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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Torres

Torres

Posted
Posted (edited)
@pn_neil_allen: #Pompey ownership getting closer to finally being settled. Appleton agrees. http://t.co/sWf4hs3O

 

Well, if Appleton agrees then I am 100% convinced.

 

Although having read Neil Allen's latest drivel, I'm now not so sure.

 

The Blues boss is confident either Portpin or the Pompey Supporters’ Trust will seal a deal to take over the club before Friday’s liquidation deadline.

 

"I have not spoken to Portpin recently...."

 

"To be honest, I am a little bit in the dark."

 

That wouldn't be my definition of confident, Neil. :facepalm:

Edited by Torres
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ALWAYS_SFC

ALWAYS_SFC

Posted
Posted
Well, if Appleton agrees then I am 100% convinced.

 

Although having read Neil Allen's latest drivel, I'm now not so sure.

 

 

 

That wouldn't be my definition of confident, Neil. :facepalm:

 

 

Having had a re-read this line this the most desperate....

 

‘These are professional people, so they know what they are doing – I hope they know what they are doing.

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trousers

trousers

Posted
Posted (edited)

http://www.portsmouth.co.uk/sport/pompey/pompey-past/lawrence-could-cut-deal-to-star-in-pompey-rebirth-1-4132210

 

‘I don’t want to be in the situation where they say I was one of the lads who liquidated the club. That’s not me.

‘I’m not stupid. I’d probably get murdered if the club was liquidated and I was one of the lads left.

‘I wouldn’t do that to the supporters and it hasn’t even crossed my mind.

‘I’m owed a lot of money now and am being paid a lot less than is in my contract to help the club.

 

One assumes the Football League are fully supportive of players not seeking protection under their beloved football creditors rule but instead bowing to intimidation to tear up their contracts.... sigh

Edited by trousers
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rallyboy

rallyboy

Posted
Posted

I believe they will start the season.

But I'm not sure how Birchy is physically going to complete a deal this week...

 

He's had fricking ages to sort the players, why drag it out until now?

Unless of course you are on a VERY healthy daily rate - then there is no need to rush.

 

Step forward the hero who pulled it out of the bag at the last moment, the man who went right to the edge of his fees before saving the day!

 

The administrator's bill is going to go right down to the wire, plus Vat.

 

 

But how will he cram all that in this week?

The amount of work required for a new owner to make sure he doesn't get saddled with Kanu's legal claim or the deferred wages, let alone the fantasy compromise agreements already agreed, must be absolutely enormous and not possible in the timescale.

And that's before you factor in the Tyrekicking Trust bothering him on the phone every day.

 

I forsee lots of quotes this week about being 'nearly there' or 'positive talks' and 'a few sticking points'.

 

 

As for UnAppy, he is obviously UnAware of anything.

 

 

 

And well done to the few for their massive march before the Bolton game! - or was that just the Dave Clark Five out shopping?

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Joesaint

Joesaint

Posted
Posted

Looked at some of the comments and thought I would quote this:

 

"BC will be back this week, MA will get his wish list, and the club is in great shape, has a balance of PP payments over soccer debt and CVA, the best financially geared club in league 1 I suspect...you need to call step toe and stop panicking harold........maths surely not your strong point..."

 

 

Love it!!!

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TopGun

TopGun

Posted
Posted
Looked at some of the comments and thought I would quote this:

 

"BC will be back this week, MA will get his wish list, and the club is in great shape, has a balance of PP payments over soccer debt and CVA, the best financially geared club in league 1 I suspect...you need to call step toe and stop panicking harold........maths surely not your strong point..."

 

 

Love it!!!

 

The unmistakable nonsensical ramblings of Tiger/Drayton, easily the funniest thing on the internet. :lol:

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Colinjb

Colinjb

Posted
Posted
Looked at some of the comments and thought I would quote this:

 

"BC will be back this week, MA will get his wish list, and the club is in great shape, has a balance of PP payments over soccer debt and CVA, the best financially geared club in league 1 I suspect...you need to call step toe and stop panicking harold........maths surely not your strong point..."

 

 

Love it!!!

 

They've merged with Sheffield United?

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FloridaMarlin

FloridaMarlin

Posted
Posted
Looked at some of the comments and thought I would quote this:

 

"BC will be back this week, MA will get his wish list, and the club is in great shape, has a balance of PP payments over soccer debt and CVA, the best financially geared club in league 1 I suspect...you need to call step toe and stop panicking harold........maths surely not your strong point..."

 

 

Love it!!!

 

Looked at some of the comments and thought I would quote this:

 

"BC will be back this week, MA will get his wish list, and the club is in great shape, has a balance of PP payments over soccer debt and CVA, the best financially geared club in league 1 I suspect...you need to call step toe and stop panicking harold........maths surely not your strong point..."

 

It might seem delusional, but how far is he from the truth?

 

As they stand on the verge of spectacularly dumping £150m worth of debt, they probably are well placed.

 

We all feel and believe that BC is keeping them on life support simply to get the will changed to grab the inheritance before pulling the plug, at which point they plunge into the abyss again.

 

But as things stand, there is £14m in a Premier League biscuit tin. No matter the ultimate fate or destination of that wedge, the fact that it exists is enough to convince them and justify what will be another blindly nonchalant cycle of recruiting players they cannot afford and for which they outbid other clubs in order to remain "competitive in League One."

 

It's an interesting comparison between UnAppy and Jan Poortvliet.

 

Poortvliet knew on his appointment that Saints were up Financial Creek with little means of propulsion and that as a result he would be working largely with kids. The ill-fated Dutch experiment was probably never going to work, but it was attempted as part of Saints' acknowledgement that their financial situation dictated football policy.

 

Jan knew the situation, and at no time did he (publicly, anyway) complain.

 

Appleton also knew the financial **** storm he was walking into (if he didn't, as he claims, then he's either stupid or he needs to fire his agent) but has developed a sense of entitlement.

 

Perhaps I've missed it, but I've seen little or no acceptance or resignation of "These are the set of circumstances I've got to work with, I'll make the best of what I've got."

 

Instead, it's that sense of entitlement that despite being in a worse situaton than Saints ever were, prompts him and all those involved to ask for FL leeway, or funds to sign players they should not even consider they should be allowed to sign.

 

I don't suppose the likes of Colchester, Hartlepool, Shrewsbury, Walsall or Yeovil ever considered signing a player like Brian Howard, as he would be beyond their pay scales. But no, not p****y. "He's a free agent, he's a decent player, let's just go and get him.

 

If your missus had the same attitude at the January sales, you'd grab her handbag and cut her credit cards in half.

 

P****y: No contrition, no remorse, no sense of reality.

 

As part of the celebration of Charles Dickens' birth on the Island of Dr Moreau, p****y should be associated with one of his most famous characters: Oliver Twist.

 

"Please sir, I want some more."

 

Perhaps that doesn't work. Unlike p****y, Oliver was an endearing character you could feel sorry for.

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The9

The9

Posted
Posted (edited)

Can someone please clarify the situation with the triallists, re current ownership and contracts ? They can't sign anyone at the moment due to being under an existing FL embargo - can they ?

 

And they won't be able to sign anyone unless there's a new buyer, and even then they'll need to meet the FL's criteria for golden share to get into L1 without another points deduction / not being admitted to the league at all.

 

I just need occasional reminders... ;)

Edited by The9
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brightspark

brightspark

Posted
Posted
They surely won't be allowed to spunk away the 14m

 

The FL condition of membership was "And they must agree to restrictions on playing budgets, future borrowing and loan repayments for the next five seasons."

 

 

I would absolutely love it if that was true, and that those words weren't just talk but actually action, but I have a feeling that we can expect to see the likes of McLeod, Howard and Riquelme signed on megabuck$ yet again. The FL will stand and admire, before everyone starts feeling sorry for them in a couple of years time when Pompey are "blameless" for a 3rd administration in 5 years.

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Waterside.saint

Waterside.saint

Posted
Posted
They surely won't be allowed to spunk away the 14m

 

The FL condition of membership was "And they must agree to restrictions on playing budgets, future borrowing and loan repayments for the next five seasons."

 

I would absolutely love it if that was true, and that those words weren't just talk but actually action, but I have a feeling that we can expect to see the likes of McLeod, Howard and Riquelme signed on megabuck$ yet again. The FL will stand and admire, before everyone starts feeling sorry for them in a couple of years time when Pompey are "blameless" for a 3rd administration in 5 years.

 

Sounds like a Dirty Harry script: 'you're a disease, and I'm the cure'

Prescriptions for curing their symptoms are readily available on this thread :D

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rallyboy

rallyboy

Posted
Posted

if they do manage to record three administrations in five years do they get to keep the trophy? - as well as all of the money that belongs to other people.

 

If so they'll run out of space around the crest for those little celebratory stars, the ones that incorporate a picture of a bloke in a striped jumper and a mask, wrestling pocket money from a kid in a wheelchair.

 

Come on poker boy Ben Haim - Birch is at the table with a Joker and Miss Bunn the Baker's daughter, whereas you have a watertight contract.

Raise him...

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Frank's cousin

Frank's cousin

Posted
Posted

... I know I am repeating myself, but their constant failure to undersatnd the real issues ad nauseum means I feel it is our try to try and at least get one or two to appreciate the morality of it all.

 

Can someone from pompey please explain why they feel perfectly comfortable supporting a club (and keeping it alive) that given they have been 'fortunate enough' to write off 150mil of debt (which allowed them to enjoy a 7 yaer stint in the top flight and win the cup at the expense of the tax man, local businesses and charities), will instead of ensuring the maximum possible return for creditors (eg using as much of their revenue and the Parachute payments as possible) to pay back creditors and more realistic sum... they are determined to be competitive in L1 and feel justified in spending as big as possible on players and wages... do they not understand that part of the punishment is indeed to be UNCOMPETITIVE and survive on a shoestring?

 

Yes we got lucky, but we took our medicine and now we have been promoted, are paying back even more to our ONE creditor - which in effect means we have paid back some 95p in the £ (note not 20% of 20% (eg 4p in the £) of the original SMS loan...

 

Its this blatent pathetic public 'victim status' and bewildering cries that tehy should be competitive and deserve to be the highest spenders in L1 that illustrates they have simply not learned form any of their past 3 administrations - the cheating culture seems ingrained and they appear too stupid to recognise all that is wrong with that cesspit, and can not even recognise that they actually have an opportunity to discard the rotting corpse and start afresh, and build something they could be proud of again and the footballing community applaud - they need to ******** realise that the stench of their blatent disrespect for the integrity of the game, can not simply be washed away by a CVA and -10points - it will linger, fester and as others have said, will see them back in the insolvency courts in teh ot too distant future... who will they balme next time?

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View From The Top

View From The Top

Posted
Posted
They surely won't be allowed to spunk away the 14m

 

The FL condition of membership was "And they must agree to restrictions on playing budgets, future borrowing and loan repayments for the next five seasons."

 

Exactly.

 

Forget the "they've got away with it brigade", they're fuc.ked for a generation or more.

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Frank's cousin

Frank's cousin

Posted
Posted
Exactly.

 

Forget the "they've got away with it brigade", they're fuc.ked for a generation or more.

 

 

see I'm not so sure, given that Corpse Ho was os adamant that the FL had to approave all their financial transactions last time... suggests either CH was bulls itting or the FL oversighte wont be very robust...;)

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badgerx16

badgerx16

Posted
Posted

Following on from FC's post above, can one of our tolerated pompey fans, ( strangely not a reciprocated arrangement ), detail how much they realistically expect Chinny to put into the club now that the FL have put a bar on him carrying over most of what he claims he is owed. The guy will be expected to write off several £Mill that he has diligently pursued since the Israeli court case, then buy the club for whatever Clever Trevor can snatch from his grubby paws, and after that hand over a 'war chest' to Voldemort and provide top up funding to keep the wreckage afloat. Anybody who thinks that penny one of the PPs is going anywhere but the Virgin Islands is surely going to be disappointed.

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Colinjb

Colinjb

Posted
Posted
see I'm not so sure' date=' given that Corpse Ho was os adamant that the FL had to approave all their financial transactions last time... suggests either CH was bulls itting or the FL oversighte wont be very robust...;)[/quote']

 

Maybe someone from the FA read Corp's drivel and thought "Yes, that would be an excellent idea!"

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Guy

Guy

Posted
Posted
As part of the celebration of Charles Dickens' birth on the Island of Dr Moreau, p****y should be associated with one of his most famous characters: Oliver Twist.

 

Whilst they are swotting up on their Dickens they should note the advice of Mr Micawber in David Copperfield:

 

"Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

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Clapham Saint

Clapham Saint

Posted
Posted
...

 

Yes we got lucky, but we took our medicine and now we have been promoted, are paying back even more to our ONE creditor - which in effect means we have paid back some 95p in the £ (note not 20% of 20% (eg 4p in the £) of the original SMS loan...

 

 

Is it not 2% of 20% = 0.4%?

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FloridaMarlin

FloridaMarlin

Posted
Posted

Do they not understand that part of the punishment is indeed to be UNCOMPETITIVE and survive on a shoestring?

 

Er....no, they don't.

 

Incidentally, the official club website makes for some interesting reading, particularly the stuff that's missing.

 

What's happened to the board of directors? Obviously, once the club went into admin, TB effectively becomes the chairman and board. But presumably, the football operation needs to be a properly constituted club for FL rules. Am I right in recalling that under Hampshire FA rules, three officers are necessary to constitute a club: a chairman, a secretary and a treasurer (who would want to take on THAT role at p****y?). So who are the current football club officers required?

 

Will any of the last board of directors be invited back on once the hoo-ha has died down?

 

Also, this makes interesting reading.

 

http://www.portsmouthfc.co.uk/club/personnel.aspx

 

On the playing side, a cash-strapped club still manages to employ:

 

A manager

A first-team coach

A goalkeeping coach

A head of recruitment

A strength and conditioning coach

A Head of Sports Performance

A Head of Performance Analysis

An academy manager

A kit man (what's old Kev on, these days? I thought his £45,000 a year post was redundant under the previous AA-controlled administration?)

 

That's a minimum of nine. I say a minimum as if there is a Head of Performance Analysis and a Head of Sports performance, it hints there might be somebody working under them.

 

Compare and contrast with Yeovil, whose footballing staff consist of:

 

First Team Manager: Gary Johnson

Assistant Manager: Terry Skiverton

Goalkeeping Coach: Gareth Stewart

Physio: Mike Miccichi

Head of Youth: Scott Green

 

Or Bury.

 

Manager:Richie Barker

Assistant Manager:Peter Shirtliff

Goalkeeping Coach:Anthony Williams

Development Coach:Ben Futcher

Physio:Tom Walsh

Head of Youth:Alan Moore

 

P****y's problem is that they are under the delusion they are still a big club. Certainly bigger than the likes of Yeovil and Bury.

 

FYI P****y, you are in the same division as Yeovil and Bury, and will be playing them this season.

 

I'm sure they would love to have Brian Howard, not to mention a Head of Sports Performance and a Head of Sports Analysis.

 

But then little, piddling clubs like Yeovil and Bury are small-time because they don't think big.

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The9

The9

Posted
Posted

Again, as no-one has answered my question... have they actually signed any players ? Is Brian Howard actually a Portsmouth player, or is he just a triallist who is hoping to sign for them when they are allowed to sign players ?

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melmacian_saint

melmacian_saint

Posted
Posted

Lawrence can wear a pompey-styled Salvation Army t-shirt if he wants, the deal is simple: he MUST go for the club to survive. As must Sir Tal (hang in there).

 

And his wage adjustment idea just doesn't work. It's the same thing over again, kicking the trouble back to midfield instead of putting it out of play. I also doubt that Birch will be looking to keep him especially on those terms, it's simply spreading a liability over a longer period of time rather than solving it, and because under the FCR he will still be entitled to the full amount of the contract he had up to the new, IMF austerity-like one, at the end of the day there's little benefit in keeping him around as they will probably have to pay him more than in the current terms.

 

But there are questions to be asked. First and most important issue is Kanu. I doubt he will lose his court case, which means a possible 3 million quid exposure right there. With Chinny jumping on the parachute payments (legally so because of his secured debt), the club will not have the cash flow, in the short or medium term, to face this, which could see them liquidated mid-season. Another issue is the agreements reached with the departing players and club creditors. Given the FL's ruling on their football creditors, one would assume that the FL is aware of these situations and will make sure that the club fulfills its arrangements without delays. Once again I doubt we've heard the full story on the agreements reached with players (as we had before) so for all we know Chinny could already have given up the game (he wanted them all out, never agreed to any compromises, especially to those reached by the admins), and the PST simply won't be able to finance former player deals and the football club at the same time. If Chinny agrees to this, then all he'll do is note down the PPs debit dates, purchase Miland's assets, build Tesco and leave the club in a 3rd admin in as many years (even less, I'm sure 1.5 years is enough for all of this), possibly on the verge of leaving revenue-sustained football (bottom of L2). And if they do drop out of the FL, then don't even bother coming up with a CVA.

 

 

There really isn't another way out for them is there?

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trousers

trousers

Posted
Posted (edited)
happened to the board of directors? Obviously, once the club went into admin, TB effectively becomes the chairman and board. But presumably, the football operation needs to be a properly constituted club for FL rules. Am I right in recalling that under Hampshire FA rules, three officers are necessary to constitute a club: a chairman, a secretary and a treasurer (who would want to take on THAT role at p****y?). So who are the current football club officers required?

 

Shortly after going into administration in February, PKF re-issued the official administration notice (in the London Gazzette) to add a 3rd PKF employee to the list of joint-administrators.

 

I assume that was to cover the 'number of officers' rule that you mention above. They obviously had a hunch all those months ago that they were going to be hanging around for a while...

Edited by trousers
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Frank's cousin

Frank's cousin

Posted
Posted

Someone should just tweet allen

 

#Pompey near liquidation because they entered into contracts with players that were unstainable for a club of their size and spent 150mil of other peoples money that they could never pay back... nowt to do with any of the players - simply expecting the club to honour their contracts....

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aintforever

aintforever

Posted
Posted

Its this blatent pathetic public 'victim status' and bewildering cries that tehy should be competitive and deserve to be the highest spenders in L1 that illustrates they have simply not learned form any of their past 3 administrations - the cheating culture seems ingrained

 

That sums it up perfectly for me. They are like the benefits cheats of the football world - they think the world owes them a competitive team.

 

If they do survive they should have the lowest budget of League 1 and all the remaining parachutes should be given direct to the creditors. Any other outcome would be unfair to the creditors and the other teams in the league. It would set a dangerous precedent if they can blow off their football debt just like the other debts.

 

The thing that really stinks is you can guarantee the Fans Trust plan involves not paying the football debt and spunking the parachute money next season to gain advantage.

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The9

The9

Posted
Posted

The thing that really stinks is you can guarantee the Fans Trust plan involves not paying the football debt and spunking the parachute money next season to gain advantage.

 

Why speculate ? It's been dissected in the last 10 pages.

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kwsaint

kwsaint

Posted
Posted

I have this horrible feeling that they will get an agreement before Friday - which will give us two more years of fun until it happens again.

 

Thing is. How on earth will they get any kind of credit to operate. Any sensible supplier would insist on payment up front.

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Weston Super Saint

Weston Super Saint

Posted
Posted

LOL.

 

Pompey Trust have now got an account over on POL for the bestest to ask any questions they want and the PST will answer them!

 

So far, every 'difficult' question has been answered with 'your comments have been noted' :D

 

Even the easier questions have been greeted with a whole bunch of diplomatic ******! It's 'car crash' entertainment for sure :D

 

Lost Transport seems to be posing the trickiest questions - is that you Mero?

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rallyboy

rallyboy

Posted
Posted

we spend half our lives on here seeking out new ways to repeat the obvious to the dim, but it has to be said again....

 

If Birch is appealing the points deduction it means he is declining the offer of the Golden Share.

That was the deal, the two come together.

 

 

By stating he is trying to overturn it means he is refusing the conditions offered for FL membership.

He's a tit.

But we knew that when he said there wouldn't be a points penalty, when it was obvious to even the thickest people that it was nailed on.

 

This new plucky battle should go as well as AA reinstating their European campaign - far easier than doing the job you are there for.

 

More hollow PR when it's action that is needed, but if you are earning hundreds of pounds for every day you delay, then why not fill yer boots.

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