Guided Missile

This is a good laugh and a situation you think someone in the toy retail sector should really be aware of... Tesco’s decision to cut its store-expansion programme, which has characterised its growth during the past decade, will send shockwaves through the UK’s commercial property sector. The country’s largest retailer by market value, which said on Thursday that it planned to sell more non-food items through the internet, is a significant force in the property market, buying and selling billions of pounds worth of land, supermarkets and high street shops every year. In the past five years, Tesco has sold £6bn-worth of property globally, giving it net divestments of £5.2bn on which it has made £1.3bn of profit. Nearly all of the disposals have been in the UK, where the retailer has a mature portfolio of supermarkets and inner-city shops. Its rate of disposals in its domestic market means Tesco has been the sixth-largest property vendor since 2007, only slightly behind Lloyds and Royal Bank of Scotland – the two government-controlled lenders under pressure to sell their property holdings.

The previous directors having fallen into a lifeboat...

Sorry, mate, but it looks grim: BAE to shut Portsmouth dockyard Up to 3,000 jobs and more than 500 years of naval history are in peril at the defence giant after orders for new vessels dry up Karl West Published: 22 January 2012 BAE has yards on the Clyde, at Scotstoun and Govan, above, and at Portsmouth (John Linton) BAE Systems is considering closing the historic Portsmouth dockyard in a move that would threaten up to 3,000 jobs and end more than 500 years of naval shipbuilding in the city. Portsmouth is the likely victim of a review of the defence group’s shipbuilding operations, senior industry sources said. A lack of orders after the completion of the Royal Navy’s new aircraft carriers has made the south coast base vulnerable, with a decision likely in the next three months, they said. BAE employs about 1,500 at the yard and there are 1,500 jobs in support roles. The closure is likely to cost the taxpayer hundreds of millions of pounds as the Ministry of Defence is bound by contract to shoulder the expense. Portsmouth has been a naval base since the 1200s but the first recorded warship built there was the Sweepstake in 1497. Other military vessels produced there include the Mary Rose and HMS Dreadnought. BAE gained a monopoly in British warship construction in 2009 when it bought the shipbuilding arm of VT Group, formerly Vosper Thorneycroft. It has yards on the Clyde, at Scotstoun and Govan, and at Portsmouth. All are working on hull sections for the aircraft carriers, HMS Queen Elizabeth and HMS Prince of Wales. Workers at Portsmouth are due to start cutting steel on the second hull section next month. The defence group yesterday insisted work would begin as planned. However, it declined to comment on whether it would transfer Portsmouth’s work to the Clyde yards at a later date. It emerged last week that BAE has appointed LEK Consulting, the management consultant, to examine the future of its shipbuilding unit. BAE said: “As part of our business planning activity, we are reviewing how best to retain the capability to deliver and support complex warships in the UK in the future. “This work is ongoing and we will keep our employees and trade union representatives fully informed as it progresses.” BAE’s shipbuilding arm signed a 15-year terms of business agreement with the MoD in mid-2009, which guaranteed work for the duration of the deal. A section of the contract, called Strategic Rationalisation, states that the ministry will bear the costs of any site closure. BAE came under fire in September for axing 3,000 jobs at sites across the country because of a slowdown in work on military aircraft. The upheaval in the ships business comes as Richard Olver, the chairman of BAE, has extended his tenure for another year, pushing back his retirement from the board to the summer of 2014. Olver’s new deal will be outlined in the 2011 annual report, which is due to be released in March.

Exactly... ...and as I said earlier to Barbie, this is what they face: Goldstone Ground Retail Outlets The Goldstone Ground (or The Goldstone) was the home ground of Brighton and Hove Albion between 1902 and 1997. After the sale of the ground to private developers, the area was changed to a row of warehouse style retail shops, along with a "drive-thru" Burger King outlet.

It was looking like this, for a while:

Apparently, Corp has been able to sort out a new loan for the Pompey squad:

What you don't get is that a low offer for the club makes it more likely it'll end up as a liquidation. You guys are in for a replay of the Goldstone Ground saga. Still, look on the bright side, the Withdene is available...

The news just keeps getting better and better.... [h=3]Harry In Court Monday - Maximum Penalty? Life Imprisonment[/h] Redknapp is to face trial accused of tax evasion relating to his time as manager of Portsmouth Football Club. The trial is due to start Monday 23rd January, and is likely to last for two weeks. Two payments totalling $295,000 (about £183,000) were allegedly made by Mr Mandaric to a Monaco bank account opened by Mr Redknapp, apparently linked to a bonus scheme where Redknapp was given a small percentage of any profits from transfers... the moral implications notwithstanding, that last bit isn't actually linked to the charge. The prosecution allege that these payments were concealed in order to avoid the income tax and national insurance contributions for which the club was liable, as his employer, to pay. Redknapp has entered a plea of not guilty. When dealing with serious tax evasion, the CPS often prefer to charge a suspect with the common law offence of cheating the public revenue. Cheating the public revenue must be tried in the Crown Court and cannot be tried in the magistrates’ court. On conviction, the maximum penalty that can be imposed is life imprisonment and/or an unlimited fine. Any sentence or fine is based on the seriousness and amount and is decided upon by the judge, but imprisonment of around two years is apparently the likely outcome as for the past few years the CPS have been cracking down on this offence and preferring jail time over fines. If however he is found guilty and given a fine instead of jail, would his position as Tottenham manager become untenable? Levy has always declined to comment on the matter, saying that it is a private matter, but it would be hard to imagine Levy wanting the media spearhead of Tottenham Hotspur to be one with a criminal record. It might make his job of acquiring funding for the new stadium that little bit more difficult. Of course, the outcome, sentence and implications for Spurs is all conjecture and Harry is innocent until proven guilty. So let's hope he's proven innocent and continues to take us onwards upwards, because whatever you think of Redknapp, there is no doubt that removing him from the managers position will have a serious effect on the morale of our team and key players who have cited Redknapp as the key to their enjoyment of football at Spurs. I'd hate our title charge to stay alive on the pitch only to be torn apart off it.

I know what you mean, Phil. I was just talking to Jeremy Paxman for Newnight and while I was giving my opinion on the chances of the Greeks defaulting on their loans, Gary Lineker phones me and wants to know who is going to buy Pompey. I was about to tell him to do one, when I remembered that I am caddying for him at Wentworth this weekend and had better be nice to him, so I just told him to read this thread. (Read my daily blog in the Name Dropping section, for those interested in just how important I am...)

Jean Todt, the FIA president and a former world champion rally co-driver, has been quick to give assurances, as well as decisively taking action against Convers Sports Initiatives, the former commercial rights-holders now in administration after the arrest of Vladimir Antonov, the majority owner, on fraud charges. The administrators were attempting to sell the WRC’s commercial rights, but Todt has headed them off, fearing another debacle such as that caused by the Russian takeover. But the resulting mess could take time to clear up, with the FIA attempting to fill in, although the organisation has no commercial structure. David Richards, chairman of Prodrive, which runs the Mini team for BMW, said yesterday: “It could take a long time. The FIA has got the show on the road and is in control, but it needs another three months to set out a plan and get a proper promoter on board.” As many as seven interested parties have entered the bidding for the commercial rights, but Todt will want to get this decision right to get over the immediate crisis. This was to be the WRC’s comeback year. The championship was returning to Monte Carlo after a three-year break; more manufacturers were lining up to take part. Now Monte Carlo could be a damp squib, official entries have fallen thanks to the uncertainty and even BMW, Mini’s owner, is pulling back from its promise to enter the entire season as championship contenders. That sums up the bleak future facing the WRC unless a commercial rights-holder can be found — and fast.

You realize that the RSPCA is a charity? So you want them to divert funds from their good work to take action against a website that offends your sensibilities? Waste your own money if you're that upset...

I've killed a few animals in my time and ate every one of them. It takes a bit of resolution and commitment, but it makes you feel like a man afterwards, especially if it was quick and painless. It also, for a carnivore, makes you feel a lot less hypocritical than all the other carnovores who would never be prepared kill what they eat. I guess what I am saying is, break the cats neck with a sharp blow to the back of the head, thus instantly killing it, remove the guts and skin the animal and then use the flesh to prepare a stew for the whole family to enjoy, toasting the ex-mog with a glass of chablis for the joy it brought you, both in life and in death. (PS The fur should make an ideal hand warmer for these colder evenings).

Any amusement that your illiteracy generated on here, has long since disappeared. It's getting a bit like the club you support. Get a new joke will you?

Sunday Times - Today A Sicilian businessman is poised to swoop on Portsmouth football club, becoming the sixth owner of the Championship side in less than three years. Joseph Cala, who once owned a football team in his homeland for less than two weeks, is in pole position to take over the troubled club. He has indicated he would invest £20m before studying plans to float Portsmouth in New York. However, few football clubs have successfully become public companies. Portsmouth’s previous owner, Vladimir Antonov, was questioned by police in November on suspicion of fraud in Lithuania. His business, Convers Sports Initiatives, which bought Portsmouth last summer, went into administration soon afterwards. Cala was introduced to the club by Balram Chainrai, the Hong Kong businessman who sold Portsmouth to Antonov. He is the biggest creditor with £19m of loans. Sources close to the talks said Cala is the frontrunner. Little is known about the businessman. He is said to be wealthy and has been involved in proposals to build underwater hotels and casinos on boats, though the schemes were abandoned after proving too expensive.

It was doing alright before you moved there...

...and Austria...

Most embarrassing part of the article, TBF. I really thought he'd make a top manager, but, hey, I was disappointed when we hired Nigel Adkins, so what do I know?

Afraid he may come round and attack you with a Barbie doll?

A little light relief.... Major General James P. Wolfe (2 January 1727 – 13 September 1759) was a British Army officer, known for his training reforms but remembered chiefly for his victory over the French in Canada. The son of a distinguished general, Lieutenant-General Edward Wolfe, he had received his first commission at a young age and saw extensive service in Europe where he fought during the War of the Austrian Succession. His service in Flanders and in Scotland, where he took part in the suppression of the Jacobite Rebellion, brought him to the attention of his superiors. The advancement of his career was halted by the Peace Treaty of 1748 and he spent much of the next eight years in garrison duty in the Scottish Highlands. The outbreak of the Seven Years' War in 1756 offered Wolfe fresh opportunities for advancement. His part in the aborted attack on Rochefort in 1757 led William Pitt to appoint him second-in-command of an expedition to capture Louisbourg. Following the success of this operation he was made commander of a force designated to sail up the Saint Lawrence River to capture Quebec. After a lengthy siege Wolfe defeated a French force under Montcalm allowing British forces to capture the city. Wolfe was killed at the height of the battle due to injuries from three musket balls. What was even more unfortunate was that the last experience this brave soldier had of England, before he sailed for Canada, was a short period, living in Portsmouth, just before left these shores. Here is one of his last letters home: To HIS MOTHER. Portsmouth , February 11th, 1758. DEAR MADAM, When any matter of importance to a country is resolved on, the sooner it is carried into execution the better. Delays are not only productive of bad consequences, but are very tiresome and very inconvenient, as every unhappy person, whose lot it is to be confined for any length of time to this place, can certify. The want of company and of amusement can be supplied with book and exercise, but the necessity of living in the midst of the diabolical citizens of Portsmouth is a real and unavoidable calamity. It is a doubt to me if there is such another collection of demons upon the whole earth. Vice, however, wears so ugly a garb, that it disgusts rather than tempts. The weather begins to be more moderate than it has been for some days past, and I fancy we shall go on board this afternoon, to be ready to get under sail with the first favourable turn of the wind. I should be glad if we were at sea, though I have no very agreeable prospect before me ; however, I hope to overcome it, and if not, have a mind strong enough to endure that, and still severer trials, if there are any more severe. I heartily wish you all the benefit that you yourself can hope for from the Bath. The General will be kind enough to put up with some inconvenience for your sake. I beg my duty to him, and am, dear Madam, Your obedient and affectionate Son, JAM. WOLFE. PS. You shall hear from me by all the opportunities that offer.

The Times - Friday, 13th January, 2012 A former owner has put almost £1 million into Portsmouth to ensure that the players’ wages are paid this month. It means Balram Chainrai’s company will have loaned about £19 million to the npower Championship club. The Hong Kong-based businessman sold Portsmouth to Convers Sports Initiatives (CSI) in June, but the company went into administration in November and Vladimir Antonov was forced to step down as the club chairman, shortly before he was arrested in connection with asset-stripping at Snoras Bank in Lithuania. He denies any wrongdoing. The administrator of CSI has been in talks to sell Portsmouth over the past week but if a deal is not concluded soon, it is likely to try to find other potential buyers. A new owner is more likely to roll over, rather than totally pay off, the debts. The club have some cashflow issues and are estimated to need about £2 million to meet their costs for the rest of the season, but have few players who would command sizeable fees this month. In addition, Portsmouth have been unable to remove Tal Ben-Haim, the defender who earns about £40,000 a week, from the wage bill, contributing to the club’s loss of about £5 million a season. Portsmouth are facing the possibility of a deduction of points if it is shown that some club debt has been transferred to CSI. The Football League has asked an accountancy company with experience of football to consider the situation, but does not know when a decision will be reached. The club appeared to have been coming to terms with their finances after experiencing problems for several years. The Premier League’s parachute payments have helped to clear football debts of £12 million and, under the terms of their exit from administration, about £16 million should be paid to unsecured creditors. Chainrai was owed £18 million, secured on Fratton Park. He called in Walker Morris, a law firm in Leeds, to begin the administration process of CSI after he failed to receive interest payments scheduled as part of Antonov’s takeover. He acted because Snoras had guaranteed this debt.

Copyright Marc Jackson

Errr.. it was me...

Exclusive - Cala Corporation Plan for Fratton Park

Speaking to Meridian Tonight, Joseph Calla was asked what his background is and who was behind his bid. He told the programme... 'I was trained by Walt Disney many many many years ago. I'm a business strategist, many people say I'm a coffee shop owner, which I always find quite amusing.' 'I actually have been in the past,been heavily involved in the fitting out of Salernitana football club stadium. Obviously I have an IT background, sales background, but also I have had involvement at Salernitana Academy and scouting for many, many years.' 'To give you an instance I was involved in the scouting of Lionel Messi from Newell's Old Boys youth team sadly, to FC Barcelona.' 'I have many, many contacts in football, I have many contacts abroad as well, in American MLS football as well as in Dubai.' 'So it's a mixture of many many things, all put together with a vision for a football club and we are going to drop the blueprint into here, but all will be revealed.' When asked if it was his money he was investing in Portsmouth FC, Calla smiled and said... 'It is a consortium' When pushed on who is in the consortium, he added... 'That is, something that really and honestly will never be answered properly and completely, but the truth of the matter is, there will be answers to that to an extent in tomorrow's (Friday's) press conference.'

I can guarantee that there is no honest businessman in the world, with a scrap of intelligence, that believes buying Pompey is a good investment. I also believe that this month will see the end of the nightmare and fantasy and this thread will be liquidated soon, along with your sorry club. I mean, just how many crooks and care in the community fantasists are there?