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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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100%Red&White

100%Red&White

Posted
Posted
Sounds familiar.

Reminds me of another south coast club who's fans deserted when times were desperate.

 

What, that club that got crowds in the mid-20,000s for the last few games at the bottom of League One? Significantly more than the skates can throw together in the Premiership.

 

Saints fans didn't desert their club, they deserted Rupert Lowe, proof being in the crowds that returned on his departure.

 

Ended in a very good result tbf.

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Under Weststand

Under Weststand

Posted
Posted

I was half expecting to wake up this afternoon (been on night-shift) to find that they'd got the decision in the high court. But pleased to see it scrolling across the breaking news banner. FAILED once again. They seem desperate to get this 2-million back from the premier league, is this for a week on Thursday HOORAY PAY DAY ------------Oh! Just dont see where they are coming from about this 2-million, they owed 10-million, but only had 7 so surely its all gone?

 

When we were in this situation, our arguments where all to do with the previous boards & the level of responsibility each had in our predicament. They however seem to be blaming everyone but themselves. Makes me laugh when they blame the EPL for letting them buy players & on excessive wages. The EPL are not letting them have a level playing field by letting them continue to get further into debt. The nasty press keep printing the truth about them. The HMRC have asked for to much VAT - - - Oh err- - - - NOT!

 

Now maybe I should be a little more magnanimous about this, because I wouldn't wish this on any other club, but the more you read their message-boards the more I feel less inclined to have any sympathy for them. I wouldn't go their boards having a dig, as a lot of them did in our hour of need twisting the knife, just feel its a little sordid.

But I will revel in their discomfort on here. Long may it continue.

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saint si

saint si

Posted
Posted

I'm probably getting ahead of myself, but have taken the liberty of updating the current Premier League table based on expunging results of all p****y games...

 

PL GD PTS

1 Chelsea 20 33 45

2 Man Utd 21 27 44

3 Arsenal 20 26 39

4 Tottenham 20 19 35

5 Man City 20 11 35

6 Liverpool 20 14 34

7 Aston Villa 20 9 33

8 Birmingham 20 1 30

9 Fulham 20 1 24

10 Everton 20 -5 23

11 Stoke 20 -8 22

12 Sunderland 20 -8 22

13 Wigan 19 -17 22

14 Blackburn 21 -18 21

15 Burnley 20 -19 20

16 Wolves 20 -20 19

17 Hull 20 -22 18

18 West Ham 20 -11 16

19 Bolton 18 -13 15

 

Arsenal lose out big time as they have two 4-1 results over p****y... Villa and West Ham the other big losers...

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Under Weststand

Under Weststand

Posted
Posted

Breaking news from Comical Storrie :- The board of Poopey FC would like to say that dispute the Sky Headline saying they'd lost the appeal to have the winding up order thrown out. They agreed with the judge in his summing up that it would be far better for them to win this case on the 10th of February, & make the HMRC a laughing stock in court. He quoted its about time the HMRC were brought down a peg or two.

Also they would like to express there support for the judges findings that they were the best run club he'd had through his chambers.

We look forward to winning the case at the EPL today & will shortly be able to announce the signing of Riquelme. Also we are sure well almost files not getting jammed apart, that we will be in a position probably that the wages will be paid on time a week on Thursday well Maybe.

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pedg

pedg

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Posted
PFC statement........

 

http://www.portsmouthfc.co.uk/LatestNews/news/Pompey-Lawyers-Statement-508.aspx

 

The judge appears to give some grounds for optimisim for an appeal to be successfull.

 

Think they will only refuse a right to appeal if its completely obvious they would not win. Even if the judge thinks they have a very small chance of winning an appeal he would still allow them the option.

 

Any appeal is more likely to be a time wasting effort to delay the tax bill than done with any real optimism they would succeed.

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S-Clarke

S-Clarke

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A skates response to Sulivan and Gold saying they expect a prem club to go into admin: (now i don't know if this was said in jest, or if he's just a plain pillock)

 

''We dont have any debt...it cant be us Sulivan and Gold are talking about

 

One player sell of 12million and we are sorted.''

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Saint Keith

Saint Keith

Posted
Posted

on the bbc ticker "FOOTBALL:Portsmouth say they are 'confident' that an appeal against their winding up order will succeed"

 

they are fukcing priceless. trying to rewrite the vat laws of the land

 

its as simples as this. they have to find, or show they can get, £7.5m by 10 Feb, or they are screwed

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S-Clarke

S-Clarke

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on the bbc ticker "FOOTBALL:Portsmouth say they are 'confident' that an appeal against their winding up order will succeed"

 

they are fukcing priceless. trying to rewrite the vat laws of the land

 

its as simples as this. they have to find, or show they can get, £7.5m by 10 Feb, or they are screwed

 

They are trying to find a short-term loan as we speak.

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Saint Keith

Saint Keith

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They are trying to find a short-term loan as we speak.

 

and who in their right mind would lend that amount with no security. only security they have is the ground, oh noes, or the tv money, oops.

 

its like going up to someone and saying "look, im £62 in debt, and i cant pay it, and ive not got enough assets, but can you lend me £7.50 so i can pay someone else"

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St Marco

St Marco

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Going back to what nick said earlier about the fans, you have to agree. The far majority of them don't deserve the storm that is coming.

 

BUT

 

Even with their head in the jaws of the angry Lion they deny there is a Lion at all.

 

Basically that is what they are saying. I just cannot see at all a Judge saying "Sorry they have xyz evidence on you which makes me think we should go ahead with the case. But i am confident you will win!!"

I just can't see that happening as much as they try and make out that it did.

 

Portsmouth FC now have nobody but to blame but Jacobs, Storrie and the Faraj brothers. They have tried at every turn to avoid responsibility and tried to run damage control by basically lying to the fans,PL and the media, and now by the looks of it to the law too. Portsmouth will not recover with these people in control. Sooner they go into admin sooner they are rid of them.

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Chin Strain

Chin Strain

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Don't want them to go into admin until next season, let them get relegated and then lose 10 or more points in the championship/

 

Even if they last until the end of the season, there is no way that they will make it through the summer. I'm not talking about administration, I'm talking about liquidation.

 

You could probably flog everything for £30m. With that in mind, who is going to stump up at least that amount to persuade the creditors to sell to them (even if there was some idiot with cash to burn, they would buy via admin)? If everything is sold there is no football club. The league would want to know that they remain viable to complete the season. No ground and no players equals no golden share, and oblivion.

 

That is the only plausible outcome from their current situation.

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gary r

gary r

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I don't think this Jacobs guy quite understands the seriousness of it all. He might be able to blag time from the PL with empty promises and have a club or two write on a piece of paper that they will not ask for payment until xyz. But to try that with the government and the law of the country was never going to work.

 

So they now HAVE to pay £7.5m to the taxman by February the 10th and the case will be dropped. If they don't they will have to go to court and argue their case. That means every single penny that came into the club or went out of the club will be looked over with a magnifying glass. If some of the people connected to the club are on individual charges it does not take a genius to work out that it is very likely they have got something on them. They were not going to go "oh yeah your right, our bad, we were a few million out".

 

Portsmouth owe £3m to other clubs and have to pay the wages again in a couple of weeks. Meaning they need to find a total of £12m in the next 22 days just to be doing what they are doing now. If they can't sell any players or reduce the bill by loads then the only hope they have is someone putting that money in from their own pocket. With this announcement i think no bank will loan them any money as they realise they have no financial manouvability left. If they lend anything and the tax bill is uphold they will have lost it instantly.

 

I think it is safe to say they are now about 99.9% likely to go into admin by this time next month unless someone puts the money in themselves.

 

no you are wrong cleared funds to meet the outstanding debt has to be paid by the time there go to court other wise the judge will force them into liquidation which is the worse of the three things left open to them.

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St Marco

St Marco

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no you are wrong cleared funds to meet the outstanding debt has to be paid by the time there go to court other wise the judge will force them into liquidation which is the worse of the three things left open to them.

 

Nah. The court case is being brought by the HRMC. They are doing so because they are owed money. They think because they have not been paid and obviously won't be paid that the company needs to be wound up. Technically saying it is insolvent.

If Portsmouth pay the HRMC what is owed before the court date then there is obviously no need for a case seeing as the HRMC will have been paid thus showing the club are meeting their legal requirements. Meaning the case brought against them would be dropped.

 

If the tax bill is paid there will be no case. If they continue to not pay, the case will go ahead. Just like i said.

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sidthesquid

sidthesquid

Posted
Posted

I reckon a lot of Pompey's posturing is for the overseas market. Nobody in the UK would touch them with a long sh1tty stick, but all this 'we'll sue the EPL' & 'we'll challenge HMRC i court' is for the ears of some camel-kicker who might just invest a mill or two and is now getting cold feet. It's more like an episode of Hustle, as they try to convince the mark that they're a serious player, not some bunch of chancers trying to cling on to their ill-gotten & shrivelling piles of cash.

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CHAPEL END CHARLIE

CHAPEL END CHARLIE

Posted
Posted
A skates response to Sulivan and Gold saying they expect a prem club to go into admin: (now i don't know if this was said in jest, or if he's just a plain pillock)

 

''We dont have any debt...it cant be us Sulivan and Gold are talking about

 

One player sell of 12million and we are sorted.''

 

They're in a rotten bargaining position when it comes to player transfers , say two very different offers come in for this mythical £12m player of theirs :

 

Club 'A' offers £12m payable over 3 years with various add ons .

Club 'B' offers £4m in cash tomorrow take it or leave it .

 

Lets face it they have to take Club 'B's offer providing they can persuade the player to leave that is . :D

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sidthesquid

sidthesquid

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Posted
David Sullivan was just on Sky saying he thinks a Premier League club will go into admin this year and that thre's a good chance they will go out of business altogether as "their footballing debts are more than the value of the club".

 

Sadly Poopey are not the only ones in this category - Hull & Bolton are in pretty deep, as are Liverpool & Utd. Mind you, the current value of Poopey would mean that if Jacob cadged a fiver off of you their debts to you personally would outstrip the value of the club

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ringwood

ringwood

Posted
Posted

Can PFC afford to pay for Coco the Clown sorry Westwood to change his name again to John formerly known as PFC Westwood ? Post date the cheque til the 11th Feb

 

Or perhaps the Saints Web should sponsor a player for them, if they are that desperate for money be fun to see Saints Web as a player sponsor in their programme!!!!!!!!!!!!

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CB Saint

CB Saint

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Posted
Can PFC afford to pay for Coco the Clown sorry Westwood to change his name again to John formerly known as PFC Westwood ? Post date the cheque til the 11th Feb

 

Or perhaps the Saints Web should sponsor a player for them, if they are that desperate for money be fun to see Saints Web as a player sponsor in their programme!!!!!!!!!!!!

 

Can we sponsor Fake Sheik no 1. in recognition of the sterling job that he has done down there.

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saints_is_the_south

saints_is_the_south

Posted
Posted
Don't want them to go into admin until next season, let them get relegated and then lose 10 or more points in the championship/

 

+1. They are pretty much dead certs to go down this season anyway so let them take the minus 10 in the CCC next season & then in 2 years we can wave at them as go past them as League 1 Champions whilst they are getting relegated again.

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Gemmel

Gemmel

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Posted

 

Can they impose this in Russia ???

 

 

Portsmouth's directors could also be disqualified from running any further companies for between two to 15 years, while there would be an investigation into whether the club had engaged in financial irregularities, including wrongful trading, deliberately withholding payments to the crown and made transactions at under value.

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dubai_phil

dubai_phil

Posted
Posted

Just back from Blighty. Was invited on my old Crocket CLub's annual 10 mile walk Sunday. Had expected to end up in A&E with blisters as I only had a pair of Wellies, but no was fine.

 

Ended up in A&E after falling off my mum's sofa ROFL'ing at Teletext about the Skates sueing the PL.

 

Glad to see the thread (ie the Few) has continued to provide great entertainment while I was off line.

 

And, thanks for asking am fine, bruised bum from hitting the coffee table on the way down. Now, wonder if I can sue them for Health & Safety, not giving a "you're going to ROFL" warning before their press statements

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NickG

NickG

Posted
Posted

Radio Solent football finance expert this morning;

 

It is likely that if this winding up order goes ahead Portsmouth will cease to exist.

 

It is unlikely that they will be able to go into administration due to large running costs, huge debts and small assets.

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