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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Eastcowzer

Eastcowzer

Posted
Posted
Confirmed on BBC they have missed the deadline to apply in case they make the UEFA cup.

 

What a shambles of a club.

 

I expect that Titus Andronikou will launch an appeal though, and also for pre-payments for the games that they COULD have played in.

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hutch

hutch

Posted
Posted (edited)
http://www.businessesforsale.com/ft/a958590.aspx

 

Portsmouth Football Club For Sale

 

 

 

Hampshire, United Kingdom

 

 

Financials

 

Asking price: Undisclosed

Sales revenue: Undisclosed

Net profit: Undisclosed

Fixtures value: Undisclosed

Stock value: Undisclosed

 

 

Business description

By order of the Joint Adminitrators Andrew Andronikou, Peter Kubik and Michael Kiely of UHY Hacker Young.

Expressions of interest by 19th March 2010.

Preliminary details available on completion of confidentiality agreement.

For more information contact Peter Kubik

Interesting that the closing date is pitched at close of business on the last day of the week when they're due to appear in Court again. So if the Judge is at all interested in the level and credibility of response, they'll need another adjournment.

 

Another final straw to clutch at? Expect it to be raised in Court. And expect it to be given the short shrift it deserves. But they are persistent little bűggers, aren't they?

 

It's just another part of the "smoke & mirrors". If anybody buys the club, it won't be because they saw it advertised in the FT. And if a genuine buyer appears, and expresses an interest after the deadline, he won't be turned away.

 

That advertisement is just part of the "buying more time" game.

Edited by hutch
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tony13579

tony13579

Posted
Posted

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7408290/Portsmouth-owner-Balram-Chainrai-in-town-to-lock-horns-with-HMRC.html

 

Portsmouth owner Balram Chainrai in town to lock horns with HMRC

Portsmouth owner Balram Chainrai will hold talks with his lawyers and the club's administrator in London this week as he attempts to head off a challenge to his position as a secured creditor from Her Majesty's Revenue and Customs.

Chainrai arrived in London earlier this week to oversee the club's response to HMRC's action, which is due to be heard at the High Court on Monday. He spent Monday locked in a series of meetings at his central London hotel, including talks with Portsmouth manager Avram Grant and joint administrator Andrew Andronikou.

...

They claim that Chainrai lent the money to Falcondrone, the holding company controlled by former owner Ali Al Faraj, rather than the club itself, thus invalidating his claim to the club.

 

The tax authorities are also seeking assurances that Chainrai has no previous links to Andronikou, something the administrator denies

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Chin Strain

Chin Strain

Posted
Posted

Just heard Avram bleating on about how unfair it all is that they're being punished for previous regimes and their actions, that their fate should be decided on the pitch and that they shouldn't be punished because of administration.

 

Is he completely thick? Doesn't he understand that the current regime has continued to play players that they simply can't afford? My 6 year old would understand that, so I'm assuming he's just completely thick.

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sidthesquid

sidthesquid

Posted
Posted

That Vogon-faced tw*t Grant is really starting to hack me off:

"I hope we will not be docked the points. I hope football decisions will be made on the pitch. When you punish something you punish the people who did something wrong. You need to punish the right people."

 

Is he a) stupid b) pandering to his paymasters or c) as corrupted as the rest of them?

 

Last week they went to Burnley, a similar sized provincial club and won, BUT with a squad in which most were on wages that were 2 or 3 times the salary cap Burnley imposed on themselves to remain solvent. (One of the stumbling blocks in the Nugent saga was Burnley's top earner was on £16k/week, Nugent was reputedly on £40k/week). Pompey playing players they cannot afford to pay is like a local league team bringing in a couple of ringers for the promise of a brown envelope or two. And there is a word for that -CHEATING

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Fowllyd

Fowllyd

Posted
Posted
That Vogon-faced tw*t Grant is really starting to hack me off:

"I hope we will not be docked the points. I hope football decisions will be made on the pitch. When you punish something you punish the people who did something wrong. You need to punish the right people."

 

Is he a) stupid b) pandering to his paymasters or c) as corrupted as the rest of them?

 

Last week they went to Burnley, a similar sized provincial club and won, BUT with a squad in which most were on wages that were 2 or 3 times the salary cap Burnley imposed on themselves to remain solvent. (One of the stumbling blocks in the Nugent saga was Burnley's top earner was on £16k/week, Nugent was reputedly on £40k/week). Pompey playing players they cannot afford to pay is like a local league team bringing in a couple of ringers for the promise of a brown envelope or two. And there is a word for that -CHEATING

 

Indeed. Add to that Mick McCarthy's comment that Wolves had been effectively outbid (in salary terms) by Pompey for a couple of players - and this in January's transfer window - and it's perfectly clear that Pompey have been cheating just as surely as if they'd had twelve or thirteen players on the pitch in each and every match.

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Chez

Chez

Posted
Posted (edited)

strictly speaking they didn't miss the deadline for applying for the UEFA license, it was more a case of being unable to provide accounts/financial figures to prove that they could fulfill the fixtures next season (should they gain entry) which are required, and as these are unavailable they simply could not, and did not apply for one.

 

On a seperate note on Quay radio last night Wisey said that the administrator had revealed that the debt was £83m. Sorry if that has been posted elsewhere, but thats the first time I've heard a figure provided by Andriod.

Edited by Chez
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AK

AK

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)

 

These minutes really show the administrator is either on the fiddle or stupid, having been there for close to two weeks and having the benefit of the SoA produced by Vantis he still does not know what the debt is !Also in his initial summary of the debt he misses out the £8-10million they owe other clubs.

 

Interestingly The Administrator also says he is not unduly worried about The HMRC challenge to The Administration as if it succeeds The Directors will then put The Club into administration, however I thought The Directors could not do this as The Club is subject to a WUO ?

 

It is also very strange than no cost saving measures have yet been implemented.

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pedg

pedg

Posted
Posted

Interestingly The Administrator also says he is not unduly worried about The HMRC challenge to The Administration as if it succeeds The Directors will then put The Club into administration, however I thought The Directors could not do this as The Club is subject to a WUO ?

 

Actually what they say is:

 

"If necessary a directors application for an administration order would be made.

 

Which means the directors have to apply to the court to put them into administration. The administrators make it sound like this would be a forgone conclusion but that it not necessarily the case. But then boundless positivity and possibly misplaced optimism appear to be a job requirement for running pompey.

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AK

AK

Posted
Posted
Actually what they say is:

 

"If necessary a directors application for an administration order would be made.

 

Which means the directors have to apply to the court to put them into administration. The administrators make it sound like this would be a forgone conclusion but that it not necessarily the case. But then boundless positivity and possibly misplaced optimism appear to be a job requirement for running pompey.

 

I see thanks.

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hutch

hutch

Posted
Posted
Actually what they say is:

 

"If necessary a directors application for an administration order would be made.

 

Which means the directors have to apply to the court to put them into administration. The administrators make it sound like this would be a forgone conclusion but that it not necessarily the case. But then boundless positivity and possibly misplaced optimism appear to be a job requirement for running pompey.

Are you suggesting that somebody is actually running Pompey?

 

Avram is running the team

 

Peter is, ummm, ...........

 

Andy is running round clucking, looking for his head

 

Mark is doing whatever he does, pro-bono of course

 

Daniel is, no doubt, doing what he does best before Friday afternoon

 

Tanya is keeping her head down, making sure her powder doesn't get wet

 

 

Did I miss anybody?

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pedg

pedg

Posted
Posted
Are you suggesting that somebody is actually running Pompey?

 

Avram is running the team

 

Peter is, ummm, ...........

 

Andy is running round clucking, looking for his head

 

Mark is doing whatever he does, pro-bono of course

 

Daniel is, no doubt, doing what he does best before Friday afternoon

 

Tanya is keeping her head down, making sure her powder doesn't get wet

 

 

Did I miss anybody?

 

The other administrators who are hoping to stay as low profile as possible in case it all goes common garden birds up.

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tony13579

tony13579

Posted
Posted
Are you suggesting that somebody is actually running Pompey?

 

Avram is running the team

 

Peter is, ummm, ...........

 

Andy is running round clucking, looking for his head

 

Mark is doing whatever he does, pro-bono of course

 

Daniel is, no doubt, doing what he does best before Friday afternoon

 

Tanya is keeping her head down, making sure her powder doesn't get wet

 

 

Did I miss anybody?

 

Who put the cones out on the training ground?

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Fowllyd

Fowllyd

Posted
Posted (edited)

For your delectation and cerebral delight, here's today's bit in the Grauniad:

 

http://www.guardian.co.uk/football/2010/mar/09/portsmouth-administrator-wage-bill

 

Also in the Sport section is this letter, from John Scannell of Dublin, which the sub-ed has headed 'Pompey crimes':

 

I hope you will excuse me if I don't join in with the wave of sympathy that seems to be going around for the fans of Portsmouth at the moment. I have a long memory and I remember November 2003, when Leeds, in the middle of their meltdown both on and off the pitch, were thrashed 6-1 by Portsmouth at Fratton Park. Both the level and manner of the defeat were horrendous. But what made it worse was the absolute delight and glee that Pompey fans took in their chants of "going bust" at the Leeds supporters. See, what comes around goes around.

 

Yep, sounds about right, though I can think of plenty more reasons for not joining in with the 'wave of sympathy'... :D

Edited by Fowllyd
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beatlesaint

beatlesaint

Posted
Posted

If the Poopey fans latest clown, Mr Avram Grant, keeps banging on about the injustice of the points deduction and how decisions should be made on the football pitch, may I just make a small suggestion to whoever is interviewing him at the time and simply say to him -

 

LOOK AT THE LEAGUE TABLE YOU THICK **** !!!!!!

 

and thats BEFORE the bloody points deduction ! :)

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
If the Poopey fans latest clown, Mr Avram Grant, keeps banging on about the injustice of the points deduction and how decisions should be made on the football pitch, may I just make a small suggestion to whoever is interviewing him at the time and simply say to him -

 

LOOK AT THE LEAGUE TABLE YOU THICK **** !!!!!!

 

and thats BEFORE the bloody points deduction ! :)

 

And to think they view him as a fantastic manager...

 

Compare his Pompey record with Paul Hart's - not a lot different.

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redkeith

redkeith

Posted
Posted

A couple of good articles on newsnow today.

 

The first is a comparison with how Burnley and Blackburn are now run.

 

http://www.lancashiretelegraph.co.uk/sport/5050688.Pompey_enjoyed_their_ride/?ref=rss

 

 

The second is a biography of Peter Storrie and his sound bytes.

 

http://bleacherreport.com/articles/359695-the-storrie-of-the-blues

 

Both well written pieces, logical and easy to understand, and yet there are still Skates bleating on about how unfair it all is.

 

Yesterday, Fifa were conspiring against them with this new 'must publish accounts' rule to get in the Europa League, and today Marc Wilson is complaining that Brum could make changes last night as they had a bigger squad because of the embargo.

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Chez

Chez

Posted
Posted
Why do they think he is so fantastic ? Cos they beat us, a team two leagues below them ?

Pathetic.

 

that and coming on to the pitch at half time against Sumderland to moan at the ref. What a guy. Harte was ten times the man Avram is. Never heard the guy moan one bit despite facing exactly the same issues as Grant.

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pedg

pedg

Posted
Posted

The second is a biography of Peter Storrie and his sound bytes.

http://bleacherreport.com/articles/359695-the-storrie-of-the-blues

 

I think we can safely say that link will not be appearing on Story's CV when he goes for his next job interview!

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Gingeletiss

Gingeletiss

Posted
Posted

 

Although this has been said before on here, I thought it deserved another airing!.

 

 

 

The only constant throughout this nightmare period has been the Chief Executive, Peter Storrie, who has been with the club since early 2002. This is the man who managed to introduce just about the only penniless “billionaires” in the Middle East to his club and presided over a reign of staggering financial ineptitude. How could one of the highest paid CEOs in the Premier League with over 20 years experience not realise that signing shedloads of ordinary players on exorbitant wages was going to lead to ruin? The only skill he has demonstrated has been his ability to manipulate the media into somehow believing that he is the good guy in this sorry tale. In fact, Storrie has plenty of previous with all of his former clubs going on to suffer from financial problems.

Peter+Storrie+3.jpg

"Money for nothing"

He was the first paid Managing Director at West Ham in 1991, where the supporters staged a sit-down protest on the pitch against his bond scheme, which was subsequently withdrawn. Years later, his reverse Midas touch had its effect with West Ham forced to make a fire sale to the porn barons. After he was sacked in 1999, Storrie turned up as Southend United’s Chief Executive, where he came under fire for his whopping (at the time) salary of £120,000. Southend are, of course, currently facing a winding up order. Storrie then took the role of Executive Deputy Chairman at Notts County, whose own shambolic saga of mysterious owners and unpaid debts has rivaled Portsmouth in the race to win basket case of the year. Obviously, Storrie’s connection to these troubled clubs is purely a coincidence in the same way that his old mucker Harry Redknapp is in no way responsible for the financial crises that have damaged all his former clubs (Bournemouth, West Ham, Southampton and, er. Portsmouth).

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stevegrant

stevegrant

Posted
Posted
Breaking news on Sky Sports Chester City have been wound up :(.

No real surprise and the majority of their fans have actually been hoping for it for a while. They are in the process of setting up a new club for next season, and with the old one (and the various characters involved) well and truly out of the picture, they can now get on with it and start afresh.

 

Friend of mine, a pompey season ticket holder has said there is a massive rumour of the Guardian breaking a big story in the next 48 hours. May involve money laundering.

About bloody time.

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Under Weststand

Under Weststand

Posted
Posted
A couple of good articles on newsnow today.

 

The first is a comparison with how Burnley and Blackburn are now run.

 

http://www.lancashiretelegraph.co.uk/sport/5050688.Pompey_enjoyed_their_ride/?ref=rss

 

 

The second is a biography of Peter Storrie and his sound bytes.

 

http://bleacherreport.com/articles/359695-the-storrie-of-the-blues

 

Both good articles, and about time that Storrie teller was outed by the media, the unholy alliance that is Storrie, Saggy chops & Mandric are on the verge of being found out. But that is just scratching the surface of dishonesty surrounding Notarf krap. About time the blue few stopped crying about the nasty tax man & how the EPl wont bail them out. And start to look where the blame realy belong's.

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Gingeletiss

Gingeletiss

Posted
Posted

 

In any other business, the fact copied below, would be reason enough, to fold a company, so why not Poor smouth!.

 

 

Well, the administrator told us that the debts were north of £70m, while the assets probably only amount to £36m, based on the £15m fixed assets (essentially the ground) in the 2008 accounts and £21m for the players. Storrie had estimated a value of £38m in the statement of affairs provided to the court, but HMRC have pointed out that the squad was recently valued at £21m and I know who I would rather believe. Either way, the assets are clearly much lower than the debt, which is why the banks decided to pull the plug.

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Gemmel

Gemmel

Posted
Posted
H e says it is from the same source that told him Redknapp was going to Spurs so a track record. I emphasize though.....only rumour at the moment. I am trying to check out other sources.

 

Interestingly enough the minutes of fans meeting with the adminsitrators, didn't include a comment from the Administrator that it appeared " Alot of money was unaccounted for"

 

http://www.fansonline.net/portsmouth/mb/view.php?id=247600

 

Explanation from one of the sos guys.....

 

The administrator made an off the cuff remark about alot of money being unaccounted for, but as yet they haven't actually gone through the books.

 

"The administrator, while stating that this wasn't an off the record comment, has said that until the books are gone through completely it wouldn't be fair for him to leave that comment in"

 

Administrators normally play things very close to their chests, seems a very strange comment to make, regardless of whether it is true and regardless of whether it was included in the minutes.

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Gingeletiss

Gingeletiss

Posted
Posted
A couple of good articles on newsnow today.

 

The first is a comparison with how Burnley and Blackburn are now run.

 

http://www.lancashiretelegraph.co.uk/sport/5050688.Pompey_enjoyed_their_ride/?ref=rss

 

 

The second is a biography of Peter Storrie and his sound bytes.

 

http://bleacherreport.com/articles/359695-the-storrie-of-the-blues

 

Both well written pieces, logical and easy to understand, and yet there are still Skates bleating on about how unfair it all is.

 

Yesterday, Fifa were conspiring against them with this new 'must publish accounts' rule to get in the Europa League, and today Marc Wilson is complaining that Brum could make changes last night as they had a bigger squad because of the embargo.

 

Great read Redkeith, in particular, the storrie-of the blues. I hope that one of the more robust and clever posters on here, will send that link to everyone concerned, the media, HMRC, the PL, the FA, EUFA, FIFA, all the poopy message boards, all the creditors, Sky, BBC, in fact everyone.

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Joensuu

Joensuu

Posted
Posted

Pompey's 18.5K attendance vs Birmingham was increased to such heady numbers because it was the game selected for the freebie tickets which were given away to all the snow shovellers earlier this year. They don't even sell out when they give the tickets away.

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