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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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dubai_phil

dubai_phil

Posted
Posted

 

The comment

 

The position is there is no money out there. The reality is that football is not what it was. We had two possible buyers and they didn't put their money up. So at the end of the day they are not real.

 

Should be handed out to every member of the few, along with copies of every "Churchillian Speech" from Storrie since Gaydamark decided to pull out as evidence of the delusion that he ignored HMRC and then sat through the January transfer window with.

 

He could have saved the club in January, they would have likely been relegated, but they would have survived. Instead he gambled it all.

 

Reality, as Ashley has found out, is a real *****.

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sidthesquid

sidthesquid

Posted
Posted

Part of a quote from the Mirror re Piquionne:

McLeish will make a second attempt to land the Frenchman in the summer after failing to get him in the last window because Lyon and Pompey cold not agree on ending his season-long loan.

That is what p*sses me off. If they had been sincere about cutting costs they would have agreed anything to take him off the books, not held out for silly money so that they could keep him.

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StuRomseySaint

StuRomseySaint

Posted
Posted (edited)
Rangers a club with a global following? Get a grip SW Saint. They have a large loyal fan base, agreed, but not a global following, unless you're counting the global ex Glasgow family. And don't forget the Scots are going down to 1 place in the CL league, even less money for Celtic and Rangers.

 

Anyway for what is it now £75m? You could buy Newcastle, or has Ashley upped the price now they're going to get promoted?

 

Seriously mate, Rangers and Celtic are a global brand... a global brand for the wrong reasons ( religion etc ) but pretty much the whole of Ireland / Northern Ireland are either Rangers or Celtic, and large following in Europe and further afield... with the USA being another place where they are followed.

 

In terms of fanbase... Rangers and Celtic have a similar following to Chelsea, Tottenham, Arsenal etc... with probably only Liverpool and Manchester United with a bigger worldwide fanbase.

 

Infact, the top 5 clubs in the world in terms of supporters clubs members are...

 

Glasgow Celtic

Glasgow Rangers

Juventus Turin

Liverpool

Barcelona

Edited by StuRomseySaint
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Gemmel

Gemmel

Posted
Posted

Some interesting points from the administrators

 

http://www.fansonline.net/portsmouth/article.php?id=1346

 

 

Players could defer wages - Waiting on an answer from PFA....whoops same guy 4 lines later says this hasn't been discussed yet :rolleyes:

 

Gaydamak is owed 30 million

 

Footballing Debts still 8 milllion

 

Jacobs not on the pay roll...... Just helping out for free :D

 

 

PL Chairmen vitoed allowing them to sell players early (Not that they want to)

 

They are confident they will have the paper work in time to prove chainrai lent to portsmouth and not falcondrone (So basically they havent got it as yet....seems very strange to me)

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pedg

pedg

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Posted

They are confident they will have the paper work in time to prove chainrai lent to portsmouth and not falcondrone (So basically they havent got it as yet....seems very strange to me)

 

 

They are confident that they will have all paperwork in place that the High Court have requested to prove that BC lent the money to Portsmouth FC rather than Falcondrone and therefore has the right to put Portsmouth FC into administration. Just as soon as the ink drys

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Guided Missile

Guided Missile

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Posted
They are confident they will have the paper work in time to prove chainrai lent to portsmouth and not falcondrone (So basically they havent got it as yet....seems very strange to me)

The reason it's strange is that they should have already provided a copy of the loan instrument to Companies House, within 21 days of the charge(s) being registered. If not, the charge(s) is/are invalid. i.e. Marc Jacobs should have deposited the loan instrument at Companies House by the end of January...

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OldNick

OldNick

Posted
Posted
Some interesting points from the administrators

 

http://www.fansonline.net/portsmouth/article.php?id=1346

 

 

Players could defer wages - Waiting on an answer from PFA....whoops same guy 4 lines later says this hasn't been discussed yet :rolleyes:

 

Gaydamak is owed 30 million

 

Footballing Debts still 8 milllion

 

Jacobs not on the pay roll...... Just helping out for free :D

 

 

PL Chairmen vitoed allowing them to sell players early (Not that they want to)

 

They are confident they will have the paper work in time to prove chainrai lent to portsmouth and not falcondrone (So basically they havent got it as yet....seems very strange to me)

 

'the administration process was as open and transparent as possible, however, he did stress that they were in the very early stages and as such it would be impossible for him to divulge any specific information regarding actual financial findings at this time.'

Transparent, but we are not going to tell you anything Lol

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Islander

Islander

Posted
Posted

Some interesting stuff there and nothing at all that makes me believe they will get out of it. Why advertise for a new owner if they have 12 knocking on the door?

 

Also:

RP - Have you found any irregularities in the accounts of Portsmouth FC as yet?

MK - As yet haven't looked at the full accounts, but will have more financial information at the next meeting.

That's not a 'NO' then:D

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dubai_phil

dubai_phil

Posted
Posted

 

............Gaydamak is owed 30 million

 

Footballing Debts still 8 milllion

 

 

They are confident they will have the paper work in time to prove chainrai lent to portsmouth and not falcondrone (So basically they havent got it as yet....seems very strange to me)

 

Can somebody please remind me.

 

I thought that PCFC provided a Statement of Affairs as evidence to the High Court?

 

I think I recall that statement being used as evidence in their recent court hearing.

 

I think I recall the figure mentioned was in the region of 80 million.

 

I know I'm supposed to have been in the sun too long but how exactly could they have lost 50ish mil?

 

15 for HMRC and ???

 

Wow, this admin game is cool, they should let Dubai World play it, they could lose billions of their debt this way!

 

And as others have said, "Confident of having the paperwork?"

 

One would imagine that a professionally managed business might actually keep important documents in a safe place

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rallyboy

rallyboy

Posted
Posted

training at Silverlake? They might give them a tenner if they weigh the ground in.

 

 

Interesting points from that meeting - AA isn't aware that the tax debt was last seen to be £18M, a figure used in the court papers, he even has it below the £12M commonly quoted - so has he paid off £8M on the quiet or is he just a bit vague about stuff?

 

'Jacobs effectively working for free'....?? What does that mean?

 

 

The Prem says they will discuss advancing cash once they have completed business with the taxman...that means, 'if you manage to clear that huge debt we will then help you with football debts'.

 

Vital point - he says the arms dealer's £30M claim is rock solid and not a debt to be dismissed as Storrie and many fans have attempted to do, that's a big stumbling block to a deal.

 

 

He still seems clueless, there are questions on there that would have been first on the list to get answered, yet he doesn't know.

 

I await the great staff cull with interest - the obvious thing to have done three weeks ago was offload all 'contracted' loanees, all big earners, cancel flights, and to make serious cuts to running costs.

But tomorrow I expect to see a distraught tea lady and a couple of stewards hanging up their hi-viz jackets thus saving a couple of hundred pounds - the amount that Utaka earns in about 20mins.

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Shufty Zubrik

Shufty Zubrik

Posted
Posted

http://www.fansonline.net/portsmouth...le.php?id=1346

"Present: Colin Farmery (PVA), Scott MacLachlan (London Supporters Club), Jo Collins (Pompey Supporters Trust), Dave Taylor (Vital Pompey), Nigel Tressider (Pompey Supporters Club-Central Branch), Barry Dewing (Portsmouth Independent Supporters Club), Alan Taylor (Supporters Advisory Panel), Reece Percival (Pompey Anoraks), Mick Bleach (Chichester Supporters Club), Ken Malley (Football Supporters Federation) Mike Hall (Pompey Fans Online), Bill Gillon (Pompey Online) and Brendon Bone (SOS Pompey/True Blue Army.com)"

 

Why do I have this image of John Cleese in Life of Brian shouting "Splitters" - next we'll have the People's Front for the Salvation of Pompey and the Popular Independent Front for Pompey's Salvation - "Splitters"

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pedg

pedg

Posted
Posted

Hopefully at the news conference tomorrow some hack will actually ask a sensible question like.

 

"Its now two days before you need to deposit the documents proving that Mr Chainrai legally put the club into administration. Can you categorically confirm that the documents that prove that he was legal entitled to do this have been located and are ready to be deposited with the court?"

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Foxstone

Foxstone

Posted
Posted
http://www.fansonline.net/portsmouth...le.php?id=1346

 

 

Why do I have this image of John Cleese in Life of Brian shouting "Splitters" - next we'll have the People's Front for the Salvation of Pompey and the Popular Independent Front for Pompey's Salvation - "Splitters"

 

 

With apologies from a Mr C Ho ( Pompey Defensive..Whoops Defence Association) who is on Gardening Leave ! :D

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solentstars

solentstars

Posted
Posted
The reason it's strange is that they should have already provided a copy of the loan instrument to Companies House, within 21 days of the charge(s) being registered. If not, the charge(s) is/are invalid. i.e. Marc Jacobs should have deposited the loan instrument at Companies House by the end of January...

i smell something fishy :Dgoing on.

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pedg

pedg

Posted
Posted
So, apologies if I've missed something here, but when are they actually gonna be deducted the 9 points ??? They are in administration, so what is the delay ? Again, sorry to be tw.at if this is a dumb question.

 

PL decided no point doing it now if they end up getting wound up on Monday. Assuming they survive Monday (or whenever next week, I notice the minutes mentioned Monday) then the -9 will follow soon after.

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saintfully

saintfully

Posted
Posted
PL decided no point doing it now if they end up getting wound up on Monday. Assuming they survive Monday (or whenever next week, I notice the minutes mentioned Monday) then the -9 will follow soon after.

 

Cheers - so basically they are making it up as they go along. Stangely not surprised by this...

 

On a happier note... roll on monday.

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miserableoldgit

miserableoldgit

Posted
Posted
So, apologies if I've missed something here, but when are they actually gonna be deducted the 9 points ??? They are in administration, so what is the delay ? Again, sorry to be tw.at if this is a dumb question.

As I understand it HMRC are questioning whether they ARE in admin legally. This is to be clarified next week. The PL can`t/won`t dock them the 9 points until this is confirmed.

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Gemmel

Gemmel

Posted
Posted
On a happier note... roll on monday.

 

Out of the two previous days in court, this Monday is the most serious of them all.

 

Whilst technically at the first hearing they could have been wound up, they were always likely to get another chance. They waited until the last working day before the second trail and put themselves in admin. That was challenged and without HMRC playing a hand or revealing their position forced pompey back into court for a day long session that will have one of three outcomes.

 

1) The judge says everything is fine and administrators can go about their business as normal.

 

2) The judge is not happy with the relationship between Ballo and Administrators and appoints another administrator.

 

3) The original administration was illegal and therefore they move on to the winding up petition (Interestingly a whole day has been allocated in court) (I am sure that is what the QC for HMRC said at the last trail - happy to be proved wrong)

 

That might be over simplified, but unless I have mis understood everything Monday could be d-day.

 

I also believe (Gut feeling) that HMRC are going to drop a few bombs on Monday and prove some of the dodgy allegations. I'm not saying HMRC will win, but I do thinnk they are genuinely after blood.

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Saint_clark

Saint_clark

Posted
Posted
As I understand it HMRC are questioning whether they ARE in admin legally. This is to be clarified next week. The PL can`t/won`t dock them the 9 points until this is confirmed.

 

So if this drags on to past the deadline, could the points deduction apply next season?

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JackFrost

JackFrost

Posted
Posted
Out of the two previous days in court, this Monday is the most serious of them all.

 

Whilst technically at the first hearing they could have been wound up, they were always likely to get another chance. They waited until the last working day before the second trail and put themselves in admin. That was challenged and without HMRC playing a hand or revealing their position forced pompey back into court for a day long session that will have one of three outcomes.

 

1) The judge says everything is fine and administrators can go about their business as normal.

 

2) The judge is not happy with the relationship between Ballo and Administrators and appoints another administrator.

 

3) The original administration was illegal and therefore they move on to the winding up petition (Interestingly a whole day has been allocated in court) (I am sure that is what the QC for HMRC said at the last trail - happy to be proved wrong)

 

That might be over simplified, but unless I have mis understood everything Monday could be d-day.

 

I also believe (Gut feeling) that HMRC are going to drop a few bombs on Monday and prove some of the dodgy allegations. I'm not saying HMRC will win, but I do thinnk they are genuinely after blood.

 

Definitely,

 

I think the most likely outcome (but not by much) is 2 but HMRC are going to do everything they can to get it to 3.

 

I can genuinely see them going to the wall.

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Gemmel

Gemmel

Posted
Posted
So if this drags on to past the deadline, could the points deduction apply next season?

 

No for administration the minus 9 will be allocated this season. However if they are still in administration at the start of the new season they will get additional minus points from the FL. They also have the small matter of a CVA, which unless obtained they will recieve a further points dedcution (Around 15 points) and then they have the possibility of a points deductions for financial irregularities (See Watford)....................

 

And then in March of 2011 Storrie goes to court for his tax case. Harry and mandicks, were personal tax issues, but Storries relates to the company / club, so they coudl get a further points deduction for that as well (Regardless of whether he has left the club or not)

 

A quick death on Monday or a slow drawn out, miserable, painful one over the next 3 years.

 

We will be the highest placed South Coast team within 18 months and parity will be restored.

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Whitey Grandad

Whitey Grandad

Posted
Posted
No for administration the minus 9 will be allocated this season. However if they are still in administration at the start of the new season they will get additional minus points from the FL. They also have the small matter of a CVA, which unless obtained they will recieve a further points dedcution (Around 15 points) and then they have the possibility of a points deductions for financial irregularities (See Watford)....................

 

And then in March of 2011 Storrie goes to court for his tax case. Harry and mandicks, were personal tax issues, but Storries relates to the company / club, so they coudl get a further points deduction for that as well (Regardless of whether he has left the club or not)

 

A quick death on Monday or a slow drawn out, miserable, painful one over the next 3 years.

 

We will be the highest placed South Coast team within 18 months and parity will be restored.

Thanks for that. Is it really 2011?

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saintmonkey1979

saintmonkey1979

Posted
Posted
No for administration the minus 9 will be allocated this season. However if they are still in administration at the start of the new season they will get additional minus points from the FL. They also have the small matter of a CVA, which unless obtained they will recieve a further points dedcution (Around 15 points) and then they have the possibility of a points deductions for financial irregularities (See Watford)....................

 

QUOTE]

 

Whats going on at Watford?

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Alanh

Alanh

Posted
Posted
Out of the two previous days in court, this Monday is the most serious of them all.

 

Whilst technically at the first hearing they could have been wound up, they were always likely to get another chance. They waited until the last working day before the second trail and put themselves in admin. That was challenged and without HMRC playing a hand or revealing their position forced pompey back into court for a day long session that will have one of three outcomes.

 

1) The judge says everything is fine and administrators can go about their business as normal.

 

2) The judge is not happy with the relationship between Ballo and Administrators and appoints another administrator.

 

3) The original administration was illegal and therefore they move on to the winding up petition (Interestingly a whole day has been allocated in court) (I am sure that is what the QC for HMRC said at the last trail - happy to be proved wrong)

 

That might be over simplified, but unless I have mis understood everything Monday could be d-day.

 

I also believe (Gut feeling) that HMRC are going to drop a few bombs on Monday and prove some of the dodgy allegations. I'm not saying HMRC will win, but I do thinnk they are genuinely after blood.

 

One other potential option. The directors apply for a court appointed adminstration. not sure if they can do that during the court case next week or if they have to do it beforehand. if they do they are admitting that the original administration call by Baloo was 'illegal'. Also not sure if HMRCwill challenge this course of action.

 

It wouldn't surprise me if they jump through a series of legal hoops between now and the end of the season as a delaying tactic to ensure that they continue to defer the -9 penalty. If they go down without the -9 then the PL get the best possible result. None of their clubs have ever gone into official administration so they have never had to deduct points, but the one most likely to has been relegated so it's now the FL's problem.

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bridge too far

bridge too far

Posted
Posted
So, apologies if I've missed something here, but when are they actually gonna be deducted the 9 points ??? They are in administration, so what is the delay ? Again, sorry to be tw.at if this is a dumb question.

 

I don't think this article from today's Guardian has been linked on here:

 

http://www.guardian.co.uk/football/2010/mar/08/portsmouth-fa-cup-prize-money

 

It talks about all their prize money / parachute payments / Sky money being withheld.

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OldNick

OldNick

Posted
Posted

 

It wouldn't surprise me if they jump through a series of legal hoops between now and the end of the season as a delaying tactic to ensure that they continue to defer the -9 penalty. If they go down without the -9 then the PL get the best possible result. None of their clubs have ever gone into official administration so they have never had to deduct points, but the one most likely to has been relegated so it's now the FL's problem.

If Pompey dont get the -9 and keep the squad as is now, they could easily overtake Wolves Hull and Burnley.

Monday is when we should get a diffinitive answer regarding whether they are in admin. Then the -9 should kick in

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View From The Top

View From The Top

Posted
Posted
If Pompey dont get the -9 and keep the squad as is now, they could easily overtake Wolves Hull and Burnley.

Monday is when we should get a diffinitive answer regarding whether they are in admin. Then the -9 should kick in

 

The EPL cannot legally enforce the -9 until the Court rules of the state of the admin.

 

As soon as they do the EPL Board will meet and ratify the deduction.

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Gemmel

Gemmel

Posted
Posted
No for administration the minus 9 will be allocated this season. However if they are still in administration at the start of the new season they will get additional minus points from the FL. They also have the small matter of a CVA, which unless obtained they will recieve a further points dedcution (Around 15 points) and then they have the possibility of a points deductions for financial irregularities (See Watford)....................

 

QUOTE]

 

Whats going on at Watford?

 

Sorry Luton

 

http://news.bbc.co.uk/sport1/hi/football/teams/l/luton_town/7500435.stm

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Joey-deacons-left-nut

Joey-deacons-left-nut

Posted
Posted

So, that interview.. isn't anyone else perplexed that they don't actually seem to know what the full extent of the debt it??? Isn't that a little odd considering the SOA was produced??

 

Bit telling that they are only owed £0.5m on transfers... sounds like they may have cut a few deals on outstanding monies owed to them.. yet they still owe £8m in transfers... OUCh!

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bridge too far

bridge too far

Posted
Posted
So, that interview.. isn't anyone else perplexed that they don't actually seem to know what the full extent of the debt it??? Isn't that a little odd considering the SOA was produced??

 

Bit telling that they are only owed £0.5m on transfers... sounds like they may have cut a few deals on outstanding monies owed to them.. yet they still owe £8m in transfers... OUCh!

 

£10m according to the article in the Guardian that I've just posted above.

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OldNick

OldNick

Posted
Posted
That's the point i'm making though.. they've had their feet under the table for 2 weeks now and clearly have NO IDEA what the actual debts are....

They probaqbly do, but dont want to scare off interest by putting it out in the open.IMO Chanrai loaned the money on not realising the real position and is now regretting not being more thorough

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CB Saint

CB Saint

Posted
Posted
Apparently, even if Pompey qualify for the Europa League through the FA Cup, they won't be able to play in it as they didn't apply for a UEFA club licence in time :lol:

 

I really hope this is true. It at least gives me something to laugh about if they somehow manage to win the FA Cup.

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