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Pompey Takeover Saga

Fitzhugh Fella

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Fitzhugh Fella

Fitzhugh Fella

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@pn_neil_allen: The #Pompey takeover rumbles on. My take on latest developments (taken from yesterday's Sports Mail). http://t.co/hgEiObKP

 

 

Allen really has chosen what side he is on and I can see why but the Trust's initiave is like sticking a plaster onto a gaping wound that needs 50 stitches. Birch must really be panicking - whatever he does, whoever he chooses it is going to end in tears. Far too many obstacles. I have a grudging respect for the Trust - for they are only doing what any fan who cared would do, but the sooner they get real the sooner the Phoenix club can be born.

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Hebberdinho

Hebberdinho

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Posted
one doesn't like to be churlish on a day when we've been 'fiddled with' by bigger boys, but it would be a shame not to have a little pop at the massive club to the east, just to cheer me up.

 

 

The alarm bells should be ringing - the Fortress Fatpipe attendances are getting dangerously close to the cut off point where there isn't enough money to pay both Birch and the police.

The only thing they packed today was three points into a little suitcase for Walsall, and some sandwiches to see them home safely.

If they lose another 1,000 fans there will be a problem and Birch will consider he's emptied the gravy train and will probably hand it over to the Trust or the loan shark.

His timing is looking spot on, when the attendances hit 10K he's gonna be out of there, because there won't be enough income to pay his fees.

 

 

And while we are talking about the bestest fans, you could hear the Saints following making plenty of noise at the Emirates despite the score, but still no one claimed to be the best in Europe.

There's a lesson there somewhere.

 

We're both struggling.

Saints are up sh!t creek with half a paddle, pompey haven't got a creek to sh!t in.

 

I saw two of the Walsall back room staff in Asda yesterday, with a trolley full of food and drink. I assume that unless they are using club time to do the weekend shopping, it was assumed that they would have to provide their own half time oranges. I hope that they were not asked to provide refreshments for the home side as well.

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Wes Tender

Wes Tender

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It's so weird. I see they really believe this stuff, but wouldn't you look into it more before getting that annoyed? Comparing their admins to any other club's is ridiculous. They could easily understand why our administration was different, it would take 5 minutes without the hateful bitter glasses.

 

You could spell it out to them for the 100th time, i.e. an owner CHOOSING to fund a club and write off money is within the rules and leaves no creditors out of pocket. Somehow that gets filtered to mean the same as thousands of creditors losing 99% of the money they were owed. Selling off all players and using rubbish kids becomes the same as offering big wages to do it all over again having written off the debt. What debt did saints write off exactly?

 

It's either a huge logical blindspot, sheer rage and hatred getting in the way, a complete lack of research or utter stupidity. But I fear if they haven't worked it out by now they never will. Too many it'll just be 'you were in admin too'. Another crushing victory for absolute ignorance.

 

The idiots continue to win.

 

The correct answer is the last one; it's utter stupidity, Adrian. Don't attempt to credit them with other reasons for their inability to learn from their mistakes, or to misunderstand the difference between our administration and theirs, when the obvious one is staring us all in the face.

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trousers

trousers

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Posted (edited)

http://www.portsmouth.co.uk/sport/opinion/football-league-ensure-pompey-ownership-battle-goes-into-extra-time-1-4269069

 

The Football League are still not satisfied by all aspects of both tabled bids for Pompey, hence the latest deadline shift.

 

At least these days, those running football are being more thorough in their scrutiny of potential owners.

 

There was a time when you didn’t even have to meet them in person to take over a football club in this country, as Blues fans well know.

 

As it stands, the Football League have minor concerns over Portpin and the Trust – or ‘wrinkles’ as one source has described it.

 

Administrators PKF believe both parties could complete a deal in their own ways to the point of having issued sales and purchase agreements to the pair more than two weeks ago.

 

However, the Football League and Professional Footballers’ Association must also be satisfied with the business plans on offer.

 

Cue the latest sticking point and dismantling of what was once seen as an immovable deadline.

 

It has been done entirely to help the Football League, rather than allowing PKF to reap extra fees.

 

The fact Sulaiman Al Fahim has subsequently also bought himself more time is also an irrelevance.

 

The main two parties are still well ahead of any others sniffing around – they now just need to reach agreement with the Football League.

 

As I understand it, the Football League’s main issue with the Trust centres on guaranteeing football creditors will be paid.

 

Compromise agreements account for £8.5m over four years, with around £8m still due in parachute payments over the next two years.

 

In addition, £3.4m – the sum from August’s parachute payments – is currently in the coffers waiting to be handed over to the next owner.

 

Certainly a large-enough carrot to tempt Portpin to renounce their decision to walk away and return.

 

Anyhow, the Football League ideally require a bank guarantee or company guarantee to convince them the football creditors will receive all of their money.

 

As a brand new company, the Trust are certainly in no position to be able to fulfil such criteria.

 

The Trust are arguing the validity of such a requirement when it is not even their debt they are expected to pay.

 

The Football League’s stance – should it remain – would effectively puncture the chances of any others across the country also attempting to become a community club.

 

Lord Palmerston ‏@Lord_Palmerston So the purpose of the FL's further delay of #Pompey takeover was to give them time to make up some more rules as they go along. Incompetent.

 

Mick Williams ‏@mickwill

The Football League are demanding funding guarantees for the 2014/15 and 2015/6 seasons http://tinyurl.com/9c4foen You couldn't make it up #Pompey

 

Pompey fans in complaining when the Football League actually start doing what they complained about them not doing the last time shocker...

 

Meanwhile, the issue of their charge over Fratton Park is holding them up with the Football League, just as it continues to inhibit the football club.

 

Trevor Birch has the power to go to the courts to force them to relinquish their hold if he believes a realistic and fair valuation has been lodged.

 

The Trust have employed three professional independent valuers to put a price on Fratton Park’s worth. They have come back with figures in and around the £2.75m they originally offered back in June.

 

Portpin, however, believe it is worth considerably more, yet have not had the ground valued.

 

In turn, the Football League remain unsure over the level of debt Portpin will be taking over should that particular bid be successful.

 

League chiefs this summer stipulated only £5m of the claimed £18.6m Portpin debt could be transferred via their charge on Fratton Park.

 

As it stands, they are still none the wiser regarding how much of that will go into newco. As a result, the League feel they cannot yet give them membership.

 

Of course, this will all head to the courts if the issue is not resolved and the Trust emerge as the new owners of the club.

 

If it does, the Trust’s independent valuers will be rolled out to back up their valuation.

 

Portpin, meanwhile, will unveil bids they have received directly which they can claim represent genuine market value.

 

This may include Al Fahim, who it is believed has already met Balram Chainrai. Laurence Bassini is also understood to have long been negotiating directly with Portpin, via mutual associate Andrew Andronikou.

 

Whether these include outright bids for the charge or an annual rent remains to be seen.

 

However, it is known that Portpin have long been seeking around £1.2m in annual rent, a figure once quoted to the Trust.

 

Inevitably, the moving back of the deadline also allows other interested parties more opportunity to come to the table.

 

Bassini has shown long-term interest, several other parties are also on the fringes. Then there is Al Fahim. It is understood on Thursday, September 6 he was advised by administrators that proof of funds needed to be seen in a British bank to satisfy them over his bid.

 

That has still not occurred. As a result, in the eyes of PKF, he has still not shown any reason to have a credible bid.

 

So it all rumbles on, the wait continues – and expect plenty more twists and turns still to come.

 

It would seem the Football League are playing more of a blinder than we originally gave them credit for...

Edited by trousers
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trousers

trousers

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Posted (edited)

We're gonna run out of facepalms pretty quickly today....

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-reveals-pompey-pressure-concerns-1-4269162

 

It was part of the lure of Pompey when boss Michael Appleton outlined his Fratton Park vision to wannabe Fratton heroes in the summer.

 

A big club with a massive passionate following that would be the envy of every other club in League One.

 

There was no need to mention the Blues’ illustrious most recent past – a 2008 FA Cup win, a return trip to Wembley in 2010, the taming of European aristocrats AC Milan and a best-ever finish in the Premier League – the players were already lining up in their droves to be part of the project.

 

But six league games into the new season and those players Appleton chose to lead the Blues’ fightback from the brink may just be showing signs of feeling the weight of expectation.

 

:lol:

 

(apologies in advance for the number of keyboards that have just been destroyed by coffee spillage)

Edited by trousers
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The Kraken

The Kraken

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Posted
We're gonna run out of facepalms pretty quickly today....

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-reveals-pompey-pressure-concerns-1-4269162

 

"But six league games into the new season and those players Appleton chose to lead the Blues’ fightback from the brink may just be showing signs of feeling the weight of expectation."

 

Yes, that crushing weight of expectation as categorised by Pompey Supporters Trust Spokesman, Colin Farmery:

 

Portsmouth Football Club is in intensive care and on life support at the moment. Our sporting objective this season is to stay up, especially if the Football League ten point deduction kicks in as expected. If he achieves that, Appleton should be in contention for Manager of the Year.

 

:lol::lol:

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hypochondriac

hypochondriac

Posted
Posted
We're gonna run out of facepalms pretty quickly today....

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-reveals-pompey-pressure-concerns-1-4269162

 

 

 

:lol:

 

(apologies in advance for the number of keyboards that have just been destroyed by coffee spillage)

 

Just when you think they can't hit a new low. That article is utterly amazing.

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rallyboy

rallyboy

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Posted

when asked by the FL for an assurance about paying the football club debts...

The Trust are arguing the validity of such a requirement when it is not even their debt they are expected to pay.

 

Oh, from that statement the Trust is implying that they don't want to include the debts in their takeover. :o

 

No wonder the FL want more information.

The Trust needs both financial help, and PR advice.

 

 

I also heard that pompey simpleton on Solent repeating the rubbish about most of their woes being the fault of the Football League.

He sounds like he left school when he was six so maybe it isn't his fault, but you'd think someone would try and explain reality to him before switching on his microphone and allowing him to display his ignorance of the facts.

 

 

 

And now they want the FL to protect them and keep Chanrai out of their club.

But if a new cash-rich, arms-dealing, money-laundering, loan-sharking war criminal ploughed his blood-splattered tank through a puppy sanctuary, an orphan's playgroup, and up the M275 today, they would scream for the league to let him through their rules so they could scrawl his glorious name straight into their little blue book of bestest heroes.

 

Funny how they only want to adhere to the regulations when it suits.

 

 

That strict FaPPT the few demand could be the death of them - and it'll be the fault of those nasty authorities who still insist on trying to create a level playing field and a league of financial fair play.

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Joe Kirkup

Joe Kirkup

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Posted
when asked by the FL for an assurance about paying the football club debts...

The Trust are arguing the validity of such a requirement when it is not even their debt they are expected to pay.

 

Oh, from that statement the Trust is implying that they don't want to include the debts in their takeover. :o

 

So the trust want to be the saviours of the club, heroes to a man. "Look at us, we own our local football club - we raised a million quid, borrowed more from the council and are now competitive. Debts? what debts? Nothing to do with us".

 

They are so desperate to keep their history and yet still don't get that part of their history is a shed load of f*cking debt.

 

Grow up, grow a pair and start again from scratch. :facepalm:

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Torres

Torres

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Posted

It seems the few might be regretting the marches, the demos and the abuse that they threw in the direction of the FL after they weren't given the level of "protection" they felt they deserved. Well, now they're getting it but don't seem to like it too much. Whoops.

 

:lol:

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suewhistle

suewhistle

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Posted
They are so desperate to keep their history and yet still don't get that part of their history is a shed load of f*cking debt.

 

What an excellent summary.

 

Going back to the question of key-boards - on my last visit to the UK I bought a spare one in Wilkinsons for £5 summat. You wouldn't want to work all day on it, perhaps, but fine for occasional posts on here..

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holepuncture

holepuncture

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Posted
It seems the few might be regretting the marches, the demos and the abuse that they threw in the direction of the FL after they weren't given the level of "protection" they felt they deserved. Well, now they're getting it but don't seem to like it too much. Whoops.

 

:lol:

 

Its utterly delicious.

 

It must be confusing for them, but the FL are essentially protecting the trust from themselves now, in accordance to the very protection the the skates and trust have been calling for.

 

The FL are showing their hand, they believe the PST are NOT

 

Shalala

 

The sooner all the wannabe fans on the board stop the delusion, stop punting your future to property developers. stop putting plasters on the fatty pipes and start calling it a day and setting off for Moneyfields and the Wesses, the better for the (afc) skates.

 

WTFILN

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holepuncture

holepuncture

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Posted
Its utterly delicious.

 

It must be confusing for them, but the FL are essentially protecting the trust from themselves now, in accordance to the very protection the the skates and trust have been calling for.

 

The FL are showing their hand, they believe the PST are NOT FaPPP

 

Shalala

 

The sooner all the wannabe fans on the board stop the delusion, stop punting your future to property developers. stop putting plasters on the fatty pipes and start calling it a day and setting off for Moneyfields and the Wesses, the better for the (afc) skates.

 

WTFILN

 

God Bless Neil Allen

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Torres

Torres

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Posted
Its utterly delicious.

 

It must be confusing for them, but the FL are essentially protecting the trust from themselves now, in accordance to the very protection the the skates and trust have been calling for.

 

The FL are showing their hand, they believe the PST are NOT

 

Shalala

 

The sooner all the wannabe fans on the board stop the delusion, stop punting your future to property developers. stop putting plasters on the fatty pipes and start calling it a day and setting off for Moneyfields and the Wesses, the better for the (afc) skates.

 

WTFILN

 

portsmouth-john_1617259c.jpg

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Thedelldays

Thedelldays

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I got a very strong feeling the FA will approve the Trusts bid. Fingers crossed eh guys and girls! Judging by the time spent in here you'd be lost without us! Back the bid FFS! :-D

 

What are the chances you lot will be happy to live within your means while you pay off your debts... If that means relegation....

 

 

Not a chance imo

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Gemmel

Gemmel

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Posted
I got a very strong feeling the FA will approve the Trusts bid. Fingers crossed eh guys and girls! Judging by the time spent in here you'd be lost without us! Back the bid FFS! :-D

 

As much as I would be delighted to see the trust take over, I just can't see it. Even if birch gives them the nod, Chinny will retain fratton fat pipes if it goes to court, but still to much risk imo for birch to rely on 1,900 pikeys stumping up a grand with 3 pay packets left before Christmas.

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Colinjb

Colinjb

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Posted
I got a very strong feeling the FA will approve the Trusts bid. Fingers crossed eh guys and girls! Judging by the time spent in here you'd be lost without us! Back the bid FFS! :-D

 

I dearly hope so, then the second biggest fan owned club in the country will have a chance to find their true level.

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The Kraken

The Kraken

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Posted
As much as I would be delighted to see the trust take over, I just can't see it. Even if birch gives them the nod, Chinny will retain fratton fat pipes if it goes to court, but still to much risk imo for birch to rely on 1,900 pikeys stumping up a grand with 3 pay packets left before Christmas.

 

One thing I've recently noticed; the FL are supposedly only allowing Chainrai to transfer over £5M of his "original" £18M debt from his secured charge on the ground. So they're effectively saying his charge isn't worth £18M, and have arrived at a lower figure of £5M.

 

Now, I'm not overly sure on this issue, but does that mean that they are kind of saying that Fratton Park is worth £5M? In which case, the Trust's valuation of slightly over half that is doomed for failure? That may be a fantastic over-simplification, I genuinely don't know, but it seems odd that the FL would set a value of debt Chainrai is entitled to and not in some way equate that to the very infrastructure he holds his debt charge over. Wouldn't it?

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PES

PES

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Posted
What are the chances you lot will be happy to live within your means while you pay off your debts... If that means relegation....

 

 

Not a chance imo

 

We wont have a choice. I have the upmost respect for the people that are leading the trust bid. Some I know personally and they are very professional and a lot brighter than the likes of me (Though admittedly thats not hard).

 

Don't let it worry you that the FA have nothing to do with it!

 

As I said, the people leading the Trust are a lot smarter than me. :)

 

As much as I would be delighted to see the trust take over, I just can't see it. Even if birch gives them the nod, Chinny will retain fratton fat pipes if it goes to court, but still to much risk imo for birch to rely on 1,900 pikeys stumping up a grand with 3 pay packets left before Christmas.

 

I think there will be more that will jump in than will jump out. Very confident on this issue.

 

One thing I've recently noticed; the FL are supposedly only allowing Chainrai to transfer over £5M of his "original" £18M debt from his secured charge on the ground. So they're effectively saying his charge isn't worth £18M, and have arrived at a lower figure of £5M.

 

Now, I'm not overly sure on this issue, but does that mean that they are kind of saying that Fratton Park is worth £5M? In which case, the Trust's valuation of slightly over half that is doomed for failure? That may be a fantastic over-simplification, I genuinely don't know, but it seems odd that the FL would set a value of debt Chainrai is entitled to and not in some way equate that to the very infrastructure he holds his debt charge over. Wouldn't it?

 

Fratton Park is worth very little as it is protected land set aside for sports and recreation, now planning law may change that and I am not an expert, but the land around Fratton could of been bought for a while now with no interest. An offer for Fratton Park of 3M would be a generous offer. Much skullduggery going on here, but I am confident Chinny will be lucky to get 3 million quid. Exciting times! :)

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Gemmel

Gemmel

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Posted
Fratton Park is worth very little as it is protected land set aside for sports and recreation, now planning law may change that and I am not an expert, but the land around Fratton could of been bought for a while now with no interest. An offer for Fratton Park of 3M would be a generous offer. Much skullduggery going on here, but I am confident Chinny will be lucky to get 3 million quid. Exciting times! :)

 

All of that is based on the assumption that Brich will go to court to force the sale and the nice judge will agree.

 

In essence what they would be asking, is to forget the guy who saved the business and make him lose a huge amount of money, so that another company can take it over - to make money. If Chinny (And I don't think he will even need to do this) offered to rent out fratton park at the same rates as the property developer, there is no judge in the country who wouldn't side with him. All chinny has to do is prove he will get / recoup more money, better return, by holding on to it.

 

So next time you are with these very clever people from the trust, ask them what happens if chinny wins in court.

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badgerx16

badgerx16

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Posted
What are the chances you lot will be happy to live within your means while you pay off your debts...

 

Aaah, but :

 

"Anyhow, the Football League ideally require a bank guarantee or company guarantee to convince them the football creditors will receive all of their money.

 

As a brand new company, the Trust are certainly in no position to be able to fulfil such criteria.

 

The Trust are arguing the validity of such a requirement when it is not even their debt they are expected to pay."

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The Kraken

The Kraken

Posted
Posted (edited)
Fratton Park is worth very little as it is protected land set aside for sports and recreation, now planning law may change that and I am not an expert, but the land around Fratton could of been bought for a while now with no interest. An offer for Fratton Park of 3M would be a generous offer. Much skullduggery going on here, but I am confident Chinny will be lucky to get 3 million quid. Exciting times! :)

 

Yes; but Pompey were not so long ago looking for a new ground; in which case the council covenant would be null and void had you actually found a suitable site and moved (Harbourdome lols). Mandaric, Gaydamak etc were all looking at ways to develop the land at Fratton for housing etc as a way of part-financing a new ground. So, with that argument, Chainrai could very easily claim that were he looking to move stadium the charge over the land would be redundant and the value of the land would actually be more than in its current incarnation.

 

The Dell got sold for £5M all those years ago; the Fratton Park footprint must be close to double of the Dell, what with the big car parks behind both ends. There are many ways in which a sports and recreation covenant could be got around, if only for valuation purposes. I truly believe the £3M figure has absolutely no hope of sticking.

Edited by The Kraken
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Huffton

Huffton

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Posted
Izale McLeod's wife on Twitter:

 

Laura mcleod ‏@Lauralittlemac

@_CalebJohnson @pfcgaffer @scottharris1988 @alexread11 @harrisondunks14 if only fan knew that these players are owed so much in wages a joke

 

He expected to be paid when he signed? Schoolboy error

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rallyboy

rallyboy

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Posted

Have they missed another wagebill?....

 

 

 

As for the new owners elect - enthusiastic, hearts in the right place - but don't tell us they're professional. :lol:

Unlike PES, peering through his blue-tinted spex that block out anything that looks like an obstacle, I've seen no indication from their efforts so far that the Trust is a slick outfit.

 

I don't see anything more than a few well-intentioned football fans doing their best to save a club - but big business requires way more than that, you only have to look at bigger clubs like Exeter to see how tough a fan-takeover was.

 

The pompey Trust members have regularly demonstrated that their plans don't make sense, that they are desperately short of funding, their grasp of the law has been vague, and their budget to outspend other clubs while ignoring the football debt was plain bonkers and laughed out of FL HQ.

 

They've been forced to review the players' agreements as they didn't seem to realise that they wouldn't get the golden share.

The longshot offer for the ground has been ignored for three months, and their entire plan relies on that offer being legally enforced in some fantasy court where legal fees don't apply and time stands still - and when they do get that nod which they obviously will, they need someone else to fund the purchase. :?

 

 

And they still don't accept that they can be outbid by £1, everytime they go head-to-head with the loan shark.

Birch doesn't take them seriously, and after I attended that meeting and saw their plans, nor do I.

 

The Trust looks like it's on the cusp between desperation and unprofessionalism - a theory supported by their attempt to take on debts, yet refuse to accept responsibility for paying them.

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Trader

Trader

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Posted
Have they missed another wagebill?....

 

 

 

As for the new owners elect - enthusiastic, hearts in the right place - but don't tell us they're professional. :lol:

Unlike PES, peering through his blue-tinted spex that block out anything that looks like an obstacle, I've seen no indication from their efforts so far that the Trust is a slick outfit.

 

I don't see anything more than a few well-intentioned football fans doing their best to save a club - but big business requires way more than that, you only have to look at bigger clubs like Exeter to see how tough a fan-takeover was.

 

The pompey Trust members have regularly demonstrated that their plans don't make sense, that they are desperately short of funding, their grasp of the law has been vague, and their budget to outspend other clubs while ignoring the football debt was plain bonkers and laughed out of FL HQ.

 

They've been forced to review the players' agreements as they didn't seem to realise that they wouldn't get the golden share.

The longshot offer for the ground has been ignored for three months, and their entire plan relies on that offer being legally enforced in some fantasy court where legal fees don't apply and time stands still - and when they do get that nod which they obviously will, they need someone else to fund the purchase. :?

 

 

And they still don't accept that they can be outbid by £1, everytime they go head-to-head with the loan shark.

Birch doesn't take them seriously, and after I attended that meeting and saw their plans, nor do I.

 

The Trust looks like it's on the cusp between desperation and unprofessionalism - a theory supported by their attempt to take on debts, yet refuse to accept responsibility for paying them.

 

I had to laugh.

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Colinjb

Colinjb

Posted
Posted (edited)
Izale McLeod's wife on Twitter:

 

Laura mcleod ‏@Lauralittlemac

@_CalebJohnson @pfcgaffer @scottharris1988 @alexread11 @harrisondunks14 if only fan knew that these players are owed so much in wages a joke

 

Doing a bit of a search, the only player I can find any reference to is Harrison Dunk (Cambridge United full back, ex Bromley), there is an ex Skate youth player called Scott Harris (Born in 1985, not 1988 though...) so those look like non-league players. Maybe she's trying to prove a point to those at the Skates, right now they are earning money.... they don't have it so bad.

Edited by Colinjb
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eurosaint

eurosaint

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Posted
Have they missed another wagebill?....

 

 

 

As for the new owners elect - enthusiastic, hearts in the right place - but don't tell us they're professional. :lol:

Unlike PES, peering through his blue-tinted spex that block out anything that looks like an obstacle, I've seen no indication from their efforts so far that the Trust is a slick outfit.

 

I don't see anything more than a few well-intentioned football fans doing their best to save a club - but big business requires way more than that, you only have to look at bigger clubs like Exeter to see how tough a fan-takeover was.

 

The pompey Trust members have regularly demonstrated that their plans don't make sense, that they are desperately short of funding, their grasp of the law has been vague, and their budget to outspend other clubs while ignoring the football debt was plain bonkers and laughed out of FL HQ.

 

They've been forced to review the players' agreements as they didn't seem to realise that they wouldn't get the golden share.

The longshot offer for the ground has been ignored for three months, and their entire plan relies on that offer being legally enforced in some fantasy court where legal fees don't apply and time stands still - and when they do get that nod which they obviously will, they need someone else to fund the purchase. :?

 

 

And they still don't accept that they can be outbid by £1, everytime they go head-to-head with the loan shark.

Birch doesn't take them seriously, and after I attended that meeting and saw their plans, nor do I.

 

The Trust looks like it's on the cusp between desperation and unprofessionalism - a theory supported by their attempt to take on debts, yet refuse to accept responsibility for paying them.

 

A superbly worded alternative to "a bunch of thick Skates" !

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