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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Clapham Saint

Clapham Saint

Posted
Posted
A much longer time since BT were appointed to liquidate Oldco and carry out a forensic examination of their finances. What exactly was the outcome of that; I seem to have missed hearing anything further about it. Were the finances declared to be honest and accurate?

 

The report is confidential between BT and DPP.

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holepuncture

holepuncture

Posted
Posted
Even if they liquidate PFC 2010, the remaining PPs will be there. The players debt will be a football creditors debt so the PPs would be used to cover that. In any event the contracts are taken over by the FA as far as I can make out. There would be no asset value in the liquidation.

 

Just like the good man Chainrai, the players will get their money back, their position is secured.

 

Its just Trevor publically blackmailing the players, borrowing one of the russian mafias revolvers and putting it to TBHs head. No wonder TBH wont budge one bit, if I were him I would be f*cking fuming at the way he has been made the public scapegoat for all the mess that has happened above and around him. He signed when in the premier league, when theres only one Peter Storrie had dozens on at least £50k PW (+ images rights), TBH was a cheap mercanry player back then, its not his fault he is now the top earner because all the rest ditched the skates.

 

 

Im starting to warm to this Neil Allen chap, I suspect he reads this thread and then writes a baited newspiece full of garbage in an attempt to wind us nutjobs up, along with boasting his hit rates...

 

Why Norris will never be forgotten at Fratton Park

It provided David Norris with the greatest feeling of his footballing career...

By his own frank admission, Norris’ Fratton Park career is over but April 7, 2012, booked him into Pompey folklore forever...

 

Southampton fans may point out – regardless of the 2-2 scoreline – they still managed to secure promotion while Michael Appleton’s side were ultimately relegated...

 

Yet for Pompey fans, they had twice avoided defeat against their fierce rivals in what was a car crash of a season...

 

PMSL, bless

 

We had been written off, nobody gave us a chance. We were this side struggling against relegation and they were in the league’s top two.

 

And the fact Southampton never beat us that season was definitely a crumb of comfort for everyone connected with the club.

 

Correct, we were top two all season, and you were down at the bottom all season... difference in wage bill? Minimal, you were brought in for a promotion charge on top NPC wages Dave, along with the rest of the squad. Storrie is right, with a £11m P.A wage bill they should have stayed up regardless of the points deduction!

 

Enjoy your crumb, I hope it comforted you whilst you put relegation against your name...

 

 

No bid for Pompey favourite - yet

 

Pompey have yet to receive a bid from Sheffield Wednesday for David Norris.

 

However, The News understands the Championship newcomers are intent on capturing the 31-year-old and intend to firm up their interest.

 

So Sheff Wed are intent on capturing Norris and intend to firm their interest... yet pompey have yet to recieve a bid!

 

Brilliant, I think you are making it up as you go along Neil!

 

 

Perhaps is waiting for liquidation from the club he did over for millions and posed in a digger for before he gives Norris a call!

 

Liquidate those DFCSBs!

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rallyboy

rallyboy

Posted
Posted

ain't nothing going on but the rent.

And a HUGE wagebill.

 

as we went off topic and it's likely to happen again, I'd just like to clarify my position.

If it's between a debate over Rupert's management and the pair of tits, I'll be voting for the latter.

 

Rush me to that art gallery, but please remember the hood.

 

As they say at Horton Heath, there's a little bit of Avram in all of us...:scared:

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Frank's cousin

Frank's cousin

Posted
Posted

Off topic :blush: I hang my head in eternal shame

 

So its all gone quiet on the Eastern Front. The Ruskies invaded, pillaged and withdrew, leaving their fat in the pipes.

 

So currently we have:

 

Chinney, following his public divorce from the slapper club, has been tempted into a possible reconciliation, but as she still owes him following running up the credit cards on expensive clothes little realizing that she still looked like a cheap slapper...dressed in expensive clothes... he's insisting on a water tight pre nup that she gets rid of wardrobe first... shame nobody wants the soiled overpriced goods - although she has yet to try ebay. Meanwhile who owns the house is still contested, yet detriorating, fat in the pipes, without the cash to call the plumber.

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Whitey Grandad

Whitey Grandad

Posted
Posted
Even if they liquidate PFC 2010, the remaining PPs will be there. The players debt will be a football creditors debt so the PPs would be used to cover that. In any event the contracts are taken over by the FA as far as I can make out. There would be no asset value in the liquidation.

The money all goes back into the big pot, doesn't it? I still can't find out about who takes over the contract payments, the FA of the PFA. When Middlesbrough were liquidated the PFA merely lent the money for paying the players.

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Winchester Red

Winchester Red

Posted
Posted
The money all goes back into the big pot, doesn't it? I still can't find out about who takes over the contract payments, the FA of the PFA. When Middlesbrough were liquidated the PFA merely lent the money for paying the players.

 

The sums were a zillion times smaller back then though

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suewhistle

suewhistle

Posted
Posted
I still can't find out about who takes over the contract payments, the FA of the PFA. When Middlesbrough were liquidated the PFA merely lent the money for paying the players.

 

Must admit I've been wondering about this too. Could it be neither? Certainly when I was in a trade union when working for a big company they would have helped me on the legal side, but not in any significant financial way. Contract payments are normally between the two parties involved: I can't see the PFA taking on an open-ended financial commitment when their only income is player's subs.

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St Jim

St Jim

Posted
Posted
They borrowed £30,000 from the PFA to pay the players' wages.

 

 

lol that wouldn't touch the sides at P****y, wouldn't even touch the sides of one player's wages even in today's money (30k in 1986 in today's cash is approx 100k). A loan like that to P****y would be like trying to put out the Towering Inferno with a water pistol.

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Clapham Saint

Clapham Saint

Posted
Posted
How are any of the creditors better off than if he had pulled the plug straight out six months ago - or at the very least the day the after the last game was played?

 

I suspect that TB's argument would be that they are better off by 2% of the amount owed.

 

Had he gone straight to liquidation there would have been no gate receipts or player sales. The only asset to be sold would have been the ground. All receipts (less costs) would have gone to chinny. Other creditors would have receieved nothing.

 

With the CVA the unsecured creditors receive 2% (less costs).

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pedg

pedg

Posted
Posted
I suspect that TB's argument would be that they are better off by 2% of the amount owed.

 

Had he gone straight to liquidation there would have been no gate receipts or player sales. The only asset to be sold would have been the ground. All receipts (less costs) would have gone to chinny. Other creditors would have receieved nothing.

 

With the CVA the unsecured creditors receive 2% (less costs).

 

However the players have been paid at least a portion of their salaries since the season ended and that would be money that could have gone to creditors. The money spent in the administration must have come from somewhere as well.

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stevegrant

stevegrant

Posted
Posted

I wonder if anyone's thought to try to negotiate a deal with the Football League whereby Pompey are allowed to make players redundant (as Rangers have in Scotland), and NOT fulfil the contract as per the Football Creditors Rule, in exchange for a points deduction. At least that way, they'd be in a position to have a viable business plan at some point.

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70's Mike

70's Mike

Posted
Posted
I suspect that TB's argument would be that they are better off by 2% of the amount owed.

 

Had he gone straight to liquidation there would have been no gate receipts or player sales. The only asset to be sold would have been the ground. All receipts (less costs) would have gone to chinny. Other creditors would have receieved nothing.

 

With the CVA the unsecured creditors receive 2% (less costs).

 

problem is most of the creditors heard that after CVA1 and got zilch

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Frank's cousin

Frank's cousin

Posted
Posted
http://www.newsnow.co.uk/A/582029647?-11209

 

 

Funny we ahve been saying the same for a long time.

 

Sadly just more mud slinging at the players ...who signed in good faith... and are now expected to walkaway for nothing.... they have balmed eveyone else so not surprized, and they are an easy target.... PFA should behaviong a word as its in effect constructive dismissal, forcing them out with emotional blackmail... sickening like everything else to do with that quagmire of a club

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trousers

trousers

Posted
Posted (edited)
http://www.newsnow.co.uk/A/582029647?-11209

Funny we ahve been saying the same for a long time.

 

Published on Friday 15 June 2012 14:50

POMPEY could be facing liquidation within five weeks, an administration expert claimed today.

 

Players need to stop holding out for big payouts which are making it impossible for the club to continue running into next season, said Antony Fanshawe, of Begbies Traynor insolvency firm.

 

The company has been advising the Pompey Supporters’ Trust on its bid to buy the club, but says the players’ compensation payments could thwart both the PST bid to buy Pompey, and a bid from Balram Chainrai’s Portpin.

 

Under insolvency rules, football creditors such as players are entitled to the whole amount of money they are owed both in wages and in payments to compensate them for having their contracts cancelled early.

 

And it is this rule, says Mr Fanshawe, which will see Pompey go out of existence unless the players agree to walk away with less money by July 23.

 

He said: ‘This is as serious as it gets.

 

‘If this isn’t sorted out there’s going to be no deal and the players will get nothing.

 

‘It needs to be done now, because the CVA meeting is on Monday, June 25 and then there’s 28 days for anyone making the deal to walk away.

 

‘It’s really urgent.’

 

Pompey are expecting to get parachute payments of £14m next season when they start in League One.

 

But the players’ wages add up to a staggering £24.5m bill, which leaves a £10.5m hole for Pompey’s new owners - whether the PST or Portpin - to attempt to fill.

 

It would mean there would be no money to keep the club running day-to-day, and at that point there could be only one option left to Pompey’s administrators - to liquidate the club.

 

‘It’s just laughable,’ said Mr Fanshawe.

 

‘The figure has got to be brought down, and it’s the number one issue.’

 

The PST is due to table its own bid to buy Pompey next week, but the issue of players’ compensation could see that under threat.

 

The trust would not comment definitively, but said: ‘We have always maintained that without a significant reduction in the annual wage bill it would be impossible for the trust to put together a sustainable bid.

 

‘If the highest wage earning players are not removed soon the club is in very real danger.’

 

Pompey administrator Trevor Birch, however, said there is no need for panic and the deals can go ahead as planned.

 

He said: ‘The players don’t know what the amount of compensation they can expect will be yet.

 

‘This is not something that happens now - players are paid their compensation at some point in the future.

 

‘It’s not a quick process and they still don’t know who is going to take over or the money that will be on offer.’

 

5 weeks?! We've got that long to wait? Jeeez....

Edited by trousers
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70's Mike

70's Mike

Posted
Posted
Sadly just more mud slinging at the players ...who signed in good faith... and are now expected to walkaway for nothing.... they have balmed eveyone else so not surprized' date=' and they are an easy target.... PFA should behaviong a word as its in effect constructive dismissal, forcing them out with emotional blackmail... sickening like everything else to do with that quagmire of a club[/quote']

 

even if they walk the article tends to indicate that the trust plan is to fund the club with the parachute money

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trousers

trousers

Posted
Posted (edited)

 

‘If this isn’t sorted out there’s going to be no deal and the players will get nothing."
So, if I'm reading that correctly, Fanshawe is saying the opposite of what a lot of us have understood to be the case.....i.e. he's saying the players will get nothing in the event of liquidation where some of us have been saying that they will be covered by the Football League and/or PFA.....Who's right? Edited by trousers
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Frank's cousin

Frank's cousin

Posted
Posted
So, if I'm reading that correctly, Fanshawe is saying the opposite of what a lot of us have understood to be the case.....i.e. he's saying the players will get nothing out of liquidation where some of us have been saying that they will be covered by the Football League and/or PFA.....?

 

If liquidated he is right in that the players will get nbothing from teh club...but he fails to mention that the players wil be sorted by PFA - the only way teh players 'get nothing' is if they walk away..... Like I said this is criminal ina way, as in effect its an employer putting pressure on employees to leave through emotional blackmail, as tehir contracts are water tight and need to be paid in full for a golden share to be granted...

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Gemmel

Gemmel

Posted
Posted

The PFA have already got a claim in this CVA for 26 million for past and future salaries.

 

Just google it, but the players are ultimately covered by the PFA. I think administrators think that if they say something, that makes it true.

 

Sorry fanny, but the legend TBH gets his full whack...... Actually it is in all the players interests for the club to go into liquidation.

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trousers

trousers

Posted
Posted

A Pompey fan suggesting that the Pompey players should do the honourable thing.....

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-face-liquidation-within-weeks-claims-expert-1-3958489

"This message is now coming from all angles. I would be astonished if some of the players are not feeling the heat and hope some will soon do the honourable thing and negotiate an exit strategy".

 

"Pompey" and "honourable" in the same thought process.....

 

lol.gif

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holepuncture

holepuncture

Posted
Posted
If liquidated he is right in that the players will get nbothing from teh club...but he fails to mention that the players wil be sorted by PFA - the only way teh players 'get nothing' is if they walk away..... Like I said this is criminal ina way' date=' as in effect its an employer putting pressure on employees to leave through emotional blackmail, as tehir contracts are water tight and need to be paid in full for a golden share to be granted...[/quote']

 

Blackmail away:

 

The PFA have already got a claim in this CVA for 26 million for past and future salaries.

 

Just google it, but the players are ultimately covered by the PFA. I think administrators think that if they say something, that makes it true.

 

Sorry fanny, but the legend TBH gets his full whack...... Actually it is in all the players interests for the club to go into liquidation.

 

 

carey-louise-happiness.jpg

 

tumblr_m1hj26jnYx1qlyrmko1_500.jpg

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Winchester Red

Winchester Red

Posted
Posted
The PFA have already got a claim in this CVA for 26 million for past and future salaries.

 

Just google it, but the players are ultimately covered by the PFA. I think administrators think that if they say something, that makes it true.

 

Sorry fanny, but the legend TBH gets his full whack...... Actually it is in all the players interests for the club to go into liquidation.

 

One thing you can be 100% sure of is that the Agents representing the players in question know exactly what the score is and will be advising their client accordingly. They will get maximum payoff any which way.

 

No amount of bull**** spouting by the Administrators will change that

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Gemmel

Gemmel

Posted
Posted

He said: ‘The players don’t know what the amount of compensation they can expect will be yet.

‘This is not something that happens now - players are paid their compensation at some point in the future

 

So basically, we want you to leave and rip up your contract, but we can't tell you how much compensation we'll give you for doing that or when we will give it to you.

 

Be hard to walk away from that compelling argument

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trousers

trousers

Posted
Posted (edited)

http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-face-liquidation-within-weeks-claims-expert-1-3958489

 

The PFA do not get the parachute payments if PFC is liquidated. No-one does, they get held by the Premier League who are under no obligation to give a penny to players. If the PFA have a fund to pay them something then that is entirely up to them, but in a liquidation scenario the players get virtually NOTHING from PFC.

 

Old red eye is right, they get nothing from the club and he talks about the "PFA have a fund to pay them something", suggesting it won't be very much, when in reality they get the full whack. You could even argue it would be in the players interests for the club to be liquidated.

 

No, I said IF the PFA have a fund to pay them something, thats not anything to do with the liquidation of PFC. If the players come to an agreement over their contracts, that get paid something and can leave and get a new contract with another club. Surely thats the best way forward, perhaps some players are just not getting it or the agents are jeopardising the club.

 

This is brinkmanship and that is all. That aside there is nothing new here. Interesting that oldredeye's first comments were to back up Fanshawe in such a manner. It makes me think that the trust are playing brinkmanship to an agreed strategy.

 

Why does this shed a bad light on the Trust? This is a leading insolvency expert telling it how it is. Its clear that nieither Portpin or the Trust can proceed with any buy-out if players are digging in their heels.

 

If you say so, oldredeye, if you say so.

 

If the players are covered by the PFA, there is no incentive for any one of the players to be the first to agree a compromise deal. I'm only surprised this has taken so long to come to a head.

 

fatcatpat, the players aren't being covered by the PFA.
Edited by trousers
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trousers

trousers

Posted
Posted
It would be amazing if the Football League, having won in court the right to retain the Football Creditors' Rule, then allowed a member club to subvert it so blatantly.

 

If there's one emotion that I've developed an immunity to during this saga it's 'amazement'...

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hutch

hutch

Posted
Posted

Are we surprised that the phew are finding it difficult to grasp the concept of the players being prepared to honour the legally-binding contracts that they signed with the club?

 

One side IS doing the honourable thing, but I don't think they realise which side it is.

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Chin Strain

Chin Strain

Posted
Posted
http://www.bbc.co.uk/sport/0/football/18461364

 

The walls are closing in on them now.

 

If they can't meet their football creditors then the league have to take draconian action to prevent it happening again. Even if the players are bullied out by the club, fans and media, the principle is the same - they were pushed out and suffered financially which should equal big points deduction or relegation another division or two.

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