Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
in Golden Posts

 Share

Recommended Posts

St Chalet

St Chalet

Posted
Posted

We'll never find him, to be fair he is correct. As we operate an open forum that doesn't require users to sign in :facepalm:

 

It's a bit like a man who has committed no crime waving a banana shouting "you'll never take me alive" at a bemused copper who is about to knock off for lunch and really couldn't give a ****.

 

Frattoniser, you are more than welcome to read our thread - you might learn something.

Link to comment
Share on other sites
Colinjb

Colinjb

Posted
Posted (edited)

Hi Frattoniser, welcome to Saintsweb. We don't discriminate here. :)

 

In fact welcome to all Skates who may be taking a look, sign up! Join in the debate, if we are so wrong i'm sure your flawless arguments will carry weight and be impervious to any contrary views.

Edited by Colinjb
Link to comment
Share on other sites
badgerx16

badgerx16

Posted
Posted

PST BID ON TRACK AND WITH ADMINISTRATOR

 

PST's bid to buy Portsmouth Football Club is with Administrator Trevor Birch and still on course to be successful.

 

But in a move welcomed by PST, Mr Birch has given both the Trust and rival bidder Portpin additional time to finalise their bids, notably to satisfy the Football League on a number of issues.

 

'We have said all along that our bid is robust and credible, and the best option for the creditors and the football club,' said Colin Farmery spokesperson for PST

 

'To all intents and purposes our bid is submitted but, given Pompey's recent history, we fully understand and support the need for this process to be as thorough as possible and welcome this decision by PKF. We will continue to work to the timetable set out by the administrators.

 

'We are pleased that Trevor Birch thinks we are capable of concluding a deal and will work round the clock to agree and finalise the deal as soon as we can.

 

'In the mean time we would urge all Pompey fans who are able to attend the match at Fratton Park against Walsall on Saturday and give Michael Appleton and the team their full support,' he added.

Link to comment
Share on other sites
dvaughanwilliams

dvaughanwilliams

Posted
Posted

 

‘Significant progress has been made over the past two weeks, and both Portpin and the Pompey Supporters’ Trust (PST) are continuing to work with the Football League, which must agree that they can take ownership of Portsmouth Football Club, and the Professional Footballers’ Association, which represents the players owed money by the club.

 

So, the PFA want the PST to pay the full amount on the compromise agreements and the Football League want Chainrai to hold less secured debt. How long have they had this deadline and they still can't sort out the most obvious problems with their bids?

Link to comment
Share on other sites
The Kraken

The Kraken

Posted
Posted
So, the PFA want the PST to pay the full amount on the compromise agreements and the Football League want Chainrai to hold less secured debt. How long have they had this deadline and they still can't sort out the most obvious problems with their bids?

 

By his own admission Chainrai submitted his bid last week, so it must be in a pretty poor state if it still doesn't tick all of Trev's boxes. The Trust have supposedly upped their bid since they initially offered only part payment of the player deferrals, but obviously they're still some way short of where they need to be.

 

I'd be massively worried by Birch's actions if I were the Trust. PKF's fees plus legal bills is fast approaching £2M now, and there's various other creditors highlighted in PKF's report who still have sums outstanding. That will have to be paid, and will be done so from the existing bank account which has been funded by the parachute payments (the same parachute payments which the Trust need to actually function).

 

So the longer it all goes on, the PKF keep billing at their average of £299 per hour, the less operating cash the new owner will have to keep the club afloat if/when they finally get over the line.

 

I'm very surprised Birch hasn't faced any sort of challenge from creditors; there's surely an argument that the amount of cash in the bank is more than the value of the club were they to liquidate.

Link to comment
Share on other sites
Pamplemousse

Pamplemousse

Posted
Posted
Funny aren't they over on scumweb - they are still copying and pasting stuff from this thread on there but being the really thick, knuckle dragging pony fiddlers that they are, they really don't realise that the more they are doing that then the more they are giving us mods/admin all the details and info we need. Thanks scummers, you are making our work so much easier! And by the way, we've got exactly the one we wanted

 

:facepalm: :facepalm:

Link to comment
Share on other sites
trousers

trousers

Posted
Posted
By his own admission Chainrai submitted his bid last week, so it must be in a pretty poor state if it still doesn't tick all of Trev's boxes. The Trust have supposedly upped their bid since they initially offered only part payment of the player deferrals, but obviously they're still some way short of where they need to be.

 

I'd be massively worried by Birch's actions if I were the Trust. PKF's fees plus legal bills is fast approaching £2M now, and there's various other creditors highlighted in PKF's report who still have sums outstanding. That will have to be paid, and will be done so from the existing bank account which has been funded by the parachute payments (the same parachute payments which the Trust need to actually function).

 

So the longer it all goes on, the PKF keep billing at their average of £299 per hour, the less operating cash the new owner will have to keep the club afloat if/when they finally get over the line.

 

I'm very surprised Birch hasn't faced any sort of challenge from creditors; there's surely an argument that the amount of cash in the bank is more than the value of the club were they to liquidate.

 

Indeed. And why, seemingly, aren't HMRC rattling any cages? Surely they will recoup more money for you and I (the Great British taxpayer) if they were to press for liquidation, now that the coffers are relatively healthy?

Link to comment
Share on other sites
hypochondriac

hypochondriac

Posted
Posted
Hi Fratts. :lol:

 

I'm still there, my old son. Not sure who you banned in your fit of pique, but it wasn't me :smug:

 

Hahaha. Clueless. There is no way they know who it is, they just look for the location and if it's in Southampton they guess it is us and hit ban. Wonder how many of their own they have removed?

Link to comment
Share on other sites
St Chalet

St Chalet

Posted
Posted (edited)
Hi Fratts. :lol:

 

I'm still there, my old son. Not sure who you banned in your fit of pique, but it wasn't me :smug:

 

You'd think with their club on the verge of being sold to a HK loan shark, a Fake Sheikh or The Village People they would have more to worry about. It's like a modern day McCarthyism.

Edited by St Chalet
Link to comment
Share on other sites
dvaughanwilliams

dvaughanwilliams

Posted
Posted
Indeed. And why, seemingly, aren't HMRC rattling any cages? Surely they will recoup more money for you and I (the Great British taxpayer) if they were to press for liquidation, now that the coffers are relatively healthy?

 

How much of the current unsecured debt is owed to HMRC? Do they have enough clout to push for liquidation? Major threat for liquidation is if the Football League don't give the green light for Chinny's terms. If he wants to pull the plug, the club's finished.

 

Also, in liquidation, all of the proceeds would go to Chinny and Trev, HMRC would get nothing.

Link to comment
Share on other sites
St Chalet

St Chalet

Posted
Posted
How much of the current unsecured debt is owed to HMRC? Do they have enough clout to push for liquidation? Major threat for liquidation is if the Football League don't give the green light for Chinny's terms. If he wants to pull the plug, the club's finished.

 

Also, in liquidation, all of the proceeds would go to Chinny and Trev, HMRC would get nothing.

 

In liquidation the players would get feck all, unless the Prem paid them out of the reaming £8m PP.

Link to comment
Share on other sites
dvaughanwilliams

dvaughanwilliams

Posted
Posted
In liquidation the players would get feck all, unless the Prem paid them out of the reaming £8m PP.

 

Are you suggesting that the Football League should allow Chainrai to drive a coach and horses through the conditions they laid down in granting them a Golden Share?

 

Chinny's got them over a barrel. It's his terms or liquidation.

Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)

@Foundation_SFC: Hard work of all involved in the charity is recognised in the Football Business Awards shortlist http://t.co/5RWg0Uc6 #greateffortbyeveryone

 

WTF?! Pompey not in line for a community award? A club as important to their local community as Pompey? Outrageous!

 

Hope we get two tables at the awards ceremony.

Edited by trousers
Link to comment
Share on other sites
Just a Fan

Just a Fan

Posted
Posted

So if they are liquidated, all the proceeds would go to Chinny and TB. I understand that Chinny would get the ground and then sell it for whatever, but where do the proceeds for TB come from? What is there that could possibly be sold at Notarf to pay him back. Can't think of anything that could be worth that much tbh. Oh hang on, maybe they've got lead on the roof!

Link to comment
Share on other sites
rallyboy

rallyboy

Posted
Posted

As a result of these factors, we believe it is in the best interests of creditors to allow the interested parties a further short period of time to conclude a sale.’

said Trev as he kept the handbrake firmly on, calmly pocketing his daily rate of £9,000, money that could actually sort a few of those creditors out, but no.

We are assured that it's in their best interests to watch the money being frittered away until they are all fighting over an empty cash bag.

 

 

No rush.

 

 

In your own time.

 

 

Slowly does it now....

 

That'll be 10,000 of the few paying Trev and the Old Bill*, hope they have some cash left for those poor underpaid players.

 

 

 

*the only bill likely to get paid in full.

Link to comment
Share on other sites
Gorgiesaint

Gorgiesaint

Posted
Posted
@pn_neil_allen: Hearing #Pompey ownership situation now could be decided early next week. Seems FL holding up things; it's not PKF trying to get more money!

 

Football League "holding things up"? Doing their job properly in other words...

 

Why was he expecting the ownership to be resolved by now... the trust only managed to get their bid in late this afternoon (assuming they got it in at all). Did NA really expect TB to make a decision in couple of hours? Admittedly doesn't take that long to throw the PST bid in the bin but at £9k a day and still having a few million in the bank, why rush such a tough decision?

Link to comment
Share on other sites
St Chalet

St Chalet

Posted
Posted
Are you suggesting that the Football League should allow Chainrai to drive a coach and horses through the conditions they laid down in granting them a Golden Share?

 

Chinny's got them over a barrel. It's his terms or liquidation.

 

In liquidation there is no need to retain a Golden Share. The players are unsecured creditors and will receive x% of feck all upon liquidation.

Link to comment
Share on other sites
Frank's cousin

Frank's cousin

Posted
Posted
So if they are liquidated, all the proceeds would go to Chinny and TB. I understand that Chinny would get the ground and then sell it for whatever, but where do the proceeds for TB come from? What is there that could possibly be sold at Notarf to pay him back. Can't think of anything that could be worth that much tbh. Oh hang on, maybe they've got lead on the roof!

 

This is the problem with Football clubs - In most normal companies, there are some saleable assets to get some money back fror creditors, but usually if there is no chance of a recovery. Liquidation will happen quickly to avoid debt increasing which teh administrator is liable for....

 

BUt this is where football clubs see immune - as the assetts are only sellable if a club is not liquidated - the players, whos registrations revert to the FA if a club is liquidated, the assets such as land etc do have some value, and I think had pompey owned their ground and teh surrounding land, Brch would have been pretty much mandated to liquidate as this would have yielded more for creditors .... until you factor in the 12 mil (approx 8mil left) of parachute money - the argument against liquidation is avery simple - ebven though its costing them money to keep the rotting thing going.... the creditors (well chinny anyway) and footballing creditors in theory get more if the club get access to this cash - so they have to keep them going - Its possibly why the FL/FA are being more lenient as it should in theory mean the footballing creditors will get their compromised amounts - but thats the 8 mil gone.... unless someone whips that away and then liquidates the club.... before its passed on to footballing creditors

 

Couple of things I think might happen....

 

The footballing creditors will never see the full 8mil that they agreed to in compromise - even if split over 4 years, 2 mil a year in L2 will cripple pompey and see them back in admin... even if by some miracle they had learned their lesson and were running a tight ship -and secondly, they dont appear to know what a tight ship is or accept taht runinig within their means with a 2mil outlay a year to football creditors from a L2 revenue will defo mean they are NOT competitive, and as I understand it those down the road find that a difficult concept to understand - so their heads would probably explode or something

Link to comment
Share on other sites
Jimmy_D

Jimmy_D

Posted
Posted

You'd have though that, if either bid WAS 'on track,' they'd have taken over already by now, you know, making sure they were ready BEFORE the deadline when they could have been liquidated...

 

My guess is that neither bidder can satisfy the FL in terms of paying former players and making it til the end of the season, and Birch has extended the deadline a few days instead of liquidating already under the guise of giving the bidders more time to extract a few more days fees out of it.

Link to comment
Share on other sites
trousers

trousers

Posted
Posted

http://m.guardian.co.uk/football/blog/2012/sep/14/southampton-youth-policy-nigel-adkins?cat=football&type=article

 

Few people epitomise the success and appeal of Southampton's youth system quite like James Ward-Prowse. Having joined the club's academy at the age of eight, Ward-Prowse, now 17, was promoted to the first team at the start of the season and has gone on to produce encouraging displays in each of their three Premier League games so far. More interestingly, however – he is a Portsmouth supporter.

 

"I was at both clubs and had to pick which one I wanted to play for and knew straight away that for the sake of my career I wanted to play for Southampton," he said. "This has been the right choice – I've grown to love the club."

 

That is some statement for a man Southampton fans would otherwise refer to as a "skate" and, not surprisingly, has led to Ward-Prowse feeling unable to return to Fratton Park, a stadium where he once held a season ticket.

Link to comment
Share on other sites
Frank's cousin

Frank's cousin

Posted
Posted
You'd have though that, if either bid WAS 'on track,' they'd have taken over already by now, you know, making sure they were ready BEFORE the deadline when they could have been liquidated...

 

My guess is that neither bidder can satisfy the FL in terms of paying former players and making it til the end of the season, and Birch has extended the deadline a few days instead of liquidating already under the guise of giving the bidders more time to extract a few more days fees out of it.

 

I think the guarrantees from both bids is as you say the problem... because I would hope that the FL have indeed had enough of ****ing footbal creditors (let alone the other 80mil of written off debt) around given that they already agreed to a compromise - in effect the FL probably wont tolerate a compromise on the current compromise... The solution surely is simple - the bidders should deal with the Premier League and get them to administer the payment of the 8mil directly to teh footballing creditors... I guess the problem then is that neither bidder has enough in the planned budget to keep things going...

Link to comment
Share on other sites
EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Frattoniser, you're a clueless co.ck but thanks for the hilarity of you trying to hunt us down on POL as you're doing a really sh.it job of it.

 

Every time he fires up I picture some stinking loon, frothing at the mouth and shouting "Faaaackin' Scummaaaaaz"

 

It's almost believable that it's us nutjobs trying to wind each other up on POL.

Link to comment
Share on other sites
Dark Munster

Dark Munster

Posted
Posted
Isn't it time someone independent checked what birch is doing? If neither bid is acceptable STILL ! - when wil he give up ,liquidate and give what dregs that are left to the poor creditors?

In fairness, Tricky Trev is doing exactly what all of us nutjobs would do in his position. Draw up a deadline in the sand, rack up £299 hourly in fees, ignore the deadline when it passes, draw a new one in the sand, and repeat continuously until Chinny blows a gasket. Oh, and sanction bringing in a few overpriced castoffs to eat into the remaining pot of parachute money, to really turn up the flame under Chinny's feet.

 

Talk about having fun and getting paid to do it.

Link to comment
Share on other sites
The Kraken

The Kraken

Posted
Posted
In fairness, Tricky Trev is doing exactly what all of us nutjobs would do in his position. Draw up a deadline in the sand, rack up £299 hourly in fees, ignore the deadline when it passes, draw a new one in the sand, and repeat continuously until Chinny blows a gasket. Oh, and sanction bringing in a few overpriced castoffs to eat into the remaining pot of parachute money, to really turn up the flame under Chinny's feet.

 

Talk about having fun and getting paid to do it.

 

Agent Trevor :adore:

Link to comment
Share on other sites
tony13579

tony13579

Posted
Posted
"Administrators remuneration and disbursements

 

The time costs incurred in the period 17 February 2012 to 16 August 2012 amount to £1,312,431.55, representing 4,390.80 hours at an average hourly rate of £299 per hour.

 

To date, fees of £425,000.00 and disbursements of £24,464.35 have been drawn. "

At £20 a ticket, less the VAT (lol) that's 82,026 paying adult fans just to pay the admin fees. So that's about 7 home games.

Link to comment
Share on other sites
sidthesquid

sidthesquid

Posted
Posted
Hahaha. Clueless. There is no way they know who it is, they just look for the location and if it's in Southampton they guess it is us and hit ban. Wonder how many of their own they have removed?

 

I had a quick look on there - the average thread is about 20 posts long from the same handful of semi-literate inbreds, who then get bored and start a near identical thread, that lasts another 20 or so incomprehensible posts and so they go on. It's like sneaking a look through the asylum window.

Link to comment
Share on other sites
dvaughanwilliams

dvaughanwilliams

Posted
Posted
So if they are liquidated, all the proceeds would go to Chinny and TB. I understand that Chinny would get the ground and then sell it for whatever, but where do the proceeds for TB come from? What is there that could possibly be sold at Notarf to pay him back. Can't think of anything that could be worth that much tbh. Oh hang on, maybe they've got lead on the roof!

 

In liquidation, the first people to get paid are the courts and the insolvency practitioners. This is an insolvency law.

Link to comment
Share on other sites
dvaughanwilliams

dvaughanwilliams

Posted
Posted
In liquidation there is no need to retain a Golden Share. The players are unsecured creditors and will receive x% of feck all upon liquidation.

 

I'm suggesting that Chinny wants to hold more secured debt than the Football League stated they would allow under the conditions for the Golden Share. Chinny wants to hold on to as much as his secured debt as possible. He's got a proposal that the FL are frowning on. Chinny will say, "Accept my conditions, or I liquidate."

 

Of course Chinny will be very happy to let someone else buy the club, as long as they meet his valuation.

 

Ultimately, Chinny holds all the cards.

Link to comment
Share on other sites
dvaughanwilliams

dvaughanwilliams

Posted
Posted
The footballing creditors will never see the full 8mil that they agreed to in compromise - even if split over 4 years' date=' 2 mil a year in L2 will cripple pompey and see them back in admin... even if by some miracle they had learned their lesson and were running a tight ship -and secondly, they dont appear to know what a tight ship is or accept taht runinig within their means with a 2mil outlay a year to football creditors from a L2 revenue will defo mean they are NOT competitive, and as I understand it those down the road find that a difficult concept to understand - so their heads would probably explode or something[/quote']

 

The £8m is funded by the outstanding £8m of Parachute Payments, so it's not a burden that they have to fund from revenue, they just have to live within their means.

 

Ironically, Football Clubs are given a lot more leniency in insolvency hearings than most other companies. If they were in any other industry, they would have been liquidated at the first hearing of the first admin.

Link to comment
Share on other sites
rallyboy

rallyboy

Posted
Posted

the players' agreements are in reality about £8.5M plus Kanu, so they could be up to £10M.

The PPs are only £8M.

 

So they need to save money at the moment to be ready to cover that shortfall.

Instead they are spending that future funding to gain a competitive advantage.

It's bonkers.

 

 

Just as it was claimed about Storrie, and then Lampitt - but Birch wouldn't let them spend more than they have...

 

Birch is out of there soon and doesn't care what happens at Christmas, let alone in 2014!

 

 

I'm surprised the Trust haven't highlighted this as it's their income he's spending, even Chinny has had a moan about it.

 

Perhaps the Trust is too busy celebrating the glorious victory over Crawley to worry about how they pay the bills next year.

Despite all the chaos of recent years, nothing has changed in the fans' mindset.

They are still stuck in this cycle of poor management that involves spending tomorrow's money on gaining an advantage today.

 

 

They are determined to self-harm, and no one will stop them.

Link to comment
Share on other sites
Wes Tender

Wes Tender

Posted
Posted

http://www.dailyecho.co.uk/sport/football/nonleague/9931304.Clubs_join_queue_to_sign_non_league_star/

 

Oh well. game over for us then, hoping to sign young starlet Harry Cornick Jr. from Christchurch. As Storrie pointed out so eloquently on a previous occasion, why would any player sign for us when given the choice between Saints and the Skates? Reading, Stoke and others might as well throw their hands in too, as they can't offer the package that the Skates can, with their iconic stadium and best fans in the World support. And they are also the only club after him able to offer a rolling monthly contract too, not only allowing the players maximum flexibility in the career choices, but also able to enact that policy because of their utmost confidence that the players will want to stay with Pompey, because it is one the big glory clubs with an illustrious history.

 

Also, he will be enticed by the prospect of moving to a beautiful thriving cosmopolitan city full of culture and energy. Surely the bright lights will be enough to turn the head of a young lad from a sleepy little backwater like Christchurch.

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