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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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dubai_phil

dubai_phil

Posted
Posted
That would be a disaster for Phil! In desperation he may have to get together with some of his Dubai millionaire golfing buddies to form a consortium to take over Cheats FC. Is Tiger down there at the moment?

 

If not, maybe Gold and Sullivan would be willing to chip in to help with this rescue mission.

 

That was so last owner DM, not sure that Joke has any mileage left in it.

 

Chinny coming back in though? You can see the Open Top Bus Parade for him now as the phew change their mind for the 1,000th time and proclaim him The New Messiah.

 

That should be good enough to keep this running to 2014.

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Sour Mash

Sour Mash

Posted
Posted
No because they went into Admin before the 4th Thursday in March, which is the cut-off for points deductions definitely counting in the same season.

 

Also, if they go bust and reform they have no link to the former club.

Exactly. They can't lay claim to any of their trophies or history from the past, although no doubt they'll try.
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Tamesaint

Tamesaint

Posted
Posted
That was so last owner DM, not sure that Joke has any mileage left in it.

 

Chinny coming back in though? You can see the Open Top Bus Parade for him now as the phew change their mind for the 1,000th time and proclaim him The New Messiah.

 

That should be good enough to keep this running to 2014.

 

It wouldn't surprise me if TB tries to nip the AA "let me and Chinny come back and save the club* campaign in the bud.

 

Expect to see some details of the worst excesses from the previous regime getting released to the press. Expect to hear stories such as how Chinny / AA supplied TCWTB with his own personal supply of hedgehogs or how there was a club season ticket for the Horton Heath establishment.

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trousers

trousers

Posted
Posted

Twist no.437....

 

@pn_neil_allen: So Wolanin has pulled out of buying #Pompey but Howe hasn't. This is rather confusing! http://t.co/18ySBihQ

 

BRIAN Howe says he is still in the game to potentially become Pompey’s new owner.

 

 

The former frontman of Bad Company said he is passionate about securing the club’s troubled future, despite his partner, American businessman Vincent Wolanin, the chairman of American firm Top Notch Entertainment, pulling out last night.

 

Speaking to The News, Mr Howe, said: ‘If he (Vincent) wanted to give up then I wish he had told me first. I believe in common courtesy that he would have consulted with me first.

 

‘I’m not in agreement with letting my football club die.’

 

It comes as administrator Trevor Birch warned time is running out in Pompey’s fight for survival and tomorrow’s match could be one of their last.

 

Mr Birch, of accountancy firm PKF, yesterday revealed the club could run out of money in mid-March unless a buyer comes in.

 

He said: ‘Time is of the essence – we are telling people the truth and being honest that the club literally could fold.

 

‘I hope the fans respond as this might be one of the last few games we have left in the Championship’.

 

He also said around 7,000 tickets for tomorrow’s match with Middlesbrough remain unsold.

 

A spokesman for PKF added: ‘Money is coming in to the club from tickets and last weekend’s efforts when we had one of the highest attendances of the year, but money is going out of the door to pay wages and other operating expenses.’

 

Mr Birch claims around £2.2m in Premier League parachute payments owed to the club will go to former owner Sacha Gaydamak – funds he says could have taken the club through to the end of the season.

 

Mr Gaydamak who owned the club from 2006 to 2009, will receive an instalment of £640,000, and the same amount over the following three months, according to Mr Birch.

 

He said the agreement was drawn up by the club’s former administrator Andrew Andronikou in order for Mr Gaydamak to vote in favour of agreeing the Company Voluntary Agreement to bring the club out of administration previously.

 

He said: ‘We are trying to attack that because we think it’s a security that wasn’t registered properly.

 

‘The only thing we have got to keep us going is the gate receipts and sponsorship money, which is why the situation is so precarious.

 

‘I have not been in touch with him (Mr Gaydamak). I would very much welcome to have a discussion with him and I hope he will see me at some stage.’

 

Mr Birch said Pompey are due to receive parachute payments until 2014.

 

The payments continue for four years following relegation – as long as the club remains in the Football League.

 

If Pompey were to fall into League One, they would still be in line for the windfalls.

 

Mr Birch added: ‘Pompey are due about £14m, but the problem is we have old football creditors and ones still accruing. Out of that £14m there might be £7m to £10m of football creditors that will have to be paid.

 

‘It makes it that more difficult and puts into doubt if we are able to get through to the end of the season.

 

‘It’s incredibly difficult – I’ve jumped on a plane that’s crash-landing and trying to bring it down safely. There is a bigger hole in the fuel tank already leaking fuel.’

 

He also revealed former Pompey chief executive David Lampitt is in Genoa, Italy, trying to secure around £300,000 owed to the club for the transfer of Kevin-Prince Boateng in 2010.

 

He said: ‘We are trying desperately to get hold of that – there was a sell-on fee that we need to get the appropriate information on, which hasn’t been forthcoming and a deferred part of the transfer fee was due.’

 

Mr Birch added he was talking to ‘two or three’ parties interested in taking over at Fratton Park.

 

Mr Howe said he still believes he can organise a takeover of the club and has been holding talks throughout the night with interested groups.

 

He also said he was not aware Mr Wolanin would be issuing a statement to say they were both pulling out.

 

He said: ‘Vincent decided to pull out without telling me. We are having to regroup and time is of the essence and it has presented a problem with him (Vincent) not telling me.

 

‘We had a short, curt conversation yesterday evening – I had not seen the statement.

 

‘I have never said I have enough money to do this. I have money, but I don’t have enough to do what this club needs.

 

‘For the past 48 hours I have been scrambling and putting together a team that will help the club and stave off what everyone is dreading. I’m here and doing what I can and am talking to interested parties.

 

‘I feel pressured, but I’m more motivated than ever.

 

‘I will be here for as long as it takes for this club to survive. I want to tell people to keep the faith.

 

‘Maybe I have too much passion, but I’m very worried about the club’s future.

 

‘This has all my childhood memories and is a major part of my life and I can’t walk away from it.’

 

A spokesman for PKF said the idea of offering fans the chance to buy season tickets early to give the club an injection of funds had been raised by supporters, but added Mr Birch was uncomfortable with the idea.

 

Finance expert Carl Faulds said it would be up to the administrator to decide whether the club is liquidated if it runs out of cash.

 

He said: ‘To continue to trade he needs enough money to cover the amounts to pay out.

 

‘If it runs out, he would go back to court and say “I am not able to do it” and the court has to decide what it does next. The court could reappoint a different administrator but it’s unlikely.’

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Merovingian

Merovingian

Posted
Posted

Exactly. They can't lay claim to any of their trophies or history from the past, although no doubt they'll try.

 

Like most of us sensible fans would give a ****. Most of us will be happy to have an AFC or whatever without the ******s that have been in charge going back to 2003 still trying to leech money out of the club. Perhaps we could expunge you as our rivals aswell - surely it would be Moneyfields and Havant and Waterlooville or even Gosport Borough ? You will become of no consequence to us and vice versa :-D

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Gingeletiss

Gingeletiss

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Posted

http://www.portsmouth.co.uk/sport/pompey/pompey-past/administrator_warns_of_hard_times_as_howe_says_he_ll_keep_working_1_3581586

 

 

 

Mr Birch said Pompey are due to receive parachute payments until 2014.

 

The payments continue for four years following relegation – as long as the club remains in the Football League.

 

If Pompey were to fall into League One, they would still be in line for the windfalls.

 

Mr Birch added: ‘Pompey are due about £14m, but the problem is we have old football creditors and ones still accruing. Out of that £14m there might be £7m to £10m of football creditors that will have to be paid.

 

‘It makes it that more difficult and puts into doubt if we are able to get through to the end of the season.

 

‘It’s incredibly difficult – I’ve jumped on a plane that’s crash-landing and trying to bring it down safely. There is a bigger hole in the fuel tank already leaking fuel.’

 

He also revealed former Pompey chief executive David Lampitt is in Genoa, Italy, trying to secure around £300,000 owed to the club for the transfer of Kevin-Prince Boateng in 2010.

 

He said: ‘We are trying desperately to get hold of that – there was a sell-on fee that we need to get the appropriate information on, which hasn’t been forthcoming and a deferred part of the transfer fee was due.’

 

Mr Birch added he was talking to ‘two or three’ parties interested in taking over at Fratton Park.

 

 

 

Can't pay their own debts, but expect others to pay theirs.........sums those cheats up in a sentence imo.

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hutch

hutch

Posted
Posted
If its mid April and we win enough games then their lquidation could mathematically send us to the Prem. Couldnt have scripted a better ending for this thread. Sadly if they make it to mid April, they will almost certainly see the season out, even if they have to field traffic cones.

If you can believe what's written on here, the League rules only allow you to field a maximum of four traffic cones in your starting eleven.

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Saint Lindford

Saint Lindford

Posted
Posted

Interesting post on one of their forums.

 

Unofficially I am hearing last ever game could be Burnley. Word is police will not let Southampton and Millwall games go ahead if there is any chance of an annoyed Portsmouth element

 

This was backed up by someone else as well. No idea at all as to why the Police could have a say on when the skates could get wound up?

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Sour Mash

Sour Mash

Posted
Posted
Exactly. They can't lay claim to any of their trophies or history from the past, although no doubt they'll try.

 

Like most of us sensible fans would give a ****. Most of us will be happy to have an AFC or whatever without the ******s that have been in charge going back to 2003 still trying to leech money out of the club. Perhaps we could expunge you as our rivals aswell - surely it would be Moneyfields and Havant and Waterlooville or even Gosport Borough ? You will become of no consequence to us and vice versa :-D

Glad to see it clearly doesn't bother you at all :rolleyes: I'd be absolutely gutted if my club's 100+ year history was wiped out for good. Also, let's be honest, what percentage of your support can be considered "sensible" or remotely clued up on this? You've still got people begging Richard Branson and David Cameron for help :lol:

 

For what it's worth, I think you'll some how manage to carry on for a fair bit longer, scraping by somehow or other.

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Chez

Chez

Posted
Posted
Comment on that article from a Skate.

 

''fredp

18 minutes ago

 

This problem could be made to go away really easily. How? Get Portsmouth City Council to make Fratton Park and all the land surrounding it only useable for sporting purposes or recreational purposes. No houses, no business parks and no shops. Land instantly worthless.

 

the council already insist that the land that Fratton resides on can only be used for sporting and recreational purposes.
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trousers

trousers

Posted
Posted

In other 'Championship clubs in financial mystery' news....

 

http://www.thesun.co.uk/sol/homepage/sport/football/4166094/Birmingham-transfer-embargo.html

 

BIRMINGHAM will be put under a transfer embargo after breaking Football League financial rules.

 

The Blues did not submit accounts for last season by yesterday's deadline.

 

The club's parent company, Birmingham International Holdings, said earlier this week interim results for the six months to December 31 last year would also be delayed.

 

Last year Brum president and biggest shareholder Carson Yeung was charged with money-laundering and is awaiting trial in Hong Kong.

 

He denies the allegations but the freezing of his assets has only increased the financial problems which were obvious before the club's relegation from the Premier League.

 

In another development, Chris Kershaw, the club's PR and Communications Manager, leaves this month, with no explanation.

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trousers

trousers

Posted
Posted
No names that mean anything to me on there...

 

http://www.courtserve.net/courtlists/current/crown/sthwk_T120302.01.htm

 

Not even this one....?

 

[TABLE]

[TR]

[/TR]

[TR]

[TD=colspan: 15]For Preliminary Hearing [/TD]

[TD=colspan: 24]

[/TD]

[/TR]

[TR]

[TD=colspan: 5]

[/TD]

[TD=colspan: 6]T20127076 [/TD]

[TD=colspan: 2]

[/TD]

[TD=colspan: 15]HUHNE Christopher [/TD]

[/TR]

[/TABLE]

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angelman

angelman

Posted
Posted

I doubt Brian Howe has anywhere near the money himself, so he would have to find a group of backers equally passionate about Poopey who would be happy to spunk £50m+ down the pan to buy the club and then a further £10m next year, and then probably another £50m to rebuild the club. If they existed I suspect that they would already have appeared. Sad to say, but PFC is IMO far too toxic.

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Gorgiesaint

Gorgiesaint

Posted
Posted
Not even this one....?

 

[TABLE]

[TR]

[/TR]

[TR]

[TD=colspan: 15]For Preliminary Hearing[/TD]

[TD=colspan: 24][/TD]

[/TR]

[TR]

[TD=colspan: 5][/TD]

[TD=colspan: 6]T20127076[/TD]

[TD=colspan: 2][/TD]

[TD=colspan: 15]HUHNE Christopher[/TD]

[/TR]

[/TABLE]

 

Yes missed him as I scanned through (right at the top of the list as well) :blush:

 

To busy looking for Rosie to be appearing again I guess...

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Wurzel

Wurzel

Posted
Posted
Interesting post on one of their forums.

 

Unofficially I am hearing last ever game could be Burnley. Word is police will not let Southampton and Millwall games go ahead if there is any chance of an annoyed Portsmouth element

 

This was backed up by someone else as well. No idea at all as to why the Police could have a say on when the skates could get wound up?

 

I've been wondering about that . If TB can't see any way they could survive past mid April it could well be our game would be the last. Would be very very surprised if that was allowed to happen. To be fair to the other 23 teams the FL should be contacting them now and seek a guarantee that they can see out the season. If that can not be given then they should have their golden share removed now, all results wiped out and be given bottom place with 0 points. If they somehow manage to rescue themselves between now and season end they can restart in L1 next season as a normal relegation. If they can't, or liquidate before then, the phoenix club can reform wherever someone will have them.

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Gingeletiss

Gingeletiss

Posted
Posted
I've been wondering about that . If TB can't see any way they could survive past mid April it could well be our game would be the last. Would be very very surprised if that was allowed to happen. To be fair to the other 23 teams the FL should be contacting them now and seek a guarantee that they can see out the season. If that can not be given then they should have their golden share removed now, all results wiped out and be given bottom place with 0 points. If they somehow manage to rescue themselves between now and season end they can restart in L1 next season as a normal relegation. If they can't, or liquidate before then, the phoenix club can reform wherever someone will have them.

 

Nice solution..........Still want them dead, but would settle for that scenario.

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ooh it's a corner

ooh it's a corner

Posted
Posted
Does anyone else get the feeling that the FA/FL have lost control? :?

 

To lose it would imply that they had it in the first place and ever since the Premier League became more important and more powerful than the football's governing bodies in this country, I think they lost control to them....

 

 

shocking state to be in....

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alpine_saint

alpine_saint

Posted
Posted
Interesting post on one of their forums.

 

Unofficially I am hearing last ever game could be Burnley. Word is police will not let Southampton and Millwall games go ahead if there is any chance of an annoyed Portsmouth element

 

This was backed up by someone else as well. No idea at all as to why the Police could have a say on when the skates could get wound up?

 

This makes a lot of sense. Cannot speak for the game against Millwall, but would you want a load of exceptionally p*ssed and p*ssed off Skates coming to Southampton with very, very little to lose ?

 

SMS, West Quay, Above Bar, Ikea....all likely to get a pikey facelift.

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Weston Saint

Weston Saint

Posted
Posted

This has to be the closest PFC have come to liquidation!

 

Chainrai may want to save them to protect his interest but to do so he has to put more capital into the "money pit". What chance is there of then selling on! The ongoing contractural debts mean no one will be interested.

 

They are just not sustainable. It is a dead club walking. Money transfusion will only prolong the agony.

 

But as we know the Portsmouth saga has more twists than a twisty turny thing. This thread has a while to run yet.

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trousers

trousers

Posted
Posted
Reading this thread reminds my why I LOVE Markus Liebherr... we really, really got lucky there in a way the Skates can only wish for in their evening prayers...

 

Obviously there was an element of luck in what happened but, to coin the old golfing adage, we went a long way to create our own luck in that our infrastructure and relatively low debt made us an attractive proposition to the right buyer. (A small ripple of applause there to a certain ex-chairman....)

 

So, I don't accept a black and white analysis of "lucky" vs "unlucky" when comparing us with Pompey.

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pedg

pedg

Posted
Posted
..No idea at all as to why Police could have a say on when the skates could get wound up?

 

perhaps they haven't been paid...no Police = no match unless it's behind closed doors .

 

I am not sure the police are saying when they should be wound up. More that they are, possibly rightly, worried about the pompey supporters visiting places where there might be trouble if it appears that a life ban from watching pompey is only going to be valid for a few days. One assumes the police could say they are not going to police those games in the current circumstances which would mean, I guess, they would be postponed until their position is more stable (or, obviously POP).

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Gingeletiss

Gingeletiss

Posted
Posted
This has to be the closest PFC have come to liquidation!

 

Chainrai may want to save them to protect his interest but to do so he has to put more capital into the "money pit". What chance is there of then selling on! The ongoing contractural debts mean no one will be interested.

 

They are just not sustainable. It is a dead club walking. Money transfusion will only prolong the agony.

 

But as we know the Portsmouth saga has more twists than a twisty turny thing. This thread has a while to run yet.

 

in·sol·vent   [in-sol-vuhnt] Show IPA

adjective

1.

not solvent; unable to satisfy creditors or discharge liabilities, either because liabilities exceed assets or because of inability to pay debts as they mature.

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The9

The9

Posted
Posted
Exactly. They can't lay claim to any of their trophies or history from the past, although no doubt they'll try.

 

Like most of us sensible fans would give a ****. Most of us will be happy to have an AFC or whatever without the ******s that have been in charge going back to 2003 still trying to leech money out of the club. Perhaps we could expunge you as our rivals aswell - surely it would be Moneyfields and Havant and Waterlooville or even Gosport Borough ? You will become of no consequence to us and vice versa :-D

 

You're already of no consequence, lemming. ;)

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tony13579

tony13579

Posted
Posted
I am not sure the police are saying when they should be wound up. More that they are, possibly rightly, worried about the pompey supporters visiting places where there might be trouble if it appears that a life ban from watching pompey is only going to be valid for a few days. One assumes the police could say they are not going to police those games in the current circumstances which would mean, I guess, they would be postponed until their position is more stable (or, obviously POP).

In theory pompey supporters will arrive by bus, be held back after the match and leave by bus and not get any where near the city. I dont see how they can create a riot.

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