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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Winchester Red

Winchester Red

Posted
Posted
And not being able to keep up the repayments, under other circumstances such a purchase would have been repossessed

 

If the FA had any balls they would repossess it

 

they've been trading beyond their means for a very long time

sidthesquid

sidthesquid

Posted
Posted
The administrator can disclaim (ie cancel) any player contracts immediately, should he wish.

 

He can, but if the club does not pay its football debts in full it cannot get its 'golden share' to stay in the league

BadgerBadger

BadgerBadger

Posted
Posted

Q: OK then, how did that happen?

 

A: How long have you got? The short answer is a shocking disregard for basic housekeeping: do not spend more money than you actually have. Portsmouth have been ignoring this one for at least four years.

 

The slightly longer answer is appalling mismanagement, combined with an arrogant belief that the usual rules do not apply, naked greed and a failure on the part of the authorities to regulate the industry properly.

 

Some will want to add corruption to this ****tail (and I may, one day, be able to say something about this), but if we are going to go down that road we should also remember our own guilt as co-conspirators: we have all demanded more "ambition" from our clubs but have rarely cared about the cost.

dubai_phil

dubai_phil

Posted
Posted

You know how it went don't you....

 

Hello Mr Android? Storrieteller here.

Oh Gawd you.

Yes that's right, look I'm happy to sign up to stay on, I know you would like to get a deal done as quickly as possible. I have had a phone call and an email and I know that I can get someobody to buy the club from you in the net 48 hours. If you keep me on the payroll I won't need to charge the buyers an engagement and success fee so that will save lots of money for the new club to be able to get straight back into the PL. My fans need me, you need me, I'll see you in the morning, looking forward to working with you...

 

Android "Anyone got a copy of Yellow Pages, we need a Locksmith urgent"

100%Red&White

100%Red&White

Posted
Posted

A blue-fewer just speaking on Radio One "hopefully someone will come in, buy the club and take us back to where we belong".

 

That's where you're going anyway you thick skate ****!

 

"Is this the way to Zamaretto" :)

sidthesquid

sidthesquid

Posted
Posted

Another great little quote from the News site from another intellectually and morally challenged skate, ref HMRC not agreeing to the CVA...

 

Well if HMRC vote against us then they won't get anything. That would leave any new owner £11m better off. I am sure we can buy 2 decent strikers who will easily make up the 15 points in the Championship, for less than £11m. There are 8 more games to play in the CCC so we only need to win 5 of those !!

 

(It's no wonder they idolised Storrie, Redflaps etc)

pedg

pedg

Posted
Posted

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm

 

Debt-laden Portsmouth have been called "completely dysfunctional" as they prepare to become the first Premier League club to enter administration.

Accountant Nick O'Reilly of Vantis, who recently examined the club's books, said Pompey's business methods had gone "against all good governance".

"I came away not knowing who controlled what," O'Reilly told BBC Sport.

Channon's Sideburns

Channon's Sideburns

Posted
Posted
http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm

 

Debt-laden Portsmouth have been called "completely dysfunctional" as they prepare to become the first Premier League club to enter administration.

Accountant Nick O'Reilly of Vantis, who recently examined the club's books, said Pompey's business methods had gone "against all good governance".

"I came away not knowing who controlled what," O'Reilly told BBC Sport.

 

I loved this bit...

 

According to the club's accounts, the playing staff is worth £23m, although the board claim the squad is worth much more.

 

"Unlike Newcastle, Portsmouth don't have a large fan base and lots of corporate facilities," added O'Reilly. "They are completely dependent on TV rights.

 

"Buying clubs will know that Portsmouth have to sell and will extract the best price they can. Not only that but players like David James have no resale value at all."

rallyboy

rallyboy

Posted
Posted

I think they're a bit miffed that we have been telling them for at least six months that the house of cards was going to fall down and they wouldn't accept it.

I'll leave it to Phil to add, 'I don't like to say I told you so but....'

 

I love the - 'local club for local people'!

 

Anyway, I've got to go out and do work so I look forward to an hour and a half of thread catch up later....as I guess that this is the day that Pompey are relegated from the top tier.

Sometime soon we shall pass like ships in the night - one executive liner and a holed pedalo.

miserableoldgit

miserableoldgit

Posted
Posted
I think they're a bit miffed that we have been telling them for at least six months that the house of cards was going to fall down and they wouldn't accept it.

I'll leave it to Phil to add, 'I don't like to say I told you so but....'

 

I love the - 'local club for local people'!

 

Anyway, I've got to go out and do work so I look forward to an hour and a half of thread catch up later....as I guess that this is the day that Pompey are relegated from the top tier.

Sometime soon we shall pass like ships in the night - one executive liner and a holed pedalo.

Or a junk!!

JunkBoat_540x367.jpg

dubai_phil

dubai_phil

Posted
Posted

 

 

:smt082

 

Love it..

 

Does that mean I touched a raw nerve tee hee

 

Anyway, like where the FECK am I going to find a Fecking Pony down here...

 

It's CAMELS in this part of the world you muppet!

 

Oh, and thanks to the way their forum works it looks like he is saying that about Storrie Teller

Gudz

Gudz

Posted
Posted
If they're in court at 1030 this morning, could the judge say Feck that, you're screwed and dismiss the Admin request and make them insolvent?

 

yes.

 

But he/she won't.

dubai_phil

dubai_phil

Posted
Posted
I don't think they are quite up to irony yet. (I presume the Portsea ref was irony, right, Phil?)

 

Could have been irony or could have been bait. I couldn't resist it because the original let's go to march on Storrie's house - where is it? reminded me so much of their plan to have a protest at the Old Bailey for their WUO hearing....

 

What do you catch when you bait a hook?

 

I know they're rare these days and clse to being a protected species, but with the right timing you can catch

 

A muppet

 

Oh nonono sorry a Skate!

BTW Saint

BTW Saint

Posted
Posted
Avram Grant and Portsmouth players consider pay cuts to save jobs

 

http://www.guardian.co.uk/football/2010/feb/26/avram-grant-portsmouth-players-pay-cut

 

A little late!!

 

Another article in printed Guardian Q&A What next at Fratton Park (sport page 5) asks the questions Who will be paid first and Where will the money come from?

 

The answer to the second part says "

Around £10m could be deducted from Chainrai's debt if a proposed deal on the sale and leaseback of the ground is concluded, while a further £5m in TV income is due before the end of the season. Any other money will have to be realised from the sale of the club"

 

 

 

I believed the lease was already in place?

 

 

 

 

Have serached for above on internet, however cannot find online

 

When searching for above found this useful summary although expect may have posted on Wed.

 

http://thepompeychimes.net/forum/viewtopic.php?f=2&t=55761

 

Also article in Guardian by Owen Gibbons critical of PL and FA for failing to regulate debt and prevent issues at Portsmouth, West Ham etc

 

 

Link for Portsmouth is latest and biggest casualty cannot find "What next at Fratton Park"

 

http://www.guardian.co.uk/football/2010/feb/26/portsmouth-premier-league-regulation

Daren W

Daren W

Posted
Posted

 

Do like this one...

 

"this post was done as a wind up....

 

And some of the ponytouchers bit..

 

Of course you are all welcome on here, we love the banter, i often go on your board, i read the first 3 post and it helps me fall into a deep sleep

 

PUP"

 

 

Yep, I can imagine most us would take that as an almost untouchable put down...

GenevaSaint

GenevaSaint

Posted
Posted
So is it supposed to be pay day again today?

 

According to the P*ompey news the first team have been paid. Nothing about the "normal" folks at the club. They quote 1.8m, I bet they've not put aside the tax and ni payments though!

Foxstone

Foxstone

Posted
Posted
I loved this bit...

 

According to the club's accounts, the playing staff is worth £23m, although the board claim the squad is worth much more.

 

"Unlike Newcastle, Portsmouth don't have a large fan base and lots of corporate facilities," added O'Reilly. "They are completely dependent on TV rights.

 

"Buying clubs will know that Portsmouth have to sell and will extract the best price they can. Not only that but players like David James have no resale value at all."

 

 

LOL also at HMRC are "spitting feathers because Pompey have been serial late payers" !

Did they not mean to say "Serial non payers" :D

OldNick

OldNick

Posted
Posted
So is it supposed to be pay day again today?

They will be paid in full today. They have the 4m they offered the HMRC and so as they are going into admin they will use that money.If not the PL are going to help them by guarenteeing it.

Of course the debt to HMRC is growing due to more NI and vat due.

Foxy

Foxy

Posted
Posted

SSN reporting Storrie hasn't turned up for work yet today (report at 0930ish) and that he normally gets in by 0900.

 

Wonder if he overslept or is furiously uploading his CV on Jobsite (you'd think he'd get a hand given the sponsorship deal he would have been involved in).

 

Of course he could be on his way to court for the admin hearing (he'd know the way, albeit less well than he can expect to in the not too distant)

OldNick

OldNick

Posted
Posted
SSN reporting Storrie hasn't turned up for work yet today (report at 0930ish) and that he normally gets in by 0900.

 

Wonder if he overslept or is furiously uploading his CV on Jobsite (you'd think he'd get a hand given the sponsorship deal he would have been involved in).

 

Of course he could be on his way to court for the admin hearing (he'd know the way, albeit less well than he can expect to in the not too distant)

Perhaps a few skates have woken up to his part in their downfal and he is now holding up a bridge on the A3

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