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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Gemmel

Gemmel

Posted
Posted
Haven't been keeping totally up to date on this thread, so don't know if it's been posted already, but here's a well-written article on the whole situation: http://www.twohundredpercent.net/?p=4281

 

I firmly believe that the mess is so big and ramifications so large (For the FA and PL as well) that they daren't attempt to get to the bottom of it.

Guy

Guy

Posted
Posted
I firmly believe that the mess is so big and ramifications so large (For the FA and PL as well) that they daren't attempt to get to the bottom of it.

 

Indeed. The PL won't implement any major sanctions on Pompey until their relegation is a certainty and there's no chance of them embarrassing the PL Brand next season.

pedg

pedg

Posted
Posted (edited)
Indeed. The PL won't implement any major sanctions on Pompey until their relegation is a certainty and there's no chance of them embarrassing the PL Brand next season.

 

I guess if they can prove that those in charge of pompey have been acting illegally rather than just foolishly then they could sanction them for that without taking too much of the blame themselves?? A case of "Honest it all went wrong for them because of their dodgy dealings which we knew nothing about honest gov" as opposed to "It all went wrong for them because we let them get away with being profligate so its our fault as well".

Edited by pedg
RonManager

RonManager

Posted
Posted
Indeed. The PL won't implement any major sanctions on Pompey until their relegation is a certainty and there's no chance of them embarrassing the PL Brand next season.

 

If the EPL is the most watched and gossiped about league in the world and European clubs like Lens shouting loud to EUFA as well, are we not well past that stage now?

RonManager

RonManager

Posted
Posted
He must the 'fat' on the bones of their squad that Mark Jacob was talking about..

 

Apparently they have not been playing James even though he is fit, because of a wage increase due him soon.

 

So, by doing this Poopetry have dented his chances of representing England in the World Cup this summer, and are, therefore, now guilty of betraying their country and therefore should be up before the beak on a charge of no less a crime than....

 

 

 

 

 

 

 

 

 

HIGH TREASON!!!

pedg

pedg

Posted
Posted
Apparently they have not been playing James even though he is fit, because of a wage increase due him soon.

 

So, by doing this Poopetry have dented his chances of representing England in the World Cup this summer, and are, therefore, now guilty of betraying their country and therefore should be up before the beak on a charge of no less a crime than....

 

 

 

 

 

 

 

 

 

HIGH TREASON!!!

 

They will dispute the level of treason they are accused of and will go to court to prove it was at most low treason and they demand a treason rebate.

saintds

saintds

Posted
Posted
Apparently they have not been playing James even though he is fit, because of a wage increase due him soon.

 

So, by doing this Poopetry have dented his chances of representing England in the World Cup this summer, and are, therefore, now guilty of betraying their country and therefore should be up before the beak on a charge of no less a crime than....

 

 

 

 

 

 

 

 

 

HIGH TREASON!!!

 

"We have absolutely not been charged with treason. However, we will fight this charge of treason all the way. Even though we haven't been charged with treason. M'lud."

Pancake

Pancake

Posted
Posted
Apparently they have not been playing James even though he is fit, because of a wage increase due him soon.

 

So, by doing this Poopetry have dented his chances of representing England in the World Cup this summer, and are, therefore.....

 

....in line for a pat on the back?

Hatch

Hatch

Posted
Posted
arry has been charged with 2 counts of tax avoidance...

 

shocker..

 

No way... he is the last person you would suspect of doing that!

pedg

pedg

Posted
Posted (edited)
arry has been charged with 2 counts of tax avoidance...

 

shocker..

 

That's completely shocking!!!

 

 

 

How can it only be 2 cases???

Edited by pedg
saintds

saintds

Posted
Posted

http://www.football365.com/story/0,17033,8652_5859770,00.html

 

Tottenham manager Harry Redknapp was accused of a £40,000 tax evasion on Thursday.

 

The 62-year-old Londoner voluntarily attended Bishopsgate police station in the capital to be charged by police, his solicitor said.

 

The move comes at the end of an exhaustive 26-month police and tax inquiry into alleged corruption in English football.

 

A Crown Prosecution Service spokesman said: "Henry (Harry) Redknapp, the former football manager of Portsmouth City (sic) Football Club, has today been charged with two counts of cheating the public revenue."

Foxstone

Foxstone

Posted
Posted

The whole sorry mess is fast unwinding:

 

First Storrie, then Manduck now Saggy !

 

I bet HMRC are all over PFC's books like a rash right now to find the next one up before the beak ! :D

johnny c

johnny c

Posted
Posted
James gone to Stoke on a 50/50 salary deal.

 

I hope they've got a few high earners on long contracts they can't get rid of without paying a percentage of wages, when Leeds collapsed they were still paying the wages of players 5 years after they left.

pedg

pedg

Posted
Posted (edited)

So, so far today...

 

 

  • James left but they are still having to pay half his wages
  • All sky money going to other clubs
  • Embargo still in place
  • Redknapp charged, increasing chance of some penalty for club.

Will be interesting to see how they put a positive spin on that lot!

 

---

 

oh, and all we need now for the complete set is for their case requesting the winding up order be thrown out of court and to lose their VAT case.

Edited by pedg
saint lard

saint lard

Posted
Posted (edited)

there is a state of civil war on one of their boards as the support for the protest is seriously wavering......

http://www.fansonline.net/portsmouth/mb/view.php?id=219751

 

http://www.fansonline.net/portsmouth/mb/view.php?id=219580

 

And sorry for posting this if already known but i had no idea it was to incorperate the world 'air guitar' record breaking attempt in the guildhall led by chesney hawks,i kid you not.....

 

http://www.mirror.co.uk/celebs/news/2010/01/08/chesney-hawkes-set-for-air-guitar-record-comeback-115875-21951059/

Edited by saint lard
Under Weststand

Under Weststand

Posted
Posted

Just seen it on Sky now PMSL at saggy chops charged with 2 counts of tax evasion. On top of Poopey having their money taken & re-distributed to the clubs they owe. The chickens are coming home to roost.

If its true that the EPL are doing a forensic accounting of Poopey then there are some serious ramifications coming their way soon.

Also does today's events now put the directors right in the firing line regards HMRC & the winding up order. Are they now liable for the money owed, as they've lost the 7-million to other clubs.

pedg

pedg

Posted
Posted
Just seen it on Sky now PMSL at saggy chops charged with 2 counts of tax evasion. On top of Poopey having their money taken & re-distributed to the clubs they owe. The chickens are coming home to roost.

If its true that the EPL are doing a forensic accounting of Poopey then there are some serious ramifications coming their way soon.

Also does today's events now put the directors right in the firing line regards HMRC & the winding up order. Are they now liable for the money owed, as they've lost the 7-million to other clubs.

 

Question is have any of their new loans been secured against the TV money? If so what happens now?

Jimmy_D

Jimmy_D

Posted
Posted
Question is have any of their new loans been secured against the TV money? If so what happens now?

 

Would they have been allowed to actually secure loans on money they weren't absolutely guaranteed of recieving? Presumably the contract or whatever had the clause that lets the Prem redirect it when they took out the loan...

 

I'd imagine they've borrowed against expected TV income but not actually secured it against it, unless there's something legally fishy gone on (and you'd never expect that from Pompey, right?)

JRM

JRM

Posted
Posted
Previous loans have been secured against the TV money.

 

No bank would have lent them money against such an unreliable receivable, and if they did it would be at a vastly reduced advance rate, so if the tv money due was 7M they might have been lent 60% of it against legal documentation assigning the banks right to the money.

It is possible that the club were able to get a loan due for payment end of Jan in the knowledge that they would get an injection of cash, but either way whoever the creditor is now needs to decide if they call in debt.

The chances are they will have to find another source of income = player sales.

St Marco

St Marco

Posted
Posted

sorry if already posted

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8453406.stm

 

So that will be that then. They still owe £3m to clubs and have to pay the wages again in a couple of weeks. So say that is another £1.5m. Meaning they have to find that before the embargo is lifted.

 

Which means you have to say Kaboul is gone. And if he doesn't go for anywhere near that then game over, the HRMC will rip them apart.

Under Weststand

Under Weststand

Posted
Posted
Previous loans have been secured against the TV money.

That was my impression VFTT the first few loans they had this season, they kept saying that they were set against future TV money, now whether that was true or not (be unlike Poopey & any of their directors to LIE :rolleyes: or tell half truth's) i'm not sure?

CB Fry

CB Fry

Posted
Posted
Would they have been allowed to actually secure loans on money they weren't absolutely guaranteed of recieving?

 

To be fair, all loans are secured against money one is not absolutely guaranteed of recieving.

 

But I get your general point.

Jimmy_D

Jimmy_D

Posted
Posted
To be fair, all loans are secured against money one is not absolutely guaranteed of recieving.

 

But I get your general point.

 

well, apart from those secured on houses etc ;)

 

I guess the next few days will be fairly revealing now that the money has been held though, could be a bad week for them. Just gonna sit back and watch I guess.

St Marco

St Marco

Posted
Posted

In a way i do feel sorry for them. Sure there are a lot of tossers there who stuck the knife in when we were in the **** but there are also a lot of decent ones.

 

I can't help but think what is happening to them is what would of happened to us if the Le Tissier consortium had got in. I think those who are protesting are doing the right thing. The chuckle brothers whole angle is they put £40m into the club. But they didn't. They just took out a loan to pay another loan in the clubs name. This Jacobs guy sounds just like our Tony fella, promising certain things would happen but never do. No doubt they will use the anger being directed at them to back out of the club but in reality that was always going to happen anyway. If they had the money they would of done it by now, not let things get further and further into the ****. I get the feeling these people thought they would come in on the cheap and sell the club very quick and make a profit. They obviously did not have a proper look at the books did they.

 

If someone asked me for business advice on a company in that situation you would have to say stay the hell away from it. Thinking about where they can go from here is very difficult to do. Their people talking to the media Jacobs,Storrie and the chuckle brother have lost all credibility. They are like that comical ali person. This tv money was obviously a huge thing for the regime. They probably gambled everything with that in mind. As mentioned probably had some agreement with someone where if they get the money they would be in an healthier situation and thus loaning them money would not seem so bad. But if the PL feel that the finances were still in fairy land and unrealistic then that has to be one of the final nails on the coffin. Because if the PL do not believe in this potential deal then neither will the creditors, they will be more twitchy then ever.

The only way they will escape this is now with someone putting their own money into it, accepting the loss and trying to keep them up. But that won't happen.

 

The harsh thing is even if they go into admin because they owe so much to so many people it is unlikely they would be able to get out of admin for the £15m or so like we did. Because that would mean someone paying £30m for basically just a name, they would not get the stadium etc..

 

So i think those protesting are probably right to do so.

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