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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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St Jim

St Jim

Posted
Posted
Right, who facies writing to The Footbal League to inform them of a clear breach of rule 86 of their regulations with the evidence provided under oath in a recent tax evasion trial?

 

http://www.football-league.co.uk/regulations/20110629/section-9-association-dual-interests_2293633_2125750#84

 

I wonder if it is genuinely legit as he was manager of a Premier League club which is governed by the FA and not the FL Maybe per the rules you are allowed to have a joint interest in one PL and one FL club. Ofcourse I do hope I'm wrong! :twisted:

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Gorgiesaint

Gorgiesaint

Posted
Posted

Synopsis is

 

Fans can't choose their owners, not their fault

Poor owner after poor owner (I think he meant as in not very good rather than potless!)

JoCa been talking to the FL for months! then disappeared and is back again

AA & Chainrai choose who they sell to

Smallest squad in the FL - have to sell players, mentioned Pearce & Ward offer from Ipswich

Fans - go to 12th man website

Pompey supporters trust doing fantastic work behind the scenes - taken out plan B out of mothballs if they get liquidated it's AFCP

Voldemort handled it with dignity, he's been transparent, answers the questions no one else will, playing decent football at times

 

Andy Goldstein & Ray Parlour did the 'interview'

 

****ing waste of space, the pair of them. Oh it'll be a shame for the fans, the FL can't let it happen, Parlour saying what great fans they have.

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St Chalet

St Chalet

Posted
Posted (edited)
I wonder if it is genuinely legit as he was manager of a Premier League club which is governed by the FA and not the FL Maybe per the rules you are allowed to have a joint interest in one PL and one FL club. Ofcourse I do hope I'm wrong! :twisted:

 

This would then be covered under section Rules Section V of the Prem Handbook, from what I can read if the manager was a Premiership employee he could hold an interest in a Non-League Club, just not an FL one.

 

http://www.premierleague.com/content/dam/premierleague/site-content/News/publications/handbooks/premier-league-handbook-2011-12.pdf

Edited by St Chalet
Wrong link
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Saints foreva

Saints foreva

Posted
Posted

http://www.talksport.co.uk/sports-news/football/football-league/championship/1492/48/exclusive-%E2%80%93-andronikou-we%E2%80%99re-not-contemplating-portsmouth-going-liquid

 

Interview from AA.

 

When asked about Southampton's administration he says "The Football League decided that the club had taken some financial benefit from the parent company going into administration with some of its debts written off, in this case, we believe it is a very different case that the club has not received any benefits/advantage from the parent going through the insolvency process".

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St Chalet

St Chalet

Posted
Posted
http://www.talksport.co.uk/sports-news/football/football-league/championship/1492/48/exclusive-–-andronikou-we’re-not-contemplating-portsmouth-going-liquid

 

Interview from AA.

 

When asked about Southampton's administration he says "The Football League decided that the club had taken some financial benefit from the parent company going into administration with some of its debts written off, in this case, we believe it is a very different case that the club has not received any benefits/advantage from the parent going through the insolvency process".

 

At the point we were deducted we hadn't had any of our debts written off....

 

To be fair AA is correct, they haven't received any benefit from CSI going through an insolvency process, apart from the £10.8m loan that their administrator has not decided to call in that is.

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trousers

trousers

Posted
Posted
http://www.talksport.co.uk/sports-news/football/football-league/championship/1492/48/exclusive-%E2%80%93-andronikou-we%E2%80%99re-not-contemplating-portsmouth-going-liquid

 

Interview from AA.

 

When asked about Southampton's administration he says "The Football League decided that the club had taken some financial benefit from the parent company going into administration with some of its debts written off, in this case, we believe it is a very different case that the club has not received any benefits/advantage from the parent going through the insolvency process".

 

I think I may have to vomit

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Chez

Chez

Posted
Posted
Email from

 

 

 

I email the politician today ref the article in the sun regarding the taxman being harsh on Pimpey and got a quick response below,

 

Dear Mr

 

Many thanks for this. I do not say such things lightly, not least because my other half is a tax man, however I have to disagree with your assessment of HMRCs actions.

PFC has paid all tax it owed- near to £15 million since Oct 2010. They missed the deadline for December and 2 working days later final demand was issued- which was delivered late to the club, arriving after the deadline for payment had passed. Rather than waiting until 10th February HMRC announced a winding up order on New Years day. Leaving aside the additional problems this has caused the club ( plummeting player prices etc) one could put this down to tax officials just being very keen. Sadly internal HMRC e-mails tell another story.

Sometimes HMRC ends up cutting its nose off to spite its face. If the club is sold HMRC gets paid. If it isn’t it won’t. In addition to that simple fact- a point which I would make of any business where HMRCs actions could result in debts being paid and jobs secured- I would argue that FCs are a special case. They are not like a supermarket, which when it folds another takes its place: Portsmouth fans, on finding Pompey closed, will not be buying their season tickets at Southampton. Add to that the social value they provide.

We are not asking to be let off paying. Every effort to accommodate HMRCs concerns about a pause incurring additional debt is being made, including staff forging their salaries. All we want is a meeting to discuss the options. A reasonable request in my view, and one an HMRC mindful of recouping what it is owed ought to grant.

I hope that explains my position. While I appreciate you disagree, I thought it important I explain my assessment, especially as you had taken the trouble to write to me.

 

Regards,

 

Penny

this makes me so angry. If HMRC did nothing and let the debt build up you can bet your bottom dollar there would be MPs left right and centre asking serious questions about how they handle things yet this stupid bint is suggesting they sit back and take a relaxed attitude towards an organisation that ****ed the public purse over for 30 odd million. She is a disgrace. She'll be asking the courts to go easy on bagpuss next.
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Channon's Sideburns

Channon's Sideburns

Posted
Posted
this makes me so angry. If HMRC did nothing and let the debt build up you can bet your bottom dollar there would be MPs left right and centre asking serious questions about how they handle things yet this stupid bint is suggesting they sit back and take a relaxed attitude towards an organisation that ****ed the public purse over for 30 odd million. She is a disgrace. She'll be asking the courts to go easy on bagpuss next.

 

Perhaps MightySaints should forward on the response - bet quite a few organisations would be interested.

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Micky

Micky

Posted
Posted
He might have a good brief, but I think this looks a pretty simple case;

 

1. Is the jury satisfied that money came from Mandaric and ended up with Redknapp?

2. Is the jury satisfied that said monies were not part of a personal arrangement between Mssrs Mandaric and Redknapp?

3. Is the jury satisfied that no UK income tax has been paid on said monies.

 

Three yesses and both gentlemen are guilty of tax evasion. Full stop. End of. Ignorance is no defence. You havent paid the tax, so here comes the punishment.

 

As posted a few pages back, the punishments for tax evasion are pretty severe and dealt with on a sliding scale of evaded amount versus premeditation. First offence or not, if guilty both gentleman have had a long time to come clean (personally, I have had an argument with HMRC over £450 for the last 6 months, letters went backwards and forwards, and ultimately I lost. (the final proof from HMRC meant I was wrong and they were right). So, I paid the outstanding tax, plus interest, and we're squared off. HMRC doesn't sneak up behind people and summonds them to court to recover monies. These loonies would have had plenty of opportunity to admit they are wrong and pay the tax. They have chosen to fight it, and I think they will lose and lose handsomly).

 

Given the amount of tax involved ($295,000 transfered, at 1.5 exchange = best part of £200k, tax and NI call it 50%, a round £100k tax due), then they have moved into second place in the seriousness table. On the premeditation stakes, I would suggest that the length of time that HMRC has been investigating, coupled with the lack of transparency from the pair of them, would be dimly viewed by a court.

 

Whilst a custodial sentence would appear harsh for a first offence, you have to understand that this an extremely serious offence (the charge is defrauding the public purse, which carries a maximum sentence of life imprisonment). A 15 month custodial is small beer compared to life.....

 

only a week to go and we'll find out :-)

 

Cheating the public revenue, and a relatelvely small amount of money, punishment is at the judges discretion according to this report:

 

http://news.sky.com/home/video/uk-news/video/16155810

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Dark Munster

Dark Munster

Posted
Posted

Just 3 pages to go before the magical 1000 page mark, not to mention the 50,000th post. I'm 8 hours behind most of you here, so by the time I wake up I'll probably have missed all the celebrations, not to mention a page or two of padding. Hopefully the first post on page 1000, and the 50,000th one, will be more memorable than "stop padding." Maybe everyone will do the honourable thing and let Fitzhugh Fella‎ make those milestone posts? No, I didn't think so.

 

Anyway, back to topic. When JoCa dropped out (although there are hints he may come back again - oh yes please!) I mentioned how much I looked forward to Handy Andy's second choice. Well, he didn't disappoint us. It's the phew! All TCWTB and company have to do is come up with £30 million between them, and their beloved cesspit will be saved (for a month or two, at least).

 

Let's do some maths: each of the phew will have to come up on average with (£30 million)/(the number of the phew) = more than the cost of a much nicer caravan that they and their sisters currently live in.

 

Conclusion: Cheats FC is f**ked. :lol:

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dvaughanwilliams

dvaughanwilliams

Posted
Posted
http://http:/http://www.fansonline.net/portsmouth/article.php?id=2057

 

Interview from AA.

 

'The club needs working capital at the moment my biggest obstacle is to find an interested party. We have got interest in some of our players but we’re trying to find a balance between selling our squad and relegating the club to [League One]".

 

So when he keeps talking about 2 or 3 people interested in buying the club, who are they? Are they the usual nutters that turn up trying to buy clubs or confess to murders?

 

My bets are on all saleable players going on Tuesday evening, with no replacements.

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trousers

trousers

Posted
Posted

 

A laugh-out-loud article but anyone else slightly gutted that, for the first time in 997 pages, a journo got to a piece of information before us...?

 

"Further research shows a lawyer jailed for dealing crystal meth and a pro gambler who is the subject of a grand jury investigation in Oklahoma have owned shares in his Cala Corporation."

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Brizzie Saints

Brizzie Saints

Posted
Posted

Mr Krabs is back and this time he's serious!

 

AMERICAN Sicilian businessman Joseph Cala says he has reignited his interest in Pompey.

Mr Cala, who withdrew his interest in taking over at Fratton Park last week, told his Facebook followers he was considering making a new approach to take over the club.

Speaking to The News last night, the 50-year-old said he had been in talks with Portpin, the firm owned by former Pompey owner Balram Chainrai.

Mr Cala said he will bid to buy a debenture he claims is owned by Portpin in order to become Pompey’s new owner.

‘I am officially back in,’ Mr Cala said.

‘For the fans, it’s not as bad as it appears. It’s very easy to fix the Pompey issue.

‘It takes money immediately but it’s really a cash flow issue, not debts. They are not bad at all.

‘It’s done with the right heart and money up front.

‘If I become owner, I will remove the debenture and give it to the club as a gift.’

Mr Cala said he did not fear a points deduction from the Football League and said the authority can only punish the club if it is placed into administration.

He added he was not put off by the club’s £1.6m unpaid tax bill and winding-up petition from HMRC.

If he takes over Pompey, Mr Cala said: ‘I will pay the tax bill off in one go.

‘I do not want the tax office on my back.’

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Doctoroncall

Doctoroncall

Posted
Posted

I'm not sure the AA's completion report has been linked on the thread, but still a good reminder to have to see what is owed.

 

Some pertinent points:

 

Football creditors - £22.4m deducted from parachute payments (so when are the remainder PP scheduled? Was there a fee for drawing on season two early?)

 

Unsecured creditors - have risen from approx £83.3m to £87.2m after reclassification of some football creditors. (So £2.6m due April)

 

Gaydamak is currently owed circa £2,400,000 under his debenture [from paying off Barclays] and will be paid from contributions received into the Liquidation as per the sale agreement and from any other assets realised in accordance with the Insolvency Act 1986.

Portpin hold a deed of priority over the Freehold stadium, known as Fratton Park, in priority to Barclays Bank Plc and AG’s debenture.

Portpin Limited was to pay all unsecured creditors with claims of up to £2,500 in full and pay any amounts owed to Charitable Organisations in full. I advise that Portpin Limited has paid all Charitable Organisations in full and has passed all creditors’ claims of £2,500 for review and payment.

 

In the voting of the CVA, £131m of unsecured credit was used. HMRC debt went down from £37.8m to £23.8m.

 

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sussexsaint

sussexsaint

Posted
Posted
Mr Krabs is back and this time he's serious!

 

AMERICAN Sicilian businessman Joseph Cala says he has reignited his interest in Pompey.

Mr Cala, who withdrew his interest in taking over at Fratton Park last week, told his Facebook followers he was considering making a new approach to take over the club.

Speaking to The News last night, the 50-year-old said he had been in talks with Portpin, the firm owned by former Pompey owner Balram Chainrai.

Mr Cala said he will bid to buy a debenture he claims is owned by Portpin in order to become Pompey’s new owner.

‘I am officially back in,’ Mr Cala said.

‘For the fans, it’s not as bad as it appears. It’s very easy to fix the Pompey issue.

‘It takes money immediately but it’s really a cash flow issue, not debts. They are not bad at all.

‘It’s done with the right heart and money up front.

‘If I become owner, I will remove the debenture and give it to the club as a gift.’

Mr Cala said he did not fear a points deduction from the Football League and said the authority can only punish the club if it is placed into administration.

He added he was not put off by the club’s £1.6m unpaid tax bill and winding-up petition from HMRC.

If he takes over Pompey, Mr Cala said: ‘I will pay the tax bill off in one go.

‘I do not want the tax office on my back.’

 

 

In this whole sordid saga this guy is my favorite character so far - utterly mental

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Pancake

Pancake

Posted
Posted
A laugh-out-loud article but anyone else slightly gutted that, for the first time in 997 pages, a journo got to a piece of information before us...?

 

"Further research shows a lawyer jailed for dealing crystal meth and a pro gambler who is the subject of a grand jury investigation in Oklahoma have owned shares in his Cala Corporation."

 

Pretty sure that has all been covered on here in the last few (lol) pages.

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sussexsaint

sussexsaint

Posted
Posted
It would be fitting that the 50.000th post would be the announcement of AFC Pompey and thus the end of this saga.

 

and I would wish them luck, look forward to them rising through the leagues and wish them no ill will at all. I am quite sure there are PFC fans who would prefer that as well

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pedg

pedg

Posted
Posted
I must have missed the post about Cala Corporation shareholders allegedly having a criminal past in that case :-)

 

Anyone can buy shares in his company if they are stupid enough. Sure there a majority of companies have criminals as share holders. Now if he was more than just a shareholder it might be interesting but if not you might as well have headlines like "Meth drinking cancerous immigrant owns shares in Daily Mail"

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ooh it's a corner

ooh it's a corner

Posted
Posted
Anyone can buy shares in his company if they are stupid enough. Sure there a majority of companies have criminals as share holders. Now if he was more than just a shareholder it might be interesting but if not you might as well have headlines like "Meth drinking cancerous immigrant owns shares in Daily Mail"

 

Milan Mandaric owns shares in the Daily Mail?

 

Obvious question, but, source?

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trousers

trousers

Posted
Posted
Anyone can buy shares in his company if they are stupid enough. Sure there a majority of companies have criminals as share holders. Now if he was more than just a shareholder it might be interesting but if not you might as well have headlines like "Meth drinking cancerous immigrant owns shares in Daily Mail"

 

Agree, although the bit in bold is what I was tenuously alluding to. From what I can make out, via a cursory glance at the share trades over the last decade or so (on the SEC website), Cala Corporation doesn't seems like the kind of company that attracts random punts from Joe Public. Just reading between the lines.

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OldNick

OldNick

Posted
Posted
Email from

 

 

 

I email the politician today ref the article in the sun regarding the taxman being harsh on Pimpey and got a quick response below,

 

Dear Mr

 

Many thanks for this. I do not say such things lightly, not least because my other half is a tax man, however I have to disagree with your assessment of HMRCs actions.

PFC has paid all tax it owed- near to £15 million since Oct 2010. They missed the deadline for December and 2 working days later final demand was issued- which was delivered late to the club, arriving after the deadline for payment had passed. Rather than waiting until 10th February HMRC announced a winding up order on New Years day. Leaving aside the additional problems this has caused the club ( plummeting player prices etc) one could put this down to tax officials just being very keen. Sadly internal HMRC e-mails tell another story.

Sometimes HMRC ends up cutting its nose off to spite its face. If the club is sold HMRC gets paid. If it isn’t it won’t. In addition to that simple fact- a point which I would make of any business where HMRCs actions could result in debts being paid and jobs secured- I would argue that FCs are a special case. They are not like a supermarket, which when it folds another takes its place: Portsmouth fans, on finding Pompey closed, will not be buying their season tickets at Southampton. Add to that the social value they provide.

We are not asking to be let off paying. Every effort to accommodate HMRCs concerns about a pause incurring additional debt is being made, including staff forging their salaries. All we want is a meeting to discuss the options. A reasonable request in my view, and one an HMRC mindful of recouping what it is owed ought to grant.

I hope that explains my position. While I appreciate you disagree, I thought it important I explain my assessment, especially as you had taken the trouble to write to me.

 

Regards,

 

Penny

Funny how her other half is a taxman and she saw internal e-mails.

I would have thought she has overstepped her position.

Add to the fact that if Pompey close down there is the fans club that is ready to be set up, the club wont be gone but just the debt ridden corrupt copse will be gone and they can start again fresh, with much goodwill from fans throughout the world.

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eurosaint

eurosaint

Posted
Posted
Oh yes. He got three whole posts on the forum and 24 minures after posting this one before anyone realised it was Johnnykins. :lol:

 

You should be happy that you are tolerated on here !

I would add that since you were 'outed', you have been treated pretty kindly IMO, so no need to gloat !

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COMEONYOUREDS

COMEONYOUREDS

Posted
Posted
i've been told that there are three bids on the table for pompey. One is a thai group, one is a russian guy whose name i've been told but won't repeat on here (he's very, very wealthy though - we're talking multiple billions) and the third is in all likelihood not arabs but hong kong chinese - again mega billions.

 

Good to see what stuey said - that mega rich investors wouldn't be lining up to buy pompey - coming true isn't it? He's a genius that stuey :D

 

lol - mega billions

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