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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Channon's Sideburns

Channon's Sideburns

Posted
Posted

One other thing I've spotted from that Guardian article - that Antonov has been underwriting £10.5M since he took over for player purchases and WAGES.

 

'Akers told the Guardian that Antonov has invested around £10.5m into Portsmouth to pay for transfer fees and underwrite players' wages since CSI bought the club from the previous owner, the Hong Kong-based businessman, Balram Chainrai, in June.'

 

So then...if his money was moody...strip that away and they're trading whilst insolvent (THE CLUB, not CSI). :lol:

View From The Top

View From The Top

Posted
Posted
do you guys really want to see us go down the pan, I mean the real fans on here which some of you are not real football fans. I certainly did not want to see you go to the wall and stated so on here, I want to be able to continue the rivalry, considering you were close to going under and being non existant I find some views on here very odd.

 

I would be happy to see a points deduction because thats the law and whats rightly so examining the recent past but for some of you here wanting us to be completely wiped out, football fans? Hmmm.....I understand that point of view aganst the PFC fans that have no idea but for us ordinary fans?

 

I think this is the end game, cannot see anyway out of this one. Start again and go from there. Will never be the same between us though will it.

 

For the likes of yourself, who I've said before I'd be more than happy to have a pint with I have genuine sympathy. However, let the foookers die.

dingbattigger

dingbattigger

Posted
Posted

Mero, you and Mack are true fans and no, I don't actually want to see your club die, punished yes but that's all. I do wonder though if you'd all be better off wiping the slate clean and building a club you could be proud off.

EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
One other thing I've spotted from that Guardian article - that Antonov has been underwriting £10.5M since he took over for player purchases and WAGES.

 

'Akers told the Guardian that Antonov has invested around £10.5m into Portsmouth to pay for transfer fees and underwrite players' wages since CSI bought the club from the previous owner, the Hong Kong-based businessman, Balram Chainrai, in June.'

 

So then...if his money was moody...strip that away and they're trading whilst insolvent (THE CLUB, not CSI). :lol:

 

Should that be the case, him bankrolling the club, then it will be hard to prove that they are not inextricably linked.

 

It's getting better and better.:D

tony13579

tony13579

Posted
Posted

I have had two real crap days. Yesterday the other half got diagnosed with a life changing heart/ lung condition. Today I went to a funeral and became ill and slid down the door frame ruining the service followed by 8 hours shivering trying to puke the bottom of the gut up.

 

The independence of the seas set sale at 5pm without us on an 18 day trip.

 

 

But the thing that makes it all better is Pompeys situation. Whoo Hooo. Time to pay up you cheating skate bast@rds.

Minsk

Minsk

Posted
Posted
So they were either loaned £10.5mill which they will have to repay pronto to the administrator or were bankrolled to that tune meaning they are insolvent.

 

Happy days.

 

Quite possibly £10.5m of Lithuanian pension fund money, which is why they should be docked at least 10 points (IMO).

 

 

Oh, and on Solent after the match they said they had spoken to AA and he believes the Skates only have enough money to last until the end of the year. If that is the case just 1 more month to go!!

Colinjb

Colinjb

Posted
Posted

'Bob Beech' from the Skates supporters trust is on SSN saying how unsurprised he is after SNORAS went under and that he just wants all the bad men to 'leave us alone.'

 

He was almost in tears bless him, I wonder if he thought the same at Wembley on those few occasions. Must feel like a lifetime ago for him. Not for me.

pedg

pedg

Posted
Posted

As there is both a Lithuanian and Latvian bank involved will the two countries be in a bit of a competition to get at the assets?

 

Both one assumes will be looking to claw back as much as they can to cover the losses for closing each bank. Does anyone know what happens when bank A in country B owns bank C in country D? does the fact that the main bank was in B mean its up to them to try and get back the money or can country D go after it as well. There was a story about the Latvians seizing the cars and house in Latvia but could they look further afield?

um pahars

um pahars

Posted
Posted

Had a really interesting piece of news from my friend in a very high place in the football world tonight (obviously can't reveal who he is, but I have mentioned him before and he is very high up in the admin of the game).

 

Apparently, someone at the League has been tasked with coming up with a doomsday scenario if Portsmuff can't see the season through. He told me this has only happened twice before in recent years and is only invoked when things are really, really, really bad.

 

The feeling is that they won't see the season out!!!!

Huffton

Huffton

Posted
Posted

Is this the way to liquidation

Pompeys in administration

Andys back at fratton station

Cause the skates are f*ck*d again

sha la la la la la la la......

rallyboy

rallyboy

Posted
Posted

worst bit of all?

 

The club was claiming to be solvent until Anotonov was arrested for stealing money.

This timing clearly indicates that the club has been run on stolen cash - and the league has sat there and watched.:?

 

I do feel sorry for some of the fans, but not the ones who thought spending big in the summer instead of addressing debt was a good thing.

Shall we pay off people who are likely to bankrupt us, or shall we buy a striker so we can beat the scummers?

 

You make your bed, you have to lay in it.

Or, if you swim with sharks, don't be surprised when you get bitten.

Either way, no sympathy for anyone whose that reckless.

 

Well done Lampitt, you have continued the fine work put in by Storrie and all owners and managers going back to and including Mandaric.

Its been a real team effort, you don't create a train crash of this proportion without dedicated effort - drink a toast to quality over quantity!

 

And nice to see some of those who loudly dismissed this thread as a haven for nutjobs and pants-wetters have waded in now with a massive U-turn and have finally learned to enjoy the comedic nature of pompey's appalling business plans.:)

Welcome aboard, a bit late but well done.

Chin Strain

Chin Strain

Posted
Posted
Good article, I for one think the few can demonstrate independence from CSI position, their situation is more akin to the West Ham one than ours.

 

I've nearly finished a book called Boomerang, it is basically a financial journo touring Greece, Ireland and Iceland looking at the roots of the current financial crisis. The conclusion I have drawn is that these countries will default, face years of austerity or most likely both. They cannot bail the water out any faster than it is coming in.

 

And here is the scoop for the few. Their books do not balance, even if you remove the CVA. They have financial millstones around their neck and has their plight worsens the few will become fewer. They have no assets to speak of so their only hope is a billionaire walking into town. In that regard they face the very real issue that anyone in that position would likely take a L1 or L2 club for a startup project.

 

They will fail, maybe if they are lucky they will be allowed to slip through the leagues. As for us versus the Skates it is over as a contest for the foreseeable future.

 

They can claim independence, but I simply can't see that they can survive without the financial input of CSI. Presumably CSI have taken the season ticket money, tv money etc. If the owners were syphoning off from Snoras (allegedly), would they baulk at doing it at Pompey? Pompey, IMHO, will have next to no revenue coming in at the moment. They'll almost certainly have to find at least £1m (conservatively) to pay the players this week. Akers has said in the Guardian interview that Pompey are reliant on Antonov for funding...seems to be the ace card in the pack.

Whitey Grandad

Whitey Grandad

Posted
Posted
Really feels like this is a club being wound-up situation.

 

Question : Have WHU played Pompey yet and taken points from them ? Wondering if we will get our 5 point lead back again.

 

10th September: West Ham 4 Portsmouth 3 :)

Tokyo-Saint

Tokyo-Saint

Posted
Posted
Is this the way to liquidation

Pompeys in administration

Andys back at fratton station

Cause the skates are f*ck*d again

sha la la la la la la la......

 

LOVE IT! Please let's sing this at their place.

 

People do seem to be missing a key question here, will those toilets ever get fixed at the arena? After a long bus journey, I'm going to need a p1ss.

Mattio

Mattio

Posted
Posted
Is this the way to liquidation

Pompeys in administration

Andys back at fratton station

Cause the skates are f*ck*d again

sha la la la la la la la......

Perfect! Especially after THAT game at fratton >.
BigShadow

BigShadow

Posted
Posted
Had a really interesting piece of news from my friend in a very high place in the football world tonight (obviously can't reveal who he is, but I have mentioned him before and he is very high up in the admin of the game).

 

Apparently, someone at the League has been tasked with coming up with a doomsday scenario if Portsmuff can't see the season through. He told me this has only happened twice before in recent years and is only invoked when things are really, really, really bad.

 

The feeling is that they won't see the season out!!!!

 

Exactly!! All this talk of points deductions is almost irrelevant. Even if they get -10, -15 or whatever - the bigger question is where will they find the funds to keep going? As Chris Akers has said - Antonov was supporting the wage payments - so with no further funding available - what happens now? Difficult to see past administration and then liquidation. Finding a buyer? Seriously?

 

I really hope there is a PFC at the end of this - don't like to see any club cease to exist. A painful slide into L1 and L2, yes - but extinction? Where's the fun in that? The banter will be gone, the anticipation of derby days etc.

 

I am guilty of enjoying every last minute of their turmoil - please don't let this be the end. :)

um pahars

um pahars

Posted
Posted

Can someone work their magic and get this up as a youtube post thingy (rather than just a link).

 

Great song for the Blue Few

 

http://www.youtube.com/watch?v=LmLDf9XKMfk

Clapham Saint

Clapham Saint

Posted
Posted

I can't see that they will get the points deduction yet.

 

The holding company structure is the West Ham "model" rather than Southampton Leisure Holdings.

 

That said I can't see that they can possibly be anything other than loss making and massively cash negative so it's just a matter of time until they go again.

 

I for one really don't want them to disappear altogether (which I think has to be a serious possibility). I really f**king hate them but that's half the fun!

Minsk

Minsk

Posted
Posted
Is this the way to liquidation

Pompeys in administration

Andys back at fratton station

Cause the skates are f*ck*d again

sha la la la la la la la......

 

Excellent!!!

 

One of the best posts on the entire thread!!!!!!!!

 

i want to hear this being sung loud and proud on the 18th!!!!!!!!!!!!

 

:) :) :) :) :)

St Chalet

St Chalet

Posted
Posted

Brendan Guilfoyle on Sky reckons they will be ok as the club will revert back to Baloo as the secured lender. I am sure he is scouring prisons, courtrooms and Janes Directory for new buyers as we speak.

Rational Rich

Rational Rich

Posted
Posted

Didn't the league tighten up the rules after we went into administration so the points deduction expressly applied if any holdco went into administration, or am I imagining things? May need to try to get hold of a copy of the rules.

aintforever

aintforever

Posted
Posted
Is this the way to liquidation

Pompeys in administration

Andys back at fratton station

Cause the skates are f*ck*d again

sha la la la la la la la......

 

sha la la la la la la la......

sha la la la la la la la......

sha la la la la la la la......

The skates are going bust again.

Seaford Saint

Seaford Saint

Posted
Posted
Exactly!! All this talk of points deductions is almost irrelevant. Even if they get -10, -15 or whatever - the bigger question is where will they find the funds to keep going? As Chris Akers has said - Antonov was supporting the wage payments - so with no further funding available - what happens now? Difficult to see past administration and then liquidation. Finding a buyer? Seriously?

 

I really hope there is a PFC at the end of this - don't like to see any club cease to exist. A painful slide into L1 and L2, yes - but extinction? Where's the fun in that? The banter will be gone, the anticipation of derby days etc.

 

 

I am guilty of enjoying every last minute of their turmoil - please don't let this be the end. :)

Top post......I fully agree, I want them punished but not

liquidated.

trousers

trousers

Posted
Posted
Another David Conn article from the guardian about the failure of the FAPP test.

 

http://www.guardian.co.uk/football/david-conn-inside-sport-blog/2011/nov/29/portsmouth-crisis-vladimir-antonov

 

Is this bit doffing a cap to the 'cheats' sentiment on this forum...?

 

"Pompey fell into administration in February 2010 after Sacha Gaydamak, who had funded huge losses for Harry Redknapp to take a star-stocked team to victory in the 2008 FA Cup final, pulled out."

aintforever

aintforever

Posted
Posted
Top post......I fully agree, I want them punished but not

liquidated.

 

Naaaa, I prefer the nuclear option, it's what they deserve.

 

The lack of derby games would be a small price to pay. Anyway you could always go to watch AFC Portsmouth play Totton.

edprice1984

edprice1984

Posted
Posted

Last club that went under mid-season was our friends down the road, Aldershot in 1992. All their results were 'expunged'

Maidstone went under without playing a game in beginning of 1992/3 season.

TopGun

TopGun

Posted
Posted (edited)

I think we need to work out the finances as much as we can and I am sure that other posters have good info on this.

 

As far as I can tell, Pinport has placed a holding charge over CSI at Companies House (meaning they would be a preferred creditor or even still majority stakeholder in Pompey Ltd dependent on how much of the agreed post-admin sale cash they have received from CSI). What we don't know is how much that holding charge is for although a Freedom of Information request to Companies House should reveal that within 30 days or so if someone submits one.

 

It does mean that Pinport would receive their fee from UHY if Pompey were sold as a CSI asset but maybe it's in Pinport's interest to buy out whatever else value possibly exists from CSI via UHY to gain sole control again. Not sure if that is right, perhaps others with better knowledge can help...

 

I think we need to look at the original CVA report again plus the amended timescales that were negotiated by Pompey after administration to understand what is outstanding to previous creditors (who were shortchanged by UHY last time) and when it is due.

 

On top of that, it would be good to understand if HMRC has a future possibility to retro claim the £37m it claims it is owed by Pompey should their ongoing football creditor High Court case be successful.

 

Any possible buyer of Pompey (unless they were wanting to launder money etc) would be asking the same questions.

 

And I suppose it also begs a question, if Pinport (Chainrai) bought or retrieved back a majority share, could Pinport do the same as last time and put it into administration either to reduce debts, liquidate for assets (having presumably a great amount of liabilities written off excluding the CVA from previous administration) or even wholly buy back cheap again?

 

And I don't even pretend to know what land or share holdings Gaydamek still has over Pompey or Fratton Park!

 

Plus I guess there is a possibility that the £6m plus that Pompey agreed to pay for new players over the summer wasn't paid upfront and some is still outstanding to other clubs (mugs if so).

 

Anyone got any ideas?

Edited by TopGun
Matthew Le God

Matthew Le God

Posted
Posted (edited)

Andrew Andronikou says the club only has funds "until the turn of the new year".

 

http://audioboo.fm/boos/567341

 

So a month and ticking...

 

Although to me he doesn't sound overly confident the Football League won't impose penalties even though he says he is early on in the interview. Mark Fry when appointed Saints administrator in 2009 was confident they wouldn't be deducted points.

Edited by Matthew Le God
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