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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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mack rill

mack rill

Posted
Posted
What will be intriguing will be the rols of Gaydamak going forwards.

 

He still owns all the land around the dump and if this whole thing has been motivated by Chanrai's dislike of his pa things could get quite ugly.

 

Would not be a bit surprised if all these sneaky phukers are in the same boat!:rolleyes:,,,,,,,,smoke and mirrors,

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Dark Munster

Dark Munster

Posted
Posted (edited)

But the Hong Kong businessman may be left with little choice but to take control once again, with the administrators UHY Hacker Young warning in the official Creditors Voluntary Agreement, published on Friday, that without his support "the club could cease trading".

Translation:

"I get most of the parachute money, keep control of the club and future TV money, and you accept 20p in the pound, or I pull the plug and you lot get diddly squat."

 

CHEATING BASTARDS

Edited by Dark Munster
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Dark Munster

Dark Munster

Posted
Posted
I think there's something inherently immoral and tasteless that a person who currently owns that business can put the business into administration and then come out the other end and run the self same business again to the detriment of all the other businesses that it owes money to.

 

(very badly constructed sentence - sorry :()

 

Not to mention the owner getting paid 100p in the pound for imaginary debts (allegedly), and reaping the spoils of a large part of the parachute money as well as possible promotion, whereas the poor suckers with genuine debts getting 20p in the pound.

 

CHEATING BASTARDS

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OldNick

OldNick

Posted
Posted
I don't normally agree with a skate (no offense :D), but I would bet that's exactly what's going on.

 

CHEATING BASTARDS

it strikes me that there is not the aggro between Chanrai and Gaydamek jnr they paint.Jnr could have pulled the plug and Chanrai lost his money months ago.

There has been a long term plan and it is going swimmingly. They miscalculated when they nearly got wound up and so they are not infallible. The CVA is the key and they are applying the pressure to get it signed.Whether the creditors will accept the 5p in the pound if they go up and not demand full or 50% payment if this does happen, time will tell.

i think it depends what % Pompey fans/future guarenteed suppliers are compared to non

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sidthesquid

sidthesquid

Posted
Posted
Believe me, I've thought about it many times. If only to stop the headlines:

 

Biggest thread of all time on Southampton FC devoted Football Forum is about their rivals Portsmouth FC.

Doesn't make for good reading, does it..? ;)

 

It's because it has been the only Pompey thread so everything has gone on it for nearly a year. Most of the threads on the main board run for a week or two, we lose interest and a new one reforms asking the same question

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OldNick

OldNick

Posted
Posted
No post for 14 hours???? What is going on???? They`re going to get away with it aren`t they???

 

CHEATING BASTARDS!!!

the penny is dropping that they will get away with it.

We have seen a most amazing example of ,putting fingers up to the revenue ,football , and society , and get away with it

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rallyboy

rallyboy

Posted
Posted

the FL haven't even taken them under their wing yet so we have no idea what they have in store.

 

But I would wager it won't be as generous as the Prem.

 

Let's wait a few days and see how their new league welcomes them......

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OldNick

OldNick

Posted
Posted
the FL haven't even taken them under their wing yet so we have no idea what they have in store.

 

But I would wager it won't be as generous as the Prem.

 

Let's wait a few days and see how their new league welcomes them......

That's fair, Im sure chairman like barry Hearn will not let it lie
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bridge too far

bridge too far

Posted
Posted

 

With regard to the first link, I still don't get WHY David Lampitt would WANT to go to PFC. This describes his current role:

 

Mr David Lampitt

 

David Lampitt is Head of Financial Regulation at The FA. He has responsibility for the regulation of agents and the transfer market in English football, as well as the oversight of other issues relating to the financial side of the game. David has been at The FA for five years. He is a qualified accountant and worked previously for Coopers & Lybrand in Paris and Ernst & Young in London.

 

I do wonder if he has been IMPOSED on them to dig down into the mire, and AA is just putting his usual spin on things

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Faz

Faz

Posted
Posted

So they need £15m from player sales to cover cashflow, and meet the CVA year 1 £3m. AA thinks he can get that from Prince-Boetang, Belhadj, Utaka and Nugent.

 

Bear in mind installments are no good for them, they need cash and no-one will pay the wages they are. Ignoring his obvious bluster about having sufficient offers already on the table how much, realistically, will that lot raise?

 

KPB £3m

Belhadj £2.5m

Utaka £0 - he'll have to get a signing on fee to replace his wages

Nugent £2.5m

 

That's still £7m short. Mullins, Brown, Papa Bouba Diop - peanuts to get them off the wage bill. What's left?

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fisho

fisho

Posted
Posted

Should the CVA be accepted by over 75% of the creditors and chanrai keep hold of ownership, do pompey still have to pay back all football creditors before they can be accepted into the league? or can they hold on paying them until they were due?

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warsash saint

warsash saint

Posted
Posted
So they need £15m from player sales to cover cashflow, and meet the CVA year 1 £3m. AA thinks he can get that from Prince-Boetang, Belhadj, Utaka and Nugent.

 

Bear in mind installments are no good for them, they need cash and no-one will pay the wages they are. Ignoring his obvious bluster about having sufficient offers already on the table how much, realistically, will that lot raise?

 

KPB £3m

Belhadj £2.5m

Utaka £0 - he'll have to get a signing on fee to replace his wages

Nugent £2.5m

 

That's still £7m short. Mullins, Brown, Papa Bouba Diop - peanuts to get them off the wage bill. What's left?

 

I think that will struggle to £2.5m for Nugent.

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stevegrant

stevegrant

Posted
Posted
Should the CVA be accepted by over 75% of the creditors and chanrai keep hold of ownership, do pompey still have to pay back all football creditors before they can be accepted into the league? or can they hold on paying them until they were due?

The responsibility for paying the football creditors will fall on the Premier League, who will cover all payments from their parachute payments. As a result, they'll only get about £26m of the £48m due over the next 4 years, most of which will probably be released to them in years 3 and 4.

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70's Mike

70's Mike

Posted
Posted
"'I know people criticise his presence but, with respect, I am working solely for the interest of the club."

 

I thought the role of administrator was to get the best for the CREDITORS

 

Exactly from day 1 he has acted as the owner rather the administrator,problem is there will be no buyers other than Chainrai who appointed AA

STINKS

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Gemmel

Gemmel

Posted
Posted
"'I know people criticise his presence but, with respect, I am working solely for the interest of the club."

 

I thought the role of administrator was to get the best for the CREDITORS

 

He's forgotten what he came to do.

 

Yesterday he was talking about "The spine of the team" and Wilson. Don't be surprised if he appoints himself manager........ actually rule that out, as that would save money and that's not something he is very keen on.

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sidthesquid

sidthesquid

Posted
Posted
Creditors meeting not until the 17th July now!

 

That seems a bit strange for someone who was uber confident that they would all agree to the CVA. Surely they'd want to get that [formality] of a box ticked so they could get on with things???

 

Crap reporting from Skate News. It was and still is 17th June. (17th July is a Saturday!!)

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rallyboy

rallyboy

Posted
Posted

Palace went into admin and soon found themselves on the brink, they have made real redundancies, were forced to sell and they still cannot pay the wages - they now have 24 hours to save the club.

This has been the brutal scenario for every single club that has suffered this fate, apart from one....

 

Pompey are happily chugging along through an ocean of debt like a company without a care in the world, planning transfers, drawing up a shortlist of managers, booking US pre-season tours.

Yet Palace with a much smaller debt can't plan beyond tomorrow teatime.

 

It's about time Pompey went into 'genuine administration' with an independent administrator who could finally made some sort of effort to address the debt.

 

In six months I have seen nothing to suggest that they intend to pay anyone, anything.

No player sales of any significance, increased wages, no debt clearance, no deal agreed with the taxman, just blatant insolvent trading.

 

for the 1,375th time we ask - how long can the authorities let this charade continue?

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Palace went into admin and soon found themselves on the brink, they have made real redundancies, were forced to sell and they still cannot pay the wages - they now have 24 hours to save the club.

This has been the brutal scenario for every single club that has suffered this fate, apart from one....

 

Pompey are happily chugging along through an ocean of debt like a company without a care in the world, planning transfers, drawing up a shortlist of managers, booking US pre-season tours.

Yet Palace with a much smaller debt can't plan beyond tomorrow teatime.

 

It's about time Pompey went into 'genuine administration' with an independent administrator who could finally made some sort of effort to address the debt.

 

In six months I have seen nothing to suggest that they intend to pay anyone, anything.

No player sales of any significance, increased wages, no debt clearance, no deal agreed with the taxman, just blatant insolvent trading.

 

for the 1,375th time we ask - how long can the authorities let this charade continue?

 

The initial, obvious answer could be that the authorities will let it continue until they have removed all their (the authorities) skeletons? From outside it's looking a bigger mess than ever and it's growing every day.

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Saint Without a Halo

Saint Without a Halo

Posted
Posted
So they need £15m from player sales to cover cashflow, and meet the CVA year 1 £3m. AA thinks he can get that from Prince-Boetang, Belhadj, Utaka and Nugent.

 

Bear in mind installments are no good for them, they need cash and no-one will pay the wages they are. Ignoring his obvious bluster about having sufficient offers already on the table how much, realistically, will that lot raise?

 

KPB £3m

Belhadj £2.5m

Utaka £0 - he'll have to get a signing on fee to replace his wages

Nugent £2.5m

 

That's still £7m short. Mullins, Brown, Papa Bouba Diop - peanuts to get them off the wage bill. What's left?

 

Why would anyone pay now? the longer they wait the more the wages kill pompey the lower their price gets!

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Saint Without a Halo

Saint Without a Halo

Posted
Posted (edited)
Posrtsmouth have the parachute payments though. That's the big difference.

 

I thought they have already borrowed against these to allow them to pay wages and to provide some of the funds for the football and CVA creditors.

 

Pretty sure most creditors would never agree 20p in the pound payments against debt with them keeping the parachute payments.

Edited by Saint Without a Halo
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CB Fry

CB Fry

Posted
Posted
I thought they have already borrowed against these to allow them to pay wages and to provide some of the funds for the football and CVA creditors.

 

Pretty sure most creditors would never agree 20p in the pound payments against debt with them keeping the parachute payments.

 

 

Indeed. I think it was said some time ago that Pompey have sacrificed at least the first two years of parachute payments - the PL is distributing them to football creditors.

 

No creditor on earth, and certainly not the taxman, is going to take a pittance only to watch Pompey spunk parachute payments up the wall on wages and transfer fees.

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aintforever

aintforever

Posted
Posted

 

This is particularly well put...

 

"The more you scrutinise football, the more you have a sense of the global finance “system” before it crashed, the more you see Portsmouth as Northern Rock — and the more you realise that, when the time for bailout is finally acknowledged, it will again be you and I who have to pay for the bailing. It was us — Revenue & Customs — upon whom Portsmouth welched. Football should be ashamed."

 

Not only will they get away with it but the money they used to fund their grotesque overspending came out of the pay packets of you and I.

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OldNick

OldNick

Posted
Posted
This is particularly well put...

 

"The more you scrutinise football, the more you have a sense of the global finance “system” before it crashed, the more you see Portsmouth as Northern Rock — and the more you realise that, when the time for bailout is finally acknowledged, it will again be you and I who have to pay for the bailing. It was us — Revenue & Customs — upon whom Portsmouth welched. Football should be ashamed."

 

Not only will they get away with it but the money they used to fund their grotesque overspending came out of the pay packets of you and I.

It still does not really pin how the authorities are turning a blind eye to Pompeys lack of action regarding the debt.
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OldNick

OldNick

Posted
Posted
The initial, obvious answer could be that the authorities will let it continue until they have removed all their (the authorities) skeletons? From outside it's looking a bigger mess than ever and it's growing every day.
joining me and Dubai in thinking that there is a massive cover up going on to save many peoples ar###?
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Chez

Chez

Posted
Posted
Why would anyone pay now? the longer they wait the more the wages kill pompey the lower their price gets!

 

because they want the player and if they wait too long another club may get them instead.

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hypochondriac

hypochondriac

Posted
Posted
Indeed. I think it was said some time ago that Pompey have sacrificed at least the first two years of parachute payments - the PL is distributing them to football creditors.

 

No creditor on earth, and certainly not the taxman, is going to take a pittance only to watch Pompey spunk parachute payments up the wall on wages and transfer fees.

 

So how can they keep talking about plans for a ten million pound wage budget?

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suewhistle

suewhistle

Posted
Posted
It still does not really pin how the authorities are turning a blind eye to Pompeys lack of action regarding the debt.

 

Can anybody be arsed to register to ask all the questions that we are asking here? So many questions: isn't an administrator meant to work for all the creditors, why the heck would a senior FA functionary wish to join Pompey? etc....

 

I quite like skate wings in butter, but at the moment it smells like they've been left out of the 'fridge for 4 months!

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OldNick

OldNick

Posted
Posted
Can anybody be arsed to register to ask all the questions that we are asking here? So many questions: isn't an administrator meant to work for all the creditors, why the heck would a senior FA functionary wish to join Pompey? etc....

 

I quite like skate wings in butter, but at the moment it smells like they've been left out of the 'fridge for 4 months!

Yes why would an FA functionary leave a very safe job and fill one that in theory could be liquidated. IMO it is all a massive cover up and too many people in powerful places are twitching at the thought of the info coming out into the open.

Of course things and my opinion may change if the FL are tough on them.At present i dont think they will be , but i hope to be proved wrong. Even if Pompey get -10 or more they still have not had true justice, and as time goes by the penalty they receive our targets are getting lower. No mention of toast or BSL, but perhaps a 10 point penalty.

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Joey-deacons-left-nut

Joey-deacons-left-nut

Posted
Posted

The FA fella joining is so blatantly obvious.

 

My guess is that to get the parachute payments and retain their golden share the FA demanded a man on the inside who could check things out and make sure they were above board from now on.

 

Why on earth else would the guy at the FA responsible for policing clubs end up running Pompey.

 

The tax man will then investigate the historics at the club once its liquidated in october (or whenever).

 

And a line will be drawn. I fully expect further points deductions. The FA guy in charge wont' start making stupid accusations or threatening legal action, the charges will be accepted (its probably him who brought them anyway), punishment met out and accepted. Job done.

 

The creditors will probably get fcked over but I expect the sight of charges being applied to various members of the board will appease them slightly (the Tax man knows he has no chance of getting his cash back and wants some blood)

Pompey will pay.

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dubai_phil

dubai_phil

Posted
Posted

 

Yes. My youngest used to "go round to play" with a lad from his school when he was about 7, normal 4 bed villa nothing flash. Then one afternoon turned up the house was empty & the maid said "they gone". Only found out in the press the next day that the guy had run a futures ponzi in Sharjah on Metal Prices and had taken the local banks for US$2 BILLION. He washed up in UK and they rammed the treaty submission in faster than Theo can lose the ball, the bloke cleared off to Brazil as fast as you could say Rent Ronnie's old place.

 

 

Meanwhile 'Arry coming down here? Swapping CL football for BSQ level. The average lifespan of a foreign coach in the UAE Premier League is around 3 months. Good to have a dream, the locals love their football and if they cannot afford a toy to play with in England these days then investing in their own leagues is their only real choice left.

 

Which is a polite way of saying......

 

:smt046

 

 

Although.... With a No Tax regime down here..... nope won't go there either lol

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redkeith

redkeith

Posted
Posted

On the other hand Nickh, why would someone who has made his name as the Elliot Ness of the FA go and work for the Al Capone of football ?

 

I can only hope that he sees it as a way to put his ideas into practice. If so, his main aim will be to get the dirty linen out there for all to see.

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dubai_phil

dubai_phil

Posted
Posted

I was browsing the press today, something I don't normally do, but there was a link to the Top 50 World Cup Adverts in the Mirror that caused some merriment down here.

 

I stumbled on a lovely bit of unsubstantiated conspiracy theory rubbish in The Sun and dismissed it with that whole - another moron tries to make publicity for himself out of another human's suffering when suddenly I had an image of a Kiddies drawing book.

 

See what this thread has done. You sit there happily and then an image of a Join The Dots book stares out at you.

 

http://www.thesun.co.uk/sol/homepage...d-to-arms.html

 

 

In the words of Francis Urquart. The left side of the brain may think that sir but I couldn't possibly comment.

 

Must take less caffeine

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dubai_phil

dubai_phil

Posted
Posted

 

Oh did I post THAT link, oops.

 

I'm sure I was posting the link to the World Cup adverts

 

:D

 

hehehe

 

 

Meanwhile

 

For a little light relief after the heady Diana Storrie, here's what i honestly truthfully really meant to link

 

http://www.mirrorfootball.co.uk/opinion/blogs/football-banter/World-Cup-2010-adverts-Watch-the-50-best-and-worst-Nos-10-1-including-Little-Britain-Robinho-Pepsi-BP-and-that-Nike-ad-starring-Wayne-Rooney-Cristiano-Ronaldo-Didier-Drogba-and-more-article441601.html

 

 

Oh, damn did it again, how do you get a spell checker on here, I seem to have forgotten how to spell story properly

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OldNick

OldNick

Posted
Posted
On the other hand Nickh, why would someone who has made his name as the Elliot Ness of the FA go and work for the Al Capone of football ?

 

I can only hope that he sees it as a way to put his ideas into practice. If so, his main aim will be to get the dirty linen out there for all to see.

or Clouseau
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