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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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trousers

trousers

Posted
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@AnilBhoyrul: REVEALED: Offer letter for $20m Portsmouth FC bid http://t.co/B396DmJ6 via @ArabianBusiness

 

Middle East investors have set out a seven point plan for the takeover of UK football club Portsmouth FC, according to documents published by Arabian Business today.

 

The documents show full details of the US$20.4m takeover which would leave the club debt free, as well as details of the Dubai Bank escrow account into which funds have already been deposited. The names of the investors behind the bid have been redacted by Arabian Business to protect their identity.

 

CLICK HERE TO READ THE OFFER LETTER

 

CLICK HERE TO READ THE ESCROW ACCOUNT

 

The offer to buy the troubled club was made on 4 September, via chartered accountants Born & Co. The proposal includes buying “the assets of Portsmouth Football Club… This is to include, inter alia, the freehold property and the players contracts”.

 

The investors have also offered to “pay the unsecured creditors in full settlement of the CVA with creditors… We understand this is one million pounds sterling.”

 

Additionally, the new investors will “provide share capital in excess of five hundred thousand pounds”, while also accepting “a novation of the compromise agreements with former players… we understand this totals eight million eight hundred thousand pounds and is to be repaid over a four year term.”

 

CLICK HERE TO READ THE OFFER LETTER

 

CLICK HERE TO READ THE ESCROW ACCOUNT

 

The troubled club has seen a number of owners in recent years, beginning with Sulaiman Al Fahim who first took over Portsmouth in 2009 when the team played in the Premier League. However, mounting debts saw the club change hands many times after, including twice being owned by businessman Balram Chainrai.

 

After being relegated and moving into administration, there have been growing fears that the club could face permanent closure without an immediate buyer. The club is currently playing in League One, the third tier of the UK's football pyramid, and during the most reason close season was forced to offload all of its senior players in order to stay afloat.

 

Both Chainrai and the club’s supporters trust had been involved in buyout talks, but so far neither were able to raise the required funds.

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PES

PES

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Posted
To all those pompey fans that sneered at our 'foreign' owners..... What are your thoughts on this?

 

I am asking here as I know many from POL read this lol

 

I dont actually mind Al Fatty, but 100% behind a trust buy out, as are nearly everyone I have spoken too. Far too good an opportunity to miss! :-)

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St Chalet

St Chalet

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They are offering nothing different to the creditors than Chinny or the trust from what I can see. Also you have to wonder why all the secrecy on the name when they have divulged everything else, including a dead link to the escrow proof :rolleyes:

 

£1m to the creditors as part of the CVA and the £8.8m to the players on the never never from parachute payments.

 

Trev has 3x similar bids in respect of the creditors.

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dubai_phil

dubai_phil

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Sultan Bin Trump was excommunicated by his original bestest friends.

He did what is unpardonable in the Arab World - he "Was the man who bought Man Citeh.

 

If you recall he was removed from that scene faster than Avram was removed from Horton Heath.

 

As of the last contact with him he was acting on behalf of (And I quote) A hugely Successful Businessman, Former Football Club owner in England and former Prime Minister of a major South East Asian Country... All the funds are secured in Swiss Banks and the project will be funded by these mixtures of Investment and Trust Funds"

 

Considering since that time Al Fahim has been declared Bankrupt and sentenced to approaching 125 years in Dubai for Debt related problems from his "Property Investments", I await this new re-incarnation with deep joy.

 

 

Now, back to the Enchanted Forest. Leads me to Jennifer Morrison.

 

The Fairy Tale.

 

There's Old Nick as the kid running round with his book of 7600 pages trying to get everyone to see what is really happening.

Chinny as Mr Gold AKA Rumplestiltskin

Penny as the evil Mayor wanting only her own interests

Instead of Robert Carlysle we have Neil Allen as the Story teller

The list is endless, Appy as Prince Charming, can't make his mind up, and then TCWTB as Snow White...

 

It all works and just as in all once upon a time stories, this one has a Genie who's popped out a bottle washed up from Oriental Shores.

 

So, the NEWS from Poland - You couldn't make it up no longer fits. It's Once Upon a Time or even the Never Ending Story

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Lazlo78

Lazlo78

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So..."paying the unsecured creditors in full" actually translates to "here, have £1million instead of the c.£150million you've lost over the last 3 years".

 

At least they pass the Pompey School Of Accounting test...

 

It seems the misunderstanding comes from the very creative quoting from @AnilBhoyrul:

 

"paying the unsecured creditors in full, in settlement of the CVA with creditors, which approved the sale of the assets in June 2012. We understand this is c. £1m (one million pounds Sterling)"

 

Becomes:

 

"paying the unsecured creditors in full"

 

:facepalm:

 

(obviously he'll blame the 140-character limit of Twitter ;))

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dubai_phil

dubai_phil

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The escrow link is still active. On current spot rate of 3.6730 AED per USD that's $US20 million or 12.7million pounds sterling.

 

A point in time statement means little though to be honest!

 

Original_Document_2.jpg

 

Dubai Bank eh.

 

Well they still have their own branches but maybe while I go and watch FMDP & her pals shopping for wedding stuff (yawn) you can do somehome work about who owned them and who now owns them and why and all that and all that etc etc etc

 

(Oh and no there is no way that the "sov fund bods" would be pumping any cash in any direction other than debt repayment to Abu Dhabi at this point in time)

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rallyboy

rallyboy

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Posted

so is Al Fahim is back in town?...no doubt attracted by the massive potential for property development and his friends who have money to 'move'.

Mr Robinson's interest has woken up a few people with retail and affordable housing on their agenda.

 

Let's not forget the history of this great saviour.

Clearly a business associate of Chanrai, Al Fahim is the man who claimed to be a doctor but seemed short of the actual qualification, a man who has a chequered history when it comes to being able to deliver promised finance, and the man who blazed a trail for others to follow when it came to pompey missing wage payments.

 

When the effluent hit the fan he was conveniently playing chess, being served a court summons, boasting to Piers Morgan, or having kidney stone operations...that's one slippery ice cream salesman!

 

If he is back, he's either managed to persuade his old torturing mate to cough up some cash and have another crack at dodging the FaPPT, or he's asked CSI to print them off one of their 'special' bank statements.

 

 

Either way it's a distraction the Trust could do without.

Are they being invited to pay a part share with a messy consortium?

 

Odd.

If I had twice as much money as Birch requires, everyone else could stick their interest where the sun don't shine - there would be no sharing of power.

Perhaps this new 'powerhouse consortium' actually needs a couple of million to help?

 

You can't run a business by committees, Al Fahim says this, torturer says that, Trust says the other - the club needs clear direction at the top, not management by the Dave Clark Five.

 

 

 

Anyway, ownership might be too much for Al Fahim, before a man takes on something as complex as a football club he should first conquer lesser tasks - like being able to judge what sized shirt he requires.

 

 

So I'd like two choc ices and a 99 please....and an explanation about the man who didn't exist that you did BIG business with - you can explain that on your FaPPT form, write on the back if you need more space.

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hutch

hutch

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As I see it, some anonymous characters have told Birch that they might be prepared to take the club on for the same pittance as Chinny, provided that they manage to acquire the surrounding Gaydamak land from the other administrator at a knock down price. Another property developer enters the fray. And it's fully supported by a non-binding letter from a bank which confirms that somebody in Dubai had $20m in the bank two weeks ago.

 

As it has been said on here many times before, what could possibly go wrong?

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buctootim

buctootim

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Comment after the Arabian news takeover story: :)

Posted by: Seagull Monday, 10 September 2012 11:11 AM[uAE] - Peoples Republic Of East Sussex

 

The fans are great. They've nearly sold all their home tickets on a number of occasions and recently the loyal hoards managed a crowd of nearly 13,000.

 

They never, ever boo their own players, except the times when they do & they once took a whole 42 fans to Wigan in a Premier League game.

 

 

Love from BHA

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andysstuff

andysstuff

Posted
Posted (edited)
Comment after the Arabian news takeover story: :)

Posted by: Seagull Monday, 10 September 2012 11:11 AM[uAE] - Peoples Republic Of East Sussex

 

The fans are great. They've nearly sold all their home tickets on a number of occasions and recently the loyal hoards managed a crowd of nearly 13,000.

 

They never, ever boo their own players, except the times when they do & they once took a whole 42 fans to Wigan in a Premier League game.

 

 

Love from BHA

 

Another one who gets is. Just hope he/she spreads the word

Edited by andysstuff
Genderist
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Colinjb

Colinjb

Posted
Posted
Comment after the Arabian news takeover story: :)

Posted by: Seagull Monday, 10 September 2012 11:11 AM[uAE] - Peoples Republic Of East Sussex

 

The fans are great. They've nearly sold all their home tickets on a number of occasions and recently the loyal hoards managed a crowd of nearly 13,000.

 

They never, ever boo their own players, except the times when they do & they once took a whole 42 fans to Wigan in a Premier League game.

 

 

Love from BHA

 

Oh, but it's 'just us' apparently... Even though it's obviously not. There are many, many people who truly understand the situation.

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Lazlo78

Lazlo78

Posted
Posted

http://www.guardian.co.uk/football/football-league-blog/2012/sep/08/coventry-city-abyss-sisu

 

"What frustrates is they [sisu] can suddenly find £10m to try and buy the stadium, but they can't pay the rent on it and they can't buy players," said their spokesman, Jan Mokrzycki. "It's obvious they don't give a monkeys about the club. No one else is going to come in and save us, it's up to the fans to do it ourselves. We might as well get in a position to do it now, rather than be like Portsmouth, scrambling around at the last minute trying to get something done."

 

:toppa:

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Frank's cousin

Frank's cousin

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Posted
http://m.portsmouth.co.uk/sport/pompey/pompey-past/appy-it-s-a-start-1-4243721

 

‘I just hope at some point we can start working like a proper football club because this 20-player rule (imposed by the Football League) is killing us.

 

‘We want someone to give us an opportunity to be competitive.’

 

:facepalm:

 

Tis indeed a mystery that one single town can contain so much idiocy - they really are a bunch of thick as shieidt numpties if they cant get the whole competitive' issue... no longer funny really, just makes me fricken angry now, as there are many more numptoes out there who also believe this and have sympathy.. what the feck is wrong with this country that there is this 'dumbing down' of Britain? A nation of under educated f uckwits that cant grasp such simple principles?

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Torres

Torres

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Posted
Goals in the last 16 minutes – from substitute Ashley Harris, Luke Rodgers and Izale McLeod – claimed all three points for the visitors.

 

Their task had been made a little easier by Crawley, who played the final 20 minutes with just nine men having already been reduced to 10 men before half-time.

 

Yeah, just a little easier :facepalm:

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Gemmel

Gemmel

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Posted

Well it seems they are determined to keep us entertained for some time yet.

 

Anyway, back to the task in hand. .... so people that want to remain annonymous, publish their offer letter and proof of funds to the world.... Makes sense.

 

They seem gutted that this might push the trust out - As if they though the trust bid was really viable.

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dubai_phil

dubai_phil

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Posted
Well it seems they are determined to keep us entertained for some time yet.

 

Anyway, back to the task in hand. .... so people that want to remain annonymous, publish their offer letter and proof of funds to the world.... Makes sense.

 

They seem gutted that this might push the trust out - As if they though the trust bid was really viable.

 

Only reason to do that would be of someone did not believe them when dome in private :rolleyes:

 

Sent from my HTC One X using Tapatalk 2

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hutch

hutch

Posted
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Tis indeed a mystery that one single town can contain so much idiocy - they really are a bunch of thick as shieidt numpties if they cant get the whole competitive' issue... no longer funny really' date=' just makes me fricken angry now, as there are many more numptoes out there who also believe this and have sympathy.. what the feck is wrong with this country that there is this 'dumbing down' of Britain? A nation of under educated f uckwits that cant grasp such simple principles?[/quote']

Good to get it off yer chest Frank, innit? But you knew that was a quote from their manager, didn't you?

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