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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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saintjay77

saintjay77

Posted
Posted
Ah! memories ;):D

 

Published Date: 17 May 2005

 

POMPEY have vowed not to follow Saints into the type of financial meltdown reaped by relegation.

 

The Blues have pledged not to go into debt to build their Premiership team or a new stadium.

Saints have plunged into the Championship with reported debts of £23m on their St Mary's ground.

Relegation will cost Saints around £17m in lost Sky revenue, while gates will drop.

Chairman Rupert Lowe has been shrewd by inserting a clause in players' contracts to cut wages upon relegation.

But he still faces pruning the biggest wage bill and squad of the three relegated clubs.

Pompey made a £3m profit last season – and have trimmed an estimated £6m off their annual salaries by releasing 16 players since November.

Work is due to start on a new ground in August – with costs offset by the Pompey Village development, Premiership revenue and prudent housekeeping.

Blues chief executive Peter Storrie said: 'If you chase dreams and let finances get out of control, you go out of business.

'But if you're clever, that doesn't happen. It all boils down to not getting into debt. You can't spend more than the income coming in. That's why we're trying to make prudent decisions.

'Wages and transfer fees are where the money goes. That's the thing you can't let spiral. The wage bill has to be sensible in relation to the income.

'We're getting the balance right. We brought in too many players in the past, but now were remedying that.

'Chelsea operate with a smaller squad of around 25 players, and we have the same ideals. In the past we've had 44 players.'

 

Pure Gold lol

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Kingsbridge Saint

Kingsbridge Saint

Posted
Posted
http://www.portsmouth.co.uk/frattonlatest/Pompey-summer-sale-all-set.6307385.jp

 

Look out for quote of the close season.....

 

Now it's a case of waiting for the offers to come flooding in for the Fratton Park summer sales

 

I still reckon they will do well to raise any money at all as they try to shed those big earners

 

That whole story and the comments are like Alice in Wonderland. The mongs really think they might have a shot at a return to the Prem next season. Even if they go unpunished in terms of a points deduction (and I think that is highly unlikely) they are going to raise bugger all from their firesale of relegated losers and will have a squad full of nobodies next season, losing in front of small crowds in a crumbling ground. Newport County will pass them on their way down.

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Matthew Le God

Matthew Le God

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Posted
The FA is waiting patiently and has made noises before about the club not being under their jurisdiction until June 3rd - I think we will see fireworks after that, or at least the toaster coming out of it's box.

 

And I don't see why the taxman would write off chasing the £35M to try and get something out of the likes of Storrie, their main target must still be the business itself.

 

So that little light at the end of their tunnel is in fact the taxman and the FA adjusting the sights on a Gaydamak autograph edition rocket launcher.

 

I think you are confusing the FA with the Football League.

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Chez

Chez

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Posted
I wonder what Chanrai is thinking as he may well get 100% as a preferred creditor' date=' buyt could he lose it all to HMRC? Afterall he is was an owner who failed in tehir duty to ensure all Taxes were paid??[/quote']

 

Did he not become a owner after the tax debt had been incurred and insatlled an administrator almost immediately? I wouldn't have thought he was to blame or could be held responsible to pay off the tax persoalaly.

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sidthesquid

sidthesquid

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Posted
Feel sorry for Salisbury! Compared to P****y they owe hardly anything!

 

http://news.bbc.co.uk/sport1/hi/football/teams/s/salisbury/8694467.stm

 

I'm gutted by that news about my home town club. Kicking someone as they desperately try to get things back in order is just malicious. It will make my anger that much worse against the CHEATS if they even get close to getting away with it.

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trousers

trousers

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Posted
Feel sorry for Salisbury! Compared to P****y they owe hardly anything!

 

http://news.bbc.co.uk/sport1/hi/football/teams/s/salisbury/8694467.stm

 

Ah....how to deal with financial mis-management cleanly, concisely and efficiently.

 

Are you watching Premier League/Football Association?

 

Look and learn.

 

(p.s. I'm not saying it's a good thing that Salisbury are in trouble, just comparing the way it's being dealt with verus the prevarication of the Premier League and FA over Pompey)

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OldNick

OldNick

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Posted
Ah....how to deal with financial mis-management cleanly, concisely and efficiently.

 

Are you watching Premier League/Football Association?

 

Look and learn.

 

(p.s. I'm not saying it's a good thing that Salisbury are in trouble, just comparing the way it's being dealt with verus the prevarication of the Premier League and FA over Pompey)

Yep but we would have been expelled as well I think

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redkeith

redkeith

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Bad news for Salisbury, as a Salisbury boy myself, but maybe the league could learn from this.

 

How about, ALL debts have to be paid to an agreed schedule, to get your golden share back. All to be adminstered by the League ( for an admin fee) and each season you fall behind with you payments you get a penalty or a relegation.

 

That would focus the minds of directors a bit more.

 

I can't help thinking that the Skates should have a budget set by the league each year, and that the vast percentage of any unexpected income, for a cup run or player sale should go to the creditors, on top of the CVA.

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St Marco

St Marco

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So on The News summer sale AA say's he expects to recoup £15m from player sales.

 

I am trying to figure out how he think's he can make that from the players who are actually owned by them and not out of contract.

 

Utaka - 28 years old scored 7 goals in 70 games. Cost £7m - maybe sell for £3m

Mokoena - 30 years old - maybe sell for £1m

Mullins - 31 year old - maybe sell for 500k

Brown - 33 year old - will not get a fee for him

Nugent - 25 year old - career has nose dived maybe get £1.5m for him

Smith - Will be 30 soon - career has been stop start, 1 goal in last 20 odd games. Maybe £1m for him.

Boateng - 23 years old - A hit and miss player, very inconsistent - £3m maybe.

Ben haim - 29 year old - Seems to move clubs every year, clubs below his current one - £1m max.

Wilson - 22 year old. Their player with most potential but still very inexperienced £2m maybe.

Belhadj - Soon to be 28. Another hit and miss player who moves a lot. £2m maybe.

 

They are their only goodish players and all together make £15m based on my valuation.

The problem is everyone knows they have to sell or they will go under. And being in the CCC now means they are obviously not in a strong position to keep them.

So if those players actually go for £15m is another question!

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angelman

angelman

Posted
Posted
Absolutely agree. The person who put up the post and photo must have the mind of a demented portsmouth supporter.

 

As someone who has a disabled kid, I suppose that I have to agree with the both of you. Having said that, life's got too many problems to get worked up by what people think is funny.

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treggs23

treggs23

Posted
Posted
As someone who has a disabled kid, I suppose that I have to agree with the both of you. Having said that, life's got too many problems to get worked up by what people think is funny.

 

most sensible post I've read in days, well done

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Channon's Sideburns

Channon's Sideburns

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If we had to sell him, we'd probably get no more than £500k. As we don't, we would probably repel up to £3million. A buyers market is much much different than a sellers one.

 

Whatever happens he's out of Pompey's range, which I believe is currently a set of Wembley away shirts (as exclusively designed by Stevie Wonder) and an unused copy of 'How to run a company for Dummies' - retrieved from Nottarf Krap's boardroom.

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derry

derry

Posted
Posted
So on The News summer sale AA say's he expects to recoup £15m from player sales.

 

I am trying to figure out how he think's he can make that from the players who are actually owned by them and not out of contract.

 

Utaka - 28 years old scored 7 goals in 70 games. Cost £7m - maybe sell for £3m

Mokoena - 30 years old - maybe sell for £1m

Mullins - 31 year old - maybe sell for 500k

Brown - 33 year old - will not get a fee for him

Nugent - 25 year old - career has nose dived maybe get £1.5m for him

Smith - Will be 30 soon - career has been stop start, 1 goal in last 20 odd games. Maybe £1m for him.

Boateng - 23 years old - A hit and miss player, very inconsistent - £3m maybe.

Ben haim - 29 year old - Seems to move clubs every year, clubs below his current one - £1m max.

Wilson - 22 year old. Their player with most potential but still very inexperienced £2m maybe.

Belhadj - Soon to be 28. Another hit and miss player who moves a lot. £2m maybe.

 

They are their only goodish players and all together make £15m based on my valuation.

The problem is everyone knows they have to sell or they will go under. And being in the CCC now means they are obviously not in a strong position to keep them.

So if those players actually go for £15m is another question!

 

I don't think it actually works like that. For example trying to get rid of Ben Haim's £40k/wk salary to West Ham

 

As the players are under contract for a fixed term they will be looking to have that paid up as settlement before agreeing to move.

 

When Kevin Philips came to Saints from Sunderland it was reported that the £3.5m transfer fee went to Philips to get him to leave so that his salary disappeared.

 

It could well be that there won't be much in terms of real income for those under contract, that they have to get off the books, because of the unsustainable salaries.

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seaempty

seaempty

Posted
Posted

http://www.portsmouthfc.co.uk/LatestNews/news/A-Personal-Letter-From-Avram-Grant-To-The-Fans-980.aspx

 

I particularly like the penultimate paragraph:

At this point I would like to mention the good job the administrator is doing, under very difficult circumstances after he received the club from Mr. Chainrai and Mr. Levy which they had saved from liquidation. Thank you for that.

Doesn't sound forced at all, that. And it's good to see he has similar views to mine on the relegation of PFC:

It has been a great experience to be part of one of the most wonderful occurrences that has happened in the history of British football
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Dark Munster

Dark Munster

Posted
Posted
I refuse to believe that HRMC will sign a CVA for 20p in the pound.

 

It gives the green light to every club in the country to blow off their tax bill.

 

 

I hope you're right. But, by not signing the CVA, HMRC could jeopardise the parachute monies. As it stands now, HMRC have inflated the original £18m owed to them to about double that, and also HMRC (along with the other unsecured creditors) will get an additional 20% over 4 years. So that works out at getting back, eventually, roughly 80% of the original £18m owed, plus they get to have P***** liquidated after 9 months and go after the crooks. So I am not optimistic that HMRC will oppose the CVA, or that the skates will be deducted any points if the CVA is indeed agreed.

 

I am keeping my fingers crossed that the FL will hammer them regardless of a CVA being in place, either before the season starts, or 9 months from now when PFC change their name (to FCP, CBFC*, or whatever).

 

 

 

*CHEATING BASTARDS' FOOTBALL CLUB

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Badger

Badger

Posted
Posted
"This was one of the most difficult decisions I've had to take in my football career," said Grant.

 

:D

 

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8696013.stm

 

Lying bastard.

 

This photo amused me:

 

_47890674_avram466x260.jpg

 

Has a member of The Royal Family and an heir to the throne ever been photographed amongst such a lowlife and untrustworthy group of people as Triesman,Grunt and Chanrai ?

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Bobbyboy

Bobbyboy

Posted
Posted
I hope you're right. But, by not signing the CVA, HMRC could jeopardise the parachute monies. As it stands now, HMRC have inflated the original £18m owed to them to about double that, and also HMRC (along with the other unsecured creditors) will get an additional 20% over 4 years. So that works out at getting back, eventually, roughly 80% of the original £18m owed, plus they get to have P***** liquidated after 9 months and go after the crooks. So I am not optimistic that HMRC will oppose the CVA, or that the skates will be deducted any points if the CVA is indeed agreed.

 

I am keeping my fingers crossed that the FL will hammer them regardless of a CVA being in place, either before the season starts, or 9 months from now when PFC change their name (to FCP, CBFC*, or whatever).

 

I thought part of the outcome of that meeting a couple of weeks ago was that HMRC had agreed to support the CVA when it happens, and indeed they had a hand in designing the way the whole thing will pan out. I can't see them voting against the CVA now, however stupid it all seems. I hope I'm wrong.

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Wes Tender

Wes Tender

Posted
Posted

So the Toad's hopped it. Oh, deep joy. And I understand that it's rumoured that he might soon be taking Calamity with him too.

 

But still, the Blue Few feel that they have a realistic chance of mounting a strong challenge for promotion back to the promised land. Provided that they can exit the CVA, avoid a points deduction, offload the overpaid dead weights like Ben Haim and get the kids to play decent winning football on a shoestring.

 

It should be a doddle. Perhaps they can root out a couple of Dutch lower league people who specialise in that sort of thing.

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