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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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dubai_phil

dubai_phil

Posted
Posted
Matt @ Snooze:

 

''Gregory Mitchell for HMRC said; 'The club is a well loved football club with a long and successful history.

'The question which we and indeed supporters of the club and members of the public ask is how is it possible that this once great club has become insolvent so that its liabilities its assets by £65 million' ''

 

Which strangely doesn't sound at all as if they are there to ask about a few pieces of paper.

 

Hmmm

dubai_phil

dubai_phil

Posted
Posted
spacer.gif[Comment From Laurel Laurel : ]

If liabilities exceed assets by £65 million, are they taking into account value of players? Although, what they would be worth in a 'fire sale', I dread to think.

 

Kerching

OldNick

OldNick

Posted
Posted

the HMRC's brief is bigging them up and not gone straight to the jugular, almost apologetic they are there.

Pompey will get away with it

Foxy

Foxy

Posted
Posted

HMRC say they support administration in principal but have 3 issues:

1 the validity of administration

2 are administrators independent

3 is admin feasible?

 

They want evidence that funds will be available for administration- club needs £7m until end of march and more than 14m until end of may

bristolsaint29

bristolsaint29

Posted
Posted

Matthew: HMRC say they support administration in principal but have 3 issues:

 

 

1 the validity of administration

 

 

2 are administrators independent

 

 

3 is admin feasible?

 

 

 

 

 

They want evidence that funds will be available for administration- club needs £7m until end of march and more than 14m until end of may Tuesday March 2, 2010 10:47 Matthew

PaulSaint

PaulSaint

Posted
Posted

"Matthew: HMRC say they support administration in principal but have 3 issues:

1 the validity of administration

2 are administrators independent

3 is admin feasible?

 

They want evidence that funds will be available for administration- club needs £7m until end of march and more than 14m until end of may "

Foxy

Foxy

Posted
Posted
HMRC say they support administration in principal but have 3 issues:

1 the validity of administration

2 are administrators independent

3 is admin feasible?

 

They want evidence that funds will be available for administration- club needs £7m until end of march and more than 14m until end of may

 

Although why March would be as expensive as April and May combined is a bit confusing, unless they're a bit late on February?

Joensuu

Joensuu

Posted
Posted
I think they're basically saying it costs £7M a MONTH to run the blue few.

 

Or perhaps they are due a installation on one of their player sales in April?

Channon's Sideburns

Channon's Sideburns

Posted
Posted

They're blaming the banks now.....errrrrrrr.... 'HELLO??????'

 

---

 

[Comment From one blue ear one blue ear : ]

all football clubs and a lot of business trades like this with the blessing of thier banks which technically mean that they are not insolvent because the banks earn huge interest on this way of trading if banks did not do this there would be no profit for banks we where unlucky enough for the banks to withdraw

hutch

hutch

Posted
Posted

Comment From Ryan Ryan : ]

What worries me is that pompey have no evidence of anyone interested in buying the club showing they have proof of funds...

 

 

He hasn't seen this thread.

Foxy

Foxy

Posted
Posted
Or perhaps they are due a installation on one of their player sales in April?

 

Could be that I suppose, but a strange cooincidence it comes to exactly a month's costs. Either way £14M is a helluva lot of cash to beat us Cov and Burnley over the past 2 months. They're spending nearly £5M on each win!

bristolsaint29

bristolsaint29

Posted
Posted

Matthew: Mr Mitchell: 'We say there's serious questions which arise and which require full investigation as to what financial dealings there have been between the various different owners of the club and between the club and it's owners and at the moment everything is shrouded in mystery.'

Channon's Sideburns

Channon's Sideburns

Posted
Posted

Matthew: Mr Mitchell: 'We say there's serious questions which arise and which require full investigation as to what financial dealings there have been between the various different owners of the club and between the club and it's owners and at the moment everything is shrouded in mystery.'

 

THEY ARE SOOOOOOOOOOOO FOOOKED

S-Clarke

S-Clarke

Posted
Posted

Mr Mitchell - HMRC - We say there's serious questions which arise and which require full investigation as to what financial dealings there have been between the various different owners of the club and between the club and it's owners and at the moment everything is shrouded in mystery.'

washsaint

washsaint

Posted
Posted

Wohhhhhhhh......this is going to get very nasty for PFC...HMRC want full enquiry into connections between the various owners and all transactions.

 

Fraud, money laundering?

 

-30 points for PFC anyone?

S-Clarke

S-Clarke

Posted
Posted
Wohhhhhhhh......this is going to get very nasty for PFC...HMRC want full enquiry into connections between the various owners and all transactions.

 

Fraud, money laundering?

 

-30 points for PFC anyone?

 

maybe we will be playing them next season..!

Essruu

Essruu

Posted
Posted

Do we really need a dozen people posting the same news feeds? Can't just one of you take it upon yourself to copy and paste from the Snooze site?

hutch

hutch

Posted
Posted

There is a lot more meat in this than I expected. It will not be sorted out today.

 

Somebody will have to run the Company in the meantime, if they are to continue. Maybe it's Mr. Mitchell who's got the extra ace up his sleeve.

Fowllyd

Fowllyd

Posted
Posted

Mitchell mentions that Storrie values the playing squad at £38M, but says the court should take a 'conservative view'. That'll be £25 plus some loose change then!

Red Alert

Red Alert

Posted
Posted

£38 million for the playing staff! Have they signed Kaka on the quiet? No way in the world is the bottom team of the premiership worth £38 million. Peter Storrie is a total tool.

Hatch

Hatch

Posted
Posted
Mitchell mentions that Storrie values the playing squad at £38M,

 

Didn't realise they had about 100 players in their squad ;)

hutch

hutch

Posted
Posted

Mitchell QC:

 

"'We say that that is all very well,'"

 

Lawyer-speak for "that's a load of old böllocks". I've been told the same in Court myself.

Weston Saint

Weston Saint

Posted
Posted
There is a lot more meat in this than I expected. It will not be sorted out today.

 

Somebody will have to run the Company in the meantime, if they are to continue. Maybe it's Mr. Mitchell who's got the extra ace up his sleeve.

 

Agree, this looks to be setting the agenda for the next few weeks. PFC Administrator will not have all the information at his finger tips. In fact he will argue that as he did not know the full reason for the hearing he will need time to answer the courts questions.

 

I am also expecting an Ace. Bet it is something in the SoA

Foxy

Foxy

Posted
Posted
Mitchell mentions that Storrie values the playing squad at £38M, but says the court should take a 'conservative view'. That'll be £25 plus some loose change then!

 

If they're worth £38M then even Dubai Phil's team in the forum match is worth a few quid. Nickh's team were worth zillions anyhow. Come on the Home team! And Come on Mr Mitchell.

dubai_phil

dubai_phil

Posted
Posted

the actions taken and the statements made at the end of last week will now come under very close scrutiny.

 

How was Android chosen?

What deal did Chanrai do to fund the adminsitrators cost?

Why did Storrie hang around?

 

It seems that almost every question that we raised on here (and some of the few & the media) is now being asked IN COURT and under Oath.

 

Ouch

Foxy

Foxy

Posted
Posted

Matthew:

There will be a meeting tommorrow to discuss selling players out of the window.

 

 

My own view is that with some of the carp they have they'd be lucky to be able to throw them out of the window

dubai_phil

dubai_phil

Posted
Posted

And finally a Fewer posts a call that it is time the Fraud Squad were called in.

 

So, this is going to take time. That sounds like an injunction or adjournment.

 

HMRC have challenged the Admin Credentials.

 

What on earth can they Propose? Who is going to run the club while the investigation is carried out?

 

Can they appoint a Court Officer?

 

Hmmm

Crab Lungs

Crab Lungs

Posted
Posted

How are the Skates getting another meeting regarding selling players outside the window tomorrow? Disgrace... if ever there was a perfect example of insolvency, this is it....

OldNick

OldNick

Posted
Posted

as I pointed out earlier it will give Pomey time to catch up their 5 points adrift. Then watch the PL get its knickers in a twist.

Pompey will get out of it

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