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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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trousers

trousers

Posted
Posted

@pn_neil_allen: RT @skinnymanpfc: @pn_neil_allen what's the problem with chanrai? He didn't get us in this mess. CSI did. Pompey fans are Very very fickle.

 

@pn_neil_allen: RT @ShaunReyno: So, Chanrai may come back to Pompey to keep the twitching body alive.... I'd rather a dignified death #getoutofourclub #pup

 

@pn_neil_allen: Fascinating #Pompey debate over Chainrai today. In his defence, however, he did honour one promise. 10 plasma TVs!! http://t.co/fIsKfua5

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Gingeletiss

Gingeletiss

Posted
Posted

This thread has given me so many laughs over the last couple of years, so I'd like to share with you, the Snooze equivalent, that is if you can get by that strange language they write in, down on Portsea.

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/chainrai-set-to-become-pompey-owner-again-1-3588522?commentssort=1&commentspage=1#commentsSection

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aintforever

aintforever

Posted
Posted

They are naive in the extreme if they don't think Chanrai and Gaydamak are in this together. The reason Chanrai has kept them on a life machine this long is obviously so Gaydamak can get his parachutes.

 

If Chanrai saves them now they will be in the same boat again in two years time, in League 1 or 2.

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Panda

Panda

Posted
Posted
@pn_neil_allen: RT @skinnymanpfc: @pn_neil_allen what's the problem with chanrai? He didn't get us in this mess. CSI did. Pompey fans are Very very fickle.

 

@pn_neil_allen: RT @ShaunReyno: So, Chanrai may come back to Pompey to keep the twitching body alive.... I'd rather a dignified death #getoutofourclub #pup

 

@pn_neil_allen: Fascinating #Pompey debate over Chainrai today. In his defence, however, he did honour one promise. 10 plasma TVs!! http://t.co/fIsKfua5

 

 

Bl00dy hell! Poor bu66ers! What a choice! Death by liquidation or suffocation by Chanrai. I think I am weakening and feeling sorry for them. Help me somebody!

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Gemmel

Gemmel

Posted
Posted
They are naive in the extreme if they don't think Chanrai and Gaydamak are in this together. The reason Chanrai has kept them on a life machine this long is obviously so Gaydamak can get his parachutes.

 

If Chanrai saves them now they will be in the same boat again in two years time, in League 1 or 2.

 

Without wishing to be rude to a fellow Saint, that is complete bollyacks

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dubai_phil

dubai_phil

Posted
Posted
Bl00dy hell! Poor bu66ers! What a choice! Death by liquidation or suffocation by Chanrai. I think I am weakening and feeling sorry for them. Help me somebody!

 

Jesus H Christ.

 

OK There is a remedy, luckily I'm a highly trained medic

 

1) Book immediate flight to Dubai, take taxi driect from teh Airport to Rock Bottom Cafe. Failing that Take TWO Bullfrogs in pint (500ml for our expats) down them consecutively in one http://www.cocktail.uk.com/Cocktail-Recipe/Official-Bullfrog.htm?reviews=999

They will not make you feel better but you will forget why you needed them

 

If this feeling persists

 

2) Book a Golf Lesson for next week

 

3) Order one pair of Incontinence pants, get a family member (or better still, Leather Clad Girlfriend) to tie you to the chair to get you through the next 3 weeks of PYSL

 

(Note IF you select the Leather Clad GF option, you will probably not need to think about anything else for an hour or two)

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sidthesquid

sidthesquid

Posted
Posted
“I apologise too to those fans who tried to buy tickets at the ticket office windows which were closed. This will not happen at the next game.

 

Two points about this, how many were turned away 10-20 ? and who thought no-one would turn up trying to pay so didn't bother to open it? :lol:

 

I have this 'land of the living dead' image of simple web-fingered folk repeatedly pushing against a closed ticket-office window, unblinking and stupid, whilst ten feet away the queue of two are happily purchasing their tickets at an open window.

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bridge too far

bridge too far

Posted
Posted

Could he exit the administration with a CVA that DOESN'T pay the football creditors? I know that means the club wouldn't get its golden share, but it would give him ownership of an asset (the ground) that he could sell on without worrying about staying in the FL.

 

Or I am being stupid?

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Winchester Red

Winchester Red

Posted
Posted

This is premature

 

There's no way he'll just have paid off 100% of the debts (remember the old CVA has broken down so it now reverts to the entire original debt value).

 

There's more to come from this. If he wants to buy it with a new CVA in place then prepare for some more entertainment.

 

Do Baker Tilley still get to vote or is it all the original creditors that made up the original CVA voting individually?

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Gemmel

Gemmel

Posted
Posted
I just don't get it. What is in it for BC? The life support costs more than the pot of gold.

The way PFC has been run has been excessive on and off the pitch.

 

Whilst there is parachute money, there will always be interest.

 

My best guess is;

 

The new CVA will pay 2p in the pound, which when added to the secured creditors and football creditors, amounts to 29 million (20 million secured, 7 milllion football creditors and 2 milllion for the ones that deserve it most) with 16 million left in parachute payments. If chinny takes over now, he gets to to sell the squad in the summer and get his shout at the parachute money.

 

He wont get his 17 mill back, but he will get 10.

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rallyboy

rallyboy

Posted
Posted

are we being expected to believe that Chanrai has done due diligence, passed the FaPPT, and exchanged contracts with Birch...ALL in one sunday afternoon?

Not the craziest thing that's happened down there I suppose....

 

I guess he must be falling back in love with the club.

Can someone get hold of the kitman's son, we need to get this clarified by a reliable source, perhaps he has a number for the toyman.

 

Can we expect an emergency loan spending spree tomorrow amid the rallying cry of Appy's battling troops bravely bidding for play off glory at a packed Fortress Fratton?

Or will Chanrai's priority be to sort out those unfortunate creditors that got royally bummed by him in a 'clerical error' last time?

 

Plenty more laughs either way.

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Brizzie Saints

Brizzie Saints

Posted
Posted

Looks like the rumour has prob come from the snoooooze site.

 

Balram Chainrai is to become Pompey's owner again

By Sports desk

Published on Sunday 4 March 2012 07:33

 

Balram Chainrai is on the verge of becoming Pompey’s ‘reluctant owner’ for a second time.

The Hong Kong businessman is set to hold talks with administrator Trevor Birch to prevent the club from being liquidated.

If the club was to fold, Chainrai would stand to lose the £17m he is owed as a secured creditor from his previous spell as Blues owner.

Chainrai is an unpopular figure with many Pompey fans.

But after Birch admitted the club was close to running out of money, Chainrai now appears the only option to prevent Pompey from folding.

Chainrai told Sky Sports: ‘I will definitely make efforts to become a reluctant owner, again, until a proper owner can be found.

‘I will do my best not to allow him (Birch) to liquidate the club.’

In an interview with The Sun, Chainrai also defended his past handling of Pompey.

He said: ‘I genuinely hoped the club could find a new buyer after CSI went into administration. Unfortunately, there has been a great deal of negativity around my involvement in Portsmouth. That made it extremely difficult for me to intervene this time.

‘A lot of that negativity is misplaced and unacceptable when you consider we initially loaned previous owners money in good faith.

‘I am not the villain of the piece here. I am certainly not the one holding Portsmouth to ransom, anything but. Yes, I took security on my loan.

‘But I’m a businessman and, taking into account the money involved, it stood to reason why I would do that.

Chainrai also defended his involvement in the sale of Pompey to CSI.

He said: ‘We spent over £600,000 in fees to find a buyer — a buyer the Football League spent three months researching and gave a clean bill of health.

‘What is unacceptable is the way the directors ran the club and the negligence of senior management in not intervening. By all accounts they invested more than £11m, the bulk of which went to player recruitment and wages.

‘Didn’t anyone learn from the debacle two years ago?’

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dubai_phil

dubai_phil

Posted
Posted
Two Thousand pages it is then

 

Ah those heady days when reaching Page 100 was seen as an achievement........

 

...and on to page 100...

 

Some of the gems from pages 98 & 99..... No, honest these were over 1000 pages ago

 

what would trigger more than a -10 deduction..?

 

why did we only get -10 and leeds, luton etc get alot more..?

 

in that case..surely pompey are up the creek and all that

 

so obviously they still aren't keeping up with their tax payments....even though they came out and said this was being covered a few weeks back, funny.

 

I guess this also means no chance of their transfer embargo being lifted.

 

It will be funny seeing them sell and not be able to buy.

 

Pompey owe a reported £10m to HMRC and had arranged a payment plan which included £2m in December and £2m in January, I assume in addition to the approx £1.5m they should pay for the payroll PAYE.

 

HMRC issued a demand for £2m on December 23rd, giving Pompey seven days to pay up. This must be the £2m that Marc Jacob said had been paid in December because it doesn't make sense for HMRC demanding something that they had already agreed would be paid in January.

 

It remains to be seen if the winding up order is for just the £2m in default or if they are now wanting the whole £10m+

 

Except that in order to play in the league they have to setle all fotball related debts. Am I right in thinking that the majority of their debts are either football related or HMRC? (as well as that Hong Kong bloke who they owe 15 million to secured against their ground?) How the hell are they going to pay all that off if they go into admin? It won't be the easy fix like we had.

 

Just on SSN, Pompey say that they are ''Suprised by the winding up order, as they believed the tax was all in order''

 

lol - they just don't have a clue.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Looks like the rumour has prob come from the snoooooze site.

 

Balram Chainrai is to become Pompey's owner again

By Sports desk

Published on Sunday 4 March 2012 07:33

 

Balram Chainrai is on the verge of becoming Pompey’s ‘reluctant owner’ for a second time.

The Hong Kong businessman is set to hold talks with administrator Trevor Birch to prevent the club from being liquidated.

If the club was to fold, Chainrai would stand to lose the £17m he is owed as a secured creditor from his previous spell as Blues owner.

Chainrai is an unpopular figure with many Pompey fans.

But after Birch admitted the club was close to running out of money, Chainrai now appears the only option to prevent Pompey from folding.

Chainrai told Sky Sports: ‘I will definitely make efforts to become a reluctant owner, again, until a proper owner can be found.

‘I will do my best not to allow him (Birch) to liquidate the club.’

In an interview with The Sun, Chainrai also defended his past handling of Pompey.

He said: ‘I genuinely hoped the club could find a new buyer after CSI went into administration. Unfortunately, there has been a great deal of negativity around my involvement in Portsmouth. That made it extremely difficult for me to intervene this time.

‘A lot of that negativity is misplaced and unacceptable when you consider we initially loaned previous owners money in good faith.

‘I am not the villain of the piece here. I am certainly not the one holding Portsmouth to ransom, anything but. Yes, I took security on my loan.

‘But I’m a businessman and, taking into account the money involved, it stood to reason why I would do that.

Chainrai also defended his involvement in the sale of Pompey to CSI.

He said: ‘We spent over £600,000 in fees to find a buyer — a buyer the Football League spent three months researching and gave a clean bill of health.

‘What is unacceptable is the way the directors ran the club and the negligence of senior management in not intervening. By all accounts they invested more than £11m, the bulk of which went to player recruitment and wages.

‘Didn’t anyone learn from the debacle two years ago?’

 

 

Balram Chanrai, the voice of reason in a sea of insanity......relatively that is.

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saint_in_munich

saint_in_munich

Posted
Posted

I have been out today and bought loads of beer (if that's what you can call it in the US!!) there is a new bud light platinum which is 6% woohoo, have the champers ready for my party, just one question, should I open the red wine to breath as its that close to the skates suicide party? all welcome in Katy, Texas! Amarillo ready in the bose ipod dock.......tick tock

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Winchester Red

Winchester Red

Posted
Posted (edited)

SSN saying that TB has been unable to agree a deal with BC

 

Not sure that this means much in the immediate term. They're both out to get the best deal possible so it would have been odd if they met for the first time and agreed on a deal straight away.

 

Could still happen, although I suspect BC will be keen to be able to say he tried and failed in order to oil the councils planning cogs for his supermarket application.

Edited by Winchester Red
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Clapham Saint

Clapham Saint

Posted
Posted
So is this happening or just nonsense?

 

Can someone explain why he'd pay off huge debts to keep a loss-making business going?

 

Don't especially care about new ownership so long as the FL impose the correct sanctions. Already suspicious they have only had -10, it seems very odd given the complete failure to pay the CVA. They haven't exactly covered up the fact it's been torn up now.

 

Just to be seen to be trying?

 

If a deal falls apart he can then try and pin it on TB?

 

Maybe.

 

Or maybe he's genuine.

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Wade Garrett

Wade Garrett

Posted
Posted

Chanrai is just playing a game. He won't put another penny in the club.

 

I would imagine he's asked Birch if the wolves can be kept from the door for another season, so that him and the gunrunner can get their hands on another years PPs. Birch, as a proper administrator, and not a puppet one, probably said ok, but it will cost you x amount of millions to pay the creditors to do it. Chanrai then probably said OK, I'll have a little think about it Trev my old son, and I'll let you know on the eve of armageddon.

 

If he doesn't save them, and I don't think he's got any intentions of doing so, then nobody will.

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Wade Garrett

Wade Garrett

Posted
Posted
1/2: @pn_neil_allen: RT @blueballoo2000: how many more years of relegation and administration while Chainrai tries to get his money back? Its GONE. He LOST it by own poor choice

 

If they get liquidated, he's got a load of land to develop on. If they don't, he becomes a reluctant landlord, or the ground gets sold from under him. Can't think what he really wants.

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eastleighhalo

eastleighhalo

Posted
Posted

Meanwhile back at the ranch the corpse whore thinks Chinny is a " scumbag " and has failed ( despite a couple requests by myself) to explain why he thinks that?

Without Chinny being on the scene the DFCSBs would have been toast some time ago and his actions since have all been about protecting his business arrangements in order to get his outlays back.

Maybe the corpse whore puts all the charities , builders and others who have invested their time and hope into the rotten to the core excuse of a tin pot football club in the same light as the " scumbag " for wanting protection /payments that are due to them ? ...after all the principle is the same ... they want the money that is rightly theirs to have.

IMHO opinion " scumbag " Chinny is now their very last hope ...while he quite rightly states that those that have overseen the management of the stinking rotten football club have been at fault all along by not learning from many previous mistakes.

Quite why the label "scumbag " fits Chinny or anyone else that legitimately are owed shed loads of money by them purely because they want it is beyond me !

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