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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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rallyboy

rallyboy

Posted
Posted

thanks mate, I got as far as you're aving a larf moosh before I felt too sick to continue - you only linked that to stir me up into a feisty rant. ;)

It was good to see Moosh again though, he's a minor star from the whole escapade, alongside motability scooter woman.

 

As a prossie-bothering gravedigger once growled, You can rewrite history but you can never take our woman on the little scooter!

 

I still find it staggering that they worship a dirty old man who got them relegated - he dragged the feckers out of the big time forever, then abandoned ship and immediately announced that West Ham had the bestest fans, before getting them relegated, proving beyond reasonable doubt that his shambolic pompey debacle wasn't a fluke!

 

 

Cotterill was the next hero, that coaching genius kept up the plucky bestest bargain basement squad against all the odd at Fortress fratton, when the refs had all got secret emails to give decisions against the sleeping giant - and they'll deny it now but they loved Lampitt too.

 

Bizarre behaviour - an inability to recognise good from bad, or see beyond spin.

Churn out sh!t and they lap it up.

 

What an odd bunch, makes it difficult to have sympathy when it all goes a bit Chinny.

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Trader

Trader

Posted
Posted (edited)
and Scarborough.

 

and Rushden & Diamonds.

 

and Bradford Park Avenue.

 

and Gateshead.

 

and Newport County.

 

Starting to stack up aren't they - and they're just the ones I remember.

Edited by Trader
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hutch

hutch

Posted
Posted

And Maidstone United:

 

Maidstone United were included in the fixtures for the 1992–93 season but folded after postponing their first match.

 

The entire squad of players were put up for sale to raise cash. During the 1991-92 season, the club was put up for sale. With huge debts, no ground and a poor team, there was little interest.

 

They were due to play their first game of the season away to Scųnthorpe United on 15 August 1992 but by this stage only two players were still registered to the club. They were given until the following Monday to guarantee that they would be able to fulfill their fixtures; unable to come up with the necessary backing, they resigned from the league on 17 August and went into liqudation.

 

What's the date of their first fixture?

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Gruffalo

Gruffalo

Posted
Posted
Maidstone United were included in the fixtures for the 1992–93 season but folded after postponing their first match.

 

The entire squad of players were put up for sale to raise cash. During the 1991-92 season, the club was put up for sale. With huge debts, no ground and a poor team, there was little interest.

 

They were due to play their first game of the season away to Scųnthorpe United on 15 August 1992 but by this stage only two players were still registered to the club. They were given until the following Monday to guarantee that they would be able to fulfill their fixtures; unable to come up with the necessary backing, they resigned from the league on 17 August and went into liquidation.

 

With a couple of changes to names and dates, that article would have a tantalisingly prophetic feel to it..

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Under Weststand

Under Weststand

Posted
Posted

With league 1 clubs relying on their home fixtures, & living on tight budgets. The last thing the league needs in the 1st season of their financial fair play is to lose a team in their fixture list! For this reason I think they will require some stringent garantee's that they will be able to complete their fixtures. Or they will not included them in their fixture list!

It looks like all hinging around the CVA & getting shot of the high earners, how likely is that?

The only reason most of them came to poopey in the first place was the excessive wages on offer. They want their pound of flesh, at any cost to the club!

 

God bless the FCR!

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pedg

pedg

Posted
Posted
For Pompey's sake, I hope nobody does spill the magic beans. They are all they have to offer to the creditors.

 

"Mother I sold our beloved Ben Haim to a strange man for 5 magic bean!"

 

"You naughty boy"

 

"Why mother?"

 

"You should have tried to sell him the rest of the squad while you were at it!"

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Danbert

Danbert

Posted
Posted
When the details of the CVA proposal become known, and we all finish laughing....the reality is it stands a good chance of getting approved by the creditors. It will be Xp in the £ on the never never or liquidation and will include verbiage along the lines of 'In the event of liquidation the administrators do not envisage any funds being available for distribution to unsecured creditors.'

 

So....

 

1. HMRC will vote against.

2. AA and CSI's £10m will presumably vote in favour.

3. Most other creditors have nothing to gain (other than personal satisfaction) by voting against.

4. Most local businesses will not want to be seen voting against and bring the club down.

5. Many of the smaller creditors simply do not bother voting on these CVA proposals when the sums are so small.

 

So I am expecting the CVA to get accepted - which will leave the FL with an almighty headache about what to do about failed CVA1. I fully expect them to do nothing and claim the original CVA was renegotiated with the approval of creditors so technically it has not failed so no points penalty.

 

Therefore, it all rests on the FCR and TBH/DL/Kanu and the rest of the higher earners. It has seemed for some time now that PFC's future seems to be dependent on reaching a deal with them. More public floggings to come....... :o

 

I think you're bang on the money there. It's also interesting to me that it's only TBH and Kanu who've been hung out to dry publicly - not Norris for example, he must also be on a fair wack. By singling out TBH and Kanu in public I think Birch is playing the dirty little game of try to pin the blame on the mercenary foreigners - in order to apply extra pressure to them. It'll come back to bite him in the ass though - they'll be even more ****ed off and disinclined to do him a favour now.

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Danbert

Danbert

Posted
Posted
Anyway, Chanirai getting the club back ,with or without a CVA, is going to provide laughs for years to come, as he bleeds them dry.

 

If he gets it back without a CVA there'll be a failed CVA and exiting administration without a CVA to contend with - both attracting significant points penalties and the League won't have a fig leaf to hide behind. In this case they'd be, effectively, sent straight down to League 2. Given which you've got to wonder both whether the club's reputation might make it so hard to attract players of any sort of caliber whatsoever and the fans would get so hacked off with the whole thing that the club would fall out of the league altogether...

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trousers

trousers

Posted
Posted

 

I guess they'll be adding this 'win' to their expansive honours list?

 

"A Pompey spokesman said: ‘Our army of Twitter and Facebook followers have really got behind this initiative and provided Pompey with the same level of support we have come to expect at Fratton Park on a matchday. "

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Ric

Ric

Posted
Posted
Not quite....

 

"The £30,000 prize cannot be used to pay off debts or fund wages."

 

But it can be used in place of other cash, which is then freed-up to cover debts or player wages. In effect the caveat means nothing. But, hey, as pointed out already it's but a tiny dent in their iceberg of a financial crisis.

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holepuncture

holepuncture

Posted
Posted
But it can be used in place of other cash, which is then freed-up to cover debts or player wages. In effect the caveat means nothing. But, hey, as pointed out already it's but a tiny dent in their iceberg of a financial crisis.

 

Absolutely, the cash will be absorbed into the business which will free up cash to be paid directly to Tal Ben Haim...

 

Anywho, its here:

 

http://www.pkf.co.uk/web/pkf.nsf/9B17ED7F7B6C6DBD80257A1700350840/$file/PFC+%282010%29+Ltd+CVA+proposals+8+06+2012+FINAL+%282%29.PDF

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trousers

trousers

Posted
Posted
Absolutely, the cash will be absorbed into the business which will free up cash to be paid directly to Tal Ben Haim...

 

Anywho, its here:

 

http://www.pkf.co.uk/web/pkf.nsf/9B17ED7F7B6C6DBD80257A1700350840/$file/PFC+%282010%29+Ltd+CVA+proposals+8+06+2012+FINAL+%282%29.PDF

 

PKF issues Portsmouth FC CVA proposals

 

8 June 2012: Trevor Birch a partner at PKF, and the joint administrator of Portsmouth Football Club (2010) Ltd, has today sent proposals to the club’s creditors for a Company Voluntary Arrangement (CVA).

 

He said: “We have written to all of the club’s creditors to inform them of the CVA proposals, which are based on an offer made by Balram Chainrai’s Portpin.

 

“We believe that these proposals are likely to give the best possible deal for creditors and provide the most realistic opportunity for protecting the club’s financial position going forward and avoid liquidation.

 

“There has been a considerable amount of interest in the club over the past few months but nobody has been able to prove their ability and willingness to complete on a purchase other than Portpin.”

 

Portpin proposes offering creditors £500,000 in cash as an up front payment. In addition, Portpin will settle in full the club’s debts to charities, small local businesses owed less than £2,500 and part-time club employees who are owed wages prior to the administration and who worked for the club during administration. A further £500,000 will be offered to creditors if Portsmouth returns to the Premier League within five years.

 

As a result, PKF estimates that unsecured creditors will initially receive approximately 2p in the pound under the terms of the CVA - although this may rise if Portpin and the administrators succeed in convincing the administrator of Convers Sports Initiatives to waive its claim.

 

The offer from Portpin is conditional on creditors voting in favour of the CVA and certain players agreeing to compromise their future contractual entitlements

 

PKF believes that unsecured creditors would not receive any payment if the club is forced into liquidation.

 

Trevor Birch continues:

 

“We have invited all creditors to a meeting at Fratton Park on Monday 25 June at which they will get an opportunity to vote on the proposals. If the CVA is accepted, it will pave the way for Portpin to acquire the club before the start of the next season.

 

“PKF will continue to work with Portpin, the Football League and the Professional Footballers’ Association to finalise a long term and sustainable business plan for the club.

 

“There is still much to do but Portsmouth Football Club is now a step closer to leaving administration and returning to stability.”

 

Balram Chainrai said of the proposal:

 

"I am delighted that a CVA proposal has now been recommended to creditors.

 

“This proposal has been designed to ensure that the club's current financial position has as minimal an impact as possible by ensuring that charities, small local businesses and certain employees that have supported the club whilst in administration do not lose out and are paid in full.

 

“If approved, the proposal will also ensure the club's survival and give the club an opportunity to steady itself and get back on its feet after a troubled few years. Ultimately the CVA is conditional upon reducing the wage bill of the club and agreeing compromise agreements with certain players but we are confident that the administrators will be able to deliver this.

 

“The club's recent history has been well documented but we remain committed to seeing this through so as to get Portsmouth Football Club into a financially secure position off the field and to improve the club's fortunes on it. The approval of the CVA is vital to this plan as it will ensure that the club does not start the new season with a further points deduction, which is obviously crucial to the club's chances of returning to the Championship the following season.

 

“I would therefore urge all creditors entitled to vote on the CVA to follow the recommendation of the club's administrators and vote in favour of the CVA so as to help save the club and get it back to the position that it should be in.”

 

Ends

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rallyboy

rallyboy

Posted
Posted

no surprises there - wooly promises of vague amounts that will never appear because the players won't take pay cuts.

Looks like Chinny trying to buy the club for nowt and write off all debt.

 

The big competition win is the funnier one.

Am I right in thinking that while the Trust were desperately trying to raise several million quid to mount a serious challenge to Chanrai, the few spent all their waking hours promoting the UK's leading supplier of gas and electricity via social media, on the offchance of winning £30K towards administration costs?

 

Shall we get behind the Trust or shall we promote a utility company?

By topping the 72-strong table the bestest and pluckiest have certainly demonstrated their passion and committment - to naivety.

 

It's like rolling up at an earthquake aftermath with a dustpan and brush.

 

They still don't get it.

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anothersaintinsouthsea

anothersaintinsouthsea

Posted
Posted
PKF issues Portsmouth FC CVA proposals

 

Portpin proposes offering creditors £500,000 in cash as an up front payment. In addition, Portpin will settle in full the club’s debts to charities, small local businesses owed less than £2,500 and part-time club employees who are owed wages prior to the administration and who worked for the club during administration. Ends

 

Oh FFS they going to try and pull that one again :facepalm:

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saintjay77

saintjay77

Posted
Posted

I can't believe he has pulled the 100% payment to charities and local businesses owed less that £2500 again. Has the last lot been paid yet?

 

I also like the way Chainrai wants just about everyone to wave big portions of their debt so he can run the club long enough to get all of his money back.

 

I bet the gullible fools fall for it once more. :lol:

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dronskisaint

dronskisaint

Posted
Posted
PKF issues Portsmouth FC CVA proposals

 

8 June 2012: Trevor Birch a partner at PKF, and the joint administrator of Portsmouth Football Club (2010) Ltd, has today sent proposals to the club’s creditors for a Company Voluntary Arrangement (CVA).

 

He said: “We have written to all of the club’s creditors to inform them of the CVA proposals, which are based on an offer made by Balram Chainrai’s Portpin.

 

“We believe that these proposals are likely to give the best possible deal for creditors and provide the most realistic opportunity for protecting the club’s financial position going forward and avoid liquidation.

 

“There has been a considerable amount of interest in the club over the past few months but nobody has been able to prove their ability and willingness to complete on a purchase other than Portpin.”

 

Portpin proposes offering creditors £500,000 in cash as an up front payment. In addition, Portpin will settle in full the club’s debts to charities, small local businesses owed less than £2,500 and part-time club employees who are owed wages prior to the administration and who worked for the club during administration. A further £500,000 will be offered to creditors if Portsmouth returns to the Premier League within five years.

 

As a result, PKF estimates that unsecured creditors will initially receive approximately 2p in the pound under the terms of the CVA - although this may rise if Portpin and the administrators succeed in convincing the administrator of Convers Sports Initiatives to waive its claim.

 

The offer from Portpin is conditional on creditors voting in favour of the CVA and certain players agreeing to compromise their future contractual entitlements

 

PKF believes that unsecured creditors would not receive any payment if the club is forced into liquidation.

 

Trevor Birch continues:

 

“We have invited all creditors to a meeting at Fratton Park on Monday 25 June at which they will get an opportunity to vote on the proposals. If the CVA is accepted, it will pave the way for Portpin to acquire the club before the start of the next season.

 

“PKF will continue to work with Portpin, the Football League and the Professional Footballers’ Association to finalise a long term and sustainable business plan for the club.

 

“There is still much to do but Portsmouth Football Club is now a step closer to leaving administration and returning to stability.”

 

Balram Chainrai said of the proposal:

 

"I am delighted that a CVA proposal has now been recommended to creditors.

 

“This proposal has been designed to ensure that the club's current financial position has as minimal an impact as possible by ensuring that charities, small local businesses and certain employees that have supported the club whilst in administration do not lose out and are paid in full.

 

“If approved, the proposal will also ensure the club's survival and give the club an opportunity to steady itself and get back on its feet after a troubled few years. Ultimately the CVA is conditional upon reducing the wage bill of the club and agreeing compromise agreements with certain players but we are confident that the administrators will be able to deliver this.

 

“The club's recent history has been well documented but we remain committed to seeing this through so as to get Portsmouth Football Club into a financially secure position off the field and to improve the club's fortunes on it. The approval of the CVA is vital to this plan as it will ensure that the club does not start the new season with a further points deduction, which is obviously crucial to the club's chances of returning to the Championship the following season.

 

“I would therefore urge all creditors entitled to vote on the CVA to follow the recommendation of the club's administrators and vote in favour of the CVA so as to help save the club and get it back to the position that it should be in.”

 

Ends

 

 

Like he paid off the small creditors and charities last time??! It beggars belief that anyone would swallow that again!

 

This is his cheap way (given it's exclusivity) of retaining the ground - and shows that the 'bestest' with all their 'well-minted' fans couldn't raise even one million quid to challenge Chanrai....but never mind - they can use their £30k (unconfirmed as yet?) to clear the fat out of the pipes.

 

And the amusement flows endlessly on...

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Torres

Torres

Posted
Posted

So hang on, football creditord and claims under £2500 will be dealt with outside the CVA and so are not valid claims for votes on the proposal? Eh?

 

Regardless, BakerTilley have £16.5m of either £40.2m or £33.6m. They can kill this dead if they wish.

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trousers

trousers

Posted
Posted (edited)

Meanwhile....

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/mandaric-my-pompey-pain-1-3929187

 

Mandaric: My Pompey pain

 

Published on Friday 8 June 2012 11:00

 

Milan Mandaric spoke of his heartache at Pompey’s demise and admitted: It makes me sick.

 

The man who rescued the Blues from administration and established them as a Premier League outfit has today spoken out over his former club’s troubles.

 

And Mandaric hinted that Balram Chainrai has to take responsibility not to ‘destroy’ the side he took over in 1998.

The Serb billionaire insisted he has been pained and angered to see the club fall apart in recent seasons.

Mandaric, who now owns Sheffield Wednesday, stated he is stunned by the extent of the problems Pompey face.

Chainrai looks set to return to the fray as he looks for a return on the £18.5m he is owed.

 

Mandaric believes the Hong Kong-based businessman has to carefully consider his role moving forward.

He said: ‘It breaks my heart to see the club where it is now, to be honest. If somebody wanted to destroy the club, they couldn’t do a better job.

 

‘It makes me sick, to be honest, after everything.

 

‘I just hope they can sort things out and make some progress there.

 

‘It just makes me angry because I can’t do anything.

‘To be honest, even if I could I don’t know if it would be possible.

 

‘It just sounds messed up so much. It needs to be sorted.

 

‘Maybe some people need to give in a bit to not totally destroy the club.

 

‘It’s the fans’ club. Unless you can do something to help out – don’t bother.’

 

Mandaric’s eight-year stint as Pompey’s owner came to a close in 2006 when he sold to Sacha Gaydamak.

 

He admitted he would have thought twice about doing so had he known what would eventually take place at Fratton Park.

 

The 73-year-old delivered an emotional assessment of his feelings towards Pompey fans and his relationship with them.

 

He feels they remain the club’s biggest asset and will not let the Blues die if their problems continue.

 

Mandaric said: ‘Sometimes I blame myself. If I’d known this was going to happen I would never have walked away.

 

‘It looked good and it looked good in the beginning under Gaydamak but someone, somewhere lost the plot.

 

‘Portsmouth is my love affair, no matter where I am.

 

‘I carry my key ring which says “Play up Pompey” everywhere with me.

 

‘It’s a special club. It’s not only special to me. I have never found one person who has had anything but nice things to say about Portsmouth supporters.

 

‘It makes me feel good. It’s not only me with the memories.

 

‘But the way I was accepted and appreciated was wonderful.

 

‘You either have that relationship or you don’t.

 

‘You are who you are and the fans took to me.

 

‘They are special people and will not let their club die.’

Edited by trousers
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pedg

pedg

Posted
Posted
So hang on, football creditord and claims under £2500 will be dealt with outside the CVA and so are not valid claims for votes on the proposal? Eh?

 

Regardless, BakerTilley have £16.5m of either £40.2m or £33.6m. They can kill this dead if they wish.

 

They do appear to be playing the "in the case of liquidation unsecured creditors will get nothing" card rather strongly. Are Baker Tilley bound to accept the scenario that gives the initial creditors the best deal, even if its only one step away from b*gg*r all?

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Torres

Torres

Posted
Posted
They do appear to be playing the "in the case of liquidation unsecured creditors will get nothing" card rather strongly. Are Baker Tilley bound to accept the scenario that gives the initial creditors the best deal, even if its only one step away from b*gg*r all?

 

BT have to vote in favour of whatever is in the best interests of the OldCo unsecured creditors. HMRC are the biggest of those creditors now, by far. BT have to vote whichever way HMRC tell them to, IMO.

 

HMRC aren't going to vote in favour of this ****e.

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pedg

pedg

Posted
Posted
BT have to vote in favour of whatever is in the best interests of the OldCo unsecured creditors. HMRC are the biggest of those creditors now, by far. BT have to vote whichever way HMRC tell them to, IMO.

 

HMRC aren't going to vote in favour of this ****e.

 

Is it that certain? If it is then why even go to the effort of sending on the CVA if it is doomed even if they get rid of the big earners?

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Ken Tone

Ken Tone

Posted
Posted

So how do they get round this clause? Surely if Ben Haim etc just say 'no' the whole thing is scuppered anyway?

 

That the Administrators agree compromise agreements with the PFA,

certain players and certain employees for all outstanding amounts of

salaries, bonuses, future contractual rights and all other forms of

remuneration or income of certain players and certain employees. For

the avoidance of doubt, it shall be the sole responsibility of the

Administrators to agree the above compromise agreements and in the

event that the Administrators fail to agree these compromise

agreements, there shall be no obligation on the Purchaser to complete

on the SPA .

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