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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Fitzhugh Fella

Fitzhugh Fella

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If (or is it when ?) they do crash and burn you can bet your life that every ill informed Tom , D1ck or Harriet in the sports media will rush onto the airwaves and start pontificating about what a crying shame it is that this 'lovely little club' with its 'great fans' should come to such a fate . I'll tolerate almost anything in life but hypocrisy - and I can feel my blood starting to boil already at the mere thought of the stream of utter bullsh1t that awaits us . :mad:

 

To be fair as Saints fans our historic enmity with them makes it difficult (if not impossible) for us to be objective but any truly honest appraisal must show that PFC prostituted itself for Russian 'Blood Money' in a manner that no decent football club should ever countenance let alone accept , it must also be said there's a violently aggressive element to their fanbase (more than most clubs have) that many on here can testify to personally and the stunning recklessness of their recent financial mismanagement must surely merit the severest repercussions in the wider interests of the game .

 

I read many Saints fans on here kind enough to express the hope that Pompey survive in some form , while I respect and admire their generosity of spirit and I'm quite sure PFC will continue to exist that's not an opinion I feel very inclined to share .

 

They've earned everything that's coming to them , and it really couldn't have happened to a nicer club .

 

Buy this man a beer - he talks sense with reason.

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Tamesaint

Tamesaint

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But that is being paid by the sky money. If they pay off their debts and have a fair bit to be OK long term then they will have the transfer ban listed.

 

The Sky money is £7m. They owe other English clubs £10m. (according to the Guardian - see post 5691). Lens are also owed £4 million.

 

So the TV money does not clear their footballing debts. The TV money however had already been promised to the people who lent them the money for previous loans.

 

Rest assured. They are well and truly stuffed.

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Tamesaint

Tamesaint

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If (or is it when ?) they do crash and burn you can bet your life that every ill informed Tom , D1ck or Harriet in the sports media will rush onto the airwaves and start pontificating about what a crying shame it is that this 'lovely little club' with its 'great fans' should come to such a fate . I'll tolerate almost anything in life but hypocrisy - and I can feel my blood starting to boil already at the mere thought of the stream of utter bullsh1t that awaits us . :mad:

 

To be fair as Saints fans our historic enmity with them makes it difficult (if not impossible) for us to be objective but any truly honest appraisal must show that PFC prostituted itself for Russian 'Blood Money' in a manner that no decent football club should ever countenance let alone accept , it must also be said there's a violently aggressive element to their fanbase (more than most clubs have) that many on here can testify to personally and the stunning recklessness of their recent financial mismanagement must surely merit the severest repercussions in the wider interests of the game .

 

I read many Saints fans on here kind enough to express the hope that Pompey survive in some form , while I respect and admire their generosity of spirit and I'm quite sure PFC will continue to exist that's not an opinion I feel very inclined to share .

 

They've earned everything that's coming to them , and it really couldn't have happened to a nicer club .

 

 

Its the Harriets in the sports media that get up my nose .... or more specifically Sue Mott who often crops up on 5 Live and who,I believe, writes for the Telegraph.

 

She will be in her element cooing over Pompey. She normally bases her football opinions on the comings and goings at Arsenal ("do you know" she once said on 5 Live "players in Theo Walcott's team before he came to Arsenal used to fight the opposition on the pitch") but I am sure that she will be able to manage a coo at the plight of plucky little Pompey.

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PaulSaint

PaulSaint

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Mark Jacob is a solicitor, he is effectively a professional liar. I reckon this statement was made to force the costs of the players up e.g. its no longer a fire sale, pay up if you want them. Oh and it might also stave off the protests until Gaydemark calls in the Administrator?

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PES

PES

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Please tell me that Mr Jacob's news isn't that Paul Allen fancies a crack at South Coast soccer after all..... I've enjoyed this thread so much I will be gutted if the fishy ones suddenly come up smelling of roses

 

I doubt it, he's currently fighting cancer.

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voteforpedro

voteforpedro

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'The fans should be assured that the long-term future of Portsmouth is going to be secured.'

 

...is going to be secured

There is nothing here to suggest they are any closer to finding an investor or a way out. TBH it looks to me like they have secured another, small, short term loan, adequate to cover the wages of december, but no more.

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Whitey Grandad

Whitey Grandad

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Every month they are falling deeper into the doggy-doos. I can't see anybody investing in them for football reasons. I saw today that West Ham might be available for £40m and even Leeds, after promotion, might be up for sale. Who is going to pay up to £100m for a club with nothing to offer?

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Johnny Bognor

Johnny Bognor

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'The fans should be assured that the long-term future of Portsmouth is going to be secured.'

 

...is going to be secured

There is nothing here to suggest they are any closer to finding an investor or a way out. TBH it looks to me like they have secured another, small, short term loan, adequate to cover the wages of december, but no more.

 

 

"The funds are already in my account and they have been authorised to go, so depending on the banking system the funds will be with the players on Thursday morning," he told Sky Sports News.

 

"We're very confident this is the end of any trauma that the club has been suffering, not only in the last month or so but perhaps for the last couple of years.

 

"We're very, very confident there will be an injection of funds and I'd just like to place on record how supportive the fans have been over the period since the takeover despite one or two recent issues.

 

I was thinking along the same lines. One minute the moeny is in the bank, the next, there will be an injection of funds. Either he has it or he doesn't. Or maybe there will be another injection possibly at some point in the future.

 

Or am I reading in to this too much?

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Torrent Of Abuse

Torrent Of Abuse

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I was thinking along the same lines. One minute the moeny is in the bank, the next, there will be an injection of funds. Either he has it or he doesn't. Or maybe there will be another injection possibly at some point in the future.

 

Or am I reading in to this too much?

It does read to me that they have managed to get a loan to pay the wages (perhaps they are very very very very confident because it can cover next month's too?) and there are active discussions afoot about more money. History would suggest any new money will also be a loan though - and I doubt anyone would seriously put money in as an investment - so aren't we just talking about piling debt on top of debt? how many decades worth of non-existent TV money do you think they are going to put on the roulette wheel this time?

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St Marco

St Marco

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That is 100% spot on and is what i was trying to say.

 

The PL have acted like total chumps and are just to blame. They should of had a good knowledge of how the finances were going to be paid long before they even sat down to look at the fit and proper test with the first guy let alone the 2nd one. They ****ed up big time, not once but twice. And now they are trying to cover their ass by making it sound like Pompey have got a good deal! What they care about is the "prestige" of the brand remaining in tact. They could not give a fook about Portsmouth or the fans. If it drags on they will get relegated and then they will be fed to the wolves. All of which the PL will say they tried to help them. By doing what exactly?

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Fowllyd

Fowllyd

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Anyone else wondering why the money is in Mr Jacob's account instead of PFC's account?

 

http://www.skysports.com/story/0,19528,11095_5837689,00.html

 

"The funds are already in my account and they have been authorised to go"

 

Assuming it's true in the first place, it'll be because he's a solicitor and therefore is entitled to hold client monies in an account which exists for that purpose. It's much the same as when you buy/sell a property - the money goes to your solicitor's account, and they then pay off everybody who needs to be paid (including themselves, natch). I seem to recall that Pompey staff were paid from the same account last month.

 

There's no mention in the statement from Jacob about where the money came from, or indeed where any putative additional funds are coming from either. All the bland reassurances have been heard before - I still reckon they're deep in the poo and not about to get out of it.

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Dark Munster

Dark Munster

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Someone is gonna lose a shyteload of money if we go into admin, and it's such a tangled web of contracts, loans and broken promises all round that no-one seems to know WHO will lose most. However, if it means that new investors start sniffing around and we start again with something near to a clean slate, I'll take the 9 point penalty, the ignomy of probably the record lowest points total, relegation, 12k crowds next season and you lot crowing forever more if it means the club survives in some form.....

 

But your lot will still probably be above us 3 years from now, right? :wink:

 

Thats not fair. Not many of us who come on here were laughing believe me. I never stuck the knife in because I'm old enough to know that what happens to you today could happen to me tomorrow.

 

In fact, when most of you were crapping yourselves over the prospect of administration, I was one of the few who was telling you not to worry about it because it might be the best thing that could happen to you in the medium to long term. So far I'd say I was right about that.......

 

Yes, you were absolutely right. But I think you'll be absolutely wrong with your prediction that P***** will still be above us 3 years from now. :D

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Under Weststand

Under Weststand

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Anyone else wondering why the money is in Mr Jacob's account instead of PFC's account?

 

http://www.skysports.com/story/0,19528,11095_5837689,00.html

 

"The funds are already in my account and they have been authorised to go"

Does this mean that they've now filled in their application to www.QuickQuid.com & its been approved. Also that troublesome file has now been moved, and allowed the funds to be ready to go!

Seems to me that its just the latest loan to pay this months wages are in place, the rest is just the same Bulls**t rhetoric to which we've become accustomed.

As much as I have a nagging doubt that they will get out of this, I just can't see how? In the current financial climate who, unless your a wealthy fan with a minimum 50-million to burn would be interested in throwing money down the black hole that is PFC. They have no viable assets & nothing to secure loans against. unless I'm missing something.

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St Marco

St Marco

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Interesting that Storrie does not share the same view as Jacobs

http://www.football.co.uk/portsmouth/storrie_fears_more_player_sales_300775.shtml

 

If they have this money in the accounts that will secure "the longterm future which will provide a big cash injection" then why does Storrie fear they will have to sell more players this month?

 

It also seems where he say's "They thought they were in a strong position to replace bank finance and bring in a major new investor that was going to come in and be involved.

 

"But those two things have not happened and, although they are working on doing that, time is catching up with them in terms of the debts and the money that is needed to run a Premier League football side."

 

which to me sounds like they still have not got anything sorted....

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Eastcowzer

Eastcowzer

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Maybe to keep it out of Daniel Azougy's account?

 

Of course by 'paying' the players today,(allegedly), Mr Jacobs will be able to concentrate his mind on where he will find the next £2 million for this months wages, due, officially, in 17 days time.

How about ANOTHER short-term loan, that might help. !

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dubai_phil

dubai_phil

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OK after a great deal of research I think I have found out a couple of their options.

 

http://business.maktoob.com/20090000415930/Kuwait_parl_t_OKs_23_bln_debt_bailout_bill/Article.htm?utm_campaign=Day-Newsletter&utm_medium=Main-News1&utm_source=Day-Newsletter&utm_content=

 

Obviously the reason Al Faraj doesn't show up in Saudi is he has obviously become a Kuwaiti and got the Government to pay off his overdraft

 

OR

 

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/6944560/Girls-aged-12-and-14-hold-up-bank-in-Ohio.html

 

Now THAT was a cunning plan Baldrick, that's why Storrie teller went on a world tour

 

 

Well, let's face it, both of those are more likely than somebody lending them 100mil

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Tamesaint

Tamesaint

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Whenever I look on the 606 forums all I ever see is supporters of other clubs saying how they hope Pompey survive and wishing the best and praising their 'Amazing' supporters. Seriously.. wtf??

 

But everyone knows that its true. Pompey fans are amazing. Thierry Henry said so. Similarly 'arry is just a lovable ****ney chap who has done a triffic job wherever he has gone.

 

As Chapel end Charlie wrote last night, expect the gushing obituaries from every Tom, **** and Harriet in the press once the blue few capsize.

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hutch

hutch

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Surely Portsmouth Football Club have already been replaced by AFC Portsmouth. My understanding of the definition of a PROFESSIONAL sportsman is someone who gets paid for participating in sport.

 

I do hope they pay the players soon. I want them to hang on by the skin of their teeth for the rest of this season, and take the penalty points next season in the CCC.

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pedg

pedg

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Not sure if this has been mentioned before but those ever helpful suits at the PL have now decided that pompey need to also pay their tax bill and convince them pompey will be able to cover future expenditure before removing the transfer ban.

 

http://www.portsmouth.co.uk/sport/Premier-League-warn-Blues.5962475.jp

 

You know its almost as if they wanted them to be relegated! :rolleyes:

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Torrent Of Abuse

Torrent Of Abuse

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I do hope they pay the players soon. I want them to hang on by the skin of their teeth for the rest of this season, and take the penalty points next season in the CCC.

Seconded. I would also like the full details of their finances to become available, with all those other little associated penalties that the league like to apply for financial jiggery pokery (a la Luton).

 

Question is: if Pompey were (just for instance) revealled to be part of a money laundering enterprise, would the story still be "Poor ol' Pompey" or would all that sympathy evaporate? I know it wouldn't be the fans' fault but... Mud sticks...

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trousers

trousers

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What "banking system" is Jacob's using to transfer money from his account to each player's account?

 

If it's the relatively new UK 'Faster Payments' system then the funds transfer is 'almost immediate'...but not all banks particpate in that scheme for all customers yet, but most do.

 

If he/his bank are using the older BACS / Bank Giro Credit system then that takes between 2 and 4 days to transfer money from one account to another, depending on the bank.

 

So, if the money was sitting in his account yesterday AND it was yesterday that he submitted the payment requests to his bank then it could be up to 4 days before all players have received their slice.

 

Depending on what funds transfer system is being used there's a big difference between 'paying' your staff and actually 'being paid'.

Edited by trousers
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trousers

trousers

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Once upon a time I thought there was a law in football called "Bringing the Game into Disrepute"

 

Can anyone explain how what the Skates have been doing for the past months is anything OTHER than this?

 

Surely it is time for some bans or fines

 

When the Football League were throwing the book at SFC during our 'troubles' last year a few people wrote to the Football League about what was going on and got some half decent replies. Has anyone written to the Premier League directly asking for an explanation to this and other questions?

 

Not that I'm naive enough to believe they would give 100% candid replies!

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pedg

pedg

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Posted (edited)

More from the News

 

http://www.portsmouth.co.uk/sport/No-wages-again--and.5962541.jp

 

The News has been told by sources Pompey have assets in the form of the playing squad valued at £50-55m.

 

However, the sale of such assets to offset such an overall deficit could invariably cost the club it's Premier League status.

Can their squad actually be worth 55 million?

 

It sounds like the only asset they own of any value is the squad.

 

How much of that 55 million could they get before they cease to have a team to put out?

 

--- edit ---

 

Also interesting to note that this is the first report based, one assumes on info from within the club, that the latest deadline for payment is the end of this week (but surely its all going through this morning!?).

Edited by pedg
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hutch

hutch

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Whatever the squad is valued at, a lot of that value is in players who have already played for 2 clubs this season, therefore their value cannot be realised now when the cash is urgently needed.

 

Offload players to a new club now, who would then pay their wages for 6 months before they play? What do you think.

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pedg

pedg

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Whatever the squad is valued at, a lot of that value is in players who have already played for 2 clubs this season, therefore their value cannot be realised now when the cash is urgently needed.

 

Offload players to a new club now, who would then pay their wages for 6 months before they play? What do you think.

 

Not to mention that the players also have to agree to move and some, e.g. by some reports James, are happier sticking with high wages that might turn up than take a pay cut.

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bridge too far

bridge too far

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http://http://www.dailystar.co.uk/football/view/115874/Portsmouth-squad-up-for-sale/

 

Now I don't want anybody getting the impression that I regularly trawl The Star's website - a mate of mine posted the link on Facebook.

 

If there is even the slightest degree of truth to this then it is very interesting reading.

 

I couldn't get your link to work - here's the salient point:

 

TROUBLED Portsmouth last night put their whole squad up for sale.

#bodycopy a { font-size: 12px; }

 

 

And Starsport can reveal that the cash-strapped outfit are so desperate for money they even asked the Premier League to guarantee a loan so they could pay their players.

 

Portsmouth secured a lending facility to cover the outstanding £1.8m wage bill.

But one of the conditions was that the League guaranteed the money – and they refused to do so.

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EastleighSoulBoy

EastleighSoulBoy

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Posted (edited)
I couldn't get your link to work - here's the salient point:

 

TROUBLED Portsmouth last night put their whole squad up for sale.

#bodycopy a { font-size: 12px; }

 

 

And Starsport can reveal that the cash-strapped outfit are so desperate for money they even asked the Premier League to guarantee a loan so they could pay their players.

 

Portsmouth secured a lending facility to cover the outstanding £1.8m wage bill.

But one of the conditions was that the League guaranteed the money – and they refused to do so.

 

All falling apart quite nicely then.

Edited by EastleighSoulBoy
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rallyboy

rallyboy

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if they now want the league to guarantee loans have they run out of things to secure against? Is this the last loan they can get?

 

This has been a VERY funny thread but nothing made me laugh out loud as much as when they claimed their squad is worth £50M!!

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