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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Big Bad Bob

Big Bad Bob

Posted
Posted

@PKF_UK: PKF confirms another offer has been made for Portsmouth Football Club - http://t.co/O1RGEYDy

 

That's strange because someone who I play pool with (I know, I know) said that he had heard that someone was going to buy the club for an amount and then sell 51% of that to the supporters trust.

 

He would then retain 49% of the club.

 

The amounts he mentioned were far too low though so I did dismiss it, however PKF's statement sort of has that ring about it...

 

Their statement also sounds like someone should be ready to put a fork in the PDT's bid...

Gemmel

Gemmel

Posted
Posted
@NabilHassan79: PKF: "Keith Harris has indicated that he would like to meet with the PST to discuss a stakeholding and participation in the club."

 

KH So Colin - How much have you raised.

 

CF xxxxx

 

KH. Nice to meet you colin. good bye

TopGun

TopGun

Posted
Posted

From Micah Hall:

 

Belbin the how began putting their money in on October 18th and stopped on Jan 7th. PKF released the players THEY SIGNED and brought the club back to break even. They did so because they were talking to portpin about another bid - hence the adjournments.

 

PST bid is on the table - money in escrow. And now mr Harris wants to ram to the trust about us using that money to help fund his lease scheme - so can we use fans money to pay Chainrai an uneconomic rent so he can own the stadium and Harris can own the club? Think the word is NO.

TopGun

TopGun

Posted
Posted

7 February 2013: Trevor Birch, PKF partner and joint administrator of Portsmouth Football Club (2010) Ltd, said:

 

“We can confirm that we have received another offer for Portsmouth Football Club. This offer has been made by Keith Harris, a former chairman of the Football League, together with Pascal Najadi, deputy chairman of the investment bank AIAK Group, and Alan Hitchins, a professional investor. Keith Harris has indicated that he would like to meet with the PST to discuss a stakeholding and participation in the club going forward.

 

“We believe this offer is worthy of consideration and could be completed without the need for a court case.

 

“As officers of the Court, the administrators are charged with securing the best return for all creditors and therefore have to consider the offer.

 

“We will need to discuss the terms of the deal with the PFA and the Football League, and also plan to consult the Creditors’ Committee as a matter of urgency.

 

“This has been a complex administration and we are doing all we can to resolve the situation as quickly as possible. We will provide an update as soon as we have further news.”

Tomobz

Tomobz

Posted
Posted

So even if he does purchase the club they still won't have any money? Next season they are going to be a poor league two team with a points deduction... Non league status awaits! This is the best entertainment ever.

trousers

trousers

Posted
Posted

@NabilHassan79: The PST respond to PKF statement by saying they have "increased its bid for Fratton Park to make our package even more attractive." #pompey

Big Bad Bob

Big Bad Bob

Posted
Posted
@NabilHassan79: The PST respond to PKF statement by saying they have "increased its bid for Fratton Park to make our package even more attractive." #pompey

 

And where the frack is the money going to come from??

hypochondriac

hypochondriac

Posted
Posted
@NabilHassan79: The PST respond to PKF statement by saying they have "increased its bid for Fratton Park to make our package even more attractive." #pompey

 

But if the others offer more then surely pkf are duty bound to accept or they will get sued? As well as sued about the floating charge that was missed. If they go with Harris though then all this just goes away...

saint si

saint si

Posted
Posted
@NabilHassan79: The PST respond to PKF statement by saying they have "increased its bid for Fratton Park to make our package even more attractive." #pompey

 

Wow, and there was me thinking they were confident their valuation of FP was fair and reflected market rate.

Joe Kirkup

Joe Kirkup

Posted
Posted
@NabilHassan79: The PST respond to PKF statement by saying they have "increased its bid for Fratton Park to make our package even more attractive." #pompey

 

So if this new bid comes to nothing and pkf continue with the court case how on earth are they going to convince a judge that their valuation is fair if they are prepared to offer more this time. You can just see Farmery and his mates stomping around like little children ' it's not fair, I want a club to play with, make them go away Trev"

andysstuff

andysstuff

Posted
Posted
BBC Solent Sport‏@solentsport

 

Solentsport understands PST bid for Fratton Park increased from £2.75m to £3m #pompey

Ooh goodie. A bidding war. Chanari must be delighted. I'm guessing the HNWS not so much.

pedg

pedg

Posted
Posted
PST must have spent a busy morning on the phone - wonga, ocean finance etc

 

Probably the HNW suckers. If the PST bid goes through they get equity for what they have put in, if the other bid wins I suspect they will get diddly squat.

Joe Kirkup

Joe Kirkup

Posted
Posted

I suspect PKF can't believe their luck. They've been running scared of Chinny for a couple of months now, so a new bid that satisfies his remit as administrator to get the best deal for the creditors tied with Chinny pulling all legal action if it goes through must be like manna from heaven. At this point I don't think for one minute they care about the long term future of PFC.

Waterside.saint

Waterside.saint

Posted
Posted
Probably the HNW suckers. If the PST bid goes through they get equity for what they have put in, if the other bid wins I suspect they will get diddly squat.

 

The HNWs face the enticing prospect of becoming LNWs sooner than they reckoned

trousers

trousers

Posted
Posted

@NabilHassan79: Creditors of #pompey are meeting today to approve/discuss Harris bid, while Football League are also expected to meet today to ratify deal.

stevegrant

stevegrant

Posted
Posted
BBC Solent Sport‏@solentsport

 

Solentsport understands PST bid for Fratton Park increased from £2.75m to £3m #pompey

But I thought £2.75m reflected a fair market value of the property? If so, why have they increased their offer? :rolleyes:

Ken Tone

Ken Tone

Posted
Posted
@NabilHassan79: Creditors of #pompey are meeting today to approve/discuss Harris bid, while Football League are also expected to meet today to ratify deal.

 

Blimey! That's quick.

trousers

trousers

Posted
Posted (edited)

@NabilHassan79: Worth noting Stuart Robinson has not yet bought Fratton Park land, only exchanged contracts, expected to complete deal by mid Feb. #pompey

 

@NabilHassan79: @mattslaterbbc He has put down a sizeable non-refundable deposit of several hundred thousands pounds though so not expected to pull out.

Edited by trousers
Torres

Torres

Posted
Posted
From Micah Hall:

 

PST bid is on the table - money in escrow. And now mr Harris wants to ram to the trust about us using that money to help fund his lease scheme - so can we use fans money to pay Chainrai an uneconomic rent so he can own the stadium and Harris can own the club? Think the word is NO.

 

Then you'd better start refunding those pledges...

Fitzhugh Fella

Fitzhugh Fella

Posted
  • Author
Posted
@NabilHassan79: Creditors of #pompey are meeting today to approve/discuss Harris bid, while Football League are also expected to meet today to ratify deal.

 

++++ me, the FL are meeting today to ratify the deal? Someone is moving pretty sharpish. As someone has said I think this is Trevor's way of wriggling off a nasty hook. He has stitched Farmery and his merrie men big time! The PST and HNW must be livid.

Ken Tone

Ken Tone

Posted
Posted
++++ me, the FL are meeting today to ratify the deal? Someone is moving pretty sharpish. As someone has said I think this is Trevor's way of wriggling off a nasty hook. He has stitched Farmery and his merrie men big time! The PST and HNW must be livid.

 

Especially the HNWs. At least the trust will get most of their money back eventually.

 

These gullible HNWs on the other hand have arpparently spent several hundred thousand thinking they were about to become chairman/directors and heroes of Dr Moreau's island, but in fact just to pay some useless mercenary footballers for a few months, to allow Harris to come in and use future gate receipts etc to pay chainrai off via rent, whilst they disappear back into obscurity.

Ken Tone

Ken Tone

Posted
Posted
If he's exchanged co tracts then he's buggered.

 

Not going to be like a house sale though is it? There will be cop out clauses, even if it does cost him a few thousand if he wants to back out

rallyboy

rallyboy

Posted
Posted

whoops.

 

 

 

HNWIs are now in too deep, some of them must have put so much in that they have to continue, or lose the lot.

I hope they like playing poker with a ruthless loan shark.

 

 

And there was us thinking that Chinny had walked away from his money....

 

 

What happens next?

The Trust continues to bid money it cannot afford, or steps back and looks to do a deal with the Orville consortium.

If Chinny is pulling these strings then he is shoving Robinson out of the box seat and taking his place as the property developing landlord partner - whilst firming up his valuation for the court.

 

 

 

 

Ten Chanrai Things You Should Never Do.

1. Cross him.

2. Borrow money off him.

3. Abuse his brother.

4. Underestimate him.

5. Play poker with him.

6. Get involved with him in a court case.

7. Shake his hand and expect to see your watch again.

8. Think he has your best interests at heart.

9. Be fooled by the scarf.

10. Ask his pet Administrator for an autograph.

andysstuff

andysstuff

Posted
Posted
Not going to be like a house sale though is it? There will be cop out clauses, even if it does cost him a few thousand if he wants to back out

 

I think that it's exactly like a house sale.

Waterside.saint

Waterside.saint

Posted
Posted
++++ me, the FL are meeting today to ratify the deal? Someone is moving pretty sharpish. As someone has said I think this is Trevor's way of wriggling off a nasty hook. He has stitched Farmery and his merrie men big time! The PST and HNW must be livid.

 

Especially the HNWs. At least the trust will get most of their money back eventually.

 

These gullible HNWs on the other hand have arpparently spent several hundred thousand thinking they were about to become chairman/directors and heroes of Dr Moreau's island, but in fact just to pay some useless mercenary footballers for a few months, to allow Harris to come in and use future gate receipts etc to pay chainrai off via rent, whilst they disappear back into obscurity.

 

This is shaping up nicely, and we are in the box seats popcorn.gifpopcorn.gifpopcorn.gif

hypochondriac

hypochondriac

Posted
Posted
We've alway known that Hypo - Keep up son :) :)

 

I knew about the exchange of contracts but not that that meant that Chinny could gazump them for the land. If Chinny gets the lands then it's checkmate.

edprice1984

edprice1984

Posted
Posted

Once again I take immense joy in explaining to colleagues, friends, family and total strangers of the twists and turns of this epic saga....

 

Obviously I take a lot of pleasure in it being the Skates that are involved in this, but that has now become secondary in how I view this all. The fact that hundreds of businesses, run perfectly well but struggling under the weight of the current economic climate have failed - excepted that it wasn't meant to be/pay off who they can and put their hands up and said 'sorry, we just can't go on like this'. I hope many of these people will dust themselves off and try again, maybe learning from their mistakes and building a successful business next time around.

 

However the barstewards down the road have cheated and lied, not paid a single penny of the £120,000,000+ owed to creditors and all the while whinged and moaned about it being unfair!

 

They don't deserve any sympathy, they don't deserve any help - they should rot and die, but only after Saints get one more opportunity to beat them, humilating them and for one last time show why our club, despite our occasional problems, is a beacon of light in comparison to the Skates and their dirty insignificant existance.

RedAndWhite91

RedAndWhite91

Posted
Posted

Vukasin Poleksic, the Montenegrin goalkeeper, 30, banned for two years for failing to report a phone call from a criminal gang asking him to help fix Debrecen's Champions League matches against Liverpool and Fiorentina in 2009, has revealed he could have joined Portsmouth in 2007.

 

A player who would later be banned for being corrupt, could only be previously linked to one club...

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