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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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TopGun

TopGun

Posted
Posted
what funds exactly? are these magically clean funds?

 

Presumably funds already advanced by Antonov before he got collared as a general purpose cash fund that all businesses like to have to buy bits and pieces ad hoc to pay the milkman etc. Can't be more than that.

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Matthew Le God

Matthew Le God

Posted
Posted (edited)
what are these other businesses that csi are suppose to own along with pompey?

 

This lot...

 

http://www.converssport.com/companies

 

Largely all very recent acquisitions, and possibly all funded using the "alleged" stolen cash from the Lithuanian and Latvian banks in order to clean it.

Edited by Matthew Le God
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SaintBobby

SaintBobby

Posted
Posted
I would to see them stripped of the FA Cup. So everybody knows they cheated to win it with their dirty money :)

 

This.

 

Unless they surrender the FA Cup graciously, or are gracious in having it stripped from them, I want them liquidated.

 

I don't want them bleeding or injured. I want them dead.

 

And I think there's a good chance it will happen.

 

Only a mammoth act of genuine contrition by the whole lot of them would alter my view.

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dubai_phil

dubai_phil

Posted
Posted

Ah ha.

 

http://www.telegraph.co.uk/sport/football/teams/portsmouth/8924524/Portsmouths-long-term-future-unsure-after-Championship-clubs-parent-company-go-into-administration.html

 

The Football League is reserving judgment and will watch closely to be sure that the club are not able to write off or move any debt because of CSI’s administration.

 

 

And there Ladies & Gentlemen we have it.

 

CSI pumped in 10.5 million so far.

 

They bought the club in June.

 

We have already seen a link where PCFC are supposed to have shown Bank Guarantees from Snoras.

 

CSI really do not seem the types who will have immediately refreshed the equity levels of PCFC and so that money will be recorded as a Loan or (maybe) a Grant.

 

That money will need to be repaid BEFORE the FL give any approval.

 

So ANY potential buyer will need to cover the CVA (Club will get points deduction if does not honour the CVA) AND CSI's washing machine!

 

This looks like it could be the final nail in the coffin the buyer must cover that 10.5 mil DEBT AND the CVA payments. Or in plain English they are even MORE commercially unviable than before CSI's appearance. Yes Lumpitt, as far as Saints fans are concerned, CSI have truly been "The Real Deal"

 

I hope that Husseklepp bloke they signed in the summer and their failure to sell players was worth it!

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Gemmel

Gemmel

Posted
Posted

Vladimir Antonov on facebook

 

My action is very simple. To avoid any difficulties for CSI subsidiaries like PFC and to bring smooth and solid investor SHORTLY! CSI voluntary appointed administrator. Further information and our (me and Mr.Baranauskas statements) will be available via youtube early next week. Cozz everybody probably imagine how shocked we been after this absolutely unexpected action against the group by Lithuania. We will do our best to keep you all posted ASAP and this is pure political case and i'm going to prove it shortly! Also i'll do my best to keep you all happy in CSI world with new proper people and to make it smooth and gentle! I'm very sorry that this people destroyed everything i build in 15 years just in 15 mints. My apologies to all who affected of that

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Gemmel

Gemmel

Posted
Posted
How can Android claim to know that what the independent trading company of PFC has in the coffers if he is not acting for them?

 

By discussing PFC in as role as administrator for CSI (Crime Scene Investigation) he will be making that link more explicit.

 

I think Phil has touched on why they might well get a points deduction.

 

Every transfer and loan still has to be approved by the FA. I would assume (backed up by Ackers) that this amounts to proof and underwriting of the transfer fee and wages for the lenth of the contract. If any players wages or transfer installment is underwritten (As Ackers is saying is the case) by CSI, antonov or Snoras, then I think they have a real problem.

 

The holding company argument is different to Saints and they should be ok on that level.

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trousers

trousers

Posted
Posted
This lot...

 

http://www.converssport.com/companies

 

Largely all very recent acquisitions, and possibly all funded using the "alleged" stolen cash from the Lithuanian and Latvian banks in order to clean it.

 

As they were all acquired recently could it not be argued that they were purely acquired as a cover up for the 'main' acquisition, that of PFC?

 

Yes, these other subsidiaries may well be going concerns in their own right but I'm guessing they aren't huge revenue streams.

 

If the acquisition of these companies was simply a pretence to give the impression that PFC was just one of several companies under CSI wouldn't that take the PFC situation a little closer to the Lowe / SLH model of 'creating' a series of small subsidiaries (radio station, catering firm, etc)....?

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pedg

pedg

Posted
Posted (edited)
This lot...

 

http://www.converssport.com/companies

 

Largely all very recent acquisitions, and possibly all funded using the "alleged" stolen cash from the Lithuanian and Latvian banks in order to clean it.

 

What happened to spyker cars? They still have their CEO on the structure page but it's not listed on the companies page?

 

Also according to that website:

 

Convers Sport Initiative (CSI) is a business specifically created to maximize an immediate and significant opportunity. The business will acquire strategic stakes in a number of existing and newly established sports, media and entertainment (SME) businesses, which have either unique sports entertainment formats and/or valuable intellectual property capable of further commercialization.

 

So they do not really do anything but buy up some or all of other companies so I am not sure exactly what AA in administering if those subsidiarity companies are not affected by the administration?

Edited by pedg
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Danish Saint

Danish Saint

Posted
Posted

I've had a look at those other companies, according to CSI, not affected by admin.

 

Boom! is indoor cyckling with 12 instructors - activities pr day: 3 hours 45 min. Appanrantly located in Shoreditch, but no adress anywhere on the site. Opened September 2011. (note this)

 

DBG is a digital and online management company specialising in mobile applications, social networks and online content management. Website is currently under maintenance.

 

GBsport.tv will launch in September 2011 and stream 1,400 hours of live coverage a year. The core sports GBsport TV will champion include Athletics, Badminton, Basketball, Boxing, Cycling, Gymnastics, Handball, Hockey, Rowing, Sailing, Swimming, Taekwondo, Tennis and Winter Sports. The coverage will be a combination of live domestic and international events - featuring strong British competition – including National, European and World championships. Website is unavailable for viewers outside the UK.

 

GPWeek is a rally magazine - not a big money earner.

 

Leaders - execs playing footie and networking? Whole array of different forums for this, and not needed pr. se.

 

PPGolf - no events since March 2011 and car sponsor is SAAB.

 

Sportspost - a forum about sports with no fees?

 

WAC Rally has the same statement as PFC on their site

 

Then there's PFC - not making a profit at all!!!!

 

 

They're all fooked!

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Doctoroncall

Doctoroncall

Posted
Posted
How can Android claim to know that what the independent trading company of PFC has in the coffers if he is not acting for them?

 

By discussing PFC in as role as administrator for CSI (Crime Scene Investigation) he will be making that link more explicit.

 

It's his job to find a buyer for CSIs assets, PFC being one of them. Danish Saint has listed the others, CSI went into admin to protect these assets.

 

The question for PFC is how long can they survive without being propped up especially since they have increased their outgoings with the new players bought in the summer.

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trousers

trousers

Posted
Posted
I've had a look at those other companies, according to CSI, not affected by admin.

 

Boom! is indoor cyckling with 12 instructors - activities pr day: 3 hours 45 min. Appanrantly located in Shoreditch, but no adress anywhere on the site. Opened September 2011. (note this)

 

DBG is a digital and online management company specialising in mobile applications, social networks and online content management. Website is currently under maintenance.

 

GBsport.tv will launch in September 2011 and stream 1,400 hours of live coverage a year. The core sports GBsport TV will champion include Athletics, Badminton, Basketball, Boxing, Cycling, Gymnastics, Handball, Hockey, Rowing, Sailing, Swimming, Taekwondo, Tennis and Winter Sports. The coverage will be a combination of live domestic and international events - featuring strong British competition – including National, European and World championships. Website is unavailable for viewers outside the UK.

 

GPWeek is a rally magazine - not a big money earner.

 

Leaders - execs playing footie and networking? Whole array of different forums for this, and not needed pr. se.

 

PPGolf - no events since March 2011 and car sponsor is SAAB.

 

Sportspost - a forum about sports with no fees?

 

WAC Rally has the same statement as PFC on their site

 

Then there's PFC - not making a profit at all!!!!

 

 

They're all fooked!

 

So, all 'shadow' companies designed to give the impression CSI are running PFC as "just another subsidiary of a parent company"...?

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St. Neil

St. Neil

Posted
Posted

Looks like they have someone who wants to invest already, taken from his facebook page. But I think he will be in Bad Company if he gets in with this lot.

 

Brian Howe

I have been a fan of English football league team Portsmouth football club since 1966. I sometimes fly home from the states for home games though that is now rare. I consider it MY team as I was born and brought up in the city. I have tried in the past to become part of the club with my partner ( Vince Wolanin ) but we were outbid by Milan Mandric in 97. I am sickened that the club cannot distance itself from people who don't have the clubs best interests at heart.

It's not just a football club to me.........it's everything........It's a part of me, just like it is to thousands of loyal Pompey fans.

Protesting or staying away from matches is not the way to show our contempt for whats happening and only compounds what's happening off the pitch.

Vince Wolanin and I working on doing something to help the club but I have to say the job is daunting. I say, enough of owners in it for themselves. I say that this club should belong to the people that truly care.......us, the supporters. WE cannot let this club slip any further into lower league football........WE deserve better.......Who's with me ?

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mdearlove

mdearlove

Posted
Posted

I can't see Chinnery taking PFC in return for his mortgage against CSI - I am sure one of their other subsidiaries would look more attractive - North One Sports for example own the rights to broadcast the World Rally Championship. If I were him I would be looking at the other businesses and steering well clear of PFC.

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saintbletch

saintbletch

Posted
Posted (edited)
So, all 'shadow' companies designed to give the impression CSI are running PFC as "just another subsidiary of a parent company"...?

 

I'm not sure that there would such subterfuge just to hide some special Pompey status.

 

The impression I get is that he knew he had a limited time to clean some of his dirty cash. Liked sports. Invested some of the cash quickly (hence rashly and poorly) and hadn't had a chance to get a return.

 

It looks like he was playing some sort of angel investor role for a number of the smaller companies in the group, presumably with the potential of one day seeing a return. I can see a logic of sorts with a number of the companies.

 

Perhaps I'm being too generous?

Edited by saintbletch
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Channon's Sideburns

Channon's Sideburns

Posted
Posted
I have just heard that Android has been appointed administrator to CSI. I would have thought there could be conflict of interest representing PFC old co and CSI?

 

This question got asked on Twitter last night - an insolvency expert said it is sometimes done as the individual can act quicker as they already have an understanding of the companies involved.

 

That's ONE theory though...

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Wade Garrett

Wade Garrett

Posted
Posted
Had a really interesting piece of news from my friend in a very high place in the football world tonight (obviously can't reveal who he is, but I have mentioned him before and he is very high up in the admin of the game).

 

Apparently, someone at the League has been tasked with coming up with a doomsday scenario if Portsmuff can't see the season through. He told me this has only happened twice before in recent years and is only invoked when things are really, really, really bad.

 

The feeling is that they won't see the season out!!!!

 

Fingers crossed.

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angelman

angelman

Posted
Posted
This lot...

 

http://www.converssport.com/companies

 

Largely all very recent acquisitions, and possibly all funded using the "alleged" stolen cash from the Lithuanian and Latvian banks in order to clean it.

 

Have you actually looked into what these companies are. Apart from PFC there seems one proper company, North One that has the distribution rights or something for WRC. Apart from that the companies are a cycle gym, a digital and online management one (whatever that is), online sports streaming (very minor sports), free motor racing magazine, event management, mini-golf and a pathetic sports news www. I can't see much money being made by that lot, and certainly not enough to run a sports empire or even a nPC league club.

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anothersaintinsouthsea

anothersaintinsouthsea

Posted
Posted
Ah ha.

 

 

 

And there Ladies & Gentlemen we have it.

 

CSI pumped in 10.5 million so far.

 

They bought the club in June.

 

We have already seen a link where PCFC are supposed to have shown Bank Guarantees from Snoras.

 

CSI really do not seem the types who will have immediately refreshed the equity levels of PCFC and so that money will be recorded as a Loan or (maybe) a Grant.

 

That money will need to be repaid BEFORE the FL give any approval.

 

So ANY potential buyer will need to cover the CVA (Club will get points deduction if does not honour the CVA) AND CSI's washing machine!

 

This looks like it could be the final nail in the coffin the buyer must cover that 10.5 mil DEBT AND the CVA payments. Or in plain English they are even MORE commercially unviable than before CSI's appearance. Yes Lumpitt, as far as Saints fans are concerned, CSI have truly been "The Real Deal"

 

I hope that Husseklepp bloke they signed in the summer and their failure to sell players was worth it!

 

Sorry Phil don't quite follow all of this. Are you saying that if Android sells the club at a knock down price (effectively reducing the £10.5m) but they still honour the CVA that they could be penalised?

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Saint Lindford

Saint Lindford

Posted
Posted

My latest contribution to the Football Leagues inbox.....

 

Andrew,

 

Further to my e-mail of yesterday this article in the Guardian highlights the failings of the FAPPT. http://www.guardian.co.uk/football/david-conn-inside-sport-blog/2011/nov/29/portsmouth-crisis-vladimir-antonov

 

Key bits in there regarding Mr. Antonov include:

 

'In December 2007 the Financial Services Authority prohibited Snoras bank from opening a branch in Britain', (of course Snoras is the bank that Antonov was majority shareholder in!!)

 

In 2009, the European Investment Bank refused to lend money to Saab, the Swedish car company, if Antonov was involved in its ownership. "We made it clear we would help with finance provided the ownership structure did not include Mr Antonov," an EIB spokesman.

 

Other key issues in realtion to Portsmouth Football Club's link to their parent company include:

 

Chris Akers confirmed that CSI, and Portsmouth, have been relying on millions of pounds from Antonov personally to fund the deal by which CSI bought the club. (Chris Akers is a junior partner in CSI so should know what he is talking about)

 

Akers said Antonov had invested around £10.5m in transfer fees and players' salaries. (How are they going to provide the players saleries now?)

 

It would seem that the information in the article shows that Portsmouth cannot be a solvent business concern moving forward especially as they still have the CVA to provide for and that is worth more than £80m over the next 5 years, alined to this is the claim by the HMRC that they are owed £37m in unpaid tax. Also it shows that Portsmouth and the other businesses within the CSI portfolio are inextricably linked as one economic entity

 

Given all of the above surely the precedent sent in 2009 when Southampton Football Club's parent company, Southampton Leisure Holdings (SLH), went into administration and an independent investigation by the Football League found the club and SLH were "inextricably linked as one economic entity".Southampton were subsequently deducted 10 points. Does this mean Portsmouth will have at least 10 points deducted or could it be worse and they have a similar punishment to that given to Luton Town for financial irregularities?

 

I note the following quote in a BBC Sport website article, "The matter will be considered by the Board of the Football League as and when all the facts surrounding the administration of the club's parent company become available," said a Football League spokesman.

 

All of the above gives the Football League the information required and is readily available in the public domain. Now is the time for the Football League to act and show that football clubs cannot run roughshod over the rules and they (the football clubs) should take responsibility for their finances.

 

Kind regards

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derry

derry

Posted
Posted
If the Administrator sold PFC to CSI and Chanrai is only owed money, is there a mechanism that would allow him any access to PFC other than to be a creditor? Administration would not allow him access. The new Administrator (AA) would surely have to decide what to do with PFC as long as it remains solvent as an asset of CSI.

 

I realised after leaving for the game that of course the Administrator sold to Chanrai and He sold to CSI, therefore it would be entirely possible if CSI default that PFC reverts to Chanrai.

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pedg

pedg

Posted
Posted (edited)
"I can't see how the club can be deducted points. There's no football debts," he told BBC Radio Solent.

Coincidentally no parachute payments either...

 

 

Also is it not the case that not paying football debts basically gets you thrown out the league where as points deductions are for going into admin no matter what level of football debts?

Edited by pedg
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Chez

Chez

Posted
Posted
So there was enough money in the bank to cover Novembers wages, but Decembers might be on a lost or broken disk somewhere.

 

chinny to re take ownership January 4th

they are "OK in the short to medium term" apparently so I assume that means they have the funds available to pay the wages for November and December, but unless they get a huge FA cup tie and player sales income in Jan, wages are going to be a serious problem therereafter.

 

Lawrence off to Forest on a loan, stop paying Ben Hiem wages for no reason, er...

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