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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Merovingian

Merovingian

Posted
Posted
Sky sports seem to think it's around 80k and are happy to report that with no objections so who knows??

 

indeed no one really knows - Utaka did come out and speak about his wage as he wasn't happy with reports floating around of his suspected massive wage as I remember, of course he could of been lying

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Fowllyd

Fowllyd

Posted
Posted
indeed no one really knows - Utaka did come out and speak about his wage as he wasn't happy with reports floating around of his suspected massive wage as I remember, of course he could of been lying

 

I thought this little controversy had been long since put to bed. 'Arry said that Utaka was on £28k per week or thereabouts, nowhere near the £80k reported in various places. Peter Storrie had shown 'Arry Utaka's contract, which is how 'Arry knew.

 

He really couldn't have made it any clearer. :lol:

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Weston Super Saint

Weston Super Saint

Posted
Posted
I thought this little controversy had been long since put to bed. 'Arry said that Utaka was on £28k per week or thereabouts, nowhere near the £80k reported in various places. Peter Storrie had shown 'Arry Utaka's contract, which is how 'Arry knew.

 

He really couldn't have made it any clearer. :lol:

 

Would that have been the same 'Arry, who never knew what the players were on as he didn't get involved with contracts and such like, honest your Lordship ;)

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saintjay77

saintjay77

Posted
Posted
If you don't like it you can go to court. Oh

 

Lol but who would take them to court?

 

When the liquidation takes place aa will investigate the company he has just fudged through the system. He is hardly gong to come out and say the business was being run whilst insolvent all along and should have gone under so the results will probably show they were fine and it was no ones fault so shut up shop and move on.

 

Just seems mad that the people handling the administration are the same to handle the liquidation. To me it would make more sense if they were different company's handling the admin and the liquidation.

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benjii

benjii

Posted
Posted

In 2006, the average CCC salary was a shade under £200k: http://www.independent.co.uk/sport/football/news-and-comment/163676000-the-average-salary-of-a-premiership-footballer-in-2006-473659.html

 

That survey showed wage inflation of around 50% over the previous six years. Applying the same rate you would expect an increase of something like 35% over the last four years which would put the average salary around £270k now, or about £5,500 a week. The survey also found that Prem players usually received around 60-100% of their basic again over the course of a year in bonuses.

 

All that considered, £10k per week is a very good basic salary for a CCC player. It is also one that PFC can't afford.

 

It explains why they are completely fooked if they are still paying circa £50k a week for Utaka and Nugent. I wouldn't be surprised if their wages as a percentage of turnover (which will be jack **** this season) are now higher than they were in the Prem.

 

Enjoy the show folks!

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rallyboy

rallyboy

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Posted

I think the whole Utaka wage denial was about glossing over the huge percentage of his salary that comes in add ons.

To generate the wagebill they had he is likely to be on the basic that Storrie and Redknapp freely discussed, plus at least the same again in image rights or offshore payments, as was and still is the Pompey way - so £80K seems quite likely for a player they rated as a new Diarra/Henry/Eto.

 

Their wagebill must be huge for a Championship club - they would have been better off giving Utaka away with two million pounds to the club who took him in Jan.

 

Or there could have been a 'Redknapp' deal to be done there........

 

So there are half a dozen players now eating up the budget for the entire squad.

 

Luckily they have a young man who can borrow money against the 'stadium' to buy them.

That'll be about four people using Fratton as security now.

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Saint_John

Saint_John

Posted
Posted
I think the whole Utaka wage denial was about glossing over the huge percentage of his salary that comes in add ons.

To generate the wagebill they had he is likely to be on the basic that Storrie and Redknapp freely discussed, plus at least the same again in image rights or offshore payments, as was and still is the Pompey way - so £80K seems quite likely for a player they rated as a new Diarra/Henry/Eto.

...

 

At the time of the denial (sic) in the Skate News it said he was on a SALARY of 28k a week.

As you said there are add-ons which we all assume take him up to the 80k a week.

 

However it could be that because most of the add-ons are "Tax Free" that he isn't costing the CHEATS FC 80k a week but nearer to 54k a week and he is on the EQUIVALENT of 80k a week as if it was all being paid in Salary. Just a thought no proof.

(something like: 80k at 50% = 40k net = (28k at 50% = 14k + 26k (tax free))

 

Still over 5 times their Salary limit but it may not be costing the CHEATS FC as much as we all thought.

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stevegrant

stevegrant

Posted
Posted

 

Lever said he intended to launch a leveraged takeover of the club, borrowing money against the club's primary asset, Fratton Park.

 

He said he would not put any of his own money into the purchase, and declined to discuss his personal wealth or circumstances, but said he would provide a personal guarantee to his lenders, whom he declined to name.

 

"The financing deal will be in the best interest of the club. It will be a loan at a very competitive rate that the club can afford," Lever said.

 

"I am not going to talk about my personal wealth or what I might put in, but I have been able to put this financing together because of who I know and what I know."

 

The financing is being organised by Terry Pritchard, described in industry magazines as a "specialist lending guru", who founded the packaging company Chase UK.

 

Lever says he had asked Pritchard to join the board of the club if he was successful. He said he had also been advised in the deal by family friends who run the pawnbrokers Cash My Gold.

Firstly, that's a bit of a novel concept, completing a leveraged buyout secured against an asset the company doesn't actually own! :uhoh: :lol:

 

Secondly, getting financial advice from pawnbrokers :lol: :facepalm:

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benjii

benjii

Posted
Posted (edited)
Firstly, that's a bit of a novel concept, completing a leveraged buyout secured against an asset the company doesn't actually own! :uhoh: :lol:

 

 

If he pays Chanrai £16m then it will be on condition of the security being released and all debts owed by PFC to Chanrai being discharged. So Fratton Park would be available as security for the new lenders.

 

The Cash My Gold and the difficult daddy does seem to chime quite well with the sort of outfit they are down the road though! Such a ****-hole that they will never attact anyone with the credentials of our Markus.

Edited by benjii
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Gemmel

Gemmel

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Posted
Firstly, that's a bit of a novel concept, completing a leveraged buyout secured against an asset the company doesn't actually own! :uhoh: :lol:

 

Secondly, getting financial advice from pawnbrokers :lol: :facepalm:

 

Actually just thinking about this in a bit more depth. Clapham and co help required here please.

 

How much is Chanarai in for at the moment - i cant rememer if it is 16 or 18 million?

If it is 16 million, we know he has already taken out 4 million minimum. If he sold the ground, the company and everything for 16. million, he is minimum of 2 million, probably 4 million up and maybe even more if he has taken other money out. He could still call in the debenture of players sales to boost that, if all the money from the sale goes to him or would it be tied in with the CVA???

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gaz

gaz

Posted
Posted
:wave:

 

It's not just any pawnbrokers..... Its "Cash My Gold" :poundit:

 

He'll fit in with the locals.

 

''Can't afford a season ticket? Simply bring a necklace, bracelet, or dear old Granny's Urn to Fartton Park, and we'll give you a seat number!''

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benjii

benjii

Posted
Posted
Actually just thinking about this in a bit more depth. Clapham and co help required here please.

 

How much is Chanarai in for at the moment - i cant rememer if it is 16 or 18 million?

If it is 16 million, we know he has already taken out 4 million minimum. If he sold the ground, the company and everything for 16. million, he is minimum of 2 million, probably 4 million up and maybe even more if he has taken other money out. He could still call in the debenture of players sales to boost that, if all the money from the sale goes to him or would it be tied in with the CVA???

 

A debenture is a form of security. If you're not paid what you're owed you can exercise it. If new money comes in which pays off the remainder of the debt then the debenture will fall away.

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Gemmel

Gemmel

Posted
Posted
A debenture is a form of security. If you're not paid what you're owed you can exercise it. If new money comes in which pays off the remainder of the debt then the debenture will fall away.

 

 

Cheers.

How much would he see (Chanrai) of any money that someone paid for the club from the administrator. Or is his best deal to buy the club for a pound and then sell it on?

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benjii

benjii

Posted
Posted
Cheers.

How much would he see (Chanrai) of any money that someone paid for the club from the administrator. Or is his best deal to buy the club for a pound and then sell it on?

 

Well, I think he is the only secured creditor so I think he would see all of it up to the value of the secured liabilities (and potentially less administrator's costs - he and UHY will probably have already come to an agreement over that seeing as he appointed them in the first place).

 

Bear in mind, all the unsecured creditors are now bound by the CVA so they have no claim against new money (I think!) and the liability of honouring that will pass to the new bods.

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BigShadow

BigShadow

Posted
Posted

Hmmm... more (potentially) dodgy stuff - Interesting connection between the Chairman of the FL and one of the directors involved in the new PFC.

 

http://www.guardian.co.uk/football/2010/sep/03/portsmouth-ownership-proof-short-supply

 

About time the PL and FL outlawed this ownership of clubs by holding companies in countries where secretive ownership and financial regulations are in place.

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Deano6

Deano6

Posted
Posted
Hmmm... more (potentially) dodgy stuff - Interesting connection between the Chairman of the FL and one of the directors involved in the new PFC.

 

http://www.guardian.co.uk/football/2010/sep/03/portsmouth-ownership-proof-short-supply

 

About time the PL and FL outlawed this ownership of clubs by holding companies in countries where secretive ownership and financial regulations are in place.

 

:lol: Like Switzerland?

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Gorgiesaint

Gorgiesaint

Posted
Posted

See the guy filmed by NOTW taking money to fix the 4th test match and who owned Croydon Athletic was already being investigated for money laundering according to the beeb website.

 

http://news.bbc.co.uk/sport1/hi/football/8963587.stm

 

And rumours about Croydon Athletic's finances have persisted amongst rival teams. They have looked at the playing squad and wondered how the club was paying for them with average attendances of just 200.

 

One source from a league rival, who wished to remain anonymous, said: "They are paying wages that their crowds just can't sustain. They seem to be paying twice what we pay on gates that are half of ours."

 

Le Cluse hit back at these "unfair" claims saying the team's budget was "not out of the ordinary".

 

Hmm, which other team do we know that moved up through the divisions on the back of having players they could not sustain given their crowds? :suspicious:

 

(And Jasmine plays for CA now!!!)

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suewhistle

suewhistle

Posted
Posted
Bear in mind, all the unsecured creditors are now bound by the CVA so they have no claim against new money (I think!) and the liability of honouring that will pass to the new bods.

 

Surely their worry will be that they won't even get what they agreed to, and if they don't they can go back to the courts again?

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mack rill

mack rill

Posted
Posted

Good news A girls, Ricardo Rocha, is back in the fold.

So thats Rocha, Kitson, Lawrence, Ashdown, Flahaven, Sonko, Dickenson, Kanu, in to strengthen the team,

OH and the buzz is that uncle Arr'y might be up for loaning us young Kyle Naghton,

Tell you what! this embargo malarkey ain't so bad after all.

 

Dead! we ain't feckin dead yet!

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Chin Strain

Chin Strain

Posted
Posted
Good news A girls, Ricardo Rocha, is back in the fold.

So thats Rocha, Kitson, Lawrence, Ashdown, Flahaven, Sonko, Dickenson, Kanu, in to strengthen the team,

OH and the buzz is that uncle Arr'y might be up for loaning us young Kyle Naghton,

Tell you what! this embargo malarkey ain't so bad after all.

 

Dead! we ain't feckin dead yet!

 

Subject

 

To

 

Football

 

League

 

Approval

 

 

 

 

 

 

 

They aint done deals yet.....

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