trousers Posted 29 March, 2012 Share Posted 29 March, 2012 (edited) 1) Yesteday, Birch said that the old CVA would potnetially go into a new CVA if there was one. The word potential suggests that he is not definately going for a new CVA. Also if he was going for a new CVA, where is the public notices to all creditors? I think they have to issue these 14 days as a minimum before a creditors meeting and then the work starts. I'm no expert but that whole process from start to finish takes about 2 - 3 months, which is past the time they can fund. According to the relevant Insolvency Act, the administrator (Birch) has to hold an 'Initial Creditors Meeting' within 10 weeks of being appointed. The deadline for the meeting is thus 27th April (the day before the end of the season as it happens). By comparison, AA held the Initial Creditors Meeting for CSI the day before their deadline. He only sent out the invites to the meeting 2 weeks beforehand. Agree that it's all getting a bit tight to arrange said meeting for the creditors of Portsmouth Football Club but given the logistics are likely to be far greater for PFC than they were for CSI (i.e. more creditors to deal with) I think we are probably fast approaching the point at which the meeting either needs to be announced or a "plan B" put into action.... Edited 29 March, 2012 by trousers Link to comment Share on other sites More sharing options...
JackFrost Posted 29 March, 2012 Share Posted 29 March, 2012 http://www.bbc.co.uk/sport/0/football/17545079 "There is a potential development scheme there and the club has already proven it can hold its own in the Premier League. There's no reason it can't do that again As much as Storrie is a hero amoungst Saints fan, he really is thick as fook No peter, the club hasn't proven it can hold it's own in the prem. All that's been proven is that the club can't hold it's own in the prem, without blowing 130 million pounds of other peoples money. So by Peter Storrie maths, that's roughly breaking even. Link to comment Share on other sites More sharing options...
St Jim Posted 29 March, 2012 Share Posted 29 March, 2012 TBH we, collectively, have been on the ball from early doors. Others are only 'getting it' with our help or when it affects them. I think it's our duty to help educate the those that are blissfully unaware. I think of it as providing a service to the football community. Link to comment Share on other sites More sharing options...
stevegrant Posted 29 March, 2012 Share Posted 29 March, 2012 Can't help but agree with you Trousers. There are three things that have come up that didnt make any sense to me over the last week or so; 1) Yesteday, Birch said that the old CVA would potnetially go into a new CVA if there was one. The word potential suggests that he is not definately going for a new CVA. Also if he was going for a new CVA, where is the public notices to all creditors? I think they have to issue these 14 days as a minimum before a creditors meeting and then the work starts. I'm no expert but that whole process from start to finish takes about 2 - 3 months, which is past the time they can fund. 2) The news web chat was questioning why Birch wasn't prepared to sell season tickets to help fund the gap between end of this and the start of next season. The news couldnt give a reason, but seemed to confirm that season tickets would not be going on sale. 3) Stopping the Council buying the ground. This still strikes me as such a strange thing to do. Regardless if he had buyers in the wings, this was almost the perfect backdrop, in case anything fell through. Whatever the reason, this is significant. Starting to get intresting again....... We were in the same position in 2009. Selling season tickets would have been a surefire way of ensuring the club could survive the summer, but the administrator didn't want to sell season tickets that he couldn't guarantee would be honoured. There would also be the scenario where the administrator would be using that ST money through the summer to pay off creditors, and then when a new buyer came in, they wouldn't have anything to use to fund the running of the club over the course of the season. Link to comment Share on other sites More sharing options...
stevegrant Posted 29 March, 2012 Share Posted 29 March, 2012 The potential Pompey bid involves Paul Walsh, although he's not putting any of his own money in (he's not stupid ). From what I gather, there is some sort of consortium (inference: none of the people involved have enough money on their own), and that they're biding their time to be able to get the club at the cheapest possible price, with Chainrai's debenture bought out at a knock-down value using the theory that a percentage of something is better than a percentage of nothing - although arguably the land is worth more than the £2.5m that has been suggested so BC might just tell them to do one and he'll take his chances on the open market for the land. Link to comment Share on other sites More sharing options...
Micky Posted 29 March, 2012 Share Posted 29 March, 2012 a. So, are they toast? b. So, did they get away with it then? Link to comment Share on other sites More sharing options...
rallyboy Posted 29 March, 2012 Share Posted 29 March, 2012 is their poker masterplan really to sit there holding Mrs Bun the Baker's wife and a library token, and negotiate really hard with a loan shark who has a handful of aces? Mr Chinny's not going to take a knockdown price, he'll just take the ground - or make Birch sell it. Perhaps he'll let a consortium buy in and repeat his trick with the Russians? - retain full control behind the scenes until the debt is cleared - which he knows will never happen. All sounds a bit desperate - we established 1194 pages back that a new owner has to put real cash on the table, no leverage, no loans, no notes from a made-up bank - hard cash. Tis still the only answer, and this lot obviously haven't got any. I'm surprised the Ho hasn't popped up to give his personal version of our own financial results - glossing over the season they cover, ignoring the payoff to Pardew etc - I guess the fresh myths are still being prepared in some Portsea boozer. The scummers had to give away free shares, the bailiffs knocked down their training ground.... Any sign that pompey will file some genuine accounts at any point this millennium? Link to comment Share on other sites More sharing options...
trousers Posted 29 March, 2012 Share Posted 29 March, 2012 The potential Pompey bid involves Paul Walsh, although he's not putting any of his own money in (he's not stupid ). From what I gather, there is some sort of consortium (inference: none of the people involved have enough money on their own), and that they're biding their time to be able to get the club at the cheapest possible price, with Chainrai's debenture bought out at a knock-down value using the theory that a percentage of something is better than a percentage of nothing - although arguably the land is worth more than the £2.5m that has been suggested so BC might just tell them to do one and he'll take his chances on the open market for the land. No wonder Mr Walsh has been looking a tad strained on SSN of late.... Link to comment Share on other sites More sharing options...
holepuncture Posted 29 March, 2012 Share Posted 29 March, 2012 I guess the fresh myths are still being prepared in some Portsea boozer. The scummers had to give away free shares, the bailiffs knocked down their training ground.... They will need to employ the master of bs and spin for their latest deluded myths... step forward agent Lampitt (if you have made it back from Genoa). "It's also true that the first moment that I stepped out here and even before we even bought the club, Markus and I said we were going to build some new facilities. Our temporary facilities are deemed good enough by the FA who thought they were the finished buildings, so we had already improved things, but this work is going to be the masterpiece." Sha We're investing a lot of money into the facility, into the structure of the staff and everything else, whilst achieving the results, and that's to do with teamwork, good planning and good structure. "Sometimes you hear of clubs who put all their finances in one pot and it's a bit of a boom or bust, but we're trying to build something for 20-30 years and that is going to be sustainable." La "I remember thinking when I was a scholar aged 17-18 what good facilities we've got, and the dome was built which was the next big step, and now the buildings around that dome are now coming down. La You blew it pompey, big time. In the words of your esteemed former mafia director - over half a billion pounds went through the club and nothing changed... not even a new toilet. When I read our chairman and his execs talking about developing our infrastructure to become self sustaining for the next 20-30 years whilst I am filled with warmth, I then chuckle as I imagine the skate groundsmen turning up at the rented school pitch to find their container for the lawnmower and cones has been padlocked shut again... in a very similar way that I smile whilst washing my hands with hot water in the nice and tidy facilities of SMS, whilst the skates are busy pumping fat out of the pipes and wiping it down their trousers (no towels)... WTFILN Link to comment Share on other sites More sharing options...
Frank's cousin Posted 29 March, 2012 Share Posted 29 March, 2012 Ok so lets do a best integrity scale thingy and see what happens: Option 1: The 'CLEAN/NEW SLATE' Solution - Rich new bidder with lots of cash - pays all outstanding creditors in full, including Chinney, old CVA CSI etc + Gaydamk etc + 10 mil to ensure they can avoid debt next year on their current contractual obligations - PURCHASE COST est £48 million ODDs - 1,000,000 to 1 - THE RIGHT AN HONORABLE approach Option 2: A new CVA is agreed - which includes all current creditors, at 20p in the pound (subject to Chinneys debendture not being worth 17mil) + cost of paying off gaydmark etc and say 2-3 mil to cover contracts they cant terminate in the summer PURCHASE COST est £12 million ODDs 1000 to 1 - The legal, but hardly honorable you cheating skate ****s approach Option 3: The accept the punishment to get the cheap approach - The club is sold to a consortium for 2-3 mil, but no new CVA is agreed. The lub exits administration having cleared its footballing debt, but without a CVA in place (effectively creating a newCo to inherit the golden share, but walk away from the debt) - start next season with -15 points in L1.. or agree new CVA at 2p in the pound to avoid points penalty (yeah right) Purchase Price £1 (2-3 mil for keeping teh thing going and footballing debt clearing) Odds? Evens FL punish the clu with -15, but club survives having wrintten off 160 mil in 2 years...... Option 4: Liquidation Odds: 10:1 Link to comment Share on other sites More sharing options...
bpsaint Posted 29 March, 2012 Share Posted 29 March, 2012 a. So, are they toast? b. So, did they get away with it then? A) Nope B) So far yes.... Link to comment Share on other sites More sharing options...
100%Red&White Posted 29 March, 2012 Share Posted 29 March, 2012 http://www.bbc.co.uk/sport/0/football/17545079 "There is a potential development scheme there and the club has already proven it can hold its own in the Premier League. There's no reason it can't do that again As much as Storrie is a hero amoungst Saints fan, he really is thick as fook No peter, the club hasn't proven it can hold it's own in the prem. All that's been proven is that the club can't hold it's own in the prem, without blowing 130 million pounds of other peoples money. "the club has already proven it can hold its own in the Premier League" The same club that finds itself languishing around the basement of the Championship? The same club that had to spend mountains of cash they never had to get there in the first place? The one that only survived a few short years? "hold its own" you're 'aving a laugh Link to comment Share on other sites More sharing options...
CB Saint Posted 29 March, 2012 Share Posted 29 March, 2012 A) Nope B) So far yes.... So, who forgot to plug the toaster in, eh? Link to comment Share on other sites More sharing options...
Gigersaint Posted 29 March, 2012 Share Posted 29 March, 2012 Is there maybe a few positive rumours around at the moment to keep the blue few buoyant and hopeful to the end of the season... Thereafter Birch announces, sorry, we did everything we could but there was nothing more we could do to save PFC from liquidation. Link to comment Share on other sites More sharing options...
derry Posted 29 March, 2012 Share Posted 29 March, 2012 Clearly, but what the Football League do about it is a complete mystery because they presumably never envisaged such a scenario. They've (so far) been unwilling to use their right to apply the spirit of their regulations rather than the letter, but it could be argued that failing to make a CVA payment should be deemed an "Insolvency Event", which would attract another statutory 10-point deduction. Either way, the due date for that isn't until next week, so we'll have to wait and see. Steve or anybody, do you happen to know whether the amount of the CVA1 that will be factored into CVA2 is the gross (£83.5m) or the nett (£16.5m). It seems almost fraudulent to factor a debt twice. Link to comment Share on other sites More sharing options...
trousers Posted 29 March, 2012 Share Posted 29 March, 2012 Meanwhile, it's business as usual at Fratton Park... @solentsport: #Pompey boss Michael Appleton says he's expecting Football League to sanction an extension to Chris Maguire's loan from #DCFC til end of ssn Link to comment Share on other sites More sharing options...
derry Posted 29 March, 2012 Share Posted 29 March, 2012 Sickening reading. Shouldn't be surprised I guess. Just wish I could understand WHY the rules don't apply to this one specific club. It's really putting me off football, even with Saints sat top, the whole league system becomes a farce when they allow clubs to act like this. So we're clear it's definitely no penalty for ditching the CVA then?? Absolutely bewildered by that one. I'd love to hear official reaction (and truthful reaction) from other clubs owners etc. Surely this is the green light for everyone to ditch their debt? Any club that can handle a 10 point penalty without severe consequences surely should do it?? As I've said before, it needs some clear rules, even if they come in too late to punish PFC. Also, is there anything to stop PFC doing the same thing for a third time? Ditch CVA1, it becomes part of CVA2...go through another season of spending, ditch CVA2, make it part of CVA 3. If you're allowed to do it twice without punishment, why not 3 times? Just wish there were better teams down there to relegate them, but I think they'll stay up easily to be honest. Plenty of winnable games and a very expensive squad still sat there to do it. Shame an infinitely more honest club will go down in their place. Aided and abetted by money from West Ham, Cardiff, Reading and Birmingham. Link to comment Share on other sites More sharing options...
Truckasaurus Posted 29 March, 2012 Share Posted 29 March, 2012 Birch used the word "scary" to descibe the end of the season/summer for portsmuff. That speaks volumes,he is after all the administrator,wanted by the tax man to run the club,the club the tax man wanted to liquidate. Sha la la.....etc etc God bless HMRC. Toast. Link to comment Share on other sites More sharing options...
Pamplemousse Posted 29 March, 2012 Share Posted 29 March, 2012 Anyone got that WTFILN 4-1 picture? I think with Peter Storrie's media appearance and our training ground work having started, it could be relevant here Link to comment Share on other sites More sharing options...
holepuncture Posted 29 March, 2012 Share Posted 29 March, 2012 Birch used the word "scary" to descibe the end of the season/summer for portsmuff. That speaks volumes,he is after all the administrator,wanted by the tax man to run the club,the club the tax man wanted to liquidate. Sha la la.....etc etc God bless HMRC. Toast. exciting, isnt it? Link to comment Share on other sites More sharing options...
Pamplemousse Posted 29 March, 2012 Share Posted 29 March, 2012 Oh dear, did anyone see this on twitter, a Pompey fan's reasoning for why their support is better than ours @savepompey1 at the end of the day half your support is polish or Pakistani hardly any English Link to comment Share on other sites More sharing options...
Pamplemousse Posted 29 March, 2012 Share Posted 29 March, 2012 Corporate Ho might not post anymore on this forum but he still likes to talk about us on Pompey Online I'm predicting a 1 - 0 win for us at scum which sees them losing it completely and invading the pitch en masse resulting in a 20 point deduction and them missing out on promotion after losing in the playoffs. That sees the Liebherrs pull out and new buyers put off by the huge debts that have been loaded onto the club by their "honourable" owners. No potential buyer will touch them as a result and they slide into administration and then liquidation, merging with Eastleigh to form the "Barcelona of the non - league South" Link to comment Share on other sites More sharing options...
suewhistle Posted 29 March, 2012 Share Posted 29 March, 2012 Corporate Ho might not post anymore on this forum but he still likes to talk about us on Pompey Online When was that posted? Was alcohol involved or some other stupifacient? Link to comment Share on other sites More sharing options...
stev2001 Posted 29 March, 2012 Share Posted 29 March, 2012 Corporate Ho might not post anymore on this forum but he still likes to talk about us on Pompey Online Is storrieteller joining us then. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 29 March, 2012 Share Posted 29 March, 2012 Oh dear, did anyone see this on twitter, a Pompey fan's reasoning for why their support is better than ours @savepompey1 at the end of the day half your support is polish or Pakistani hardly any English I am just grateful this nice bit of racist ****e was spouted by a pompey 'fan' and not one of ours... glad we embrace all fans form the community personally Link to comment Share on other sites More sharing options...
holepuncture Posted 29 March, 2012 Share Posted 29 March, 2012 Crowds are down, sponsorship levels are down and clubs are suffering on corporate hospitality as well, down by 20-30 per cent in certain areas, but if you are successful on the pitch you will be successful off the pitch as well. No need to worry there Trev, Pompey never got round to the hole corporate gig, they never even managed to fix the bogs! There are a couple that are very unsustainable and a couple that are just unsustainable. It is not their fault, somebody has actually offered them the contracts in the first place. Take a bow Peter Storrie, legend! Link to comment Share on other sites More sharing options...
Truckasaurus Posted 29 March, 2012 Share Posted 29 March, 2012 I would love people from all over the world to come and watch Saints.The more the merrier. There are an awful lot of idiots that live on that dump which is almost conncted to England. I wonder do they actualy mean what they spout,some of it is so crass it beggers belief God bless HMRC. Link to comment Share on other sites More sharing options...
capitalsaint Posted 29 March, 2012 Share Posted 29 March, 2012 Meanwhile, it's business as usual at Fratton Park... @solentsport: #Pompey boss Michael Appleton says he's expecting Football League to sanction an extension to Chris Maguire's loan from #DCFC til end of ssn Sky Sports News is on a 24 hour loop, Maguire's with them forever! Link to comment Share on other sites More sharing options...
St Jim Posted 30 March, 2012 Share Posted 30 March, 2012 At least there's one club on Hampshire debt free http://www.bbc.co.uk/sport/0/football/17547804 Link to comment Share on other sites More sharing options...
Sevvy Posted 30 March, 2012 Share Posted 30 March, 2012 http://www.newsnow.co.uk/A/559182446?-11209 The bit i like is that he said Was in talks with 3 interested parties. http://www.newsnow.co.uk/A/559215241?-11209 Good luck with that then. http://www.newsnow.co.uk/A/559122873?-11209 Hopeful. Link to comment Share on other sites More sharing options...
hutch Posted 30 March, 2012 Share Posted 30 March, 2012 “The difficulty is the only people who have that money to spend are in the Premier League and the top of the Championship.” :lol: Link to comment Share on other sites More sharing options...
hutch Posted 30 March, 2012 Share Posted 30 March, 2012 "The fans have probably had their fill of people promising the earth and will be happy with a basic football club that is part of the community." There are a few of those in Southampton as well as our proper football club. Link to comment Share on other sites More sharing options...
Monkeyboy Posted 30 March, 2012 Share Posted 30 March, 2012 http://www.newsnow.co.uk/A/559215241?-11209 Good luck with that then. What I don't get is, say the phew do manage to con enough of their fishyfriends to "invest", isn't pretty much all income for the foreseeable future earmarked for other commitments they have? Would this mean poor old Skatey Jim who gave his life savings to help keep the club on life support ends up being asked to carry on stumping up cash to pay for TBH's wages over the summer? Also the fact they think they will find 5000+ of the phew with a grand lying around ready to invest when not many more than that can be bothered to turn up on a Saturday and pay £1, £11, £12.50 for a ticket in the clubs hour of need just shows what sort of levels of delusion they are working with! Link to comment Share on other sites More sharing options...
Gemmel Posted 30 March, 2012 Share Posted 30 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-fans-launch-bid-to-buy-the-club-1-3682739 Ha ha, Looking forward to Rallyboy and Hole Puncture getting hold of that article :) Link to comment Share on other sites More sharing options...
trousers Posted 30 March, 2012 Share Posted 30 March, 2012 ... Link to comment Share on other sites More sharing options...
Gingeletiss Posted 30 March, 2012 Share Posted 30 March, 2012 (edited) Published on Friday 30 March 2012 07:20 POMPEY administrator Trevor Birch has given his backing to the supporters’ takeover scheme. Mr Birch, PKF partner and joint administrator of the club, has been looking for a new buyer since February 17. He said: ‘Everyone stands to benefit from closer links between football clubs and their local communities. Any initiative that helps to strengthen this relationship should be welcomed. ‘The Pompey Supporters’ Trust’s campaign is a good idea and deserves a positive reception from fans. ‘We have been working closely with the trust since our appointment as administrators and hope to continue to do so. ‘If the initiative leads to a bid by the trust to buy the club then we will, of course, give it serious consideration.’ Edited 30 March, 2012 by Gingeletiss Link to comment Share on other sites More sharing options...
Gingeletiss Posted 30 March, 2012 Share Posted 30 March, 2012 By Steve Wilson Published on Friday 30 March 2012 07:30 Joel Ward feels Pompey’s loan contingent are providing the competition which has added a spark to their survival hopes. The versatile Blues star has seen the team at a low ebb at times this season and struggling to get a side out, with injuries and suspensions biting into the squad. But even after the recent high-profile loan departures, the recruitment of George Thorne, Scott Allan, Chris Maguire, Karim Rekik and Luca Scapuzzi has made Pompey’s regular first-teamers check over their collective shoulders once again. Ward said: ‘We’ve had a couple more loan additions come in lately. We’ve got some people back fit and all of a sudden there is some competition for places. ‘Everyone is playing for their positions now. We’ve got to put in performances week in, week out and keep pushing to stay in the side. ‘When anyone comes in, you take a look at yourself and all of us want to play football. Link to comment Share on other sites More sharing options...
trousers Posted 30 March, 2012 Share Posted 30 March, 2012 Why the **** aren't other clubs in the relegation zone kicking up a big media stink about this kind of bravado coming out of Nottarf Krap? Link to comment Share on other sites More sharing options...
trousers Posted 30 March, 2012 Share Posted 30 March, 2012 Published on Friday 30 March 2012 07:20 POMPEY administrator Trevor Birch has given his backing to the supporters takeover scheme. Mr Birch, PKF partner and joint administrator of the club, has been looking for a new buyer since February 17. He said: Everyone stands to benefit from closer links between football clubs and their local communities. Any initiative that helps to strengthen this relationship should be welcomed. The Pompey Supporters Trusts campaign is a good idea and deserves a positive reception from fans. We have been working closely with the trust since our appointment as administrators and hope to continue to do so. If the initiative leads to a bid by the trust to buy the club then we will, of course, give it serious consideration. So, Birch is still on 'square one' in his quest to find a buyer...? Link to comment Share on other sites More sharing options...
trousers Posted 30 March, 2012 Share Posted 30 March, 2012 @pn_neil_allen: For your answers about #Pompey fans' buy out visit http://t.co/rKj8xVKm or contact @pompeytrust or join 3pm web chat at http://t.co/8QmAx6XU Link to comment Share on other sites More sharing options...
pedg Posted 30 March, 2012 Share Posted 30 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-fans-launch-bid-to-buy-the-club-1-3682739 Ha ha, Looking forward to Rallyboy and Hole Puncture getting hold of that article :) I see they are avoiding mention of the "Hong Kong Elephant in the Room" If a potential trust takeover was successful, Mr Mclachlan said whoever owns Pompey owns Fratton Park. He said: ‘We are bidding for Pompey, which includes the ground. ‘As long as Pompey exist, Fratton Park is not separate from the club. Failing to mention that if who ever owns it keeps FP they also keep chainrai's charge on FP. Link to comment Share on other sites More sharing options...
pedg Posted 30 March, 2012 Share Posted 30 March, 2012 I'm confused. If they raise £5 million and buy pompey where does the money for salaries come from? The trust envisages that anyone who buys Pompey will face a heavy loss in the 2012-13 season as running costs are cut and player wages are slashed. Who is going to cover this loss? Will those asked to stump up £1000 pounds just to buy the rotting carcass find themselves legally responsible for covering the debt for the losses? Link to comment Share on other sites More sharing options...
trousers Posted 30 March, 2012 Share Posted 30 March, 2012 I'm confused. If they raise £5 million and buy pompey where does the money for salaries come from? Who is going to cover this loss? Will those asked to stump up £1000 pounds just to buy the rotting carcass find themselves legally responsible for covering the debt for the losses? Unless the Pompey Supporters Trust takeover option is conditional on the club being liquidated and reformed first....? That would perhaps explain why Birch put the council off making a bid for the ground....one assumes the ground can be picked up more cheaply in a liquidation scenario? Link to comment Share on other sites More sharing options...
trousers Posted 30 March, 2012 Share Posted 30 March, 2012 @solentsport: #pompey administrator Trevor Birch live on @BBCRadioSolent after 9am - taking questions 0845 3030961 Link to comment Share on other sites More sharing options...
eurosaint Posted 30 March, 2012 Share Posted 30 March, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-fans-launch-bid-to-buy-the-club-1-3682739 TBF if you read the comments there are 4 people ready to commit a grand ! Only 4,996 more and they will reach the target of £5 million ! It seems that the model to copy is Wrexham who raised £500k so not going to be easy I think ! Link to comment Share on other sites More sharing options...
pedg Posted 30 March, 2012 Share Posted 30 March, 2012 Unless the Pompey Supporters Trust takeover option is conditional on the club being liquidated and reformed first....? That would perhaps explain why Birch put the council off making a bid for the ground....one assumes the ground can be picked up more cheaply in a liquidation scenario? Do they think they can reform in the same league as they would have been without liquidation? If not I can see how Ben Haim's wages might lead to heavy losses in the wessex league. Link to comment Share on other sites More sharing options...
trousers Posted 30 March, 2012 Share Posted 30 March, 2012 Do they think they can reform in the same league as they would have been without liquidation? If not I can see how Ben Haim's wages might lead to heavy losses in the wessex league. I've no idea TBH but wouldn't player contracts effectively become worthless in a 'liquidation lite' scenario? Link to comment Share on other sites More sharing options...
Sour Mash Posted 30 March, 2012 Share Posted 30 March, 2012 So its confirmed only £5m to buy club? Shift the high earners off in the summer and they might be in with a chance. Link to comment Share on other sites More sharing options...
saint si Posted 30 March, 2012 Share Posted 30 March, 2012 The trust says it does not have a target but points out that if 5,000 fans made a commitment of £1,000 it would raise £5m. That's possibly one of the most amusingly phrased things I've ever read. Thank god they are here to teach us all basic multiplication. Question 2 - what do you get if you multiply £20k x 52 weeks x 10 players? Link to comment Share on other sites More sharing options...
Ken Tone Posted 30 March, 2012 Share Posted 30 March, 2012 So its confirmed only £5m to buy club? Shift the high earners off in the summer and they might be in with a chance. I suspect their plan will be more to pay something like £2.5 million to buy the club, with the rest going towards their ongoing losses. They will not try to buy out Chainrai, but will have to service the interest on his £17 m loan, pay the later stages of a new CVA, and still pay inflated wages for those players whose contracts continue. So I reckon, if they get a new CVA, they'll be fine , and indeed will have maybe as long as .. ermmm ...until October, before they go bust again! Link to comment Share on other sites More sharing options...
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