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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Third Division South Days

Third Division South Days

Posted
Posted
sorry if already posted

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8453406.stm

 

So that will be that then. They still owe £3m to clubs and have to pay the wages again in a couple of weeks. So say that is another £1.5m. Meaning they have to find that before the embargo is lifted.

 

Which means you have to say Kaboul is gone. And if he doesn't go for anywhere near that then game over, the HRMC will rip them apart.

 

It's not just the salaries. I think an additional £1m+ becomes due to HRMC for tax and national insurance.

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Saint J 77

Saint J 77

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Posted

Amusing as it has been to see Pompey suffer so much recently, you just know they will come through this ok. I have this horrible feeling they will stay up and get a new backer. On top for it all the Media will be falling over themselves saying what a wonderful club they are and what brilliant supporters they have.

 

I almost chocked on my coffee the other night when Paul Merson was on Sky Sports News saying what brilliant fans they are and how they know there football down there. I hope they get relegated because of all this turmoil it’s the least they deserve for buying the FA cup with Dirty money.

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Matthew Le God

Matthew Le God

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Posted
It would be interesting to see what the PL do with their parachute money if they go into admin, they could just hand it all out straight to their football ceditors.

 

Only £3m left they owe to football creditors now that £7m was paid today. Parachute money over 2 years is about £12m I think.

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mack rill

mack rill

Posted
Posted
They are dishing out free tickets like confetti at the moment. Someone yesterday was telling me how he'd been given some tickets, and while he was telling the story his wife pulled another 4 free tickets for Saturday's game out of her handbag that she'd been given.

 

Yer embarrassing init!,,,,Next thing you know it will be dubbin the crowd threw the Tanny system.:smt023

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Tamesaint

Tamesaint

Posted
Posted
It's amusing how all the skates have got on us right now is the fact that the crowd noise was dubbed over the PA system at SMS for one pre-season friendly game about 3 years ago! Woe is us, woe is us! :lol:

 

Thanks for interpreting. You can clearly read Skate - its a strange language!!

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Gemmel

Gemmel

Posted
Posted
Yer embarrassing init!,,,,Next thing you know it will be dubbin the crowd threw the Tanny system.:smt023

 

Another skate myth. No fake noise was created it was one end of the ground being sent to the other. Still a fookin stupid idea i grant you, but that's what you get from stupid new owners...... , I think i know which new owner fook up is the worst .

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mack rill

mack rill

Posted
Posted
Oi, mack rill, did you watch that BBC thingy on the blue-few the other night? What language were those skates speaking? That bloke in the pub sounded more Brizzol than mockney. :smt102

 

No i missed it. Maybe the Mosh your on about was just a sight sea-er on Skate-Sea island,;)

ps i thought you had to be pizzed to speak Brizzol.

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Gemmel

Gemmel

Posted
Posted

So the ground has been put up as security for a 16 million loan.

This round of Sky funding has be re-allocated with a shortfall of 3 million

The next round of sky money has been borrowed against

Sacha is owed 28 million

January had a short term loan for the wages of minimum 2 million

And the club is losing over 1 million pounds a month

Sol is sueing for a million

Lens want to close them down

The Tax man has a winding up petition against them

Januarys wages due in two weeks .............................

 

BUT

 

The long term future is secure (According to Jacobs)

 

So a couple of questions

 

1) Who the fook is going to lend them any money as they have nothing to secure it against

 

2) Who the fook would lend them any money even if they did

 

3) Would they even make it out of administration, if it happened

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Dark Munster

Dark Munster

Posted
Posted
So the ground has been put up as security for a 16 million loan.

This round of Sky funding has be re-allocated with a shortfall of 3 million

The next round of sky money has been borrowed against

Sacha is owed 28 million

January had a short term loan for the wages of minimum 2 million

And the club is losing over 1 million pounds a month

Sol is sueing for a million

Lens want to close them down

The Tax man has a winding up petition against them

Januarys wages due in two weeks .............................

 

BUT

 

The long term future is secure (According to Jacobs)

 

So a couple of questions

 

1) Who the fook is going to lend them any money as they have nothing to secure it against

 

2) Who the fook would lend them any money even if they did

 

3) Would they even make it out of administration, if it happened

 

1087484888_6f6ae71580.jpg

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hutch

hutch

Posted
Posted

Well, that should make ole Saggy's chops sag a bit more.

 

Wouldn't it be nice if Spuds did the decent thing? I'm sure Saggy's garden needs a lot of attention.

 

Now that the full extent of their predicament is becoming a reality, I am actually begining to feel a bit sorry for the Club and the true Blue Few. I think Saggy has a lot to do with the recent depth of the animosity between the 2 clubs.

 

COYCPS!!!!!

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hamster

hamster

Posted
Posted

 

"..McKay and Faye.........have both already been cleared by the investigation and there is no suggestion of any wrongdoing on their part"

 

Sounds as though someone may have been 'co-operating' with the enquiry too. What is that sayingabout people being thick as thieves?

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pedg

pedg

Posted
Posted (edited)

A bit of info on pompey's VAT challenge. Previously assumed they were appealing some sort of accounting error but...

 

http://www.thesun.co.uk/sol/homepage/sport/football/2808875/Its-Jame-on-for-the-Potters.html

Pompey could win rebates running into millions for all Premier League clubs if they succeed in their battle against HM Revenue & Customs, which starts in court today.

 

Taxmen are claiming £7million in unpaid VAT and have issued a winding up order against the club.

Pompey, under a transfer embargo, will argue VAT should not be paid on transfer fees.

So, comically, not only have they not paid their transfer fee's they are saying that they should not have to pay the vat on the transfer fees they have not paid.

Edited by pedg
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St Chalet

St Chalet

Posted
Posted

Wow, challenging the whole VAT system, won't be quick or cheap!

 

Deloitte seem pretty clear on the matter (page 15)

http://docs.google.com/viewer?a=v&q=cache:NQaRh1hyy1kJ:www.thefa.com/TheFA/RulesandRegulations/FARegulations/~/media/Files/PDF/TheFA/FAU_VATFootball.ashx+is+vat+levied+on+football+transfer+fees&hl=en&gl=uk&pid=bl&srcid=ADGEESjm5st16GO0BoXyVgF6MNjxiqiubzI0pEcVZwkj13ehYvGpubti2x0zsuSWHFqJ09aKOL-r3XaML3BBGBUIlKSQwe0WhcHfWvQGlyifsBARud20lHK5RYmgH_w1pK7jJVHDPDdc&sig=AHIEtbQ1pf8Sge00FptTXems_ecYSsAOlQ

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saint si

saint si

Posted
Posted

Was just about to link to that deloitte doc. The stupid part of this is that although the selling club pays VAT the buying club can reclaim the VAT as an offset to their own VAT bill (that is my understanding of VAT at least). Therefore this would only affect the size of the transfer fees between clubs as the net revenue to the taxman will be zero.

 

Given that transfer fees were agreed between parties, both knowing who would pay what tax, I'd be astonished if this goes pompey's way. Some clubs would be net beneficiaries, and others would be net losers... And I can't imagine they'd be too happy about it!

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Gemmel

Gemmel

Posted
Posted

 

It just gets funnier and funnier .....We dispute the amount we owe the vat man..........errrr no you dispute the VAT system. I am starting to believe this really could be the end for them

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Hatch

Hatch

Posted
Posted
It relates to a non-football matter ....

 

Would that be the non-football matter of a football club owner paying his football club manager a cut of fees due to a transfer (probably) between two football clubs of a football player.

 

I see.

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dubai_phil

dubai_phil

Posted
Posted

 

But that's the whole point. If this court case takes months then HMRC cannot wind them up.

 

It is all about playing for time, and staying up

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HK_Phoey

HK_Phoey

Posted
Posted
But that's the whole point. If this court case takes months then HMRC cannot wind them up.

 

It is all about playing for time, and staying up

 

All I can see this doing is possibly delaying when they have to pay HMRC, still doesn't prevent other creditors from try to recover theirs debts. Also still going to have to pay wages and other operating costs whilst it is going on.

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JRM

JRM

Posted
Posted
Yes but it also might mean they get their -10(or more) next season in the championship rather than the PL :)

 

I would rather they went down normally this year, and get a big deduction next year in the championship, effectively sentencing them to another certain relegation and a visit to league one

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Tamesaint

Tamesaint

Posted
Posted
I would rather they went down normally this year, and get a big deduction next year in the championship, effectively sentencing them to another certain relegation and a visit to league one

 

Don't worry. League One will soon be a dream for the Skates. After the proverbial hits the fan in relation to the tax affairs of the chairman, chief exec and manager and the club's accounts have been forensically investigated they will be fortunate to still be members of the Football League.

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hutch

hutch

Posted
Posted
Would that be the non-football matter of a football club owner paying his football club manager a cut of fees due to a transfer (probably) between two football clubs of a football player.

 

I see.

Yeah, but if the owner, manager, club and player had anything to do with the skates, it's probably true, it had nothing to do with football.

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Guided Missile

Guided Missile

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Posted

A clue on whether Gaydamak Jr. will insist on getting his loans repaid, from an online news source:

 

Russian-Israeli billionaire Arcadi Gaydamak cannot pay a $3m (£1.86m) bond intended to guarantee his appearance before a Tel Aviv court on charges of money laundering due to "cash flow problems", his lawyers have said. The businessman, who is currently in Russia, is alleged to have helped launder 650 million new shekels (£106m) through a subsidiary of Israel's Bank Hapolaim. He posted a $4m bond prior to his indictment and was due to post an additional $3.5m on November 23. Some $2.1m held in his accounts was to count towards the bond, Israeli newspaper Haaretz reports. On the deadline, Gaydamak successfully appealed for a month's extension to pay the balance. However, in a letter to Tel Aviv District Court, his lawyers said the businessman's foreign currency accounts in Russia have been frozen, leaving him unable to deposit the money on time. "Until now, [Gaydamak] has tried incessantly to raise the bond money in time but in vain," the letter said.

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Foxstone

Foxstone

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Posted
A clue on whether Gaydamak Jr. will insist on getting his loans repaid, from an online news source:

 

Russian-Israeli billionaire Arcadi Gaydamak cannot pay a $3m (£1.86m) bond intended to guarantee his appearance before a Tel Aviv court on charges of money laundering due to "cash flow problems", his lawyers have said. The businessman, who is currently in Russia, is alleged to have helped launder 650 million new shekels (£106m) through a subsidiary of Israel's Bank Hapolaim. He posted a $4m bond prior to his indictment and was due to post an additional $3.5m on November 23. Some $2.1m held in his accounts was to count towards the bond, Israeli newspaper Haaretz reports. On the deadline, Gaydamak successfully appealed for a month's extension to pay the balance. However, in a letter to Tel Aviv District Court, his lawyers said the businessman's foreign currency accounts in Russia have been frozen, leaving him unable to deposit the money on time. "Until now, [Gaydamak] has tried incessantly to raise the bond money in time but in vain," the letter said.

 

;)

 

I wonder whether the EPL are suspecting the connection ?

 

Now that would make for an interesting comms strategy.

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pedg

pedg

Posted
Posted
A clue on whether Gaydamak Jr. will insist on getting his loans repaid, from an online news source:

 

Russian-Israeli billionaire Arcadi Gaydamak cannot pay a $3m (£1.86m) bond intended to guarantee his appearance before a Tel Aviv court on charges of money laundering due to "cash flow problems", his lawyers have said. The businessman, who is currently in Russia, is alleged to have helped launder 650 million new shekels (£106m) through a subsidiary of Israel's Bank Hapolaim. He posted a $4m bond prior to his indictment and was due to post an additional $3.5m on November 23. Some $2.1m held in his accounts was to count towards the bond, Israeli newspaper Haaretz reports. On the deadline, Gaydamak successfully appealed for a month's extension to pay the balance. However, in a letter to Tel Aviv District Court, his lawyers said the businessman's foreign currency accounts in Russia have been frozen, leaving him unable to deposit the money on time. "Until now, [Gaydamak] has tried incessantly to raise the bond money in time but in vain," the letter said.

 

Sounds to me like he does not want to attend the trial and knows if he does not he will lose some money so is trying to lose as little as possible?

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dubai_phil

dubai_phil

Posted
Posted
A clue on whether Gaydamak Jr. will insist on getting his loans repaid, from an online news source:

 

Russian-Israeli billionaire Arcadi Gaydamak cannot pay a $3m (£1.86m) bond intended to guarantee his appearance before a Tel Aviv court on charges of money laundering due to "cash flow problems", his lawyers have said. The businessman, who is currently in Russia, is alleged to have helped launder 650 million new shekels (£106m) through a subsidiary of Israel's Bank Hapolaim. He posted a $4m bond prior to his indictment and was due to post an additional $3.5m on November 23. Some $2.1m held in his accounts was to count towards the bond, Israeli newspaper Haaretz reports. On the deadline, Gaydamak successfully appealed for a month's extension to pay the balance. However, in a letter to Tel Aviv District Court, his lawyers said the businessman's foreign currency accounts in Russia have been frozen, leaving him unable to deposit the money on time. "Until now, [Gaydamak] has tried incessantly to raise the bond money in time but in vain," the letter said.

 

Perfect. And there you have the likely answer to everything we've been seeing.

 

Shame it makes people suffer but then people like him NEVER care about the collateral damage they cause

 

As for my comment about delaying tactics - I still believe they will last the season, and I am also "hoping" they get hit with the minus 10 next year. I'm not one of the "total destruction" fans, although I reserve judgement as I still feel that the dirty laundry will be a lot worse than anyone can imagine and that fate may be the only eventual solution.

Still if it DOES happen then I am sure it will result in a huge change in attitude in football so the few can console themselves as being martyrs to the cause of making things better for all other English fans.

 

(Oh alright :smt081 is what I meant!)

 

Meanwhle woo hoo blagged an upgrade, cold and rain here I come! Will miss the weekend's entertainment on here, closest me mum has to Internet covers her hair curlers

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HK_Phoey

HK_Phoey

Posted
Posted
A clue on whether Gaydamak Jr. will insist on getting his loans repaid, from an online news source:

 

Russian-Israeli billionaire Arcadi Gaydamak cannot pay a $3m (£1.86m) bond intended to guarantee his appearance before a Tel Aviv court on charges of money laundering due to "cash flow problems", his lawyers have said. The businessman, who is currently in Russia, is alleged to have helped launder 650 million new shekels (£106m) through a subsidiary of Israel's Bank Hapolaim. He posted a $4m bond prior to his indictment and was due to post an additional $3.5m on November 23. Some $2.1m held in his accounts was to count towards the bond, Israeli newspaper Haaretz reports. On the deadline, Gaydamak successfully appealed for a month's extension to pay the balance. However, in a letter to Tel Aviv District Court, his lawyers said the businessman's foreign currency accounts in Russia have been frozen, leaving him unable to deposit the money on time. "Until now, [Gaydamak] has tried incessantly to raise the bond money in time but in vain," the letter said.

 

Makes you wonder if this is why they were so desperate this weeks to get hold of the TV money.

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Joensuu

Joensuu

Posted
Posted
A clue on whether Gaydamak Jr. will insist on getting his loans repaid, from an online news source:

 

Russian-Israeli billionaire Arcadi Gaydamak cannot pay a $3m (£1.86m) bond intended to guarantee his appearance before a Tel Aviv court on charges of money laundering due to "cash flow problems", his lawyers have said. The businessman, who is currently in Russia, is alleged to have helped launder 650 million new shekels (£106m) through a subsidiary of Israel's Bank Hapolaim. He posted a $4m bond prior to his indictment and was due to post an additional $3.5m on November 23. Some $2.1m held in his accounts was to count towards the bond, Israeli newspaper Haaretz reports. On the deadline, Gaydamak successfully appealed for a month's extension to pay the balance. However, in a letter to Tel Aviv District Court, his lawyers said the businessman's foreign currency accounts in Russia have been frozen, leaving him unable to deposit the money on time. "Until now, [Gaydamak] has tried incessantly to raise the bond money in time but in vain," the letter said.

 

Don't worry, he has a new tactic, he can opt to follow Guma Aguiar by pleading insanity...

 

http://www.google.com/hostednews/canadianpress/article/ALeqM5jfwpVVJGBDNm4J0nGcH8sxwavAfQ

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