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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Torres

Torres

Posted
Posted
Q: What's the plan to get us all into the ground on at the next home game?

 

Discounted tickets? No, that didn't work.

 

Massive media campaign and appeals for people to turn up? No, didn't work either.

 

Free tickets? Hasn't worked in the past.

 

Pay people to turn up? Don't have the money.

 

I'm out of ideas.

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stevegrant

stevegrant

Posted
Posted
I did see someone else mention on Twitter' date=' that for the Prem to advance any more Parachute Payments, it would have to be voted on by the other PL clubs...[/quote']

Can't see that making any difference, didn't they vote 19-1 against advancing them TV money before they went into admin in 2010 only for the PL to do it anyway?

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rooney

rooney

Posted
Posted

Pimpy fans would have learned more by reading this site rather than attending a meeting. The only persons who have gained apppear to be the Administrators who must be on time and a half for evening meetings. PFC are still spending the cash.

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rallyboy

rallyboy

Posted
Posted

not seen any official line about parachute payments, another skate myth methinks - they've become so confused their making them up about themselves now.

 

 

So the situation is quite bad?

No **** Conan Doyle, what a bombshell that is. :? hold the front page...or perhaps read the front page of this thread and it's probably made clear on there.

 

Pity that Lampitt's gone but the damage he did continues to hamper the club moving forward.

 

 

All well and good Packing the Park, and I was gently mocked for suggesting they might get 18/19K but I reckon they will now that Chanrai has moved one seat to the left, but the money that would raise won't touch the sides.

 

Extra 5,000 x 6 games = 30,000.

With kids etc that's about £500K.

So a near sell out Fratton for six games will raise enough extra income to pay the wages and tax for ONE week. :scared:

 

As for a pompey trust buyout, surely the reality that Birch has tried to educate them with tonight has ended that as a going concern.

 

If the Prem do really say no more money it's over the same day, and even Chanrai would chuck it in - but I don't think they have said that.

Go on, prove me wrong on that, it would be proper game over....:)

 

 

He has to defer wages to continue, personally I'd like him to dismantle the squad that was criminally assembled - then we'd be getting somewhere towards justice.

 

I think I can see justice on the horizon, but we're not there yet.

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sidthesquid

sidthesquid

Posted
Posted
"Sj Maskell @SjMaskell

 

We have 20 registered players? Do we? #Pompey

 

 

CrossvaderDJ

 

@SjMaskell Probably find all of a sudden the FL have included #pompey academy players into the magical 20 we apparently have"

 

On the BBC they have 21 -

Goalkeepers 1 Ashdown 13 Henderson Defenders 2 Ward 3 Rocha 5 Pearce 15 Halford 26 Ben-Haim Midfielders 4 Mokoena 7 Lawrence 8 Mullins 10 Huseklepp 19 Norris 20 Thorne Forwards 9 Futacs 11 Varney 14 Etuhu 18 Kitson 25 Mwaruwar 27 Kanu 40 Bogard Additional Players 31 Webster

 

I saw the name Bogard & wondered for one moment if it was Winston Bogarde of seeing out 3 years of contract in the reserves at Chelsea fame. I thought perhaps Storrie & Arry had signed him from Chelsea and forgotten they owned him & just let him see out a six year contract in the garden, but sadly he is Daniel Bogard, 20 year old English forward.

 

Anyway they have their twenty - Lampitt may have gone but 'Quality over quantity' lives on.

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Crab Lungs

Crab Lungs

Posted
Posted (edited)

POL's PompeyScot's feedback from meeting;

 

Here are the points as I picked them up, I'll do these over a few posts so people can take in as I type. Trevor Birch and Bryan Jackson were on the front table.

 

-There have today been redundancies, with other people going part time, with players being asked to defer their wages until the end of the season. Birch will be meeting with the PFA tomorrow.

-We are only being allowed to sign a player if another player goes out. That is the situation and it is inflexible. There is a lot of bad will towards the club.

-A question was asked about the early bird season tickets, and could money be used from them. Birch is reluctant to take money of supporters and use it for the administration.

-Chainrai's debenture and any effect on a sale - Firstly there has to be satisfaction that the debenture is proper, which is being investigated at the moment. The debenture holder cannot affect the sale of the club.

-An additional couple of parties have come forward since Birch took control, although whether these were realistic as another matter. There is no actual firm interest as such, although Birch believe he will be able to sell the club.

-There is no plan to dock further points unless we fail to come out of administration with a CVA.

-A question was asked as to whether it was a bit rich of Andronikou to be claiming a conflict if interest by PKF. Birch's reaction said it all. He pointed out that he has never carried out an audit for PFC.

End of first post.

 

2ND POST

 

Second post.

-Birch, as it stands, cannot say how much the club would owe Gaydamak to get the land back under the club's ownership. He approximates about £2m though and, obviously, any buyer would want that land. It is something he will be looking at as soon as possible.

-He is focussing on getting the club to the end of the season, with money at the club only seeing the club through until mid-end April. Every penny which comes into the club from fans will help, so he stresses the importance of getting people through the gates as much as possible, with this being one of the few revenue streams we have.

-No money has been paid to staff for January, monies will be paid for February.

-Birch is looking at possibilities of ticket deals for games, and selling tickets at cheaper rates to get people through the gates.

-Explanation about the debenture. The situation for this is still further down the line, but any deal to sell the club will be a deal, the debenture does not come into it and is set aside. Any owner will not need to pay anything towards the debenture, the administrator can sell the club for what he sees it is worth and what he can get for it, end of.

-The debt of the club is valued, in total, at approximately £46m, but this does include the debt to CSI, the debenture etc.

End of second post.

 

3RD POST

 

Third post.

-A new CVA would supercede the old one.

-There is an issue as regards forwarding of parachute payments, as there is talk as to whether PFC still constitutes a relegated club, following a second administration in such a short space of time.

-He is of the opinion that, in these days of football popularity, that any club which hasn't taken care of any stadium issues is derelict in their duty.

-He is fully in favour of a Supporters Trust being involved in talks (Bryan Jackson took the mike to reiterate this, and pointed out he has helped various clubs in Scotland who have been in administration, including Dundee who now have their Trust as majority shareholders).

-There is no chance of Vladimir Antonov being involved in any future ownership of the club, as his own company is now in administration.

-Player contracts can be cancelled by mutual consent, or a player could go on loan with a view to sell in the summer.

 

Fourth and last post.

-Club debts will be frozen out of a sale price, so price of the club will be the price of the club. Any potential owner would have to consider future committments to player contracts.

-The decision as regards the directors leaving the club was purely an economic one, with them being higher earners. It is felt that Birch, aided by club middle management, would be able to fill the duties.

-Geoff Carlton-Kelly, of Baker Tilly, is the person investigating Oldco.

-The debenture holder would have to agree to any deal which is offered by the administrators, but the court could force the deal if it is felt it is the best deal on the table.

-To communicate, Birch will use the club's official website. This is what you should trust. He is more than open to similar forums in the future as required.

-As regards the issue of Reading and Brighton tickets, he will give those clubs administrator guarantees.

-The sale value of the club doesn't make much difference if we are a League One club, the difference would be if we went from Premiership to Championship.

-He is going to speak to the relevant people regarding pricing of corporate facilities, and is not a fan of the ticket admin fee or the premium phone numbers used by the club!

-I asked about the HMRC case challenging football creditors rule. Birch admits that, if HMRC win the case, it could open a 'Pandora's Box' full of possibilities, which could mean a fresh look at player contracts. However, he feels it would lead in the end to the Premier League and Football League changing the rules again.

End of points, hope they were helpful!

Edited by Crab Lungs
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tony13579

tony13579

Posted
Posted

"The balance [£200,000] has been retained to cover our fees, lawyers and counsel fees," Andronikou said, adding he would have been prepared to defer those fees had he been appointed administrator until the club was sold."

.......

 

But I didn't think AA was working as an administrator at any time for PFC. He was working for CSI.

Mr Birch should call in the Plod.

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Crab Lungs

Crab Lungs

Posted
Posted

POL's PompeyScot's feedback from meeting;

 

Here are the points as I picked them up, I'll do these over a few posts so people can take in as I type. Trevor Birch and Bryan Jackson were on the front table.

 

-There have today been redundancies, with other people going part time, with players being asked to defer their wages until the end of the season. Birch will be meeting with the PFA tomorrow.

-We are only being allowed to sign a player if another player goes out. That is the situation and it is inflexible. There is a lot of bad will towards the club.

-A question was asked about the early bird season tickets, and could money be used from them. Birch is reluctant to take money of supporters and use it for the administration.

-Chainrai's debenture and any effect on a sale - Firstly there has to be satisfaction that the debenture is proper, which is being investigated at the moment. The debenture holder cannot affect the sale of the club.

-An additional couple of parties have come forward since Birch took control, although whether these were realistic as another matter. There is no actual firm interest as such, although Birch believe he will be able to sell the club.

-There is no plan to dock further points unless we fail to come out of administration with a CVA.

-A question was asked as to whether it was a bit rich of Andronikou to be claiming a conflict if interest by PKF. Birch's reaction said it all. He pointed out that he has never carried out an audit for PFC.

End of first post.

 

2ND POST

 

Second post.

-Birch, as it stands, cannot say how much the club would owe Gaydamak to get the land back under the club's ownership. He approximates about £2m though and, obviously, any buyer would want that land. It is something he will be looking at as soon as possible.

-He is focussing on getting the club to the end of the season, with money at the club only seeing the club through until mid-end April. Every penny which comes into the club from fans will help, so he stresses the importance of getting people through the gates as much as possible, with this being one of the few revenue streams we have.

-No money has been paid to staff for January, monies will be paid for February.

-Birch is looking at possibilities of ticket deals for games, and selling tickets at cheaper rates to get people through the gates.

-Explanation about the debenture. The situation for this is still further down the line, but any deal to sell the club will be a deal, the debenture does not come into it and is set aside. Any owner will not need to pay anything towards the debenture, the administrator can sell the club for what he sees it is worth and what he can get for it, end of.

-The debt of the club is valued, in total, at approximately £46m, but this does include the debt to CSI, the debenture etc.

End of second post.

 

3RD POST

 

Third post.

-A new CVA would supercede the old one.

-There is an issue as regards forwarding of parachute payments, as there is talk as to whether PFC still constitutes a relegated club, following a second administration in such a short space of time.

-He is of the opinion that, in these days of football popularity, that any club which hasn't taken care of any stadium issues is derelict in their duty.

-He is fully in favour of a Supporters Trust being involved in talks (Bryan Jackson took the mike to reiterate this, and pointed out he has helped various clubs in Scotland who have been in administration, including Dundee who now have their Trust as majority shareholders).

-There is no chance of Vladimir Antonov being involved in any future ownership of the club, as his own company is now in administration.

-Player contracts can be cancelled by mutual consent, or a player could go on loan with a view to sell in the summer.

 

FOURTH POST

 

Fourth and last post.

-Club debts will be frozen out of a sale price, so price of the club will be the price of the club. Any potential owner would have to consider future committments to player contracts.

-The decision as regards the directors leaving the club was purely an economic one, with them being higher earners. It is felt that Birch, aided by club middle management, would be able to fill the duties.

-Geoff Carlton-Kelly, of Baker Tilly, is the person investigating Oldco.

-The debenture holder would have to agree to any deal which is offered by the administrators, but the court could force the deal if it is felt it is the best deal on the table.

-To communicate, Birch will use the club's official website. This is what you should trust. He is more than open to similar forums in the future as required.

-As regards the issue of Reading and Brighton tickets, he will give those clubs administrator guarantees.

-The sale value of the club doesn't make much difference if we are a League One club, the difference would be if we went from Premiership to Championship.

-He is going to speak to the relevant people regarding pricing of corporate facilities, and is not a fan of the ticket admin fee or the premium phone numbers used by the club!

-I asked about the HMRC case challenging football creditors rule. Birch admits that, if HMRC win the case, it could open a 'Pandora's Box' full of possibilities, which could mean a fresh look at player contracts. However, he feels it would lead in the end to the Premier League and Football League changing the rules again.

End of points, hope they were helpful!

 

 

And for giggles a POL member;

 

Sounds bloody depressing. I thought it was bad before but this takes the biscuit. I dont see how clubs have badwill against us. Not going to help us in any future players signing not that it seems we will even see the season through. I was depressed already pfc are not the club to cure it! just makes it 10x much worse

 

Reeeeeeeeeeeeeeeeeeally?

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St Chalet

St Chalet

Posted
Posted (edited)

I am quite sure the Pompey Twit(ter) post is incorrect, the PP follow the club not the legal entity. By that logic they will have their FA Cup removed. That said it is quite funny seeing them get bent out of shape by it!

 

AA had £800k of their money presumably when bank accounts frozen, fishy?

 

In respect of Chinny's debenture I am sure Guided Missile posted about 700 pages ago how Jacobs or Azougy (God I miss those guys) screwed up the debenture or charge on a technicality, Birch might just want to google this thread for his loophole to shaft the loan shark.

 

PKF talking about two months and talking to Football League about plan B. This really is sounding like a Doors track for them.

 

In other news BBC's Matt Slater references and acknowledges the good work of the PTS gang.

Edited by St Chalet
Maybe it is true!
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Gemmel

Gemmel

Posted
Posted

Evening Ladies

 

Well looks like there is a chance that the British economy has a clear chance of recovery. Not because pompey soon won't beable to stitch up local businesses, charities and the tax man for 100's of millions of pounds, every other year or so, but closure of this thread, will add unquantifiable amounts of lost man hours back into the workplace, that can't fail to shoot us back into the boom times.

 

They better not throw the towel in before April.

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dvaughanwilliams

dvaughanwilliams

Posted
Posted
@pn_neil_allen: Administrators tomorrow going to ask #Pompey players to take a wage deferral until the end of the season.

 

I suppose that's one way to encourage them to go on loan to another club. The PFA will cover a proportion of the wages, effectively a loan to the club which falls under the Football creditors rule.

 

It wouldn't surprise me if some of them said, "Actually, I quite fancy having my money, thanks."

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dvaughanwilliams

dvaughanwilliams

Posted
Posted
POL's PompeyScot's feedback from meeting;

 

 

Thanks for posting all of that. It's very interesting, particularly about the potential sale price.

 

When Chainrai sold the club the last time, he seems to have made it a condition that his debt remained intact. This time it seems that any reasonable offer will be accepted, with the money going to the creditors, Chainrai remains at the front of the queue though.

 

Birch clearly knows infinitely more about insolvency law than I do, but I'm a bit confused. The club needs a CVA to avoid a massive points deduction in the season they emerge from admin. If the club were to be sold for, say, £25m: Chainrai gets his £17m with the rest of the £23m-£33m sharing £8m. What if, at the creditors meeting, they vote down the CVA? HMRC are reported to be owed between £1m-£7m. If the final figure is more than 25% of the debt by value, they start next season on -15 or worse.

 

I think that this is going to be the long, slow drawn out misery that some of the more sadistic PTSers have been hoping for.

 

:)

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