Pompey Takeover Saga

[OldNick]

Right, in light of the above statement, this purile, immature "Cheats" thing when referring to us is laughable, because you are no different to us. YOU tried to cheat by saying that SLH and southampton FC were two different entities when everyone knew they weren't- even Leon Crouch admitted as much, and the giveaway was SLH's official website address: saintsfc.co.uk!!

 

You spent money you didn't have on a stadium you couldn't afford if you got relegated, so you gambled- sound familiar does it? You then gambled another 7 million on signing players you knew you couldn't afford to sign in an attempt at getting back into the Premiership- sound familiar? Then the whole house of cards comes tumbling down when the bank draw a line under you because you're effectively trading whilst insolvent- sound familiar?

 

So, when the dust settles you owe 32-34 million? The Cranemeister then comes in and pays 13 million plus maybe the Surman fee- so debts NOT paid in full and in fact nowhere near paid in full- sound familiar?

 

 

 

If you owe £23m and you only pay £7m of that back that is not settled in full is it? Admit it, the rest was written off wasn't it?

 

 

 

You are no different to us......

The two companies were set up before there was any idea that the club would ever get into trouble, and it was'nt the reason to do so in the first place.

Pompey carried on trading , building debts and telling the world they were solvent when patently they were not.Even with the spectre of winding up ,your club carried on loaning players and all that comes with it, instead of paying off schools and charities.Do not try and compare our two clubs , to try and shift your shame/bl;ame. i didnt read anymore of your post than that.You like your mates only come on when things are looking up for you.You have no credibility in my eyes. i think only Mackrill and Merovingian are the only 2 who came on during your dark times.

[Matthew Le God]

Right, in light of the above statement, this purile, immature "Cheats" thing when referring to us is laughable, because you are no different to us. YOU tried to cheat by saying that SLH and southampton FC were two different entities when everyone knew they weren't- even Leon Crouch admitted as much, and the giveaway was SLH's official website address: saintsfc.co.uk!!

 

The holding company was set up 7 YEARS BEFORE the Football League insolvency rules!

 

You can't really be cheating a rule that doesn't exist until 7 years in the FUTURE. It is common business practice to have a holding company. The Football League messed up by not noticing this potential loophole when they wrote the rules and tighten them up so no problems arose.

[Corporate Ho]

Right, in light of the above statement, this purile, immature "Cheats" thing when referring to us is laughable, because you are no different to us. YOU tried to cheat by saying that SLH and southampton FC were two different entities when everyone knew they weren't- even Leon Crouch admitted as much, and the giveaway was SLH's official website address: saintsfc.co.uk!!

 

You spent money you didn't have on a stadium you couldn't afford if you got relegated, so you gambled- sound familiar does it? You then gambled another 7 million on signing players you knew you couldn't afford to sign in an attempt at getting back into the Premiership- sound familiar? Then the whole house of cards comes tumbling down when the bank draw a line under you because you're effectively trading whilst insolvent- sound familiar?

 

So, when the dust settles you owe 32-34 million? The Cranemeister then comes in and pays 13 million plus maybe the Surman fee- so debts NOT paid in full and in fact nowhere near paid in full- sound familiar?

 

 

 

If you owe £23m and you only pay £7m of that back that is not settled in full is it? Admit it, the rest was written off wasn't it?

 

 

 

You are no different to us......

 

You're wasting your breath mate. It's why I've all but given up posting on here. The ridiculous posturing about cheats etc is so laughable. The hypocrisy displayed on here is staggering. I remember when Mandaric and then gaydamak were bankrolling us the board was full of "we wouldn't want a sugar daddy" quotes and now all we hear is how rich Marcus is. We apparently "bought" our way out of teh championship when other teams couldn't compete because of the collapse of ITV digital, but apparently it's Ok for them to spunk cash left right and centre on the biggest transfer budget and wage bill in their division. Talk about spending what you haven't got. But apparently that's alright for them because good old Marcus can afford it. It will be nice to see what their wages to turnover ratio is and see how that's justified on here.

 

I hear they're changing the name of the site to barrack room lawyer.com too

[NickG]

how many years will you be above us - so the better team - as that is what it is really about.

 

We have been highest for about 44 in last 50, you will finish above us next season, what about year after...and the next 50?

[saintjay77]

What did we do?

 

Sold Glen Johnson, Lassana Diarra, Jermain Defoe, Peter Crouch, Sulley Muntari, Sylvain Distin, Asmir Begovic for one

 

Most of those were gone a while back now and since most left you also brought in the likes of Ricardo Rocha, Jamie O'Hara, Quincy Owusu-Abeyie, Dusko Tosic, Hassan Yebda, Tal Ben-Haim, Mike, Williamson, Kevin-Prince Boateng and Aruna Dindane.

 

So if the club is hemerigeing money and its shed some of its players to balance the books it looks like the club are sticking 2 fingers up at everyone it owes money too by bringing in all these players.

 

We got rid and used what was left at the club. Bringing in people just wasnt an option. Even on free transfers and loans wages wold still have needed to be paid and we didnt have the means to stretch to that.

 

We splashed out in an attempt to get back to the prem and maybe the season after we should have tightened our belts a bit more. That might have meant we avoided administration or at least seen it off for a bit longer. Your club just kept going with there heads in the sand and now are looking to right off over 80 million of debt. Using Administration as a way to get out of running the business worse than a 5 year old playing monopoly.

[rallyboy]

the cheating was mainly in misleading the Prem with a false statement of accounts so that the transfer embargo was lifted to allow 'urgent fundraising'.

But none was attempted, the debts were left unserviced.

 

Instead the wagebill for an already unaffordable squad was increased as the team was strengthened, clearly an attempt to gain an illegal advantage on the pitch, which they did, all the way to Wembley on money they are now going to steal from local businesses and the taxman.

And when the local school can't afford a new computer or the hospital has to close a ward the few can just look back proudly on a cup run and remember that it was taxpayers who funded the trip, the kids will be backward or untreated, but Utaka got his image rights and the fans cheered all the way.

 

 

Though my favourite was the club's trick of raising money for a children's cancer charity, and keeping it.

That's called theft, and for the club to leave it to the fans to bail them out of that crime sums up the people who are still running Portsmouth FC, oh yes, the people who stole the cash are still there in the director's box, heroes to the few - after all I see no protests.

 

 

Some things can be defended, but there are now far too many incidents defined as cheating or criminal, the club's name has been forever tarnished.

[Whitey Grandad]

Talk about spending what you haven't got. But apparently that's alright for them because good old Marcus can afford it. It will be nice to see what their wages to turnover ratio is and see how that's justified on here.

I would be very surprised if our income were not substantially more than our expenditure.

[hutch]

You're wasting your breath mate. It's why I've all but given up posting on here. The ridiculous posturing about cheats etc is so laughable. The hypocrisy displayed on here is staggering. I remember when Mandaric and then gaydamak were bankrolling us the board was full of "we wouldn't want a sugar daddy" quotes and now all we hear is how rich Marcus is. We apparently "bought" our way out of teh championship when other teams couldn't compete because of the collapse of ITV digital, but apparently it's Ok for them to spunk cash left right and centre on the biggest transfer budget and wage bill in their division. Talk about spending what you haven't got. But apparently that's alright for them because good old Marcus can afford it. It will be nice to see what their wages to turnover ratio is and see how that's justified on here.

 

I hear they're changing the name of the site to barrack room lawyer.com too

Personally I don't have a problem with the odd skate coming on here and defending their clubs honour against some of the shiť we sling at them.

 

But 2 skates coming on here to slag off Saints, and then congratulate each other on what a good job they're doing?

[Gorgiesaint]

The ridiculous posturing about cheats etc is so laughable. The hypocrisy displayed on here is staggering.

 

One question for both you and pfc123 - when do you think you started to trade insolvently?

[saintjay77]

Right, in light of the above statement, this purile, immature "Cheats" thing when referring to us is laughable, because you are no different to us. YOU tried to cheat by saying that SLH and southampton FC were two different entities when everyone knew they weren't- even Leon Crouch admitted as much, and the giveaway was SLH's official website address: saintsfc.co.uk!!

 

You spent money you didn't have on a stadium you couldn't afford if you got relegated, so you gambled- sound familiar does it? You then gambled another 7 million on signing players you knew you couldn't afford to sign in an attempt at getting back into the Premiership- sound familiar? Then the whole house of cards comes tumbling down when the bank draw a line under you because you're effectively trading whilst insolvent- sound familiar?

 

So, when the dust settles you owe 32-34 million? The Cranemeister then comes in and pays 13 million plus maybe the Surman fee- so debts NOT paid in full and in fact nowhere near paid in full- sound familiar?

 

 

 

If you owe £23m and you only pay £7m of that back that is not settled in full is it? Admit it, the rest was written off wasn't it?

 

 

 

You are no different to us......

 

As others have said, the Holding Company was set up 7 years before the FL rules were set up to cover clubs that go into admin as opposed to clubs that had holding companys who went into admin. Our holding company owned a few companies including SFC, A Radio Station and Insurance/credit card company. The latter were sold off or ditched as they wernt making the money that was hoped and the Holding company was just left with SFC.

 

When we went into Admin the FL looked at us and without the other companys to support the holding company SFC and SLH were linked as one and the same. so they imposed the penalty on us and changed there own rules to cover the same situation in the future. Most on here thought it was a cheaky way out if we managed it but could also see that by the letter of the then current rules we were well within our rights to try it.

 

I cant see anywhere in the above that would suggest we were cheating. Badly managed yes, under financed yes but not cheating.

 

When we went down we had sold the family silver in order to stay afloat and in the end owed the mortage and an Over draft. we did not owe local business' and charitys or the Tax man. We did not owe other clubs transfer fee's or players wages or loan payments. We did not owe any ex manager's money for services given and we did not owe any staff there weekly wage.

 

We also did not use the money that would have paid the above to bring in more players on expensive wages.

 

When your administration is over have a thought for all the above that took 20% of what they were due while the players and clubs that helped you through the past couple of years got 100% of what they were due.

 

TBH if Saints had acted in this way i would be disgusted. I was pretty embarresed by the way we acted to get us into our mess but truely thankful that we at least tried to do the right thing by the local comunity before we looked after any mercinary footballers.

[Joey-deacons-left-nut]

Right, in light of the above statement, this purile, immature "Cheats" thing when referring to us is laughable, because you are no different to us. YOU tried to cheat by saying that SLH and southampton FC were two different entities when everyone knew they weren't- even Leon Crouch admitted as much, and the giveaway was SLH's official website address: saintsfc.co.uk!! .

 

Not strictly true. They actually were two seperate companies. SLH used to also opperate old peoples homes as well as the club, these were fairly recently sold leaving only the club left, so it's not like the setup was created to cheat the system.

Edited 23 June, 2010 by Joey-deacons-left-nut

[Doctoroncall]

One question for both you and pfc123 - when do you think you started to trade insolvently?

 

Do you really expect them to know what it means?

[badgerx16]

When we went down we had sold the family silver in order to stay afloat and in the end owed the mortage and an Over draft. we did not owe local business' and charitys or the Tax man. We did not owe other clubs transfer fee's or players wages or loan payments. We did not owe any ex manager's money for services given and we did not owe any staff there weekly wage.

 

We also did not use the money that would have paid the above to bring in more players on expensive wages.

.

You could add that we did not trade via offshore accounts, use unregistered agents, or bring in a convicted fraudster with links to the Russian Mafia, nor have 3 of our previous managers/ Chairmen been charged with fraud.

[Gingeletiss]

You're wasting your breath mate. It's why I've all but given up posting on here. The ridiculous posturing about cheats etc is so laughable But true . The hypocrisy displayed on here is staggering. I remember when Mandaric and then gaydamak were bankrolling us the board was full of "we wouldn't want a sugar daddy" quotes and now all we hear is how rich Marcus is He is, full marks for that observation!. We apparently "bought" our way out of teh championship when other teams couldn't compete because of the collapse of ITV digital You neglect to mention the two cup runs you had, using money you never hada right to use! but apparently it's Ok for them to spunk cash left right and centre on the biggest transfer budget and wage bill in their division. Do you know about the league rules on expenditure in relation to income....thought not, but you will soon! Talk about spending what you haven't got. Oh, but we have, because you see Corp Ho ho ho, we have no debt, that is NO DEBT!. But apparently that's alright for them because good old Marcus can afford it. It will be nice to see what their wages to turnover ratio is and see how that's justified on here. See previous about Income!

 

I hear they're changing the name of the site to barrack room lawyer.com too

 

 

You, the Poopey poster who has not posted one trueful thing, the poser who comes on here, claiming 'insider' information, but in reality, talks a load of crap. Every time you are challanged, you disappear, until the Hooha has died down, then like a bad smell, you re-appear spouting the same drivel.....

[100%Red&White]

You're wasting your breath mate. It's why I've all but given up posting on here.

 

As if. It's just that all the "big breaking news" you bought us has kind of dried up lately, don't know why and you were always 100% correct. Ok not exactly 100% but it's only a matter of weeks before Maradona walks out on the Argies for the delights of Frogmore Road - let us know when his jet lands.

 

 

 

 

 

 

Cheats.

[Corporate Ho]

One question for both you and pfc123 - when do you think you started to trade insolvently?

 

When we had our hearing regarding liquidation a professional, trained court registrar decided we hadn't been trading insolvently. However, I understand that a number of football fans on a Southampton message board believe she was wrong in taking this decision so I bow to your lots superior knowledge in these matters instead of someone who has spent years in the courts and arbitrated on many similar situations.

[Whitey Grandad]

When we had our hearing regarding liquidation a professional, trained court registrar decided we hadn't been trading insolvently. However, I understand that a number of football fans on a Southampton message board believe she was wrong in taking this decision so I bow to your lots superior knowledge in these matters instead of someone who has spent years in the courts and arbitrated on many similar situations.

 

So remind me again.... what was the amount of debt according to the 'Statement of Affairs', and how much is it now? Would the Registrar have come to the same decision if the amount had been substantially higher?

[Gingeletiss]

When we had our hearing regarding liquidation a professional, trained court registrar decided we hadn't been trading insolvently. However, I understand that a number of football fans on a Southampton message board believe she was wrong in taking this decision so I bow to your lots superior knowledge in these matters instead of someone who has spent years in the courts and arbitrated on many similar situations.

 

Lol...that's why she granted several conditions, which I might add, are the ones that will finally sink HMS Poopey. The S of A, that Vantis produced, told a different story to the one you are claiming, they said you were insolvent!, but hey, don't let the facts spoil your own version of how flush you were when you were taken to court!

[Pugwash]

Ignore them, they're on a wind-up.

 

It's the cooling off period while HMRC consider their options, so the skates are trying to turn the thread into some sort of 'Saints/Cheats comparison' argument.

[saintjay77]

You could add that we did not trade via offshore accounts, use unregistered agents, or bring in a convicted fraudster with links to the Russian Mafia, nor have 3 of our previous managers/ Chairmen been charged with fraud.

 

Very true. And I am sure there will be more that gets released in the coming weeks as various people hacked off with having there name dragged through the mud so poopy can edge a few more £'s out of the local business's and charity's comes to light.

[pfc123]

You're wasting your breath mate. It's why I've all but given up posting on here. The ridiculous posturing about cheats etc is so laughable. The hypocrisy displayed on here is staggering. I remember when Mandaric and then gaydamak were bankrolling us the board was full of "we wouldn't want a sugar daddy" quotes and now all we hear is how rich Marcus is. We apparently "bought" our way out of teh championship when other teams couldn't compete because of the collapse of ITV digital, but apparently it's Ok for them to spunk cash left right and centre on the biggest transfer budget and wage bill in their division. Talk about spending what you haven't got. But apparently that's alright for them because good old Marcus can afford it. It will be nice to see what their wages to turnover ratio is and see how that's justified on here.

 

I hear they're changing the name of the site to barrack room lawyer.com too

 

Yep, agree entirely. That's why I haven't bothered with this site for the last few months. Waste of time coming on here now as they're so immersed in bitterness and hate that any conversation very quickly decends into abuse.....

 

The two companies were set up before there was any idea that the club would ever get into trouble, and it was'nt the reason to do so in the first place.

Pompey carried on trading , building debts and telling the world they were solvent when patently they were not.Even with the spectre of winding up ,your club carried on loaning players and all that comes with it, instead of paying off schools and charities.Do not try and compare our two clubs , to try and shift your shame/bl;ame. i didnt read anymore of your post than that.You like your mates only come on when things are looking up for you.You have no credibility in my eyes. i think only Mackrill and Merovingian are the only 2 who came on during your dark times.

 

Yep, didn't think it would be long before the crocodile tears about poor Terry the builder or some charity would start to flow. You don't give a toss about Terry the builder, it's just another reason to display a bit of mock outrage at nasty Pompey.

 

The most laughable thing about this board though is the way it's posters constantly seem to see themselves as somehow superior to other clubs fans, as if people are desperate to come on here for some sophisticated interaction when Mensa is shut.

 

The sad reality is that from the tone of this thread at least, most saints posters are either seriously twisted by hate, deluded into believing they have a massive intellect and are the fountain of all knowledge, or those who are nothing more than fence rattling knuckledraggers. Some even manage to be all three for Christs sake...

[Whitey Grandad]

The sad reality is that from the tone of this thread at least, most saints posters are either seriously twisted by hate, deluded into believing they have a massive intellect and are the fountain of all knowledge, or those who are nothing more than fence rattling knuckledraggers. Some even manage to be all three for Christs sake...

Not quilty.

Guilty.

Not guilty.

HTH

[Channon's Sideburns]

You think we're 'twisted with hate'?????!!??

 

Priceless. Have you been on the Snooze (sorry, Ostrich Times) website lately? Anyone who doesn't claim to be blueblooded has their comments deleted, just outside of spite.

 

The skates who post on there delete comments from any fans (I've seen Brum fans being accused of being Scum just because they don't agree with you lot)...

 

Nice to see that you decide that everyone doesn't give a toss about 'Terry the Builder' on here. In fact many on here have supported the work some of your fans have done to reimburse the St Johns etc. It's your bloody club who doesn't give a monkeys about Terry et al.

 

There's a whole world of difference between our admin and yours. Even down to the choice of administrator.

Our admin only came in because he checked that the club could be run within its means during the process......

 

Your admin only came in as he was bankrolled - I wonder how many businesses have been bankrolled through admin processes by one individual - who, if he cared that much, would have bankrolled it BEFORE ADMIN.

 

 

Not many........

[Pugwash]

I'm going to disregard my own advice here...

 

Yep, didn't think it would be long before the crocodile tears about poor Terry the builder or some charity would start to flow. You don't give a toss about Terry the builder, it's just another reason to display a bit of mock outrage at nasty Pompey.

 

Yeah you're right, most of us don't give a flying **** about Terry The Builder. What we do care about is everyone else who has to 'go without' because of your blatant greed (both PCFC and the skate fans). I refer you to my earlier post:

 

http://www.saintsweb.co.uk/showthread.php?14620-Pompey-Takeover-Saga&p=761641#post761641

[JackFrost]

When we had our hearing regarding liquidation a professional, trained court registrar decided we hadn't been trading insolvently. However, I understand that a number of football fans on a Southampton message board believe she was wrong in taking this decision so I bow to your lots superior knowledge in these matters instead of someone who has spent years in the courts and arbitrated on many similar situations.

 

Seriously why don't you lot start an AFC Pompey and start again through the lower leagues?

 

The club in it's current state is nothing more than a carcass being sucked dry of laundered/dirty money.

 

As for moaning about people providing opinions on here about financial matters and "pretending to be better than other fans" maybe that is because we as a whole don't give a toss about the so called Portsmouth-Southampton rivalry like you all do, and don't have to resort to shouting abuse at any player who once spent a couple of weeks on trial at Pompey FC.

[OldNick]

Yep, agree entirely. That's why I haven't bothered with this site for the last few months. Waste of time coming on here now as they're so immersed in bitterness and hate that any conversation very quickly decends into abuse.....

 

 

 

Yep, didn't think it would be long before the crocodile tears about poor Terry the builder or some charity would start to flow. You don't give a toss about Terry the builder, it's just another reason to display a bit of mock outrage at nasty Pompey.

 

The most laughable thing about this board though is the way it's posters constantly seem to see themselves as somehow superior to other clubs fans, as if people are desperate to come on here for some sophisticated interaction when Mensa is shut.

 

The sad reality is that from the tone of this thread at least, most saints posters are either seriously twisted by hate, deluded into believing they have a massive intellect and are the fountain of all knowledge, or those who are nothing more than fence rattling knuckledraggers. Some even manage to be all three for Christs sake...

You are right i couldnt care about Terry the builder as he is a Pompey fan,( and will not be really out of pocket as the bill he put in includes his profit). i don't think the people from cancer charities are though

As for not coming on, well you both can dress it up as you like, but the real truth is you had nothing to come on and brag about.You disappear as soon as the going gets tough.

If you never post agian on here i doubt you will be missed. Take a leaf out of MackRill 's book, he can be cutting but at least he does it with humour (sometimes). he also was here during the darkest days.

[Chopper71]

One question for both you and pfc123 - when do you think you started to trade insolvently?

When were Pompey formed again?

[rallyboy]

Special offer - two admins for the price of one!! The more expensive one traded insolvently, or your money back!

 

 

 

 

 

well, a really small percentage of it if you're lucky.

 

Be reckless with cash twice in ten years and we the taxpayer will bale you out, no penalties, no catches.

 

 

 

 

 

 

Offer lasts until the CVA is read by the taxman's lawyers.

[the colonel]

Yep, agree entirely. That's why I haven't bothered with this site for the last few months. Waste of time coming on here now as they're so immersed in bitterness and hate that any conversation very quickly decends into abuse.....

 

 

 

Yep, didn't think it would be long before the crocodile tears about poor Terry the builder or some charity would start to flow. You don't give a toss about Terry the builder, it's just another reason to display a bit of mock outrage at nasty Pompey.

 

The most laughable thing about this board though is the way it's posters constantly seem to see themselves as somehow superior to other clubs fans, as if people are desperate to come on here for some sophisticated interaction when Mensa is shut.

 

The sad reality is that from the tone of this thread at least, most saints posters are either seriously twisted by hate, deluded into believing they have a massive intellect and are the fountain of all knowledge, or those who are nothing more than fence rattling knuckledraggers. Some even manage to be all three for Christs sake...

 

 

The only reason you saddos have not been posting on here is becasue the **** your poxy little club is in and you can't take the the flack. It may now seem things are turning and low and behold you are back again. Very sad and predictable.

[Wes Tender]

You're wasting your breath mate. It's why I've all but given up posting on here. The ridiculous posturing about cheats etc is so laughable. The hypocrisy displayed on here is staggering. I remember when Mandaric and then gaydamak were bankrolling us the board was full of "we wouldn't want a sugar daddy" quotes and now all we hear is how rich Marcus is. We apparently "bought" our way out of teh championship when other teams couldn't compete because of the collapse of ITV digital, but apparently it's Ok for them to spunk cash left right and centre on the biggest transfer budget and wage bill in their division. Talk about spending what you haven't got. But apparently that's alright for them because good old Marcus can afford it. It will be nice to see what their wages to turnover ratio is and see how that's justified on here.

 

I hear they're changing the name of the site to barrack room lawyer.com too

 

You're not on here so often now because most of what you say gets shot down in flames as being factually incorrect. Your ego doesn't like the bashing it gets so often, so you stay away until you get over it a little. Take the latest offering here for example. Others have already pointed out the shortcomings in your argument. You accuse us of spending above our means, when it is almost certainly the case that the expenditure on the players is probably balanced by increased revenue into the club through ticket sales and merchandising. You make the point, so you prove it, or admit that your hypothesis is based purely on groundless conjecture, like a lot of your opinions.

 

As for PFC's contribution, his claim that we are just as bad as the Skates is just so wide of the mark that it is pure comedic value. It is like accusing somebody guilty of manslaughter as being as bad as a serial killer because they both committed murder. It is a question of degree as much as anything, so some sort of perspective from you two, the Skate Chuckle Brothers, would be appreciated, although I realise from past contributions that you two don't do perspective, humility or any feeling of shame for the victims of your club's insolvent trading.

[Saint_John]

As others have said, the Holding Company was set up 7 years before the FL rules were set up to cover clubs that go into admin as opposed to clubs that had holding companys who went into admin. Our holding company owned a few companies including SFC, A Radio Station and Insurance/credit card company. The latter were sold off or ditched as they wernt making the money that was hoped and the Holding company was just left with SFC.

 

When we went into Admin the FL looked at us and without the other companys to support the holding company SFC and SLH were linked as one and the same. so they imposed the penalty on us and changed there own rules to cover the same situation in the future. Most on here thought it was a cheaky way out if we managed it but could also see that by the letter of the then current rules we were well within our rights to try it.

 

A Radio Station that was purchased for £1M and ran at a lost of £0.25M a year for 6 to 8 years EQUALS about HALF of our OVERDRAFT limit (£6M) that caused the Admin.

 

Yet when the FL looked at the last EOY Accounts for SLH they only saw the Football Club and nothing else, which imo is why we would have won any legal challenge.

[saintjay77]

A Radio Station that was purchased for £1M and ran at a lost of £0.25M a year for 6 to 8 years EQUALS about HALF of our OVERDRAFT limit (£6M) that caused the Admin.

 

Yet when the FL looked at the last EOY Accounts for SLH they only saw the Football Club and nothing else, which imo is why we would have won any legal challenge.

 

I suppose the Radio station saved some cost in advertising and also created revenue in selling advertising but it was never going to be a real money spinner. Had the credit card and or insurance taken off I suppose they would have made some cash. (you dont often here of insurance companys struggling for profit) But I dont think they ever got the support based on much larger companys offering better deals.

 

Had both worked then they would have gone towards financing the club in the absence of a sugar daddy. They didnt and we sunk.

 

I agree that if we still had those 2 companys then the FL would have looked at us differently and we would have avoided the points. We would have probably hit admin earlier too mind.

[Gingeletiss]

Another bid, apparently:lol:

 

Fratton4life User is online

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Signed: February 2010 Looks like we could have new owner soon ...

Posts: 189

Academy

Academy

Apparently AA is in Hong Kong sorting out a deal with some French-Moroccan group. Also Lloyd and his 'client' have supposedly lodged a bid. Its good AA coming out and saying, we need to be brought NOW. But i just hope they don't rush into a new ownership nd not knowing their true extent of funds!

 

From here I take it.

 

http://www.guardian.co.uk/football/2010/jun/23/portsmouth-meeting-potential-buyers

Edited 23 June, 2010 by Gingeletiss

[Gingeletiss]

More from the 'report'!

Just a few examples from the Unsecured Creditor's Report (which interestingly includes the football creditors despite the withholding of parachute payments from the PL).

 

1) Paul Hart submitted a claim for £450,000 in settlement of his contract up to 30 June 2010. Receiving twenty pence in the pound, the CVA will afford him a salary of £18,000p/a for five years.

 

This news comes a day after the final five redundancies were made at the club.

 

2) Sol Campbell has submitted a claim of £1,670,000 for image rights, unpaid bonuses and unpaid salary. He will receive a salary of £66,800p/a for five years funded by the CVA.

 

Storrie reportedly offered the image rights clause to Sol in order to attain him without paying a signing on fee. His fee would have been less than half of the remaining figure of his claim.

 

3) Stade Rennais submitted a claim of £4,150,531, assumably for unpaid fees for John Utaka. They will receive £166,021 for five years, funded by the CVA. This figure is ~10% of the weekly wage budget for the playing squad in next year's Championship.

 

4) The PFA have submitted a claim for unpaid fees relating to Nadir Cifti. Cifti is a Chelsea Reserve who never played for Pompey. Most fans never knew he was at the club.

Cifti will cost the CVA £2,264.60p/a for five years.

 

5) A claim for £3,528,583 has been submitted for unpaid salary, bonues and image rights for Hayden Mullins. This will cost the CVA £141,143p/a for five years. Hayden Mullins is currently being touted in the press as a £1M signing for Championship and League 1 teams.

 

Peter Storrie will have you know that all of this was available to you for the princely sum of £600,000p/a basic, "which for 20 years in football is very reasonable".

[Gingeletiss]

For Corp Hohoho, an example of how deluded your fans are!

scumslayer Posted on 23/06/2010 10:48

Clever Andy, FA have to make a tough decision

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The league hate Portsmouth Football Club and deliberately created conditions under which we could be relegated?

 

[:I]

 

Link:

 

Or this ffs!

Carlin20 Posted on 22/06/2010 17:33

Biggest club in championship next season

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1.Pompey

2.Leeds

3.Derby

 

FACT ffs, When did the rest have two fa cup finals in three years?

 

MASSIVE Aight

 

Big fish - small pond innit

[View From The Top]

The only reason you saddos have not been posting on here is becasue the **** your poxy little club is in and you can't take the the flack. It may now seem things are turning and low and behold you are back again. Very sad and predictable.

 

Couldn't put it better myself.

[PompeyInReading]

Cant help but feel with all this talk of St Mary's that you are all being a little (and I mean a little) bit hypocritical.

 

I mean, by your own admission you got away without paying a large % of the stadium. A stadium which will allow you to increase revenue (forever) and therefore have the possibility to purchase better players than say Reading, Derby, Doncaster etc who have had to pay for their Stadium Reading, in particular, have had to accept a frugal wage bill in order to keep up repayments on the Mad. This clearly puts them at a disadvantage to yourselves. Simply because Reading chose to manage their finances.

I understand that the people in charge at Pompey did was to a FAR greater extent but nonetheless you have still got an unfair disadvantage. Sure, you have been punished accordingly but you still have that stadium. Leicester, Palace.

 

It may not be as much an advantage that Pompey got, but yours is permanent, ours is gone.

 

Good work, I reckon.

 

So, you have a stadium that you havent fully paid for, we HAD players we couldnt pay for (to a larger value). We are the worse cheats known to man and you are holier than thou. Cheats are cheats whether you steal 1,000 monopoly pounds or 5. Its still cheating.

 

CHEATS

[PompeyInReading]

More from the 'report'!

Just a few examples from the Unsecured Creditor's Report (which interestingly includes the football creditors despite the withholding of parachute payments from the PL).

 

1) Paul Hart submitted a claim for £450,000 in settlement of his contract up to 30 June 2010. Receiving twenty pence in the pound, the CVA will afford him a salary of £18,000p/a for five years.

 

This news comes a day after the final five redundancies were made at the club.

 

2) Sol Campbell has submitted a claim of £1,670,000 for image rights, unpaid bonuses and unpaid salary. He will receive a salary of £66,800p/a for five years funded by the CVA.

 

Storrie reportedly offered the image rights clause to Sol in order to attain him without paying a signing on fee. His fee would have been less than half of the remaining figure of his claim.

 

3) Stade Rennais submitted a claim of £4,150,531, assumably for unpaid fees for John Utaka. They will receive £166,021 for five years, funded by the CVA. This figure is ~10% of the weekly wage budget for the playing squad in next year's Championship.

 

4) The PFA have submitted a claim for unpaid fees relating to Nadir Cifti. Cifti is a Chelsea Reserve who never played for Pompey. Most fans never knew he was at the club.

Cifti will cost the CVA £2,264.60p/a for five years.

 

5) A claim for £3,528,583 has been submitted for unpaid salary, bonues and image rights for Hayden Mullins. This will cost the CVA £141,143p/a for five years. Hayden Mullins is currently being touted in the press as a £1M signing for Championship and League 1 teams.

 

Peter Storrie will have you know that all of this was available to you for the princely sum of £600,000p/a basic, "which for 20 years in football is very reasonable".

 

The level of mis-managent is absolutely staggering.

 

I am so glad it seems to be over.

[alehouseboys]

You are right i couldnt care about Terry the builder as he is a Pompey fan,( and will not be really out of pocket as the bill he put in includes his profit).

 

He's p*mp*y through-and-through...only his business is based in Southampton and he lives on the ege of the New Forest...not a million miles from Saints training ground.

 

He's right proud of p*mp*y though...just as long as it's the other end of the motorway.

[View From The Top]

Blah, blah, blah

 

Dry your eyes skate.

[benjii]

When we had our hearing regarding liquidation a professional, trained court registrar decided we hadn't been trading insolvently. However, I understand that a number of football fans on a Southampton message board believe she was wrong in taking this decision so I bow to your lots superior knowledge in these matters instead of someone who has spent years in the courts and arbitrated on many similar situations.

 

 

She most certainly did not you spacko.

 

Why don't you go back to worsening the lives of all those who have the misfortune to actually interract physically with you?

[rallyboy]

so another raft of AA's masterplan is to shaft some of the football creditors.

 

He must now be trailblazing on behalf of the taxman in abolishing that rule or he doesn't want the club to be in a league next season.

 

Surely under current rules he has no choice but to pay the football debts in full, or dispute them and pay the reduced amounts in full?

 

I'm sure the PFA will let their debt go and that Stade Rennais won't be knocking Sepp Blatter's door off it's hinges as I type.

They also admit to agreeing the deal with Sol.

An open and shut case, pay up or drop out of the league structure?

[benjii]

The most laughable thing about this board though is the way it's posters constantly seem to see themselves as somehow superior to other clubs fans, as if people are desperate to come on here for some sophisticated interaction when Mensa is shut.

 

 

Why don't you **** off then? You won't be missed.

[Weston Super Saint]

Cant help but feel with all this talk of St Mary's that you are all being a little (and I mean a little) bit hypocritical.

 

I mean, by your own admission you got away without paying a large % of the stadium. A stadium which will allow you to increase revenue (forever) and therefore have the possibility to purchase better players than say Reading, Derby, Doncaster etc who have had to pay for their Stadium Reading, in particular, have had to accept a frugal wage bill in order to keep up repayments on the Mad. This clearly puts them at a disadvantage to yourselves. Simply because Reading chose to manage their finances.

I understand that the people in charge at Pompey did was to a FAR greater extent but nonetheless you have still got an unfair disadvantage. Sure, you have been punished accordingly but you still have that stadium. Leicester, Palace.

 

It may not be as much an advantage that Pompey got, but yours is permanent, ours is gone.

 

Good work, I reckon.

 

So, you have a stadium that you havent fully paid for, we HAD players we couldnt pay for (to a larger value). We are the worse cheats known to man and you are holier than thou. Cheats are cheats whether you steal 1,000 monopoly pounds or 5. Its still cheating.

 

CHEATS

 

[benjii]

The level of mis-managent is absolutely staggering.

 

I am so glad it seems to be over.

 

:vuvu:

[SOTONS EAST SIDE]

Cant help but feel with all this talk of St Mary's that you are all being a little (and I mean a little) bit hypocritical.

 

I mean, by your own admission you got away without paying a large % of the stadium. A stadium which will allow you to increase revenue (forever) and therefore have the possibility to purchase better players than say Reading, Derby, Doncaster etc who have had to pay for their Stadium Reading, in particular, have had to accept a frugal wage bill in order to keep up repayments on the Mad. This clearly puts them at a disadvantage to yourselves. Simply because Reading chose to manage their finances.

I understand that the people in charge at Pompey did was to a FAR greater extent but nonetheless you have still got an unfair disadvantage. Sure, you have been punished accordingly but you still have that stadium. Leicester, Palace.

 

It may not be as much an advantage that Pompey got, but yours is permanent, ours is gone.

 

Good work, I reckon.

 

So, you have a stadium that you havent fully paid for, we HAD players we couldnt pay for (to a larger value). We are the worse cheats known to man and you are holier than thou. Cheats are cheats whether you steal 1,000 monopoly pounds or 5. Its still cheating.

 

CHEATS

LOL we are cheats by paying off the amounts that AVIVA & BARCLAYS had agreed they would accept, and everybody else owed money were paid in full. And not a p-iss taking 20p in the pound either, unlike some other so called community football club!! lmfao

P.S Is it true NICK LEESON is going to be your next CEO! PMSL!!

Edited 23 June, 2010 by SOTONS EAST SIDE

[EastleighSoulBoy]

The holding company was set up 7 YEARS BEFORE the Football League insolvency rules!

 

You can't really be cheating a rule that doesn't exist until 7 years in the FUTURE. It is common business practice to have a holding company. The Football League messed up by not noticing this potential loophole when they wrote the rules and tighten them up so no problems arose.

 

A 'loophole' which the FL have now conveniently closed, June 2nd - Malta?

 

So we weren't even contravening a (non - existent) rule back then. FFS they wouldn't even let us appeal by witholding our Golden Share!

[EastleighSoulBoy]

One question for both you and pfc123 - when do you think you started to trade insolvently?

 

Which we didn't do because the moment RL saw that coming he did the right and honest thing.

 

Yes all you Skates, even a much maligned and disliked individual like RL is better than all your various owners/management lot put together.

 

I didn't like typing that.

[Dark Munster]

Precisely my point.

 

At the moment you assume that all funds spent will be either a gift or interest free loan or something similar and don’t imagine that its going to be a problem. As such you can pass it off as not really overspending.

 

We were told this very same thing, but of coursed it did turn out to be a problem. At the time of having all the expensive players we still believed it to be the case. Since then of course Gaydamak has quite literally shafted us.

 

I hope ML doesn’t do it to you (and suspect he wont). BUT, if he does I wont be turning around saying you lot are cheats for whatever you may have achieved during this period.

 

I can see that I am looking at this from a biased point of view and that the real truth is somewhere near the middle. Can you?

 

Lol by the way, with the accounting. I blame the spreadsheet and a lack of brain cells.

 

Also, how come no debt on the stadium – surely that cost a packet? Maybe not, as demonstrated I am no financial expert

You really ought to, though. Because if we go on to get promoted, and stay in the PL for 7 years, win the cup, all by paying players 100K or more a week and building up debts to over 100m with no intention of paying back, and continue to trade while insolvent, you'll have every right to call us

 

CHEATING BASTARDS

[Dark Munster]

So in order to get a CVA approved, you can invent a load of old debt and get those creditors to approve a CVA. They then cannot prove they are owed any money so you don't actually have to pay them? That's outrageous!

 

It is outrageous, in the real world. But in the world of Cheats FC it's just business as usual.