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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Ken Tone

Ken Tone

Posted
Posted
Anyone who buys the ground and charges them rent would, presumably, expect to be paid.

 

Good luck with that one.

 

Or, as a property developer, expect not to get paid so he can evict PFC in a few months and then develop the ground for housing or retail, once the council have given up on their unenforceable restrictions.

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anothersaintinsouthsea

anothersaintinsouthsea

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Some staggering levels of naiivety and optimism over on POL. Some seem to feel that the deal for any property developer is so good that he'll only charge a peppercorn rent and that a new stadium is practically inevitable. They seem to have forgotten that a shrewd operator in Mandaric couldn't make the sums work even when they were in the Prem.

 

As I said, staggering:

 

We('d get a redeveloped Fratton Park back in the end. A partner coming in and buying the land for a share of the redevelopment profits was the only way FP was gonna be re-developed anyway.

 

It great news, and seems the timing of this 'leak' by the PST maybe shows that TB will choose the Trust today?

 

They must have the financial clout to pull it off now!

 

 

A master strike indeed. More money freed up to deal with players

 

 

I think (hope!) the trust will have tied it up legally so we won't end up without a home.

 

Anyway, there is money in developing Fratton Park and the surrounding area,no need to pull a fast one to make a profit.

 

As long as the contract is drawn up correctly to give PFC say a 999 lease over the ground with an option to acquire the freehold every 5 years for market value, then I think this is a wonder stroke.

 

With a £2.5-£3m market value of FP, then without the PCC loan, this boasts the money available for compromise agreements however there is the issue of rent. If PCC are keen on the idea and are willing to help push planning permission through for the new owner, then I would expect a peppercorn rent for the first 2/3 years maybe longer. The developer would hope to make his money a) from the remaining land development and b) income from FP – say 1% of gate receipts where attendance is over 21,000 (i.e. they benefit from any increase in stadium capacity that they provide).

 

Admittedly there are quite a few who're sceptical. Wonder what the Banker's take on it is?

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Torres

Torres

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Posted
As long as the contract is drawn up correctly to give PFC say a 999 lease over the ground with an option to acquire the freehold every 5 years for market value, then I think this is a wonder stroke.

 

Sounds a great deal for the developer. Jesus, these people :facepalm:

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Hockey_saint

Hockey_saint

Posted
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I still love the blind optimism in the trust most of them have on the Snooze, as one poster put it "how is it even feasible?"

 

Really, honstly, who thinks the players will agree a further cut? will Kanu? how about Tal Ben heim?.....I reckon this is more a "chanrai's bid isn;t ready so I'm giving him a couple of weeks oh and by the way that PST? we here in the PFK office p!ssed ourselves! are they on drugs?" :D

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Hurricane163

Hurricane163

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Neither bids are ready says Birch. I assume what he means by that is the PST's bid will be ready once they have renegotiated the player pay offs, good luck, but what needs work on the Portpin bid? Why the delay here?

 

The key part of this statement is I believe Portpin's bid is not even on TBs radar. What has changed since Chinney lodged his bid? It appears that the only bid in town is the PST bid and that is currently a joke. TB is giving them one more chance before pulling the plug. The parachute payments in the kitty make this all more likely!

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SaintRichmond

SaintRichmond

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Posted
http://www.portsmouth.co.uk/sport/pompey/pompey-past/property-developer-set-to-give-boost-to-fans-takeover-bid-1-4214093

 

FANS who want to buy Pompey have been given a boost by a businessman who could secure the future of Fratton Park.

 

The News understands property developer Stuart Robinson has offered to buy the stadium and lease it back to the Pompey Supporters’ Trust

 

 

 

How many Nectar points would he get for doing that ??

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Weston Super Saint

Weston Super Saint

Posted
Posted

Anyone know why Chinny's bid is now 'not ready'?

 

Seems a little suspicious to me. A few weeks ago, before he pulled out, his bid was on the table, the CVA had been agreed and everything was going to go ahead 'within a week'.

 

I really can't see what's changed now. Presumably he has just re-submitted his original bid with a few minor tweaks, but surely it still essentially consists of the same amounts of money being offered to the same people - £500k in total isn't it for the CVA?

 

The only thing that may be different is the administrators allocated fee! They had a little spat over Birch reducing his fees, so maybe Chinny has put in his new bid, with a new revised figure for PKF?

 

Other than that, I can't see any possible reason why Chinny's bid wouldn't be 'ready'.

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rallyboy

rallyboy

Posted
Posted

Legally Birch can't just ignore Chinny, even if he doesn't believe a word the bloke says.

 

Portpin has offered four times more than the Trust to a significant chunk of the creditors - to spurn that could lead to a legal sh!tstorm, and let's not forget that AA is waiting in the wings, desperate for Birch to make a mistake.

 

Perhaps Trev is trying to help trigger the council loan by suggesting that Portpin's offer is not a valid commercial alternative?

But the council also wants to be secured against the PP money and that's not possible, so that plan won't work.

 

 

 

Chinny is also right to highlight that the current Trust plan means a withdrawal of the Golden Share and a loss of league football - as does challenging the penalty - it's a condition for league membership.

Platini is presumbly writing to them regarding unpaid transfer fees as well, so they might need to challenege a European ban....

 

 

 

So it looks like Trev is giving the Trust a fortnight to get approval from all of the former heroes for a further massive shafting.

I don't see them pulling off that stunt, perhaps their only option is to embrace the heroic property developer to get the ground, knock Chinny down £5M, and to match the £8.5M to the players - but to stagger the payments over about ten years.

 

It must be getting to the point where the Trust is so stretched financially that it's too dangerous to take on - at some point the talking stops and you have to put cash on the table - let's see if Trev knows what a deadline is.

 

Meanwhile UnAppy is sounding like a man who really doesn't know what his budget is, and whether he's overspent or not.

 

To keep repeating that it might be the lowest budget in the division doesn't make it true.

 

The ship has no rudder.

In fact I'm not even sure that it has a hull.

 

 

Just like the Prem days, that's not money coming into the coffers, it's money going through them.

HALF the gate today should cover Trev's fees since the last home game. :o

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OldNick

OldNick

Posted
Posted

‘We will also use this opportunity to request a review of the points deduction that is being held in abeyance on the club by the Football League.’ (quote by TB) does this mean that they are going to tell the FL unless you waive the -10 they will be liquidated? I'm sure they are going to use that as a lever. Experience has shown that the FL etc will do anything to keep them alive and the waiving of a points penalty costs them nothing. Forget the precedent etc the FL make the rules up as they go along.

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eurosaint

eurosaint

Posted
Posted
What is there to stop Chinny reducing the size of his origional bid. He now knows the weaknesses in the Trust's bid and may even be offering the same discounted deal to the players.

If so, well done Mr C.

 

The trust intend to settle with the former players at £2 million so if Chinny were to amend his offer to, say, £3million then surely that is a better deal for the creditors ? It would also be in keeping with his style of 'profit by opportunity' !

Having said that, the offer of paying the players £8.5 million over 4 years is probably a better bet for him as he wouldn't think twice over defaulting on the deal (I'm sure his mate AA has a number of cunning solutions up his sleeve, ready and waiting!).

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View From The Top

View From The Top

Posted
Posted
Don't you be so sure

 

The Football Authorities have been hell bent on scrapping every previous rule they have when it comes to their precious Pompey

 

The compromise deals had to be agreed by the players & the PFA and they are now football debts so have to be paid in full, it's one of the FL's key rules & they have already set out their stall by stating they have to be paid in full in their "pompey" statement.

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JonnyLove

JonnyLove

Posted
Posted

Anyone see the new paddy power tv ad?. The add is about a club needing a rich buyer, and it turns our to be a diamond mine owner with slaves as workers. The last line is who cares where the money comes from as long as you win the treble.

 

It's like they could of written it from Pompey's story.

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Matthew Le God

Matthew Le God

Posted
Posted (edited)
I see they have a massive attendance today, 12635 including away fans.

 

TBF, that is about 2,500 more than I would have expected them to be averaging this year. We'll see how long it lasts if the wins don't start coming.

 

So after a few games, the few are getting fewer !

 

Today was the game of the "free" tickets for kids that they won in the summer NPower competition by flooding Twitter with nonsense. So today's meagre attendance was actually boosted by a large number of school kids on a free day out.

 

£30,000 = ALOT of free tickets handed out in that crowd of 12,635

Edited by Matthew Le God
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