Chin Strain

I've corrected your quote. They have next no bank debt. They just owe bucket loads to private individuals, including gunrunners and property developers, as well as other football clubs and HMRC. They have no bank debt because they remortgaged the ground from Barclays to Chainarai...and nobody will lend them a bean now.

Palace are in admin and they're allowed to continue. That won't be a problem. Liquidation, however, and the gates are shut Wednesday night, and they're out...of everything....forever.

Potless yes, barred from buying anyone yes....but since the deal was struck in August, and it's contracual prior to the embargo, then it's allowed. Imagine how ****ed off Lens would be if they wriggled out of it that way!

No, I think it's a case that they struck a deal with Lens in the summer to loan the player with a built in clause that once he's made x appearances, he is automatically a Pompey player, and a transfer fee kicks in. This was an existing agreement so wouldn't be covered by the embargo that came in in October.The number of games was supposedly 14, but Pompey claim to have agreed 22 (which Lens dispute). Either way, surely it's just a case of pulling out the contract and taking a look. How ****in hard can it be? Having said that, I'm assuming Pompey can find someone who can read....

I would imagine that their only hope of surviving as a football club is to do everything in their power to stay in the PL. With that comes some financial benefits and kudos that may entice someone to throw away their money buying them. Relegation, and that truly spells the end ot anyone buying them.

It was the amount that he won......but I suspect he hasn't yet been paid if the bank accounts are frozen,

I'd agree with pretty much all of this. I can't see how he's going to get a buyer in 3 days. I certainly can't see him throwing good money after bad. Ultimately, I think HMRC will say 'you're the owner, you've got personal wealth, you pay the bills. You take the risk you can't find a buyer, not us.' According to a lot of reports this weekend, he's already had a substantial amount of his loan paid back. I'm not sure how, but maybe something to do with the player sales and any cash that may be due from other clubs for players Pompey have already sold (though I suspect they have been so desperate for cash that they were cash up front, reduced price deals). I still think that the land that Gaydamak has got around the ground will form part of the bigger picture, especially as Chainrai is owed $23m by Arkadi as a result of him successfully suing Arkadi last year.

Completely agree with all of this. I assume that Chainrai will take the ground as he has that secured. Also, there are a few players that would generate some funds, such as Belhadj, Boateng etc, so there's going to be a minimum amount that someone will have to pay for the club with no ground. After all that, you still need to operate the club as a football club, even if you do sell all the players. Therefore there's more cost involved in just keeping them running, by way of new players etc. Like you say, I simply can't see how they can get out of it, especially as the administrator's role is to get the best possible deal for the creditors....and liquidation seems to be the best possible way.

My Grandfather served in northern France, and was shot in the leg in Ypres. He was one of the lucky ones.....it was WW1. I've got his service medals, as he died in 1983, aged 85

Yep. Loan players get paid by their own club, and the club they're loaned to pay a loan fee to cover wages (or a proportion of) and, in some cases, a fee on top to borrow the player.

I think they can only do that if the court agrees as they're alreadu subject to the WUP

Well, maybe even as many as 6 days;)

What I don't get is what Chainrai has to gain by taking control. Surely now he's responsible for the other debts, paying the players etc. I had him down as someone who benefited from the club going into admin, in that he just takes the ground, and the other security (players I assume). Therefore he gets some money back. Whether he'd be allowed to have sold the players outside of a window, who knows. I had him down as someone who was going to do a property deal with Gayudamak jnr, as part of his settlement deal with Gaydamak snr, for the $23m he successfully sued him for last year. He seems to be able to think he can sell the club on and get his money back, but surely there's nobody who will buy the club for anywhere near the level of debt (it's got to be around £80m). So, will he put more money in to try and keep them going until the summer? Will he throw good money after bad? How much did he actually lend them? Apparently £15-£20m but does that include interest? Either way, I just can't see him pumping in the £3m per month to pay the players (4 months) and paying off HMRC, including any other debts to clubs that are now due payments for players. So, has he made a smart move, or has he just made a monumental error of judgement thinking that PL clubs, who are 6 points adrift, are actually worth something when they've got huge debts and no infrastructure? I can't help but think it's an error of judgement.

I got it wrong too:smt070

I would think that HMRC would be challenging that, given the WUP was issued prior to the loan being taken out, and the remaining assets placed under a charge.

Marco, slightly off topic, but that's exactly what appears to have been happening over the course of the last 18 months. It's all the banks fault that everyone got into a pile of debt and borrowed too much to live an aspirational lifestyle. Whether it's greed on the property market or using equity to buy a flash new car, it was all the banks fault. No such thing as personal responsibility to live within your means. Same as Pompey really. The problem is, the culture we seem to have in this country is to always look to blame someone else. Sometime you have to stand up and say 'it's my fault'. Rant over!

LOL. Completely agree. Mind you, how many of his team mates would leave their missus alone with him?

What? Aged 30, being paid £100k a week, playing for Man City towards the top of the PL and would be prepared to drop to CCC? I think you've been on the happy pills!

Maybe....but time is awfully short, and their case is so complex. If you were a buyer would you know where to start? If you don't pay off SG, he'll retain the land around FP. Even of you could negotiate to buy the ground from Chainrai you couldn't develop it without SG on board. It would be bad enough if they only owed Barclays and NU, like us, but this set up is ridiculous. Add in the fact that even Mark 'Comical Ali' Jacob has suddenly started distancing himself from the dealings, and you start to think that they really are close to the edge. It's a nightmare for them.

I'd be pretty certain that if they go into admin the wrong side of the deadline, that -10 will apply next season. The right side of the window would be -9 this season

Don't they have scheduled air ambulances?

They have no income to pay anyone anything in instalments.

Unless they get 'investment' (in the loosest sense of the word, i.e. someone with money to burn / launder) they haven't got the means to last to the end of the season. They could get a loan...but who will give them that? They have a wage bill of approx £3m per month, a tax bill of £7.5 - £11m, and have raised only £8m this week. Additionally, Gaydamak is owed £9m, which is now overdue, and the re negotiated deals with the other clubs have payments that are due starting tomorrow. How on earth will they make it to the end of the season? Their only chance of surviving is if someone comes and buys the club for an amount in excess of the worth of the assets. The ground will go to Chainrai, so that leaves a bid for a CCC club with -10 points and no ground or training ground, that has to be in excess of the value of the playing staff....approx £15 - £20m. Who is going to think that's a good idea? I firmly believe that they will go out of business. Oh, and don't forget that Chainrai's loans were 'short term'. I would imagine he's due an instalment. Even at our worst we weren't having our website turned off, stadium announcer and caterers going unpaid, Academy transport being repossessed etc. They are in serious, serious ****.

Yep, I'm in

Whoops...wrong forum....