Pompey Takeover Saga

[ALWAYS_SFC]

R

 

What ground was that?

 

Stoke`s old Victoria ground

[Kingsland Red]

The other point Durham makes is if the club were in trouble at the start of January then they should have sold their big earners during January, like any other club would have done, rather than cheat.

That is why Armpit etc are negligent and the points deduction total should reflect this.

[beatlesaint]

The other point Durham makes is if the club were in trouble at the start of January then they should have sold their big earners during January, like any other club would have done, rather than cheat.

That is why Armpit etc are negligent and the points deduction total should reflect this.

 

But did anybody want them ? If they were wanted and were holding out for big wages then they have really messed up with their wages being deferred to keep the club going.

[bridge too far]

The world and his wife must be voting I think - the Talksport site is taking an age to load

[ALWAYS_SFC]

 

These guys are being brought in to help sort the cost cutting

[trousers]

@ollybirchpfc: RT @CarlSpangled: I've been in a txt conversation with Andronikou - will make his replies public later on today. Just waiting for him to stop ranting!

[pedg]

I think we know what awaits the new administrator when he starts work at FP..

 

[trousers]

But did anybody want them ? If they were wanted and were holding out for big wages then they have really messed up with their wages being deferred to keep the club going.

 

Durham's counter-argument to this was if the players love Pompey as much as they profess they do then they should have shown that "love" by actions rather than hollow words and lowered their wage expectations thus making them more saleable thus helping the club they love so much avoid going into administration.

 

A somewhat idealistic argument but there is some logic there

[trousers]

I think we know what awaits the new administrator when he starts work at FP..

 

 

You mean they'll have left some evidence behind....? ;-)

[teamsaint]

can somebody please remind me how administration is to be funded?

The couple of million in the account plus whats left over from the parachute payment?

presumably advance ST sales also, plus any cash from ticket sales?

[View From The Top]

Having just back to blighty and caught up with events it would appear possible that a huge points penalty is on its way otherwise the -10 would have been applied straight away as in the FL rules.

[pedg]

can somebody please remind me how administration is to be funded?

The couple of million in the account plus whats left over from the parachute payment?

presumably advance ST sales also, plus any cash from ticket sales?

 

My guess is that as they are taking their medicine (i.e. a large points deduction) that the other teams will be happier for them to have additional advance on the parachute payments, just for them this time.

[Wade Garrett]

can somebody please remind me how administration is to be funded?

The couple of million in the account plus whats left over from the parachute payment?

presumably advance ST sales also, plus any cash from ticket sales?

 

Doesn't the administrator have to fund the administration?

[Saint Fan CaM]

What a complete bunch of amatuers and crooks. They should be docked enough points to put them beyond the reach of League 2.

[Jimmy_D]

can somebody please remind me how administration is to be funded?

The couple of million in the account plus whats left over from the parachute payment?

presumably advance ST sales also, plus any cash from ticket sales?

 

Pretty much.

 

Admin has delayed the immediate problem of the WUP, but it was a relatively small debt that pushed them into that.

 

It still doesn't solve the problem of income not being nearly enough to cover costs, which is what's been putting off buyers more than anything else.

 

Once again they're on a clock, but without Andronikou's incentive to keep them going.

[sotonjoe]

Have they signed Tevez yet?

[hypochondriac]

I reckon they will get a buyer now, though I doubt they will have a whole lot of money. I am hopeful they will get someone who recognises that they need to be sustainable to be a viable business and who will cut their cloth accordingly. We shall see. If they only get a ten point deduction though I shall be angry again.

[andysstuff]

Claridge ripped into them on 5live just now. Almost said they bought the FA cup. Looks like everyone's turning against them slowly.

[badgerx16]

But did anybody want them ? If they were wanted and were holding out for big wages then they have really messed up with their wages being deferred to keep the club going.

 

I thought the Tractor Boys had bids for 2 lined up, but they wouldn't take a wage cut.

Edited 17 February, 2012 by badgerx16

[Wade Garrett]

I reckon they will get a buyer now, though I doubt they will have a whole lot of money. I am hopeful they will get someone who recognises that they need to be sustainable to be a viable business and who will cut their cloth accordingly. We shall see. If they only get a ten point deduction though I shall be angry again.

 

I think they'll be lucky to even get someone to buy them for a pound. I still reckon they'll go to the wall.

[jawillwill]

Having just back to blighty and caught up with events it would appear possible that a huge points penalty is on its way otherwise the -10 would have been applied straight away as in the FL rules.

 

I dunno, but I'd imagine anything less than -15 and they'll comfortably avoid relegation. To actually punish them, realistically it needs to be at least -20 points (and then maybe by however many points they don't survive by, deduct from the start of next season in league 1 (that's how I would do it anyway...).

 

If they only get -10, and survive fairly easily, surely that's no punishment at all. Does anybody know what the difference in prize-money in the championship for finishing anywhere from 3rd-21st place?

[hypochondriac]

I think they'll be lucky to even get someone to buy them for a pound. I still reckon they'll go to the wall.

 

No chance. Someone will buy them.

[70's Mike]

No chance. Someone will buy them.

 

big job to convince the inbred fans that to live within your means and level of support will take time

[Crouchie's Lawyer]

With there being no immediate decision on the amount of points to be deducted and the FL saying this will be discussed at a meeting to which a date will be set... just a thought (and one more than likely completely wide of the mark) do you think this meeting may be planned a little while down the line intentionally to see how Pompey fair over the next few weeks (possibly months) on the pitch?

 

Pompey timed their administration last time so that they were already relegated and the -10 made no difference to this, effectively making it no real penalty at all (cheating the system some may say). We tried as hard as we could to prolong going into administration in the hope we could amass enough points to avoid the drop even with the point penalty which actually ended up hindering us because we passed the cut off date for points to be deducted that season and consequently we started the new season with -10 which set us back. We could have taken the easy route and gone into admin sooner thus cementing our relegation and starting the new season a fresh but chose not to (my understanding).

 

Could the FL be ensuring that any points deduction is made after said cut off period (anyone know when this is?) so that if they are seemingly doomed for relegation anyway without a points deduction, they would have to start the new season next year with minus points like us, making it more of a punishment?

 

Just a thought and as I said, probably wide of the mark!

[saintscottofthenortham]

I dunno, but I'd imagine anything less than -15 and they'll comfortably avoid relegation. To actually punish them, realistically it needs to be at least -20 points (and then maybe by however many points they don't survive by, deduct from the start of next season in league 1 (that's how I would do it anyway...).

 

If they only get -10, and survive fairly easily, surely that's no punishment at all. Does anybody know what the difference in prize-money in the championship for finishing anywhere from 3rd-21st place?

 

I think with the new administrator appointed we will see a fair few of the higher earners loaned out, leaving them alot weaker than at present. They will have to learn how hard it is to rely on kids I think.

[buctootim]

I think they'll be lucky to even get someone to buy them for a pound. I still reckon they'll go to the wall.

 

Depends on how much debt and how many millstones they can ditch. If they can get Chanrai's and Gaydamaks debentures / ransom strips declared void and cut expenditure then they do have a chance of somebody taking on the remainder of their debt for a nominal £1 and wont go bust. If not.... we all know no-one is going to pay £50m to get control of the club and inherit running deficits of c£1m pm for a club headed towards lg1.

[70's Mike]

69% saying 10 points not enough on Talksport Poll

[Torres]

OK, so whilst the fishy few are dancing like it's VE Day down the road, where are they really? How does it pan out from here?

 

1) After a period of Admin, a CVA is agreed with the unsecured creditors and, despite the upcoming points deduction, life goes on for PFC2010 Ltd. The trouble here is that HMRC and Baker Tilley will vote together on a CVA. HMRC will not accept less than 100% and so neither will BT and between them, they have plenty enough to block any CVA that doesn't give them 100%. In a CVA, all unsecured creditors must be paid the same amount. That includes CSI, so to exit with a CVA it'll cost north of £35m, plus expenses.

 

2) After a period of admin, a buyer is found who settles all outstanding debt, this negating the need for a CVA. Cost? North of £35m.

 

3) After a period of admin, they exit without agreeing a CVA. Cost of this will depend, but they'll be hit with at least a 15 point deduction, if not more, if the FL even allow it.

 

4) PFK do a little digging around, realise they're too far gone to save and liquidate.

 

On top of this, they still have Chinny kncking around with his charge on their assets, and Gaydamak owns most of the ground around FP.

 

I'm struggling to see much to celebrate, and much of future without pain. Have a I missed an option?

Edited 17 February, 2012 by Torres

[badgerx16]

So, if I am correct, the key points today are :

 

AA is spitting feathers because he hasn't been appointed, and now has to explain to Chanrai why his offer of £500K wasn't accepted - despite UHY staff already being at FartOn in advance of the hearing

 

Chinny's lean over PFC has been cast into doubt in the High Court, but he may still ihave an influence on things through AA and CSI

 

An admin has been appointed who has a reputation for doing his job properly, ( and reckons to have completely the opposite view of 'compliance' to AA )

 

Said admin is likley to start cost cutting pretty much immediately so as to match cloth with purse - how on earth do you do this outside the window ?

 

The FL are going to bang their heads together to calculate how many points to add to the ten the phew will now be deducted

 

Uncle Tom Cobbly and All are now publicly berating PFC as CHEATS and calling for the maximum possible sanction the FL can think of, including skate Claridge.

 

 

 

Plenty more mileage in this yet, methinks.

[View From The Top]

OK, so will the fishy few are dancing like it's VE Day down the road, where are they really? How does it pan out from here?

 

1) After a period of Admin, a CVA is agreed with the unsecured creditors and, despite the upcoming points deduction, life goes on for PFC2010 Ltd. The trouble here is that HMRC and Baker Tilley will vote together on a CVA. HMRC will not accept less than 100% and so neither will BT and between them, they have plenty enough to block any CVA that doesn't give them 100%. In a CVA, all unsecured creditors must be paid the same amount. That includes CSI, so to exit with a CVA it'll cost north of £35m, plus expenses.

 

2) After a period of admin, a buyer is found who settles all outstanding debt, this negating the need for a CVA. Cost? North of £35m.

 

3) After a period of admin, they exit without agreeing a CVA. Cost of this will depend, but they'll be hit with at least a 15 point deduction, if not more, if the FL even allow it.

 

4) PFK do a little digging around, realise they're too far gone to save and liquidate.

 

On top of this, they still have Chinny kncking around with his charge on their assets, and Gaydamak owns most of the ground around FP.

 

I'm struggling to see much to celebrate, and much of future without pain. Have a I missed an option?

 

That's just as I see it as well.

[kwsaint]

I am not sure anyone will buy them. Our administration was relatively clean cut. All assets went with the deal and Norwich Union accepted a reduced payment. Pompey's is a real mess. The ground is owned by one external party, the land outside by another. The club has no real assets, and have abjectly failed to keep to the terms that led them out of administration last time. Can't see HMRC doing a deal this time - they will want all their money. Its also interesting that AA has not been allowed to be administrator this time.

 

Anyone buying the club is going to have to stump up serious money, rather than come up with a promise of future payments. I went on the Pompey not 606 forum (felt really dirty doing so). They are in wrist-slitting mode.

 

They may well not survive this time and have to do an AFC Wimbledon. Which may be for the best in the long run. They might end up being run as a proper football club, which they haven't been for a very long time. Much as we all enjoy putting one over them, I would not wish this on any genuine football supporter.

[manji]

Ref Talksport this afternoon. This is from Portsmythonline.

 

" We were getting absolutely hammered on Talkshyte this evening. So much so that for the first time ever, I felt compelled to phone them and put them straight. They kept referring to us as cheats, saying we had the chance to sell players in the JTW but chose not to and therefore did nothing to avoid going into admin. They had the chairman of Leyton Orient on there who said we should have been given automatic relegation and banned from football for at least a year but nobody wanted to listen to that idea at the FL AGM apparently - I wonder why FFS??

 

Anyway, so I called and got chatting to the people you speak to before you go "live", and I said that the majority would accept relegation if it meant we could get rid of the filth that is currently holding our club to ransom. I said that we did not sell players because nobody wanted to buy them, not because we didn't want to. I also made it clear to them that we only went into admin because the parent company that owned us went into admin and defaulted on their repayments to Chainrai, who then in turn regained control of the club by default.

 

I said that the FL are as much to blame for our latest issue as Chainrai is as their FPPT was not stringent enough and did not prove of any worth. They said they would like me to chat to the two muppets on there and would phone me back. they did call back, but the Peterborough supporting idiot decided he didn't want to talk to me on air as it was he who said we were cheats as we beat them with the players that we should have sold and kept arguing with me until I mentioned that the team that beat his lot the other week was almost identical to the one that got beaten by his lot a few months ago. With that he said "I don't want to talk about this any more, you lot are cheats and I hope you disappear in a puff of blue smoke" and promptly hung up on me!

 

What a f**king w@nker!!"

 

Hilarious.

[hutch]

OK, so will the fishy few are dancing like it's VE Day down the road, where are they really? How does it pan out from here?

 

1) After a period of Admin, a CVA is agreed with the unsecured creditors and, despite the upcoming points deduction, life goes on for PFC2010 Ltd. The trouble here is that HMRC and Baker Tilley will vote together on a CVA. HMRC will not accept less than 100% and so neither will BT and between them, they have plenty enough to block any CVA that doesn't give them 100%. In a CVA, all unsecured creditors must be paid the same amount. That includes CSI, so to exit with a CVA it'll cost north of £35m, plus expenses.

 

2) After a period of admin, a buyer is found who settles all outstanding debt, this negating the need for a CVA. Cost? North of £35m.

 

3) After a period of admin, they exit without agreeing a CVA. Cost of this will depend, but they'll be hit with at least a 15 point deduction, if not more, if the FL even allow it.

 

4) PFK do a little digging around, realise they're too far gone to save and liquidate.

 

On top of this, they still have Chinny kncking around with his charge on their assets, and Gaydamak owns most of the ground around FP.

 

I'm struggling to see much to celebrate, and much of future without pain. Have a I missed an option?

Yes I think you have. I think it goes something like this:

 

Portsmouth City Council do a Compulsory Purchase of Gaydamak's land & Fratton Park. They then give it to the Supporter's Trust for free. The Supporter's Trust then sell it to Tesco for £20m. Tesco then give it back to the Trust to use for free. Forever. And David Cameron pays for new bogs, gutters & a clock.

[trousers]

@TonyHusbandBBC: #pompey Trevor Birch, Bob Beech and MP Penny Mordaunt all coming up at 6.30 on South Today. Live from Fratton Park.

[Verbal]

Yes I think you have. I think it goes something like this:

 

Portsmouth City Council do a Compulsory Purchase of Gaydamak's land & Fratton Park. They then give it to the Supporter's Trust for free. The Supporter's Trust then sell it to Tesco for £20m. Tesco then give it back to the Trust to use for free. Forever. And David Cameron pays for new bogs, gutters & a clock.

 

The clock won't happen.

[Torres]

I don't want to talk about this any more, you lot are cheats and I hope you disappear in a puff of blue smoke

 

Excellent.

[Lifelongsaint83]

Ref Talksport this afternoon. This is from Portsmythonline.

 

" We were getting absolutely hammered on Talkshyte this evening. So much so that for the first time ever, I felt compelled to phone them and put them straight. They kept referring to us as cheats, saying we had the chance to sell players in the JTW but chose not to and therefore did nothing to avoid going into admin. They had the chairman of Leyton Orient on there who said we should have been given automatic relegation and banned from football for at least a year but nobody wanted to listen to that idea at the FL AGM apparently - I wonder why FFS??

 

Anyway, so I called and got chatting to the people you speak to before you go "live", and I said that the majority would accept relegation if it meant we could get rid of the filth that is currently holding our club to ransom. I said that we did not sell players because nobody wanted to buy them, not because we didn't want to. I also made it clear to them that we only went into admin because the parent company that owned us went into admin and defaulted on their repayments to Chainrai, who then in turn regained control of the club by default.

 

I said that the FL are as much to blame for our latest issue as Chainrai is as their FPPT was not stringent enough and did not prove of any worth. They said they would like me to chat to the two muppets on there and would phone me back. they did call back, but the Peterborough supporting idiot decided he didn't want to talk to me on air as it was he who said we were cheats as we beat them with the players that we should have sold and kept arguing with me until I mentioned that the team that beat his lot the other week was almost identical to the one that got beaten by his lot a few months ago. With that he said "I don't want to talk about this any more, you lot are cheats and I hope you disappear in a puff of blue smoke" and promptly hung up on me!

 

What a f**king w@nker!!"

 

Hilarious.

 

LOVE IT! Some still just dont get it do they....

[SOTONS EAST SIDE]

PMSL at the TESCO VALUE supermarket, they're so low rent they could only afford tesco value products anyway. Hey Tesco there's an idea for you, TESCO VALUE ONLY SUPERMARKETS,starting in Poopey!! PMSL

[bridge too far]

@TonyHusbandBBC: #pompey Trevor Birch, Bob Beech and MP Penny Mordaunt all coming up at 6.30 on South Today. Live from Fratton Park.

Well, Tony Husband's been on but no-one else - unless they're going back to it?

 

Edit - he's back on

Edited 17 February, 2012 by bridge too far

[kwsaint]

OK, so whilst the fishy few are dancing like it's VE Day down the road, where are they really? How does it pan out from here?

 

1) After a period of Admin, a CVA is agreed with the unsecured creditors and, despite the upcoming points deduction, life goes on for PFC2010 Ltd. The trouble here is that HMRC and Baker Tilley will vote together on a CVA. HMRC will not accept less than 100% and so neither will BT and between them, they have plenty enough to block any CVA that doesn't give them 100%. In a CVA, all unsecured creditors must be paid the same amount. That includes CSI, so to exit with a CVA it'll cost north of £35m, plus expenses.

 

2) After a period of admin, a buyer is found who settles all outstanding debt, this negating the need for a CVA. Cost? North of £35m.

 

3) After a period of admin, they exit without agreeing a CVA. Cost of this will depend, but they'll be hit with at least a 15 point deduction, if not more, if the FL even allow it.

 

4) PFK do a little digging around, realise they're too far gone to save and liquidate.

 

On top of this, they still have Chinny kncking around with his charge on their assets, and Gaydamak owns most of the ground around FP.

 

I'm struggling to see much to celebrate, and much of future without pain. Have a I missed an option?

 

Nicely summarised. An additional complication is that Pompey don't own their ground, Chenrai does. So any buyer of the club would have to negotiate with Chenrai and take out a lease. Not quite sure who would be daft enough to do that.

[ART]

8 browsers 8 votes and now standing at 70% not enough points deducted.

 

I think the players were fooled into believing Mister BigMoneyBalls was ready to step in and buy the club and the Skate Fairy was going to wave his magic wand and all would be well at Cloud Farton Rust Bowl

[trousers]

H

Nicely summarised. An additional complication is that Pompey don't own their ground, Chenrai does. So any buyer of the club would have to negotiate with Chenrai and take out a lease. Not quite sure who would be daft enough to do that.

 

He doesn't own the ground. He loaned money to Pompey (supposedly) and used the ground as security.

 

So, he has the same rights to Nottarf Krap as HSBC do to my house.

 

The main difference being that I'm up to date with my repayments and not insolvent...

[ART]

8 browsers 8 votes and now standing at 70% not enough points deducted.

 

I think the players were fooled into believing Mister BigMoneyBalls was ready to step in and buy the club and the Skate Fairy was going to wave his magic wand and all would be well at Cloud Farton Rust Bowl

 

http://skatefairy.com/pixie_dust.htm

[ringwood]

think they will only get -10 as previous deductions seem to be for either exiting admin with no cva or not exiting admin before start of new season.

 

 

grrrrrrrrrrrrrrrr

[camdijk]

Ref Talksport this afternoon. This is from Portsmythonline.

 

" We were getting absolutely hammered on Talkshyte this evening. So much so that for the first time ever, I felt compelled to phone them and put them straight. They kept referring to us as cheats, saying we had the chance to sell players in the JTW but chose not to and therefore did nothing to avoid going into admin. They had the chairman of Leyton Orient on there who said we should have been given automatic relegation and banned from football for at least a year but nobody wanted to listen to that idea at the FL AGM apparently - I wonder why FFS??

 

Anyway, so I called and got chatting to the people you speak to before you go "live", and I said that the majority would accept relegation if it meant we could get rid of the filth that is currently holding our club to ransom. I said that we did not sell players because nobody wanted to buy them, not because we didn't want to. I also made it clear to them that we only went into admin because the parent company that owned us went into admin and defaulted on their repayments to Chainrai, who then in turn regained control of the club by default.

 

I said that the FL are as much to blame for our latest issue as Chainrai is as their FPPT was not stringent enough and did not prove of any worth. They said they would like me to chat to the two muppets on there and would phone me back. they did call back, but the Peterborough supporting idiot decided he didn't want to talk to me on air as it was he who said we were cheats as we beat them with the players that we should have sold and kept arguing with me until I mentioned that the team that beat his lot the other week was almost identical to the one that got beaten by his lot a few months ago. With that he said "I don't want to talk about this any more, you lot are cheats and I hope you disappear in a puff of blue smoke" and promptly hung up on me!

 

What a f**king w@nker!!"

 

Hilarious.

I don't know where they get the 'no-one wanted to buy our players' . If memory serves, Ipswich had their bids accepted by p***y, but the 2 players in question refused to go.

[badgerx16]

#Pompey Friday caption I'll start with F**k how do I tell Balu? pic.twitter.com/kxxGF80h

 

 

 

[Chin Strain]

George Gavin, Football League Weekend: 'It's hard on the players because they've won those points, so it's unfair to have them taken away'.

 

[buctootim]

Ive been shafted

 

[BigShadow]

think they will only get -10 as previous deductions seem to be for either exiting admin with no cva or not exiting admin before start of new season.

 

 

grrrrrrrrrrrrrrrr

 

Yes.....but this is new ground for the FL. If there is an additional penalty for failing to exit admin with a CVA, then surely there should be an additional penalty for agreeing a CVA but going back into admin before any payments are made on it.

 

When we were deducted 10 points - the rules did not explicitly say that we should have been, but the FL interpreted the situation as being the same as if SFC itself had gone into admin. Hopefully something similar might happen, and they choose to interpret the Poopey situation as similar to exiting admin with no CVA.

[trousers]

I don't know where they get the 'no-one wanted to buy our players' . If memory serves, Ipswich had their bids accepted by p***y, but the 2 players in question refused to go.

 

Or....they were under instructions to say that they didn't want to leave....perhaps....?