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Pompey Takeover Saga


Fitzhugh Fella

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As your beloved Steve Claridge pointed out, you had a few years of top flight money, yet did nothing with it for the long-term good of the club. Clubs with proper stadia, training facilities and academies will always be worth something.

 

Compare this with a team like Blackpool, who spent one year in the Prem, but spent most of the money on a new stand. Leaves a legacy, even if they never achieve again...

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Thick and desperate. I'm sure it's far from all PFC fans, but definitely this one.

 

I know it's stupid to bite and talk about saints, but it is bewildering they'd focus on another club in these end times. Saints went up, then spent far less than they received for Chamberlain, having not been anywhere near financial trouble beforehand. So somehow, in the financial powerhouse minds down the motorway, financial stability + income = looming administration?

 

It's seems to be final desperate hope of some consolation, and when their club is gone, they'll sit and pray that ours collapses too. Well, if Saints were operating like PFC had, we'd be the ones moaning about it, not you. If we were risking the club, paying over the odds, taking a short term strategy and going promotion or bust, we'd be complaining NOW. Not sitting back lapping it up for 6 years then whining like hell when reality comes knocking.

 

If Saints don't go up, we'll try again. Sales happen I'm sure, players sometimes want to leave, spending happens too. But only at a level we can afford. If we ever end up in administration again it'll be our own fault, but it'd take some serious spending and wages increases we haven't yet seen. Plus, should financial problems occur, I'm afraid we have what you never bothered to focus on. Infrastructure. As your beloved Steve Claridge pointed out, you had a few years of top flight money, yet did nothing with it for the long-term good of the club. Clubs with proper stadia, training facilities and academies will always be worth something. So wish away, convince yourself otherwise, obsess over it, believe the local nonsense, but if I were you, I'd think about ways to save your club, actually take responsibility and learn from it, or get on and support your new club.

 

 

PMSL ROFL WTF BBQ!!!!1111!!11111111

 

You girls are deluded. Clotese (LOLL) will steal all your money and sell the stadium as a refuse centre (some might say it already serevers that purpose, LOL, ****ing myself through incontinence). My contacts have assured me of this.

 

Now if you'll excuse me, I'm off to fuck an omnibot 2000

 

Corp Windbag

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Interesting that one one of the Pompey forums they were cherry picking some financial details from an article on Saints and saying we are theoretically in a similar financial mess to themselves.

 

Without going into all in the ins and outs of this, one thing that was majored on was that one our Execs (presumably Cortese) was on £600k a year

 

Interesting then that seems to be exactly the same salary that dear old Dave Lampitt was receiving before his departure.

 

Cortese is not every ones cup of tea but I reckon he has given better value for his wedge that the recently departed Dave

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Interesting that one one of the Pompey forums they were cherry picking some financial details from an article on Saints and saying we are theoretically in a similar financial mess to themselves.

 

Without going into all in the ins and outs of this, one thing that was majored on was that one our Execs (presumably Cortese) was on £600k a year

 

Interesting then that seems to be exactly the same salary that dear old Dave Lampitt was receiving before his departure.

 

Cortese is not every ones cup of tea but I reckon he has given better value for his wedge that the recently departed Dave

 

It's the Swiss Ramble blog: http://swissramble.blogspot.com/2012/01/southampton-saints-alive.html

 

 

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Has pfc123 read this on a skate forum and got all concerned for us aww

 

FACTS you might find of interest Last published accounts for SFC £9m pre tax loss (of which only -£1.1m was down to player trading) hmmm living beyond their means then.....how naughty

 

They owe £7m to creditors to be repaid this ...year,

 

Additional £6m owed over 5 years A further £8.4m Loan to be repaid within 5 years PLUS £20.4m loan owed in 5 years TOTAL DEBT of £42m+ sound familiar.........

 

This at a club spending £7m more than it is earning Oh well glad to see they are only spending what they earn I mean we don't want clubs who overspend in our league now do we, some would class that as cheating and state that all their trophies won in that time should be taken away, still no problem for them there then.....

 

Exactly the same as Gaydamak, Liebherr cleared the initial debt but the rest of the monies has been lent in loans No difference to PFC Also, SFC do not own the ground, or the training facilities Now wonder who that sounds like.......

 

And each year the debt gets larger Makes our £46m seem reasonable, at least much of ours will be cleared whatever happens Thought that would make you all laugh........ ALL this information is available off of their published accounts from Companies House, recommend it, a thoroughly good read

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Apparently this is AA's version of the debacle down the road (dunno if genuine or not (from a skate site)):

 

"Ok here we go : for the record I stopped reading blogs and twitter and Facebook accounts two years ago - so I don't know what is written but this is my account and you can post it anywhere !

 

I and UHY were brought into help pfc in feb 2010 .... The club was in a desperate shape and in financial shamble with debts exceeding 100 million and cash burning at about 3.5 million a month ... Without going into any more detail we got a CVA approved against the wishes of HMRC and left the club owing creditors under the CVA anything between 5 and 16 million - this figure was supposed to be worked on by Baker Tilly the liquidators appointed by HMRC - but two years later nothing has been agreed. The only other creditor left was Portpin in the sum of 17 million secured on the assets of the club.

 

If you remember we tried to sell the club to various parties during the close season and the summer of 2010 but ignoring the tyre kickers no one came forward. As the last resort Portpin purchased the club in September 2010 in order to secure its position . After the sale we had very little to do with the Club and intact I remember that the last time I visited the Club was in January 2011 after which we vacated as Administrators .

 

Several months later Portpin with the help of Seymour Pearce found CSI as a potential purchaser. PKF were CSIs auditors and advisors. UHY had nothing to do with this transaction.

 

PKF undertook the due dilligence and confirmed Portpins security! And eventually helped Antonov and CSI to buy the Club in June 2011.

 

Portpin were not paid any money - but received a bank guarantee from Snoras Bank to be repaid 17 million in two years time .. In the meantime portpin was to receive quarterly interest payments at 8% per annum: Portpin were paid one quarters interest payment before the fateful november 2011.

 

Between June and November 2011 CSI injected about 11 million into the Club with the full knowledge of PFK ... This money was not used by the board to repay creditors under the CvA but used and invested in the playing squad, increasing its financial commitments, exacerbating it's financial demise.

 

In November after the unprecedented demise if Snoras Bank, UHY were called in to advise on CSI and the financial commitment under the bank guarantees to Portpin loan of 17 million. We decided that in order to protect CSi from the claims from the governments of Lithuania and Latvia that it should go into Administration. PFC was a subsidiary along with 7 other businesses.

 

When we looked at PFC we discovered that nothing had been learned from the previous years and that the Club needed continued investment to keep it alive; approximately 5 million to fund it until June 2012 and another 7 million the following year . CSI had no money so we tried to find a buyer : we had numerous parties come forward : we even tried to sell other CSI assets to create working capital to preserve the Club . By December the club had all but run dry of money to au wages so we convinced Portpin to inject a further 250 k to pay the payroll - but on the basis that the board sold players in the January window to provide the necessary cash to keep the Club alive : portpin pledged to inject a £1 for every £1 generated in that window... We tried every angle to generate interest in our players to keep the Club alive : the board and I. In particular Mr Lampitt did nothing . In the end on the last day of the window we had an offer for two of our players for just under 1 million ::: lampitt switched his phone off during the day and when I actually got through to him to arrange for the players to go and agree terms and have medicals he refused permission for the players agents to talk to the club / he effectively killed the deals knowing it was the last chance of the club to avoid Administration. For the record in our position as de facto shareholders he was put on notice that he was being dismissed for gross negligence .

 

We therefore had no choice but to apply for administration. You will note that we did the financial modelling for the Club in Administration and we worked out that we possibly needed 500k to make sure the club had enough money to complete the season - so we asked portpin to give us a facility of 500k in case we needed it - it wasn't a bribe just a banking arrangment!

 

As far as the security of Portpin we have never advised on it ; it was PKF funnily enough that looked at it several months ago. We didn't rely on it that's why we asked the Board to appoint us and not Portpin..

 

One final point - my personal opinion - Mr Lampitt - something very wrong here. He had worked tirelessly the last few months maligning me and my firm with the various supporters groups, the local council and even the local MP. His efforts proved fruitful because in the end it contributed in my firm being removed and HMRC nominated firm PKF being appointed. It is my opinion that Mr Lampitt was a major reason why the Club is now in Administration and that he was working to another agenda. I don't want to subscribe to any conspiracy theories but I think he wants the Club liquidated so that it has a fresh start - even at non league status - but with the satisfaction that Portpin loses all its money ! And why you may ask ..... Fact portpin recruited Lampittt and introduced him to us as a replacement for Mr Storrie - looked the part as he came from the FA.. Fact : Lampitt drew up a contract and demanded a commission payment from Portpin when it ever sold the Club. Fact when portpin sold the club to CSI Lampitt demanded his commission but because no monies were exchanged he became an aggressor to Portpin because they refused to pay him his 5% on 17 million .. Fact when csi fell into administration Lampitt found the opportunity to attack portpin and us in order as retribution. I only found out the financial arrangements of Mr Lampitt in the last 24 hours but it puts everything into perspective .... What a disaster and to add to this Mr Lampitt aided the appointment of HMRC own nominated administrator : PKF wouldn't you know it!

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Great read, thanks for that. Tbh I don't mind that Cortese picks up that huge wage packet, he does a lot of hard work and we're in a position where we can afford to pay that kind of wage to a director - unlike our fishy friends down the road...

 

I mind that he is pays himself that ridiculous amount. No CEO of a business the size of Southampton FC Ltd is worth anything near that, couple that with the money he costs us by some of his dodgy business acumen and appalling PR and alarm bells have to ring.

 

Clotese woo oh

Clotese woo oh

He comes from Italy

He hates our history

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Apparently this is AA's version of the debacle down the road (dunno if genuine or not (from a skate site)):

 

"Ok here we go : for the record I stopped reading blogs and twitter and Facebook accounts two years ago - so I don't know what is written but this is my account and you can post it anywhere !

 

I and UHY were brought into help pfc in feb 2010 .... The club was in a desperate shape and in financial shamble with debts exceeding 100 million and cash burning at about 3.5 million a month ... Without going into any more detail we got a CVA approved against the wishes of HMRC and left the club owing creditors under the CVA anything between 5 and 16 million - this figure was supposed to be worked on by Baker Tilly the liquidators appointed by HMRC - but two years later nothing has been agreed. The only other creditor left was Portpin in the sum of 17 million secured on the assets of the club.

 

If you remember we tried to sell the club to various parties during the close season and the summer of 2010 but ignoring the tyre kickers no one came forward. As the last resort Portpin purchased the club in September 2010 in order to secure its position . After the sale we had very little to do with the Club and intact I remember that the last time I visited the Club was in January 2011 after which we vacated as Administrators .

 

Several months later Portpin with the help of Seymour Pearce found CSI as a potential purchaser. PKF were CSIs auditors and advisors. UHY had nothing to do with this transaction.

 

PKF undertook the due dilligence and confirmed Portpins security! And eventually helped Antonov and CSI to buy the Club in June 2011.

 

Portpin were not paid any money - but received a bank guarantee from Snoras Bank to be repaid 17 million in two years time .. In the meantime portpin was to receive quarterly interest payments at 8% per annum: Portpin were paid one quarters interest payment before the fateful november 2011.

 

Between June and November 2011 CSI injected about 11 million into the Club with the full knowledge of PFK ... This money was not used by the board to repay creditors under the CvA but used and invested in the playing squad, increasing its financial commitments, exacerbating it's financial demise.

 

In November after the unprecedented demise if Snoras Bank, UHY were called in to advise on CSI and the financial commitment under the bank guarantees to Portpin loan of 17 million. We decided that in order to protect CSi from the claims from the governments of Lithuania and Latvia that it should go into Administration. PFC was a subsidiary along with 7 other businesses.

 

When we looked at PFC we discovered that nothing had been learned from the previous years and that the Club needed continued investment to keep it alive; approximately 5 million to fund it until June 2012 and another 7 million the following year . CSI had no money so we tried to find a buyer : we had numerous parties come forward : we even tried to sell other CSI assets to create working capital to preserve the Club . By December the club had all but run dry of money to au wages so we convinced Portpin to inject a further 250 k to pay the payroll - but on the basis that the board sold players in the January window to provide the necessary cash to keep the Club alive : portpin pledged to inject a £1 for every £1 generated in that window... We tried every angle to generate interest in our players to keep the Club alive : the board and I. In particular Mr Lampitt did nothing . In the end on the last day of the window we had an offer for two of our players for just under 1 million ::: lampitt switched his phone off during the day and when I actually got through to him to arrange for the players to go and agree terms and have medicals he refused permission for the players agents to talk to the club / he effectively killed the deals knowing it was the last chance of the club to avoid Administration. For the record in our position as de facto shareholders he was put on notice that he was being dismissed for gross negligence .

 

We therefore had no choice but to apply for administration. You will note that we did the financial modelling for the Club in Administration and we worked out that we possibly needed 500k to make sure the club had enough money to complete the season - so we asked portpin to give us a facility of 500k in case we needed it - it wasn't a bribe just a banking arrangment!

 

As far as the security of Portpin we have never advised on it ; it was PKF funnily enough that looked at it several months ago. We didn't rely on it that's why we asked the Board to appoint us and not Portpin..

 

One final point - my personal opinion - Mr Lampitt - something very wrong here. He had worked tirelessly the last few months maligning me and my firm with the various supporters groups, the local council and even the local MP. His efforts proved fruitful because in the end it contributed in my firm being removed and HMRC nominated firm PKF being appointed. It is my opinion that Mr Lampitt was a major reason why the Club is now in Administration and that he was working to another agenda. I don't want to subscribe to any conspiracy theories but I think he wants the Club liquidated so that it has a fresh start - even at non league status - but with the satisfaction that Portpin loses all its money ! And why you may ask ..... Fact portpin recruited Lampittt and introduced him to us as a replacement for Mr Storrie - looked the part as he came from the FA.. Fact : Lampitt drew up a contract and demanded a commission payment from Portpin when it ever sold the Club. Fact when portpin sold the club to CSI Lampitt demanded his commission but because no monies were exchanged he became an aggressor to Portpin because they refused to pay him his 5% on 17 million .. Fact when csi fell into administration Lampitt found the opportunity to attack portpin and us in order as retribution. I only found out the financial arrangements of Mr Lampitt in the last 24 hours but it puts everything into perspective .... What a disaster and to add to this Mr Lampitt aided the appointment of HMRC own nominated administrator : PKF wouldn't you know it!

 

While that rings very close to a lot of what we would imagine to have been the case, I cannot see how AA would put that into print, too much potential for future litigation for an IP to give vent like that.

 

IMHO would be more likely to come from a lower level insider at poopey who knew what was going on or a lower level at UHY. BUT more likely? Vlad had it dictated to a translator.

 

Wonder how long before we hear the allegations that Lumpitt was on a percentage of transfer deals...

 

It's gonna get very dirty, that's f'sure

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I mind that he is pays himself that ridiculous amount. No CEO of a business the size of Southampton FC Ltd is worth anything near that, couple that with the money he costs us by some of his dodgy business acumen and appalling PR and alarm bells have to ring.

 

Clotese woo oh

Clotese woo oh

He comes from Italy

He hates our history

 

Sorry Rupert, you're on your own with that one. ;)

 

That statement from Andronikou is very, very interesting indeed.

 

Now, do we believe a word of it?

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I mind that he is pays himself that ridiculous amount. No CEO of a business the size of Southampton FC Ltd is worth anything near that, couple that with the money he costs us by some of his dodgy business acumen and appalling PR and alarm bells have to ring.

 

Clotese woo oh

Clotese woo oh

He comes from Italy

He hates our history

 

Yawn.

 

Nobody knows what his salary is.

 

We got promoted last season based on his leadership, his contract like that of every player at the club would have included bonuses for promotion. That is why NC had such a rant at AP when it was clear we weren't going to make it in year one. Compare the income from last year with that of this year - nobody with any business acumen would work without a bonus plan (especially an EX banker)

 

Cortese in a c@nt. But he is OUT c@nt.

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I mind that he is pays himself that ridiculous amount. No CEO of a business the size of Southampton FC Ltd is worth anything near that, couple that with the money he costs us by some of his dodgy business acumen and appalling PR and alarm bells have to ring.

 

Clotese woo oh

Clotese woo oh

He comes from Italy

He hates our history

 

Oh dear.

 

HE doesn't pay himself that much. He will be on a salary and bonus structure decided in the first instance by Markus and more recently the trustees of his estate.

 

And considering what he has acheived, I bet there isn't an owner in the top three leagues that wouldn't pay their CEO that sort of money for the returns he has given.

 

But just to wind you up even more, it looks to me like he could be on potentially double that. If you read the accounts it suggests that the 600k is based on a half year period.

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AA's statement is interesting, but not sure how genuine it is. If that's a copy and paste of his words, then the grammar and punctuation is terrible, makes me think it's not him.

 

Makes me think the exact opposite!

 

However, just goes to show how clueless that tool really is!

 

According to him it would only need £500k to get to the end of the season! That is of course assuming the players defer the wages!

 

However, according to the real administrator, shedding 30 full time and a bunch of other workers will SAVE £600k from the wage bill - even with the players deferring wages!

 

Does AA really expect us to believe that he could run the club - a club that was LOSING over £1m EVERY MONTH!!! - for the paltry sum of circa £167k per month! A club that was previously racking up debts of £800k EVERY MONTH just in NI and Income tax, is going to reduce its overheads so drastically that its costs can be cut to £167k per month! His calculator must be in need of new batteries!

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I mind that he is pays himself that ridiculous amount. No CEO of a business the size of Southampton FC Ltd is worth anything near that, couple that with the money he costs us by some of his dodgy business acumen and appalling PR and alarm bells have to ring.

 

Clotese woo oh

Clotese woo oh

He comes from Italy

He hates our history

 

:lol:

 

You are a div and a ****.

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AA's statement is interesting, but not sure how genuine it is. If that's a copy and paste of his words, then the grammar and punctuation is terrible, makes me think it's not him.

That's what happens when you spend a lot of time in P*rtsmouth, it rubs off on you. You only have to look at the posts from Mack, they used to be normal when he first started posting, but these days they look like the results of a babelfish translation!

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I mind that he is pays himself that ridiculous amount. No CEO of a business the size of Southampton FC Ltd is worth anything near that, couple that with the money he costs us by some of his dodgy business acumen and appalling PR and alarm bells have to ring.

 

Clotese woo oh

Clotese woo oh

He comes from Italy

He hates our history

 

hahaha...what a tard. he is now part of our history, how does that make you feel...

 

I bet you still long for lowe and the fan on the board....

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: we even tried to sell other CSI assets to create working capital to preserve the Club .

 

The above AA quote is a bit odd. Surely he was CSI's administrator and his responsibility was to them? If he was favouring one of their subsidiaries one would have to ask why. As so often in this affair, more questions than answers.

 

There are enough potential truths in this account to give some aspects credence (at least in the context of Pompey!), but the figures don't add up, and I still wouldn't buy a used phone from this guy, let alone a car or a football club.

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All the classics including...

 

Sgt. Pooper's Lonely Terrace Band

 

With A Little Help From My Friends (From The Russian Mafia)

 

Losing On Sky With Dinenage

 

Getting Better (Not)

 

Fixing A Hole (In The Finances)

 

She's Leaving Home (Penny Come Back)

 

Being For The Benefit Of Mr Always Right (Ho-Ho-Ho)

 

When I'm Sixty-Four (Million In Debt)

 

Lovely Peter (Storey)

 

A Day In The Life (Of TCWTB)

 

:lol:

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AA's statement is interesting, but not sure how genuine it is. If that's a copy and paste of his words, then the grammar and punctuation is terrible, makes me think it's not him.

 

A few days ago someone posted a text conversation supposedly with AA, the grammar/spelling is very similar.

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A few days ago someone posted a text conversation supposedly with AA, the grammar/spelling is very similar.

 

I'll stand corrected, just looked poor grammar for someone you would assume had a good education.

 

As Spdgun said, maybe P*rtsmouth rubs off on you in some funny ways.

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OK....all you poopey fans read this.

 

32,000 shiney new ground.

(and a car park)

£8million being spent on OUR training ground.

(our traing ground)

The tax man isn't "coming "for us.

(he is after you)

No transfer embargo.

you are in a relagation battle.

We are 2nd in the league.

.26000 give or take/14000.......................and finally, we play in red and white, you play in a ground you don't own

Now please stop bleating rubbish. You know your club is dogs**t and ours is the biggest on the south coast.(then B&HA)

Bye Bye skates

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@pn_neil_allen: Proud day for #Pompey family. Players taking wage cuts now as everyone unites in saving club. Some even working in ticket office tomorrow!

 

 

Stable doors. Bolting horses...

 

Great PR exercise, nothing more than that. ''Oh let's get down and buy some tickets, we'll be served by some first team 'stars' !!!"

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Ref. Grammar/spelling. President Woodrow Wilson could barely read and write. Thomas Edisons own mother could barely understand His letters home, they were that poorly written. The two Dodge brothers who started the car/lorry company could neither read or write. Richard Branson is severly dyslexic. Don't allow poor Written word to influence your opinion of somebody.

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Ref. Grammar/spelling. President Woodrow Wilson could barely read and write. Thomas Edisons own mother could barely understand His letters home, they were that poorly written. The two Dodge brothers who started the car/lorry company could neither read or write. Richard Branson is severly dyslexic. Don't allow poor Written word to influence your opinion of somebody.

 

The next England manager can't read and writes like a two year old....apparently.

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You really have to laugh.

 

The poor people losing their jobs at poopey at a time of austerity.

 

The players still don't get it do they?

 

Tomorrow they are manning the Ticket Office. You'd think at least ONE of them would have had the brains to work it out..

 

They've sacked EVERYONE ELSE you morons.

 

Those of you suspended or unfit for Saturday's match are running the fecking Turnstiles, cleaning the bogs and selling programmes. THERE IS NO - ONE ELSE LEFT ON THE PAYROLL TO DO IT

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Noticed yesterday that Whyte bought Rangers with money he borrowed against Ranger's next 3 years ticket sales.

 

TBF to him though, nothing greatly different between what he did and what the Glazers did at Manure & the idiots at Liverpool... Leverage Leverage Leverage.

 

Still haven't learnt the lessons

 

The main issue with Craig Whyte's takeover of Rangers is that he borrowed the money (and got it) against the next 3 years season ticket money 2 weeks BEFORE he completed the takeover, and that the money was siphoned through another of his companies (all allegedly of course).

 

For those who don't waste enough of their life on this thread, and who want to follow Rangers trials & tribulations as well, may I suggest this site...

 

http://www.rangerstaxcase.com

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I mind that he is pays himself that ridiculous amount. No CEO of a business the size of Southampton FC Ltd is worth anything near that, couple that with the money he costs us by some of his dodgy business acumen and appalling PR and alarm bells have to ring.

 

Clotese woo oh

Clotese woo oh

He comes from Italy

He hates our history

 

:facepalm:

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Ref. Grammar/spelling. President Woodrow Wilson could barely read and write. Thomas Edisons own mother could barely understand His letters home, they were that poorly written. The two Dodge brothers who started the car/lorry company could neither read or write. Richard Branson is severly dyslexic. Don't allow poor Written word to influence your opinion of somebody.

 

Ah, so most of that lot down the road must be misunderstood geniuses then.

 

Got it.

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as far as a new buyer goes, I'm just starting to think that perhaps the figures might not stack up. :scared:

 

That looks like a lot of cash needed in the first year of ownership, even if Chanrai and CVA1 take a hit.

 

And let's not confuse wage cuts with deferred - two very different things.

The players are guaranteed their dirty cash, they had no choice in the matter of delaying it, and it was the greedy three that pushed them over the edge, so let's drop all the 'our heroic lads showing the pompey spirit' b0ll0x that I've seen in The News comments.

And I've seen Lawrence trying to pass a ball eight yards so I wouldn't trust him to sit the correct way on a toilet, if they had one, let alone operate a ticket office.

Can't see that getting footballers involved in admin work is a shrewd move.

 

 

 

 

The ship is sinking yet the battling troops at Fortress Fratton spin continues, and when there isn't enough of that let's just make something up about Saints.

Yeah we are really teetering on the brink mate, it could go either way....:?

We really need to stop giving asylum seekers and kiddie fiddlers all those free tickets, but it's the only way we can fill the ground. :rolleyes:

 

More myths from the supporters who couldn't Pack a fricking suitcase.

 

 

 

 

Is the Omnibot2000 the one with real chrome and a surprised look on its cyber face?

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Portsmouth FC @officialpompey

 

 

#Pompey have signed midfielder Scott Allan on a one-month loan from West Brom

wonder if they paying a contribution at the end of the season for him as they are Thorne? Not paying them a penny in wages my arse. Still at least they are finally cutting their cloth accordingly. The question is why didn't Lumpitt do this as soon as CSI went belly up?
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