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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Chin Strain

Chin Strain

Posted
Posted
The trouble is Frank, what is there actually there to invest in, a load of debts? The P*rtsmouth brand as a Premier League outfit? That's about all and that is looking increasingly unlikely to continue. Who actually owns what there? Gaydarmak the ground and surrounding property? Either of the fake sheiks? Apparently very little of their own money has gone ito the club, it's nearly all borrowed. This Chanrai geezer, who is apparently ploughing money in for no share ownership, so presumably more loans?

 

IMO Administration is the only way they will ever get out of this mess because I can't see anybody coming in to completely wipe their debts, buy the property for the ground and training facilities and fund the rebuilding at both and then fund the playing squad transfers to halt their slide.

 

I wonder whether Watford could start winding-up proceedings against them if they don't get the money owed?

 

I agree. Nobody is going to pay good money for the club given the level of debt. As far as I see it, only Gaydamak stands to lose anything by admin. Even then, he'll be looking to recoup as much as possible by selling off assets....including the ground. Everyone else seems to have taken a speculative punt on finding someone to give them a quick profit. I don't see either SAF or Al Faraj having actually put money in to the situation (maybe SAF has, but only because he's a plank). The money to fund the wages seems to have come from a loan from Chainnai, who has been in court with Arcadi Gaydamak this year....work that one out....

 

In short, I think they're a reasonable proposition for someone taking them for next to nothing from an administrator, and running them based on income generated. Admin will almost certainly mean relegation, so they may get parachute payments, assuming that's not part of any administration order. Apart from that, they're borderline worthless unless someone (bank, Gaydamak, Chainnai) are prepared to write off their debt. The Administrator will work for the creditors to get the best deal. The land is probably worth a few million (assuming that's owned by PFC as opposed to Gaydamak....). Otherwise, where's the attraction? They need a new ground, training facility and a complete rebuild. So you need someone with a bare minimum £50m to build that. In the 2-3 years it takes to build all that, who knows which division they'll be in. If NEwcastle with their proven supporter bases and fantastic facilities can't attract a buyer at £50m - £100m, how will Pompey....bearing in mind Newcastle look like swapping places with Pompey?

 

I can honestly see them going to the wall.

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Under Weststand

Under Weststand

Posted
Posted
I agree. Nobody is going to pay good money for the club given the level of debt. As far as I see it, only Gaydamak stands to lose anything by admin. Even then, he'll be looking to recoup as much as possible by selling off assets....including the ground. Everyone else seems to have taken a speculative punt on finding someone to give them a quick profit. I don't see either SAF or Al Faraj having actually put money in to the situation (maybe SAF has, but only because he's a plank). The money to fund the wages seems to have come from a loan from Chainnai, who has been in court with Arcadi Gaydamak this year....work that one out....

 

In short, I think they're a reasonable proposition for someone taking them for next to nothing from an administrator, and running them based on income generated. Admin will almost certainly mean relegation, so they may get parachute payments, assuming that's not part of any administration order. Apart from that, they're borderline worthless unless someone (bank, Gaydamak, Chainnai) are prepared to write off their debt. The Administrator will work for the creditors to get the best deal. The land is probably worth a few million (assuming that's owned by PFC as opposed to Gaydamak....). Otherwise, where's the attraction? They need a new ground, training facility and a complete rebuild. So you need someone with a bare minimum £50m to build that. In the 2-3 years it takes to build all that, who knows which division they'll be in. If NEwcastle with their proven supporter bases and fantastic facilities can't attract a buyer at £50m - £100m, how will Pompey....bearing in mind Newcastle look like swapping places with Pompey?

 

I can honestly see them going to the wall.

Agree with most of that. The only way out for Pompey to move forward for me is administration, & a clean slate. As for the sky money surely that will go to paying off football debt & tax/Vat debt that they can't get out of and walk away from. So with that asset potentially already gone who would buy into/loan the vast amounts required.

As you say there are far better investments out there if you want to get into Football.

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Frank's cousin

Frank's cousin

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Posted

Uhm.. There is an alternative theory I suppoose, one in which one of tehse 'lenders' has a longer term aim. They would have gained access to the books presumably before agreeing to lend some cash, but as stated above the aim is to then be in a position to act swiftly to gai control of teh club whilst in admin but possibly whilst still in the PL? Recognising that to buy any prem club, its likely to cost you 100 mil, getting it for a £1 and then investing say 50 in a new smaller scale new stadium (SMS would cost upwards of 60 mil in todays prices) could still be considered a bargin if teh club is thus debt free. I am not sure of te prem rules on admin so cant comment on the likelyhood of teh above given relegation becomming a certainty if they also had to contend with a points deduction....

 

I do think though that there are times like this where we should show our class. Just ebacsue a few on their side laughed and expressed glee wduring our troubles, why should we do the same. We know what it feels like to have these threats hanging over our club, so in theory we shoudl be more understanding. Remember as well the so called intense rivaly is only a post war thing - possibly even only there since the 60s when football changed along with the cultural changes of the 60s - before then it was common for locals to go to home games at both clubs - whatever we dislike, think or would like to see happen to them we should remember that the football history and culture did not start in the 60s or 70s, but goes back alot longer and is part of the rich cultural history of the region... We need also to remember how lucky we were.

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Joensuu

Joensuu

Posted
Posted
Uhm.. There is an alternative theory I suppoose' date=' one in which one of tehse 'lenders' has a longer term aim. They would have gained access to the books presumably before agreeing to lend some cash, but as stated above the aim is to then be in a position to act swiftly to gai control of teh club whilst in admin but possibly whilst still in the PL? Recognising that to buy any prem club, its likely to cost you 100 mil, getting it for a £1 and then investing say 50 in a new smaller scale new stadium (SMS would cost upwards of 60 mil in todays prices) could still be considered a bargin if teh club is thus debt free. I am not sure of te prem rules on admin so cant comment on the likelyhood of teh above given relegation becomming a certainty if they also had to contend with a points deduction....[/quote']

You could be right. There might be hope at the end of the blue tunnel. But which of the 'lenders' might have a longer term aim?

 

Al Fahim? - Think he is motivated by ego

Al Faraj? - One of the few things we know is that he has already suggested he's in it for a quick buck (6 months wasn't it?).

Gaydamak Snr? - Not mean't to be related to the club at all. Isn't he on the run?

Gaydamak Jnr? - Lost interest, wants out, but is clinging to the assets to try and get his £33 million back

Chainrai? - He sounds like the only hope! But his motivation seems to be more related to securing Gaydamak Snr's assets? And perhaps a high rate of return on the loans?

Storyteller? - seems to be leaching whatever money he can from the carcass. He knows million pound paydays aren't easy to secure, and every day he can hold on in Pompey brings him a few days closer to a comfortable retirement. All he has to do is keep looking busy and keep the fans on side to avoid being sacked...

 

 

I do think though that there are times like this where we should show our class. Just ebacsue a few on their side laughed and expressed glee wduring our troubles, why should we do the same. We know what it feels like to have these threats hanging over our club, so in theory we shoudl be more understanding. Remember as well the so called intense rivaly is only a post war thing - possibly even only there since the 60s when football changed along with the cultural changes of the 60s - before then it was common for locals to go to home games at both clubs - whatever we dislike, think or would like to see happen to them we should remember that the football history and culture did not start in the 60s or 70s, but goes back alot longer and is part of the rich cultural history of the region... We need also to remember how lucky we were.

 

Absolutely agree. (Can't we have a whip-round on this forum, then make a big fuss of giving the cash to pompey. Get BBC Solent & Meridian on board, and then find a saints fan who can keep a straight face while handing over a couple of collection buckets. That would "show our class", and make me smile! Anyone in?)

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Whitey Grandad

Whitey Grandad

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Posted
Absolutely agree. (Can't we have a whip-round on this forum, then make a big fuss of giving the cash to pompey. Get BBC Solent & Meridian on board, and then find a saints fan who can keep a straight face while handing over a couple of collection buckets. That would "show our class", and make me smile! Anyone in?)

You'd have to find someone who wasn't sick in the bucket. Although if they could do it discreetly so that no-one noticed until after they were handed over.....?

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Block 5

Block 5

Posted
Posted
Good For you! ;)

 

Really impressed with your logic, maybe Saints fans also 'Reaped what they sowed?' when you plummeted over the last 4 years, maybe 27 years of Top league arrogance was the price you paid? NO? (Not my opinion, just applying your logic.)

 

By your logic should we go through the Mill and you lot gloat then surely 'You'll reap what you sow'? All over again too, best not do it then eh? Whats that? You can't help yourself? It's too much fun? Laughing at Poopey! Ho, Ho, Ho We'll better watch out then cos 'You'll reap what you sow!' (I'm Sorry but gloating morons laughing at the strife of their rivals have no bearing on the fortunes of their respective clubs, The Bigger clubs have 10 fold more dickheads supporting them than Saints and Pompey combined, when are they gonna 'reap what they sow?')

 

Truth is the VAST majority of saints fans DID NOT deserve what you have had to go through, neither do MOST Pompey fans. You think that the behaviours of Saints and Pompey's 'less emotionally developed' fans are any different? Of course they're not.

 

And one more point to remember, we've been there before mate, I've walked behind a coffin down Goldsmiths Avenue collecting money for a club in administration, so we're not new to what you saints fans have gone through, it really was not that long ago!

 

So that'll be:

2 League Titles

2 FA Cups &

2 Administrations

 

Beats your:

 

1 FA Cup &

1 Administration. :cool:

 

**** off you fish fiddling freak.

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Thedelldays

Thedelldays

Posted
Posted
F*ck 'em.

 

I want to see them on SSN crying their eyes out as FP is bulldozed.

 

I feel not one iota of pity for them just sheer delight at their pain and yes, I can quite happily live with that.

 

Haha agree with that.

 

I'm sure I could live with myself if they go bust and I have a LOL moment

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PES

PES

Posted
Posted
F*ck 'em.

 

I want to see them on SSN crying their eyes out as FP is bulldozed.

 

I feel not one iota of pity for them just sheer delight at their pain and yes, I can quite happily live with that.

 

Well if there are to be some positives from it, I hope it fills the void in your life. :)

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PES

PES

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Posted
Ditto, that would be fantastic.

 

I have no sympathy for the thugs, they deserve everything they get.

 

Your right, this christmas when the family is around, I'll tell my WWII Veteran grandfather and my young 8 year old Niece, Aintforever says "You thugs, you deserve everything you get!" I doubt they'll understand, but i'm sure you'd want them to know. :)

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PaulSaint

PaulSaint

Posted
Posted
So that'll be:

2 League Titles

2 FA Cups &

2 Administrations

 

Beats your:

 

1 FA Cup &

1 Administration.

 

You forgot these:

 

1 shiny new stadium (mortgage free)

1 (about to be improved further) training ground / dome

1 Billionaire owner

12k more prem fans than you have

 

:smt040

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OldNick

OldNick

Posted
Posted
Your right, this christmas when the family is around, I'll tell my WWII Veteran grandfather and my young 8 year old Niece, Aintforever says "You thugs, you deserve everything you get!" I doubt they'll understand, but i'm sure you'd want them to know. :)
Pes, your clubs problem is that your most prominent fans look very dim. Our experience of them are not respecting a minutes silence, smashing their own city up on more than 1 occasion plus some pretty mindless displays elsewhere.I know the majority of Pompey fans are really decent and when the Pompey fans site has been linked on here and I have read some of the stuff they are a good bunch of lads.Just normal people who care for their team.

I dont wish for pompey to go out of business but get their true punishment and also go back to below us, it seems more natural that way.

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redkeith

redkeith

Posted
Posted

Just read on a thread on 606 that they are selling this years replica shirts for £15.

 

I seem to remember lots of bargains to be had at the Saints Shop in the weeks before we wen't into admin. Desperate for cashflow, or just co-incidence?

 

Also, I tried to read the statement on the PFC official site, but it is no longer there. Curious.

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benjii

benjii

Posted
Posted
The trouble is Frank, what is there actually there to invest in, a load of debts? The P*rtsmouth brand as a Premier League outfit? That's about all and that is looking increasingly unlikely to continue. Who actually owns what there? Gaydarmak the ground and surrounding property? Either of the fake sheiks? Apparently very little of their own money has gone ito the club, it's nearly all borrowed. This Chanrai geezer, who is apparently ploughing money in for no share ownership, so presumably more loans?

 

IMO Administration is the only way they will ever get out of this mess because I can't see anybody coming in to completely wipe their debts, buy the property for the ground and training facilities and fund the rebuilding at both and then fund the playing squad transfers to halt their slide.

 

I wonder whether Watford could start winding-up proceedings against them if they don't get the money owed?

 

You can start winding-up proceedings against a company if you are owed an undisputed debt of £750 or more, so "yes" is the short answer.

 

There is probably no point in Watford doing that though and it sounds as though they'll be paid by the Sky money in January in any event... not sure if they can wait that long though?

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benjii

benjii

Posted
Posted
How difficult would it be to introduce a rule that if you default on a payment to another club for a player, you can't play that player until your payments are up to date?

 

Pretty unfair on the player though.

 

A better rule would be that player would be free to join another club.

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benjii

benjii

Posted
Posted

The key question is this:

 

what assets are owned by Portsmouth Football Club (or more particularly, the corporate entity that owns the football club)?

 

If they are looking to raise debt finance then that is what lenders will want to know.

 

If they are looking to raise equity.... well, they've been looking for about two years and we all know who turned up!

 

Certain reports have suggested that Gaydamak owns the land around Fratton Park but that if the debt to him is repaid, there is an option for Fahim to buy it from him? If PFC went into admin what assets could actually be sold? Or in other words, what would the person who bought the club be acquiring. It seems like the answer is the players and Fratton Park itself (lol). Relegation would be a certainty with a 9 point penalty so you're not getting a Premiership franchise with that.

 

Who would you have to strike a deal with to purchase the club? In other words, who are the creditors? Well, apparently football related debts are around £8m and as we all know you have to settle them in full otherwise the league wont let you play. £33m is owed to Gaydamak... I'm sure he would like to get this back but he can just keep the land so there is certainly scope for negotiation there. If you think the redevelopment of Fratton Park is important though you will need to buy it from him or else add £50m+ to your budget for a new stadium somewhere down the line (or buy a club knowing that the best ground you'll ever have is Fratton Park).

 

Anyway, much of that is conjecture but I think it's fair to say that admin would be a complete disaster for the football club. Much worse than it was for Saints. This must explain why Storrie is jet-setting around looking for money. That seems odd though... wasn't Al-Faraj Storrie's man in the first place? When Gaydamak sold to Fahim wasn't it the case the Faraj would have taken the club "to a level you can only dream of"...

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aintforever

aintforever

Posted
Posted
Your right, this christmas when the family is around, I'll tell my WWII Veteran grandfather and my young 8 year old Niece, Aintforever says "You thugs, you deserve everything you get!" I doubt they'll understand, but i'm sure you'd want them to know. :)

 

Oh don't be such a nob, no one's died.

 

Your football team is going out of business - we hate you so find it funny - get over it.

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Made in Southampton

Made in Southampton

Posted
Posted

I got talking to a Pompey fan at work last night and asked him what was going on at his club. He like the rest of us didn't really know but he did say that he was down FP yesterday and saw what he thought employees walking out with personal belongings. He also said he saw company cars being removed.

 

And that's from a Pompey fan. I'd be surprised if they weren't in admin by the end of next week.

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greg_hill

greg_hill

Posted
Posted
F*ck 'em.

 

I want to see them on SSN crying their eyes out as FP is bulldozed.

 

I feel not one iota of pity for them just sheer delight at their pain and yes, I can quite happily live with that.

I disagree. I want Pompey and whatever team rises from the (f)lames to replace Pompey doomed to play at Fratton forever!

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GenevaSaint

GenevaSaint

Posted
Posted
And one more point to remember, we've been there before mate, I've walked behind a coffin down Goldsmiths Avenue collecting money for a club in administration, so we're not new to what you saints fans have gone through, it really was not that long ago

 

We know you've been done this road before, problem is now there are points penalties that can perpetuate the downward spiral......... No cash, -10, -27 if there are financial irregularities, smaller crowds (hard to imagine I know based on your sell outs!), best players in ANOTHER firesale.........

 

Could you be in league 2 in a few years, back in oblivion.

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Joensuu

Joensuu

Posted
Posted
I predict Avram Grant - if he has got any sense he will quit when he realises that half his team has buggered off to Africa for January and there is no prospect of the transfer embargo being lifted.

 

He will hang on as long as possible. So long as his bank account keeps seeing a regular credit he'll stay. But if Pompey can't afford his wages I'm sure he'll have them to court over breach of contract.

 

Of course, if he is offered another position he'll be off like a shot, but until then he will join Storyteller in bleeding them dry.

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Master Bates

Master Bates

Posted
Posted
Sorry was that radio 2 you say?

 

No, Radio 2. Surely someone else heard it.

 

Everyone seems to know the score,

they've seen it all befoooore,

they just know,

they're so sure,

that Pompey's about to throw it away,

gonna blow it away,

and we know they can't pay,

whilst Saints fans are singing,

red and white on a shirt,

Saints fans are all gleeming,

no more years of hurt,

no more need for dreaming.

PAY UP POMPEY, POMPEY PAY UP.

RED ARMY, RED ARMY, RED ARMY!

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Master Bates

Master Bates

Posted
Posted (edited)
If this is true, I'm glad they denied it first. It just makes it funnier.

 

They also denied the Al Faraj interview ever happened and threatened to sue the media :lol: Then they apologised AAAAAAAAAAAAAAAAAAAAH HA HA HA HA HA HA HA HA

 

Please God, you've f**ked my life, so please let Radio 2 be true :D

Edited by Master Bates
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