Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
in Golden Posts

 Share

Recommended Posts

Gemmel

Gemmel

Posted
Posted
Tomorrow.

 

That's the formal bid. The headlines of the bid were released a while ago. ....can't be bothered to search now, but the news did a better article that the link, but this one still tells you all you need to know.

http://www.portsmouth.vitalfootball.co.uk/article.asp?a=288831

 

The more indepth one shows (I think) 8 million pounds worth of commited compromise agreements - Th trust want to reduce that to 2..... amoungst other things

Link to comment
Share on other sites
Torres

Torres

Posted
Posted

The "new" bid is going to have to be substantially better than that too.

 

For starters, given that the council loan is dependant on there being no other bids on the table (they really see themselves as a lender of last resort) the whole thing is sunk by Portpin's mere presence at the table.

Link to comment
Share on other sites
stevegrant

stevegrant

Posted
Posted
This is the previous one:

 

http://www.pompeytrust.com/index.php?option=com_rokdownloads&view=file&Itemid=109&id=87:pst-bid-proposal-final-31st-july-2012

 

Detention for Steve for not keeping up. Edit - in fact, as punishment, you have to read that whole document without laughing.

Sorry, I failed :lol:

 

Where to begin? :uhoh:

 

£6m shortfall already based on the payout to players (budgeted £2m)

75% take-up of share pledges :lol:

£750k raised through 5-figure "Associate Director" status :lol:

"It should be noted that payments for 2013/14 season are estimates only, and are likely to be higher as a result of the new broadcasting deals signed" - er, no they're not. The amount you get from parachute payments is related to the broadcasting deal when relegated, not a subsequent one.

Basing budgets on getting home draws in all cups :uhoh: (not that it matters as everything's split anyway)

Ditching the academy in 2014/15 :?

"Other than in calculating ticket prices, the forecast model does not take VAT into account" :lol:

A sudden drop in costs between this season and next of more than £5m :lol:

 

This will end well.

Link to comment
Share on other sites
OldNick

OldNick

Posted
Posted
They were never going to be liquidated as long as any ££ was available, it's not a very hard concept to grasp.

 

They haven't hit rock bottom yet.

 

And yes, you do make things up. You've made up that BC has convinced the FL to drop the -10. No evidence of anything but you've decided it's true.

 

' Reading between the lines and his 'talks' with the FL I feel he has had assurances about the -10.' Where do I say it is a fact? The wording 'I feel' is the clue. Nothing to do with stating it as a fact, but my opinion. Sorry if stating an opinion is classed as fact by you

Link to comment
Share on other sites
Torres

Torres

Posted
Posted
Sorry, I failed :lol:

 

Where to begin? :uhoh:

 

£6m shortfall already based on the payout to players (budgeted £2m)

75% take-up of share pledges :lol:

£750k raised through 5-figure "Associate Director" status :lol:

"It should be noted that payments for 2013/14 season are estimates only, and are likely to be higher as a result of the new broadcasting deals signed" - er, no they're not. The amount you get from parachute payments is related to the broadcasting deal when relegated, not a subsequent one.

Basing budgets on getting home draws in all cups :uhoh: (not that it matters as everything's split anyway)

Ditching the academy in 2014/15 :?

"Other than in calculating ticket prices, the forecast model does not take VAT into account" :lol:

A sudden drop in costs between this season and next of more than £5m :lol:

 

This will end well.

 

Take into account the conditions of the PCC loan as well. :lol:

 

Although Portpin taking over again will be absolutely hilarious, it won't be as funny as it would have been had PST managed to pull it off.

Link to comment
Share on other sites
stevegrant

stevegrant

Posted
Posted

Mark McAdam's trying to distance himself from the suggestion that Sky are whipping up a bit of a protesting frenzy down there

 

 

Previous tweets have been a little miss-leading. SSN are just reporting news... Whether it be from Chainrai, Birch or the fans... #impartial

:lol:

Link to comment
Share on other sites
Ken Tone

Ken Tone

Posted
Posted

Press reelase from birch's lot

 

23 August 2012: Trevor Birch, PKF partner and joint administrator of Portsmouth Football Club (2010) Ltd, said: “Portpin has submitted a new offer and we are now reviewing it.

 

“We have been working with the Trust since Portpin's original offer was withdrawn and understand that the Trust is on track to submit a business plan and revised offer tomorrow.

 

“We will assess its bid once it has been submitted and will then determine which offer provides the best deal for creditors, as is our duty as court appointed administrators

Link to comment
Share on other sites
badgerx16

badgerx16

Posted
Posted
Press reelase from birch's lot

 

23 August 2012: Trevor Birch, PKF partner and joint administrator of Portsmouth Football Club (2010) Ltd, said: “Portpin has submitted a new offer and we are now reviewing it.

 

“We have been working with the Trust since Portpin's original offer was withdrawn and understand that the Trust is on track to submit a business plan and revised offer tomorrow.

 

“We will assess its bid once it has been submitted and will then determine which offer provides the best deal for creditors, as is our duty as court appointed administrators

 

Whether he has up until now is a matter for debate.

Link to comment
Share on other sites
Gingeletiss

Gingeletiss

Posted
Posted

Here we go again..........

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-keen-to-cash-in-on-kids-1-4189982

 

Michael Appleton is set to send a host of youngsters out on loan in an attempt to scrape a squad together.

 

The Pompey boss is planning to give development squad members experience away from Fratton Park to help develop their footballing careers.

 

And in doing so Appleton is hoping that will free up funds to add a loan recruit to his first-team ranks.

 

The 36-year-old is currently operating with a first-team squad of 17, which he has made clear is three short of the minimum number of players he needs.

 

Appleton is looking at every option available to him to strengthen, after being told by administrator Trevor Birch there is no more money available.

 

Cheating barstewards are using last years tricks!! :x

Link to comment
Share on other sites
Wes Tender

Wes Tender

Posted
Posted
Well lucky for them they have a ready-made excuse for their next home attendance to be a laughable 13000. It's all because of Chinny. Honest.

 

It'll be like when we had people boycotting SMS because of Lowe. It was definitely a boycott and had nothing to do with us being crap, oh no. Honest.

 

Yes, precisely. Although you dismiss that boycott and explain it away as fans not wishing to see crap football, it did exist and was peopled with fans who had genuine principled reasons for not going. I was one of them and know of many others taking the same line. Immediately Lowe was gone, I was back. At least with us, there was a reasonably sizeable faction who had campaigned to oust Lowe and Co and who had concluded that the most effective way to achieve that end was to boycott the home matches. There was a break-even attendance figure below which the club would be operating at a loss, so we knew that if numbers fell below that level, administration was a distinct possibility unless new investment was found to prop us up.

 

Although as you say, the boycott could have been used as an excuse to cease attending because the football was crap, rising attendances when he departed tend to suggest that there was in fact a significant number who had boycotted because of the return of Lowe and the Quisling. The difference between that situation with a Saints fans boycott and one by the Skates fans, is this:-

 

Although a weapon of last resort for us and although the risk of liquidation was real, it was deemed unlikely to happen. Because of our infrastucture, the stadium, the academy, the training ground, Jackson's Farm, we represented something of a bargain for a new investor to buy us out of administration and so it proved. Not only that, but at a stroke, the club was no longer encumbered by all that dross like Askham, Richards, Lowe, Wilde, etc. They all lost their shareholdings, poetic justice when some of them had obtained their shares by dubious means to start with. So a risk considered worth taking. Our strategy was to force administration, during which process new owners could be found. The Skates are already in adminstration (again) and the likelihood of new owners is extremely remote as they have no assets worth discussing, but loads of liabilities.

 

The Skates are stuck between a rock and a hard place over this same tactic. If they feel that is the only way to rid the club of Chainrai and other charlatans who might replace him, then the best way to achieve that would be to organise a campaign to boycott matches until Chainrai is gone. But the end result would also be liquidation, starting all over again at the lowest level, but cleansed. At least it is clear that under their current parlous situation, it would not take much of a drop in attendances before the drop in revenue made liquidation a certainty.

 

But they are torn between the desire to punish Chainrai and the wish to support the possibility of the fans owning the club through the Trust. It is delicious that with Chainrai having departed, they had a real incentive to increase the attendances to help keep the club afloat and that now he has returned, they perceive that the increased revenue through the turnstiles is just going to disappear into his pocket.

Link to comment
Share on other sites
Gingeletiss

Gingeletiss

Posted
Posted

How sad, how very sad!!

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans-pledge-15-000-to-help-pompey-youngsters-1-4190524

 

Pompey’s youth set-up has been boosted after the community rallied to raise £15,000 towards new kit.

 

There is currently no club budget for tracksuits and polo shirts for players.

 

That prompted Academy manager Andy Awford to send letters to players’ families and local business’ in July seeking assistance.

 

Within a month the response was a staggering £15,000 collected.

 

 

:lol::lol:

Link to comment
Share on other sites
Gingeletiss

Gingeletiss

Posted
Posted

 

I am a watford fan have been since the early 80's .This leech is nothing more than a con man.He did buy us for the said amount where the money came from nobody knows tho he;s reputed to be big mates with philip green.Ashort time ago he was on benefits after going bankrupt and was widely known at the vic as BANKRUPT BAZ.He promised this and promised that but very little materialised.He never turned up to fans forums much to the fury of graham taylor and lost all respect from the fans.

 

 

 

Sounds like a poopey Chairman in waiting!! :lol:

Link to comment
Share on other sites
Gingeletiss

Gingeletiss

Posted
Posted

Rate:

straighttalker

10:01 AM on 23/08/2012

There appears to be only two options now........

 

1) Support the bid by Chanrai and have our club run into the ground yet again - but with our proud history intact.

 

or

 

2) Support the 'Trust' in liquidation with a 'phoenix club'.

 

:lol::lol:

Link to comment
Share on other sites
Ken Tone

Ken Tone

Posted
Posted
How sad, how very sad!!

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans-pledge-15-000-to-help-pompey-youngsters-1-4190524

 

Pompey’s youth set-up has been boosted after the community rallied to raise £15,000 towards new kit.

 

There is currently no club budget for tracksuits and polo shirts for players.

 

That prompted Academy manager Andy Awford to send letters to players’ families and local business’ in July seeking assistance.

 

Within a month the response was a staggering £15,000 collected.

 

 

:lol::lol:

 

But notice that the article also says the money can't be used until they have anew owenr. Why not? Where is it now? Are they conninng yet another group of deluded fools? (sorry --fans!)

Link to comment
Share on other sites
Frank's cousin

Frank's cousin

Posted
Posted
How sad, how very sad!!

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans-pledge-15-000-to-help-pompey-youngsters-1-4190524

 

Pompey’s youth set-up has been boosted after the community rallied to raise £15,000 towards new kit.

 

There is currently no club budget for tracksuits and polo shirts for players.

 

That prompted Academy manager Andy Awford to send letters to players’ families and local business’ in July seeking assistance.

 

Within a month the response was a staggering £15,000 collected.

 

 

:lol::lol:

 

Now here's a fricken Idea Mikey? can I call you Mikey?

 

You are in L1 - not the prem, L1 is where players go to ON loan to get experience because most L1 clubs lack the fund to have a huge squad so take youngsters on loan and play them now and again - you know because they need to live within their means and avoid debt, bankruptcy etc...

 

So you have a bunch of Brave kids - why not add them to the 1st team squad and you have well over 20 to pick form and no increase in debt or funding required as already on the books... simple, effective, in line with the L1 model etc. Like other L1 sides you may get lucky and a couple of these youngsters may flourish and give you a boost etc.

 

If not, then well you know tough... you have to accept your squad is only of a certain standard mate, a standard already above what you can afford so kind of already cheating other clubs and you want to cheat some more? Have you no shame?

 

If you are the most uncompetitive side in L1 so fricken what? That is how it should be given that you have written of 160 mil of debt and had to sell your best players - so you may well get rlegated - sort of the way a league works you know, worst side goes down - and all that....whats that you say? you should be allowed not to go down because of..... er.... come on..... fricken out with it.... er.... thought so - Because you are crying like f ucking school girls to the media, the FL and your own fans because you have a young squad that might get relegated.... Jeez are you that Fricken stupid that you dont get it?

 

PLAY the feckin kids, see what they can do, everyone else does that when squad is bare and no money in the bank.... and maybe, use whatever cash you save on paying back some of the debts or charites or whatever.... just so you dont miss it - IT IS CALLED INTEGRITY mate, HONESTY etc or are these words too complex and big for you to get in that thick boldy shameless skull.... you lot down there really are a bunch of gormless, shameless t wats of the lowest order the type of rank skanky ones Uncle A used to run tricks with down the industrial estate....

 

Jeez decent fans down there and there must be some, show some fricken pride and ditch this mess and start over - the football 'community' will be behind you and support you - you know it makes sense.

 

 

There feel better now thats off my chest

Link to comment
Share on other sites
Lazlo78

Lazlo78

Posted
Posted

Pompey fan showed me this;

 

 

Good morning guys,

 

I´m a Watford fan (obviously), admin of our forums, but thought I´d pop over and give you a heads up on LB.

 

Basically, you do not want this man anywhere near your club, when he bought us over there was investigations into who he was, but no one could find anything, because as we found out, within a year earlier he´d changed his name from Laurence Bazini to LaWrence BaSSini and declared himself bankrupt after a string of 10+ failed businesses and his dad refusing to help him out.

 

See here: http://bit.ly/O4nEEQ

 

During the tenure, the start wasn´t bad but difficult to judge, players left to bring money in and then a few players came in, not for very much but it seemed he was willing at least, as it turns out, he borrowed money against the sale of Danny Graham and wasn´t exactly forthright with the repayments, a £1.8M HMRC bill was unpaid at his departure along with every other creditor bill unpaid as the cheque bounced, because he froze the bank account.

 

At Watford we regularly used to do events called ´at your place´ where the Chairman, manager, and a few players would go to a local pub and do a fans forum type thing, every single one Bassini called in sick about 30 minutes before, so we never actually got to speak to this man. Graham Taylor criticised him for this the first time, and he threw his toys out the pram and threatened all sorts, telling any media source who´d listen like a true spoilt brat.

 

When Bassini bought us over, he claimed this, this and this was going to be done, he bought our pub back from land developers and re-opened it (turns out, did this with the money he borrowed, and still owns it as a condition of sale), and he "started" work on one of our corners, which still looks as it did before he came in. He also "bought a PA system and a screen", again with the money he borrowed.

 

It´s also worth noting, that the first thing noticed when LB took over was he bought a high spec Bentley as a club car, probably not the wisest choice for someone previously bankrupt that needed to just consolidate us.

 

Anyway, when the Pozzo family became interested in buying the club is when the **** hit the fan, Bassini demanded ridiculous sums of money (£15M) for something he paid £440K for. Bassini went to Sky Sports and BBC and told them the deal was off because ´they didn´t have the money´ (nice way to try and put your potential buyers off), but then the local newspaper was claiming the deal was still on despite those claims, due to information from board members that HAD to be kept on from the previous regime as a condition of Bassini´s buying of WFC.

 

I should probably mention at this point, that Lord Ashcroft owned the club before, and he still is owed £8M in bond repayments from it as he took that restructure out to help the clubs finances, and because of this essentially still had a stronghold over the club, part of his sale had the condition that the board had to include some of his members.

 

When Bassini did this, Ashcroft seemingly forced through the sale from under Bassini at what the Pozzo/Ashcroft agreed. When this happened LB went berserk, he stormed into the club demanding entry to our safe, and when the clubs financial official denied him entry (club policy, you need signatories for access like most organisations), he fired her on the spot and had her escorted from the premises, whilst quoted in the local rag "It´s my safe, my safe!" spoken like a true child.

 

See here: http://bit.ly/TWtieZ

 

Our press officer was sacked for posting on the official website that the sale was still going through, not collapsed like LB had stated, and then instantly re-hired by said board members.

 

The height of all this was when Sky Sports reported about this all and the sale going through on SSN, Bassini immediately threatened legal action and then tried to sue, that didn´t last long, for reference.

 

He at one point also claimed he didn´t want to own WFC anymore so he could spend more time with his daughter, quite what he expects Portsmouth do I don´t know, let alone how he´s going to account for all that extra commuting time.

 

I know Portsmouth FC aren´t in a great place at the moment, and I know you don´t have the football world´s sympathy, but I wouldn´t wish this guy on anyone and he´ll only drag you down further, and no one wants a football club to cease existence.

 

Any questions on him I can try and ask, might not come on that often but will pop back.

Link to comment
Share on other sites
FloridaMarlin

FloridaMarlin

Posted
Posted
£15k - you can buy a lot of tracksuits and polo shirts with that. I wonder how much of it will end up in Appy's fund for overpaid benchwarming journeymen?

 

And all this for an academy that is going to be scrapped in 2014-15?

 

Apropos playing the kids. The contrast between Saints and p****y on this issue tells you all you need to know.

 

p****y fear they will not be competitive if they are forced to play youth team players, and whinge that they must be allowed to sign senior players.

 

Saints have no fears in giving a 17-year-old his debut against the reigning premier League champions.

 

A 17-year-old, who would probably have been part of their academy, if they had the foresight and long-term view to set one up, instead of spunking all their dosh in winning a cup they couldn't afford.

 

Like images of your gran and granddad having sex, it's not a thought you want to enter your mind, but I wonder what Appleton's view might be if Saints offered JWP to him on loan.

 

"Here you are Appy. Here's one of England's bright young prospects, with a bit of Premier League experience, forged in the white hot arena of battle against the Premier League champions."

 

Appy: "He's too young, he's not good enough. I need to be able to sign more players like Williamson. Can I have £60,000 to outbid other clubs, please?"

Link to comment
Share on other sites
Ken Tone

Ken Tone

Posted
Posted (edited)

My prediction: Chainrai takes over, then offers the trust a deal for them to buy the football club as such, but with him retaining Fratton Park and charging them rent at a silly rate, say even £1 million a year, effectively getting a return on his money without losing his equity.

 

If the trust won't (or more likely can't) do the deal, he either builds up big debts all over again, extracting whatever he can from the parachute payments and reneging on football creditors deals then makes a run for it ---- or he just liquidates immediately, leaving FP to rot for a bit till the council give up on their probably uneforceable restrictions and let him build there.

Edited by Ken Tone
Link to comment
Share on other sites
OldNick

OldNick

Posted
Posted
My prediction: Chainrai takes over, then offers the trust a deal for them to buy the football club as such, but with him retaining Fratton Park and charging them rent at a silly rate, say even £1 million a year, effectively getting a return on his money without losing his equity.

 

If the trust won't (or more liley can't0 do the deal, he either builds up big debts all over again, extracting whatever he can from the parachute payments and reneging on football creditors deals then makes a run for it ---- or he just liquidates immediately, leaving FP to rot for a bit till the council give up on their probably uneforceable restrictions and let him build there.

I feel this is correct. That is not me making it up and claiming it is fact of course Lol
Link to comment
Share on other sites
St Jim

St Jim

Posted
Posted
I actually laughed when I read this. No doubt about it, appy is pompey through and through

 

And in doing so Appleton is hoping that will free up funds to add a loan recruit to his first-team ranks

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-keen-to-cash-in-on-kids-1-4189982

 

Another two fingers at the creditors and FL

 

What is the FL quota for loanees in any one season and at any one time?

 

So far they have 5 -

 

Mikkel Andersen on loan from Reading

Kevin Long on loan from Burnley

Paul Connolly on loan from Leeds

Jordan Obita on loan from Reading

Conor Clifford on loan from Chelsea

 

I assume this will lead to the inevitable barrage of emails from us nutjobs to the FL who will quickly stuff them in the bottom draw and dish out the bog-standard response that they are looking into it and no decision will be made on PFC until a later date........by which point PFC will have pleaded poverty and how unfair it is they are not competitive, signed another handful of loanees and sent out a bunch of their youth on loan.

Link to comment
Share on other sites
St Jim

St Jim

Posted
Posted
My prediction: Chainrai takes over, then offers the trust a deal for them to buy the football club as such, but with him retaining Fratton Park and charging them rent at a silly rate, say even £1 million a year, effectively getting a return on his money without losing his equity.

 

If the trust won't (or more liley can't0 do the deal, he either builds up big debts all over again, extracting whatever he can from the parachute payments and reneging on football creditors deals then makes a run for it ---- or he just liquidates immediately, leaving FP to rot for a bit till the council give up on their probably uneforceable restrictions and let him build there.

 

A fair assessment I'd say. We all clearly remember "I will get my money back" and he is fast running out of options, particularly since the FL grew a pair (a small pair mind but a pair nonetheless).

Link to comment
Share on other sites
stevegrant

stevegrant

Posted
Posted

You have to ask why the PST feel the need to engage in dialogue with someone with the known reputation of Bassini. OK, they've got to speak to Chainrai for obvious reasons, but surely you'd want to avoid anyone with that sort of background if at all possible? :uhoh:

 

Unless of course they have a substantial shortfall in funding and are looking for someone else to come in and bridge that gap...

Link to comment
Share on other sites
andysstuff

andysstuff

Posted
Posted
You have to ask why the PST feel the need to engage in dialogue with someone with the known reputation of Bassini. OK, they've got to speak to Chainrai for obvious reasons, but surely you'd want to avoid anyone with that sort of background if at all possible? :uhoh:

 

Unless of course they have a substantial shortfall in funding and are looking for someone else to come in and bridge that gap...

 

Steve, am I reading this right, are you suggesting the PST are contemplating jumping onto bed with a bankrupt, and possible fraudster. After all they have spouted off about the FAPPT>

 

It just beggars belief - least it would if it wasn't P*mpey.

Link to comment
Share on other sites
Joey-deacons-left-nut

Joey-deacons-left-nut

Posted
Posted

Person a owes person b 18m.

 

Person b takes a to court and is told to provide 18m

 

Person a doesn't have 18m so says to person b, i don't have that, but here take this football club.

 

Person b then transfers 18m between 2 companies in the bvi, the second company is the parent company of the football club, but is actually owned by person b.

 

The football club never gets a sniff of the 18m

Link to comment
Share on other sites
hypochondriac

hypochondriac

Posted
Posted
‘We were given special dispensation for Plymouth, because we basically didn’t have any players!‘Having 20 players is key but you can only spend what you have to spend.

‘We can get to 20 players if we ring around and get favours from people, though.

 

Yes you DO have 20 players! you have some youngsters who are perfectly capable of playing but you CHOOSE not to play them. FFS we have to go through this every season with a different pompey manager.

Link to comment
Share on other sites
Lazlo78

Lazlo78

Posted
Posted
Person a owes person b 18m.

 

Person b takes a to court and is told to provide 18m

 

Person a doesn't have 18m so says to person b, i don't have that, but here take this football club.

 

Person b then transfers 18m between 2 companies in the bvi, the second company is the parent company of the football club, but is actually owned by person b.

 

The football club never gets a sniff of the 18m

 

You are my favourite left nut!

Link to comment
Share on other sites
Pugwash

Pugwash

Posted
Posted

A while ago someone posted a 'pompey matrix' ownership chart, showing all the interrelationships of the various shady characters involved over the past few years. Probably now needs updating to show the Russians, Andronikou and others, but has anyone got a link?

Link to comment
Share on other sites
 Share
Go to topic listing
×
×
  • Create New...