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Pompey Takeover Saga


Fitzhugh Fella

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Ho,

 

Simple question: If Chinney never did pay any money to PFC (as you claim) why would he not be happy with getting £3-4m for the land once you are liquidated?

 

Surely that would be a £3-4m profit?

 

Also, who paid for the wages etc during your last admin period?

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Tony Husband @TonyHusbandBBC #bbcsportsday #pompey PL to release parachute instalment early to help Portsmouth's finances. Full story to follow.

FFS.....here we go again......more rule bending....thread extended for another 6 months....

 

That would suggest to me that they are trying to see out the season, CVA payments will be delayed again and without the parachutes they will be unable to service it at all.

 

Good result for the taxman, they get their millions in cash and will get the remainder for the rest of the season.

 

Good result for the non-playing skate staff too, the ones with bills and mortgages to honour.

 

Bad result for creditors and charities... its going on TBH/Kitson et al instead!

 

 

 

... unless, as we have found on here that the PP money cant legally be 'ringfenced' for anything, could Chinny bag it before Friday, f*ck off back to Hong Kong with the wedge, and leave pompey to liquidate on Monday?

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What the buggery ****? Who will first to complain of the other teams that came down at the same time then?

 

It's not the same season, but hopefully Holloway will have something to say. He's been vocal on their 'plight'. Plus Jewell has piped up on a couple of occasions, once when they were outbid for players and secondly when he couldn't afford their players!

 

Seriously though, this is a complete joke. Where's the point deduction?

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Tony Husband @TonyHusbandBBC #bbcsportsday #pompey PL to release parachute instalment early to help Portsmouth's finances. Full story to follow.

FFS.....here we go again......more rule bending....thread extended for another 6 months....

 

Oh well once they've blown that money in the next month or two they have to fund the CVA with no more PP this year and wages far outweighing income. No chance of promotion, much less attractive to buy and spiralling debts. I my opinion they are just digging a bigger hole and prolonging the agony. Long may it continue as they will go bust eventually!!

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Tony Husband @TonyHusbandBBC #bbcsportsday #pompey PL to release parachute instalment early to help Portsmouth's finances. Full story to follow.

FFS.....here we go again......more rule bending....thread extended for another 6 months....

 

I'm surprised you're surprised. There was no way they were going to be allowed to go to the wall. I actually feel sorry for the clubs that get relegated this season - because they are struggling within their means - PFC on the other hand, have once again had to rely on means and resources that they just cannot afford.

 

It is highly likely that the end result of this whole sorry saga will be a ten point deduction which will not hurt them at all, they loose a couple of grand by way of final league position, and are in the Championship next season.

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@TonyHusbandBBC: #bbcsportsday #pompey All PL clubs and those entitled to parachute money were paid early, so money offers short term boost to #pompey

 

@TonyHusbandBBC: #bbcsportsday #pompey therefore the paying of the instalment wasn't designed to help one club, although timing useful for #pompey

 

Do what...?

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If pompey paid early, there's a clear case of sporting advantage. If they are all paid early that's off the table

 

lumpitt obviously still has some mates in the right places.

 

Sorry to day this, but they really have got away with it.....again.

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Any indication as to how much is being released to them and what else they'll bedue in the future ?

 

Just thinking about what they'll have to pay - wages, tax (will be 2.4m now) , those Aussie clubs (0.5m), then next month we'll have another 0.8m tax and the CVA installment (which AA won't be able to delay as Baker Fillet are managing that. I think come May we could be getting a bit of dejavu.

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If pompey paid early, there's a clear case of sporting advantage. If they are all paid early that's off the table

 

lumpitt obviously still has some mates in the right places.

 

Sorry to day this, but they really have got away with it.....again.

 

Someone's making up therules as they go along, that's f' sure.

 

Can't the rest of the Championshipship clubs object based on unfair advantage....?

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Even funnier :)

 

It couldn't have worked out better for them!

 

They've been saying all along that they don't want Chinny to get his grubby hands any where near the parachute payments, and the PL go and give them to him on a silver platter :)

 

I wonder if they take a hit points wise for the privilege of handing over the cash to the thief? That would be the cherry on the icing on top of the cake :D

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Assumming it is the full payment then that's 16 million.

 

Tax man, sporting debts, wages, gaydamak and CVA can all be paid.

 

Six months time could be interesting

 

Exactly, but they have bought the one thing that they needed most right now - time. They will be hoping that by clearing some debts and staying in the Championship they will have a much better chance of finding a buyer.

 

There wont be any toast this side of Christmas.

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Loving the comment on the News story of:

 

1Trueblue78

Monday, February 13, 2012 at 12:58 PM Where does the money go if the accounts are frozen??

 

Is Lampitt driving down the M3 with £1m in cash on the passenger seat at the moment?

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Just a thought. Maybe skates only get a million and the other clubs £2.5m as p*mpey have previously had an advance.

 

My thought was (from Tony Husband's BBC article) that perhaps the remainder is being held back towards the CVA payment due in April.

 

Could be wrong...

 

Truth is, they should be getting feck all - they got themselves into this mess. (And before Corpy goes all 'owner this/owner that ******', the business plan should have been designed to cover a fall in income, no matter how small). The fact there's poor planning in the mix (see my 'sell Marc Wilson & quadruple your wage bill post earlier)....

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"They owe £1.9m in unpaid tax to HMRC and on Friday it emerged that the club are also still paying off between £4m - £7m from the previous regime."

 

The above "emerged on Friday"....FFS...isn't Tony Husband referring to the 20p in the £1 tax that PFC are yet to pay from the previous CVA....?

 

Only just emerged my arse!

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My thought was (from Tony Husband's BBC article) that perhaps the remainder is being held back towards the CVA payment due in April.

 

From that article:

 

"The club will receive a total of £16m from the Premier League in parachute payments during the current season, although much of this sum has already been paid.

Most of the money has gone to football creditors while other creditors of the club are due to start receiving payments this year, in line with the Company Voluntary Arrangement reached after the club went into administration in February 2010. "

Edited by trousers
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My thought was (from Tony Husband's BBC article) that perhaps the remainder is being held back towards the CVA payment due in April.

 

Could be wrong...

 

Truth is, they should be getting feck all - they got themselves into this mess. (And before Corpy goes all 'owner this/owner that ******', the business plan should have been designed to cover a fall in income, no matter how small). The fact there's poor planning in the mix (see my 'sell Marc Wilson & quadruple your wage bill post earlier)....

 

What, you mean they should have planned to a budget, and allowed a margin of operational loss or profit within that budget. So essentially - a budget that might change. Corp Ho will luv that one. So will Phil.

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We’re thinking of starting our own e petition to improve the evident poor standards of literacy in Southampton schools and suggesting that a foundation be set up – “The Derek Zoolander & Tony Seaton Center For Children Who Can't Read Good And Wanna Learn To Do Other Stuff Good Too”

I presume it will be set up in the US, otherwise you've spelt `centre' incorrectly.

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Email sent to the FL. Expecting the usual fob off but hey-ho!

 

Sir,

 

I have just read that the PL is to release funds early to Portsmouth Football Club, and whilst I do not wish to see any club fold this decision (if true) does not sit well with me, and clearly gives PFC an unfair advantage over other clubs.

 

I am also very concerned that all this approach will do is to delay further non payment of monies due. If they are unable to pay their staff (lets not forget it is not all about players) now, then it is clear they are not generating sufficient funds to meet their ongoing commitments, not least the CVA of which a significant sum will be due to HMRC and is a pitiful 20% of money they should have paid up front from their last period prior to administration. As a tax payer I will be disgusted further if this money is not forthcoming.

 

I appreciate that the populist media continue to portray that the circumstances the club found themselves in is not of there own making. This is simply incorrect. Some simple googling at the time of the takeover revealed that CSI were not as clean as they presented themselves, and this situation was forecasted by many. It is inconceivable that David Lampitt, who has been at the club prior to the CSI ownership, should not have been aware of the true circumstances. Indeed, last season he employed a policy of 'quality over quantity' and signed players on contracts that simply were not justifiable for a Championship club.

 

Given that they have employed players that they could not afford, and that they are now being bailed out by the PL I am left in no doubt that they have secured an unfair advantage over other clubs, and have therefore scored more points this season than they should have done. It is therefore only right that as soon as this advance is made that PFC accept that this is unfair on other clubs and accept a significant points deduction. This should be on top of a 10 point deduction that should be applied for an insolvency event.

 

I look forward to a constructive response. If your view is that you need to continue to review all the facts before deciding on a points deduction, then this will not sit well with fans of other clubs up and down the country and it is time that the authorities stood up to insolvent 'cheating'. The facts are already clear to casual observers, and an advance of funds should come with strings attached.

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9

spencerc

 

Monday, February 13, 2012 at 01:38 PM

 

2.5m so I think the news ned to get their facts straight. Aparently HMRC agreed on friday to delay the winding up petiton so looking good. pack the park tomorrow lads!!!!!

 

One assumes all companies curently under the shadow of a WUP will receive the same treatment....that's one hell of an undertaking by HMRC....

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It truly is utterly mind boggling how you manage to contradict yourself in one post!

 

You say Chainrai hasn't put a penny into the club and that it was all a con - a FACT that I agree wholeheartedly with and stated a couple of hundred pages ago, at the time though you called me a bed wetting conspiracy theorist!

 

Then you say he's between a rock and a hard place and that he won't be getting the £17m for the club.

 

I guess it depends on your viewpoint really. He DIDN'T put any cash into the club, he STILL HAS his original £17m, and while it would be nice to con someone else into giving him money for a club he's paid nothing for - how much did he get from CSI 'up front'? - he is currently not owed a penny.

 

So, what is to stop him from letting the club be liquidated and then eventually selling the land he owns on for £3-4m?? Three years 'work' for £3m is a bloody good return in anyone's book!

 

I know liquidation is not what you and the rest of Portsmouth want but if it gets chinny more money than he's currently lined up to get, I'm sure he'll take it in a heart beat!

I may have called you a bed wetting conspiracy theorist but certainly not over that point as that’s been my stance all along. And where’s the contradiction? Chainrai wants £17m for the club – that’s the price he agreed with CSI and the price Andronikou kept quoting. What he wants and what he’s actually owed aren’t necessarily the same thing at all – so where’s the contradiction? As for the point about him selling Fratton for £3-£4m – there’s nothing stopping him but as I’ve already covered the risks to him in doing so several times (including in my previous post today) I can’t be bothered to type it all out again. Go back and look at my previous post. The point is, he may want £17m but he’s not going to get it so if someone offers him more than the £3-£4m Fratton might net him, why wouldn’t he take it? Which is what I’ve been saying ever since CSI went into administration

 

Well you could be right but Lampitt could put the club in Admin if he can demonstarte that he has funds to sustain the club, so your assumption that only Chanrai can initiate Admin is incorrect. He is a DIRECTOR. What choice does he have at the moment. ? Liquidation? or he tries to get the parachute payments with the likely consequences of severe points penalties. On the other hand, Chanrai, as you say may not benefit from EITHER liquidation or Admin. He is not benefitting at the moment from CSI's admin is he. We appear to all agree he is not going to finance the next Admin, even if could initiate it. So. What are the options for Chanrai? Of them all Liquidation may be his best bet as there maybe a chance that Fratton Park may change its covenant and be avaialble as commercial land

See above for reply on Fratton. As for administration, where in the post did I say that only Chainrai could put us into admin? I did ask for any of the geniuses on here to explain why Chainrai’s charge might not be valid. No-one’s replied so I assume you need it explaining. It may be that a court will find that it is valid. However, there’s a very real chance they won’t as the charge is one that was transferred from Oldco to Newco and as Chainrai hasn’t actually made any investment into Newco it would appear that he may not have the legal right to put us into administration. Anyone (Clapham?) care to comment on that point?

 

Oct-09 Nov-09 Dec-09

Falcondrone 6,999,988 5,750,000 4,000,000

 

This is what was Paid in to Pompeys accounts. Make of it what you want Ho,

Interesting if true, where did that come from. Also interesting because Falcondrone was Faraj’s company so if Chainrai so if Chainrai has been paying Pompey money from it that means he recovered the £17m he “loaned” to Faraj and chose to re-invest it in PFC. Which in my book means he’s not “owed” any money at all, he just made a bad business decision

 

Ho Ho Ho...that's rather strange what you say about no money for Marc Wilson....

 

As most reports at the time of the transfer indicate that Poopey got money plus Kitson and Lawrence

Why is it strange? I said that Chainrai never paid a penny for Kitson and Lawrence but that they were PX/ makeweights in the deal when Wilson went to Stoke. We received money from Stoke plus the two players. How does that contradict what I wrote?

 

Stuff you Mate... I am a diagnosed dyslexic. I was not educated in Southampton; however I am not a toy shop employee,

I am a half millionaire and probably richer than any of your "potential buyers" sniffing round the shell of PFC.

I agree I have literacy problems. It is not an education problem. But at least I am solvent.

Ooh, a half millionaire. There can’t be many of those around. Oh, wait a minute – practically anyone who owns a house is a half millionaire these days – including me. PMSL

Great e – petition though Tony. Any feedback from the Conseratives yet?

 

So Corps.... you have spent a vast amount of time trying the challenge everythjing that is said... but where is your opinion? Come on given EVERYTHING you say you know' date=' given teh fact that there can be NO doubt that the way teh finances have been run HAS given you several periods in which you have had competitive advantage despite no solid plan in place for long term servicing of that expenditure, have done this several times in the last few years, still have huge debts CVA. new debts etc... no we have seen you try and blame everyone but teh club, and say its all the owners fault so its all the FAs fault, balah blah... when whoever's 'fault it is is actually irrelevent IF as has been the case with pompey, that 'fault' sees players on the pitch that without the 'fault' would not be there... call that what you like.... so with all this knowledge, what do you want to see happen now... surely it should be a pheonix as its the ONLY to be completely rid of these dastardly owners who have screwed you so badly, (but importantly allowed you to carry on playing experienced and expensive pros rather than kids)... surely anything else would be acknowledging that you are happy to 'blame' teh dodgy ownetrs, whilst accepting 'friuits' of their leadership? You cant ahve it both ways - and that is teh problem with most of your fans - you are now all as one saying the owners are at fault and very bad people, yet dont seem to be prepared to accept that with out them, with someone ethical and serious, you would have been relegated along tiem ago... as sales and playing kids in an effort to reduce debt IS the only logical, ethical and moral way to go....[/quote']

Jesus FC, it’s the same old thing time and time again. Read the David Conn article I keep posting. It proves we didn’t “cheat” to win the cup. The missing money from player sales after the cup win would seem to strongly suggest that someone siphoned money out of the club which would have meant we didn’t have to go into admin in the first place. The fact we now owe HMRC cash is because a new owner decided to spend money on the team and wages that we couldn’t fund once he left the picture – and that money was all approved by the FL at the time and is no different from the owner of any club funding a team, yours included. Add in the fact that all through last season we didn’t have any missed payments to HMRC and your point looks silly. That means we were paying players what we could afford. Not this season, no because Antonov put extra cash in but like I said, a plan that was approved by the FL. As for the “we played the kids” mantra, I’ve looked at your stats for the season you went down. Only three players who could be termed “kids” (as in they were making their first team debuts that season) only three played 10 games or more and that was Gillet, James and Lancashire and even then Lancashire only made 10 appearances.

My hopes for the future? That someone buys us (no idea if that will happen) that Chainrai is out of the picture completely. That the CVA is paid off and we can start to get the club on an even keel. That we bring more players through the youth system as we’ve done with Joel Ward and hopefully will with Adam Webster and Sam Magri (a shame that Ryan Williams had to be sold), develop the stadium and take up Gosport Council’s offer of the land for the training ground.

 

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