Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
in Golden Posts

 Share

Recommended Posts

hutch

hutch

Posted
Posted (edited)

I'm surprised we let this one from earlier in the week slip under the radar:

 

From POL

 

 

The meeting took the form of an update from the Pompey Supporters Trust, with no fixed agenda set for the meeting. The below cover the points raised.

 

...

...

•The share prospectus will, hopefully, be available next week. Full agreement on the figures is needed before circulation.

...

•All but one of the Presidents are Pompey fans, with the other being a keen football fan.

...

•It is acknowledged that, at Day One, the Trust would not own Fratton Park if they take over, with Stuart Robinson taking over Fratton Park initially.

...

•The Trust would always hope to have at least 51% of the voting share of the Board, although 25% would be the minimum required to veto some decisions (some decisions would require a 75% majority, some a 90% majority).

 

Can't see why the prospectus is taking so long. They've only had 9 months. Give them a chance, it's not as if there are any problems or anything, is it?

 

And it's perfectly reasonable for a keen fan of another club to want to chip in and buy them. It's not as if he develops property in his spare time or anything, is it?

 

So, for a measly grand, you get to not own the park or have any say in the running of the club, but you do get to vote for the fanontheboard who might actually support Pompey.

 

Well they did promise us a ground breaking new role model for the future of fan ownership of football clubs, so in that respect they haven't let us down.

Edited by hutch
Link to comment
Share on other sites
dubai_phil

dubai_phil

Posted
Posted
I'm surprised we let this one from earlier in the week slip under the radar:

 

 

 

Can't see why the prospectus is taking so long. They've only had 9 months. Give them a chance, it's not as if there are any problems or anything, is it?

 

And it's perfectly reasonable for a keen fan of another club to want to chip in and buy them. It's not as if he develops property in his spare time or anything, is it?

 

So, for a measly grand, you get to not own the park or have any say in the running of the club, but you do get to vote for the fanontheboard who might actually support Pompey.

 

Well they did promise us a ground breaking new role model for the future of fan ownership of fotball clubs, so in that respect they haven't let us down.

 

And one other tiny detail they failed to mention..

 

No budget to even clear the fat out of the pipes.

 

Now why could that be?

Link to comment
Share on other sites
St Chalet

St Chalet

Posted
Posted
Twitterland saying he was interviewed for the Burnley job too

 

I have it on trusted authority that he was interviewed for the Palace job. Performed a superb interview but ultimately beaten into second place by Holloway for experience.

 

Holloway was on a six-month rolling contract at Blackpool and a move to London suited him on behalf of his kids educational needs.

Link to comment
Share on other sites
Fowllyd

Fowllyd

Posted
Posted
Averaged 11000, sold 8000 STs. Presumably this guy doesn't realise that the 11000 includes many of the 8000 season tickets, or are they all going dressed as blue seats?

 

You're assuming an ability to add up, or at least to do so in straight lines. Bit of a schoolboy error, if you'll forgive me for saying so... ;)

Link to comment
Share on other sites
dubai_phil

dubai_phil

Posted
Posted
I have it on trusted authority that he was interviewed for the Palace job. Performed a superb interview but ultimately beaten into second place by Holloway for experience.

 

Holloway was on a six-month rolling contract at Blackpool and a move to London suited him on behalf of his kids educational needs.

 

 

Burnley oppo says he was deffo interviewed at Burnley.

 

So, just to be clear, (for humour value) the word is that that appy had been trying to get the hell out of Dodge City for a while?

Link to comment
Share on other sites
Guan 2.0

Guan 2.0

Posted
Posted
Names that have already been linked to the permanent role at Fratton Park include Whittingham, Andy Awford, Lee Bradbury and Stuart Gray.

 

:lol:

 

If Awful got it that would bring this thread to a whole new level

 

I genuinely thought that Andy Awford had special needs in the first interview I heard him in on Solent. Not in a 'haha, what a spaz, lol' cruelty kind of way, i just assumed he was a disabled fan.

Link to comment
Share on other sites
SaintBobby

SaintBobby

Posted
Posted
I have it on trusted authority that he was interviewed for the Palace job. Performed a superb interview but ultimately beaten into second place by Holloway for experience.

 

Holloway was on a six-month rolling contract at Blackpool and a move to London suited him on behalf of his kids educational needs.

 

He wasn't interviewed by Palace. Was on their long list. But not interviewed.

Link to comment
Share on other sites
Gemmel

Gemmel

Posted
Posted

[TABLE]

[TR]

[TD=bgcolor: #e7eaef, align: left]blueballoo2000 Posted on 08/11/2012 01:14

scum 24 million in debt[/TD]

[TD=bgcolor: #e7eaef, align: right]

Report Message | Email Message To A Friend | Reply To Message [/TD]

[/TR]

[TR]

[TD=bgcolor: #e7eaef, colspan: 2]

[/TD]

[/TR]

[TR]

[TD=bgcolor: #e7eaef][/TD]

[TD=bgcolor: #e7eaef, align: right][/TD]

[/TR]

[TR]

[TD=bgcolor: #e7eaef, colspan: 2, align: left]Unfortunately for you kraken, the £33m converted from debt to equity has now been converted into secured debt again via a floating charge on all the clubs assets to a BVI company.

 

Therefore, iro £60m in debt - and counting as the club is losing money every week and has just spent £30m in the transfer market.

 

What goes around comes around in terms of making accusations like cheating - things change with owners and what they could afford one year is a different story the next, [/TD]

[/TR]

[/TABLE]

Link to comment
Share on other sites
trousers

trousers

Posted
Posted
[TABLE]

[TR]

[TD=bgcolor: #e7eaef, align: left]blueballoo2000 Posted on 08/11/2012 01:14

scum 24 million in debt[/TD]

[TD=bgcolor: #e7eaef, align: right]Report Message | Email Message To A Friend | Reply To Message [/TD]

[/TR]

[TR]

[TD=bgcolor: #e7eaef, colspan: 2]

[/TD]

[/TR]

[TR]

[TD=bgcolor: #e7eaef][/TD]

[TD=bgcolor: #e7eaef, align: right][/TD]

[/TR]

[TR]

[TD=bgcolor: #e7eaef, colspan: 2, align: left]Unfortunately for you kraken, the £33m converted from debt to equity has now been converted into secured debt again via a floating charge on all the clubs assets to a BVI company.

 

Therefore, iro £60m in debt - and counting as the club is losing money every week and has just spent £30m in the transfer market.

 

What goes around comes around in terms of making accusations like cheating - things change with owners and what they could afford one year is a different story the next,[/TD]

[/TR]

[/TABLE]

 

:facepalm:

Link to comment
Share on other sites
rallyboy

rallyboy

Posted
Posted

yeah, I'll be getting that bloke to do maths for me.

Portsmyth, home of the pub simpleton who writes deluded stories for the even dimmer.

Tell us the one about the dock strike and the SS tank commander again.

 

 

 

Birch sounding rather negative.

These cutbacks could involve redundancies but PKF could not put a figure on how many people could lose their jobs, nor a timescale of when the redundancies could be made.

The News understands potential lengthy and costly court action over the valuation of Fratton Park with Portpin could be a factor in the need to trim back the budget.

 

 

Does that mean he doesn't have enough money to cover a legal battle so he has to save cash - or will he try and delay the action until the next PP is in and give that directly to his lawyers?

 

Either way the money needed to run the club next season is evaporating faster than support for a statue of Jimmy Savile.

Trev is only worried about short term, the Trust needs to look at the bigger picture and they can see their future capital being spent every day.

 

And this is what some of the few don't get, Trev's fees and the crazy wages being paid are wrecking the future.

Any fan who thinks it's great to outbid other clubs had better not moan next year when they run out of cash - Appy and Birch spent it on Howard and you all cheered, you idiots.

 

If redundancies are needed then surely a massive clear out of players is the first step?

People earning £4k-£5k a week who are not really needed?

Let's see if Trev is serious about cost cutting, or as suspected has actually gone native and now believes that he is one of the bestest and most passionate administrators in the world, and the way to prove that to the east is by trading insolvently.

 

If this case re the ground goes ahead there are several possible outcomes.

1. Birch loses and the club and PFK have a HUGE problem, and no progress has been made.

The Trust bid would be dead.

 

2. Birch wins and Chinny walks, the Trust has to stumble ahead, underfunded and ill-prepared.

 

3. Birch wins and nothing changes because Chinny doesn't really bother to respect things like the law, he would make it very difficult for the Trust, which cannot afford to move forward anyway.

 

It would be a massive gamble to chuck hundreds of thousands at this case, especially as Portpin have already sown seeds to support their claim.

 

But the Trust's legal team say we have a really good case you Nutjob!

Yes they do, mainly because they want you to proceed and give them lots of money.

 

It's as if the financial and legal people gathered around the corpse are more interested in their own businesses than saving the poor thing.

Fatcat Birch should halve his fees, those greedy creditors should write off the last .4% - their cash is needed to buy success.

 

 

 

How are they getting on with that £13M that pours into the city for EVERY home game?

Fantasy Island.

Link to comment
Share on other sites
trousers

trousers

Posted
Posted

Hold tight folks....end game ahoy!

 

@TonyHusbandBBC: #pompey Stinging criticism from Portpin over handling of Portsmouth administration. They've suspended their bid.

 

@TonyHusbandBBC: #pompey Tactical re entry into the process from Portpin- highlighting potential problems with PST deal- but stepping back from the deal.

Link to comment
Share on other sites
trousers

trousers

Posted
Posted

(read these in reverse order)

 

image_normal.jpg

image_normal.jpg

To conclude Chainrai missive, he says PKF stalling caused Appleton exit, Portpin would pay off small creds & give PST seat on board

 

image_normal.jpg

‏@
mattslaterbbc

...& claims fans are being 'manipulated' by property-developers in PST bid & there's 'a very real risk' of Pompey being liquidated

 

image_normal.jpg

‏@
mattslaterbbc

Chainrai doesn't hold back on PKF's Trevor Birch, criticising him for running most expensive admin in English football history...

 

image_normal.jpg

‏@
mattslaterbbc

Portpin says PKF bill is £3m & counting, equal to annual income of most L1 clubs, also claims club has lost £3m under PKF's watch

 

image_normal.jpg

‏@
mattslaterbbc

Portpin claims PST's progress towards deal has been 'non-existent' & notes every passing week costs £100k in fees to admins PKF

 

 

image_normal.jpg

‏@
mattslaterbbc

Chainrai/Kushnir ("Portpin") say "there's little point in pursuing bid" while administrators negotiate with supporters' trust & FL

 

 

image_normal.jpg

‏@
mattslaterbbc

Chainrai & Kushnir "suspend" attempt to take over at Portsmouth for 3rd time, leaving Pompey Supporters' Trusts in box seat

 

Link to comment
Share on other sites
Doctoroncall

Doctoroncall

Posted
Posted
Tony Husband ‏@TonyHusbandBBC

 

#pompey Tactical re entry into the process from Portpin- highlighting potential problems with PST deal- but stepping back from the deal.

 

?confused?

 

Does that mean PCC are obliged to make the loan available? What were all the conditions?

Link to comment
Share on other sites
trousers

trousers

Posted
Posted

image_normal.jpg

‏@
mattslaterbbc

Chainrai & Kushnir "suspend" attempt to take over at Portsmouth for 3rd time, leaving Pompey Supporters' Trusts in box seat

pompeyflag_normal.jpg

‏@
GazzaTowns

@
mattslaterbbc
how do they suspend something, thats already been rejected due to them not passing the Directors,
#
sellupf
***off
#
pompey

Retweeted by
Neil Allen

 

 

Did they actually fail the Directors test though....or did the Football League neatly side-step that one....?

Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)

http://www.portsmouth.co.uk/sport/pompey/portpin-pull-out-of-pompey-ownership-race-1-4460845

 

Portpin is also saying it is going to question Her Majesty’s Revenue and Customs’ decision to appoint PKF as administrators.

Balram Chainrai, chairman of Portpin, said: ‘We believe that the FootballLeague has been put in an invidious position by the administrators, PKF.

‘It is the administrators’ job to manage the administration to a successful conclusion to the benefit of all creditors and yet PKF has off-loaded this responsibility to the Football League.

‘First, Trevor Birch named Portpin as preferred bidder, then, before the Football League was given any time to actually assess our bid, Trevor Birch decided to suddenly withdraw our preferred bidder status the same day, without any credible reasoning.

‘The PST was then named by Trevor Birch as the preferred bidder even though our bid remains with the Football League as they continued the process of evaluating our offer.’

Mr Chainrai continued: ‘And Pompey fans should be in no doubt that in my opinion they are being manipulated here.

‘Behind the PST bid are a number of property developers who now appear to be becoming the majority stakeholders rather than the PST themselves.

‘I believe their interest in buying the club is to secure the land.

‘The illusion of the Trust owning Fratton Park is just that: an illusion.’

 

So, Portpin confirming that they never failed the Directors Test with the FL....

Edited by trousers
Link to comment
Share on other sites
andysstuff

andysstuff

Posted
Posted
http://www.portsmouth.co.uk/sport/pompey/portpin-pull-out-of-pompey-ownership-race-1-4460845

 

Portpin is also saying it is going to question Her Majesty’s Revenue and Customs’ decision to appoint PKF as administrators.

Balram Chainrai, chairman of Portpin, said: ‘We believe that the FootballLeague has been put in an invidious position by the administrators, PKF.

‘It is the administrators’ job to manage the administration to a successful conclusion to the benefit of all creditors and yet PKF has off-loaded this responsibility to the Football League.

‘First, Trevor Birch named Portpin as preferred bidder, then, before the Football League was given any time to actually assess our bid, Trevor Birch decided to suddenly withdraw our preferred bidder status the same day, without any credible reasoning.

‘The PST was then named by Trevor Birch as the preferred bidder even though our bid remains with the Football League as they continued the process of evaluating our offer.’

Mr Chainrai continued: ‘And Pompey fans should be in no doubt that in my opinion they are being manipulated here.

‘Behind the PST bid are a number of property developers who now appear to be becoming the majority stakeholders rather than the PST themselves.

‘I believe their interest in buying the club is to secure the land.

‘The illusion of the Trust owning Fratton Park is just that: an illusion.’

 

So, Portpin confirming that they never failed the Directors Test with the FL....

 

Cue Chanari's status being re-elevated to Hero and those nasty Property Developers being the latest Zeros?

Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)

Quick "thinking out loud" question....

 

IF (hypothetically) Birch was to liquidate PFC at one minute past midnight on the day the next parachute payments are paid into the bank account (i.e. the day on which the assets of the club are likely to be at their highest since they went into administration), how much would Chainrai receive from the liquidation? Roughly?

 

(in other words, is Portpin's "official" withdrawal a case of them playing their "we'll get more out of liquidation" card?)

Edited by trousers
Link to comment
Share on other sites
andysstuff

andysstuff

Posted
Posted

draytonian

 

11:41 AM on 09/11/2012

 

Portpin make up your mind for godsake. You pull out, then come back, you pull out then its just suspended.

Quite frankly its got to the stage where ive passed caring. My beloved football club has been in administration far too long now and this is just draggggggggggggggiiiiiiiinnnnnnnnnnnng on too long.

More redundancies, no ballboys at fp on tuedsday, the scoreboard switched off, according to good sources the electric bill, sky and caterers not been paid again so am i the only one still actually thinking that all the time Portpin the Trust and this useless git Birch (by the way about time you cleared off, your never around FP these days Birch) are playing games and the possability of liquidation is still hanging over us. Im really starting to worry again.

Link to comment
Share on other sites
SaintRichmond

SaintRichmond

Posted
Posted
draytonian

 

11:41 AM on 09/11/2012

 

Portpin make up your mind for godsake. You pull out, then come back, you pull out then its just suspended.Quite frankly its got to the stage where ive passed caring. My beloved football club has been in administration far too long now and this is just draggggggggggggggiiiiiiiinnnnnnnnnnnng on too long.

More redundancies, no ballboys at fp on tuedsday, the scoreboard switched off, according to good sources the electric bill, sky and caterers not been paid again so am i the only one still actually thinking that all the time Portpin the Trust and this useless git Birch (by the way about time you cleared off, your never around FP these days Birch) are playing games and the possability of liquidation is still hanging over us. Im really starting to worry again.

 

 

Sounds just like the wife

Link to comment
Share on other sites
Gorgiesaint

Gorgiesaint

Posted
Posted

Just heard a snippet of Colin Farmery being interviewed on Keys & Gray on Talksport this morning...

 

we see ourselves as pathfinders, if pompey can become a community owned club then any one can - won't quote it as I'm doing it from memory so may have the odd word wrong.

 

#deluded

Link to comment
Share on other sites
suewhistle

suewhistle

Posted
Posted

Well, Bury away ("you'll have to take your own cars lads" -sounds like my women's amateur team - one minibus and a couple of cars)...

 

Then Doncaster at home: no ballboys (? they get paid? insurance?), no floodlights, no St. Johns, no police, no catering... hmmm. Oh, and I forgot, no manager...

Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)
They're coming thick and fast today...

 

BBC_Solent_Prop_RGB_normal.jpgBBC Solent Sport ‏@solentsport

PST's Colin Farmery in response to Portpin statement #pompeyhttp://boo.fm/b1049587 via @audioboo

 

BBC_Solent_Prop_RGB_normal.jpgBBC Solent Sport ‏@solentsport

#pompey Administrators PKF refusing to comment or take questions re Portpin statement

 

Farmery: "Portpin are making stuff up"

 

How can this end in anything other than tears?

Edited by trousers
Link to comment
Share on other sites
The Kraken

The Kraken

Posted
Posted
Farmery: "Portpin are making stuff up"

 

How can this end in anything other than tears?

 

He really is quite bizarre at times in that interview.

 

Interviewer: "Portpin are claiming that the delay in all this is racking up extra fees for the administrators and taking away that funding from the club."

 

Farmery: "Fumble stutter well, Portpin are making accusations, how they know that for a fact I'd be interested to know myself. Its a highly speculative statement designed only to worry supporters and try to knock the PST bid off track. Clearly. They would say that, wouldn't they?"

Interviewer: "And what do you make to the accusation from Portpin that Pompey fans should be in no doubt they are being manipulated? That behind the PST bid are a number of property developers who appear to be becoming majority stakeholders and are trying to get their hands on the land around the ground.

 

Farmery: "Fumble stumble well again its highly speculative allegations which at the end of the day I'd be interested to know what foundation of fact they're using to do this. I mean, to be frank, I think Portpin are simply making stuff up."

 

Now, if I were a potential PST shareholder and posed that question and got that response, alarm bells would be ringing loud in my ears. Just because its speculative it doesn't mean that its incorrect, or indeed flagging up genuine concerns.

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