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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Doctoroncall

Doctoroncall

Posted
Posted

You can see why the delusion will catch them out and the last sentence of the latest guardian article is so apt. This is from a mod on not606:

 

 

 

IMO, we were stuck between the devil and the deep blue sea as far as selling players was concerned.

 

1. Hold on to the players (and their wage bill) and wait for a buyer to come in and sort things out.

2. Hold a fire sale, get the bills paid but get relegated to League One and possibly to League Two next year.

 

I think option One is [albeit risky] the better option, as a Championship side is going to be more appealing than a struggling league One side to an investor.

dvaughanwilliams

dvaughanwilliams

Posted
Posted
Not sure if they've been posted, but the creditors report on CSI has been posted by a tweeter...

 

http://lockerz.com/s/180246269

http://lockerz.com/s/180245239

 

Assuming that those shots are accurate the things that really stick out:

 

1. They value DFCSB (2010) Ltd at £4m

2. Chinny has a floating charge over all of CSI's assets

3. The value of the assets is less than Chinny's loan. He therefore owns all of CSI's assets.

4. There are trade creditors who are owed just short of £20m

 

CSI can either be passed to Chinny, despite the fact that you couldn't describe it as a going concern or should be liquidated.

 

Cheats FC is now a binary situation: white knight or closed doors.

hutch

hutch

Posted
Posted
''Maybe a franchise system, requiring those who would own a football team to stick to an agreed set of practices or lose control, might save clubs from themselves. At present the tendency is to apply the Billy Bunter principle in matters of finance : the Owl of the Remove was forever expecting a postal order. Either this or hope that the figure shimmering in the heat haze of an Arabian desert is Omar Sharif with oil wells and not merely a mirage.''

Or, easier still, remove the protection of limited liability from football club owners.

 

Cash flow is, if anything, more important than Net assets. The most important test is "can they pay their liabilities as and when they fall due".

 

HMRC say not

But that's only because some vindictive barsteward has frozen their bank account.

 

 

Apparently.

St Chalet

St Chalet

Posted
Posted
Assuming that those shots are accurate the things that really stick out:

 

1. They value DFCSB (2010) Ltd at £4m

2. Chinny has a floating charge over all of CSI's assets

3. The value of the assets is less than Chinny's loan. He therefore owns all of CSI's assets.

4. There are trade creditors who are owed just short of £20m

 

CSI can either be passed to Chinny, despite the fact that you couldn't describe it as a going concern or should be liquidated.

 

Cheats FC is now a binary situation: white knight or closed doors.

 

The trouble is the skates will always believe they have 3 options in a binary situation.

Toomer

Toomer

Posted
Posted
Bishops Printers of Fratton do the programmes.

I am sure that as former club sponsors/directors, they would honour the Skates contract.

What I struggle with is their advertisement at the Chapel end. I know they do our programme but it spoils the St Marys match day experience.

Correction, Bishops are in Fitzherbert Road Farlington and Cedar Group Romsey print our programme.

sidthesquid

sidthesquid

Posted
Posted

Now the bearie-weirdie is chipping in, too. Cunning politician's phrasing I hope & not stupidity - ‘I would therefore be interested to hear what steps you would be willing to take to help save the club. With the prospect of liquidation looming any financial assistance you may be able to offer the club would be enormously helpful and universally welcomed.

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/mp_asks_prime_minister_for_details_on_help_for_the_club_1_3487335

badgerx16

badgerx16

Posted
Posted (edited)
Now the bearie-weirdie is chipping in, too. Cunning politician's phrasing I hope & not stupidity - ‘I would therefore be interested to hear what steps you would be willing to take to help save the club. With the prospect of liquidation looming any financial assistance you may be able to offer the club would be enormously helpful and universally welcomed.

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/mp_asks_prime_minister_for_details_on_help_for_the_club_1_3487335

 

Comment #2 "Bexhillblue Friday, February 3, 2012 at 03:29 PM

Well what happened to Penny's meeting HMRC officials? Has it happened? Has she tried? Has HMRC declined a meeting?"

 

I would assume that she meets an HMRC official every night in bed !

Edited by badgerx16
dropped an 'e'
St Jim

St Jim

Posted
Posted (edited)
Now the bearie-weirdie is chipping in, too. Cunning politician's phrasing I hope & not stupidity - ‘I would therefore be interested to hear what steps you would be willing to take to help save the club. With the prospect of liquidation looming any financial assistance you may be able to offer the club would be enormously helpful and universally welcomed.

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/mp_asks_prime_minister_for_details_on_help_for_the_club_1_3487335

 

 

This Hanc o c k tw at is even worse than the dishonourable Penny. Talk about a vote grabbing t055er

 

any financial assistance you may be able to offer the club will be enormously helpful and universally welcomed

 

Someone needs to remind him that the government already has helped them out financially, to the tune of 35m+.

Edited by St Jim
dronskisaint

dronskisaint

Posted
Posted
The "Administrator's Proposal" document is available for download on the Companies House website.

 

I've downloaded this but I can't link to Companies House...short of copying 23 pages on here has anyone got a suggestion? Simple please...my staff don't work Saturdays so my limited 'pooter know how is all that's available!

pedg

pedg

Posted
Posted

Someone on a pompey board claiming pitch inspection bought forward to 9.15. If so should know soon if their match is on (or rather on at the moment as its down as a provisional inspection so even if it passes now one would guess the ref will inspect again nearer kickoff).

St Jim

St Jim

Posted
Posted

given a lot of their income is from season tickets and people who have already purchased tickets, is it really a loss for them to have the match postponed or will it benefit them given they will not incur the costs associated with hosting a match?

rallyboy

rallyboy

Posted
Posted

I have -5 on the thermometer - I'd be very surprised to see their game go ahead - it'll be down to the ref ignoring Lampitt on his knees begging for it to be played.

 

Yes there is season ticket money already in, but that is only released to them when they play each game.

Add in the lost walk ups which should be significant when you are asking people to Pack the Park, the refreshments, shop sales etc, and staff need paying as some are already at work - postponement would be quite a blow to income at the most unfortunate time.

dronskisaint

dronskisaint

Posted
Posted
if it Pack the Park this week?

what will the rallying cry be next week?

 

Pack your bags?

 

I think that I read that ST money is released to them weekly by the FL or the collecting agent so if it doesn't go ahead they don't even get hedgehog sandwich sales income...oh dear me, how sad, never mind!

Sheaf Saint

Sheaf Saint

Posted
Posted

OK, who's going to own up to this comment on that Guardian article...?

 

Onlyproblem

 

4 February 2012 9:03AM

 

With specific regard to portsmouth. The last time they were in Admin they manipulated debt figures to marginalise HMRC to below 25% of the total debt which stopped HMRC having a veto on the CVA. The CVA was carefully worded to fool creditors into agreeing. They actually voted to receive 20p in the pound, over five years, less expenses. Not only that but the administrator, Andronikou, included the caveat that the CVA payments could be moved and paid 'if they could afford it'!

 

Swindon Town also had Andronikou as an administrator. Google Swindon Administration to see the shenanigans there at the time!

 

PFC also, at the previous admin, let all their younger fringe players go out on loan or released them. Deliberatley leaving them with a bare bones squad so that they could appeal, succesfully, to the FL for a dispensation to sign players, within their agreed wage structure (£10k / wk). So they signed two, one on £19k / wk and one on £21k / wk. So they behaved, possibly, nefariously.

 

Since then they have racked up the debt again, had various 'odd' characters owning them, one (who rumour has it) didn't even exist! They are yet to be inextricably linked to CSI and yet their funding died as soon as CSI went into administration!

 

People out there on the street are fed this crepe 'Plucky Pompey' headline. Those of us who follow it more closely feel it's all a sham.

 

Yet the club expect fans of other clubs to rally round!

 

Feel more for the likes of Darlington and Plymouth who have tried, far more, than Portsmouth to live within their means.

 

It's cold out there and Portsmouth are skating on thin ice.

 

It could only have come from someone on here I'm certain.

Toadhall Saint

Toadhall Saint

Posted
Posted
Pack your bags?

 

I think that I read that ST money is released to them weekly by the FL or the collecting agent so if it doesn't go ahead they don't even get hedgehog sandwich sales income...oh dear me, how sad, never mind!

 

You owe me for a new laptop as mine is now covered in tea! Best LOL moment of the dat so far!

Sheaf Saint

Sheaf Saint

Posted
Posted
POMPEY v HULL off

 

**** off the Park I guess...haha

 

Should've installed undersoil when you had the money eh fish fookers?!

 

Oh dear. They really are skating on thin ice now!

trousers

trousers

Posted
Posted
POMPEY v HULL off

 

**** off the Park I guess...haha

 

Should've installed undersoil when you had the money eh fish fookers?!

 

Eh? Supposed to be another pitch inspection at 10:30....

mcjwills

mcjwills

Posted
Posted
if it Pack the Park this week?

what will the rallying cry be next week?

Pack the park, they are having a laugh, the pet skate at work told me he is doing something far more important "Going House Hunting"or was that caravan hunting.

Channon's Sideburns

Channon's Sideburns

Posted
Posted

From Twitter...

 

easthulltiger

#pompey game vs #hcafc is postponed due to frozen pitch. Should have been called off yesterday evening no respect for travelling fans

 

Sorry mate, they've got no respect for anybody...

 

Andy Dalton

140 miles, and only then do we hear these stupid south ****s can't prepare a football pitch. Unforgivable. #pompey #hcafc

trousers

trousers

Posted
Posted

If the game is called off, no doubt it'll add to the sympathy votes they keep getting: "Poor old Pompey surely can't be wound up due to the bad luck of the weather".... You can hear the blinkered bleats already...

Channon's Sideburns

Channon's Sideburns

Posted
Posted

Oh dear....

 

Dave Ludlam

This match was off 14 hours ago. Bishops Printers were told that programmes not needed. Wtf is going on? #pompey

 

and...

 

Lord Palmerston

@chalkface2009 Heard same about programmes and food for hospitality warned yesterday. Groundsman told DL and PC Stone "no go" at lunchtime.

 

Seriously? Lampitt misleading the Pompey public, Hull, and the Football League? They must be desperate....tick tock....

trousers

trousers

Posted
Posted
Oh dear....

 

Dave Ludlam

This match was off 14 hours ago. Bishops Printers were told that programmes not needed. Wtf is going on? #pompey

 

Ahem....I told you.... ;-)

 

So, it turns out the weather could be a convenient excuse to cut back on expenses in the knowledge the game was highly unlikely to go ahead...?

 

Time for Hull fans to claim travel compensation if true...

Chez

Chez

Posted
Posted
OK, who's going to own up to this comment on that Guardian article...?

 

 

 

It could only have come from someone on here I'm certain.

link please as that is a perfect post to point others to
pedg

pedg

Posted
Posted
If the game is called off, no doubt it'll add to the sympathy votes they keep getting: "Poor old Pompey surely can't be wound up due to the bad luck of the weather".... You can hear the blinkered bleats already...

 

If only redknapp had got 10% of the cost of installing undersoil heating.

Chez

Chez

Posted
Posted

if it was days yesterday when this was written...http://www.portsmouth.co.uk/news/campaigns/passion-for-portsmouth/news/pompey_face_crucial_week_ahead_warns_andronikou_1_3488741 ...then hours now?

pedg

pedg

Posted
Posted
if it was days yesterday when this was written...http://www.portsmouth.co.uk/news/campaigns/passion-for-portsmouth/news/pompey_face_crucial_week_ahead_warns_andronikou_1_3488741 ...then hours now?

 

Oh dear. What happens when we apply the usual AA correction rules to the following statement...

 

‘Liquidation is not an option.

 

EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
OK, who's going to own up to this comment on that Guardian article...?

 

Onlyproblem

 

4 February 2012 9:03AM

 

With specific regard to portsmouth. The last time they were in Admin they manipulated debt figures to marginalise HMRC to below 25% of the total debt which stopped HMRC having a veto on the CVA. The CVA was carefully worded to fool creditors into agreeing. They actually voted to receive 20p in the pound, over five years, less expenses. Not only that but the administrator, Andronikou, included the caveat that the CVA payments could be moved and paid 'if they could afford it'!

 

Swindon Town also had Andronikou as an administrator. Google Swindon Administration to see the shenanigans there at the time!

 

PFC also, at the previous admin, let all their younger fringe players go out on loan or released them. Deliberatley leaving them with a bare bones squad so that they could appeal, succesfully, to the FL for a dispensation to sign players, within their agreed wage structure (£10k / wk). So they signed two, one on £19k / wk and one on £21k / wk. So they behaved, possibly, nefariously.

 

Since then they have racked up the debt again, had various 'odd' characters owning them, one (who rumour has it) didn't even exist! They are yet to be inextricably linked to CSI and yet their funding died as soon as CSI went into administration!

 

People out there on the street are fed this crepe 'Plucky Pompey' headline. Those of us who follow it more closely feel it's all a sham.

 

Yet the club expect fans of other clubs to rally round!

 

Feel more for the likes of Darlington and Plymouth who have tried, far more, than Portsmouth to live within their means.

 

It's cold out there and Portsmouth are skating on thin ice.

 

It could only have come from someone on here I'm certain.

 

.:toppa:.:blush:.

Tamesaint

Tamesaint

Posted
Posted

Apparently Porky Penny is going to ask Cameron to sack the Met Office at Wednesday' PMQ's.

 

Its not fair for plucky Pompey to have their match called off when 100,000 were planning on Filling the Park. What is the point of a Met Office if it cannot guarantee decent weather?

Truckasaurus

Truckasaurus

Posted
Posted

This thread is beginning to p**s me off,i'm not getting anything done,haven't shaved for days,laundry heap that is now flowing into the hall,pile of washing up that will take me all day,dogs haven't seen the leads for days,run out of milk,plus the cricket's on.

JUST F**K OFF AND DIE SKATES so i can get on with my life. UP THE SAINTS

fromdayone

fromdayone

Posted
Posted

Refunds available for tickets that were purchased by card (no cash refunds).......I thought I read that it was cash only for tickets as they couldn't process card transactions due to frozen bank accounts!!! That may cause a bit of unrest..

pedg

pedg

Posted
Posted

Interestingly according to a post on the news website

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_s_clash_with_tigers_postponed_1_3487816

their OS said

 

Tickets already bought will be valid for the rearranged fixture, but fans can claim a refund. The ticket office will be open until 1pm today for fans wanting a refund, but currently cash refunds are not available.

 

but now it says

 

http://www.portsmouthfc.co.uk/LatestNews/news/Pompey-v-Hull-Match-Postponed-3086.aspx

 

Tickets already bought will be valid for the rearranged fixture.

 

How exactly they were going to refund tickets without cash and with frozen bank accounts is not explained.

Hatch

Hatch

Posted
Posted

Did anyone see million pound drop last night, one of the answers was Pompey.

 

I loved the fact that the couple on could put a million quid on Pompey.

 

Such a tease, when the club would have been desperate for that cash.

Chez

Chez

Posted
Posted

maybe they could not afford to turn the undersoil heating on? I imagine that is pretty expensive to run. Did they have funds for policing either?

georgeweahscousin

georgeweahscousin

Posted
Posted

Lot's of rumours that Pompey cancelled the printers and the caterers for the game last night.

 

This would mean they had already decided it was off, but allowed Hull fans to start travelling today? Something fishy going on.

 

There is also a rumour that the Hampshire constabulary told them they wouldn't police the game due to cash issues.

trousers

trousers

Posted
Posted (edited)

@pn_neil_allen: RT @officialpompey: A few conspiracy theorists said we cancelled programme run yesterday!

http://t.co/1aeII9eR

http://t.co/SCVuJgWu

 

 

scaled.php?tn=0&server=808&filename=alovc.jpg&xsize=640&ysize=640

 

 

scaled.php?tn=0&server=877&filename=4fqks.jpg&xsize=640&ysize=640

 

Oh well, blows that theory...! Maybe they are in the poop afterall...

 

Unless of course those are just pre-production mock ups before they went for the full programme run.....show us a room full of programmes FFS!!! ;-)

Edited by trousers
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