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Pompey Takeover Saga


Fitzhugh Fella

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[TD=bgcolor: #ffffff, colspan: 2]CONVERS Sports Initiatives, the owners of Portsmouth FC, are in administration, The News can reveal.

 

 

 

Accountancy firm UHY Hacker Young have confirmed they were appointed as adminstrators on Friday.

 

 

Peter Kubik and Andrew Andonikou, who were administrators of Portsmouth FC in 2009, have been appointed as joint-administrators.

 

 

More details to follow as soon as possible[/TD]

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i bet they get away with it, Andonikou did a good job last time, that is for sure, he got a lot of debt off their back.

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i bet they get away with it, Andonikou did a good job last time, that is for sure, he got a lot of debt off their back.

 

I will agree he did a good job (for the blue few) I would disagree he got rid of a lot of debt (CVA aside), I think it was the opposite.

 

Not quite sure how to put this but if you need 75% voting for and your biggest creditor (HMRC) is owed 29 million and voting against, what is the only way of making sure you get the required percentage?

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I'll ask again, is this correct?

 

A club going into administration twice in three years would have their membership of the League withdrawn

Must admit I couldn't find that bit in the FL rules when I had a quick look just now. Must be buried somewhere if it's in there at all.

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I'll ask again, is this correct?

 

A club going into administration twice in three years would have their membership of the League withdrawn

 

Since the rules were changed in 2003 this hasn't happened, so the punishment is yet to be enforced. So who knows if the FL have the balls to kick them out.

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Since the rules were changed in 2003 this hasn't happened, so the punishment is yet to be enforced. So who knows if the FL have the balls to kick them out.

 

Doubtful. If they were a L2 club then you could see it happening but I think they'd chicken out and just impose a bigger points penalty - one which would make relegation a certainty.

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Isn't there some kind of 'vested interest' company law that prevents the an administrator administrating a company that took over the company they previously administered?

 

Doesn't sound right at all to me....but, there again, since when has the adminstration industry ever been subject to any regulation whatsoever?

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"The club has funding in place for the short term, but will now be seeking alternative investment for its longer-term requirements."

i

Given their tendency to embellish the truth somewhat, that wouldn't inspire much confidence.

 

I can't see how the club has any funding to be honest......shame isn't it?

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Visiting relatives in portsmouth at the weekend and the cascades was full of inbreds carrying their plastic Kappa bags - every little helps I suppose. Probably buying stuff from the PFC shop for the memories. My wife commented how the people there looked worse than those we get in Slough and that's a local area we tend to avoid.

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I will agree he did a good job (for the blue few) I would disagree he got rid of a lot of debt (CVA aside), I think it was the opposite.

 

Not quite sure how to put this but if you need 75% voting for and your biggest creditor (HMRC) is owed 29 million and voting against, what is the only way of making sure you get the required percentage?

 

they owed £29M before, and how much did they owe them afterwards?

that is a lot of debt written off in the CVA.

 

i will beleive it when i see it, this thread is full of wafflers who beleive their own spin on everything, i've lost count of the number of times people have put "this could be the end" and yet the skates keep on going.

 

they should be taken out of the league, but i bet they don't and will still be playing us on the 18th with a team costing more than ours.

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I'm not an expert in the rules surrounding these issues.

 

But if the FL fail to impose the rules, Southampton FC should take legal action.

 

We have already lost one match to them in virtue of their financial cheating, we shouldn't accept any possibility of losing another.

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they owed £29M before, and how much did they owe them afterwards?

that is a lot of debt written off in the CVA.

 

i will beleive it when i see it, this thread is full of wafflers who beleive their own spin on everything, i've lost count of the number of times people have put "this could be the end" and yet the skates keep on going.

 

they should be taken out of the league, but i bet they don't and will still be playing us on the 18th with a team costing more than ours.

 

Your missing the point entirely, but no worries. In over two years my first ever - this could be the end post was about 10 mins ago and to be fair, that's really not what this thread has been about. Most of the lifers on here have been saying all along they will be fine, this time it feels a little different, but they will probably be ok.

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I'll ask again, is this correct?

 

A club going into administration twice in three years would have their membership of the League withdrawn

 

Of course they won't. If they go into admin again, will be looking at -15 or -20 though I'd imagine.

 

Doubtful. If they were a L2 club then you could see it happening but I think they'd chicken out and just impose a bigger points penalty - one which would make relegation a certainty.

 

Since the rules were changed in 2003 this hasn't happened, so the punishment is yet to be enforced. So who knows if the FL have the balls to kick them out.

 

Toast time I think...

 

"A club going into administration twice in three years would have their membership of the League withdrawn"

 

http://news.bbc.co.uk/sport1/hi/football/2973263.stm

 

I hope the journalists writing articles are made aware of this!

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Toast time I think...

 

"A club going into administration twice in three years would have their membership of the League withdrawn"

 

http://news.bbc.co.uk/sport1/hi/football/2973263.stm

 

I hope the journalists writing articles are made aware of this!

 

That article suggests this rule is an aspiration - it's described as a proposal.

 

Is there a link to the rule(s) that was created from the proposal?

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"The Club" isn't in adminstration though....yet....

 

And despite the "inextricably linked" comments in this thread, I could see a case being made that Convers is different to Southampton Leisure Holdings. There isn't the same one to one relationship.

 

That said, surely the writing is on the wall for the football club.

Edited by saintbletch
typo. fall=wall=Freudian
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Wait for ..................

 

1) Chanrai claiming the ownership never fully passed to CSI because it was incumbent only under the terms of a promisory note from CSI or Snoras.

 

and because of that

 

2) AA announcing that as CSI never owned the football club no second Administration has occured to the club only to a company who didnt actually own it.

 

Chanrai will then walk in as the white knight again to sort it all out !!!!!!

 

And the cheats will get away with it again !

 

IMHO only of course

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Toast time I think...

 

"A club going into administration twice in three years would have their membership of the League withdrawn"

 

http://news.bbc.co.uk/sport1/hi/football/2973263.stm

 

I hope the journalists writing articles are made aware of this!

 

That article merely states that it was a proposal 8 years ago. There is nothing to indicate that this became an FL regulation or remains an FL regulation.

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Toast time I think...

 

"A club going into administration twice in three years would have their membership of the League withdrawn"

 

http://news.bbc.co.uk/sport1/hi/football/2973263.stm

 

I hope the journalists writing articles are made aware of this!

 

It is important that we all rally together now to see this off properly.

 

David Conn is on the case thanks to BTFs magnificent whistleblowing, we need to get Matt Slater and Dan Roan from BBC sportsdesk on this one too.

 

We must expose:

Admin Andy and some more detail on 'vested interests' between administrating a business that 'owns' a business you have just administrated.

That poopey should be executed as they are insolvent twice in 3 years (well, two but they have overachieved on that).

That all the CSI concerns were known by us on here many many months ago, and also the FBI, FSA, Sweedish government, EIB et al were aware and publically stated so over the last five years.

The fact they have not even STARTED paying off the 2010 CVA, despite stering down the barrel at another administration...

 

 

Somebody get Storrie and give him a key to our city!

 

 

I keep throwing my money on a Moneyfields merger with poopey, however perhaps they would look at Gosport borough FC:

 

2007-01-16GosportBorough.jpg

 

 

What a wonderful day

 

SpongeBob_Best_Day_Ever_000.png

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