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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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anothersaintinsouthsea

anothersaintinsouthsea

Posted
Posted

So you're in admin, just been deducted 9 points, facing certain relegation, and your much publicised new backer has just missed the deadline for the £3m - so what do you think a popular topic would be on a pompey internet forum? yes you've guessed it - the best options for a new stadium! PMSL

 

http://www.fansonline.net/portsmouth/mb/view.php?id=249564

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Weston Super Saint

Weston Super Saint

Posted
Posted
They were going down anyway....the 9 point deduction is no penalty at all :mad:

 

Indeed.

 

However, with all these 'secure creditors' coming out of the woodwork and proving their validity in the high court, it leaves less and less unsecured creditors to vote on a CVA, which means HMRC's percentage gets bigger and bigger - that's without adding on the increases from more missed payments :)

 

No CVA = lots more points deducted next season in the Championship :D

 

The hits just keep on coming :D

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Matthew Le God

Matthew Le God

Posted
Posted
Is this true as it seems unfair that they should not start next season with -9 if they were going down anyway.

 

They went into administration before the cut off of March 27th. Saints went into administration after the cut off hence why Saints were deducted this season and not last season.

 

However it is unlikely that they will agree a CVA (due to the HMRC being over 25% of unsecured creditors and not signing unless they get 100p in the £1) and the Football League will hit them with a large points deduction for 2010/11. This may also be increased further, like Luton Town with around -25 points for financial irregularities.

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aintforever

aintforever

Posted
Posted
So you're in admin, just been deducted 9 points, facing certain relegation, and your much publicised new backer has just missed the deadline for the £3m - so what do you think a popular topic would be on a pompey internet forum? yes you've guessed it - the best options for a new stadium! PMSL

 

http://www.fansonline.net/portsmouth/mb/view.php?id=249564

 

You have to admire their optimism!

 

Administration, relegation - Tis merely a flesh wound.

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ericofarabia

ericofarabia

Posted
Posted
They went into administration before the cut off of March 27th. Saints went into administration after the cut off hence why Saints were deducted this season and not last season.

 

However it is unlikely that they will agree a CVA (due to the HMRC being over 25% of unsecured creditors and not signing unless they get 100p in the £1) and the Football League will hit them with a large points deduction for 2010/11. This may also be increased further, like Luton Town with around -25 points for financial irregularities.

 

Good work Storrie and Knutflap :p

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S-Clarke

S-Clarke

Posted
Posted
So you're in admin, just been deducted 9 points, facing certain relegation, and your much publicised new backer has just missed the deadline for the £3m - so what do you think a popular topic would be on a pompey internet forum? yes you've guessed it - the best options for a new stadium! PMSL

 

http://www.fansonline.net/portsmouth/mb/view.php?id=249564

 

there's another thread on pompey online too.

 

apparently during the meeting the fans had with their new ''owner'' (lol) they discussed the Horsea island development.

 

There is a thread (serious) discussiong if they should incorporate a chelsea style village into the new stadium.

 

they make me laugh, they really have no grip on reality at all. They will be in that shed for years to come, dropping down the leagues.

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buctootim

buctootim

Posted
Posted
They went into administration before the cut off of March 27th. Saints went into administration after the cut off hence why Saints were deducted this season and not last season.

 

However it is unlikely that they will agree a CVA (due to the HMRC being over 25% of unsecured creditors and not signing unless they get 100p in the £1) and the Football League will hit them with a large points deduction for 2010/11. This may also be increased further, like Luton Town with around -25 points for financial irregularities.

 

Worst outcome would be if the creditors agree some pence in the pound agreement this Summer and pompey start off next season debt free and with guaranteed £11m parachute payments for three years in the CCC. That would just perpetuate the unfair advantage they've already had.

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Matthew Le God

Matthew Le God

Posted
Posted
Worst outcome would be if the creditors agree some pence in the pound agreement this Summer and pompey start off next season debt free and with guaranteed £11m parachute payments for three years in the CCC. That would just perpetuate the unfair advantage they've already had.

 

HMRC have a history of not agreeing to anything less than 100p in the £

 

HMRC will be over 25% of the unsecured creditors

 

If Pompey don't find a buyer in the next few weeks this is all irrelevant as they would be wound up instead.

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krissyboy31

krissyboy31

Posted
Posted
Worst outcome would be if the creditors agree some pence in the pound agreement this Summer and pompey start off next season debt free and with guaranteed £11m parachute payments for three years in the CCC. That would just perpetuate the unfair advantage they've already had.

 

They couldn't be debt free AND keep their parachute payments. The footballing debt has to be paid in full, so most if not all of the parachute money will be directly channelled elsewhere.

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badgerx16

badgerx16

Posted
Posted

If Pompey don't find a buyer in the next few weeks this is all irrelevant as they would be wound up instead.

But AA said they will out of admin in 8 weeks.........................................................

 

8 weeks to the WUO then !

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buctootim

buctootim

Posted
Posted
HMRC have a history of not agreeing to anything less than 100p in the £

 

HMRC will be over 25% of the unsecured creditors

 

If Pompey don't find a buyer in the next few weeks this is all irrelevant as they would be wound up instead.

 

They couldn't be debt free AND keep their parachute payments. The footballing debt has to be paid in full, so most if not all of the parachute money will be directly channelled elsewhere.

 

I hope you guys are right. Too many twists and turns to come to be sure of anything yet IMO.

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JackFrost

JackFrost

Posted
Posted
HMRC have a history of not agreeing to anything less than 100p in the £

 

HMRC will be over 25% of the unsecured creditors

 

If Pompey don't find a buyer in the next few weeks this is all irrelevant as they would be wound up instead.

 

Why the "next few weeks"?

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Matthew Le God

Matthew Le God

Posted
Posted
Why the "next few weeks"?

 

Because administration for a club with running costs as large as Pompey can't last forever, they'd run out of funds from Chainrai. A creditors meeting has to be arranged relatively soon and AA said it will be in about 6 weeks time, the high court has forced there to be an initial one in 9 days from now.

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Wes Tender

Wes Tender

Posted
Posted

Responses taken from The News to the points deduction:-

MR - How can you have a party to celebrate the fact you're still an entire division below us. You're f***ing ridiculous.

When Derby went down with 11 points, they stayed in the Champinoship the following season without too much of a worry. Even with a 9 point deduction we're still gonna beat their total, and its not hard staying in the Champinoship, its getting promoted again thats difficult. We won't go down further because with all the Primo's already gone, we can effectively re-build before next season even starts. Players like Wilson, Brown, Muggins, Hermann will be easily good enough to stabilise us in the Championship for a year or two.

 

Then maybe if the dirt get promoted we can look forward to a few more memorable 4-1 thrashings. PUPPPU

and

 

Sorry to disappoint you Mental Ron but this points deduction is hardly a surprise so I doubt you will see many Pompey fans crying on Match of The Day. That usually happens when a team is relegated on the last day of the season like you lot were from the Premiership a few weeks after we smashed you 4-1 at Fratton despite at the time all of you lot thinking it was so clever that you had poached Harry Redknapp as manager. We have known all season that we will be in the Championship next year so this is hardly a taunt. I cannot believe Saints fans still come on here and try to crow when you have nothing over us to crow about despite our shabolic situation. Championship? Still a division above Saints - you are as far away from the play-offs as we are from safety in the Premiership. MILES off on both counts. We will still be back at Wembley for our second FA Cup Semi Final in 3 years and it is barely a month since Pompey smashed Saints 4-1 in Southampton's own back yard. If I was a Southampton fan I would never come on here and leave myself open to the amount of bragging rights PFC currently hold over Saints. For a team bottom of the Premier League that doesn't exactly say much for Southampton at the moment does it?

 

Now we know exactly how much this is hurting them. They're heading down to the Fizzy Pop, there will almost certainly be further points deductions there, the parachute payments will be swallowed up in debt repayment, their White Knight appears to be just another glory-seeking tyre kicker, the HMRC reserve the right to challenge the status of Chainrai and thus the validity of the Administrator and all they can do is console themselves with the fact that for a fleeting moment they are above us. We who have no debts, no money worries, financial security, great stadium, training facilities, higher attendances etc. Still, just as long as they feel that they have bragging rights over us, that is all that matters. :rolleyes:

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Kingsland Red

Kingsland Red

Posted
Posted
Responses taken from The News to the points deduction:-

 

and

 

 

Now we know exactly how much this is hurting them. They're heading down to the Fizzy Pop, there will almost certainly be further points deductions there, the parachute payments will be swallowed up in debt repayment, their White Knight appears to be just another glory-seeking tyre kicker, the HMRC reserve the right to challenge the status of Chainrai and thus the validity of the Administrator and all they can do is console themselves with the fact that for a fleeting moment they are above us. We who have no debts, no money worries, financial security, great stadium, training facilities, higher attendances etc. Still, just as long as they feel that they have bragging rights over us, that is all that matters. :rolleyes:

 

The money they've wasted to maintain a position above Saints has been phenomenal, not forgetting admin 10 years ago.

Was it really worth it, maybe better to accept there's only one team in Hampshire!

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Pugwash

Pugwash

Posted
Posted
The money they've wasted to maintain a position above Saints has been phenomenal, not forgetting admin 10 years ago.

Was it really worth it, maybe better to accept there's only one team in Hampshire!

 

Am I right in thinking that if they enter the FL without a CVA, they'll not only have minus points for this, but also ANOTHER -10 for their second administration? Think this came up earlier in the thread, but wasn't answered.

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dubai_phil

dubai_phil

Posted
Posted
Am I right in thinking that if they enter the FL without a CVA, they'll not only have minus points for this, but also ANOTHER -10 for their second administration? Think this came up earlier in the thread, but wasn't answered.

 

A minimum of -10.

 

In fact they will have to convince the FL that they actually have the ability to pay their way otherwise they won't be allowed to play.

 

Forget the CVA, before they get to that they MUST pay all footballing debts or they will not be granted their "playing licence".

 

Plenty of time yet.

 

Me, I just hope they hurry up and sort out their "drain the parachute cash to keep going" deal with the PL. The more they spend now he further they have to come back from

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Whitey Grandad

Whitey Grandad

Posted
Posted
Am I right in thinking that if they enter the FL without a CVA, they'll not only have minus points for this, but also ANOTHER -10 for their second administration? Think this came up earlier in the thread, but wasn't answered.

If I remember correctly, other teams have been deducted extra points for 'having been in administration before'.

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badgerx16

badgerx16

Posted
Posted
If I remember correctly, other teams have been deducted extra points for 'having been in administration before'.

It's all a question of the FL waiting to get their claws into them - they seem to be able to apply anything they wish to so as to make a suitable example.

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Doctoroncall

Doctoroncall

Posted
Posted
Am I right in thinking that if they enter the FL without a CVA, they'll not only have minus points for this, but also ANOTHER -10 for their second administration? Think this came up earlier in the thread, but wasn't answered.

 

The first step is to get the FL to agree that they can join the championship as members.

 

To do that, an agreed CVA is a recognised route, detailing how debts have and will be paid.

 

Some how I don't think the skates will have one so there will need to be some guarantees that the club will be financially able to complete the 10/11 season, no points penalty will be imposed but a club in admin isn't likely to be able to build a squad to succeed (look at stockport). If no CVA is agreed when exiting admin that will be minus 15 points penalty, potentially more as it's their second time. I think Luton got an extra two points for it being their second administration.

 

On top of that any financial irregularities found (surely this is beyond wishes with what has been said in the media), more points deduction will come there way, at ten I would say.

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tpbury

tpbury

Posted
Posted

As was said 800 million pages ago - what is your motivation for wanting them wound up? What is your motivation for enjoying them being wound up?

 

This thread (next target: 1million views) seems to show us saints fans as wallowing in the misery of them; but this is just what made us angry when we had problems (of a different scale).

 

Can we not learn from experience? The facts are interesting and the shady characters involved are disturbing, but let's rise above the fish-barrel-shooting tendency. Let's get all mature on ourselves.

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JackFrost

JackFrost

Posted
Posted
Because administration for a club with running costs as large as Pompey can't last forever, they'd run out of funds from Chainrai. A creditors meeting has to be arranged relatively soon and AA said it will be in about 6 weeks time, the high court has forced there to be an initial one in 9 days from now.

 

Ah so the judge has effectively decided that the admin is legal, but it is only a short term/last chance 3 week period? Pompey either need to find a buyer quick or they get wound up?

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sidthesquid

sidthesquid

Posted
Posted
As was said 800 million pages ago - what is your motivation for wanting them wound up? What is your motivation for enjoying them being wound up?

 

This thread (next target: 1million views) seems to show us saints fans as wallowing in the misery of them; but this is just what made us angry when we had problems (of a different scale).

 

Can we not learn from experience? The facts are interesting and the shady characters involved are disturbing, but let's rise above the fish-barrel-shooting tendency. Let's get all mature on ourselves.

 

No. Don't want to. You can't make me. So yah-boo and shucks.

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anothersaintinsouthsea

anothersaintinsouthsea

Posted
Posted
As was said 800 million pages ago - what is your motivation for wanting them wound up? What is your motivation for enjoying them being wound up?

 

This thread (next target: 1million views) seems to show us saints fans as wallowing in the misery of them; but this is just what made us angry when we had problems (of a different scale).

 

Can we not learn from experience? The facts are interesting and the shady characters involved are disturbing, but let's rise above the fish-barrel-shooting tendency. Let's get all mature on ourselves.

 

Disagree. Pompey fans gloating at our expense last year was hard to take but totally expected - I take no issue with it. Let's face it we've never had the season in seson out rivalry that others have had e.g. Celtic/Rangers, Arsenal/Spurs, Liverpool/Man U so I won't miss playing them in the derbies. They are a scumbag club and I hope they pay for the shenanigans of the past few years.

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Chin Strain

Chin Strain

Posted
Posted (edited)
As was said 800 million pages ago - what is your motivation for wanting them wound up? What is your motivation for enjoying them being wound up?

 

This thread (next target: 1million views) seems to show us saints fans as wallowing in the misery of them; but this is just what made us angry when we had problems (of a different scale).

 

Can we not learn from experience? The facts are interesting and the shady characters involved are disturbing, but let's rise above the fish-barrel-shooting tendency. Let's get all mature on ourselves.

 

I can only speak personally, but I have an issue with them because:

 

  • the way they have cheated their way through this season, employing players they can't afford,
  • not caring that their owner was a gun runner as long as he funded the club (oh, he didn't really, did he.)
  • only having a problem with the gun runner because he didn't fund the club, not because he was a gun runner
  • refusal to pay taxes,
  • going through a transfer window and not selling players they could have done,
  • beating us with players that they couldn't afford and shouldn't have been able to sign,
  • bleating to the PL 3 weeks after the window closed asking them to allow tv money to be paid up front,
  • bleating to the the PL asking to be allowed to sell players outside the window,
  • blaming everyone but themselves,
  • trying to blackmail the PL by stating that the integrity of the PL would be compromised if they had to get rid of players (sale and loan back please)....whilst not realising that they had irrerairably damaged the PL by not playing within their means all season when they were trading insolvent,
  • ripping off the UK taxpayer and expecting everyone to back them,
  • not asking pertinent questions 2 years ago when they were buying players they obviously coouldn't afford
  • thick fans still not understanding the seriousness of their situation
  • FAPPT - ballsh i t....loaded doesn't equal FAPP you idiots
  • not following our line and trying everything we could to avoid administration
  • Not paying their taxes (have I mentioned that before?)
  • the nauseous media outpourings of the erstwhile Storrie-Teller - "not me guv - I'm only an 'umble employee and not paid anywhere near £1.2 million a year" :vom:

How's that for starters?

If they had seriously tried all season to live within their means I would have had some sympathy, but they haven't. Instead they've cheated their way to a cup semi final at Wembley, and the fans still think they've played it by the book and can't see why everyone else would view it as cheating.

 

P.S. and, how could I forget....the 'best fans in the world'. B o l l o c k s

Edited by Chin Strain
missed the obvious
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Wes Tender

Wes Tender

Posted
Posted
As was said 800 million pages ago - what is your motivation for wanting them wound up? What is your motivation for enjoying them being wound up?

 

This thread (next target: 1million views) seems to show us saints fans as wallowing in the misery of them; but this is just what made us angry when we had problems (of a different scale).

 

Can we not learn from experience? The facts are interesting and the shady characters involved are disturbing, but let's rise above the fish-barrel-shooting tendency. Let's get all mature on ourselves.

 

Let's be immature and have a good laugh at their self- induced misfortune. It's much more fun.

 

But otherwise, Chin Strain has given ample other good reasons.

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