Pompey Takeover Saga

[Doctoroncall]

I believe you are allowed as many deals as you like, but only the first four can exclude away fans.

 

Do you have the FL reference? I must admit my recollection was from memory.

[rallyboy]

yeah I just heard the £8M quote - presumably ignores issues like CVA1, the unlikelihood of CVA2, HMRC, football creditors, and the fact that the parachute payments are being gobbled up with every passing day.

 

If true it sounds slightly more realistic than the idea that they can outbid Chanrai etc and buy the ground for £2M.

Also sounds way beyond an amount that a fan trust can raise in a few weeks, unless they can find a loan shark to assist them.

 

Still not sure why the administrator has encouraged fans to borrow from a credit union to sort out the debt that was run up by their club borrowing from an international 'credit union' - looks like a repetition of past mistakes to me, but hey ho.

[Chez]

Do you have the FL reference? I must admit my recollection was from memory.

nope. Like you it was just from memory of us being in the Championship last time. perhaps the rule has changed. I'll check. Edited 4 April, 2012 by Chez

[Chez]

33.2.8 No Club shall charge higher admission prices for visiting supporters for accommodation that is ranked as comparable with or inferior to that used by supporters of the Home Club in the same or next highest ranked accommodation.

 

33.2.11 Discounts or special promotions (in each case for one match only) made available to supporters of the Home Club must also be made available on a similar basis to visiting supporters provided always that each Club shall be permitted to designate four (4) Matches per Season as 'local promotion' Matches where this Regulation shall be deemed not to apply. Clubs shall notify the Executive of the Matches so designated as and when they are designate

Edited 4 April, 2012 by Chez

[Torres]

Question for Weston Super Saint re: CVA1.

 

The UHY completion report clearly states that:

 

As detailed above PFC10 is obligated to make a contribution to the Liquidation which ensures a dividend of 20 pence in the pound, before costs and expenses, is paid to all unsecured creditors. I have detailed below the dates and quantum of the contributions due. Please note that the percentages are that of 20 pence in the pound:

 

Contribution due Due on

15% of 20% of the unsecured creditors’ claims agreed In equal installments on 1 April 2012 and 15 August 2012

 

25% of 20% of the unsecured creditors’ claims agreed In equal installments on 1 April 2013 and 1 September 2013

 

30% of 20% of the unsecured creditors’ claims agreed 1 April 2014

 

The balancing figure required in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 By 17 June 2015

 

What documents supercedes this and allows them to pay nothing at all until 2015?

[alehouseboys]

More ticket reductions!!!

 

 

Pompey reveal ticket reductions

Pompey fans can benefit from further ticket reductions at Fratton Park

 

Pompey fans can benefit from further ticket reductions at Fratton Park

 

By Neil Allen

Published on Tuesday 3 April 2012 15:17

 

Pompey have announced further ticket reductions for their remaining Fratton Park midweek matches.

 

Adult seats in the north stand have been slashed to £15.

 

In addition, tickets are now priced at £10 for seniors and young persons (17-22) and £1 for juniors (under 16).

 

These reductions apply for the home fixtures with Millwall (April 10) and Crystal Palace (April 17).

 

Both matches kick-off at 7.45pm, and are two of three games left at Fratton Park this season.

 

Tickets in the south stand and Fratton end have already been reduced to £20 for adults, £15 for seniors/young persons and £8 for juniors.

 

There are also other offers still in place for supporters for the remainder of the season.

 

The ‘Four for £44’ (two adults, two juniors) and ‘Two for £25’ (one adult, one junior) offers are still running in all areas, except the family enclosure and Milton end.

 

Meanwhile, Pompey are holding a season-ticket amnesty for the same two midweek games.

 

Fans usually have to pay to upgrade their seat if they want to use a junior, senior or young person season ticket for a match.

 

But this cost has been waived for the Millwall and Palace matches.

 

Someone should post that on the Palace and Millwall sites...Palace should be particularly narked with 'em anyway because when the skates rolled over and died at the Hawthorns in 2005 thinking that would send us down, all it did in the end was relegate Palace.

[OldNick]

33.2.8 No Club shall charge higher admission prices for visiting supporters for accommodation that is ranked as comparable with or inferior to that used by supporters of the Home Club in the same or next highest ranked accommodation.

 

33.2.11 Discounts or special promotions (in each case for one match only) made available to supporters of the Home Club must also be made available on a similar basis to visiting supporters provided always that each Club shall be permitted to designate four (4) Matches per Season as 'local promotion' Matches where this Regulation shall be deemed not to apply. Clubs shall notify the Executive of the Matches so designated as and when they are designate

that is why they have made the 2 stands exempt from this offer.

[pedg]

Question for Weston Super Saint re: CVA1.

 

The UHY completion report clearly states that:

 

 

 

What documents supercedes this and allows them to pay nothing at all until 2015?

 

I think there is still some confusion about the CVA when AA was in charge of it when he could vary the dates as he wished and the agreement when the oldco went into liquidation that firmed up EXACTLY when and what money had to be paid from newco so BT could pay out on the CVA for the oldco.

[dronskisaint]

Didn't someone post a few weeks ago that a club is only permitted to have 4 ticket promo matches per season? Pompey must have exceeded this by now..,?

 

I think that I read in to one of the FL replies that the Administrator had control of their finances to the degree that they could do the best deal for the creditors over the FL rules...it's hard to inject the note of cynicism in to my typing that would be in my voice!

[Weston Super Saint]

Question for Weston Super Saint re: CVA1.

 

The UHY completion report clearly states that:

 

 

 

What documents supercedes this and allows them to pay nothing at all until 2015?

 

It's the document itself.....

 

Contribution due Due on

15% of 20% of the unsecured creditors’ claims agreed In equal installments on 1 April 2012 and 15 August 2012

 

25% of 20% of the unsecured creditors’ claims agreed In equal installments on 1 April 2013 and 1 September 2013

 

30% of 20% of the unsecured creditors’ claims agreed 1 April 2014

 

The balancing figure required in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 By 17 June 2015

 

The last bit for me is the clincher...

 

The first payments are 'contributions' only, the 'balancing figure' is the giveaway in the wording - why not just say 'the final 30%, less expenses to be paid by 17 June 2015', if there was no intention to alter the 'contribution' figures....

[angelman]

I've had a member of the PST tell me today that we Saints are jealous of them as they will soon own the club and we will be at the mercy of the money men.

 

And they are supposed to be the bright ones!

 

They should be careful for what they wish for. Germany has a min of 51% supporter ownership and it can work. Then you have Barca, Madrid, Bilbao and Osasuna in Spain. But I would suspect that they would end up more like Sheffield Wednesday

[Torres]

Matter of interpretation then WSS. I'm pretty sure that the schedule for payments is binding, hence stating the date that the contributions are "Due On".

 

As Pedg said above, AA could (and indeed, did) fudge the payment schedule and missed the original first payment date but that was prior to OldCo liquidation when AA was still OldCo Administrator. Once liquidated, matters were taken out of his hands and NewCo are obliged to make these payments to the OldOC liquidators (BT) on the scheduled laid out.

 

Of course, given that NewCo are now in admin they're protected from action by BT for non-payment of these sums, but the fact is that as Birch has admitted, CVA1 has failed. The FL cannot ignore this and I don't think they are.

[Truckasaurus]

So the poopey trust thingy needs £8,000,000 now.

 

Not a cat in hells chance.

 

(then they got some wages to pay every month,good luck with that)

 

£8,000,000 ha ha ha.

 

I,m gonna watch the cricket

 

God bless HMRC.

[warsash saint]

£8mil divided by 12,000 fans = £666 each

[trousers]

Confirmation...

 

@TonyHusbandBBC: RT @NabilHassan79: #Pompey Supporters' Trust spokesman Scott Mclachlan says they need to raise £8m to save Portsmouth: http://t.co/7bkOKzSz

[Viking Warrior]

The Taxman has advised me they miscalculated my tax and I owe them an additional £400 for this year, Can I tell them I am claiming the same leniency as they are giving the cheats. After paying all my creditors, Water, council tax gas I will only have to pay £3.64 like darlington

[Draino76]

They could not even raise £60,001.

[sussexsaint]

very good I see what you did there

[Gemmel]

WSS, Torres.

 

The dates for the original CVA are a mute point. It has formally failed as declared by Birch and confirmed by Baker Tilly in correspondence to all creditors.

[dubai_phil]

Strewth, talk about getting a kick in the nuts.

 

You could almost here the woosh of air being expelled by the PST.

 

http://www.bbc.co.uk/sport/0/football/17598239

 

[h=1]Portsmouth supporters' trust needs to raise £8m to buy club[/h]We would need £8m to buy the club but that does not have to all come from shares," Mclachlan told BBC Solent.

 

 

 

 

So 8 mil to BUY the club. How much do they need NEXT season to actually RUN the club?

 

Oh so they will issue shares to buy the club but those with Shares may not ACTUALLY own the club then?

 

Wow what a cracking deal that is

[pedg]

WSS, Torres.

 

The dates for the original CVA are a mute point. It has formally failed as declared by Birch and confirmed by Baker Tilly in correspondence to all creditors.

 

I am more interested in what happens to this debt now. It has been said that it reverts to its pre CVA level but it is debt owed by oldco. I assume that it cannot then be transferred to newco? If they got to the point of the creditors voting on a new CVA would Baker Tilly be able to vote proportional to a) The initial pre CVA debt, b) The amount overdue at the time of the CVA proposal (i.e. just the april installment), c) the total amount due on the CVA or d) something else?

[SaintRichmond]

The Taxman has advised me they miscalculated my tax and I owe them an additional £400 for this year, Can I tell them I am claiming the same leniency as they are giving the cheats. After paying all my creditors, Water, council tax gas I will only have to pay £3.64 like darlington

 

Great idea

 

Let me know how you get on

 

Logically, what's good for one SHOULD be good for the rest

 

Somehow, I don't think they will see it that way, which makes them Forked Tongued, IMHO

[SaintRichmond]

£8mil divided by 12,000 fans = £666 each

 

They are in with a shout then .............most of them have that number on their head

[Gemmel]

I am more interested in what happens to this debt now. It has been said that it reverts to its pre CVA level but it is debt owed by oldco. I assume that it cannot then be transferred to newco? If they got to the point of the creditors voting on a new CVA would Baker Tilly be able to vote proportional to a) The initial pre CVA debt, b) The amount overdue at the time of the CVA proposal (i.e. just the april installment), c) the total amount due on the CVA or d) something else?

 

I'm no expert pedg, but from what I have read and understood, ity only reverts back to the original debt (Am I am not entirely convinced I've read this correctly) if the new CVA doesn't get the 75% vote. So the vote going into the second CVA (Worst case for us) would need 75% of 50 million (38 million quid) of which(very roughly;

 

17 Million CVA1 Voters

17 Chanrai

10 CSI / Andriod

3 Million HMRC (Second lot of debt)

3 Million floating

 

So actually writing it down like that may be they can get one through, although intrestingly enough all the big players need to go for it and if Chinny is being stitched up or andriod is still upset etc etc.

Edited 4 April, 2012 by Gemmel

[Gemmel]

But it could all mean nothing, as I posted yesterday, HMRC decsion due before the end of the season;

 

http://www1.skysports.com/football/n...roy-Portsmouth

[Minsk]

Matter of interpretation then WSS. I'm pretty sure that the schedule for payments is binding, hence stating the date that the contributions are "Due On".

 

As Pedg said above, AA could (and indeed, did) fudge the payment schedule and missed the original first payment date but that was prior to OldCo liquidation when AA was still OldCo Administrator. Once liquidated, matters were taken out of his hands and NewCo are obliged to make these payments to the OldOC liquidators (BT) on the scheduled laid out.

 

Of course, given that NewCo are now in admin they're protected from action by BT for non-payment of these sums, but the fact is that as Birch has admitted, CVA1 has failed. The FL cannot ignore this and I don't think they are.

 

FWIW, this is how I read/interpret it as well.

[trousers]

Matter of interpretation then WSS. I'm pretty sure that the schedule for payments is binding, hence stating the date that the contributions are "Due On".

 

IIRC, AA successfully moved the goalposts of the "contributions due" when he was Swindon's administrator. My anecdotal recollection of that might be wide of the mark though

Edited 4 April, 2012 by trousers

[Torres]

When he was still Swindon's Admin though trousers. He's not in the position at Cheats FC.

[trousers]

WSS, Torres.

 

The dates for the original CVA are a mute point. It has formally failed as declared by Birch and confirmed by Baker Tilly in correspondence to all creditors.

 

Is there a copy of that letter that can be posted on here? Don't think I've seen it anywhere. When was it sent out? Cheers

[trousers]

When he was still Swindon's Admin though trousers. He's not in the position at Cheats FC.

 

Ah, yep, fair point. Although had he still been at the Admin helm of Cheats FC on 1st April 2012 I'm sure we would have seen something similar happening.

[trousers]

Let's say they get 8m, which obviously they won't get near. Where has this figure come from? Once again I have to ask...CVA??

 

Perhaps Birch has uncovered the 'mystery' of the original CVA being artificially inflated (allegedly) to squeeze out HMRC....?

[holepuncture]

I'm no expert pedg, but from what I have read and understood, ity only reverts back to the original debt (Am I am not entirely convinced I've read this correctly) if the new CVA doesn't get the 75% vote. So the vote going into the second CVA (Worst case for us) would need 75% of 50 million (38 million quid) of which(very roughly;

 

17 Million CVA1 Voters

17 Chanrai

10 CSI / Andriod

3 Million HMRC (Second lot of debt)

3 Million floating

 

So actually writing it down like that may be they can get one through, although intrestingly enough all the big players need to go for it and if Chinny is being stitched up or andriod is still upset etc etc.

 

 

Ahem Chinny & Gaddy = Secured & Landlocked.

 

Dont forget the good man Gadymack also needs his £3m secured debt back! Its £20m required in cold hard cash to pay off sir Chainrai and lord Gadymack, rulers of PFC land and all its assets... pompey is completely landlocked until these two legends are paid off... I doubt these two will be up for too much negotiation on the figures either, after all one is a viscious money lender and the other part of an arms dealing regime!

 

They are also defering players wages (or a % of it) which they can only delay for so long... and also not paying the electric, website etc...

 

CSI have pledged they are happy to convert their £10/11m loan into equity... probably because the cash was never theirs in the first place (stolen from the Latvian and Lithuanian public) and was only put through pompey with a view to shake the mafia and gangs and build a public profile and tangle themselves into the UK... so the trust could co-own the club with the russian mafia (watch out for assassination attempts though, might want to borrow Vladimirs bullet proof car!).

 

And then you look at infrastructural costs with a view to developing the club/business:

 

Then there is the issue of development... £100m for a new stadium, £20m for a new training ground, academy, accom, offices etc... £15m new squad

 

 

On a side note I anticipate a fair bit of chaos occuring on saturday with the skates having to arrange their own bubble tickets... we had talk of 150+ that didnt get wound to sorting it out, plus Burrows thinks they are going to screw it up (would you trust 3000 skates to sort out their travel independently?):

 

http://www.portsmouth.co.uk/news/local/police-warn-pompey-fans-ahead-of-south-coast-derby-1-3696840

[dubai_phil]

Oh dear oh dear.

 

Just when you think this story is getting into the end game it looks set in the coming weeks to start to make some of our conjecture to date look WAY too credible.

 

No idea what it will all mean in the getting away with it stakes but y'all better get down B&Q to buy plenty of Duct Tape before it runs out.

 

Gotta a feeling some sides could be splitting again. and I got some work to do

 

Fasten seatbelts an entertaining 8 weeks ahead by the look of things

[trousers]

On a side note I anticipate a fair bit of chaos occuring on saturday with the skates having to arrange their own bubble tickets... we had talk of 150+ that didnt get wound to sorting it out, plus Burrows thinks they are going to screw it up (would you trust 3000 skates to sort out their travel independently?):

 

http://www.portsmouth.co.uk/news/local/police-warn-pompey-fans-ahead-of-south-coast-derby-1-3696840

 

One of the comments on there reckons the figure is nearer 1,000! (those who have a match ticket but no coach ticket). That sort of adds up....40 coaches x 50 per coach = 2,000 fans on coaches.....how many tickets did they sell? Best part of 3,000? Hmmm, chaos around the ground it is then!

[trousers]

It's chat time folks!

Pompey web chat with Neil Allen

 

Published on Wednesday 4 April 2012 11:18

 

Join The News’ chief sports writer Neil Allen for an hour’s worth of Pompey-related chat.

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

 

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

[Sour Mash]

One of the comments on there reckons the figure is nearer 1,000! (those who have a match ticket but no coach ticket). That sort of adds up....40 coaches x 50 per coach = 2,000 fans on coaches.....how many tickets did they sell? Best part of 3,000? Hmmm, chaos around the ground it is then!

But one of the comment seems to make a very good point (albeit badly articulated). Burrows says that they system is going to be the same used for when we went down there. So are tickets being given out on the buses or not? I believe they still are. In which case, it doesn't really matter if people haven't bought their own travel, their loss. Alternatively, they've already handed out tickets, which can't be the case can it?

[trousers]

@solentsport: #pompey have extended the loan spell of Striker Chris Maquire until the end of the season

[stevegrant]

One of the comments on there reckons the figure is nearer 1,000! (those who have a match ticket but no coach ticket). That sort of adds up....40 coaches x 50 per coach = 2,000 fans on coaches.....how many tickets did they sell? Best part of 3,000? Hmmm, chaos around the ground it is then!

Don't forget most of ours were ****ty double-decker buses which seat 70-80, it's possible that Lucketts will do the same to fit as many people on as few vehicles as possible.

 

40 x 70 = 2800, which is much nearer a realistic figure.

[stevegrant]

But one of the comment seems to make a very good point (albeit badly articulated). Burrows says that they system is going to be the same used for when we went down there. So are tickets being given out on the buses or not? I believe they still are. In which case, it doesn't really matter if people haven't bought their own travel, their loss. Alternatively, they've already handed out tickets, which can't be the case can it?

Yes, they will get their match tickets when they are en route, the same as we did.

 

I do wonder what the police would actually do if 150 Pompey fans with match "vouchers" (not tickets) pitched up at St Mary's on Saturday threatening to cause a scene if they're not let in...

[Sour Mash]

Ahem Chinny & Gaddy = Secured & Landlocked.

 

Dont forget the good man Gadymack also needs his £3m secured debt back! Its £20m required in cold hard cash to pay off sir Chainrai and lord Gadymack, rulers of PFC land and all its assets... pompey is completely landlocked until these two legends are paid off... I doubt these two will be up for too much negotiation on the figures either, after all one is a viscious money lender and the other part of an arms dealing regime!

 

They are also defering players wages (or a % of it) which they can only delay for so long... and also not paying the electric, website etc...

 

CSI have pledged they are happy to convert their £10/11m loan into equity... probably because the cash was never theirs in the first place (stolen from the Latvian and Lithuanian public) and was only put through pompey with a view to shake the mafia and gangs and build a public profile and tangle themselves into the UK... so the trust could co-own the club with the russian mafia (watch out for assassination attempts though, might want to borrow Vladimirs bullet proof car!).

 

And then you look at infrastructural costs with a view to developing the club/business:

 

Then there is the issue of development... £100m for a new stadium, £20m for a new training ground, academy, accom, offices etc... £15m new squad

 

 

IS it not just a case though, that to "buy" the club, they need to be able to pay £1 over whatever the creditors would be able to receive if the club was liquidated? Different story about running it going forward though.

[Sour Mash]

Yes, they will get their match tickets when they are en route, the same as we did.

 

I do wonder what the police would actually do if 150 Pompey fans with match "vouchers" (not tickets) pitched up at St Mary's on Saturday threatening to cause a scene if they're not let in...

But then I don't get the point of today's article by Burrows? If none of them have tickets anyway?

[trousers]

It's chat time folks!

 

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

 

Let's see if this one gets through:

 

"Hi Neil, Don't know if you can help me out with something my Saints supporting colleague has been banging on about thsi week.....he says that the first payment date for the original CVA was 1st April (i.e. Sunday just gone) and that teh Football League should dock us more points for failing to honour a CVA.....is that right or is he talking nonsense?! PUP! "

[stevegrant]

But then I don't get the point of today's article by Burrows? If none of them have tickets anyway?

I don't get the point of Burrows' existence, tbf.

[trousers]

Let's see if this one gets through:

 

"Hi Neil, Don't know if you can help me out with something my Saints supporting colleague has been banging on about thsi week.....he says that the first payment date for the original CVA was 1st April (i.e. Sunday just gone) and that teh Football League should dock us more points for failing to honour a CVA.....is that right or is he talking nonsense?! PUP! "

 

Hmmm...looks like I got an answer even though the question itself didn't show up in the chat box:

 

12:12

[TABLE]

[TR]

[TD][/TD]

[TD]Neil:

The first CVA payment of £2.48m was scheduled for April 1. However, that has now fallen by the wayside because of administration.

 

This will be re-valued during the administration process and be considerably smaller.

 

There will be no FL points deduction on this though.

[/TD]

[/TR]

[/TABLE]

 

 

So, it's official....CHEATS!!!

[Torres]

TBF, Neil Allen really doesn't know his arse from his elbow, so i wouldn't worry too much about what he says will or will not happen.

[trousers]

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[TD=class: chatmsgtime, bgcolor: #F6F6F6]12:19

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[TR]

[TD][/TD]

[TD]Comment From Harry Stotle

Why doesn't The News ever interview Tal Ben Haim and tackle him about his contract. He must be aware how damaging it is. [/TD]

[/TR]

[/TABLE]

[/TD]

[/TR]

[/TABLE]

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[TD=class: chatmsgtime, bgcolor: #F6F6F6]12:21

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[TR]

[TD][/TD]

[TD]Neil:

Simple - because he refuses to talk! I did ring him up once last season and he pretended to be his brother.

 

 

Shortly afterwards he moaned at me for things I had said and written about him and that I 'didn't know the facts'.

 

 

When I pointed out to him that I rang him up and he pretended to be somebody else he had no response! [/TD]

[/TR]

[/TABLE]

[/TD]

[/TR]

[/TABLE]

[pfc123]

Let's say they get 8m, which obviously they won't get near. Where has this figure come from? Once again I have to ask...CVA??

 

Why do these news stories not mention it? Are these fans just assuming they've written off this debt and pretty much destroyed wider football finance for the next few years?? No club has written off a CVA with severe penalty have they. I don't believe any club has ever put a CVA into a new CVA. Is that not the fundamental problem for any investor?

 

I thought a bidder needed 80m or more to get them straight, before making any progress with the team. 8m? Seems utterly pointless.

 

But let's be honest, even being wildly optimistic, without the recession and with slightly more fans, £1m would be a hell of an amount to raise. Haven't their fans been screwed for money enough? Their community has been hit by the club, their council, schools and charities have been hit by the club, many of them lost jobs at the club, local businesses lost money...and now the club want more money from them?

 

Right. CVA1 is dead. Confirmed in writing by BT (just accept it Trousers). The 8m figure the Trust is looking for appears to form payments towards CVA2 + short term running costs, close season expenses etc, until additonal funds start to come in from season ticket sales, on the day gate receipts at the start of next season + the remaining parachute payments.

 

CVA2 could form about 20% of the current outstanding amount:

 

£16M CVA1

£17M Chanrai

£10.1M CSI / Andriod

£4M HMRC + A.N.Other

 

=£47.1M, 20% of which is £9.42M.

 

So, if £9.42M is spread over five years, regular payments could be structured as something like £1.884M per annum. With £16M in parachute money still to come in, which we WILL get, and several player contracts ending in June to reduce the wage bill further, we could be running at break even from day one.

 

Now, here's where the Trust have been clever- they deliberately have said that the £8M does not have to all come from individual shares, which leaves the door open for those with funds to buy larger contributions than the average man in the street, Brian Howe for example stumping up a chunk for a larger piece of the pie.

 

You could even have a situation where Chainrai votes in favour of CVA2 on the basis that he could buy say 50% of the new structure for just under £5M. That way he still gets £3.4M from CVA2 + half the club- not ideal as he wants out, but better than land he can't sell if PFC is liquidated.

 

AA, on behalf of CSI also votes in favour as 20% is better than nothing if PFC is liquidated. TB on behalf of CVA1 votes in favour for the same reason, all of which is enough to get it through. All of this assumes a figure of 20% for CVA2. It could be 10% or less.

 

The scheme gives the fans a chance to own the club outright if we can raise the money, and admittedly, it's a big ask. But add in the ability to buy bigger shares if wanted, it could well work. Of course a consortium could come in and buy the whole club, but as no-one has actually put pen to paper, the Trust's scheme is a failsafe that should ensure the clubs survival one way or another....

[trousers]

Right. CVA1 is dead. Confirmed in writing by BT (just accept it Trousers).

 

I'm more than happy to accept it if the Football league are too....

[hypochondriac]

I asked what was to stop another club from going into admin, agreeing a CVA and then going back in two years later and removing all the debts from the original as they have done if there is no deterrent. Surprisingly I got no reply!

[saint si]

Right. CVA1 is dead. Confirmed in writing by BT (just accept it Trousers). The 8m figure the Trust is looking for appears to form payments towards CVA2 + short term running costs, close season expenses etc, until additonal funds start to come in from season ticket sales, on the day gate receipts at the start of next season + the remaining parachute payments.

 

CVA2 could form about 20% of the current outstanding amount:

 

£16M CVA1

£17M Chanrai

£10.1M CSI / Andriod

£4M HMRC + A.N.Other

 

=£47.1M, 20% of which is £9.42M.

 

So, if £9.42M is spread over five years, regular payments could be structured as something like £1.884M per annum. With £16M in parachute money still to come in, which we WILL get, and several player contracts ending in June to reduce the wage bill further, we could be running at break even from day one.

 

Now, here's where the Trust have been clever- they deliberately have said that the £8M does not have to all come from individual shares, which leaves the door open for those with funds to buy larger contributions than the average man in the street, Brian Howe for example stumping up a chunk for a larger piece of the pie.

 

You could even have a situation where Chainrai votes in favour of CVA2 on the basis that he could buy say 50% of the new structure for just under £5M. That way he still gets £3.4M from CVA2 + half the club- not ideal as he wants out, but better than land he can't sell if PFC is liquidated.

 

AA, on behalf of CSI also votes in favour as 20% is better than nothing if PFC is liquidated. TB on behalf of CVA1 votes in favour for the same reason, all of which is enough to get it through. All of this assumes a figure of 20% for CVA2. It could be 10% or less.

 

The scheme gives the fans a chance to own the club outright if we can raise the money, and admittedly, it's a big ask. But add in the ability to buy bigger shares if wanted, it could well work. Of course a consortium could come in and buy the whole club, but as no-one has actually put pen to paper, the Trust's scheme is a failsafe that should ensure the clubs survival one way or another....

 

Yeah yeah. All sounds great. But with only a few minor flaws.

 

1) the Trust won't amass the £8m

2) CVA2 won't get approval (it doesn't even exist yet)

3) CVA1 won't disappear quietly in to the night without a court case

 

Enjoy your delusions!