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Pompey Takeover Saga


Fitzhugh Fella

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Anyone know much about the procedure on the 12th? Is there any possibility that the judge will suspend the hearing to seek independent expert advice on the valuation?

Or is it certain that there will be a decision there and then?

 

My dream outcome = delay till just after the january window closes, then a takeover of sorts but with only a minority share-holding from the trust of say 30% of the club as such , and the property developer owning the ground. Folowed by -10 points , relegation, total demoralisation and no chance of ever owning or improving Fratton Park.

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Anyone know much about the procedure on the 12th? Is there any possibility that the judge will suspend the hearing to seek independent expert advice on the valuation?

Or is it certain that there will be a decision there and then?

 

My dream outcome = delay till just after the january window closes, then a takeover of sorts but with only a minority share-holding from the trust of say 30% of the club as such , and the property developer owning the ground. Folowed by -10 points , relegation, total demoralisation and no chance of ever owning or improving Fratton Park.

 

 

There is a hint of sadism in your post - I like it!

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Presumably the Trust's dream scenario is that the judge finds in favour of their property developers and it's go, go, go!

 

Birch then asks them to put the cash on the table - and that might be a problem.

 

Their big weekend fundraiser sounded like a bit of a damp squib from the credit union press release published on the News site.

I particularly liked the links - Get your loan here!

 

By now they should have their finance in place and be leaning on Birch and the court to let them get on with it.

 

At the moment the only people benefiting are property developers and a loan company.

But I guess it's been that way for a decade.

If you've taken out a loan and the takeover doesn't happen, can you cancel it?...

 

 

 

It is definitely time for a new club.

 

As for the cashflow, a fortnight without a game and Trev's fees keep ticking along...

He's gobbling up the Trust's future funding like a rampant pig in a sticky bun shop.

Go on Trev, fill yer boots!

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that is one busy fence!

 

 

First we had the Great Wall of China, then The Maginot Line, now the Fence of Unpledged Cash.

 

It replaces the hanging gardens of Babylon in the all time wonders list, they were relegated after losing a vital playoff in Stonehenge's rather dated and cosy stadium.

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My question... is the interest rate being charged by the loan company in £ terms greater or less than the proposed discount on STs for 'shareholders'? - Is there in effect a monitory advantage at all to being a shareholder? (given you can never get your money back).... as Far as I can tell, they have not released details of the proposed level of ST discount or for how long it will run... but I guess they they hopefull of 'fooling, all the people' all the time' - something taht must only be possible in Portsmouth? .... or maybe the simple truth that you cant 'fool all the people, al the time' is the raeson for the comparatively low take up of the cracking offer for a club with a 200,000 fan base? Or am I being harsh?

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http://www.portsmouth.co.uk/news/cash-pledges-to-help-trust-buy-pompey-flood-in-1-4547551

 

Trust spokesman Colin Farmery said: ‘So far we have had around 2,000 people pledge £1,000, and at least another 1,000 get involved via syndicate schemes."

 

Is this me - but he doesn't talk about the no of people who have paid - but the no of pledges!! which is a completely different thing - so how many have paid up???

 

Mark

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I suspect many might just be getting a reminder from the wife/sister that Christmas is coming...

 

On a more serious note - I would have had a great dela of respect for any fan group that said - they were looking to start again - use the money raised without the HNW individuals and take the club on as fans only and just pay rent to chinney for fratton - or agree it as a 'hire-purchase deal' rent at 500k for 20 years and then its theirs - forget lofty ambitions and promotions, but focus on rebirth, stong financila principles and survival with fans at the heart of the club - they should have offered shares at £100 or multiples with each member only getting one vote, but with the a buy back scheme available after say 5 years should someone which to get their money back... As I see it, their problem is not the principle, but their unrealistic ambition and expectation and enetering a cort case over the price of FP seems a ludricrous waste of money - All chinney wants is his money - do a fricken deal with him and move on.

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Chequebooks in hand, couples, families, old and young alike paid a visit to the Victory Bar on Saturday to find out how they could help save Pompey.

 

Trust spokesman Colin Farmery said: ‘The whole event went very well and we had about 100 people in through the course of the afternoon, and we were very pleased with the turnout.

 

So 100 people turned up - including kids dragged along by their parents looking for somewhere free and warm to spend the afternoon. I'm sorry, but that's pitiful.

 

So far we have had around 2,000 people pledge £1,000, and at least another 1,000 get involved via syndicate schemes.

 

Yes Colin, but how many of those "around 2000" (so that's under 2000) have converted their pledges into actual share purchases? And you've really only had 1000 people get involved in syndicates? Is that all? Even for Pompey, I'm shocked at that. Only "around" 3000 people have actually bothered to make a promise - one they may have no intention of keeping - to "save" the club.

 

:lol:

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I wonder if Chinny will ask the PDT in court to disclose the actual numbers of converted supporter pledges and their total value in order to compare against the amount those generous property developers are putting in to the bid? It would certainly help him to highlight that the PST really is nothing but a front for the developers to make money - at his expense - if the actual fan contribution is as low as it seems to be...

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http://www.portsmouth.co.uk/news/cash-pledges-to-help-trust-buy-pompey-flood-in-1-4547551#.ULxhAcXbKqI.twitter

 

Sailor Sam

 

9:33 AM on 03/12/2012

Maybe there is not a rush by fans to pay £1,000 into the PST, but at least an effort is being made. When your club went into administration, with the prospect of being liquidated, the customers could not even be bothered to try and set up a trust to buy their club, but were happy to let it be 'bought' by a London cabbie, who lived at home with his Mummy and Daddy.

 

For people who did sweet FA to criticise those who are attempting to do something, says more about you and your associates than it does about those associated with the PST.

 

How many more times do we have to explain this FFS? The reason 'we' didn't go for a fan takeover was two-fold... (a) given how investable we were there was a strong likelihood that a scrupulous investor would be interested in buying the club (ok, they cut it fine but that's by-the-by - it happened, full-stop) ....or.... (b) we were clever enough to realise that it was preferable for the club to go bust and started again as a phoenix club than for fans to try and keep the old club alive and stumble from one crisis to another ad-infinitum.

 

That's the difference....Pompey fans cling onto this blinkered mantra that saving the existing club, purely to maintain a position in a league structure it doesn't deserve to be in, is somehow more noble than starting a new club from scratch post-liquidation in the non-league structure.

 

This "you didn't even try and save your club" clutching at straws tripe is starting to get on my tits now.

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001_normal.jpgMark Littlewood ‏@MarkJLittlewood

I'm off to Starbucks in Kew to talk to @SkyNews about tax avoidance

bruce_forsythe_normal.jpgTrousers ‏@Lord_Trousers

@MarkJLittlewood Wouldn't Fratton Park have been a more apt choice of venue...?

 

001_normal.jpgMark Littlewood ‏@MarkJLittlewood

@Lord_Trousers not really. I'm talking about companies tha might actually pay some tax in future....:-)

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How many more times do we have to explain this FFS? The reason 'we' didn't go for a fan takeover was two-fold... (a) given how investable we were there was a strong likelihood that a scrupulous investor would be interested in buying the club (ok, they cut it fine but that's by-the-by - it happened, full-stop) ....or.... (b) we were clever enough to realise that it was preferable for the club to go bust and started again as a phoenix club than for fans to try and keep the old club alive and stumble from one crisis to another ad-infinitum.

 

That's the difference....Pompey fans cling onto this blinkered mantra that saving the existing club, purely to maintain a position in a league structure it doesn't deserve to be in, is somehow more noble than starting a new club from scratch post-liquidation in the non-league structure.

 

This "you didn't even try and save your club" clutching at straws tripe is starting to get on my tits now.

 

There was also no need for us to have a fan-owned club. In fact the one time we got into massive financial trouble stemmed from having a couple of fans in decision making positions, rather than a detached figure such as Rupert who for the most part kept us on an even financial keel. I truly don't like the idea of fan ownership; and certainly not majority ownership. There's too many egos, too many of the same old faces at play vying for a place at the trough and their spot in the limelight, its a model that (here at least) has been proved to not work.

 

Also, we were NEVER in real danger of going out of business. As fans we raised thousands of pounds in the SOS campaigns but that just went to paying the players obscene wages. They didn't take a hit, or defer, so fans understandably got fed up with lining their pockets. And if we'd have been in genuine problems then could have gone down the wage deferral route that Pompey did, or even sell off one of the players we still had on our books (Schneiderlin or Lallana alone would have provided a decent cash boost in addition to the £3M we did get from player sales). Markus' Liebherr's bid was there before exclusivity was given to Pinnacle, and it was there (thankfully) after that was proved to be a hollow bid. A benevolent Swiss billionaire always in the background, yet we should have gone for fan ownership? That's Pompey logic.

 

Pompey NEED fan ownership. Even if it is destined to failure. They've had all sorts of shysters and crooks involved with them for generations now, finally they have a chance of ridding themselves of that. Sadly their fans don't seem to grasp that not all clubs have been historically run in the same shameful way that they have. Not all clubs are crying out for a bunch of amateurs to usurp Hong Kong loan sharks and Russian gun runners. They're a unique sh*thouse case all of their own, and they'd do well to remember that before trotting out the "you did nothing to save your club" complete tripe.

Edited by The Kraken
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[video=youtube_share;YBZgH1dJREY]

 

Wha????? I was under the impression that the bestest (Who are comparable to Solidarity in their bonds of fellowship), were boycotting Supporters Direct in it's entirety as Evil David Lampitt (who is the true villan and should personally take the -10 points) was made CEO. I know a few of the phew misfired and boycotted Sports direct, but still. Short memories and all that once again....

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A feel slightly soiled. I had to go to gunwharf this morning.

 

But it wasn't completely without laughs. I was stood outside Addidas and two young chavs were eying the bargains in the window display, at which point one turns to the other and says "But they will be fakes at those prices :scared: :scared:

 

portseas finest

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Trousers a hatrick of utterly wonderful posts - you deserve the match ball at the end of this sir :D

 

Sadly the match ball is already promised to an auction to raise funds for cleaning the fat out of the pipes at Moneyfields in a few years time, wouldn't be fair to let the phoenix club wallow it's in own filth like it's predecessor.

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But "heartened by support from Darlington" ???. That bodes well then.

 

It’s also good to hear the Coventry fans are onside with them (these are obviously different Coventry fans to the ones who have contributed to the 100+pages on their forum thread complaining about what cheats the skates are).

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Neil Allen ‏@pn_neil_allen

How the football family is embracing the charity exploits of one #Pompey fan. Well, all apart from one club……

 

http://m.portsmouth.co.uk/sport/opinion/painful-feet-is-quite-a-feat-for-mclachlan-1-4545135

 

Ooh Neil you tease, I wonder which club he's referring to...

 

Damn....I picked the wrong evening to run out of facepalms....

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Neil Allen ‏@pn_neil_allen

How the football family is embracing the charity exploits of one #Pompey fan. Well, all apart from one club……

 

http://m.portsmouth.co.uk/sport/opinion/painful-feet-is-quite-a-feat-for-mclachlan-1-4545135

 

Ooh Neil you tease, I wonder which club he's referring to...

 

The bloke is such a c()nt it's unreal. He banned me from Twitter after my second or third question got too difficult for him and he continues to peddle crap to a deluded majority.

 

As c()nts go, he's one of the biggest I've never had the misfortune of meeting.

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dear Nicola,

my club has a proud history of thieving charity cash, money-laundering, stealing from pensioners and war veterans, spending season ticket money on prostitutes, and using blood money from child-maiming to fund madly unsustainable growth.

We are currently trading insolvently while trying to con a court that we're not property developers, and if we succeed we will be shafting taxpayers, local businesses, and former players alike.

 

You may recall that we came round to your club and behaved like animals, don't forget that we also regularly insult the memory of your best friend by accusing him of being a Nazi, and we often spread malicious rumours about yourself, and the business.

 

We know that you have a thriving foundation that is doing great work and that all the clubs' efforts are concentrated on that, but we think you should make an exception for us, especially as we currently have the fewest organised criminals and loan sharks within our boardroom for a decade.

 

So give us money!

yours sincerely

random pompey fan.

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A bit low (if true) that the club did absolutely nothing for him, to be fair. Saints Foundation and the club have normally been pretty good in the past, even dealing with gift requests from other charities. Doesn't take much to just let him and get a picture or quick tour.

 

But then this is Neil Allen, who has a rather strange relationship with the truth when it comes to the south coast divide, bless him.

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There was also no need for us to have a fan-owned club. In fact the one time we got into massive financial trouble stemmed from having a couple of fans in decision making positions, rather than a detached figure such as Rupert who for the most part kept us on an even financial keel. I truly don't like the idea of fan ownership; and certainly not majority ownership. There's too many egos, too many of the same old faces at play vying for a place at the trough and their spot in the limelight, its a model that (here at least) has been proved to not work.

 

Also, we were NEVER in real danger of going out of business. As fans we raised thousands of pounds in the SOS campaigns but that just went to paying the players obscene wages. They didn't take a hit, or defer, so fans understandably got fed up with lining their pockets. And if we'd have been in genuine problems then could have gone down the wage deferral route that Pompey did, or even sell off one of the players we still had on our books (Schneiderlin or Lallana alone would have provided a decent cash boost in addition to the £3M we did get from player sales). Markus' Liebherr's bid was there before exclusivity was given to Pinnacle, and it was there (thankfully) after that was proved to be a hollow bid. A benevolent Swiss billionaire always in the background, yet we should have gone for fan ownership? That's Pompey logic.

 

Pompey NEED fan ownership. Even if it is destined to failure. They've had all sorts of shysters and crooks involved with them for generations now, finally they have a chance of ridding themselves of that. Sadly their fans don't seem to grasp that not all clubs have been historically run in the same shameful way that they have. Not all clubs are crying out for a bunch of amateurs to usurp Hong Kong loan sharks and Russian gun runners. They're a unique sh*thouse case all of their own, and they'd do well to remember that before trotting out the "you did nothing to save your club" complete tripe.

 

Good point eloquently made: the argument behind making a comparison between Pompey and us is flawed and your reframing seems more apt. Very good post!

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There was also no need for us to have a fan-owned club. In fact the one time we got into massive financial trouble stemmed from having a couple of fans in decision making positions, rather than a detached figure such as Rupert who for the most part kept us on an even financial keel. I truly don't like the idea of fan ownership; and certainly not majority ownership. There's too many egos, too many of the same old faces at play vying for a place at the trough and their spot in the limelight, its a model that (here at least) has been proved to not work.

 

Also, we were NEVER in real danger of going out of business. As fans we raised thousands of pounds in the SOS campaigns but that just went to paying the players obscene wages. They didn't take a hit, or defer, so fans understandably got fed up with lining their pockets. And if we'd have been in genuine problems then could have gone down the wage deferral route that Pompey did, or even sell off one of the players we still had on our books (Schneiderlin or Lallana alone would have provided a decent cash boost in addition to the £3M we did get from player sales). Markus' Liebherr's bid was there before exclusivity was given to Pinnacle, and it was there (thankfully) after that was proved to be a hollow bid. A benevolent Swiss billionaire always in the background, yet we should have gone for fan ownership? That's Pompey logic.

 

Pompey NEED fan ownership. Even if it is destined to failure. They've had all sorts of shysters and crooks involved with them for generations now, finally they have a chance of ridding themselves of that. Sadly their fans don't seem to grasp that not all clubs have been historically run in the same shameful way that they have. Not all clubs are crying out for a bunch of amateurs to usurp Hong Kong loan sharks and Russian gun runners. They're a unique sh*thouse case all of their own, and they'd do well to remember that before trotting out the "you did nothing to save your club" complete tripe.

 

Good post, and that's even without pointing out the obvious that IF the deal goes ahead they will, most probably, have a MAJORITY OWNERSHIP of PROPERTY DEVELOPERS NOT FANS.

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dear Nicola,

my club has a proud history of thieving charity cash, money-laundering, stealing from pensioners and war veterans, spending season ticket money on prostitutes, and using blood money from child-maiming to fund madly unsustainable growth.

We are currently trading insolvently while trying to con a court that we're not property developers, and if we succeed we will be shafting taxpayers, local businesses, and former players alike.

 

You may recall that we came round to your club and behaved like animals, don't forget that we also regularly insult the memory of your best friend by accusing him of being a Nazi, and we often spread malicious rumours about yourself, and the business.

 

We know that you have a thriving foundation that is doing great work and that all the clubs' efforts are concentrated on that, but we think you should make an exception for us, especially as we currently have the fewest organised criminals and loan sharks within our boardroom for a decade.

 

So give us money!

yours sincerely

random pompey fan.

 

Excellent as always RB.

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Is it just me or does he look and sound like a really boring geography teacher......

 

Yes, and ever so slightly camp one at that.

 

By the way, why do they keep peddling the 'biggest fan owned club' myth?

 

Biggest in what way?

 

Biggest cheats - tick; biggest tax dodgers - tick; biggest charity thieves - tick.

 

But not biggest in trust members, highest in league position (if that could even remotely be meant to be biggest), or in any other way I can think of.

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http://www.newsnow.co.uk/A/613656424?-11209:804

 

Clutching at straws me thinks, i think he will go to court,

 

Exactly, from the article

 

However, it is understood that no discussions have so far taken place between the relevant legal teams to avert the court date,

 

If chinny had no chance, then there would be a deal in place or close to being in place by now.

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http://www.newsnow.co.uk/A/613656424?-11209:804

 

Clutching at straws me thinks, i think he will go to court,

 

Farmery was on Solent Sports news this at 0820, the desperation in his voice was tangible. The PDT will only have circa £1.75m from fans donations by the time it goes to court and the implication is that the Trust are desperate for it not to go that far. "We don't think it is in anyone's interests for this to go to court," spokesman for the PST Colin Farmery told BBC Radio Solent. means they are frightened they might lose and be stung with a huge legal bill.

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http://www.newsnow.co.uk/A/613656424?-11209:804

 

Clutching at straws me thinks, i think he will go to court,

If it goes to court and BC loses, i assume he will get 2.75m mininmum, if he settles out of court hee will get 2.75m and no further money. i suggest he will go to court. All those court costs mounting up...oh dear no doubt Mr Allen and his consortium who donated around £100 each will also be generous in helping with those costs
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If it goes to court and BC loses, i assume he will get 2.75m mininmum, if he settles out of court hee will get 2.75m and no further money. i suggest he will go to court. All those court costs mounting up...oh dear no doubt Mr Allen and his consortium who donated around £100 each will also be generous in helping with those costs

 

Yet another reason why Fans, and their entrenched view of all things to do with their club should NEVER be let near running them.

 

They thought they would launch the Trust and carry the world of football on a wave of emotion PR & support all the way through. They simply ignored what everyone else thinks of them, they ignored somebody who had the money to actually cut a PROPER deal with them and here they are. Facing the Oh Sh1t moment that a great number of their more intelligent fans could see coming.

 

PDT & Neil Allen are both to blame for stoking up their own imaginary world beating idea. If they had spent 10 minutes talking to outsiders they would (AND COULD) have found a better way.

 

Somewhere some months ago, some bright spark will have said at a meeting " don't worry about Chinny it's all a negotiating tactic, he won't try and stop the fans"

 

Meanwhile, the nutjobs will sit here and say WE TOLD YOU SO - God, that is getting monotonous now.

 

You had options (oh no we didn't says Farmer Boy) You had other ways to value pledges (oh no we didn't) You could have had a chat with AA (oh no we couldn't) You could have seen through TB's yeah I'm earning fees you take as long as you want (no he was on our side all along)

 

Good luck, I really hope they save their club.

 

Because we all know what that will mean

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