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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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trousers

trousers

Posted
Posted (edited)
Aaron Mokoena officially released on a "compromise agreement over money outstanding"...

 

http://www.portsmouthfc.co.uk/LatestNews/news/Mokoena-Agrees-Fratton-Exit-3520.aspx

 

So a Football Creditor not paid in full and railroaded into a reduced deal!

 

Yeah....but he "agreed" to it ergo they haven't failed to pay him what he has now agreed to be owed... That's how finances work down Pompey way... Carlsberg don't do moving goalposts, but if they did....

Edited by trousers
Danish Saint

Danish Saint

Posted
Posted (edited)
Just looking at their first team profile on their OS is laughable. They have:

 

Goalkeepers:

 

NONE

 

Defenders:

 

Aaron Mokoena (Will be gone by the end of the week)

Greg Halford

Tal Ben-Haim (30k a week)

Adam Webster (Will surely get a starting place)

 

Midfielders:

 

Liam Lawrence (Won't stay)

David Norris (On verge of moving to Leeds)

 

Attackers:

Kanu (Hasn't returned and probably won't)

Dave Kitson

Ashley Harris

Luke Varney (On verge of moving)

Erik Huseklepp

 

That's it. Even with free transfers, I think they'd struggle in league two.

 

You can also add Huseklepp to the list of players on the way out. Rosenborg is ready with a bid, according to his agent, who also mentions other foreign and Norwegian clubs interested in getting him.

http://www.nrk.no/nyheter/distrikt/hordaland/1.8241488

Edited by Danish Saint
stevegrant

stevegrant

Posted
Posted

And there we go :lol:

 

It's all irrelevant until they actually confirm that someone will be buying the club and taking it out of administration. At this stage, I'll still be quite surprised if they manage to start the season.

Gemmel

Gemmel

Posted
Posted

The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club.

 

The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the Club going forward.

 

The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs. Through its Insolvency Policy, The League aims to secure the continuation of the club in its local community. In seeking to achieve this it requires that:

 

a) all football debts have been settled in full (although these may be compromised by mutual agreement).

 

b) creditors have been given the opportunity to indicate their satisfaction (or otherwise) at the proposed arrangements (normally through the acceptance of a Company Voluntary Arrangement (CVA)).

 

In Portsmouth's previous administration, a significant amount of unsecured debt was compromised in a CVA approved by creditors in June 2010, with an anticipated outcome of twenty pence in the pound. In the event, these creditors had not had their claims settled prior to the Club's further administration in February 2012.

 

Under the new CVA these claims would be further compromised to less than one penny in the pound without creditors having the opportunity to indicate whether they find this acceptable. This is because the claims rest in the liquidation of the previous company and the liquidator of that company has voted to accept the terms of the new CVA.

 

Therefore, the Board were faced with the prospect of numerous unsecured creditors receiving less than one penny in the pound, without having the opportunity to indicate their satisfaction (or otherwise) in the normal way. In the Board's view, these arrangements do not respect a key principle of The Football League's Insolvency Policy (as described above in b).

 

Therefore, as a condition of membership, any new company established to apply for ownership of Portsmouth Football Club's share in The Football League will be required to:

 

1. Accept a deduction of 10 points in the 2012/13 season;

 

2. Agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.

 

3. Pay all football creditors in full, unless mutually acceptable compromise agreements are put in place.

 

4. Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons.

 

It will now be for the administrator to seek to finalise arrangements for the sale of the club with interested parties. The Board will consider the application for transfer of membership once the administrator has selected the final purchaser

trousers

trousers

Posted
Posted
The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club.

 

The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the Club going forward.

 

The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs. Through its Insolvency Policy, The League aims to secure the continuation of the club in its local community. In seeking to achieve this it requires that:

 

a) all football debts have been settled in full (although these may be compromised by mutual agreement).

 

Ah...there you go....so not "in full" as your average normal person would understand it to be, but "in full" in the la la la emotional blackmail land of PFC.....

carljack

carljack

Posted
Posted
And there we go :lol:

 

It's all irrelevant until they actually confirm that someone will be buying the club and taking it out of administration. At this stage, I'll still be quite surprised if they manage to start the season.

 

Good point surely with the -10 and "stricter financial controls" they are further away than ever from being sold!

SHALA LALALALAL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

trousers

trousers

Posted
Posted
Who wants to buy an empty club with these restrictions?

 

True, but don't forget the only reason Chainrai wants to regain control of the club (allegedly) is to recoup as much as he can via the Parachute Payments. He can still do that (to a certain degree) IF the players agree to the "compromise arrangements" that the Football League ruling today makes provision for.

 

His CVA 'offer' was always conditional on this happening anyway. Chainrai won't care one jot about the -10 point penalty as long as the players can be off loaded cheaply.

 

So, this ruling today doesn't, as far as I can tell, affect Chainrai's position one jot.

trousers

trousers

Posted
Posted

MLG - time to dig out that quote from Birch, and the ensuing Tweet from Allen, "confirming" that the Football League won't deduct any further points from Pompey if the agree a CVA.... :lol:

Gemmel

Gemmel

Posted
Posted
Ah...there you go....so not "in full" as your average normal person would understand it to be, but "in full" in the la la la emotional blackmail land of PFC.....

 

Don't worry about that too much Trousers..... I'm not sure kanu or TBH are in the mood to compromise :) :)

Gemmel

Gemmel

Posted
Posted
MLG - time to dig out that quote from Birch, and the ensuing Tweet from Allen, "confirming" that the Football League won't deduct any further points from Pompey if the agree a CVA.... :lol:

 

Just go the the news web chats.... Allen posted four or five times, it was guranteed no points deductions

sidthesquid

sidthesquid

Posted
Posted
I still don't think -10 points is enough considering they have effectively wiped out over £100m worth of debt by diluting it with a new CVA.

 

I think this is the line that will ensure that justice is done -

 

4. Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons.

Saint Keith

Saint Keith

Posted
Posted

Ha ha ha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha haha ha

vindaloo73

vindaloo73

Posted
Posted

methers

 

4:34 PM on 12/07/2012

 

nobody likes us but we don't care. U may be laughing now FL but u wont be when we survive next season. So u can stick ur 10 points wherever u like!

 

:lol:

Jimmy_D

Jimmy_D

Posted
Posted

If I was a Pompey player right now, I'd be putting my claim for money under the FCR in right now, like Kanu has done, before the pot of parachute money is all gone to other players...

sidthesquid

sidthesquid

Posted
Posted
So my fellow nutjobs, what is the consensus - have pompey finally got what they deserved?

 

It's definitely getting there - death by a thousand cuts rather than a mercy killing.

trousers

trousers

Posted
Posted

http://www.pkf.co.uk/pkf/news/football_industry/administrator_critical_of_%E2%80%98unjustified%E2%80%99_portsmouth_points_deduction

 

[h=1]Administrator critical of ‘unjustified’ Portsmouth points deduction[/h]

12 July 2012: The Football League agreed at a meeting earlier today to impose a 10-point deduction for Portsmouth Football Club for the 2012/13 season.

 

Commenting on the decision, Trevor Birch, a partner at PKF Accountants & business advisers and joint administrator of Portsmouth Football Club (2010) Ltd, said:

“We are extremely disappointed that the Football League has decided to impose yet another penalty on the club.

 

“I think most people would agree that the 10-point deduction imposed last season was sufficient, particularly as it played a huge part in the club’s relegation to League One.

 

“The fans, players and staff have suffered enough for something for which they weren’t responsible. We feel it is unjustified for the club to be punished further.

 

“We’ve made it clear to the League that Portsmouth needs all the help it can get at the moment, which makes today’s decision very harsh.

Gingeletiss

Gingeletiss

Posted
Posted

 

“We’ll continue to do all we can to give Portsmouth the best possible chance of survival. And there are some grounds for optimism. We’re making headway with the wage bill reductions - Hayden Mullins and Aaron Mokoena have left today, and I expect three or four others to follow very soon. Kanu has also effectively indicated his intention to leave the club. This means that well over half of the club’s ten top earners are now close to disappearing from the payroll.

 

:lol::lol::lol: He sure has!:lol:

Gemmel

Gemmel

Posted
Posted

what possible justification can the FL have for this appalling decision? It is spiteful and vindictive, and serves no purpose other than to kick us when we are down.........we are being punished for the same offence twice, as I see it, seeing as how we had points deducted last season. The only people to be affected by this are the players and fans of the football club, who were not responsible for or at fault for the administration or mismanagement of the club. The five or six thousand loyal fans of the club who have put their money up front in the purchase of season tickets have effectively had the value of those season tickets reduced, and the club has, at a stroke been rendered even less attractive to any potential buyer.

Given the fact that we are also subject to a transfer embargo and are being totally hamstrung in our efforts to get out of the mess we are in, and instead of offering help and support, the league are obstructing and hindering any possible progress we try to make....... it is shameful and does the FL no credit , it merely highlights their own inept running of the league they are supposed to be in charge of, and however you look at this, you can find no justification or valid reason for it.......we are an easy target and are being victimised. This will not deter any other club or chairman, it will not stop mismanagement at football clubs and will not achieve anything at all within the football league, all it does is give the other 23 clubs in league one an unfair advantage over the coming season. Nice one Football League, and thanks for nothing.. again

 

 

Poetry, pure poetry.... agenuine thankyou to who wrote that on the news site

Verbal

Verbal

Posted
Posted
“I think most people would agree that the 10-point deduction imposed last season was sufficient, particularly as it played a huge part in the club’s relegation to League One.

 

Really??? Cloud Cuckoo land!

 

That's just Birch playing to the gallery. He must have known something like this was coming.

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