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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Golden Balls

Golden Balls

Posted
Posted
How's this for an absolute nightmare scenario

 

Rangers go Pop

 

Celtic realise there's no money to be made in continuing without them in SPL.

 

Celtic owners buy Pompey, avoiding WUP and admin

 

Close season change kit to green and white hoops All Celtic first teamers transfer to Pompey in exchange deal for all Pompey first teamers going other way.

 

Portsmouth start next season as a reasonable team in Championship backed by Celtic money and all Celtic fans worldwide who realise they are now Celtic in all but name

 

Cletic still win SPL using their reserves (previously known as Pompey)

 

Arrrrrrghhhh I want to wake up

 

That wouldnt happen but if it did, all Rangers fans would come our way which would be interesting

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pfc123

pfc123

Posted
Posted

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

 

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?

 

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

 

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?

 

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?

 

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.

 

 

Corp, you're wasting your time mate. This lot have all whipped each other into such a mouth foaming frenzy that it's pointless attempting to outline a few facts to them. They're simply beyond listening now...

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Window Cleaner

Window Cleaner

Posted
Posted (edited)
Corp, you're wasting your time mate. This lot have all whipped each other into such a mouth foaming frenzy that it's pointless attempting to outline a few facts to them. They're simply beyond listening now...

 

Unsurprising, this is a Saint's board and we fecking hate Pompey.

Fact is we pay our bills and you errr don't.

 

At least when we were in the sh*tter our board made some sort of effort to cut costs and not rip people off any more than necessary,plenty of fans with shares lost money as well.You ? well you just carry on as if nothing had happened. You'll go into admin again, won't stop you signing old has beens at 30K a week though.

Edited by Window Cleaner
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rallyboy

rallyboy

Posted
Posted

if they are allowed the protection of administration again I think it's really important that the rest of football is educated about the facts.

People need to know that they haven't paid a single penny from the last administration.

Most fans think it was all paid off and they've just been a bit unlucky - even many of the few don't get that.

 

Tis our job to tell the world! :)

 

And good spot and reminder by Hatch and Gemmel re the precise wording of the CVA amd league one - need to keep an eye on that one, it could be AA's ace up his sleeve.

 

Let's face it we established a long time ago that the creditors are mainly idiots who voted for a shafting so it's difficult to have sympathy.

Its the small businesses, charities and office staff who deserve assistance.

So let's Pack the Park to buy Halford or Ben Haim a new hot tub to go in a Hummer. :?

 

And as horny coaching genius Avram would have said they will never take our spirit, but they do have the legal right to cut off our utilities!

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Sour Mash

Sour Mash

Posted
Posted
Football League have confirmed it'll be a 10 point deduction when they enter administration.
10 point deduction is f**k all considering how many points they've earnt from players they can't afford to pay, makes a mockery of the sytem. Hopefully this is the only tip of the iceberg.
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dvaughanwilliams

dvaughanwilliams

Posted
Posted

40

breville

Monday, February 13, 2012 at 05:23 PM

 

I have to raise a toast to the bestest fans in the land for their show of unity and true pompey passion on saturday evening... We will get through this and find a new investor and when we can start spending some serious money again we will be back where we belong - in the premier league in time to bring in Thierry Henry who said he'd be the only other club he'd play for. Maybe not but a big lad like Connor Sammon would do alongside Lualua. PUP

 

OK, own up, who's this?

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Window Cleaner

Window Cleaner

Posted
Posted
10 point deduction is f**k all considering how many points they've earnt from players they can't afford to pay, makes a mockery of the sytem. Hopefully this is the only tip of the iceberg.

 

true a 10 pointer will still leave them above the relegation zone and with all their players.

Just need to wind them up and let them start again in the Blue Square sharing a ground with Havant cos Pompey...well they're never going to pay their existing debts.

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Wade Garrett

Wade Garrett

Posted
Posted
It will interesting to see WHO has put Pompey into Admin and indeed whethr they will be able tojustify and explain their funding. The advance of the parachute payments miught keep them going for a month but if they get an "Honest Administrator" then he should immediately offload all the high earners by cancelling their contracts. Now that would be funny as they would have to play their kids........Oops I forgot they let them go !!!!

 

I don't see how he can cancel their contracts.

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Sour Mash

Sour Mash

Posted
Posted
true a 10 pointer will still leave them above the relegation zone and with all their players.

Just need to wind them up and let them start again in the Blue Square sharing a ground with Havant cos Pompey...well they're never going to pay their existing debts.

Even more so when you consider their previous -10 didn't really punish them in terms of final league position.
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Jack

Jack

Posted
Posted

If true then that's weak by the FL. Really doesn't affect them much. It'd be farcical if they went into admin, got an investor, and avoided relegation. The 3 sides that would be below Pompey hardly pick up points, and unfortunately, Pompey do.

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Waterside.saint

Waterside.saint

Posted
Posted

Comedy Gold: from the Snooze-

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_set_to_apply_for_administration_1_3517660?commentspage=2

"Creditors include electricity suppliers have threatened to cut the club off, Mr Kubik said in an interview with the financial news service Bloomberg.

He said that it may take ‘a few days’ for the courts to formally accept Pompey’s move into administration.

‘During the last week it’s been very difficult to trade’ said Mr Kubik. ‘Administration would allow us to get the bank account unfrozen and pay the electricity board, who’ve constantly been threatening to cut us off.’"

 

Last one out of Farton Krap put the lights out - Oh.

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pedg

pedg

Posted
Posted
Comedy Gold: from the Snooze-

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_set_to_apply_for_administration_1_3517660?commentspage=2

"Creditors include electricity suppliers have threatened to cut the club off, Mr Kubik said in an interview with the financial news service Bloomberg.

He said that it may take ‘a few days’ for the courts to formally accept Pompey’s move into administration.

‘During the last week it’s been very difficult to trade’ said Mr Kubik. ‘Administration would allow us to get the bank account unfrozen and pay the electricity board, who’ve constantly been threatening to cut us off.’"

 

Last one out of Farton Krap put the lights out - Oh.

 

Is that the same "few days" as needed for the validation certificate?

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Saint_John

Saint_John

Posted
Posted

The big penalty points (i.e. -17 etc) only come when they EXIT administration via the "exceptional circumstances" rule, i.e without a cva. (see my post from the 3rd Jan http://www.saintsweb.co.uk/showthread.php?14620-Pompey-Takeover-Saga&p=1226565#post1226565)

 

I hope that Cheats FC are not trying to cheat again - i.e. use the money they have got today to pay off HMRC and then go into Admin with only CSI as a creditor. AA gives them a cva and they rejoin the league without further penalty points ??

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trousers

trousers

Posted
Posted
Didn't we think a few pages back that the original CVA gets ripped up and the full debt becomes payable if they go into admin again?

 

If so, I'm not exactly sure how another admin helps them, short of keeping the HMRC vote below 25%.

 

anyone enlighten me?

 

"Eeets a diffrant companeee...innit guv"

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trousers

trousers

Posted
Posted
The big penalty points (i.e. -17 etc) only come when they EXIT administration via the "exceptional circumstances" rule, i.e without a cva. (see my post from the 3rd Jan http://www.saintsweb.co.uk/showthread.php?14620-Pompey-Takeover-Saga&p=1226565#post1226565)

 

I hope that Cheats FC are not trying to cheat again - i.e. use the money they have got today to pay off HMRC and then go into Admin with only CSI as a creditor. AA gives them a cva and they rejoin the league without further penalty points ??

 

AKA.... "Plan A" (allegedly)

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pedg

pedg

Posted
Posted
Mark Acheson @markacheson

#pompey tell stewards by text: 'Match against Ipswich will go ahead without fail. Your attendance is essential to make this happen.'

 

Somewhat contradictory text isn't it? If their attendance is essential then if they don't attend it can't go ahead.

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sussexsaint

sussexsaint

Posted
Posted
Mark Acheson @markacheson

#pompey tell stewards by text: 'Match against Ipswich will go ahead without fail. Your attendance is essential to make this happen.'

 

What if the steward has a mortgage or a heating or electricity bill to pay ? you cannot make demands of employees like this and in this tone when you are relying on their good will in order to survive

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derry

derry

Posted
Posted

In Admin they have to be solvent. The funding has to cover everything. The players will have to leave voluntarily, re negotiate their contracts or if they don't the the administration is going straight down the kazy. This administration could have problems, HMRC will cause problems initially and will have learned from the last time.

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Under Weststand

Under Weststand

Posted
Posted
Mick Williams @mickwill

Think of #Pompey in administration again - it's not fault of current management, team or fans! FL/Duff owners/Administrators to blame again!

 

Yeah of course. Nothing AT ALL to do with signing Kitson & Lawrence on £20k per week...selective memories abound down Pompey way....

Not our fault gov didn't realise it was money ripped off Lithuanian pensioners gov. Thought he was an OK type of guy thought we was rich again init. Lets all celebrate & chant his name CSI well rich init OH!

But I guess were ignoring the facts again whilst frothing at the mouth!

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trousers

trousers

Posted
Posted
In Admin they have to be solvent. The funding has to cover everything. The players will have to leave voluntarily, re negotiate their contracts or if they don't the the administration is going straight down the kazy. This administration could have problems, HMRC will cause problems initially and will have learned from the last time.

 

Are you saying that AA won't be administrator then....? ;-)

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SaintBobby

SaintBobby

Posted
Posted

Ok, a few questions for those who have been more immersed in this thread than I have (although I have read most of it):

 

1. What and who can stop Portsmouth entering administration?

2. Is it in anyone's interests to stop them going into admin - and if so, through what mechanism?

3. If, for whatever reason, they do go into admin, does this permanently suspend the WUP?

4. Isn't it completely obvious that the club are insolvent? Their income simply doesn't match their expenditure - let alone start to clear their debts. What are the legal ramifications for being in admin while insolvent?

5. If they are prevented from going into admin, does the WUP order go ahead? And, if so, what could possibly prevent it succeeding?

6. If the WUP order succeeds (now or later) do Portsmouth go out of business immediately?

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