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Pompey Takeover Saga


Fitzhugh Fella

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Would have preferred liquidation but this could be funnier. Once he's got his hands on the parachutes he will just leave them to rot and it will be admin time again in a year or two's time.

 

Yes could be the best outcome. Keep them until the PPs run out then leave them to rot. Liquidation would be the only option then as they would still owe loads. This prolongs the suffering and embarrassment.

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You watch the phew come out and say they don't want BC. They don't get that their club is worthless and nobody could possibly want to buy them unless they need money washed or those who need to get their money out of the club.

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“However, there is still a lot to do before we get to that stage and we are not taking anything for granted. PKF will now work together with Portpin to finalise the business plan to satisfy the Football League that Portsmouth Football Club has a sustainable long term future. This is still likely to involve further cost-saving measures including player sales and the RENEGOTIATION OF CONTRACTS WITH THE TOP EARNERS to bring the club’s costs in line with the League One average. Portpin management and PKF have been working with the manager Michael Appleton to make preparations to ensure that the club is in the best possible position for the season ahead. Portpin has full trust in Michael’s ability to be a successful manager."

 

Now how likely is that?

 

Before he was back on the scene? Pretty likely, now he's back and has cash in his pockets and the club is safe, completly unlikley....

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oldredeye

Friday, May 18, 2012 at 06:08 PM

123 - Ok, a bit more info from PKF on PPayments. In answer to your question, a new owner will have to sign a membership agreement with the League. This will clearly legislate what that owner cancan’t do with the parachute payments. So, its up to the FL. When the Trust talked to the FL it was by no means certain they could bring any restriction to how the PP were used. Perhaps PKF have got a guarantee, but I can't see how if they havn't presented any bid? For me the PP are still very much inder threat from a Portpin ownership.

 

Above is a comment from Scott McLachlan of the PST published in the News, he obviously has some background knowledge and reckons than Chinny could well get his grubby mitts on the 'Parachute Payment' money !

Even the 'deludedest' must now accept that he is not coming back for the sake of the 'bestest' and that his intentions are purely those of a hard nosed money lender !

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So on the CVA front, once its officially classed as a "failed cva" what happens? I don't think this has happened to another football club yet...... will they class is the same as exiting admin wthout a CVA???

 

In theory they should, if the Football League do or not is an entirely different matter.

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oldredeye

Friday, May 18, 2012 at 06:08 PM

123 - Ok, a bit more info from PKF on PPayments. In answer to your question, a new owner will have to sign a membership agreement with the League. This will clearly legislate what that owner cancan’t do with the parachute payments. So, its up to the FL. When the Trust talked to the FL it was by no means certain they could bring any restriction to how the PP were used. Perhaps PKF have got a guarantee, but I can't see how if they havn't presented any bid? For me the PP are still very much inder threat from a Portpin ownership.

 

Above is a comment from Scott McLachlan of the PST published in the News, he obviously has some background knowledge and reckons than Chinny could well get his grubby mitts on the 'Parachute Payment' money !

Even the 'deludedest' must now accept that he is not coming back for the sake of the 'bestest' and that his intentions are purely those of a hard nosed money lender !

 

He has now followed it up with this :

 

oldredeye

Friday, May 18, 2012 at 06:39 PM

159 - I don't think I have been saying he won't be able to take out the PPayments? Our worry is all along is this is what he is back into the club for.

 

Any other justification for his re-takeover comes a distant second !!

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Thing to remember about the parachute payments is that he can take money out for the club that is not from the parachute payments (e.g. TV, possibly ticket, money) with the assumption that the parachute payments will go towards where that money would have gone.

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From what I remember Chinny (Portpin) was definitely the owner from the time Newco completed the purchase of the assets of Oldco from the Administrator (AA) in, I think, October 2010 until he sold it to CSI in June 2011. I don't think he was actually the registered owner at any other time, although he has almost single handedly been holding all the strings since Falcondrone defaulted on the first repayment sometime around November 2009.

 

I keep reading with interest the confusion down the road that Chinny didn't ever "invest" £17m in the club. He hasn't claimed he did. Firstly, he's a moneylenders, not an investor, and secondly he lent money to Falcondrone, not PFC. Falcondrone put up PFC as security for the loan, and when Falcondrone defaulted, Portpin siezed control of PFC. Who Falcondrone are will probably always remain a mystery, but the whole saga is a bloody clever scam.

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Chinny's back.

 

Pretty sure we'll see all the high earners volunteering to leave on free transfers over the summer and take wage cuts at their new clubs.

 

Specially as this was taken by Security Cameras on TBH's front lawn this afternoon.

 

ninja.jpg

 

Let's face it, there is Employment Law, there are the Bosman Regulations, there is the immuatable English Civil Law of Contracts.

 

Then there are

 

 

triads.gif

 

Mack/Mero

 

About 15 months ago, I and others URGED you to start Plan B. In the past months us and many others have pointed out that this year you could have been celebrating promotion on your journey back up the Pyramid. Your indecision has wasted two years of the Journey (as you are too late for this coming Season)

 

Stop faffing about, YOU real fans know what is happening, don't get all protesty about Chinny, get the slate wiped clean and earn some respect from Football, because things REALLY ain't gonna get better

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To me until they are liquidated and gone forever they will still be getting away with it. :x

 

HMRC have a lot to answer for as does that woman registrar - see women and football don't mix. :x

 

You are soooooooo wrong. This is as good as it could get. I think I might have a party :) :)

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Chinny's back.

 

Pretty sure we'll see all the high earners volunteering to leave on free transfers over the summer and take wage cuts at their new clubs.

 

Specially as this was taken by Security Cameras on TBH's front lawn this afternoon.

 

ninja.jpg

 

Let's face it, there is Employment Law, there are the Bosman Regulations, there is the immuatable English Civil Law of Contracts.

 

Then there are

 

 

triads.gif

 

Mack/Mero

 

About 15 months ago, I and others URGED you to start Plan B. In the past months us and many others have pointed out that this year you could have been celebrating promotion on your journey back up the Pyramid. Your indecision has wasted two years of the Journey (as you are too late for this coming Season)

 

Stop faffing about, YOU real fans know what is happening, don't get all protesty about Chinny, get the slate wiped clean and earn some respect from Football, because things REALLY ain't gonna get better

 

It is only now some are realising that the end game will still be the same just a few years later IMO

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Let me guess how this will pan out...

 

June 2012

 

Chiiny "buys" club and puts in CVA2

 

Chinny sells club to another dodgy outfit for £17m. Nothing payable up front with interest payable periodically on loan. £17m secured on PFC assets.

 

November 2012 club cannot pay VAT bill, HMRC stick them back into administration.

 

June 2013

 

Chiiny "buys" club and puts in CVA3.....

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We are all still hear, Just waiting for General Custer to ride back over the hill,

 

Sorry. The General's horse is no longer available to bring him over the hill.

 

Due to cutbacks, the horse is currently being measured up for a blue shirt - chinny thought a bag of oats a week would be a little cheaper than TBH.

 

Besides, if he needs to make any threats to any players refusing to leave and take lower wages elsewhere, he always has the head to play with ;)

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"Former Portsmouth owner Balram Chainrai"

 

Former owner?

 

I thought it had been concluded (on here) that Chainrai had never actually owned the club as such before now? (i.e. he had simply been the financier for other so called 'owners'?

 

I recall asking recently how Chainrai could expect to pass the FL's FPPT test having been at the helm when Pompey went into administration last time, only to be told that he wasn't actually the owner back then, hence he couldn't be seen as a 'serial offender'

 

So, how come the BBC labelled him as "former owner"?

 

Either he's a "previous owner" or he isn't....and if he is then, surely, the Football league have to question his suitablity as an owner going forward....?

 

Or is that all a bit too logical for our friends at the Football League?

he was a previous owner, but he wasn't the owner when taking them into both admins. To fail the test you have to be at the helm for two admins.

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he was a previous owner, but he wasn't the owner when taking them into both admins. To fail the test you have to be at the helm for two admins.

 

Cheers. So, in other words, he'll sail through the FAPP test on a technicality (or two) rather than on moralistic grounds? (said Trousers rhetorically)

Edited by trousers
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We are all still hear, Just waiting for General Custer to ride back over the hill,

 

Problem is he's a little busy at the mo' with Sitting Bull. If its Custer your waiting on I wouldn't hold my breath. You've had your Alamo (pack the park) but really didn't show any True Grit. So now your on to the Last of the mohicans.

Edited by Toadhall Saint
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http://www.fansonline.net/pompey-fans/article.php?id=430

 

Not really sure where to start, but pure quality.

 

As someone who has follwed this from day one..... this one is right up there. Enjoy.

 

Some of it was useful information but the paragraph beginning "The Trust need Chainrai less than he needs them."....! I even feel a bit sorry for such delusion.

 

If the 65% limit of turnover on wages is applied which couple of players will they choose to pay?

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One of the few get it.

 

''blueshirt

Saturday, May 19, 2012 at 10:21 AM

 

so we have fans welcoming the imminent purchase of the club by a man who has owned the club twice already, the man who has previously placed us into administration, the man who tried to offer a bribe to get his own preferred administrator in position, the self-confessed "reluctant" owner, the man whose only real and abiding interest in Portsmouth FC is the millions he claims it owes him? Have the events of the past two years meant nothing to some people? Do those supporting this think really that things will change if Chainrai gains control again? Post 388 has a point, if it is to be Chainrai in control, it then becomes a case of "meet the new boss, same as the old boss" and we will be perceived by the rest of the football world, not without good cause, in my view as repeat offenders, with the same old faces carrying on in the same old way. Portsmouth FC needs to be rid of ALL those associated with the shameful happenings of the past two or three years, and it needs that now............. I am a Pompey fan of many years, and I love the club and have supported it through thick and thin since 1958, PFC was never seen as a "big" club, or a potential league winner or cup fighting team, but that didn't matter it was my team and I was proud of it and travelled all over the place wearing its colours and supporting it. Nowadays i don't travel to away games and whenever I tell people I'm a Pompey fan I get the jibes about cheats and "Buying" the FA Cup, and all the rest of the ill-informed comments regarding our perceived dodgy dealings, cheating of charities and so on, etc etc etc.. Chainrai was involved with the club during all that, in some capacity or other, and all the time he is here, we will be guilty by association, and that is why I cannot and will not go along with the people who say better Chainrai than no club at all. I don't beleive for one moment that the man has the future interests of anything other than his own wealth at heart in this case, and that as such he is the last person I would entrust with the stewardship of my Football club, and I, like many others who have contributed here, will not have anything to do with PFC if this man gets control again, he and his like have all but destroyed the club I follow.

''

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To me until they are liquidated and gone forever they will still be getting away with it. :x

 

HMRC have a lot to answer for as does that woman registrar - see women and football don't mix. :x

I agree totally, i dont understand the 'it is more fun them being alive' camp, it was a statement that was made by many when they were bankrupt in the PL, but still managed to creep to a cup final, they still fielded a strong side in the FL and still have the media licking out of their hands, whilst they yet again stole from the Charities. For me the 'the more fun....' camp are just deluding themselves as whilst the patient is alive and kicking there always is a chance of a full recovery. BC and AA have run rings around everyone and they know the No1 thing they have up their sleeve is that the football authorities will never wish to be seen to finish off a football club, especially one that has a decent history. The moment they get the golden share they know they have another season to survive.

BC stated he would not let the club go into admin and so they were not ever likely to be liquidated. L1 is not so daunting next season as the major clubs will have been promoted, Bournemouth showed with a team of unknowns how well you can do and so i fully expect that a team of hungry new players could do well next season.

Pompey will and have got away with it, for every relegation they have had the cup finals, memories and days in the sun the only true way of balancing that would be extinction.

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http://www.fansonline.net/pompey-fans/article.php?id=430

 

Not really sure where to start, but pure quality.

 

As someone who has follwed this from day one..... this one is right up there. Enjoy.

 

LOVE this!

 

Chinny, 65% wages to turnover, Ben Haim, crumbling arena... Years of more pain before the eventual liquidation ...

 

Im so appy right now!

 

Skates, this is punishment for your lack of initiative,delusion and stupidity... You deserve everything you get.

 

Dellighted, thankyou Balram.

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One of the few get it.

 

''blueshirt

Saturday, May 19, 2012 at 10:21 AM

 

so we have fans welcoming the imminent purchase of the club by a man who has owned the club twice already, the man who has previously placed us into administration, the man who tried to offer a bribe to get his own preferred administrator in position, the self-confessed "reluctant" owner, the man whose only real and abiding interest in Portsmouth FC is the millions he claims it owes him? Have the events of the past two years meant nothing to some people? Do those supporting this think really that things will change if Chainrai gains control again? Post 388 has a point, if it is to be Chainrai in control, it then becomes a case of "meet the new boss, same as the old boss" and we will be perceived by the rest of the football world, not without good cause, in my view as repeat offenders, with the same old faces carrying on in the same old way. Portsmouth FC needs to be rid of ALL those associated with the shameful happenings of the past two or three years, and it needs that now............. I am a Pompey fan of many years, and I love the club and have supported it through thick and thin since 1958, PFC was never seen as a "big" club, or a potential league winner or cup fighting team, but that didn't matter it was my team and I was proud of it and travelled all over the place wearing its colours and supporting it. Nowadays i don't travel to away games and whenever I tell people I'm a Pompey fan I get the jibes about cheats and "Buying" the FA Cup, and all the rest of the ill-informed comments regarding our perceived dodgy dealings, cheating of charities and so on, etc etc etc.. Chainrai was involved with the club during all that, in some capacity or other, and all the time he is here, we will be guilty by association, and that is why I cannot and will not go along with the people who say better Chainrai than no club at all. I don't beleive for one moment that the man has the future interests of anything other than his own wealth at heart in this case, and that as such he is the last person I would entrust with the stewardship of my Football club, and I, like many others who have contributed here, will not have anything to do with PFC if this man gets control again, he and his like have all but destroyed the club I follow.

''

 

Almost gets it... apart from this bit - "whenever I tell people I'm a Pompey fan I get the jibes about cheats and "Buying" the FA Cup, and all the rest of the ill-informed comments regarding our perceived dodgy dealings, cheating of charities and so on"

No you were guilty of dodgy dealings and cheating of charities - not once but twice! There's no ill-informed about it. But at least he gets Chainrai, let's hope many more get Chainrai & the gates dwindle to a few thousand. Pompey are the footballing equivalent of a black hole - sucking in anyone who comes near to certain destruction.

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he was a previous owner, but he wasn't the owner when taking them into both admins. To fail the test you have to be at the helm for two admins.

 

Chainrai was the one who pushed the admin button on both occasions. But, as you say, that's not the same as being the one who took the club to (or beyond) the point of bankruptcy in the first place. I'll be interested, though, to see if the League insists on seeing and approving a detailed business plan before handing over the golden share. They require assurances that the club will be able to complete the full season and, given Pompey's recent history, you'd hope that they'll be pretty stringent when it comes to assessing those assurances.

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If you believe the Charlie Sale column in the Daily Hate it appears that Davis (??) Lampitt has a new job.

Controversial choice

 

Davis Lampitt, former Portsmouth chief executive who presided over the club going into administration for a second time, will be a controversial choice as the next CEO of Supporters Direct. Previous SD boss Dave Boyle stepped down after sending obscene tweets when AFC Wimbledon won promotion to the Football League.

http://www.dailymail.co.uk/sport/football/article-2146613/Charles-Sale-Website-race-row-caps-Liverpools-week.html

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That's the stupidity of it. He shouldn't be stressing, the rules should be in place so there's no decision to be made.

 

Abso-blooomin'-lutely.

 

If he thinks he has to worry about what to do next, it is because the Governing Body is failing to do it's first duty, to govern.

 

Put the governance in place and everything else is easy.

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Appy on radio 5 today mentioned that old CVA would be dissolved. Bloody cheats

 

So a DISSOLVED CVA sounds to me AWFULLY like a CVA will no longer exist

 

Which sounds to me like No CVA

 

Which sounds to me as if they exited Admin without a CVA

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No offence to the man, but I'm not convinced he has a thorough knowledge of finance, accounting and corporate law.

 

PFC aside, allowing a club to dissolve CVA1 into CVA2 without punishment is suicidal. It needs to be stamped out, not encouraged. Why should any club gaining a CVA bother repaying it? The precedent would be set, ignore it, spend more then bundle it int CVA2, 3 or 4.

 

There's been a lot of ridiculous decisions in this story so far, but this one would be the ultimate act of stupidity for the future of league football. The penalty for exiting admin without a CVA shouldn't be more harsh than that for completely ignoring a CVA.

 

Why on earth would creditors accept any CVA2? Even if it were the same as CVA1, which is won't be by a million miles, why accept? They've had it proved to them time and again that PFC will not bother repaying it, they'll spend elsewhere.

 

The creditors votes wil be dominated by chainrai. He wil to a large extent be vvoting for himself.

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@pn_neil_allen: Been told there were around 20 new pledges made in meeting earlier in the day. Trust very encouraged. #Pompey #pst

 

@pn_neil_allen: Mick Williams: I am very concerned for the future of this club. We are intending to put in a bid to buy club for the community #Pompey #pst

 

@pn_neil_allen: Ashley Brown: Unfortunately certain details we are unable to talk about. A NDA and certain things we say could damage the bid. #Pompey #pst

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@pn_neil_allen: Brown: 'We are currently in talks with 5 high net worth people from the city over putting in various six-figure sums'. #Pompey #pst

 

@pn_neil_allen: Taylor: 'We have a 3-4 year plan to make enough profit in order to pay the money owed to PKF'. #Pompey #pst

 

@pn_neil_allen: Brown: 'BC bid does not mean we are completely blown out of the water. Still a period of 2-3 weeks to finalise our bid.' #Pompey #pst

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@pn_neil_allen: Brown on working with BC: 'We come from such different sides it would be difficult to find middle ground.... #Pompey #pst

 

@pn_neil_allen: ......He has an aim to take around £10m out over next few years, whereas we want to keep money in the football club.' #Pompey #pst

 

@pn_neil_allen: Brown: 'We have regular conversations with FL and it is fair to say I would probably bet they would pass BC again for FPP' #Pompey #pst

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