Pompey Takeover Saga

[Weston Super Saint]

The way I read it, HRMC are trying to get the football creditors rule changed so that ALL debts are EQUAL!

 

This means the FL can still impose their 'all football debts must be paid in full rule' to receive the golden ticket, but by implication this will mean that ALL debts must also be paid in full as their will be no preferred creditor status.

 

So, a CVA would have to state all debts 100% paid. Which would render administration as quite literally a pointless exercise.

[trousers]

if you listen to his interview saturday that was put on here, he says that he knows people with money in the states and he is going to try and encourage them to invest. he is staying in England this week to talk to TB. With mates like him who needs enemies!!! i wouldnt like a friend to give me an 'opportunity' like Pompey thanks very much

 

Might be worth keeping an eye on Brian Howe's company that he set up in the States a few years ago - can't recall the exact name of the company off the top of my head but it's got 'Pompey' in the title somewhere. I stumbled across it when Cala first came on the scene and it looked pretty dormant at that time (Howe's Pompey company that is).

[ericofarabia]

Just had my morning chortle before pootling off to do a 4 hour! English class. This thread never fails to get me laughing. Thanks guys.

 

A timeline sounds like a good idea..

 

You should take a copy of D_P's version of Chrarles Dickens and see what they make of it

[Doctoroncall]

Something like this would be cool..... http://www.bbc.co.uk/history/interactive/timelines/british/index_embed.shtml

 

No pressure....

 

But not in flash!

[pedg]

As I understand it the earlier court case that went against HMRC (wimbledon?) was a situation where all the creditors, including football creditors I believe, got the same percent but the buyer paid the remaining football debts. What I am not sure of is whether, if the HMRC won their current case, this scenario would still be acceptable? As I understand it the current case deals more with football creditors being treated preferentially at the point of the CVA rather than after it.

 

I would assume that if HMRC won but the earlier point in law was still valid then we would end up with a situation where the football creditors would take the same percent from the CVA as other creditors, thus increasing the money going to HMRC but that to continue to play the buyer would be responsible for paying the remainder of the football debts?

[Gingeletiss]

Pompey web chat with Steve Wilson

 

 

Published on Wednesday 29 February 2012 11:22

 

Join The News’ sports writer Steve Wilson for an hour’s worth of Pompey-related chat.

 

Steve will answer as many questions as he can from noon.

 

Join the Pompey web chat with Steve Wilson

[hypochondriac]

As I understand it the earlier court case that went against HMRC (wimbledon?) was a situation where all the creditors, including football creditors I believe, got the same percent but the buyer paid the remaining football debts. What I am not sure of is whether, if the HMRC won their current case, this scenario would still be acceptable? As I understand it the current case deals more with football creditors being treated preferentially at the point of the CVA rather than after it.

 

I would assume that if HMRC won but the earlier point in law was still valid then we would end up with a situation where the football creditors would take the same percent from the CVA as other creditors, thus increasing the money going to HMRC but that to continue to play the buyer would be responsible for paying the remainder of the football debts?

 

So would probably make it a lot harder to get a buyer if you have a lot of football related debts. Could we not see clubs in a hole in this case using all their money on the football debts instead of HMRC and smaller creditors for example, as Portsmouth have done?

[trousers]

Might be worth keeping an eye on Brian Howe's company that he set up in the States a few years ago - can't recall the exact name of the company off the top of my head but it's got 'Pompey' in the title somewhere. I stumbled across it when Cala first came on the scene and it looked pretty dormant at that time (Howe's Pompey company that is).

 

Found it again.....

 

http://www.corporationwiki.com/Florida/Fort-Myers-Beach/playuppompey-llc/36085124.aspx

[Gingeletiss]

Bless!!!!!!!!!!!

 

 

 

89

The only way is up

Wednesday, February 29, 2012 at 11:46 AM

Warren peace, Vince is a property developer. Surely there is some money to be made from buying the club and the land and then redeveloping "Chelsea village" style. Supermarket, hotel, housing etc.

[pedg]

So would probably make it a lot harder to get a buyer if you have a lot of football related debts. Could we not see clubs in a hole in this case using all their money on the football debts instead of HMRC and smaller creditors for example, as Portsmouth have done?

 

Not sure. The bit I am unsure of is who decided the size of the pot that going into paying the CVA. If its just what the administrator can get away with persuading the creditors to accept then I assume there is little difference between paying the football creditors 100% and other creditors 20% at the CVA compared to paying all creditors 20% at the CVA and then the new buyer paying the remaining 80% of the football creditors. In both cases the money needing to go out to pay them all will be the same?

[trousers]

And they're under starters orders.....

 

http://www.portsmouth.co.uk/sport/pompey/webchats

[trousers]

12:08

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[TD]Comment From Task

When are you going to stop those Southampton fans ruining our forum?[/TD]

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12:09

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[TD]Steve:

Sadly freedom of speech can be a bit of pain at times! Just like some Pompey fans have, erm, unusual ideas on certain things, so do our friends from the west who always seem obsessed by attendances. I would have thought they have better things to talk about among themselves considering how well their team is going but obviously not. The pull of Pompey affects us all it seems... [/TD]

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[trousers]

12:12

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[TD]Comment From Fawcett inn cider

Hi Steve. What i dont get is how we are in admin again when we not paid for the last one yet? im no finance guy but it dosent stack up to me, we owe everyone still for our debts and we are doing the same thing now without paying a penny to the last admin? confused! PUP[/TD]

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12:12

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[TD]Steve:

The payments for the CVA that was agreed were due to start on April 1....we didn't get there....[/TD]

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[trousers]

12:13

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[TD]Comment From GLT

Hi Steve........Do you think that the blues have gained an unfair advantage over the other teams in the CCC, by entering admin for a second time.[/TD]

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12:14

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[TD]Steve:

Again, this is tough but actually I do. If you are a Coventry fan, you might look at players like Lawrence, Varney, Norris, Henderson, Pearce or whoever else and think "we could do with some of them". In effect, Pompey have players that they cannot afford. Now who is to blame for that is another question. At the time they bought some of these players, they could afford them. All I know is that if I supported another team, I would think it's unfair. [/TD]

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[Gingeletiss]

 

Tried a few, but they hate the tough ones.

[trousers]

12:18

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[TD]Comment From Russell Hobbs

Hi Steve, What do you think of Aston Villa announcing this week that they made a loss £50m+ last season? Puts our relatively low debts into perspective and I don't hear anyone calling them cheats! PUP [/TD]

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12:18

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[TD]Steve:

Depends if they get to a stage where they can't pay the bills...[/TD]

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[trousers]

12:18

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[TD]Comment From Milton massive

Any news on this weeks pack the park?? Last week 17500 was a massive crowd, shows our class and that we trueley are the best fans in the world. PUPPPU[/TD]

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12:20

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[TD]Steve:

Let's not get overboard. Leeds brought down plenty and filled the Milton end. But at least it was a bigger crowd than previous occasions this season. I'm sensing some red and white persuasion in your line of questioning! Trying to go undercover perhaps??! [/TD]

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[trousers]

12:20

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[TD]Comment From macca

where's Rory nowadays? offf getting another scoop about a non-start possible owner?? [/TD]

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12:21

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[TD]Steve:

I stand by my colleage as I have on many occasions before. Surely you want to know if someone like Joseph Cala - who I presume you mean - is interested in buying Pompey? Or should we keep it quiet in case it offends? [/TD]

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[trousers]

12:21

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[TD]Comment From GLT

Once again, the easy questions are answered, the hard ones ignored.....freedom of speech my 'harris!

 

 

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12:22

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[TD]Steve:

I'm sighing....It's not compulsory that you are here to join us, although I very much enjoy your company. I haven't ignored anything yet - ploughing through them all as best as possible... [/TD]

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[trousers]

12:22

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[TD]Comment From Dockyard Pete

Steve! do you think its wrong that we are sending off our young talent to fulham etc magri to pool etc when we are leaving the bench half empty? I would love to give some youngsters a go, gets the wage bill down too[/TD]

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12:23

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[TD]Steve:

Magri can't get in the side at the moment. If a club like Liverpool can afford to take punt on a player for two or three years down the line, it's a luxury that Pompey don't have at the moment. [/TD]

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[trousers]

12:23

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[TD]Comment From denmead dan

If it all goes t@ts up and we end up in the conference I must admit I would be tempted to support the stripey ones.[/TD]

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12:24

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[TD]Steve:

Ha ha - now I know you're an undercover operative. Your cover has been blown, soldier... [/TD]

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[Colinjb]

He's beginning to clock on that not all are as blue as they may seem. haha

[norwaysaint]

"

Or we all accept that Pompey is a lower league club and drastically reduce the outgoings on wages."

[holepuncture]

12:12

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[TD]Comment From Fawcett inn cider

Hi Steve. What i dont get is how we are in admin again when we not paid for the last one yet? im no finance guy but it dosent stack up to me, we owe everyone still for our debts and we are doing the same thing now without paying a penny to the last admin? confused! PUP[/TD]

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12:12

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[TD]Steve:

The payments for the CVA that was agreed were due to start on April 1....we didn't get there....[/TD]

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12:18

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[TD]Comment From Milton massive

Any news on this weeks pack the park?? Last week 17500 was a massive crowd, shows our class and that we trueley are the best fans in the world. PUPPPU[/TD]

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12:20

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[TD]Steve:

Let's not get overboard. Leeds brought down plenty and filled the Milton end. But at least it was a bigger crowd than previous occasions this season. I'm sensing some red and white persuasion in your line of questioning! Trying to go undercover perhaps??! [/TD]

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Ahem! He cant answer my questions even dumbed down to skate prose

 

Bugger, looks like Milton Massive has been rumbled! Money Penny, Dockyard Pete and another ive already forgotten to the rescue!

[trousers]

12:26

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[TD]Comment From southseasteve

re the forum being ruined by a handful of abusive fans from down the road: i think it could be largley avoided if the threads were better policed. The moderating function for example seems totally random and not dependant on swearing on anything really? can't you hire a work experience Pompey lad to sit and monitor them?[/TD]

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12:26

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[TD]Steve:

Would you want to not have banter with fans of other clubs? I think that's part of being a footy fan. [/TD]

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[trousers]

12:28

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[TD]Comment From GLT

Steve, as a fan, are you comfortable with the club not paying it's tax liabilities for a 'third' time in 13 years, whilst local amenities are being closed.[/TD]

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12:29

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[TD]Steve:

Of course not. If I was running the club, you would make sure that the bills got paid. But then we would probably have a team of young lads who were getting thumped every week, then you get dwindling crowds etc, etc. It's a tough balancing act and I don't pretend to have all the answers. [/TD]

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[trousers]

12:29

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[TD]Comment From On The Edge Blue

Do you think the club are regretting not putting Sam on the bench now he's off to Liverpool and we can't sign cover because he was never a first-teamer?[/TD]

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12:30

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[TD]Steve:

No I don't. Would you have dropped Pearce or Rocha to play him? An opportunity has come up for him and good luck to him. [/TD]

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[trousers]

12:30

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[TD]Comment From Mrs Money Penny

Hello all, sorry to talk about smaller issues but will we ever get hot water at Fratton? I recall the russian owners saying there was a problem with fat in the pipes (?). I know we have bigger fish to fry but its something that really bothers us pompey ladies! PUPP[/TD]

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12:30

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[TD]Steve:

Hmmm. I'm sure that will get looked at....in about 2017....[/TD]

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[trousers]

12:30

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[TD]Comment From Axel Foley

To be fair Steve, our wage bill is effected by some oddities like Ben Haim, Kitson and Lawrence, without them our wage structure would be fair more palatable and easier to manage. No Championship player should be paid +£20k a week - the football just doesn't warrant those wages.[/TD]

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12:32

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[TD]Steve:

Agree with that. But Cotterill and Lampitt went for say one player on 20k per week, rather than four players at 5k per week. Whether the overall budget was too high in the first place is another question but people with full access to the books were making these decisions - not me. [/TD]

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[Winchester Red]

12:29

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[TD]Comment From On The Edge Blue

Do you think the club are regretting not putting Sam on the bench now he's off to Liverpool and we can't sign cover because he was never a first-teamer?[/TD]

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12:30

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[TD]Steve:

No I don't. Would you have dropped Pearce or Rocha to play him? An opportunity has come up for him and good luck to him. [/TD]

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That was me... but he didn't answer the question at all. I didn't say they should play him, I said put him on the bench. Grrrrr

[norwaysaint]

Of course not. If I was running the club, you would make sure that the bills got paid. But then we would probably have a team of young lads who were getting thumped every week, then you get dwindling crowds etc, etc. It's a tough balancing act and I don't pretend to have all the answers.

 

That's a staggering comment. You have to balance the importance of playing at the top with the importance of paying bills?

[trousers]

12:32

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[TD]Comment From Gosport Fairy

Has no-one at the club suggested throwing a few games for money? £50k a point might be the difference between survival or not. Let's face it, we're going down anyway and if the league were going to throw us out they'd have done it by now so nothing to lose.[/TD]

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12:33

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[TD]Steve:

It's an innovative idea...! I suggested to Appleton to play the entire youth team until he gets the first team back fully fit and then specifically target a certain number of winnable games. His response was based on the effect it would have on the young lads if they got humped 12-0. Fair point! [/TD]

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[Winchester Red]

That's a staggering comment. You have to balance the importance of playing at the top with the importance of paying bills?

 

I'm surprised at you. We're talking about PFC, of course you don't even consider it......... you just don't pay the bills!

[trousers]

12:34

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[TD]Comment From Midland Blue

I travelled down to the game on Saturday to support the team and couldn't believe that we failed to sell out. The club needs us now more then ever and we couldn't even get a full house! Where has the support gone!? That surely can't be it.[/TD]

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12:34

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[TD]Steve:

A lot of people have become disillusioned and let's face it - a lot of us are skint and struggling to make ends meet. It's not cheap any more. [/TD]

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[trousers]

12:35

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[TD]Comment From ash1987

steve why dont you ban the stripey ones. joker.[/TD]

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12:36

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[TD]Steve:

Then do we start banning a Pompey fan who has a different view on who should play up front? It's a slippery slope and soon enough you have only people who toe the party line and then it stops being a forum. [/TD]

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[Colinjb]

12:34

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[TD]Comment From Midland Blue

I travelled down to the game on Saturday to support the team and couldn't believe that we failed to sell out. The club needs us now more then ever and we couldn't even get a full house! Where has the support gone!? That surely can't be it.[/TD]

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12:34

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[TD]Steve:

A lot of people have become disillusioned and let's face it - a lot of us are skint and struggling to make ends meet. It's not cheap any more.[/TD]

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It's great making them admit how small they are becoming.

[Jack]

12:18

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[TD]Comment From Milton massive

Any news on this weeks pack the park?? Last week 17500 was a massive crowd, shows our class and that we trueley arethee best fans in the world. PUPPPU[/TD]

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12:20

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[TD]Steve:

Let's not get overboard. Leeds brought down plenty and filled the Milton end. But at least it was a bigger crowd than previous occasions this season. I'm sensing some red and white persuasion in your line of questioning! Trying to go undercover perhaps??! [/TD]

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Lolz. Own up, who was that? Can't make up my mind if that was a WUM on here or some deluded skate tw*t

[hypochondriac]

Lol at the fat in the pipes comment. Clearly someone from here.

[trousers]

And Villa's losses put debts in perspective? So now we're ignoring PFC's huge debts of recent years?

 

That may have been a statement from 'someone' on here....ahem.....

[trousers]

12:37

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[TD]Comment From ash1987

someone will buy this club. this is a massive club with a great history and lots of potential. In terms of trophies/finals this is one of the most successful english clubs outside the top 6/7 in the country. [/TD]

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[Winchester Red]

12:38

Comment From On The Edge Blue

Hi STeve. There are reports that some of our office staff are still owed money from 2 years ago! Do you know if that's true. Embarrassing if it is!

 

12:39

 

Steve: If they are small creditors, then I guess that is the case. We all know what happened with tha promise to pay the small creditors. That was shocking.

 

---

 

I got another one in and again he answered a different question. What's the point if he's going to spout cr4p!

[trousers]

12:39

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[TD]Comment From Southsteve

Steve - banter is fine - but we're not talking about banter - i challenge to sit and watch the threads for 24 hours then tell me if you think it's just banter. Used to be a great forum too.

 

12:40

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[TD]Steve:

It's hard to read through it - mainly because me, Neil and Jordan get hammered on a regular basis! So none of us bother any more unless we absolutely have to. But it's so hard to police - if you have Saints fans who want to waste their time, the best advice is to ignore them. They'd soon get bored if they don't get a reaction.[/TD]

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12:41

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[TD]Steve:

But to be fair, some Saints fans actually watch Pompey when their team are away from home. This is a fact and some football fans like both teams - admittedly without the same kind of passion as most of you on here. [/TD]

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[Wurzel]

12:32

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[TD]Comment From Gosport Fairy

Has no-one at the club suggested throwing a few games for money? £50k a point might be the difference between survival or not. Let's face it, we're going down anyway and if the league were going to throw us out they'd have done it by now so nothing to lose.[/TD]

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12:33

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[TD]Steve:

It's an innovative idea...! I suggested to Appleton to play the entire youth team until he gets the first team back fully fit and then specifically target a certain number of winnable games. His response was based on the effect it would have on the young lads if they got humped 12-0. Fair point! [/TD]

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Mine Surprised that got through. Didn't really answer the question though

[Winchester Red]

To be fair he has tried some difficult ones.... he just then answers a different question!

[stevegrant]

12:41

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[TD]Steve:

But to be fair, some Saints fans actually watch Pompey when their team are away from home. This is a fact and some football fans like both teams - admittedly without the same kind of passion as most of you on here. [/TD]

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Sorry, are we in the 1950s again?

[Winchester Red]

They're arguing between themselves now. What a waste of time.

 

It degenerated from Takeover Stuff to just 'why can't we ban all Saints Fans from everywhere'.

[Winchester Red]

13:00

Comment From Spoon Knocker

OK Steve, wash your hands of any responsibility by being glib if you wish, but you can't change the fact that you and your colleagues bottled the difficult questions at the time and are now, with the lovely benefit of that hindsight, trying to say "We told you all along, it's everyone else's fault". It doesn't stick and many of us real Fratton faithful can see right through it. We've been let down by lots of people and that includes The News, whether you like it or not.

13:01

 

Steve: Ok - well you are entitled to your opinion. At the time, when the latest takeover happened, everything looked relatively rosy didn't it? Although we were barred from interviewing the CSI owners when they invited other media along.

 

 

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Interesting one

[Crouchie's Lawyer]

12:32

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[TD]Comment From Gosport Fairy

Has no-one at the club suggested throwing a few games for money? £50k a point might be the difference between survival or not. Let's face it, we're going down anyway and if the league were going to throw us out they'd have done it by now so nothing to lose.[/TD]

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12:33

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[TD]Steve:

It's an innovative idea...! I suggested to Appleton to play the entire youth team until he gets the first team back fully fit and then specifically target a certain number of winnable games. His response was based on the effect it would have on the young lads if they got humped 12-0. Fair point! [/TD]

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Lolz.

 

So, Appleton's view on this is that he is worried about the effect it would have on his young lads, chosing to ignore the more obvious reason that it would be deemed to be cheating (fielding a weakend team - ala Wolves a few years ago).

 

Skates never learn do they? Always looking for an edge be it legal or not...

 

Interesting to see that Steve has pointed out to Appleton there is a youth team though. I was begining to think he simply didnt know!

[Ohio Saint]

Well, I have no work at the moment....Nothing better to do than sit back and watch the comedy show!

[Winchester Red]

13:08

Comment From Spoon Knocker

It didn't look rosey, Steve, no. Everyone with any sense and access to google could see that Antonov/Dubov/CSI were more than a little questionable and no improvement on Gaydamak but nobody wanted to rock the boat whilst the money was coming in. Everyone rolled over and had their tummies tickled with money from "interesting" sources and now we're paying the price for that. I don't blame the football league. The blame lies closer to home. More people are starting to see that and it should include The News.

 

13:09

 

Steve: Well why didn't the officials at Pompey or the Football League stop it from happening then?? How could we as a paper have stopped the takeover as well? It's becoming like the ramblings of a mad man with an axe to grind.