Gorgiesaint

Right I've just got in from work & I've been trawling through todays mountain of updates but I can't find an answer to a question that has bugged me for most of the day: How can Chainrai be both the owner of PFC and a creditor? Surely if he is a creditor (and not the owner) then who is the owner & why is he negotiating the sale of the club? Therefore he must be the owner, so surely he cannot be a secured creditor as well (because his investment will form part of the capital of the company)? If thats the case then he cannot put the club into admin & liquidation is the only option. Second point, if administrators take over, surely they will have to refer the transfer of the asset (if thats what you can call FP) to Chainrai to reduce his debt by £10m to the court for approval. At that point, they will surely look at the SoA? Anyone with any idea's?

As I understand it, administration requires and administrator to take over the running of the club. As part of their responsibilities, the administrator accepts liability for any debts/losses incurred from when they take over. On that basis, I find it inconceivable that any administrator would want to pick them up as they are trading insolvently - that then only leaves liquidation.

There was an interesting comment in the Times report that btw posted earlier http://www.timesonline.co.uk/tol/sport/football/premier_league/article7035570.ece Chainrai has taken over the freehold of Fratton Park in exchange for writing off £10 million of the debt, although he stands to get back more by leasing the ground back to the club at an annual rent of £1 million and could make a bigger profit if the club go out of business. Has someone finally twigged what the endgame will be?

Call me sceptical, but even Sorrie mentioned it a few days ago. If these buyers were really serious, there would be non-disclosure agreements in place. We know from our own experience that nothing ever happens when the deal is played out in front of the media - that is just spin. The real deal is done behind closed doors. I would be very surprised if this is nothing other that Storrie-telling for the judges supposed benefit. I just hope I'm right because the consequences of another owner coming in doesn't bear thinking about.

“Hindsight is a great thing and when I look back perhaps I should have done more to address the situation." “But at the end of the day I am simply an employee of the club and I only carry out the instructions of the owner." Understatement of the millenium I think, and no you are the CEO with responsibilities beyond that of an employee. This one is pretty sucinct http://www.mirrorfootball.co.uk/opinion/columnists/michael-calvin/Why-Arsenal-skipper-Cesc-Fabregas-will-become-a-folk-hero-at-Barcelona-and-Portsmouth-deserve-to-go-bust-The-Michael-Calvin-Column-article329757.html

Now that would be funny if got on the BBC text feed!!

Now interviewing the local MP (Mike Hanc()ck) on 5Live... There's only one group to blame - the Premier League, oh and possibly the owners You really couldn't make it up

Just summed up by the Pompey fan interviewed by 5Live, basically we (Pompey) should go into administration & take the relegation because we don't want what happened to Southampton!! What do they think happened to us?? Administration is just a dream for them now, let alone ending up with a rich owner who wants the club run professionally!! :smt033

I see Falvio Briatore has stepped down as QPR chairman... surely he wouldn't be mad enough.... or would he? http://news.bbc.co.uk/sport1/hi/football/teams/q/qpr/8525530.stm "My three years as chairman of QPR have been an exciting and incredible experience. I'm proud to have helped save this historical club and to have contributed in paving the way to its future success" He might just be mad enough (but I doubt it!!)

Good point about players future earnings would have tax paid on them, and free agents can be signed at any time - no dispensation needed. Good result in the cricket, lets hope we can repeat that again tomorrow.

If its correct, and it cetainly seems to make sense, then it would explain why the HMRC are so keen to liquidate rather than allow administration. Just makes me want the HMRC to win the WUO even more, its the only way that justice will be done against the likes of Storrie.

To be fair - they have failed to play two of their matches. But I do agree with your sentiment. I'm not sure there is anything that a club can do to get expelled from the PL as the leagues 'integrity' is the most important thing. The irony of this is obviously lost on the PL bigwigs.

So how quickly can they get a meeting of the PL chairman together? Can they manage to get that sorted before 1st March? EDit: If I were the Hull or Burnley chairman I would suddenly have a very full diary!!

Lets remember one thing in this. They still have to appear in court on 1st March, they have already submitted the statement of affairs and it would appear from certain comments made that it is not good news. Let's hope that whoever is hearing this case (not sure if Judge Dennett gets it again) takes a dim view of the need to have football's rules re-written for their benefit so they can keep going. Whilst I have some sympathy for some of their fans - I really hope that the judge rules in HMRC's favour and they get wound up.

Just listened to the 5live news, they said that FIFA would allow it so the PL retains the 'integrity' of the league. Have to say they have lost all integrity

This is an absolute disgrace but I have to say I am amazed that FIFA have allowed this to happen. Its now got a page on the BBC, not much on there at the moment but further details to follow. Nothing as yet on the FIFA website. http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8522283.stm

David Gold has just been interviewed on Talksport - was pretty honest and admitted in was in his (& West Hams) interest to keep Portsmouth going. He said his first interest was to West Ham. When asked if he would have made the offer if West Ham had been in mid table or challenging for Europe would he have made the offer - 'probably not' However he did make me laugh when he talked about the 20-25k supporters they get at each game - which game was that then?

Good spot. Mind you, if he baulked back then he's not likely to want to go ahead now with double the debts. It is quite incredible that they've managed to do that despite the sales of their top players: Defoe (£15.75m) & Crouch (£10m) although Muntari would have already gone by that time. I really hope that when this is all finally settled, someone does some real digging around where the money has gone.

Interesting comments in the second article: 'Earlier today Portsmouth’s chief executive Peter Storrie said: “I’m bored, bored, bored with talking about this,” and refused to make any further comment. It is reported that Pini Zahavi, the influential Israeli agent, is assisting James in negotiations, and that any bid to takeover Pompey, which is valued at around £70m, would see the club’s £30m debts wiped out.' 1. Storrie doesn't get bored about talking about a Portsmouth takeover and 2. debts of £30m!!!!!!! What happened to the rest? I reckon if he is interested then he's seen some of the locals parking their caravans with their gold & thinks there must be some buried under the pitch. Wonder if the council will allow a mine to be set up?

Haha There's two other groups as well... Fratton Park would make a great Ikea or Make Fratton Park into a lidl because ther worthless (You would think if you're going to make a group then at least learn to spell correctly)

He was, Storrie teller is now looking out that £60m life assurance policy!!

So is administration still an option for them then? The BBC panel seem to think so.

Just got back in & was listening to Talksport playing an interview with Tony Pulis. I'm sure he said at the start that if you lose a football club, then you lose the community and lose a couple of hundred thousand people..... Crikey, I thought liquidation was bad, didn't realise that it involved ethnic cleansing!!

I would agree - that was a quote taken from ESPN http://www.espn.co.uk/football/sport/story/7598.html?CMP=OTC-RSS (Last but one paragraph)

Ouch, that must hurt the employees of Pompey knowing that you've gotta rely on Storrie sticking his hand in his pocket to pay your wage.