Pompey Takeover Saga

[Ken Tone]

You know, they've been out of administration a fair while now... their ownership seems to be fairly secure, they're doing okish on the pitch... maybe it's time I closed the thread?

 

(Alright alright, don't give me that look, I'm only joking...)

 

More seriously, I notice in their statement about the testimonial money that it doesn't actually say it's been paid yet...

 

I'm not sure we can read anything into the Gaydamak article though, we've seen a LOT of posturing between him and Chanrai over the last few months, better to wait and see whether anything actually happens.

 

WE already knew that the figures didn't add up on here, looks like it could be January before the newspapers catch up though, when they try to continue the firesale, could make for interesting watching...

 

I thought we were going for a Guinness book of records entry on this thread?!

 

I too noticed that the pompey website and Primus's quote only say the charity is happy . It does not say the money has actually been paid. I interpret that as the charity is still waiting on a promise, and does not want to upset the club too much until it does get some money, just in case.

[Kingsbridge Saint]

Linvoy is being taken for a fool.

[EastleighSoulBoy]

Linvoy is being taken for a fool.

 

A bit like the PL were and the FA are?

 

They've swapped several previous owners who were dodgy for yet another dodgy owner.

 

The question is, who is going to say enough is enough?

 

While our football authorities let the likes of the Skate owners do what they want they have no moral grounds to complain about not getting the WC here in 2018.

[gaz]

Instead of kicking out the club from the carpark, can Sascha issue a winding up petition as he's a creditor who doesn't look likely to get his full money owed? He's a secured creditor isn't he.

[JackFrost]

Linvoy is being taken for a fool.

 

I genuinely feel sorry for him.

 

As someone who has met him, he is a genuine bloke who does a lot of good things in the local community and has had a very close relationship with the club for a very long time.

 

Now in his position he has to play the "it's ok everyone" role for the fans and whilst doing that the club I suspect are sticking two fingers up at him like their doing to everyone else. The only thing he's got for his years of commitment and love for the club is to get completely shafted.

[rallyboy]

I'm not sure that they have actually stolen the money off Primus yet, I suspect they are still 'borrowing' it, but he's a decent bloke and the charity is naive to allow PFC to retain any cash for any length of time as history suggests that they cannot be trusted.

 

Then again I thought stealing the money from dying kids should have been enough for most people to be horrified but they got off lightly with that one.

 

Shafted creditors wait, charities hold their breath, Kitson gets his wages - it's business as usual at Fratton Park.

[Pedro]

I just can't work out how they are still trading legally unless Chanrai is bankrolling them weekly. The sums don't add up, with Kitson, Lawrence, Utaka and Nugent's wages alone, coming from a meagre cashflow let alone paying their bills. I just hope HMRC are on Pompey's back like they do to small businesses and eventually Pompey will get their just desserts.

[buctootim]

I just can't work out how they are still trading legally unless Chanrai is bankrolling them weekly. .

 

This is it imo. Accordingh to the pompey news he is looking to sell the club for £25m. Much as we mock them, if you were a ruthless bastard its possible that you could get a return on your money at that price by selling Fratton and pocketing the remaining parachute payments.

[saintjay77]

This is it imo. Accordingh to the pompey news he is looking to sell the club for £25m. Much as we mock them, if you were a ruthless bastard its possible that you could get a return on your money at that price by selling Fratton and pocketing the remaining parachute payments.

 

If the Parachute payments are earmarked to pay the debts and Chainrai sold the club for £25 mil today then would he not just get the £25 mil minus anything he has had to shell out? I would guess he is somewhere around £5 mill out of pocket if it goes for £25 mil today. The remaining parachute payments would remain the clubs wouldnt they?

 

Unless he manages to flog a few players that are not part of the CVA and pocket that and still sell the club for £25 mil I cant see him on a winner if they remain in the Championship. Gain promotion however and he will be quids in.

[JackFrost]

I think Chainrai will keep them on life support and make his next move when he knows which division they'll be playing in next year

[tony13579]

http://www.shoot.co.uk/news/latest_article/C49/championship/new_worry_for_pompey/

New worry for Pompey

Tuesday, 07/12/2010

by Sue Maskell, Shoot's Portsmouth blogger

 

 

 

FIFA allegedly corrupt? Shock! Horror! Pompey fans could be forgiven for laughing at the FA’s indignation at not winning the World Cup bid.

 

Just consider what has been going on under their noses since 2006 at Pompey - maybe for longer than that.

 

On the same day that the England negotiators learnt of their rejection another, less publicised, report was concluded.

 

UHY Hacker Young, Pompey’s administrators, handed their confidential investigation into club affairs to the Insolvency Service. It included the result of interviews with ex-directors. Should this investigation carry evidence of wrong-doing by these directors, Pompey could be in line for more penalty point deductions.

 

This report comes as the thread-bare team continues to show determination in adversity with a 2-1 fight back at Swansea last week. It comes just when fans are starting to enjoy their football again.

 

The results of Pompey’s investigation may not be finalised until February 2012. That’s a long time to dangle a Damoclean Sword.

 

To many fans, what happened to Pompey can, in part, be laid at the door of the Premier League and the FA. The farcical switching of the club from owner to owner, until the club landed in administration, can only lead to the conclusion that the governing bodies see themselves as powerless to properly regulate club ownership.

 

The tightening of the Fit and Proper Persons Test as a consequence of Pompey fans meeting with the Premier League shows us that.

 

Yet how ludicrous is that? It takes a group of fans going to the Premier League and suggesting it before the League sees fit to actually talk to a prospective owner in person.

 

They might defend themselves by saying that such owners have not done anything illegal. But clubs are struggling because of over-ambitious financing by owners seeking to make profit on the back of football. The governing bodies can make their own rules for owners, making membership dependant on keeping those rules.

 

Otherwise, they can withold the ‘Golden Ticket’ to compete in the leagues. That would be the ethical thing to do. That would ensure a healthy future for football in this country.

 

But is there a will for this kind of regulation within football? Or are we still tied to the attitude that let's the weakest go to the wall and never mind the fans and workers who lose out? Does that sit well with the whole idea of what football is actually about?

[Joey-deacons-left-nut]

****ing hell! Are they still banging on about the fit and proper pesons test???

[dronskisaint]

If the Parachute payments are earmarked to pay the debts and Chainrai sold the club for £25 mil today then would he not just get the £25 mil minus anything he has had to shell out? I would guess he is somewhere around £5 mill out of pocket if it goes for £25 mil today. The remaining parachute payments would remain the clubs wouldnt they?

 

Unless he manages to flog a few players that are not part of the CVA and pocket that and still sell the club for £25 mil I cant see him on a winner if they remain in the Championship. Gain promotion however and he will be quids in.

 

£25 million is about what the consortium who bought Blackburn paid...this was for an 'established' PL club with none of the baggage that is attacdhed to that festering mess down the road. They also have players who would genuinely carry a transfer fee...not sure what the stadium ownership status is but I'd hazard a guess they're not about to be sued out of their own car park & offices! Even if relegated this season they would have one extra year over the cheats to fund them without the footballing debt.

 

Realistically if a buyer was looking to buy in to the PL or FL there are far better propositions around...they are still fooked!

[saintjay77]

I think Chainrai will keep them on life support and make his next move when he knows which division they'll be playing in next year

 

Think thats most likly. If he let the club die a while back he would have been down everything he put in. If he comes away only being £5 mil down I think he will take that as a success considering. If they get promoted he will take that as a decent bonus out of a crappy situation. Think the problems there will stick with the club for a few more years to come though as by the time any tax evassion cases get sorted Chainrai could be long gone and a new owner could be left to worry about the possability of points deductions.

 

You would think it would be in Pompeys interest to get things done and dusted asap.

[Gemmel]

Think thats most likly. If he let the club die a while back he would have been down everything he put in. If he comes away only being £5 mil down I think he will take that as a success considering. If they get promoted he will take that as a decent bonus out of a crappy situation. Think the problems there will stick with the club for a few more years to come though as by the time any tax evassion cases get sorted Chainrai could be long gone and a new owner could be left to worry about the possability of points deductions.

 

You would think it would be in Pompeys interest to get things done and dusted asap.

 

Dont think for one minute that Chanerai has lost out or might lose out financially.

 

He lent them 18 Million of which he has already had 4 million back in January last year.

There is also a payment 0f 700k in the latest report to PFC realisations, which is the Chanarais new company.

The rest of his debt is secured .....and where it starts to get interetsing.

 

The latest report lists the footballing debt at 23 million

The latest report lists the unsecured debt at 65 million.

The lastest report.... doesnt list the secure debt. It just lists the secured creditors, of which there are two; Chanerai and Gaydamak.

 

However following Gaydamaks recent spat with Chanerai, we know that he is secured for just under 5 million.

We also know that the total debt is 120 million, which on fag packet maths, has Chanarai as a secured creditor for 27 million pounds (Unless I have missed something).

 

Given he has already had four million pounds back, i am assumming (And Guessing) that he secured the debt as the total repayable and lent the money at some incredible interest rate.

 

This is by and large covered by the parachute money (Only pompey could get that lucky and go down the first year it nearly doubles) but he now also owns the club, the land and as a debenture on EVERY single player - He can flog them, and pocket the cash. The fact that he is already taking 700k out of a club too broke to pay its lawyers and administrators, is bizarre if nothing else.

 

Chanarai has got his money and plenty more covered. On top of all that lot, if he sells the club, that's his as well.

 

Quite a staggering bit of business and all at Gaydamaks expense.

[mack rill]

it's more like they've parked a Ferrari outside the Little Chef, eaten without paying, then robbed the staff of their minimum wage.

 

er! wasonit a few of your young pony's the played that little trick down gun wharf in front of the rest room CCTV,

[Chez]

er! wasonit a few of your young pony's the played that little trick down gun wharf in front of the rest room CCTV,

 

you know damn well that bar blu was on the seafront

[rallyboy]

you are right Mack, and we got rid of both players as a result of that disgraceful offence.

 

 

 

 

 

 

 

(sometime afterwards!...)

 

Dyer did save his soul though, you may have been there when he did it in front of the Fratton End, he was the thieving scummer who ripped the illegal FA Cup from your club's six-fingered grasp, as I recall.

[stevegrant]

Dyer did save his soul though, you may have been there when he did it in front of the Fratton End, he was the thieving scummer who ripped the illegal FA Cup from your club's six-fingered grasp, as I recall.

Wasn't he sentenced to community service? It all makes sense now...

[benjii]

Ere dis skate bois, bawl me an' get fix up ya raaasklllaatttssssssssssssssssssssssssshhhhhhhhhhhhhhhhhhhhhhhhhh!!

 

[buctootim]

 

Who knew dwarfs could get so sweaty.

[Dark Munster]

I think Chainrai will keep them on life support and make his next move when he knows which division they'll be playing in next year

 

In essence, yes, although it's a bit more than life support with Kitson, Lawrence, et al.'s wages (an obvious gamble at promotion).

[Dark Munster]

If the Parachute payments are earmarked to pay the debts and Chainrai sold the club for £25 mil today then would he not just get the £25 mil minus anything he has had to shell out? I would guess he is somewhere around £5 mill out of pocket if it goes for £25 mil today. The remaining parachute payments would remain the clubs wouldnt they?

 

Unless he manages to flog a few players that are not part of the CVA and pocket that and still sell the club for £25 mil I cant see him on a winner if they remain in the Championship. Gain promotion however and he will be quids in.

 

Hasn't he positioned himself to be one of the creditors (and at the head of the queue of course)?

[Dark Munster]

Dont think for one minute that Chanerai has lost out or might lose out financially.

 

He lent them 18 Million of which he has already had 4 million back in January last year.

There is also a payment 0f 700k in the latest report to PFC realisations, which is the Chanarais new company.

The rest of his debt is secured .....and where it starts to get interetsing.

 

The latest report lists the footballing debt at 23 million

The latest report lists the unsecured debt at 65 million.

The lastest report.... doesnt list the secure debt. It just lists the secured creditors, of which there are two; Chanerai and Gaydamak.

 

However following Gaydamaks recent spat with Chanerai, we know that he is secured for just under 5 million.

We also know that the total debt is 120 million, which on fag packet maths, has Chanarai as a secured creditor for 27 million pounds (Unless I have missed something).

 

Given he has already had four million pounds back, i am assumming (And Guessing) that he secured the debt as the total repayable and lent the money at some incredible interest rate.

 

This is by and large covered by the parachute money (Only pompey could get that lucky and go down the first year it nearly doubles) but he now also owns the club, the land and as a debenture on EVERY single player - He can flog them, and pocket the cash. The fact that he is already taking 700k out of a club too broke to pay its lawyers and administrators, is bizarre if nothing else.

 

Chanarai has got his money and plenty more covered. On top of all that lot, if he sells the club, that's his as well.

 

Quite a staggering bit of business and all at Gaydamaks expense.

 

I think the blue phew are going to suffer too.

[Dark Munster]

it's more like they've parked a stolen Ferrari outside the Little Chef, eaten without paying, then robbed the staff of their minimum wage.

 

I've corrected it for you.

[rallyboy]

I forgot, they also had the charity box off the counter.

 

They haven't stolen it, they're just helping the charity by 'looking after it'....

[Doctoroncall]

Not totally related but funny, something from Digger in the guardian:

 

An early day motion cropped up in Westminster on Monday. "That this House believes that it would be a good idea if all those involved in the failed World Cup bid showed a little humility and good grace instead of continually whingeing and moaning about the unfairness of Fifa and the bidding process and, while regretting that England was able only to accumulate two votes out of 22, congratulates Russia and Qatar on their success," Labour's Roger Godsiff proposed.

 

Digger will not argue with the analysis that people should not try to rehabilitate their own reputations at the expense of English international relations in football. But as of yesterday Godsiff had mustered little support. Indeed the sole signatory was the Liberal Democrat MP for Portsmouth South, Mike Hancock.

 

Hold on, that name rings a bell, doesn't it? Sure does: his researcher, Katia Zatuliveter, was last week arrested after MI5 alleged she has links to Russia's foreign intelligence service, the SVR. Shouldn't this be time to keep your head down, Mike?

[EastleighSoulBoy]

Not totally related but funny, something from Digger in the guardian:

 

An early day motion cropped up in Westminster on Monday. "That this House believes that it would be a good idea if all those involved in the failed World Cup bid showed a little humility and good grace instead of continually whingeing and moaning about the unfairness of Fifa and the bidding process and, while regretting that England was able only to accumulate two votes out of 22, congratulates Russia and Qatar on their success," Labour's Roger Godsiff proposed.

 

Digger will not argue with the analysis that people should not try to rehabilitate their own reputations at the expense of English international relations in football. But as of yesterday Godsiff had mustered little support. Indeed the sole signatory was the Liberal Democrat MP for Portsmouth South, Mike Hancock.

 

Hold on, that name rings a bell, doesn't it? Sure does: his researcher, Katia Zatuliveter, was last week arrested after MI5 alleged she has links to Russia's foreign intelligence service, the SVR. Shouldn't this be time to keep your head down, Mike?

 

As opposed to Katia Zatuliveter keeping hers down?

[saint lard]

Some slightly concerning news for me today whilst in a attendace of a works meeting,i work for a charitable organisation that SFC and affiliates contribute immensly both ongoing and in the past,i was informed that PFC have approached us and offered their services to the fundraising dept.

 

One comical point was that they were offering free stadium tours to our service users which did give me a wry smile,at which point my boss enquired why...i explained the best i could without bursting into laughter.

However on serious note i did explain the situation that became apparent with the Harbour Cancer trust, plus others, in my home town,i fear this fell on deaf ears.

If they are sincerely willing to help,good on them,but it seems quite strange that now all of a sudden they offer their services whereas in the past our approaches have been shunned.

 

Perhaps i am a little too cynical.

Edited 8 December, 2010 by saint lard

[Saint in Paradise]

I do hope that the charity is insured against theft then, just in case of course anything nasty happens.

I mean they could be robbed by anyone I am not saying PFC in particular.

[tony13579]

Pompey were offering thier internet enabled bus to assist a theatre charity in Portsmouth to raise funds in the high street. They are either on a major charm offensive or

they are not... http://www.portsmouth.co.uk/newshome/Pompey-bus-arrives-to-launch.6652139.jp

 

Personally , on track record, I wouldnt let my firm and reputation any where near them. The chances of a little good PR is much too riskey versis the chances of some huge bad PR.

Edited 9 December, 2010 by tony13579

[Micky]

T'would appear that our fishy friends are now trying to wind up the Toon Army, without too much success I might add:

 

http://boards.footymad.net/forum.php?tno=386&fid=185&sty=2&act=1&mid=2119242043

[gaz]

pompeypaul has gotta be a WUM....no Skate can be that thick....

[rallyboy]

there are plenty thicker than him - remember how....

 

we are still in debt and don't own our ground,

there was a dock strike but no one can quite pinpoint the date, a story strikingly similar to the Ipswich/Norwich myth,

there will be no firesale,

the World Cup will finance the new harbourdome,

the charities and the creditors will be paid soon.

 

oh yes, there are loads of people who still believe all this and make pompeypaul look like Mastermind.

[Dark Munster]

T'would appear that our fishy friends are now trying to wind up the Toon Army, without too much success I might add:

 

http://boards.footymad.net/forum.php?tno=386&fid=185&sty=2&act=1&mid=2119242043

 

Great link, thanks. A hilarious Geordie version of the Cheats Takeover Thread.

 

One Toon poster (1,833 posts, so not a Saints impostor) wrote: "The sooner Portsmouth go out of business the better. This is a club who have cheated a long line of people out of £millions just to win the FA Cup. Delapited old stadium, tiny fanbase and that annoying bell ringer make them the most unpleasant club on this planet (not including 5under1and)."

 

I'm beginning to warm to those Geordies.

[gaz]

Our stripey friends in the North. And proof that the rest of football can see the same as we did all those months ago...

[mack rill]

Our stripey friends in the North. And proof that the rest of football can see the same as we did all those months ago...

 

Replacing half decent managers with crap! seems to be another thing in common you and your new found stripey friends have LOL!

[rallyboy]

whoops! You're on dodgy ground there Mack - Cotterill? Grant? Rix? Adams? Hart? The French one that I forget and you would like to?

All the other nobodies that Mandaric employed??

You have only had one competent manager since Frank Burrows - and he bankrupted the club!

 

Quite happy with our manager ta.

You'll be advising us about working with charities next....

[EastleighSoulBoy]

whoops! You're on dodgy ground there Mack - Cotterill? Grant? Rix? Adams? Hart? The French one that I forget and you would like to?

All the other nobodies that Mandaric employed??

You have only had one competent manager since Frank Burrows - and he bankrupted the club!

 

Quite happy with our manager ta.

You'll be advising us about working with charities next....

 

Mack Rill could reply:

 

Well it's simples, innit mush, some dope gives you the spondoolix and yer goes and gets yer Old Holborn and White Lightning wiv it

 

I suspect Mack is a little above that though.

 

No 6 and Strongbow more like.

 

All in festive fun.

[alehouseboys]

All in festive fun.

 

ESB, don't think ol' Mack's ignoring you, I've just driven over portsdown hill and saw him and corpy-ho-ho-ho putting the Chrimmy lights up on the family home...

 

[Gingeletiss]

Laugh very loudly at the above:lol::lol:

[Gemmel]

Ha ha that's quality Alehouse

[marc_saint]

Richard Hughes didn't play today because one more appearance would have kicked in a new contract on the same wages as he's been on. They cant afford to pay those wages. Same for Michael Brown who has two games left before that kicks in.

[sidthesquid]

Richard Hughes didn't play today because one more appearance would have kicked in a new contract on the same wages as he's been on. They cant afford to pay those wages. Same for Michael Brown who has two games left before that kicks in.

 

Better hope that a couple of injuries/suspensions over the next few weeks mean they have to play. (Btw even in the match-day squad counts apparently)

[fromdayone]

Richard Hughes didn't play today because one more appearance would have kicked in a new contract on the same wages as he's been on. They cant afford to pay those wages. Same for Michael Brown who has two games left before that kicks in.

 

Yeah, also heard that on Solent interview... cotterill didn't sound over impressed!!!

[Amesbury Saint]

only bright spot in todays football.

[Dark Munster]

only bright spot in todays football.

 

Horrible, horrible weekend.

[georgeweahscousin]

Richard Hughes didn't play today because one more appearance would have kicked in a new contract on the same wages as he's been on. They cant afford to pay those wages. Same for Michael Brown who has two games left before that kicks in.

 

How on earth did they come out of administration.

 

If they aren't sold, or got investment, I presume these players will be sold in January. How they are run, continues to be an utter joke.

[holepuncture]

Richard Hughes didn't play today because one more appearance would have kicked in a new contract on the same wages as he's been on. They cant afford to pay those wages. Same for Michael Brown who has two games left before that kicks in.

 

Heard this too on the Solent. I know they do things differently over there (CORRUPT), but the same situation happened to us pre admin if I recall. We had to ship out our high earners such as Stern John and Rasiak, whilst having a go witht the kids, to cut the wage bill... before eventually falling into admin and relegation.

 

So, if the skates have hit that point already, post admin (CORRUPT), then I take a breif glance at the ground they cant fill, and assume that if we couldnt do it, on substantially larger gates, commercial and merchandising income, then they aint gonna be able to do it either... pompeys goin down with no money in the bank!

[JackFrost]

How on earth did they come out of administration.

 

If they aren't sold, or got investment, I presume these players will be sold in January. How they are run, continues to be an utter joke.

 

Because AA was Chainrai's puppet on a string. And HMRC argued their case from completely the wrong angle and were outwitted by AA.

 

I'm assuming Chainrai is funding them out of his back pocket for the remainder of the season. We may get some indication of what their doing in January as to who goes and who joins although I think Chainrai will make his move when he knows which division their playing in next season. I wouldn't be surprised if we see a couple more £20k a week loans in January on top of what they already have