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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Ken Tone

Ken Tone

Posted
Posted
I've no idea TBH but wouldn't player contracts effectively become worthless in a 'liquidation lite' scenario?

 

I dont think even they can expect to have it both ways. Either they liquidate and contracts become void, but they lose league place --- or they keep league place but have to honour players contracts.

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rallyboy

rallyboy

Posted
Posted

while any effort by genuine supporters to save their club should be praised - if this was a racehorse they'd shoot it in the parade ring.

 

There's no way that £5M will secure longterm control of the club.

And there's no way they will raise £5M in a month from individual supporters.

 

 

This is no more than a fundraiser for millionaire footballers.

The supporters are being asked to cough up for Kitson and Ben Haim.

 

So while something needs to be done, and genuine supporters should be praised - this is a non-starter and smacks of desperation.

 

With any dodgy business the seller just awaits the greater fool and from the photo it looks like MoneyPenny is The Mayor of IdiotTown.

 

The ground is cheap if in liquidation?

 

You'll have to outbid a consortium that consists of a very interested multi-millionaire loan shark and a multi-millionaire arms dealer.

 

And if we are talking post-liquidation then the protection of fratton park as a sporting venue is gone.

 

The only way this little band of plucky heroes can buy into the club is with about £15M and the ability to generate more, and even then Chanrai will be in control until his charge is cleared - until they have that sort of money no one will take them seriously.

 

The time has come for the council to buy the land, give it to the plucky bestest, and let Tesco cough up the mythical £20M.

 

Possible scenarios?

A. Trust raises funds to convince Birch they can make a go of it, Chinny has them by the gonads, the debts are worse than they realised - savage cuts alienate the fanbase, lack of quality leadership and internal squabbles about direction see Trust implode and pompey plummet.

B. Trust doesn't raise funds.

 

For me B looks easier and quicker, though with less comedy potential...

 

 

 

Just heard Birch on Solent enocuraging people to borrow from a credit union to give to the club. :scared:

Sounds like a gig for Chanrai....

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pfc123

pfc123

Posted
Posted

Scummer in 'sane post' shock! From TUI:

 

"A couple of points, not directed particularly at the kraken he was just the last post.

 

Firstly our income this season wont have increased hugely, the difference between league one and the Championship is minimal, literally the tv money plus gate money (4k average increase @ £17 per ticket average = £1.56 million) probably all off set against increased wage bill.

 

The key point is that our wages equate to 93% of our income, think how much we have been slaughtering Pompey for having such a high wage bill and how that is the road to disaster, Personally I dont think there is much to worry about, but the inference is clear, the Libeherr family are in this for money, whether markus loved the club is now sadly not an issue, but converting loans to shares, although just shifting paper, shows that they are tightening down the small print on the contract.

 

The reality is that we have and are making a loss, the only differnce between us and Pompey is that our owners havent been arrested and had their assets frozen and therefore cant pay the bills.

 

All I am saying is we have spent the last six months berating Pompey supporters for allowing owners to come in and spend money that the club doesnt have and how they havent learnt their lessons, yet we are in exactly the same boat.

 

As I say i dont think the liebherrs are of the same ilk as Pompeys owners, but that doesnt change the points about overspending, two years after admin and the accounts show that we have got into worse expenditure against income than that we had before."

 

Cheats AND hypocrites. And you wonder why we don't 'get it'?

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trousers

trousers

Posted
Posted
Scummer in 'sane post' shock! From TUI:

 

"A couple of points, not directed particularly at the kraken he was just the last post.

 

Firstly our income this season wont have increased hugely, the difference between league one and the Championship is minimal, literally the tv money plus gate money (4k average increase @ £17 per ticket average = £1.56 million) probably all off set against increased wage bill.

 

The key point is that our wages equate to 93% of our income, think how much we have been slaughtering Pompey for having such a high wage bill and how that is the road to disaster, Personally I dont think there is much to worry about, but the inference is clear, the Libeherr family are in this for money, whether markus loved the club is now sadly not an issue, but converting loans to shares, although just shifting paper, shows that they are tightening down the small print on the contract.

 

The reality is that we have and are making a loss, the only differnce between us and Pompey is that our owners havent been arrested and had their assets frozen and therefore cant pay the bills.

 

All I am saying is we have spent the last six months berating Pompey supporters for allowing owners to come in and spend money that the club doesnt have and how they havent learnt their lessons, yet we are in exactly the same boat.

 

As I say i dont think the liebherrs are of the same ilk as Pompeys owners, but that doesnt change the points about overspending, two years after admin and the accounts show that we have got into worse expenditure against income than that we had before."

 

Cheats AND hypocrites. And you wonder why we don't 'get it'?

 

Sigh

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Ken Tone

Ken Tone

Posted
Posted
Just listening to Solent now. Penny Mordaunt saying they are hoping to receive £14.5m in parachute payments in next 12 months to support the Trust's bid. Is that right?

 

That's the money that is earmarked for Gaydamak isn't it?

 

 

As someone else has said, you have to feel for genuine fans who are trying to save their club, but to be honest if this is the best hope that Birch has of finding a buyer, then they have no hope. They really are doomed.

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saint si

saint si

Posted
Posted

Was only a matter of time before that got posted here...

 

Given that it's all the same and we're just a bunch of hypocrites, let's see if we can identify the south coast football club based on the following clues...

 

The club has no debt.

The club pay its liabilities when they become due.

It is up to date with the tax man.

The club owns its ground outright.

It's not subject to a transfer embargo

It hasn't screwed the tax man, local businesses or charities in the last couple of years.

 

Oh, and the club is way ahead of its business plan, both financially and on the pitch.

 

Any ideas?

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badgerx16

badgerx16

Posted
Posted

In reply to PFC :

1) Who owns our ground ?

2) How much are HMRC chasing US for through the courts ? ( Again ! )

3) Who owns the car parking around SMS ?

4) How much do we owe on our CVA ? ( Sorry, how much have we refused to pay off our CVA ? )

5) How many charities have we ripped off ?

6) How many training grounds have we been kicked off ?

7) How much is 'owed' to previous owners ?

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Gingeletiss

Gingeletiss

Posted
Posted
Scummer in 'sane post' shock! From TUI:

 

"A couple of points, not directed particularly at the kraken he was just the last post.

 

Firstly our income this season wont have increased hugely, the difference between league one and the Championship is minimal, literally the tv money plus gate money (4k average increase @ £17 per ticket average = £1.56 million) probably all off set against increased wage bill.

 

The key point is that our wages equate to 93% of our income, think how much we have been slaughtering Pompey for having such a high wage bill and how that is the road to disaster, Personally I dont think there is much to worry about, but the inference is clear, the Libeherr family are in this for money, whether markus loved the club is now sadly not an issue, but converting loans to shares, although just shifting paper, shows that they are tightening down the small print on the contract.

 

The reality is that we have and are making a loss, the only differnce between us and Pompey is that our owners havent been arrested and had their assets frozen and therefore cant pay the bills.

 

All I am saying is we have spent the last six months berating Pompey supporters for allowing owners to come in and spend money that the club doesnt have and how they havent learnt their lessons, yet we are in exactly the same boat.

 

As I say i dont think the liebherrs are of the same ilk as Pompeys owners, but that doesnt change the points about overspending, two years after admin and the accounts show that we have got into worse expenditure against income than that we had before."

 

Cheats AND hypocrites. And you wonder why we don't 'get it'?

 

You really are a thick skate, and Illingsworth, the author of that pile of sh1te, has an agenda against the club at the mo. It reall y is quite simple (a bit like yourself), this money was always going to be there, from the mouth of ML himself, and should the worst of happened, it would be covered by our assets. Yes, assets, a word you phew can't comprehend! Before you come on here and attempt your little bit of trolling, I suggest you read the published articles.....try Solent, you see how good a position this club is in, hence the 10million plus investment going on at the training ground.

 

Fool!!!

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ALWAYS_SFC

ALWAYS_SFC

Posted
Posted
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.

 

Taken from the third link

 

"At the end of the day, you can only do what the owners ask you to do. I bought the club a lot of success."

 

I amended it for them :lol:

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hutch

hutch

Posted
Posted
Was only a matter of time before that got posted here...

 

Given that it's all the same and we're just a bunch of hypocrites, let's see if we can identify the south coast football club based on the following clues...

 

The club has no debt.

The club pay its liabilities when they become due.

It is up to date with the tax man.

The club owns its ground outright.

It's not subject to a transfer embargo

It hasn't screwed the tax man, local businesses or charities in the last couple of years.

 

Oh, and the club is way ahead of its business plan, both financially and on the pitch.

 

Any ideas?

Havant & Waterlooville?

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Truckasaurus

Truckasaurus

Posted
Posted

Just listened to Radio Solent (the first time in 30 years ish)

 

Trever Birch sounds like a "suit", doesn't want to call a spade a spade but reading between the lines.............toast.

 

He also mentioned £50,000,000 (looks better if you add all the zero's) sha la la la la....................................

 

Too much money,too much debt,Miss money penny lives in cloud cookoo land,supporters trust won't get anywhere near enough money and liquidation is the only option.Then birchy can sell the ground to whome he likes,portsmuff in the blue square thingy but keep fratton park with no car park.

 

That is it in a nut shell.

 

God bless HMRC.

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Gruffalo

Gruffalo

Posted
Posted

Surely even the most wildly optimistic amongst the few must realise that the bell is tantalisingly close to tolling when the future of the club rests on the outcome of a few begging letters circulating around the terraced streets of Portsea Island ?

 

And as for Birchy's interview - the notable pauses when certain [straightforward] questions were posed does indeed speak volumes, IMO.

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Brizzie Saints

Brizzie Saints

Posted
Posted
Just listened to Radio Solent (the first time in 30 years ish)

 

Trever Birch sounds like a "suit", doesn't want to call a spade a spade but reading between the lines.............toast.

 

He also mentioned £50,000,000 (looks better if you add all the zero's) sha la la la la....................................

 

Too much money,too much debt,Miss money penny lives in cloud cookoo land,supporters trust won't get anywhere near enough money and liquidation is the only option.Then birchy can sell the ground to whome he likes,portsmuff in the blue square thingy but keep fratton park with no car park.

 

That is it in a nut shell.

 

God bless HMRC.

 

I love it when a plan comes together. Sha la f*cking La

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Scummer in 'sane post' shock! From TUI:

 

"A couple of points, not directed particularly at the kraken he was just the last post.

 

Firstly our income this season wont have increased hugely, the difference between league one and the Championship is minimal, literally the tv money plus gate money (4k average increase @ £17 per ticket average = £1.56 million) probably all off set against increased wage bill.

 

The key point is that our wages equate to 93% of our income, think how much we have been slaughtering Pompey for having such a high wage bill and how that is the road to disaster, Personally I dont think there is much to worry about, but the inference is clear, the Libeherr family are in this for money, whether markus loved the club is now sadly not an issue, but converting loans to shares, although just shifting paper, shows that they are tightening down the small print on the contract.

 

The reality is that we have and are making a loss, the only differnce between us and Pompey is that our owners havent been arrested and had their assets frozen and therefore cant pay the bills.

 

All I am saying is we have spent the last six months berating Pompey supporters for allowing owners to come in and spend money that the club doesnt have and how they havent learnt their lessons, yet we are in exactly the same boat.

 

As I say i dont think the liebherrs are of the same ilk as Pompeys owners, but that doesnt change the points about overspending, two years after admin and the accounts show that we have got into worse expenditure against income than that we had before."

 

Cheats AND hypocrites. And you wonder why we don't 'get it'?

 

Congratulations! you have achieved 'Ho Status' and are now legendary among us.

 

I really didn't expect you to be an idiot, like Ho and Illingsworth! (Now I see why people moan about Nick.)

 

A face palm moment? More like fist right through head moment. Epic fail, epic.:rolleyes:

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Gruffalo

Gruffalo

Posted
Posted
Birch has previously said far, far greater money is needed, so why this talk of fans buy outs now?

 

Because nothing else Birchy has on the horizon is anywhere near as viable as the [plainly ludicrous] PST proposal ?

 

Give me a 'T'.

Give me an 'O'....

 

WTFILN..

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sotonswan

sotonswan

Posted
Posted
So say their fans somehow stump up 5m for the club. How does this help at all? It's nothing. What about the CVA? The original one or the new one, because without any CVA at all they're in big trouble, and with one....well they're in big trouble.

 

Perhaps the Pompey Trust know they are toast. They also know they need to do a lot of fundraising just to get the infinitely less popular plan B up and running.

 

Come May Birch liquidates Pompey and Trust announces "Rotten luck that. We did all we could. Hope you don't mind us spending all your money on a super dooper Conference South squad, 'cos that's what we have done."

 

They wouldn't! Would they? :scared:

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hutch

hutch

Posted
Posted

Birch has already gone on the record and said between £7m & £10m of the remaining parachute payments are already spoken for to football creditors. IMO that was the only reason the FL agreed to release their £200k/month solidarity payments to get them to the end of the season.

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eurosaint

eurosaint

Posted
Posted
So did Birch say Pompey will be here for next season? Or did he just say "A" club will be here come September?

 

He was asked directly if they would still be in a league next season and he said (simply) yes !

Beforehand there was talk about non league etc.. so I suppose that it could be the Blue Square !

Having listened to the whole interview, there was nothing new or revealing (IMO) just the usual maybe, possibly, let's see, etc.. etc..

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hutch

hutch

Posted
Posted
‘I’m advising the people that are interested and liaising with Trevor Birch with figures and going through them with him. I’m just an intermediate.

Not often you feel sorry for an Administrator

 

They are trying to do it quickly but there’s a lot of figures and complexities to the deal.

There are, Pete, but most of them are zeros.

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rallyboy

rallyboy

Posted
Posted

I wouldn’t recommend these people unless they have the funds to take the club forward....

Says Peter Storyteller, rewriting both history, and the definition of irony!

 

And as he's lining up another consortium and confirming what a great club pompey is - could he be the only man who still insists that the maiden voyage of the Titanic was an unrivalled success?

 

And when he says 'lines up' - they haven't even spoken to Birch.:?

Tyre-kickers.

 

 

He seems to have glossed over his part in bringing numerous lunatics and criminals to the table, and giving his full backing to people who didn't even exist.

Cheers for the suggestion Pete but it might be fair to suggest that you are in fact aving a larf mush.

 

Interesting comment from Birch re history.

It might be my special Rallyboy ears that only hear the worst BUT the way I heard it, he said that a new owner would in theory inherit the history of the current business, as they would be buying the same company.

He then added that the current company was entirely different to the previous one, suggesting that they have already dumped their history?

They want to hang onto the wins but deny any connection to everything else?...love the child-maimer's success but dismiss him as a criminal?

Chant for Sol, but don't pay him? Celebrate Kanu's goals, but offload him like the aged donkey that he is? - it's a bit mixed up down east...

 

 

 

 

Surely the fanbase has had enough.

Keep on ploughing money into the shameful black hole of ridiculous wages, creditors, and criminals, or apologise and walk away from the train wreck?

 

A new club, fresh start, honest management, core support seeing old school football at small grounds?

Or more frustration as the long dead beast desperately awaits a lightning strike over the crumbling castle?

 

It must be sad to say goodbye to 24 months of history, but it's time to call it a day.

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Lets B Avenue

Lets B Avenue

Posted
Posted

I believe I wasnt dreaming this, but didnt Birch say, when asked what a potential buyer would be getting.

 

"The new financial fair play rules will play to the advantage of Portsmouth."

 

Also, why TF did they break off to play "Solid" by Ashford & Simpson? some sort of pi ss-take?

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Gorgiesaint

Gorgiesaint

Posted
Posted
Trevor Birch is on H&J on Talksport shortly....

 

Talking generally on football finance - Championship is a scene of carnage

 

10-12 losing over £10m

6-7 clubs paying over 100% of wages

Many relying on benefactors who can't sustain it

Distorts championship which why bringing in financial fair play

Mentioned QPR - players like Cisse don't have any clauses if get relegated, Birch likely to move on but sensible to have relegation clauses, but if competing for a player then may not be accepted by the player

Benefactor model works in PL - made PL more competitive, closed shop at the top of the league

 

Latest at Fratton Park - talking to 2-3 interested parties & PST, PST might be credible alternative, but no bid on the table.

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Doctoroncall

Doctoroncall

Posted
Posted
Just to clarify, they still have parachute payments due but I thought these were to pay off the old Cva. Now that has been scrapped, can they now use the parachute payments for the club? Of so it's worse Than I thought!

 

No. It never has, the CVA1 is 16.5m. Of the other debt TB has stated there is between 7 and 10 million of footballing debt so only 9 to 6 million can be used to pay other bills, secured (Chanrai and Gaydamak) and non secured (st Johns, schools etc).

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mickn

mickn

Posted
Posted
That's a great point, Sue, if it's the one you were making, that this thread has more history than their club.

 

I thought she was referring to the fact that you need to read this thread carefully to appreciate the wonderfully subtle humour sometimes, ie Rallyboy's reference to the fact that Newco Pompey was only formed 2 years ago. I think that's what she meant.

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suewhistle

suewhistle

Posted
Posted
I thought she was referring to the fact that you need to read this thread carefully to appreciate the wonderfully subtle humour sometimes, ie Rallyboy's reference to the fact that Newco Pompey was only formed 2 years ago. I think that's what she meant.

 

Indeedy, but I think I'll claim Hutch's point as well.;-)

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OldNick

OldNick

Posted
Posted

there is an old saying on the lines of a kettle watched takes longer to boil.

It seems to me the toaster takes even longer.

I look on here each day and my spirits are raised as I'm reliably informed they are finished, only for my newly raised spirits to be quashed.

Pompey have and always will get away with it, and whilst some say that being relegated from the PL was punishment and the recent -10 also , i would say that the relegation from the PL would never happened in the first place if they had not cheated as they would still be dragging around the depths of the lower divisions. To me they have had little medicine for their years in the spotlight and Wembley visits. I dont hold with, 'let them die slowly, as its more fun' as patently the patient while breathing still has a chance. Put a pillow over their face and finish it off quickly.

 

It seems TB is as crafty as AA and perhaps feels that any creditors have given up expecting any money and will just shrug their shoulders and take nothing, also I wonder if he thinks that they are not going to take them to court by throwing good money after bad.

 

Clapham doesn't post enough IMO, we need his insight to TB's moves and where they are likely to go next.Personally i believe that TB has Chanrai in a difficult position and he will in the end get little of his 17m back.

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Kingsbridge Saint

Kingsbridge Saint

Posted
Posted
Pompey web chat with the PST in a couple of minutes ladies and gents:

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-web-chat-with-scott-mclachlan-of-the-pompey-supporters-trust-1-3686703

 

great opportunity for some friday fun!

 

Please someone ask if we can borrow the $5,000 from the Credit Union to invest in PST, then if we run into a bit of 'personal difficulty' we can repay it at 20p in the pound, over say 5 years.

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Guided Missile

Guided Missile

Posted
Posted

In order to offer shares to the general public, a company must be a public limited company (plc). The key requirements are that the company’s name and memorandum should state that it is a plc, and that it should have an issued share capital of at least £50,000 sterling or its euro equivalent.

 

If a plc wants to offer shares to the public, it must generally issue a prospectus meeting detailed legal requirements, and will also need to comply with the requirements of any exchange on which the shares are to be traded. The company will need to appoint advisers to handle this complex process.

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