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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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sidthesquid

sidthesquid

Posted
Posted
In Thread We Trust. I think there will be plenty more opportunities to lol at our fishy friends in the next year or so.

 

Also, for me at least, as well as being a great opportunity for lolage at the cod botherers, this thread provides an insight into all that is wrong with the greedy & corrupt world of modern football. The fact that the skates are the case study used to represent this is just a happy coincidence imo.

 

Totally agree. We wouldn't have looked as closely at Leeds or Cardiff, but it doesn't make me feel any better about the game I love(d).

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Fowllyd

Fowllyd

Posted
Posted

The link to their club statement, which didn't work for me earlier, is:

 

http://www.portsmouthfc.co.uk/LatestNews/news/Portsmouth-Football-Club-Update-1527.aspx

 

Very brief and says that the sale has completed, hence they are now able to trade outside administration. No mention, though, of the golden share.

 

And, as others have stated, they now have no protection from creditors. How exactly are they going to be funding the wage bill? They won't do it on their gate money, and parachute payments are still being used to pay football creditors. Not for the first time, things really don't add up down there.

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OldNick

OldNick

Posted
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'Messrs UHY Hacker Young, and will continue to trade outside of Administration.'

Just read that and is that a normal practice for administrators. Or is it a case that in doing so they are no longer liable for debts incurred as they would be if they were still in Admin?

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aintforever

aintforever

Posted
Posted

So that's the end of this thread then. The cheats have got away with it scot free.

 

Sends a clear message to every club in the Championship - you might as well gamble on promotion and get your self 100million pound in debt - the very worst that could happen is you end up back where you were.

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Merovingian

Merovingian

Posted
Posted
Really feel sick about the outcome, I just hope they get one point clear for promotion then get docked enough points to relegate them by one instead! That would be sweet poetic justice! The Storrie case will be the key event now.

 

But the current company is to be wound up - so question is can the new company still face consequences for the old redundant company considering that Storrie, Redknapp and Mandaric as yet would of had nothing to do with the newly formed company. I have no idea as I aint a legal bod lol !

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JackFrost

JackFrost

Posted
Posted
So that's the end of this thread then. The cheats have got away with it scot free.

 

Sends a clear message to every club in the Championship - you might as well gamble on promotion and get your self 100million pound in debt - the very worst that could happen is you end up back where you were.

 

Hang on we haven't had the court cases for Storrie, 'arry or MM yet.

 

That'll give us some fun I'm sure and once they're over and done with Pompey can get on with Chainrai pumping massive investment in so the wages can be paid on time and then establish them as a premiership side. Oh hang on. . .

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Badger

Badger

Posted
Posted
Hang on we haven't had the court cases for Storrie, 'arry or MM yet.

 

That'll give us some fun I'm sure and once they're over and done with Pompey can get on with Chainrai pumping massive investment in so the wages can be paid on time and then establish them as a premiership side. Oh hang on. . .

 

And lets not forget some more squabbling between Chanrai,possibly Gaydamark, and then MM when he inevitably turns up as their next saviour going back to his spiritual home.

 

Those three will make Lowe-Crouch -Wilde seem like the Holy Trinity by comparison.

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rpb

rpb

Posted
Posted
And lets not forget some more squabbling between Chanrai,possibly Gaydamark, and then MM when he inevitably turns up as their next saviour going back to his spiritual home.

 

Those three will make Lowe-Crouch -Wilde seem like the Holy Trinity by comparison.

 

Don't forget Levi Kushnir - he only has two of his companies in receivership...

 

http://pompedia.com/wiki/index.php?title=Levi_Kushnir

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JackFrost

JackFrost

Posted
Posted (edited)
But the current company is to be wound up - so question is can the new company still face consequences for the old redundant company considering that Storrie, Redknapp and Mandaric as yet would of had nothing to do with the newly formed company. I have no idea as I aint a legal bod lol !

 

The FL tend to make the rules up as they go along in cases like this so it's extremely likely.

 

As for people saying the FL "haven't had any balls" in dealing with Pompey, what more could they have done? Don't forget the FL are still withholding their golden share so it would appear but what FL rules have Pompey broken?

 

As far as I can see they haven't (yet). They've exploited loopholes in FL rules to ensure they haven't broken them, even if what they are doing is financially suicidal. ie. sending youth players out on loan and replacing them with PL earners. They've been extremely clever in one sense to exploit these loopholes and AA has shown the footballing world how a club can run up an obscene amount of debt and have a period of big success whilst ripping off their creditors, and end up where they started with little punishment. He's achieved the ultimate for any financial conman by taking on the taxman and winning. I think AA is a genius personally and I think he's going to be in big demand from any football clubs heading for admin.

 

Will Pompey ever get wound up? It all ultimately depends on what the intentions of Chainrai, Gaydamak etc. are. They may face winding up orders if they don't meet the CVA but it appears no high court judge will have the guts to go through with it unless the tide of the media turns against them. and as long as AA churned out the "poor us, our £130 million of debt is all the PL's fault" PR that was always going to be the case. And it will continue to be if Chainrai wants it to be.

 

Problem is Pompey are doing now exactly what they were doing 2-3 years ago. It'll all come crashing down again. For the moment though, why would Chainrai want the club wound up when there is still value in it to be stripped? This will run and run for YEARS, regardless of whether they go up or not. If they go up it may even speed up the process once they've signed Riquelme et al. . . .

 

AA's done his job, there was mention of how much he was earning as administrator on this thread somewhere but I bet his total isn't far off 7 figures overall. He's 'saved' Pompey from extinction so a money lender and an asset stripper can start running the club. Next step for Chainrai is to get his grubby hands on the golden share, there's a squad good enough in place NOW to challenge for promotion to the PL and then there's all the juicy TV money and parachute payments to come from the next few years should they go up this season.

 

Once Chainrai has put everything of any value in the club in his back pocket, he'll either flog the corpse to some numpty to attempt to rebuild from scratch or he'll liquidate it.

Edited by JackFrost
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Saint 76er

Saint 76er

Posted
Posted

Well, this is a bit like learning the police have investigated the Boston strangler and let him off scott free. Sad old world.

 

Still, they are no longer safe from creditor action and wouldn't want to miss cva or tax payments when due and particularly the payments now due to gay boy. He may yet have the last laugh if they do!

 

What a joke this has been in regard to an administrators responsibility to do the best for creditors. In this case shaft the fookin' creditors and fight off any buyers until the whole shambles can be handed over to the admins paymaster. Surely the authorities could have a field day with that, but they won't of course, it all seems too hard for them.

 

Even by his own admission BC only wants as much money as he can get and then he is off (great basis for a club owner that). So watch for transfers OUT in January, cos if he can raise any funds by selling I guess that's what he will do now that he has control of the accounts again and surely he will want to reduce that wage bill now he has to fund it...

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mack rill

mack rill

Posted
Posted
Wonder if AA will get his money?

 

If an Admin had saved you the best part of 100 mill (thats what some of you feckers think the sum is) would you be thinking of welching oh his deal.

Must say its like a compound full of Bulldogs all chewing on a wasp on ear at the mo, Chin's up Girls, Remember we could still only be on borrowed time,,,,,,,,ask nick!l

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benjii

benjii

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Posted
But the current company is to be wound up - so question is can the new company still face consequences for the old redundant company considering that Storrie, Redknapp and Mandaric as yet would of had nothing to do with the newly formed company. I have no idea as I aint a legal bod lol !

 

Footballing sanctions are nothing to do with the company though are they? They attach to the club. The new company owns the club.

 

I'm not saying a points penalty will be applied in relation to those cases but the liquidation etc should have no impact on the situation.

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Merovingian

Merovingian

Posted
Posted
The FL tend to make the rules up as they go along in cases like this so it's extremely likely.

 

As for people saying the FL "haven't had any balls" in dealing with Pompey, what more could they have done? Don't forget the FL are still withholding their golden share so it would appear but what FL rules have Pompey broken?

 

http://www.football-league.co.uk/championship/news/20101024/pompey-exit-administration_2248204_2193579

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stevegrant

stevegrant

Posted
Posted

Intrigued by this part of the FL statement:

The Football League will now work with the club to encourage it to operate in a sustainable manner. This includes increased financial reporting requirements and restrictions on player signings that will help the club live within its means going forward, as well as meeting the commitments made to the creditors of Portsmouth Football Club in accordance with the agreed CVA.

Does that mean they're still under an embargo? :?

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Under Weststand

Under Weststand

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Lets get this straight they may have done enough to ratify the deal, but until the full FL board get together & agree for the golden share to passed to the NEW cough cough splutter splutter owner. Then they will not be out of administration in the correct manner. I know this for fact as the Stockport County saga up here went on for a full 18-months, they went to the FL about 6 times untill they were happy that they could finance themselves going forward. If & it a big IF the FL look into the finances as they should will the figures all add up????

Oh sorry I forgot this is the fish fiddlers were talking about & normal rules don't count so they probably are out of admin & can start trading insolvently all over again. They've already gone over budget with their wage structure, they have to service the wages PAYE (or can they just ignore this again for a few months) also service the agreed payments to creditors. All on massive 15,000 gates at krap notarf, this saga still has legs left yet.

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JackFrost

JackFrost

Posted
Posted
Isn't Gay boys dad a gun runner? This guy is obviously dodgy? Why did he sell the club only now to buy back again? More alleged money laundering I expect. Surely he can't pass the fit and proper test?

 

Hitler and Robert Mugabe would pass the Fit and Proper person's test with flying colours I expect

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Smirking_Saint

Smirking_Saint

Posted
Posted

How the f*ck can they get away with a bloke that owns the club, runs up huge debts, forces them into administration and then buying it up again dirt cheap ?? How is that morally right on any level ??

 

Could i run up massive debts buying a huge property portfolio declare myself bankrupt and pick it all up again debt free at 80% of what i paid for it with no come back ??

 

Football is clearly a fat and diseased pig atm. If its not this it is Manure and Liverpools problems, the scandels and everything. Its just sick.

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JackFrost

JackFrost

Posted
Posted
seems likely that Chanrai will lend them the money, in the hope of getting promoted.

 

If they go up, all is well, if they fail, he will bleed them dry.

 

I disagree

 

IMO

 

If they go up, he will bleed them dry, if they fail, he will bleed them dry

 

Even if they go up it doesn't make them a financially attractive proposition for a buyer. Their wages are absolutely crippling them at the moment. If they try and add to their wage bill and follow the "Peter Storrie book of financial management", and sign Riquelme on 80 grand a week they'll end up having winding up orders flying at them. That's if their current wage bill doesn't cause this to happen.

 

Besides the PL would be horrified if Pompey went back up again, they have an image to protect. As Dark Munster would say I could see brown paper envelopes changing hands and Pompey being deducted points over the Storrie/'arry'/MM tax evasion case regardless, anything to stop them going up.

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St Chalet

St Chalet

Posted
Posted

I presume the administrators final report to the creditors will spell out how much Chanrai has 'paid' for the club. I would not be surprised if there is no new money. All that Baloo and Levi have done is agree a repayment plan on one credit card whilst taking out a new one with another limit to max out.

 

The parachute payments are the only reason he is still here. I presume they have now paid all their football creditors to get the golden share back?

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Crab Lungs

Crab Lungs

Posted
Posted
If an Admin had saved you the best part of 100 mill (thats what some of you feckers think the sum is) would you be thinking of welching oh his deal.

Must say its like a compound full of Bulldogs all chewing on a wasp on ear at the mo, Chin's up Girls, Remember we could still only be on borrowed time,,,,,,,,ask nick!l

 

Why, oh why, are you gladly gloating about writing off £100m of debt? I'd be bloody ashamed and embarrassed.

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stevegrant

stevegrant

Posted
Posted
The Luton Town case sets a precedent, they got deducted 30 points for the actions of a previous Director no longer involved with theClub? Correct?

Incorrect. They were deducted ten points for the actions of previous directors in relation to payments to agents. That sanction was imposed by the FA.

 

They were also deducted twenty points for failing to exit administration with an accepted CVA (which was the third time they'd been in administration). That sanction was imposed by the Football League.

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PES

PES

Posted
Posted
it was like watching the Graet train robbery unfolding in front of your eyes and the authorities not answering the 999 call.

So sadly 'pompey will get away with ' has morphed to 'pompey got away with it'

I now await the smug crew return.

As I said to Phil yesterday it is vomit time form now on. As they go and push on for promotion with a damned good squad. the only thing may be that Stoke may get a decent bid for Lawrence and they dont go through with his transfer.

The FL showed no balls and again I said that the ex Leicester chairman who would be mates with MM at the top instead of Malwinney played into their hands as well.

 

You called? Woo-Hoo! back in business and flying up the league like an unscrupulous cheating machine. If we can strengthen with a few Premiership quality players, we'll be cooking with gas! I love my team. PUP!

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Faz

Faz

Posted
Posted
Just heard that Chainrai interview:

 

"Obviously, we're going to need to borrow some more money"

 

WTF...

 

I retract my earlier statement that this thread should now close!

 

Chinnery has a charge over the only Assets - the Ground and the players, although I guess he may have needed to gibe up his charge over the players.

 

Although no detals of the sale have been released, I'm guessing he has retained title to the Ground to secure his £14m+ so far invested. That again implies the PFC Realizations (cracking name for a football club) have to pay him rent. They are already short of cash, so who is going to lend the, funds???

 

Perhaps this has a while to run yet.

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mack rill

mack rill

Posted
Posted
Why, oh why, are you gladly gloating about writing off £100m of debt? I'd be bloody ashamed and embarrassed.

 

Crabby no gloating hear far from it, in fact we (the bloo few) clubbed together to pay the Charity's that had been ripped off......just giving an honest reply to a post by Wealdsaint

But! its still uplifting when the Rt Rev Crabylungs climbed up into his pulpit preaching to us the blue few that we are falling into the abyss of fire and brimstone where the worms will eat us from the inside out,,,UNLESS! we repent our evil ways annall that.

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