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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Truckasaurus

Truckasaurus

Posted
Posted

how is the firesale going?

 

me thinks it has been too long since Trev anounced "firesale" The point of the firesale is to get rid of players QUICKLY.

 

With the lack of movement it must be a non starter.

 

Liquidation my beauties.

 

God bless HMRC.

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krissyboy31

krissyboy31

Posted
Posted
http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-kick-starts-his-pompey-youth-vision-1-3844509?commentssort=1&commentspage=0

 

Another "Comical Ali" moment from our friends. If the story itself doesn't make you laugh, then read the comments...

 

I was so engrossed in whether St John's is a rugby or football school that I forgot what the article was about.

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melmacian_saint

melmacian_saint

Posted
Posted

I believe we won't hear anything from their fate until the FL meeting on the 2nd of June. When no more cheating will be allowed.

 

If PFC are denied entry in 2012/2013 L1, it's the end. Not even Chainrai will save them. And they HAVE to be denied, no club can compete in such conditions. All the way down to the Hampshire Premier League they go, bring on Portsmouth AFC.

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dubai_phil

dubai_phil

Posted
Posted
A question PST can't and won't answer when pushed.

 

In just about every football club "we will die in 5 days" story we have followed since our demise, the deal has always been done about a month after the 5 days was up.

 

Perhaps the Trust bid is the only thing left, which is giving TB the hope that now they have fallen off the edge of a cliff at the end of the season he can keep trying.....

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rallyboy

rallyboy

Posted
Posted

likely scenario based on past history?

 

pompey go to the league meeting with another fantasy financial forecast similar to the ridiculous document they presented in the high court, and on the back of made-up figures/imaginary takeovers, are granted permission to play in 2012/13.

 

Before the season even starts their obvious insolvency becomes so blatant that the football authorities have to shepherd them through another season.

 

We nutjobs get irate and self-righteous, and ask how this can happen, while more charities kiss goodbye to their money.

 

The rest of the football shakes it's head, and some journalists say its a shame that plucky old pompey has suffered hard times.

The mad cycle of debt and theft continues, but lesser teams will be cheated so football will be able to ignore it even more.

:?

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Minsk

Minsk

Posted
Posted
http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-kick-starts-his-pompey-youth-vision-1-3844509?commentssort=1&commentspage=0

 

Another "Comical Ali" moment from our friends. If the story itself doesn't make you laugh, then read the comments...

 

Some money out of the first team budet?

 

With no new owner and only Chiny as their likely saviour, TBH's wages will take up the entire first team budget on their own (unless they are looking towards yet another admin - should they avoid liquidation!)

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trousers

trousers

Posted
Posted (edited)

Meanwhile, in a parallel universe where justice exists....

 

@BBCBreaking: Glasgow Rangers' appeal against £160,000 fine and 12-month transfer embargo rejected. Details soon http://t.co/qaxo6zmt

 

@BBCJamesCook: SFA argues the ban was fair and proportionate given the "deliberate non-payment of very large sums" of tax. #Rangers #RFC

 

@SkySports: Full story on Rangers losing their appeal against SFA fine and transfer embargo. http://t.co/rcRWuqAH

 

"The disciplinary tribunal was correct to determine that the conduct involved - especially the deliberate non-payment of very large sums, estimated in excess of £13m of tax in the form of PAYE, NIC and VAT - was attributable to the club as a member of the Scottish FA.

 

"Although the Appellate Tribunal has listened carefully to the representations from Rangers FC about the practical effects of the additional sanction, it has concluded that this sanction was proportionate to the breach, dissuasive to others and effective in the context of serious misconduct, bringing the game into disrepute."

Edited by trousers
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Frank's cousin

Frank's cousin

Posted
Posted
I cannot understand why any Trust bid would be accepted by the creditors, which include Portpin as a large percentage of the creditors.

 

TBH I think it hinges more on how quickly they can shift teh high earners..... which as we have seen is rather slowly.

 

If Birch shifts them on so that tehir projected wage bill is no more than around 50% of their project L1 income and they have a business plan that would MAINTAIN that ratio, and within it provision for teh imediate repayment over a number of years at say 30p in the £, with teh parachutes to come, they could convince teh other creitors that its a good deal.. the problem is that bloke chinney - we simply do not know what he would be prepared to accept over how long, versus the amount he would have to pump in if the teh high earners cant be sold to keep it going until the parchutes given him some cash - and you can bet that any moneies he does pump in are as more 'loans' evn if in exchange for 'equity' - guess he can value teh club at what he likes and then take the parchutes on lieu of those loans... + whatever else he can get long term as part of a CVA....

 

Sadly for the PST, they simply dont have the cash to pay him off and get rid... thing is if he is to become the new owner, would he pass the FAPPT this time around?

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Dark Munster

Dark Munster

Posted
Posted (edited)
it's a great effort to try and reclaim your club's filthy name from crooks.

But it will require more bravery to accept, and have to admit, that the Trust plan is underfunded, unrealistic, and destined to fail.

 

 

Looks like the loan shark is the only game in town - so roll up, roll up, it's Chinny Time again!

Lock up your charity boxes, creditors run for the hills, if it ain't nailed down or owned by a child-maimer, he'll have it away quicker than a lead-hunting pikey on a church roof.

 

But even then he'll need Birch to get shot of those wages, so whatever happens, they need a proper firesale first.

 

Unless of course Chanrai is looking to bring in his man AA to pull some dodgy stunt with player contracts or a semi-liquidation that retains some sort of golden share?

 

It shouldn't be possible to avoid FL regulations about contracts and debt, but I can see AA entering stage left and taking a starring role again.

 

The ToyMan was SO close with his predictions about Requilme and Etu - because whatever happens next is likely to be messy...

 

I've been racking my brains about how Chinny is going to keep the cesspit of club going long enough to grab the last parachute payments, without having to fund TBH and co. And I came up with something similar to that as a possibility.

 

Maybe Chinnny can convince the FL to allow Cheats FC to drop down to the conference south 8th division, in exchange for retaining the rights to the future parachute money. Then, with the prospect of playing the likes of the Fish Fiddlers Pub 2nd XI, maybe most of the Kitsons etc. will bugger off.

 

If they don't, I've heard waking up to a horses head in your bed can be quite persuasive.

Edited by Dark Munster
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ericofarabia

ericofarabia

Posted
Posted
The inability to sell players must be crippling them at present - by my reckoning they have Halford, Mokoena, Ben Haim, Norris, Varney, Kitson, Huseklepp, Lawrewnce & Mullins (+Kanu?) on an average of £20k/week, and that may be being conservative. With tax and add-ons that is probably £250k/week just for them. They all have at least a year on their contracts & all of them would struggle to get £10k/week elsewhere, so if an offer comes in to take them for free, it will still cost a min of £500K per player just to get them off the wage bill (ie making up the difference on the last year of their contracts). So it is no surprise that the only two decent & cheap players are the only two worth a penny.

Basically, even if they survive, there is every likelihood that just those eight players in their quality over quantity squad will cost them £2 mill to pay them till the end of July, then another £4mill just to move them on.

It is no wonder they are fooked. Liquidation really does seem the only way out.

 

(Just added them up and it's 9 excluding Kanu - even worse than I thought)

 

Ahem ...... tsk tsk Your Squidness ........ easy mistake to make though ;)

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Foxstone

Foxstone

Posted
Posted
@pn_neil_allen: When Sol went up to lift the FA Cup, we were there, we were there. Four years ago today! #Pompey

 

Feel like tweeting back to say that as at today they will be lucky to afford to lift a bottle of Sol lager !!

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hutch

hutch

Posted
Posted

If the trust takeover is a non-sarter (and it certainly looks that way) then Chinny's their last hope.

 

Chinny's biggest headache as I see it at the moment is the pending judgement in the FCR case from last year. If the FCR is upheld (HMRC lose) then most of the future parachute payments are already gone. I estimate there is at most £4m left to collect, and that is decreasing rapidly while the high wage earners stick around. If that happens I think Chinny will walk, and get what he can out of liquidation.

 

If HMRC win, that would seem to open up some scope to only pay football creditors a "dividend" as unsecured, and might make significantly more of the future parachute payments available. It would also seem to give options to move the high earners on against their will, Scottish style. But there is no doubt that it would lead to future changes in the rules. One immediate consequence would be, I guess, that the football authorities would lose the right to withhold payments to clubs in order to pay them direct to football creditors. They would have to hand over payment in full to the club, and rely on the club's integrity to distribute the money appropriately among it's creditors. I can see why Chinny might find that attractive, but he would still be taking a huge risk with respect to future rule changes.

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pedg

pedg

Posted
Posted
... and what's the minimum notice period you have to give to convene a creditor's meeting?

 

Think it's fairly clear from the webchat yesterday that the trust at least appear to think they can get past the league meeting without the whole situation being completely resolved. Still a question of how advanced and how concrete proposals have to be by the time of that meeting for them to continue?

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pedg

pedg

Posted
Posted
According to a skate work colleague they have season tickets for sale.......tad optimistic!!

 

They have only announced that they will be selling season tickets, don't think any are actually on sale yet.

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holepuncture

holepuncture

Posted
Posted
'I don't believe we will be liquidated'.

 

In a world where belief made things true, that might be of some use. Sadly for them they probably will be liquidated.

 

I missed the webchat unfortunately however it is great to see so many on here having a ball. Thanks to those who have posted the hilarity on here.

 

Believe, might, hope...

 

Those were the most frequent words as far as I could see, caveats and omissions all over the show... and thats from the questions that got through.

 

 

No chance, this is the work of a fantasist on the scale of Cala.

 

hqdefault.jpg

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pedg

pedg

Posted
Posted

 

Interesting. By coming in at this point with an offer to the administrator, probably I guess with a date by which he would like it agreed, he could well be removing the chance of having to bid more later to outbid the trust who are not yet in a position to make a bid. What will Birch so when given the option of some money now against possibly more money later?

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Sevvy

Sevvy

Posted
Posted

Buy the club for a minimum fee, tell them cva will be covered by parachute payments, sell all the high earners and pocket the money for them, then drop the carcus, he would have taken some money out on selling player and not put 1p in again,

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Gemmel

Gemmel

Posted
Posted
Interesting. By coming in at this point with an offer to the administrator, probably I guess with a date by which he would like it agreed, he could well be removing the chance of having to bid more later to outbid the trust who are not yet in a position to make a bid. What will Birch so when given the option of some money now against possibly more money later?

 

I imagine he will be buying the club for a pound and then obviously agree to a minimal CVA, start in two years time, but with five years to pay. I could even see him sell a % to the trust (See yesterdays comments on the web chat) with an option for them to buy on the never never or as and when they raise more money. But almost certainly sold before any CVA payments are due.

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TopGun

TopGun

Posted
Posted
Buy the club for a minimum fee, tell them cva will be covered by parachute payments, sell all the high earners and pocket the money for them, then drop the carcus, he would have taken some money out on selling player and not put 1p in again,

 

Except he can't sell the high earners on contracts any better than TB so will be loaded with them sucking money out for a year or more.

 

The way I see it is:

 

Option 1: Chainrai buys and operates the club on a shoestring in order to pick the carcass clean as quickly as possible before liquidating

Option 2: The Trust somehow cobbles together enough coins to be accepted by TB and then goees into meltdown via infighting and no additional cash ending in liquidation

Option 3: TB recognises the above outcomes and puts the animal down anyway

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Gemmel

Gemmel

Posted
Posted
Except he can't sell the high earners on contracts any better than TB so will be loaded with them sucking money out for a year or more

 

Unless the pending HMRC ruling goes his way. Also I quite like the idea that AA is in the wings , waiting to pull of some sort of contract termination stunt.

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pedg

pedg

Posted
Posted
Except he can't sell the high earners on contracts any better than TB so will be loaded with them sucking money out for a year or more.

 

The way I see it is:

 

Option 1: Chainrai buys and operates the club on a shoestring in order to pick the carcass clean as quickly as possible before liquidating

Option 2: The Trust somehow cobbles together enough coins to be accepted by TB and then goees into meltdown via infighting and no additional cash ending in liquidation

Option 3: TB recognises the above outcomes and puts the animal down anyway

 

As you point out getting rid of the high earners is proving difficult and as long as even two or three stay it would appear to be impossible to operate on a shoestring.

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rallyboy

rallyboy

Posted
Posted

Chanrai takes over and organises a party to celebrate.

 

All players 'misbehave' at said event and are sacked en masse for gross misconduct.

 

The torn up contracts would look like Buenos Aires in 1978.

 

Chanrai and AA could then dance a little jig on the club grave - with the child-maimer clapping along.

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Gemmel

Gemmel

Posted
Posted
Was always going to happen. But its a bit like a chicken being saved from the slaughterhouse by a fox. The story might be a little different but the end is much the same.

 

Perfect analogy.

 

But instead of the short sharp painless death, it will be feather by feather, with several stages of painful humiliation, until the balance on some account, in some tax haven reads 18,900,000.

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Under Weststand

Under Weststand

Posted
Posted

The thing is its ok for Chanrai to say he won't let them get liquidated, and will take control. But will he really pass the F&PPT?

I know it's almost impossible to fail! But will the football league allow it as they will be under immense scrutiny this time.

With his prior involvement through the humorous fake Arabs he could well find it difficult to pass this time around.

Great for our benefit if he does come in, with comical Ali, keeps this thread bubbling along nicely.

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Chez

Chez

Posted
Posted
The thing is its ok for Chanrai to say he won't let them get liquidated, and will take control. But will he really pass the F&PPT?

I know it's almost impossible to fail! But will the football league allow it as they will be under immense scrutiny this time.

With his prior involvement through the humorous fake Arabs he could well find it difficult to pass this time around.

Great for our benefit if he does come in, with comical Ali, keeps this thread bubbling along nicely.

 

no reason why he should fail a F&PPT. As you say everyone passes. I mean you have to have been at the helm for not one, but two football related administrations. Unless the criteria changes at the next meeting, which is doubtful, he will pass.

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