquid

Posted
Posted

I actually think the administrator bit is quite important in all this.

Mr Android clearly seems to have been selected by Chainrai (& whoever stands behind him) and wouldn't it be an amazing co-incidence if this South African consortium, headed by the allegedly wealthy but never seen Botha van Mirage, turned out to have a registered office in the British Virgin Islands.

Somebody truly independent would be a little less willing to rush the deal through on the nod to the best advantage of those with a vested interest but at the expense of the creditors and taxpayers.

And a lot will still depend on how rigorously (or not) the PL enforces its FPP test on any new owners. (And how better to cloud the issue than a big multinational consortium.)

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hutch

hutch

Posted
Posted

IIRC it was documents lodged by close on Friday 12th (4pm), and hearing during w/c 15th.

 

Not necessarily on Monday 15th (personally, I hope it isn't. I will be in Court myself on 15/16/17 on a winding-up related matter - I wouldn't want to miss the fun).

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Shufty Zubrik

Shufty Zubrik

Posted
Posted

http://www.express.co.uk/posts/view/...xe-for-Wembley

"Although kicking Portsmouth out at this stage would be unprecedented, fans of other teams argue that the club have had an unfair advantage this season. They have used players they cannot afford against clubs who have been paying their bills on time".

So that would be us then? Seems like the lazy journalists are slowly getting there.

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OldNick

OldNick

Posted
Posted
Like everyone said on here regarding the recent Derby Nick, you had nothing to lose. Well, in similar circumstances, neither do we. I remember the Cardiff fans weren't that bothered losing two years ago and neither will I be. On those wide open Wembley surfaces, I fully expect Spurs (who should despatch Fulham) to take full advantage of our Defence, which does it's best but is very definately Championship. :)

PES you are not in a final but semi final. I have been there and seen us lose twice, not at wembley I grant you (in itself having the wsemis at wembley devalues the final) and I promise you it is really sickening.

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pedg

pedg

Posted
Posted
Solent reporting the Administrator may delay redundancies until after the next court hearing. The Administrators confidence is slipping fast :)

 

Surely if he has evidence that shows Chainrai was not legally allowed to put the club into admin and that his own appointment is not then legal he should do something about it now rather than just dither for a week and a half?

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OldNick

OldNick

Posted
Posted
Solent reporting the Administrator may delay redundancies until after the next court hearing. The Administrators confidence is slipping fast :)

 

So can we conclude that the formality of finding the papers is not so straight forward?

Or the cup run has given them a bit of breathing space?

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Foxstone

Foxstone

Posted
Posted
So can we conclude that the formality of finding the papers is not so straight forward?

Or the cup run has given them a bit of breathing space?

 

Well the papers don't exist anyway and the second is far from certain given todays media... ;)

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pedg

pedg

Posted
Posted (edited)
Well the papers don't exist anyway and the second is far from certain given todays media... ;)

 

I am sure some papers to do with the relevant transactions do exist and were probably easy to find, just that they probably correlate to closely with what has been accused by HMRC for comfort.

 

---

 

As an aside it has been rumoured that some of their financial problems was due to excessive win bonuses from when they 'won' the cup last time. I assume, in a show of solidarity with the other staff, that the players have all come out and publicly said they will forgo their win bonuses this time??

Edited by pedg
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Foxstone

Foxstone

Posted
Posted
I am sure some papers to do with the relevant transactions do exist and were probably easy to find, just that they probably correlate to closely with what has been accused by HMRC for comfort.

 

Good point well made !

 

What I meant to perhaps speculate is that the papers that do exist have had coffee accidentally spilt on them and are in no fit state to be presented as evidence! ;)

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pedg

pedg

Posted
Posted
Good point well made !

 

What I meant to perhaps speculate is that the papers that do exist have had coffee accidentally spilt on them and are in no fit state to be presented as evidence! ;)

 

If the records were at FP that may be the case but I assume Fuglers have copies of all the transactions done via the account pompey were using and I doubt they would want to get in trouble with HMRC by not providing evidence, especially as the main member of staff involved has now, by pure coincidence, left the firm.

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Guided Missile

Guided Missile

Posted
Posted
Casting my mind back to February, I recall that Daniel Azougy, the crooked lawyer that was negotiating the transfer deals that Pompey were able to complete during the window, is a close associate of Chanrai's. He was found guilty of FOUR counts of embezzling client funds in Israel in 2002

 

Pondering where the money went, it appears possible that far from lending money to PCFC, HMRC are suggesting that money went in the other direction, from Fuglers client account directly to Chanrai/Portpin. The fact that no additional money was lent to PCFC was apparent from the statement of affairs that was lodged with HMRC on the 17th February.

 

So, the Premier League held on to more than £2 million from Portsmouth's player sales in January to cover money owed to other clubs. Chelsea and Watford received cash owed from when Pompey signed Glen Johnson and Tommy Smith respectively. And, once the players' wages have been covered, the £4 million remainder from the £8 million Portsmouth earned from selling defender Younes Kaboul and keeper Asmir Begovic could have been used to pay off creditors.

 

My guess is that the £4M went into Fuglers PCFC client account, stayed there for about 5 minutes and then went straight to Chanrai/Portpin, on or about 2nd February.

 

Readers may recall this wild speculation on my part. It seems that this may have been confirmed by the intrepid administrator. Despite the appalling grammar, this was what Harry Harris quoted Andrew Andronikou saying, as he made his lawyers job a lot harder, in this article.

 

"The administrator is seeking something like £30 million from a new owner to underwrite creditors, and take the club forward. He continued: "We have a secured creditor for £13.5 million, and that is the current shareholder and owner who has fixed and floating debenture, which means Fratton Park, the players and all assets of the club.

"There had been loans of £17.5 million but Chainrai has prepaid £4 million of that, and he continues to have a charge over all the assets. The proposed sale and lease back of Fratton Park did not materialise because it had not been completed before I came into the club."

 

So, the latest story is that he has a secured creditor (Chanrai) the current shareholder and owner. His loans were £17.5M, secured by way of a charge on Fratton Park, but are now £13.5M as Chanrai has prepaid (sic) £4M of this. As I say, the grammar is appalling, but I think the moron is trying to convince the reader that Chanrai has a fixed and floating charge. I must admit, it is rare to see a creditor repaid 25% of a loan, but still manage to obtain further security, after a winding up petition. I love the last sentence. This was what was reported on the 20th February, in the Echo:

 

PORTSMOUTH no longer own Fratton Park, it has been reported today.

It is claimed that Balram Chainrai has written off £10m of the £17m Pompey owe him.

In exchange, he has taken ownership of the ground.

Mr Chainrai has leased the venue back to the club over a period of 15 years.

The club will have to pay him £1m a year to rent the facility.

 

I'd be interested in how others interpret Andrew Andronikous' gibberish...

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tony13579

tony13579

Posted
Posted
Solent reporting the Administrator may delay redundancies until after the next court hearing. The Administrators confidence is slipping fast :)

There was comment on here that he would be in dodgey legal waters if he made redundancies and later found not to be legally in administration.

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Foxstone

Foxstone

Posted
Posted
Readers may recall this wild speculation on my part. It seems that this may have been confirmed by the intrepid administrator. Despite the appalling grammar, this was what Harry Harris quoted Andrew Andronikou saying, as he made his lawyers job a lot harder, in this article.

 

"The administrator is seeking something like £30 million from a new owner to underwrite creditors, and take the club forward. He continued: "We have a secured creditor for £13.5 million, and that is the current shareholder and owner who has fixed and floating debenture, which means Fratton Park, the players and all assets of the club.

"There had been loans of £17.5 million but Chainrai has prepaid £4 million of that, and he continues to have a charge over all the assets. The proposed sale and lease back of Fratton Park did not materialise because it had not been completed before I came into the club."

 

So, the latest story is that he has a secured creditor (Chanrai) the current shareholder and owner. His loans were £17.5M, secured by way of a charge on Fratton Park, but are now £13.5M as Chanrai has prepaid (sic) £4M of this. As I say, the grammar is appalling, but I think the moron is trying to convince the reader that Chanrai has a fixed and floating charge. I must admit, it is rare to see a creditor repaid 25% of a loan, but still manage to obtain further security, after a winding up petition. I love the last sentence. This was what was reported on the 20th February, in the Echo:

 

PORTSMOUTH no longer own Fratton Park, it has been reported today.

It is claimed that Balram Chainrai has written off £10m of the £17m Pompey owe him.

In exchange, he has taken ownership of the ground.

Mr Chainrai has leased the venue back to the club over a period of 15 years.

The club will have to pay him £1m a year to rent the facility.

 

I'd be interested in how others interpret Andrew Andronikous' gibberish...

 

 

Desperate comes to mind!

 

Its almost as though he is saying to the EPL - We can only complete our fixtures if you bend the rules to bail us out - What do you want Mr Scudamore ?

He also does not seem very confident that he will be regarded as truly independent either but is looking for the court to say - " Well you have started so you might as well finish"!

 

Rather naive there perhaps.

 

As for your speculation above - It does seem to fit does'nt it ? ;)

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rallyboy

rallyboy

Posted
Posted

An observer might suggest that it appears that they are 'pretending to be in administration' to limp away from the winding up order and towards the modest sanctuary of another Sky payment, with a masterplan of hopping back out of this suspended state when the points penalty drops on the mat.

 

Why else would the administrator not be slashing costs like an axeman?

He is clearly confident of his own position (even though others aren't), he needs to turn the business around, yet all loan players are still happily trousering cash and the club is carrying on regardless, overpaid Storrie is still there (?!!!!) - when will the authorities appreciate that behind all the spin and the 'poor old plucky Pompey' campaign they are still making no effort to address debt.

 

Shameful.

 

It's good to see the rest of football is now waking up to the cheating aspect.

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