Pompey Takeover Saga

[rallyboy]

AA's autograph must be worth a few quid now, is Birch releasing any signed photos?

 

Any challenge must delay proceedings and if it's one thing pompey ain't got it's time.

And money.

Morals.

A future.

Don't feel guilty G, just try and come up with something else to do once this thread goes pop.

 

 

Is Birch a local one man band, or has he got two or tree branches elsewhere?

[Fowllyd]

So that's why andorid was so confident, I am guessing he was delighted that HMRC had gone to PKF, so when they opposed him, he could pull his white rabbit out and tell the judge they couldnt get the gig as there was rules preventing them being allowed.

 

The judge just didn't listen.

 

The intresting thing is that android appears to be right and any appeal looks like it has a reasonable case of succeeding. Not that i think andriod will get the job back, but they might go to a third party.

 

I almost feel guilty about how many laughs this continues to give us.

 

Sorry, don't get this at all. What rules are there preventing PKF from acting as administrators to PFC2010? Why would an appeal against their appointment have a reasonable chance of success? Have I missed something here?

 

Edit time: strike the above, I've just seen the link you were referring to!

Edited 20 February, 2012 by Fowllyd

[Jonnyboy]

Sorry, don't get this at all. What rules are there preventing PKF from acting as administrators to PFC2010? Why would an appeal against their appointment have a reasonable chance of success? Have I missed something here?

 

Birch's firm, PKF, advised on the takeover of Portsmouth in June by CSI, 80% owned by the Russian banker Vladimir Antonov, who is now accused of bank fraud in Lithuania. PKF carried out due diligence for CSI, analysing Portsmouth's parlous financial position, before Antonov bought the club from the Hong Kong businessman, Balram Chainrai. PKF was then appointed auditor to Portsmouth after the takeover and in December submitted an invoice of £20,000 to the club for that work.

[Latheal]

Thanks for that.

 

It would appear the bushilltt virus is catching. lampitt said last week there was two million in the account, so unless the premier league parachute payment tooth fairy hasn't come early again, then there is no where near enough to get them through to the end of the season.

 

To be fair, it was some Pompey fan that asked a direct question to him regarding the wages, he said something along the lines of "we're looking to pay them" without actually committing anything. Certainly didn't sound like the 2mil reported elsewhere.

 

Regarding the fit and proper test he actually made sense, stating that there is only so much the FL could do. Also made reference to a bank that would have done its due diligence as well. Not sure if that was Antonov's bank or not though.

[sfc1971]

Could it be possible the FL are trying to force them into a corner ? i.e the FL know because of this daft diff league rule they can`t dock more than 10pts then they decide not to play the kids, what happens when they have a few more injurys/suspentions, Do they fail to fulfill a fixture (that is a points deduction) or then play said kids making them squad members. The lad they have from WBA was already on the books but due to his age could only be signed on a rolling 28 day contract so that was out of the FL`s hands. Just a thought ???

[Chez]

Community club - as he mentioned this Parry says something along the lines of "but it's the same community that stands to lose money as they haven't been paid." Birch agrees and states they may well lose out again this time.

 

I guess he might be referring to the council who are owed £80k, but if HMRC demand 100% then the council will get 100% too. Does he think a deal can be done at a figure less than 100% or are HMRC indeed owed less than 25% of the debt?

[Chez]

Thanks for that.

 

It would appear the bushilltt virus is catching. lampitt said last week there was two million in the account, so unless the premier league parachute payment tooth fairy hasn't come early again, then there is no where near enough to get them through to the end of the season.

that was the early payment, there is still the remaining bits of this years parachute isn't there?

[Latheal]

I guess he might be referring to the council who are owed £80k, but if HMRC demand 100% then the council will get 100% too. Does he think a deal can be done at a figure less than 100% or are HMRC indeed owed less than 25% of the debt?

 

Sounded more like a reference to local creditors/traders. I'm sure the interview will be played again somewhere. The website does a highlight section, if it turns up, I'll post a link.

[Chez]

Birch's firm, PKF, advised on the takeover of Portsmouth in June by CSI, 80% owned by the Russian banker Vladimir Antonov, who is now accused of bank fraud in Lithuania. PKF carried out due diligence for CSI, analysing Portsmouth's parlous financial position, before Antonov bought the club from the Hong Kong businessman, Balram Chainrai. PKF was then appointed auditor to Portsmouth after the takeover and in December submitted an invoice of £20,000 to the club for that work.

so he recommended them to CSI, but now is suggesting the £30k a week contracts from the previous regime was the current regimes undoing?

[angelman]

What's that expression? There are only 2 things certain in life, death and taxes. Whoever thought of that quip wasn't a Poopey supporter.

[Chez]

Sounded more like a reference to local creditors/traders. I'm sure the interview will be played again somewhere. The website does a highlight section, if it turns up, I'll post a link.

perhaps the

[Wes Tender]

So that's why andorid was so confident, I am guessing he was delighted that HMRC had gone to PKF, so when they opposed him, he could pull his white rabbit out and tell the judge they couldnt get the gig as there was rules preventing them being allowed.

 

The judge just didn't listen.

 

The intresting thing is that android appears to be right and any appeal looks like it has a reasonable case of succeeding. Not that i think andriod will get the job back, but they might go to a third party.

 

I almost feel guilty about how many laughs this continues to give us.

 

The irony of AA insisting that PKF ought not to be the administrators because of a conflict of interest is breathtaking, considering that AA is also the current administrator of the holding company CSI who owned the Skates. So even if PKF were not allowed to be the administrators, then the likelihood of AA being acceptable is even less acceptable because of a greater conflict of interest. I don't really see what AA might gain by challenging PKF's appointment, only to see him being refused the job too.

[Pugwash]

Birch just been on Sportsdirect TV, interviewed by Mike Parry who gave him a pretty hard time. Some of the snippets;

 

When Birch referred to their fan base "but is it that loyal? You have Brighton-25000, Southampton 25000, Portsmouth 14000" - Birch believes some fans are staying away - did have a little giggle at that.

 

Accounts unfrozen today. "But is there any money in it?" Parry asked. "Yes there's money in it, should be enough to see them through to end of season" although completely dodged the question on when the players and staff would get paid.

 

Parry & co-presenter then ask about the wages, looked uncomfortable about this and then talked about how other clubs are also in debt and living above their means.

 

Community club - as he mentioned this Parry says something along the lines of "but it's the same community that stands to lose money as they haven't been paid." Birch agrees and states they may well lose out again this time.

 

Had a real problem explaining how the club came out of admin last time, actually felt a little sorry for him.

 

He thinks him being administrator may bring other investors out of the woodwork who were worried about previous administrator.

 

Thought it was telling that when he started that he went to lengths saying there was no guarantee a buyer would be found.

 

Good interview to be honest, Birch handled it pretty well and some tough questions asked. Don't know who Parry's co-host was but he was asking some tough questions.

 

They couldn't believe it was twice in three years.

 

They were right not to believe it - it's twice in TWO years. Don't know why the media keep getting this wrong.

[stevegrant]

The irony of AA insisting that PKF ought not to be the administrators because of a conflict of interest is breathtaking, considering that AA is also the current administrator of the holding company CSI who owned the Skates. So even if PKF were not allowed to be the administrators, then the likelihood of AA being acceptable is even less acceptable because of a greater conflict of interest. I don't really see what AA might gain by challenging PKF's appointment, only to see him being refused the job too.

My suspicion is that there is some history between Birch and Andronikou. Birch's comments in court about the differing approaches to compliance were incredibly barbed and - assuming there is only rumour and no actual proof - only just on the right side of the slander line. I can imagine that sort of besmirching within the walls of the High Court might have annoyed Handy Andy a bit

[St Chalet]

Not sure which is funnier, that PKF did the Due Dilligence on Pompey or that AA is concerned about a mere conflict of interest.

 

Unlike Kanu, this will run and run.

[Waterside.saint]

My suspicion is that there is some history between Birch and Andronikou. Birch's comments in court about the differing approaches to compliance were incredibly barbed and - assuming there is only rumour and no actual proof - only just on the right side of the slander line. I can imagine that sort of besmirching within the walls of the High Court might have annoyed Handy Andy a bit

 

I imagine that insolvency practice, particularly the small but high profile specialist area of football insolvency, is a small and incestuous little world where, sooner or later, everyone does business with everyone else. Reputations would in that case be jealously and ostentatiously guarded even where 'everyone knows' that so-and-so is a wrong'un

[Dark Munster]

The irony of AA insisting that PKF ought not to be the administrators because of a conflict of interest is breathtaking, considering that AA is also the current administrator of the holding company CSI who owned the Skates. So even if PKF were not allowed to be the administrators, then the likelihood of AA being acceptable is even less acceptable because of a greater conflict of interest. I don't really see what AA might gain by challenging PKF's appointment, only to see him being refused the job too.

 

Another Chinny puppet administrator waiting in the wings?

[Dark Munster]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appleton_calls_for_football_league_common_sense_1_3540793

 

Words fail me.

 

We've joked about it being a disease that they catch when they go there, but what has turned this rational, balanced man into this begging fest and the worlds against us mentality.

 

And as for this

 

If we can’t fill a bench it could get to a scenario where, with teams at the top of the table, if we are playing against their rivals and can’t be competitive because we haven’t got enough players then they are going to start asking questions.

 

I would suggest that the clubs you have cheated out of points this season, by playing a squad you can't afford, at the expense of the world and his wife, might be asking a few more questions.

 

Ah, just as I predicted, the old give-us-some-loans-or-we'll-ruin-the-integrity-of-the-league blackmail. And as I said before, a simple solution. Hit them with a huge penalty points deduction (50 or so), let them bring in a few loans, but have all remaining negative points carry over to next season in L1.

 

Certain relegation for the Cheats, but still an incentive to at least try in each match.

[Dark Munster]

Poor old Appleton is slowly losing his understanding of the situation.

 

I'm not sure Voldemort ever had any understanding in the first place. Even the Clot knew the cesspit of a club was about to sink, and abandoned the foul, diseased, sinking ship.

[trousers]

@pn_neil_allen: Appleton fearing none of his injured #Pompey players will be back for Leeds. Lawrence scan reveals calf tear. Plus Kitson banned.

[St Chalet]

AA discussing integrity, fairness and ethics is like Gary Glitter bemoaning the quality of childcare in the UK.

[sidthesquid]

My suspicion is that there is some history between Birch and Andronikou. Birch's comments in court about the differing approaches to compliance were incredibly barbed and - assuming there is only rumour and no actual proof - only just on the right side of the slander line. I can imagine that sort of besmirching within the walls of the High Court might have annoyed Handy Andy a bit

Now what would be funny is if Handy Andy gets PKF taken off the case, only for the judge to decide to have them replaced with HMRC's old friends at Baker Tilly.

[angelman]

The bank accounts might have been unfrozen and there might be money in it. But to get to the end of the season, is this ignoring paying off the first instalment of the current CVA? As mentioned, does this also include players' wages being paid, plus PAYE and NI.

 

To have enough money in the account to pay wages for 5 months (presuming that they haven't been paid for Jan yet), the day to day running and the CVA means that they must have several million in there, so one has to ask why they didn't pay off HMRC. The administrator couldn't be telling a white lie, could he?

[The Kraken]

My suspicion is that there is some history between Birch and Andronikou. Birch's comments in court about the differing approaches to compliance were incredibly barbed and - assuming there is only rumour and no actual proof - only just on the right side of the slander line. I can imagine that sort of besmirching within the walls of the High Court might have annoyed Handy Andy a bit

 

I would say its almost impossible that the two haven't crossed paths before, being as Birch conducted the due diligence for the sale of the club to CSI. As such I'm sure he would have gained a working knowledge of everything that has been going on at PFC, and probably how AA has simply been acting as a puppet for Chainrai.

 

Its an obvious act of desperation from AA; whether a complaint can actually ensure that Birch is removed from the post, i don't know, he's been appointed by a court of law and short of an appeal directly to that court surely a complaint can only be some form of mud-slinging exercise. But then I'm clearly no legal-eagle, so what do I know?

[angelman]

Would it be stretching things a little too far to say that reading between the lines, Birch is basically saying that AA is unethical or is he insinuating something a little stronger?

[tony13579]

Reading the statements by Mr Birch, they are very carefully. He is pleading Pompey fans to "keep the faith" but he is not promising to save Pompey, or find a buyer. He is not promising to pay wages.

 

I think we need to deduce what he is not saying rather than what he says.

[Deano6]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appleton_calls_for_football_league_common_sense_1_3540793

 

Words fail me.

 

We've joked about it being a disease that they catch when they go there, but what has turned this rational, balanced man into this begging fest and the worlds against us mentality.

 

And as for this

 

If we can’t fill a bench it could get to a scenario where, with teams at the top of the table, if we are playing against their rivals and can’t be competitive because we haven’t got enough players then they are going to start asking questions.

 

I would suggest that the clubs you have cheated out of points this season, by playing a squad you can't afford, at the expense of the world and his wife, might be asking a few more questions.

 

In other news: Coventy, Doncaster, Bristol City, Barnsley and Watford have all demanded the Football League provide them with one top quality striker so they not field a weakened side than earlier in the season after selling theirs for financial prudence reasons in the January transfer window.

[dronskisaint]

Why are the Football League not adding further punishment as Pompey have not fielded sufficient players to occupy their bench! The logic is all wrong here. Rather than bleating about not enough players how about the youth team. Why loans that only add expense, if not wages ? I would love to see the FL state that"It is the obligation of every team that has the golden share to ensure that there are adequate players available for selection, that are eligible to play (those who have been paid and are insured) in order to maintain the standards of the competition. Failure to do so will result in the forfeit of any fixture and automatic relegation.£ That should stop the bleating and cheating !!!

 

Not enough seats in the Transit van?

[SaintRichmond]

Why are the Football League not adding further punishment as Pompey have not fielded sufficient players to occupy their bench! The logic is all wrong here. Rather than bleating about not enough players how about the youth team. Why loans that only add expense, if not wages ? I would love to see the FL state that"It is the obligation of every team that has the golden share to ensure that there are adequate players available for selection, that are eligible to play (those who have been paid and are insured) in order to maintain the standards of the competition. Failure to do so will result in the forfeit of any fixture and automatic relegation.£ That should stop the bleating and cheating

 

 

I'm quite surprised that PFC have not approached that great advocator of playing "Youth" ...... ie R Lowe

 

It didn't work for us, so with a little bit of luck, it won't work for them

[stevegrant]

Why are the Football League not adding further punishment as Pompey have not fielded sufficient players to occupy their bench!

Because there is no rule about that - the only rule is that a club can name a maximum matchday squad of 16, and under the Laws of Association Football, the minimum number of players required to constitute a team is 7.

[Whitey Grandad]

League rules normally state a higher starting number of players than 7.

[Lazlo78]

Is Birch a local one man band, or has he got two or tree branches elsewhere?

 

If he doesn't find some crowns in a trunk somewhere, it really leaves him with very few options. The club might snap like a twig if he doesn't get to the root of the problems soon... be sure the creditors will bark at him!

[Sevvy]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/administrator_says_pompey_staff_face_hard_times_ahead_1_3542395

 

I like this Man

[Winchester Red]

Just because Birch did the due diligence for CSI, people shouldn't assume that he 'recommended' a purchase.

 

He might have said this is a heap of sh1t and you'd be mad to go near it. CSI were desperate to get in somewhere.

[Guan 2.0]

The things is, given Appleton has started his bleating at every opportunity, the only way to counter it, is for saints fans with the contacts for Journos and the Football league to write to them and explain the hypocrisy at work.

 

Use the process against them, using clear examples as the total embargo at Bournemouth, and the many, many examples of teams filling the bench and starting 11 with youth, which pompey thus far have avoided. Point to the fact that when others have done such, it did not alter the 'integrity of the competition'.

[Sevvy]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/birch_not_encouraged_by_early_football_league_talks_1_3542095

 

Unless you pay what you owe at the moment you wont get any loans, sounds good to me.

[Sevvy]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_s_unlocked_account_means_wages_will_be_paid_1_3542380

 

More good reading material

[JackFrost]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/birch_not_encouraged_by_early_football_league_talks_1_3542095

 

Unless you pay what you owe at the moment you wont get any loans, sounds good to me.

 

I wonder if the FL have learnt from the last time they allowed Pompey to bring in emergency loans.

[Hatch]

We should clamp their team bus when they come to St Marys if they don't pay the £1 for the car park.

[trousers]

@pn_neil_allen: Birch warns of #Pompey 'sacrifices'. http://t.co/J9kbjbVl

[saintjay77]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/birch_not_encouraged_by_early_football_league_talks_1_3542095

 

Unless you pay what you owe at the moment you wont get any loans, sounds good to me.

 

When is someone in the FL going to tell them to use the youth? I'm getting pretty fed up of the BS we only have so many players malarky. They have a youth team that beat our youth team not so long back and we have already given a few of them a chance in our 1st team squad. I'm sure they have a few that would be happy to make up the numbers.

[Saint Lindford]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/administrator_says_pompey_staff_face_hard_times_ahead_1_3542395

 

I like this Man

 

He added: ‘I am confident on one level in that I think it is such a great football club and they will be coming out of the woodwork.

 

WTF, great club PMSL.

The only thing coming out of the woodwork will be the skeletons from the cupboards.

[Torres]

Erm, why do UHY Hacker Young owe PFC money?

 

As for the conflict on interest arguments, it was thoroughly disclosed and discussed in court and Norris obviously decided it was not an issue. I doubt that AAs appeal will get that decision changed, at least not any time soon.

[Frank's cousin]

I get the FL's view on that, but not Birch's. He's the administrator, so there to get the best deal for creditors right? Surely he should refuse extra players himself, not try to twist the FL's arm?

 

Someone said he might think extra players will help them stay up, but that's gambling, and suggesting he knows something about football management. Is he a football manager or scout?! Doesn't sound within the rules of being an administrator to me. Plus, not sure if anyone has mentioned this, but perhaps, just an idea, PLAY THE FCKING YOUTH TEAM!

 

Thing is I do think football administration IS very different from a normal business - principly because the assets that ahve book value (players) have NO value when a club is liquidated and their value as assets decreases both with reduction in contract term and relegation etc... So for Birch, the best value he can possibly hop for shareholders is the clubs stays in business - and ideally in the highest league position, thus in theory teh better revenue will enable more cash for creditors (or in pompeys case more cash for more players - boom boom) - Its why we see them all spouting the same ****** at some point about 'interests of the club at heart' ... 'everything possible to ensure a secure future for the club and its fans'' - which is of course total ****** as they really mean, 'the only way creditors get anything is if we generate more revenue and stay alive, reduce costs' yes, but there does come a threshold when reducing costs to the point of relegation etc - reduces the potential for the creditors to see any cash - So I guess we shoudl be prepared for more fan friendly rhetoric from Birch - dont forget as well that attracting a buyer is also about confidence - look how teh mythical 'best fans in teh world' has taken hold in teh public perception.. say it enough times and teh ignorant believe it...

[tony13579]

Erm, why do UHY Hacker Young owe PFC money?

 

As for the conflict on interest arguments, it was thoroughly disclosed and discussed in court and Norris obviously decided it was not an issue. I doubt that AAs appeal will get that decision changed, at least not any time soon.

 

They might have had the cash gate money from that canceled match.

[Under Weststand]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_s_unlocked_account_means_wages_will_be_paid_1_3542380

 

More good reading material

Hope the FL stand up to this PR bull from Poopey. Makes my blood boil when I see & here all this poor us small squad Sh*te. Plucky my arse! DFSCB. When I look at Stockport County who have done all they could to stay solvent & have gone through 3 successive relegation's, tumbled out of league football & are currently in yet another relegation struggle & quite often do not have enough players to fill the bench. Do they come on bleating every 5-mins NO! Its a crying shame what has happened at that club, but they at least have their dignity. And the serial cheats continue on in the same vain. Just for once try playing your young players, they may not be good enough to keep you up, but that is just tough. We & almost everyone else who have been through this scenario have done this.

Now I thought it was Birch's remit as an administrator, was to reduce debt & make the company solvent. Not increase it so how does asking the FL to bring in loan players equate with that?

[ALWAYS_SFC]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_s_unlocked_account_means_wages_will_be_paid_1_3542380

 

More good reading material

 

By Neil Allen

Published on Tuesday 21 February 2012 09:10

 

Pompey’s players and staff are to receive February wages.

 

However, Trevor Birch does not yet know when January’s outstanding pay packets will be handed out.

 

The Blues’ bank account has been now been unfrozen after entering administration. Money is also owed from UHY Hacker Young.

 

That totals £2.5m, which will effectively see the club through until a new owner can be found.

 

Mr Birch will now seek to settle some of the club’s debts, including outstanding gas and electricity bills.

 

And contributions will also be made towards February’s wages, due at the end of this month.

 

He said: ‘We are going to have to just try to eke the costs out to get us through until the end of the season.

 

‘It’s not going to be easy, but we have got to try to give ourselves the best chance of selling this club as a going concern rather than shutting the doors now.

‘We are going to have to look closely at the cost base and employees and so on and so forth. Players and staff weren’t paid in January, so we are looking at the situation to see what cash we have got.

 

‘In the meantime, they have got wages due at the end of the month so whatever happens there will be a payment then.

 

‘The question mark will be when the deferral in January will be paid back.’

 

Having started work at Fratton Park yesterday, Mr Birch is still clarifying Pompey’s financial standing.

 

Bills as well as player and staff wages require settling.

 

It’s a precarious juggling act for the administrator as he looks to appease all.

 

He added: ‘It is all a case of there is only so much money to eke out until the end of the season.

 

‘It is not necessarily rocket science, if everyone demands their money we cannot continue.’

 

 

 

Love the hightlighted bits

Edited 21 February, 2012 by ALWAYS_SFC

[angelman]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey_s_unlocked_account_means_wages_will_be_paid_1_3542380

 

More good reading material

 

Mr Birch will now seek to settle some of the club’s debts, including outstanding gas and electricity bills.

 

But obviously not HMRC or any other clubs who are owed money.

[Hatch]

Not Pompey related,

 

But if is just over a year now since my Local club, Windsor & Eton FC ceased to exist, owing £240,000

 

 

http://news.bbc.co.uk/sport1/hi/football/eng_conf/9384963.stm

[SOTONS EAST SIDE]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/administrator_says_pompey_staff_face_hard_times_ahead_1_3542395

 

I like this Man

Who's this then! LOL 42

AllMouth

Tuesday, February 21, 2012 at 11:31 AM

@38 I couldn't disagree more. We egged on an arms dealer to keep blowing money on players and their wages in a way that even a slow-witted child could have worked out was unsustainable. It won us one FA Cup. And now we're paying the price. Well, I say 'we' - the people who are really paying the price are those that are going to lose their livelihoods and maybe even their homes. I think Birch will find us a buyer and we'll stumble on, but I wish he wouldn't. I think we should take liquidation and pay back every creditor, particularly the ones that need it, and then start again and build a club with ethics and morals at its very core. Even if we spend a decade in the wilderness we would at least have a club to be proud of once more.

 

And a big LOL to this!!

 

38

Crookwatcher

Tuesday, February 21, 2012 at 11:13 AM

Interesting that THE GUARDIAN is running a story today reporting that Andrew Andronikou has appealed the decision to appoint Trevor Birch's company as Portsmouth FC administrators and wants the court's decision overturned due to "A conflict of interest" as Birch's company apparently undertook some audit work for PFC. (A Conflict of interest - I know, you couldn't make it up!) Just shows that Andronikou and Chanrai are terrified about what the new administrator may discover - like the £17m which was lent to the Invisible Man was never actually saw by Portsmouth FC, or if it was where did it actually go? I have said this before and I will say it one final time for the benefit of people (mainly from Southampton) who read too much media hype and like to think the FA Cup was won by "cheating" and all that rubbish; YES - Portsmouth FC did overspend irresponsibly during the Redknapp and Gaydamak years, but Gaydamak was the owner and he seemed happy with this so PFC did nothing different to what any other club would have done had they been in the same position. Nobody indicated that Gaydamak was actually "loaning" his own business money and would one day want it all back with interest when the recession hit and he (or his Dad really) run out of money! As for the claim that Pompey won the FA Cup by buying it or "cheating", the Portsmouth FA Cup winning side of 2008 cost £34 million to assemble. Within 18 months when that side had been dismantled and sold the combined transfer fees came to around £90 million, (not including compensation fro Spurs for Harry Redknapp). Sorry, but signing a player like Diarra for £5.5 million and selling him 12 months later for £22 million is not cheating, it's very good business. Everyone is happy to talk about the expenditure, but WHERE DID ALL OF THE MONEY THAT CAME IN GO? Do the maths, the wages were silly high but not high to the point we were suddenly £200 million in debt! I have no doubt that Chanrai lent "someone" £17 million, but was it really PFC or is PFC the only 'body' available in this sorry mess for him to try and retrieve it? Crooks, Crooks, Crooks....and more Crooks!

Edited 21 February, 2012 by SOTONS EAST SIDE