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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Viking Warrior

Viking Warrior

Posted
Posted

Up here and throughout Scotland there is wall to wall coverage, tv and radio debates about rangers going into admin. if the blue few were that big then surely they would be calling for a public enquiry instead of a few whimpers and a bimbo raising a question in parliament . Some fans of rangers have openly admitted their club have cheated winning trophies by getting players they could not afford and the manner to which the were paid . I think the method is subject to a court ruling . Back to the blue few . The likes of Ho Ho and co xshould admit their club has cheated far too often . I have no sympathy should the go out of business

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Brizzie Saints

Brizzie Saints

Posted
Posted

Well surprise surf*ckinprise you couldnt see this coming, another smoke screen for the judge.

 

A POTENTIAL buyer says he is interested in becoming Pompey’s new owner.

Businessman Keith Gregory – who says he is related to the Gregory family that previously owned the club – has held talks with administrator Andrew Andronikou.

Mr Gregory said: ‘I spoke with Mr Andronikou yesterday and we are talking about meeting up this Thursday.

‘That is how we have left it.

‘I’m related to Martin Gregory, but I’m not prepared to go into the details about that now.’

Mr Andronikou confirmed Mr Gregory is an interested buyer and said that initial contact has been made and hopes to meet him tomorrow.

He also confirmed Keith is related to previous club owners Jim and Martin Gregory.

Jim Gregory owned Pompey from 1988 to 1994, when he was forced to step down due to ill health.

The club was passed onto his son Martin, who was unpopular with fans as the team suffered heavy losses.

The club was then sold to Milan Mandaric in 1999.

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Katalinic

Katalinic

Posted
Posted
Well surprise surf*ckinprise you couldnt see this coming, another smoke screen for the judge.

 

A POTENTIAL buyer says he is interested in becoming Pompey’s new owner.

Businessman Keith Gregory – who says he is related to the Gregory family that previously owned the club – has held talks with administrator Andrew Andronikou.

Mr Gregory said: ‘I spoke with Mr Andronikou yesterday and we are talking about meeting up this Thursday.

‘That is how we have left it.

‘I’m related to Martin Gregory, but I’m not prepared to go into the details about that now.’

Mr Andronikou confirmed Mr Gregory is an interested buyer and said that initial contact has been made and hopes to meet him tomorrow.

He also confirmed Keith is related to previous club owners Jim and Martin Gregory.

Jim Gregory owned Pompey from 1988 to 1994, when he was forced to step down due to ill health.

The club was passed onto his son Martin, who was unpopular with fans as the team suffered heavy losses.

The club was then sold to Milan Mandaric in 1999.

 

The only listed Keith Gregory with a PO Postcode is someone who is director of a couple of no-mark Financial Advisors - presumably if he was that good at advising he'd be retired by now? If it's him then it has the feel of Fialka.

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trousers

trousers

Posted
Posted (edited)

Can someone explain why they haven't received a points penalty yet?

 

They gave notice that they are seeking administration. According to the Football League's rules its the "giving notice" that triggers the points penalty.

 

What's occurring?

Edited by trousers
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Brizzie Saints

Brizzie Saints

Posted
Posted
Can someone explain why they haven't received a points penalty yet?

 

They gave notice that they are seeking administration. According to the Football League's rules that "giving notice" triggers the points penalty.

 

What's occurring?

Probably waiting for the worse case scenario, I hope.

Anyway according to the Phew.

 

29

[h=3]bluelagoon[/h] Tuesday, February 14, 2012 at 01:05 PM

 

John Beech at footballmanagement thought 17 because 10 points is mandatory minimum plus what the FL want to add, but this will take time because it's a unique situation, no other football club has ever got itself into quite this fix before

 

Ohh please dont tease us :D

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Saint Lindford

Saint Lindford

Posted
Posted

They really do believe their own hype......

 

Fans sing out despite Ipswich defeat Fans stay behind in the Fratton end after the game

 

Published on Tuesday 14 February 2012 19:45

 

 

POMPEY fans did their club proud tonight after a rallying call to Pack the Park.

 

 

The team may have lost 1-0 to Ipswich but the fans did not let the club down - and deservedly were given the man of the match award.

 

The club’s famous supporters started chanting ‘Michael Appleton’s Blue and White Army’ early in the first half and obeyed the plea to sing for the entire 90 minutes to show their love for Pompey in another time of crisis.

 

Many fans stayed in their seats at the end in a stirring show of spirit.

 

Ipswich’s early goal had sparked loud singing from the Fratton end, but after a dip near the end of the first half the second half kicked off with a wall of noise from the Pompey fans.

 

A legitimate goal that was wrongly disallowed for Dave Kitson set off another round of chanting ‘we will never die’.

 

The match is being staged after the club yesterday confirmed it has applied to the High Court to enter administration.

 

The News has backed the Pack the Park campaign by the Pompey Supporters Trust to encourage fans to turn out to help boost Pompey’s coffers.

 

Pompey have agreed for The News ‘Pompey Til I Die’ flag to be passed across the Fratton End just before the game. Just before kick-off News deputy editor Mark Acheson said: ‘The News Pompey Til I Die flag has just passed over the Fratton End. Game on!’

 

At half-time a man proposed to his girlfriend - and she said yes.

 

Speaking before the game, Bob Beech, of SOS Pompey, said: ‘There have been some very special days and nights at Fratton Park over the years and this really could be one of them.

 

‘In a few years time people could be looking back and saying “remember that night against Ipswich?”’

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patred44

patred44

Posted
Posted (edited)

hints of a new owner ahead of the application for admin just to stave off a winding up order..

looks like Appleton believes it:o

 

enough to start another spending binge

http://www1.skysports.com/football/news/11688/7522403/

 

 

"Between ourselves, the directors and administrators, we need to look at the possibility of recruiting one or two players.

Edited by patred44
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trousers

trousers

Posted
Posted
Probably waiting for the worse case scenario, I hope.

Anyway according to the Phew.

 

29

bluelagoon

 

Tuesday, February 14, 2012 at 01:05 PM

 

John Beech at footballmanagement thought 17 because 10 points is mandatory minimum plus what the FL want to add, but this will take time because it's a unique situation, no other football club has ever got itself into quite this fix before

 

Ohh please dont tease us :D

 

So, give them the "easy" part now (i.e. the statutory 10 points for giving notice that they intend going into administration) and add any bolt-on deductions afterwards.

 

Or is that too simple for the Football League?

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Fowllyd

Fowllyd

Posted
Posted (edited)

 

Fans sing out despite Ipswich defeat Fans stay behind in the Fratton end after the game

 

Published on Tuesday 14 February 2012 19:45

 

 

POMPEY fans did their club proud tonight after a rallying call to Pack the Park.

 

 

The team may have lost 1-0 to Ipswich but the fans did not let the club down - and deservedly were given the man of the match award.

 

The club’s famous supporters (Sid and Doris Bonkers) started chanting ‘Michael Appleton’s Blue and White Army’ early in the first half and obeyed the plea to sing for the entire 90 minutes to show their love for Pompey in another time of crisis.

 

Many more fans stayed at home throughout the match in a stirring show of not being arsed.

 

Ipswich’s early goal had sparked loud singing from both fans in the Fratton end, but after a dip near the end of the first half the second half kicked off with a wall of bell-ringing from TCWTB.

 

A legitimate goal that was wrongly disallowed for Dave Kitson set off another round of chanting ‘we will never pay’.

 

The match is being staged after the club yesterday confirmed it has applied to the High Court to enter administration.

 

The News has backed the Pack the Park campaign by the Pompey Supporters Trust to encourage fans to turn out to help boost Pompey’s coffers.

 

Pompey have agreed for The News ‘Pompey Nil’ flag to be passed across the Fratton End just before the game. Just before kick-off News deputy editor Mark Acheson said: ‘The News Pompey Nil flag has just passed over the Fratton End. Game on!’

 

At half-time a man proposed to his sister - and she said yes.

 

Speaking before the game, Bob Beech, of SOS Pompey, said: ‘There have been some very special days and nights at Fratton Park over the years and this really could be one of them.

 

‘In a few years time people could be looking back and saying “remember that night against Ipswich? There must have been - ooh - at least twenty people packing the park that night. Amazing.”’

 

That's how it should have read I think...

Edited by Fowllyd
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Brizzie Saints

Brizzie Saints

Posted
Posted
http://companycheck.co.uk/company/05274431

 

[TABLE]

[TR]

[TD]Cash at Bank : £10,347

 

[/TD]

[TD=width: 1][/TD]

[TD=width: 453] Net Worth : £78,992[/TD]

[/TR]

[/TABLE]

 

Don't spend it all at once.....

 

[TABLE]

[TR]

[TD][h=2]Total Current Liabilities : £89,792[/h]

Well its a start, at least there cashflow positive

[/TD]

[TD] [/TD]

[TD] [h=2]Total Current Assets : £106,847[/h][/TD]

[/TR]

[/TABLE]

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pedg

pedg

Posted
Posted (edited)
Mr Andronikou said: ‘We are looking to take over the club as soon as possible and drive home the sale. It is far more attractive in administration than as a going concern.’

That just about sums up the whole sordid affair...

 

But is it far more attractive or is that just standard Andronikou-speak? I think it all hangs on what affect admin has on the payments for the CVA. If they can get away with not paying that then yes the overall cost will be a lot less but if the buyer still needs to pay chainrai, gady, the players and the CVA in full then they would lose between 80% to 99% of the other debts, which, though significant, still results in a high price tag for a club with an increased chance of ending up in League 1.

Edited by pedg
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trousers

trousers

Posted
Posted (edited)

Don't recall seeing this article posted before. Gives an insight into a couple of the small businesses still owed money by Pompey...

 

http://www.thisismoney.co.uk/money/news/article-2099855/Grudge-match-soccer-rule-favours-clubs-players-creditors.html

 

Grudge match over soccer rule that favours clubs and players over other creditors

By Dan Atkinson

 

Last updated at 9:24 AM on 12th February 2012

 

The taxman suffered a humiliating defeat last week when Tottenham manager (and next England boss?) Harry Redknapp was found not guilty of tax evasion.

 

But still smarting from its 1-0 trouncing at Southwark Crown Court, Revenue & Customs is hoping for a better result as early as this week in the High Court in a quite separate grudge match with the Football League.

 

At stake are tens of millions of pounds in taxes that the Revenue claims it loses from football clubs that go bust, while players and other football clubs are given priority.

 

article-2099855-11AC159A000005DC-585_468x286.jpg

Losing out: Builder Terry Clark is owed £55,000 by Portsmouth FC

 

The system gives protection to some creditors in a way that is unique to football – and the losers over the years have included dozens of small businesses that have lost thousands of pounds.

 

The Revenue’s lawyer has dubbed it ‘the ugly side of the beautiful game’. But the Football League’s supporters insist that it is essential to protect the sport from financial crises and foster a ‘rescue culture’.

 

Clubs have this special bankruptcy status under the ‘football creditor’ rule, established by the Football League nine years ago. Under the rule, clubs that fail to keep paying players or honour debts to other clubs cannot stay in the League. Any club that is ejected from the League is doomed as a business.

 

The effect is that an administrator – who is legally bound to maintain an insolvent company as a ‘going concern’ – has no choice but to honour the football creditor rule and pay players and other clubs before all other creditors. That includes small traders and suppliers – and the taxman.

 

The issue may seem like a fine point with all the relevance for everyday life of the offside rule, were it not for the fact that since 1992 half of all the clubs in the Football League have been in administration.

 

Casualties have included Leeds United, Derby County, Exeter City, Crystal Palace, Wrexham and Premier League Portsmouth. Since it was introduced in 2002, the football creditor rule has cost taxpayers tens of millions.

 

article-2099855-11AAF641000005DC-574_468x286.jpg

Bankrupt: Derby County football club

 

The Revenue launched its case in November. Its QC, Gregory Mitchell, has argued that the rule awarded some football creditors a unique and preferential status in insolvency law – a status that could only be legitimately granted by Parliament. Not surprisingly, the Revenue is keen to stress that it is championing the cause of all non-football creditors, not just the taxman.

 

‘We are talking about people who have worked for the club and are left with very little because the football creditors get preferential treatment,’ said a Revenue source. ‘We can be talking about gardeners, florists and carpenters – these guys do not get paid. We don’t think it’s fair, we don’t think it’s right and we don’t think it’s lawful.’

 

Aggrieved small businesses are not hard to find. The case of Portsmouth FC, which went into administration in February 2010, became a cause celebre for opponents of the scheme.The victims are still angry.

 

‘It cannot be right,’ said Terry Clark, managing director of TWC Joinery and Shopfitting of Portsmouth. His firm worked extensively for the football club, fitting out offices and refitting the dressing room.

 

When Pompey went into administration, Clark’s company was owed nearly £55,000. The administrators were finally able to recover just 20 per cent of the debt to small creditors, meaning that he will get less than £12,000 of what he is owed. The same applies to the Revenue, which was owed £37million by Portsmouth.

 

Thanks in part to the football creditor rule, almost £30 million of that will not be paid. Clark said: ‘Why should the League clubs get away with it? I feel sorry for other local traders. Take the paper shop – it may be owed only £100, but that is a lot to them.’

 

Another Portsmouth creditor is Andrew Warshaw, a freelance sports writer, who is owed a four-figure sum for articles written for the club’s match programmes.

 

‘It does seem to me that the system draws a distinction between the haves and have-nots,’ he said.

 

A repeated cause of embarrassment for the League has been debts owed to the St John Ambulance service, whose workers provide medical cover at matches. To lance this boil, the League has made a £40,000 payment covering all such debts to date.

 

The rule was designed to protect players’ earnings. Its defenders point out that while Premier League players are paid millions, players in teams lower down the leagues are not so well remunerated and a typical annual salary for a League player is still about £50,000.

 

It was designed also, says the League, to protect other clubs from being hit. A single club becoming insolvent would create a domino effect among clubs.

 

One League source said: ‘This is about encouraging in football the sort of rescue culture that everyone is so keen to see in all other businesses.’

 

The alternative would be to push insolvent clubs into liquidation. The clubs could not be allowed to stay in the League, having defaulted on debts such as transfer fees, and this, says the League, would be needlessly destructive.

 

Mr Justice Richards, who has been hearing the evidence, is now considering his verdict in the civil case and is expected to rule within days.

 

The League and its supporters will be hoping they are allowed to keep the rule. Without it, they argue, more clubs would be forced into liquidation and expelled from the League.

 

The sport could be devastated. Critics argue that, in a time when small businesses are being squeezed by the downturn and the Treasury is trying to repay Britain’s giant national debt, it’s time to show the football creditors rule the red card.

Edited by trousers
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dubai_phil

dubai_phil

Posted
Posted

Ah how this thread has developed.

 

Post #1 was 8th July 2009. It took until 31st December that year to limp up to 100 pages just as the HMRC WUP became public. 100 pages in 177 days an average of 0.56 pages or 28 posts a day

 

The LAST 100 pages have flooded in since 21st Jan 2012 at the average of 4 pages a day, 200 posts a day.

 

Wow, that massive expansion percentage is, interestingly, about the same as poopey's percentage increase in debt each week of their survival.

 

Allegedly

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Toomer

Toomer

Posted
Posted
[TABLE]

[TR]

[TD][h=2]Total Current Liabilities : £89,792[/h]

Well its a start, at least there cashflow positive

[/TD]

[TD] [/TD]

[TD] [h=2]Total Current Assets : £106,847[/h][/TD]

[/TR]

[/TABLE]

 

On 31st March 2010 the net worth of the company was £43k, credit limit £3.400 per month.

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dubai_phil

dubai_phil

Posted
Posted

 

Football Creditors Rule - player transactions - easy - it is called Insurance.

Footballers Wages - can't afford to pay them they can leave for free simple would have stopped overspending in it's tracks.

 

Oh and

 

players in teams lower down the leagues are not so well remunerated and a typical annual salary for a League player is still about £50,000.

 

 

Dear Skates - how about signing some of these.

 

Wiki

http://en.wikipedia.org/wiki/Competition

Competition is a contest between individuals, groups, animals, etc. for territory, a niche, or a location of resources. It arises whenever at least two parties strive for a goal which cannot be shared. Competition occurs naturally between living organisms which co-exist in the same environment.

 

Dear skates - notice how enities compete FOR AN ALLOCATION OF RESOURCES.

 

Nowhere in Wiki does it mention that "BEING COMPETITIVE" requires you to take State Handouts or Steal from the Government or your local builder

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Wurzel

Wurzel

Posted
Posted
Don't recall seeing this article posted before. Gives an insight into a couple of the small businesses still owed money by Pompey...

 

http://www.thisismoney.co.uk/money/news/article-2099855/Grudge-match-soccer-rule-favours-clubs-players-creditors.html

 

Grudge match over soccer rule that favours clubs and players over other creditors

By Dan Atkinson

 

Last updated at 9:24 AM on 12th February 2012................

.

 

 

The whole football creditors rule should be so easy to overcome.

 

2 new football rules are all that's needed

 

1) Transfer fees must be payed in full, in one installment, before a player's registration at a new club becomes effective.

 

2) No club can select a player for a match who's salary is more than 31 days in arrears (in accordance with the terms of his contract)

 

Might start seeing some sanity in the transfer / wages market then. Football debts could then be treated the same as every other debt because effectively there should never be any.

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trousers

trousers

Posted
Posted (edited)

I notice 'Portsmouth Football Club Limited' (OldCo) appeared on yesterday's list of dissolved companies, as published in the London Gazette:

 

** FIRST GAZETTE NOTICES *

COMPANIES ACT 2006

NOTICE IS HEREBY GIVEN, PURSUANT TO SECTION 1000(3) OF THE COMPANIES ACT 2006, THAT AT THE END OF THREE MONTHS FROM

THE DATE OF THE PUBLICATION OF THIS NOTICE, THE NAMES OF THE COMPANIES LISTED BELOW WILL, UNLESS CAUSE IS

SHOWN TO THE CONTRARY, BE STRUCK OFF THE REGISTER AND THE COMPANIES WILL BE DISSOLVED.

 

PORTSMOUTH FOOTBALL CLUB LIMITED 06567232

 

http://www.london-gazette.co.uk/issues/823465/supplements/1474

 

Also an entry on the Companies House website:

 

http://wck2.companieshouse.gov.uk/d58fb6e72d9147c65987ae32608f8377/wcprodorder?ft=1

 

[TABLE=class: normalBorderTable]

[TR=class: resultrow2]

[TD=class: text, align: left]GAZ2(A)[/TD]

[TD=align: left]14/02/2012[/TD]

[TD=class: text] FINAL GAZETTE: DISSOLVED VIA VOLUNTARY STRIKE-OFF [/TD]

[/TR]

[/TABLE]

 

 

One assumes this is just run of the mill stuff as opposed to having any bearing whatsoever on the servicing of the 'OldCo' CVA?

Edited by trousers
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holepuncture

holepuncture

Posted
Posted
I recall being miffed that we only generated 27K for our big call to action, but 14K tonight is poor.

The south coast attendance debate is definitely over.

 

Cue more boring cliched media stories about 'battling pompey', 'Appleton's troops', 'Fortress Fratton', 'the magnificent fans keeping the spirit alive'.

But we know the truth.

 

Just get Plan B up and running and leave all the PR spin and sh1t behind. :)

 

14k packing the park, a magnificent effort. Did they close the (milton end?) and pack 3/4ers or was it 14k packing the park spread out across the vast stretches of empty seats.

 

You may have been miffed at 27k during the dark days, however I do recall fantastic attendences right up until the end of season. Even away at forest 3-odd-k turned up purely to give rupert some grief!

 

The skates bleat they have the bestestest fans in the wuurld, but they are lower end L1 at best.

 

They really do believe their own hype......

 

Fans sing out despite Ipswich defeat Fans stay behind in the Fratton end after the game

 

Published on Tuesday 14 February 2012 19:45

 

 

POMPEY fans did their club proud tonight after a rallying call to Pack the Park.

 

.....

 

Speaking before the game, Bob Beech, of SOS Pompey, said: ‘There have been some very special days and nights at Fratton Park over the years and this really could be one of them.

 

‘In a few years time people could be looking back and saying “remember that night against Ipswich?”’

 

PMSL, that night at Ipswich? The pack the park super special with the 12k home fans, what a night that was...

 

remember that night at Ipswich?... nope, I wasnt there - PUP!

 

The skates really are small time, bless.

 

Did they give chainrai a similar rendition of Faraj's "you can stick your f*cking arabs up your a*se"? They lie on their backs and spread their legs for these con artists to come in a launder away... then get all stroppy when it all goes wrong afterwards. Sorry skates, you made your bed

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Frank's cousin

Frank's cousin

Posted
Posted
The whole football creditors rule should be so easy to overcome.

 

2 new football rules are all that's needed

 

1) Transfer fees must be payed in full, in one installment, before a player's registration at a new club becomes effective.

 

2) No club can select a player for a match who's salary is more than 31 days in arrears (in accordance with the terms of his contract)

 

Might start seeing some sanity in the transfer / wages market then. Football debts could then be treated the same as every other debt because effectively there should never be any.

 

Top Post - and totally agree - problem is it need sto be driven at FIFA/UEFA level not just country specific, otherwise the top clubs would be bleating that they miss out on top European/international transfers - top intelligent and effective ideas... so unliekly to be adopted by the ignorant, ineffective governing bodies. In addition could see agents fighting this bleating on about players stuck in contracts blah blah etc, as more difficult to shift if clubs have to pay up front... would se more players moving for free at end of contract?

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trousers

trousers

Posted
Posted

 

‘So between ourselves, the directors and the administrators, we need to somehow have a look at the possibility of recruiting one or two players somehow.

‘Norris and Varney are not going to be back for Saturday. Lawrence and Halford are both pretty sore at the minute so it will be assessed over the next 48 hours.

‘It is going to test us right down to the bones.

‘I have heard nothing from the Football League at the minute.

‘But once the court hearing is heard on Friday regarding administration, I would like to think we can be in a position to be able to do something.’

 

FFS Appleton.....try recalling the academy players that were stood down last week? Call me old fashioned.....

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