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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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angelman

angelman

Posted
Posted
According to notloB fans UnAppy has been interviewed.

 

http://www.the-wanderer.co.uk/boards/viewtopic.php?f=4&t=24003&start=420

 

Would be funny.....but (if true) you have to ask why? Cloterill showed what he was really about after he left Poopey, as did Grant, so these managers of "plucky Poopey" are just carrying on their **** job. Appy won't be any different.

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gaz

gaz

Posted
Posted

 

With Chainrai’s bid however I feel it is a different story.

 

Putting aside Micah Hall’s recent stunning revelations about the Ali Al Faraj era of club ownership and some previous unflattering entries regarding Chainrai in this blog, I believe Chainrai’s desire to make money, by whatever means, overrides any other consideration in his decision-making.

 

Ummmm, he's a businessman and self-declared reluctant owner on multiple occasions, what did they expect?

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rallyboy

rallyboy

Posted
Posted

I don't see how Bolton could possibly lure UnAppy away from this massive club with the best support in world football.

He has an academy that the Taliban would be jealous of, and he's been given free rein to build a plucky squad of loyal battlers who will give their all at the packed fortress.

 

The only thing might be that he has found the job TOO big for him, a little bit like the Wycombe players and all the refs, those little football people who all froze on their big occasions in the limelight.

 

That is probably it, the massive sleepy giant club with fantastic investment potential is actually TOO massive for the best young manager in the British game.

 

The next problem could be little Bolton trying to nick all of pompey's best players - so it's best that they try and tie them up to lengthy contracts - six weeks, or maybe two month deals.

 

 

 

Appy departing would be a bit of a setback for that immediate return to the championship from the rubbish League One that was banded about.

But if the manager can't cope with the pressure of the biggest club job outside London then he should move on now before they start having really poor results and getting booed by a partially-packed, fat-riddled park.

 

 

 

So is Appy a hero or a villain at the moment?

I never really got to grips with the simpleton scale we were using after Kitson changed status about four times in one afternoon.

I'm guessing Appy's a hero for his fantastic effort at working to a strict budget while guiding the club down the divisions and out of cup competitions?

 

One day they might name a suite or a stand after him like they did for other club legends Allan Baley, Jimmy Dickersley and Lefty Primus.

I can see it now - the Mitchell Appleshaw Bar.

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Torres

Torres

Posted
Posted

After all his apparent pleadings to the out of contract players to trust in him, his assuarances that he'd be able to get them deal and his boasts that these players are only there because of the promises he, Michael Appleton,made them it would be pretty rude to jump ship at the first chance.

 

What a ****.

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TopGun

TopGun

Posted
Posted
Appleton said: ‘From my point of view, until I’m contacted by Bolton or any other club out there or I’m contacted by the administrator to tell me there’s an interest, I’ll continue to work with the players.

 

Or in other words "Please contact me".

 

Pompey leg end

Yep, Appy's had enough.

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The Kraken

The Kraken

Posted
Posted

The wait goes on and on....

 

The Football League has confirmed administrator PKF must make a decision on whether Portpin will be a suitable owner of Portsmouth FC.

 

But a meeting of the Football League has yet to decide on the matter yet despite a meeting of the league Board on Thursday afternoon.

Portpin are currently in negotiations to take the club out of administration, but the pompey Supporters' Trust, a rival bidder for the club, has raised questions over Portpin's suitability.

 

The Trust wrote to the league in September arguing that Portpin put pompey into administration twice - directly in 2010 and indirectly in 2012 - which would mean they are ruled out of the running by the league's own rule book.

In addition, an article by freelance journalist Mike Hall published last week argues Portpin's claimed debenture over the assets of the club, valued at £17m, isn't valid.

Portpin have responded saying unspecified allegations in Hall's articles are 'unfounded, unsubstantiated and defamatory'.

However, the league don't feel it is their job to decide on Portpin's suitability.

'It is for the Administrator to select his preferred bidder for the club. The Administrator is aware that any such bidder must meet The Football League’s requirements including the terms of the Owners’ and Directors’ Test,' said a league spokesperson.

'Once the preferred bidder has been selected the matter will be considered formally by the League Board.'

The Football League board met on Thursday, but although the situation at Fratton Park was on the agenda, its is understood no decision was made or ratified about the owenership of the club.

Pompey have been in administration since February 2012. PKF were appointed administrators by the High Court.

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saint si

saint si

Posted
Posted

I don't think the FL can do anything else. As they rightly point out, they are not the administrator, and therefore simply not empowered to be making the decision.

 

However, it does seem to be an interesting stalemate. My guess at what's going on ...

 

- PKF feel duty bound to creditors to go with Portpin, as there is miles between the two bids (and don't forget that Chainrai is also one of the creditors)

- But PKF also expect Chainrai and/or Portpin to fall foul of the FAPPT

- As a result, they want the league to make a statement in this regard, to give them evidence that allows them to throw out the Portpin option

- The league won't do so as they'd get sued to kingdom come

- This leaves PKF back where they started - i.e. without any "evidence" - and they can't pick the Trust bid over the Portpin bid without it

 

Catch 22!

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The Kraken

The Kraken

Posted
Posted (edited)

I'm not sure why PKF aren't progessing with this; they must surely have made a decision as to which offer is the best for creditors, therefore the only hold-up can be whether that party would pass the owners test. And there is clearly some ambiguity to whether Portpin will pass the Owner's Test, but that ambiguity relates back to time outside of PKF's involvement with the club.

 

Really what they should be doing is saying that all evidence suggests that Portpin offer the best bid for creditors and that they would pass the Owners' Test. It is then up to the FL to investigate further and decide whether there are grounds that Portpin were actually in control of PFC over two administrations, rather than one. Right now the facts seem to state that they were in control over 1 administration; any forensic examination is surely the responsibility of the Football League and not the administrator.

 

That said, I'm sure PKF are licking their lips at now being given the green light to conduct a full forensic audit of the past 3 years of activity at PFC. So maybe it is clear why PKF are delaying; goodbye parachute payments!! This saga has got miles to run yet, I'm not expecting a takeover this side of Christmas.

Edited by The Kraken
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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
The wait goes on and on....

 

The Football League has confirmed administrator PKF must make a decision on whether Portpin will be a suitable owner of Portsmouth FC.

 

But a meeting of the Football League has yet to decide on the matter yet despite a meeting of the league Board on Thursday afternoon.

Portpin are currently in negotiations to take the club out of administration, but the pompey Supporters' Trust, a rival bidder for the club, has raised questions over Portpin's suitability.

 

The Trust wrote to the league in September arguing that Portpin put pompey into administration twice - directly in 2010 and indirectly in 2012 - which would mean they are ruled out of the running by the league's own rule book.

In addition, an article by freelance journalist Mike Hall published last week argues Portpin's claimed debenture over the assets of the club, valued at £17m, isn't valid.

Portpin have responded saying unspecified allegations in Hall's articles are 'unfounded, unsubstantiated and defamatory'.

However, the league don't feel it is their job to decide on Portpin's suitability.

'It is for the Administrator to select his preferred bidder for the club. The Administrator is aware that any such bidder must meet The Football League’s requirements including the terms of the Owners’ and Directors’ Test,' said a league spokesperson.

'Once the preferred bidder has been selected the matter will be considered formally by the League Board.'

The Football League board met on Thursday, but although the situation at Fratton Park was on the agenda, its is understood no decision was made or ratified about the owenership of the club.

Pompey have been in administration since February 2012. PKF were appointed administrators by the High Court.

 

Reading between the lines it's almost as if the FL are implying that they don't feel that Portpin meet The Football League’s requirements, including the terms of the Owners and Directors Test, Furthermore they don't want the responsibility of saying so in direct, understandable terms. So they are placing the onus on PKF to either get Portpin to give more, enforceable assurances OR find another purchaser. If that is the case then the FL may even see this as the end game, liquidation, but want someone else to do their dirty work for them as they don't want to be seen as the people who forced the club/Administrators to make that decision.

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suewhistle

suewhistle

Posted
Posted

In summary: PortsmouthFC and the football league are cacking themselves in fear at the outcome of any actual er.... decision, PKF and various litigation lawyers are rubbing their hands with glee at the prospect of more per diems and PTS fans are ****ing themselves laughing.

 

Would that be a fair summary?

 

[oh, and the premiership, or whatever it's called today, are thinking "these parachute payments are a real pain".]

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trousers

trousers

Posted
Posted

Doesn't it boil down to what penalty PKF would suffer (if any) if they conclude that Portpin do meet the FL's Owner and Director criteria only for the FL to subsequently come to a different conclusion when they 'formally' review the administrator's recommendation?

 

In other words, what could / would the FL do if PKF say to themselves: "right...sod this for a game of soldiers, lets just go with Portpin and 'so what' if they end up failing the FL test - it's no skin off our nose as there's no penalty to pay if we get it wrong - it's only our interpretation vs the FL's afterall"

 

Or is there a consequence or forfeit that the FL can enforce if PKF recommend a new owner who ends up being over-ruled by the FL?

 

#confused

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Ohio Saint

Ohio Saint

Posted
Posted
Reading between the lines and Mikah Hall's blogs I would be amazed if either the football league or the administrators ever have the balls to tell Portpin that they are not fit and proper, as they would wake up with the Israeli equivalent of a horses head in their bed.

 

A sackful of babies foreskins in their pyjamas? I dunno....just guessing.

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Dark Munster

Dark Munster

Posted
Posted
I don't think the FL can do anything else. As they rightly point out, they are not the administrator, and therefore simply not empowered to be making the decision.

 

However, it does seem to be an interesting stalemate. My guess at what's going on ...

 

- PKF feel duty bound to creditors to go with Portpin, as there is miles between the two bids (and don't forget that Chainrai is also one of the creditors)

- But PKF also expect Chainrai and/or Portpin to fall foul of the FAPPT

- As a result, they want the league to make a statement in this regard, to give them evidence that allows them to throw out the Portpin option

- The league won't do so as they'd get sued to kingdom come

- This leaves PKF back where they started - i.e. without any "evidence" - and they can't pick the Trust bid over the Portpin bid without it

 

Catch 22!

At £9K per day, that's a rather nice Catch 22 to be in! :D

 

So Voldemort is sticking out a stockinged leg, and giving a come-and-get-me look with his eye lashes, in the direction Bolton. I wonder if he can sense the end coming soon for Cheats FC (much like some dogs can sense an impending earthquake)?

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PhilippineSaint

PhilippineSaint

Posted
Posted
This Fit and Proper Persons Test - who created it? The FL. Therefore only the FL can make a decision on it. Why are they batting it back to the Administrator?

 

The Administrators decide if people can actually afford to take over then the FL decide if they are FAPP in not gets booted back to the Administrators for another choice

 

or in other words around and around in circles ad infinitum or until SWF have decided we cannot take the laughs anymore and close this thread. and allow normal people to get on with there lives.

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dubai_phil

dubai_phil

Posted
Posted

I wonder?

 

Perhaps this complete inertia is all down to something we already know about, but nobody mentioned in the discussion about the FL Statement....

 

Baker Tilley.

 

What did their no comment say? Something about "not wishing to prejudice possible future litigation"?

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Frank's cousin

Frank's cousin

Posted
Posted
I wonder?

 

Perhaps this complete inertia is all down to something we already know about, but nobody mentioned in the discussion about the FL Statement....

 

Baker Tilley.

 

What did their no comment say? Something about "not wishing to prejudice possible future litigation"?

 

Although they said they would not publish due to this, we would surely hear whether their report was considered enough to pass on to the CPS... anyone know when they are due to conclude their report?

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trousers

trousers

Posted
Posted
Although they said they would not publish due to this' date=' we would surely hear whether their report was considered enough to pass on to the CPS... anyone know when they are due to conclude their report?[/quote']

 

June 2037

 

Here's hoping they have Internet access in my care home...

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hutch

hutch

Posted
Posted

My guess is that it's Portpin who are being deliberately unhelpful until the ownership of the Miland 2004 land is sorted out with the other administrators. Then they will decide whether to be more compliant and carry on, or walk away and keep their stranglehold over the fortress.

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Torres

Torres

Posted
Posted

If it's Portpin that are dragging their feet, buying time until the Miland liquidation is sorted and the land ownership is clarified it means that the PST bid has already been rejected by PKF....

 

Haven't the Trust been very quiet lately? I've not heard them tell everyone how "credible" their bid is for a while, nor make any pleas for further pledges. :suspicious:

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The Kraken

The Kraken

Posted
Posted

It seems like one of the Pompey Express FM "journos" has thrown his toys out of his pram. To be fair, Joe Michalczuk is a complete chopper, but its quite funny nonetheless....

 

Football is an emotive game and when the situation is so grave at PFC, I understand that emotions are running particularly high - but the increasing level of abuse and unfounded allegations against me has led me to decide that I'm stepping out of the ownership debate.

 

I will no longer comment on it online until the situation is resolved - I'm more than happy to talk about football but anything related to Portpin or the Trust is off my agenda.

 

I'm very sad it had come to this but a small minority have ruined it for every Pompey fan who simply longs for a rational discussion.

 

Quite simply I can't win - despite only ever professing preference for the trust, vocally and financially, it has become impossible to discuss the situation from the stand point of the pros and cons to both bids, without being branded 'anti-trust' or 'being paid by Portpin'

 

When those unfounded allegations start being repeated via Chinese whispers outside of the few who start them - then they start to affect many other people around the city besides me.

 

I don't want anyone to suffer simply because it seems a very small minority are unable to accept I have a different way of looking at the ownership situation.

 

I now place my trust in the authorities - the football league, the premier league and the PFA - they know the footballing fraternity is watching and I believe they will make the decision that is right for the football club.

 

Above all, I am looking forward to continuing to commentate on my greatest love outside of my family - on a station based in Portsmouth, run by people who love this great city of ours and whose success is vital to our community.

 

We are an island city - united by a love for our history, our culture, our sense of humour, our pride for Portsea Island, our people - and above all our football club.

 

We are all Portsmouth. There is no where else we'd all rather be from. I want to remember this - not the squabbles of recent times.

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hutch

hutch

Posted
Posted (edited)
If it's Portpin that are dragging their feet, buying time until the Miland liquidation is sorted and the land ownership is clarified it means that the PST bid has already been rejected by PKF....

 

Haven't the Trust been very quiet lately? I've not heard them tell everyone how "credible" their bid is for a while, nor make any pleas for further pledges. :suspicious:

Not necessarily. PST's bid is conditional on receiving a big lump of cash from the Council. That lump is conditional on PST being the only bid on the table.

 

PST's entire focus for the past month or so has been to get the other bids removed. If they can't do that they, in reality, have no bid to offer.

 

Surprisingly, it seems that Mr.Chainrai still holds al the aces. All 5 of them. And he's giving PKF a bit of a runaround. He will do what he wants, when he wants, to get his money back.

Edited by hutch
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Gorgiesaint

Gorgiesaint

Posted
Posted
The Administrators decide if people can actually afford to take over then the FL decide if they are FAPP in not gets booted back to the Administrators for another choice

 

or in other words around and around in circles ad infinitum or until SWF have decided we cannot take the laughs anymore and close this thread. and allow normal people to get on with there lives.

 

I think you're pretty close with this one. IMO whats happening is:

 

- PKF are legally bound to choose the best deal for the creditors

- Chinny is put forward to the FL for the FAPPT and the FL say no (or we need xxx changed in Chinny's bid to agree him)

- PKF go back to Chinny who tells them he ain't changing anything

- PKF cannot recommend the trust as an alternative as they have to still have a legal obligation to nominate the best deal for the creditors

 

They're all stuck in this legal loop until someone blinks and changes their position, or the money runs out.

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The Kraken

The Kraken

Posted
Posted
Or he said something that had the lawyers send in some official letters...

 

As I said, Michalczuk is a real chopper, he's pretty much been exposed by the skates as a Chainrai stooge. To the extent that he has been deinigrating the efforts of Micah Hall (even us nutjobs can appreciate what a really good job he has done) and ridiculing him for not being an accredited journalist.

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trousers

trousers

Posted
Posted
I think you're pretty close with this one. IMO whats happening is:

 

- PKF are legally bound to choose the best deal for the creditors

- Chinny is put forward to the FL for the FAPPT and the FL say no (or we need xxx changed in Chinny's bid to agree him)

- PKF go back to Chinny who tells them he ain't changing anything

- PKF cannot recommend the trust as an alternative as they have to still have a legal obligation to nominate the best deal for the creditors

 

They're all stuck in this legal loop until someone blinks and changes their position, or the money runs out.

 

Can anyone hazard a guess as to what date the PKF burn rate absorbs the remaining assets? (Incl parachute payments). Sometime next year I would guess? And would this date come before or after the maximum amount of time a court allows a company to be in administration? (18 months IIRC = August 2013)

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The Kraken

The Kraken

Posted
Posted
Can anyone hazard a guess as to what date the PKF burn rate absorbs the remaining assets? (Incl parachute payments). Sometime next year I would guess? And would this date come before or after the maximum amount of time a court allows a company to be in administration? (18 months IIRC = August 2013)

 

The only reliable figures to go on are from PKF's 6 month report issued mid-August. At that point their own fees stood at £1.3M, with additional legal costs and other fees at an additional £550K. So roughly £300K per month.

 

There's plenty of meat on the Pompey parachute payment carcass yet. PKF have now been pretty much given the green light to conduct their own forensic examination of the previous ownership mess in order to work out if Portpin do indeed fit the requirements of the Owners' Test. This could rumble on for many more weeks yet, I'm not expecting a takeover to go through this side of Christmas.

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hutch

hutch

Posted
Posted

My thumb suck is they're spending about quarter of a million a month above ordinary income. That's roughly a hundred grand more than they can "afford" on player wages and a hundred and fifty grand on administrators fees more than a typical L1 executive board and support staff would cost them. They've got about three million left from that parachute payment, so they could go through the season if they wanted to. They have to go back to Court, I think, in February to have the admin extended, but that's not likely to be a problem.

 

That could all change, of course, if Kanu won the lottery at his hearing.

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