Deano6

...and there you've answered Graffito's question.

If you know so much about football why aren't you a manager?

Was that while you were going on about baking your gonads with 4 and 20 blackbirds? If people don't want to read my ramblings, it essentially says this..

The Council report from today's meeting where the loan was approved gives an interesting update on the figures I came up with a couple of days ago. The purchase price, as someone highlighted above me, is: Fratton Park £3.12m CVA £0.76m Special Creditors £0.09m Football Creditors – Other Clubs £1.25m Football Creditors – Non Playing Staff £0.38m Football Creditors – Players £7.96m Total £13.56m As the Labour councillor kindly told us in the News comments, this is a huge increase on the original Trust plan of £7.68m, which consisted (page6): Fratton Park £2.75m CVA £0.85m Special Creditors nil Football Creditors – Other Clubs £1.75m Football Creditors – Non Playing Staff £0.33m (capped at this amount) Football Creditors – Players £2.0m (plus additional £3.0m should plucky Pompey be promoted to the Premier League by June 2022) Total £7.68m So FP valuation has gone up £400k (nice one Keith Harris!), other clubs are getting £500k less and players are now getting the extra £6m the PST thought they could sweet talk them out of (nice one PFA!). The new figure of £13.5m is pretty close to what I estimated (I know ), except I found a reference in the Sept 2012 PKF creditors report saying that Football Creditors amounted to £11.4m, rather than the £9.6m they have here - I hope they haven't forgotten someone! The other two items that aren't included are Chinny's floater (thanks to whoever coined that in the last few days ) of around £2m, which we're all ignoring for now PKF and Pinsent Mason's fees. We heard at the start of the week that these could be as high as £3.5m, although likely less. We see in the Council report today (last page) that these will actually be £1.74m and will come from the cash balances in the club of £4.14m (a figure also seen in the recent PKF 12 month report). So, how much is there to fund this takeover of £13.5m? Again the Council report tells us the PST and HNW have raised £3.815m, of which proof of funds of £2.0m have been provided. An "additional loan from the Trust’s development partner" (Robinson) of unspecified amount. Then there is the council loan of £1.45m. Giving the Robinson loan no value (it will have to be paid back in any case), they have £5.3m. This will allow them to pay off Chinny (assuming they win the court case), the CVA and special creditors - which amount to £4.0m - but leaves them with just £1.3m left over to pay £9.6m football creditors. So, what other funds are available to them to make up this shortfall? Well, cash within the club, after deducting PKF fees, amounts to £2.4m, leaving them just shy of £6m to find. Which brings us to Parachute Payments... As I detailed in my previous post, by my reckoning Pompey are due £7.0m more parachute payments. We know £1.5m of that is not available as it's going to go straight back to pay the Council. So this leaves them £5.5m to pay the remaining £6.0m football creditors. And all this assuming zero cash in the bank, as that has all been spent too. Now here's my wranglings (yes I got there eventually). The Council report states: So...why are the Premier League increasing the Parachute Payments they are contractually obliged to pay them by an additional £4.0m?? To be very clear, this is not an acceleration, but an increase that no reports previously anticipated, with an additional £2.2m coming in August and the rest at a later date. As a footnote, I see the council report also reveals "Players wages have reduced by £1.15m per annum and appear to be comparable to other League 2 Clubs (players’ salaries now average circa £1,250 per week)". This implies an annual playing budget next year of around £1.25m. It also implies they started the season with an annual player budget of £2.4m, despite Appleton complaining that Chainrai had limited him to just £1.5m and that he had put together his squad on a shoestring.

Was thinking about quite how young he is today. In 2020 he will be just 24...how old will you be?!

Interesting Dubsie, thanks for that. I think a lot of refs would have given it tho, and I heard few complaining here (even tho it was Fox). So we lost 4-1 to: - an offside goal - a pen that shouldn't have been - a freak own goal I guess luck evens itself out after all (pen v Villa, og vs Man City)

Just trying to collect my thoughts around the amounts involved. Please correct me if wrong... Assets & Liabilities From the Sept 2012 PKF 6 month report to creditors: … From the Jan 2013 PKF 12 month report to creditors: So with that £1m gone there's £7m parachute payments remaining Cash in club £4.1m (shown elsewhere) Total assets £11.1m £11.4m football creditors CVA contribution £0.5m to unsecured creditors Buying out FP from Chinny £3.0m Let's conveniently forget about Chinny's additional £2m floating charge PKF + Pinsent Masons fees £3.5m (tho BBC today stressing they could be lower) Total liabilities £18.5m So a shortfall of around £7m. How much do the Trust have? Around £1.5m pledges, £1.5m HNW + £1.5m loan (which will need to be repaid!) Can I call that £5m being generous? They’d better hope they turn a trading profit in the first few years! How could they do that - by paying Conference wages perhaps? Profit / Loss From the latest report, over the last 6 months to 2 Jan 2013 they've been running at something like... Football income (incl season tickets and Football League payment [both averaged across season, since payments are once a year], gate receipts, hospitality, sponsorship, matchday income) - £1.8m less... Labour costs (players + staff) - £2.0m (tho this is before they released all their players in Jan) Direct costs (matchday police, doctor and other) - £650k Other costs (incl rents, utilities, insurance, bank charges, ticketmaster fees, ...) - £600k You'd think the income would drop a little next year for reduced attendance, less season tickets and lower FL payments, but probably not all that much. Most of those who would quit have already given up, and performances may pick up next year in a lower league. That was always the Trust's argument too. Direct and Other costs, you'd think would be pretty fixed too regardless of where they play. Which leaves labour costs. It looks like they'll need to cut their wage bill to about 1/3 of previous level to just break even in a season, before they attempt to pay off the shortfall in the debt. Now we know they did go through such a cost cutting exercise in Jan, so they may already be there (does anyone know?). Note that all figures above are quoted as half a season, so cutting to 1/3 of level implies a player + staff wage bill of around £1.2m over the entire season. I've no idea how much of the total labour costs the players normally account for, presumably most, but Appleton was complaining at the start of the season that his £4m player budget was slashed to £1.5m by Chinny before the season started... http://www.bbc.co.uk/sport/0/football/19244057 Poor old Pompey, being told by Balram to live within their means. They did not like that!

For 5 minutes. We got battered that first half. Goals were always coming.

So now we know: Attractive passing football beats long ball Pressing high beats attractive passing football Long ball beats pressing high Everybody beats QPR Who are we playing next?

We scored early against the run of play. It's a bit disingenuous to talk about 'holding on' when we scored after 2 mins!

Given "non-loss making" is also known as making a profit, I think you are wrong.

Under which law is this illegal? Presumably most businesses that go into administration are running at a loss, administrators can't magically solve that in a heartbeat. Not being facetious, I don't know - are you aware of the specific law it breaks? I would imagine that would seriously hamper an administrator's job if it were the law. In any case it won't apply to Pompey, as the figure of $184k is only over the last 6 months, the full period of administration is actually a gain of £2.3m (page 21 of the report). It's just down in the last 6 months due to the seasonality of parachute payments and Football League distribution over the year. Why would you exclude one of their sources of income? It's as valid as any other. You could take any business and say "if they didn't get this income then they would have made a loss". You (and Trousers) are also missing the fact that they received £7m parachute payments year to date, so there was £6m of that received in the 6 months prior which you haven't factored into your "annualisation of profit / loss". We can all cherry-pick from the accounts, for example I could say "If it weren't for the £1.1m settlement with Gaydamak (which is a one-off), they would have performed even better". But they did make such a settlement so I won't. In other news: - I note they still have around £4m in the bank (more or less) according to these accounts - I also see they did manage to get the £750k from UHY they were chasing a while ago (page 22)

Once again Kevin Keegan cruelly overlooked by Andre.

Once again Kamil Kosowski cruelly overlooked by the bear.

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Great to see such consistent selection of the first 11 between people. Only a couple of curveballs in Gazza and Forren that differed at all. Can't remember the last time we had a really settled first 11 that picked itself, plus we are starting to see some depth on the bench now with Forren (tho not seen him), Davies, Guly, J-Rod all able to do a job and Fox / Jos / Richardson / JWP / Gazza all decent enough as cover. Who knows - Mayuka could turn into a player too.

Wow - you reminded me, I spend Valentine's Day at West Ham last year too. Billy Sharp violently attacked Matt Taylor's hand with his neck. Seems a lifetime ago now.

Big game today. HUGE! Could be the day they go finally go bottom, and turn their form bar on the BBC tables completely red! http://www.bbc.co.uk/sport/football/tables

I'm really not sure how much of that book you read...

Oh! Brilliant! Who are we taking the **** out of? I can't wait to see their faces!

I don't understand the comments above. Sounds like a fair reflection on the game, giving a lot of credit to Saints. Even sounds like, if anything, maybe biased towards Saints (tho can't tell from the snippets alone). Can the posters above please clarify how they reached their conclusions, as they seem fairly incongruous with the evidence presented to me.

Ahhh...that actually clears it up for me somewhat - put me down for atheism. I wholeheartedly support the notion that the belief that God does not exist (given current evidence) is rational.

Disagree with you there. Two deaths are worse than 1 death for me, 3 worse than 2, and all the way down...

Yes please. No to the wife.