Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
in Golden Posts

 Share

Recommended Posts

saint si

saint si

Posted
Posted
12-18 months down the line the fans will be moaning about "lack of investment". The merest hint of someone with money coming along and they'll sell out.

 

So I guess it took a little longer than expected... but the joy of being the biggest fan owned club in the world (or whatever the hell they liked to claim) seemed to wear off quite quickly

eurosaint

eurosaint

Posted
Posted
So I guess it took a little longer than expected... but the joy of being the biggest fan owned club in the world (or whatever the hell they liked to claim) seemed to wear off quite quickly

 

First bid to come along and they took it !

Principles, eh :)

Danbert

Danbert

Posted
Posted

The only thing that Eisner has committed to doing, is footing the bill for essential ground repairs that will keep the timber tabernacle from collapsing for a year or two, but won't change the fact that they need a new stadium.

 

Next season nothing material will have changed in terms of their transfer budget or the way the club is run, and they'll soon start moaning. At some point they'll realize that their still up **** creek, only now someone else is paddling.

Danbert

Danbert

Posted
Posted

"Together with the PST’s 48.5%, this means 81.4% of the club’s equity holding is in agreement with the sale. The threshold to approve a sale, as laid down in the shareholders’ agreement, is 75%."

 

So, a pretty close run thing. A lot of the Presidents must be sceptical.

Pamplemousse

Pamplemousse

Posted
Posted

Liam Buckler‏ @BucklerLiam

I think @Michael_Eisner @eric_eisner will be great owners for #pompey. Their track record indicates they will take us to a new level

 

 

If his track record at Disney is to go by...

The9

The9

Posted
Posted
Are they going to redo that OURS picture in the stand with HIS now?

 

I already did it with "F*CK" after they lost their first home game in League Two 4 years ago. It's in here somewhere...

The9

The9

Posted
Posted
Hi peeps, I was at Newport v Accrington today, and apart from the collateral damage to James Beattie, it was a wonderful day for Football in League 2. We were all loving the news from Fratton that was filtering through.

 

Anyway, you may have seen they did some hilarious mural pre-match proclaiming "OURS" across the one stand, not true etc but anyway not even the point after today's result... I have had a little photoshop...

 

1098206_583550338355432_1539614877_n.jpg

 

1011402_10151535139956931_1000406733_n.jpg

 

Well, it WAS this post (#90387, 4th August 2013, they lost 4-1 at home to Oxford to go bottom of League 2 with Newport top)..., but the pics are no longer online and can't be ar5ed to rummage around my HDD for my original photoshop, so I'll just dig out the other pic which is still on here. In a mo.

The9

The9

Posted
Posted
Comedy Cocks ‏@CockGraffiti 3m

The Portsmouth FC fans make a mistake when holding up their 'ours' cards #Pompey pic.twitter.com/gqiLqGpync

 

BQwGViMCAAAiiph.jpg

 

This should tide you over. ;)

trousers

trousers

Posted
Posted
Liam Buckler‏ @BucklerLiam

I think @Michael_Eisner @eric_eisner will be great owners for #pompey. Their track record indicates they will take us to a new level

 

 

If his track record at Disney is to go by...

Pompey fans in selectively airbrushing history shocker

30d3a7cf6a9031acdf1503fa0b284a78.jpg

stevegrant

stevegrant

Posted
Posted
"Together with the PST’s 48.5%, this means 81.4% of the club’s equity holding is in agreement with the sale. The threshold to approve a sale, as laid down in the shareholders’ agreement, is 75%."

 

So, a pretty close run thing. A lot of the Presidents must be sceptical.

I wonder if the 75% threshold would have been met if they had only used the percentage of the trust shareholding that actually voted in favour, rather than the ballot result being used to determine how the entire bloc of shares would vote...

hutch

hutch

Posted
Posted

...honest and as transparent as ever. They would have needed 86.8% (+1) of trust "shareholders" to vote in favour, which I'm sure they easily surpassed, and no doubt they will be making the actual voting numbers available any minute now.

The9

The9

Posted
Posted
I wonder if the 75% threshold would have been met if they had only used the percentage of the trust shareholding that actually voted in favour, rather than the ballot result being used to determine how the entire bloc of shares would vote...

 

The results I saw showed 4/16 "Presidents" voted against the takeover - you know, the "Presidents" who by definition meant that they weren't a fan owned club in the first place.

The9

The9

Posted
Posted (edited)
...honest and as transparent as ever. They would have needed 86.8% (+1) of trust "shareholders" to vote in favour, which I'm sure they easily surpassed, and no doubt they will be making the actual voting numbers available any minute now.

 

Michael Eisner's bid was approved by 1,825 of the 2,272 Supporters' Trust shareholders who voted

 

Caption on the photo in the BBC article: http://www.bbc.co.uk/sport/football/40000639

 

That's 80.3257% if I'm not awful at maths.

 

Realistically though the High Net Worth "Presidents" vote should be worth lots more than the PST based on investment size, shouldn't they? They shunted it downwards pretty quickly, but I'm fairly sure the HNWs were underrepresented per £ in the first place, to give the facade of fan ownership.

 

BTW Newport County's supporters trust have at least 1500 members, which makes the 2272 the Skates have look positively awful given the relative attendances.

Edited by The9
benjii

benjii

Posted
Posted
Michael Eisner's bid was approved by 1,825 of the 2,272 Supporters' Trust shareholders who voted

 

Caption on the photo in the BBC article: http://www.bbc.co.uk/sport/football/40000639

 

That's 80.3257% if I'm not awful at maths.

 

Realistically though the High Net Worth "Presidents" vote should be worth lots more than the PST based on investment size, shouldn't they? They shunted it downwards pretty quickly, but I'm fairly sure the HNWs were underrepresented per £ in the first place, to give the facade of fan ownership.

 

BTW Newport County's supporters trust have at least 1500 members, which makes the 2272 the Skates have look positively awful given the relative attendances.

 

No, I don't think that's right. They are all the same category of shares so you can't be "under-represented" in terms of voting rights.

 

The Trust may have been over-represented on the board though.

 

Presumably the Presidents that voted "no" are ones who actually wanted to make a decent profit on their shares at some point.

saint si

saint si

Posted
Posted

They got 81.4% for and the Trust was 48.5% of this

The the 51.5% attributable to the HNW, 32.9% voted for and 18.6% against (as 81.4 minus 48.5 = 32.9)

Of the 48.5% from the Trust voters, we know 1825 of 2272 voted for = 80.3%...

... 80.3% x 48.5% = 38.96%

Therefore effectively the votes for was 38.96% + 32.9% = 71.86%

 

So if the trust votes were actually split proportionality in line with how their members voted, it would not have passed the 75% test.

 

But in any case that's all irrelevant. Trust only acts as single entity as part-owner of the football club, so can only vote one way. The ordinary fans (not the HNWs) are shareholders in the Trust, not in the club directly.

The9

The9

Posted
Posted
Those would be the shares that are actually worth something then, as opposed to the donations for which you got a bit of paper with the word 'share' on it

 

I can't actually remember what the set up was when they started, tbh. Can someone remind us?

 

One level of share, in what, and is it the same representation for HNW and Trust? ie. was the way the Presidents/HNWs got the majority voting share was by buying shares in the Trust, or investing directly in the club?

benjii

benjii

Posted
Posted

The trust purchased shares in the new football club company with its donations. Each donation was £1,000 and each share was £1,000.

 

The trust had enough donations to buy just over half the shares, I think. The President's bought the rest, again kn the basis of £1,000 per share (but they each own and benefit individually from their shares - there was no collective "Presidents" body).

 

When more money was needed, Presidents subscribed to new shares, of the same class, meaning that the trust shareholding was diluted to under 50%.

 

Eisner has agreed to give the trust and the Presidents £1k for each share. The trust will distribute this money back to the donees in accordance with their individual donations.

 

There's also another offer from Eisner where instead of the £1k now, you get a smaller initial payment but potentially more in the long-run if the club achieves certain footballing targets.

hutch

hutch

Posted
Posted

The presidents own real shares in the football club. The fans own shares in the trust, and the trust owns real shares in the football club. They're all equal. Definitely.

stevegrant

stevegrant

Posted
Posted
I can't actually remember what the set up was when they started, tbh. Can someone remind us?

 

One level of share, in what, and is it the same representation for HNW and Trust? ie. was the way the Presidents/HNWs got the majority voting share was by buying shares in the Trust, or investing directly in the club?

Presidents/HNWs mostly, if not entirely, invested directly into the club itself, and it was this investment that diluted the trust's ownership percentage.

 

All shares were of equal value, whether the shares were worth £1 or £1000 is largely irrelevant, and additional shares for the same value were issued to the HNWs each time they were asked to dip into their pockets. They have all basically sold at cost.

Weston Super Saint

Weston Super Saint

Posted
Posted
They won't have had any interest over the period they have been involved with Pompey Lite though.

 

To be fair, I'm sure the average fan won't begrudge not earning any interest as most of them stumped up the cash with the best of intentions to save the club - fair play to them.

 

The presidents on the other hand....

trousers

trousers

Posted
Posted
Fair play if they do all get a grand back, wasn't expecting that.

If they were a true and decent "community" club, they would all waive the repayment and pass it on to the creditors of the previous football club who lost 96 pence in the pound, just so that a new football club could emerge #oinkoinkflapflap

ALWAYS_SFC

ALWAYS_SFC

Posted
Posted (edited)
So the whole shebang has been sold for £5.67mil which is roughly what we'd get for Matt Targett !

Not that I'm gloating, you understand:)

 

He was ripped off if you ask me, what a mug... paid 5.97mil too much

he should have waited, he could have got the corpse in a year or less for a quid

Edited by ALWAYS_SFC
Chez

Chez

Posted
Posted

 

BTW Newport County's supporters trust have at least 1500 members, which makes the 2272 the Skates have look positively awful given the relative attendances.

isn't it just £10 to become a member of Newport County's supporter trust though? Not exactly comparable is it.

Hatch

Hatch

Posted
Posted

If you donated a grand to save your club, then the club was 'saved' and then you got your money back as well.. Thats a pretty much win win.

 

Still hate the c***** though.

Jonnyboy

Jonnyboy

Posted
Posted
If they were a true and decent "community" club, they would all waive the repayment and pass it on to the creditors of the previous football club who lost 96 pence in the pound, just so that a new football club could emerge #oinkoinkflapflap

 

Very true.

The9

The9

Posted
Posted (edited)
isn't it just £10 to become a member of Newport County's supporter trust though? Not exactly comparable is it.

 

It's £10 a year for NCAFCST but it's only £5 to join PST.

 

Newport's fans acted to save their club BEFORE all the ripping off charities etc once it was realised that the money man wasn't going to put anything in. I'm not expecting any of my £250 back but it is in the T&Cs that the shares can be sold, they're still shares in the Trust not the club though.

Edited by The9
Ohio Saint

Ohio Saint

Posted
Posted

Fair play to them. This is probably the beginning of the end of the end that was imminent years ago. They will be around for years to come. The only question now, is in which division?

The9

The9

Posted
Posted
Fair play to them. This is probably the beginning of the end of the end that was imminent years ago. They will be around for years to come. The only question now, is in which division?

 

Bottom half Championship with occasional forays down to League One until they find someone to build them a new ground which doesn't cost them a fortune.

hutch

hutch

Posted
Posted
Fair play to them. This is probably the beginning of the end of the end that was imminent years ago. They will be around for years to come. The only question now, is in which division?

I think it is only the end of the beginning

Pamplemousse

Pamplemousse

Posted
Posted (edited)

http://www.portsmouth.co.uk/sport/football/pompey/pompey-face-losing-cook-1-7981536

 

 

Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

 

 

 

HAHAHAHAHAHAHAHAHAHAHA

 

 

Where's that hero/villain swingometer. The fans also seem quite bitter that he's going to a small club like Wigan. Lol.

 

As i have said previously, I didn't rate him, didn't think we'd get promoted under him, certainly didn't like his attitude or his style, and I found his brand of football hard to endure until the final eight or nine games, so I will certainly not shed any tears at his departure

 

 

I also think Cook will regret this move. It's a slightly downhill sideways move at best. Wigan could be marooned in league one for ages.

 

 

Personally, I don't like the bloke. He's arrogant, pig headed and they way he's talked about the fans this season is disgraceful. He's just not a very 'professional' guy in front of reporters. When things were tough he was rude to reporters and fans and let's not forget the boring football for 18 months.

 

 

If Cook does leave after all he said about never leaving then he's not the man we thought he was. He's just a ****** like Redknapp. #Pompey

 

Don't really understand why cook has gone to Wigan when we are just about to start a magical journey �� #smallerclub

 

If managing a team playing in a half empty stadium appeals rather than a rocking Fortress then the man's a fool #Pompey

 

The arrogance of the man if this is true. Let him go is what i say. Never was his biggest fan so ill shed no tears #Pompey.

 

Pompey are twice the stature of Wigan at least. Cannot see Cook leaving and taking such a backward step.

 

Why would Paul Cook leave #pompey to go to a two-bit club with no history like Wigan? If that's the limit of his ambition then good riddance

 

 

This is where I regret not having a POL account anymore. I bet you Corp Ho is trying to contact Maradona and Riquelme as we speak.

Edited by Pamplemousse
OldNick

OldNick

Posted
Posted
http://www.portsmouth.co.uk/sport/football/pompey/pompey-face-losing-cook-1-7981536

 

 

Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha

 

 

 

HAHAHAHAHAHAHAHAHAHAHA

 

 

Where's that hero/villain swingometer. The fans also seem quite bitter that he's going to a small club like Wigan. Lol.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This is where I regret not having a POL account anymore. I bet you Corp Ho is trying to contact Maradona and Riquelme as we speak.

This is quite amusing as Corp Ho hated it when I used to call Pompey the Wigan of the south, and it came to pass that they are a slightly bigger club lol
Chez

Chez

Posted
Posted (edited)
Depends if Eisner is serious and knows what he's doing, otherwise it's all going to go horribly funny again

The clowns in charge at the moment didn't have a clue, yet they still managed to get promoted three years later. It took Sheff United a long while, but money talks in the end.

Edited by Chez
 Share
Go to topic listing
×
×
  • Create New...