Give it to Ron Posted 7 February, 2013 Share Posted 7 February, 2013 why is that..? Where do you think any money they get will go? Leasing the ground? Who will they lease the ground from? Wanna bet the leasing fee adds up to nearly 12m? Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 @pn_neil_allen: Seems Keith Harris has confirmed my Tweet last night about leasing Fratton Park with view to buy. To think I got numbskull abuse for that. Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 Who the f**k is Keith Harris ? I assume its not the bloke renowned for fisting green birds and monkeys. I also dont get the schadenfreude towards PST on here. Whether we like it or not, the charade about their fans ownership kept the bastard entity known as PFC going long enough for another bid to come crawling out of the woodwork. This is a major result for the blue scum There's nothing a nutjob likes more than a false dawn... Link to comment Share on other sites More sharing options...
andysstuff Posted 7 February, 2013 Share Posted 7 February, 2013 why is that..? In summary no money upfront and quite possibly a Chinny stooge. Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 In summary no money upfront and quite possibly a Chinny stooge. Apart from that....? Link to comment Share on other sites More sharing options...
View From The Top Posted 7 February, 2013 Share Posted 7 February, 2013 There's nothing a nutjob likes more than a false dawn... Only Thrush would think today is a negative. Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 @david_conn: Article on Keith Harris' new bid for Portsmouth up soon. Looks bad for Pompey Supporters Trust and fan ownership, but needs league approval. @david_conn: Main #pompey issue: Keith Harris has agreed a deal with Chainrai, so administrators can't go to court arguing trust's is the only bid. You don't say David.... #SWFrocketscience Link to comment Share on other sites More sharing options...
St. Neil Posted 7 February, 2013 Share Posted 7 February, 2013 Typical PST member about to get stuffed by Keith Harris. "I hate that duck" Link to comment Share on other sites More sharing options...
Ken Tone Posted 7 February, 2013 Share Posted 7 February, 2013 @NabilHassan79: Keith Harris confirms to Sky Sports he has agreed a deal with Balram Chainrai to buy Fratton Park after initial leasing period. #pompey But chainrai doesn't actually own Fratton does he. He holds a charge over it, yes, but at present it is owned by PFC. (Similar to owning your house but having a mortgage, with negative equity) So how does that work? Link to comment Share on other sites More sharing options...
gaz Posted 7 February, 2013 Share Posted 7 February, 2013 So Keefy's business, Seymour Pierce is about to go up the swanny. He finds a ruthless loanshark to help him out....but in return, he has to ''buy'' a football club out of a sticky situation. Sometime along the line, the money from Keefy's investors dries up, as the Fortress and the Mercenaries bleed the club dry, and gate receipts are unsustainable. Baloo takes back the club in lieu of non-payment on The Fortress and himself becoming Mr Reluctant Owner (again). Keefy gets to play Mr Chairman for a few months. Investors get a few days out at the football. Baloo gets a debt-free club (again). The Bestest get to declare they are The Bestest. Or is that me being cynical? To me, its CSI/Antonov/Admin Number 3 all over again. Link to comment Share on other sites More sharing options...
Joe Kirkup Posted 7 February, 2013 Share Posted 7 February, 2013 But chainrai doesn't actually own Fratton does he. He holds a charge over it, yes, but at present it is owned by PFC. (Similar to owning your house but having a mortgage, with negative equity) So how does that work? I can only imagine that the bid has £x to creditors, £x to football creditors and allow Chinny to have FP as he has a charge on it. It has been the PST's blind determination to hang on to FP that will be what eventually kills them. Link to comment Share on other sites More sharing options...
Weston Saint Posted 7 February, 2013 Share Posted 7 February, 2013 Forget this is PFC, it would have been interesting to see the Trust run the club. They would have received support from most areas. Their problem was always the ground and Chainrai’s charge/valuation I now believe the Trust bid is dead in the water. This new consortium will likely succeed now the creditors have approved and it gets the Administrator off the hook. It is now clear why the Judge was happy to adjourn the proceedings. One can feel sorry for the HNW individuals whose money kept the club alive. Crouch did the same for Southampton to the tune of £500,000. Like him I doubt they will be able to recover those costs. It is what happens if you back the wrong horse even if the other horse had not even arrived at the racecourse. However, the damage has been done. The window has closed and all that is available now is in the loan period. The minus 10 points will kick in soon. They will start 2013/14 season as a Division 2 side. If they cannot afford to pay for the ground now they must have limited investment. It will be a long and rocky road to recovery. For me they have not got away with it. Premier to Division 2 is a fine punishment. The trust has worked hard and after all they are only supporters like you and me. They may have supported a stinking regime in the past and perhaps the present consortium will be the stinking regime of the future. But credit where credit is due, the trust deserves some recognition. As for Mr Allen, the News journalist, perhaps he should enrole in a course of journalism at Southampton Solent University. That comment will not be lost on one of our contributors. The end looks in sight, for now……….. Link to comment Share on other sites More sharing options...
stevegrant Posted 7 February, 2013 Share Posted 7 February, 2013 Pretty sure Harris left Seymour Pierce a year or two ago, by the way. Link to comment Share on other sites More sharing options...
Ken Tone Posted 7 February, 2013 Share Posted 7 February, 2013 So Keefy's business, Seymour Pierce is about to go up the swanny. He finds a ruthless loanshark to help him out....but in return, he has to ''buy'' a football club out of a sticky situation. Sometime along the line, the money from Keefy's investors dries up, as the Fortress and the Mercenaries bleed the club dry, and gate receipts are unsustainable. Baloo takes back the club in lieu of non-payment on The Fortress and himself becoming Mr Reluctant Owner (again). Keefy gets to play Mr Chairman for a few months. Investors get a few days out at the football. Baloo gets a debt-free club (again). The Bestest get to declare they are The Bestest. Or is that me being cynical? To me, its CSI/Antonov/Admin Number 3 all over again. You're not cynical enough mate. Chainrai can't visibly own the club again.... FL won't allow it. So he needs someone else to own it. The plan appears to be for the club to pay chainrai his £18 million in installments in effect, via a high rent for leasing the ground. The club has to live within its means ,and find say £1 million a year rent for as long as Chainrai wants. The only bit I don't get is how the ground is actually transfered to chainrai. Up to now PKF have said grouind and club must go together. Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 Pretty sure Harris left Seymour Pierce a year or two ago, by the way. Yep, according to reports I've seen today Link to comment Share on other sites More sharing options...
andysstuff Posted 7 February, 2013 Share Posted 7 February, 2013 Pretty sure Harris left Seymour Pierce a year or two ago, by the way. Good thing or bad thing from our POV? Link to comment Share on other sites More sharing options...
stevegrant Posted 7 February, 2013 Share Posted 7 February, 2013 Good thing or bad thing from our POV? I don't think it makes any difference. It does remove the possibility of people whinging about him being able to find people to buy a football club but can't save his business, because he's not worked there for two years. Link to comment Share on other sites More sharing options...
Ken Tone Posted 7 February, 2013 Share Posted 7 February, 2013 Pretty sure Harris left Seymour Pierce a year or two ago, by the way. Not exactly. He is quoted as saying he "stepped down from the operating board". That only really says , 'took a back seat' Link to comment Share on other sites More sharing options...
Winchester Red Posted 7 February, 2013 Share Posted 7 February, 2013 Not exactly. He is quoted as saying he "stepped down from the operating board". That only really says , 'took a back seat' Yep. That just means he's passed the big problems the business has on to some other poor sod to sort out. It doesn't mean that he isn't involved there anymore or that he's stopped drawing a salary Link to comment Share on other sites More sharing options...
Seaford Saint Posted 7 February, 2013 Share Posted 7 February, 2013 Forget this is PFC, it would have been interesting to see the Trust run the club. They would have received support from most areas. Their problem was always the ground and Chainrai’s charge/valuation I now believe the Trust bid is dead in the water. This new consortium will likely succeed now the creditors have approved and it gets the Administrator off the hook. It is now clear why the Judge was happy to adjourn the proceedings. One can feel sorry for the HNW individuals whose money kept the club alive. Crouch did the same for Southampton to the tune of £500,000. Like him I doubt they will be able to recover those costs. It is what happens if you back the wrong horse even if the other horse had not even arrived at the racecourse. However, the damage has been done. The window has closed and all that is available now is in the loan period. The minus 10 points will kick in soon. They will start 2013/14 season as a Division 2 side. If they cannot afford to pay for the ground now they must have limited investment. It will be a long and rocky road to recovery. For me they have not got away with it. Premier to Division 2 is a fine punishment. The trust has worked hard and after all they are only supporters like you and me. They may have supported a stinking regime in the past and perhaps the present consortium will be the stinking regime of the future. But credit where credit is due, the trust deserves some recognition. As for Mr Allen, the News journalist, perhaps he should enrole in a course of journalism at Southampton Solent University. That comment will not be lost on one of our contributors. The end looks in sight, for now……….. A really good summation mate. Nice one. Link to comment Share on other sites More sharing options...
rallyboy Posted 7 February, 2013 Share Posted 7 February, 2013 you are spoiling us Mr Ambassador with your hilarious plot twists! Newcastle fans get a chuckle when Sunderland lose, poor old Birmingham are in such a state that Villa's woes aren't that special. Liverpool and Everton are still deciding who is top dog, while Arsenal and Spurs take it in turns to underachieve. Utd will get some revenge on City this year but Manchester's rivalry could tip either way.... But come down south and the rivalry is now a fricking landslide! It looks like an electoral map of Liverpool - the future is redder than Avram's gravedigger face went, when his missus said she 'needed a chat'... Our chairman is a bit bonkers and we're struggling in the league after two consecutive promotions Versus staring liquidation in the face, hurtling towards non-league via multiple-relegations, record-breaking losses on the pitch, their fans' property developing scheme has hit the rocks, and only today their grubby pants have been tugged down again in preparation for further assaults. It's not a rivalry anymore, it's an effing massacre! We have been spoiled by this escapade, it's been way too funny, and gone on for ages - it's like the longest Ken Dodd concert in history, that will only end when he actually pegs it. So soak up these golden years my Nutjob friends, other fans have very different rivalries - they have clubs up the road that actually matter. Link to comment Share on other sites More sharing options...
dubai_phil Posted 7 February, 2013 Share Posted 7 February, 2013 you are spoiling us Mr Ambassador with your hilarious plot twists! Newcastle fans get a chuckle when Sunderland lose, poor old Birmingham are in such a state that Villa's woes aren't that special. Liverpool and Everton are still deciding who is top dog, while Arsenal and Spurs take it in turns to underachieve. Utd will get some revenge on City this year but Manchester's rivalry could tip either way.... But come down south and the rivalry is now a fricking landslide! It looks like an electoral map of Liverpool - the future is redder than Avram's gravedigger face went, when his missus said she 'needed a chat'... Our chairman is a bit bonkers and we're struggling in the league after two consecutive promotions Versus staring liquidation in the face, hurtling towards non-league via multiple-relegations, record-breaking losses on the pitch, their fans' property developing scheme has hit the rocks, and only today their grubby pants have been tugged down again in preparation for further assaults. It's not a rivalry anymore, it's an effing massacre! We have been spoiled by this escapade, it's been way too funny, and gone on for ages - it's like the longest Ken Dodd concert in history, that will only end when he actually pegs it. So soak up these golden years my Nutjob friends, other fans have very different rivalries - they have clubs up the road that actually matter. Ahhhhh Perhaps the best summary of the week. It cannot possibly keep getting worse for them can it? Link to comment Share on other sites More sharing options...
pedg Posted 7 February, 2013 Share Posted 7 February, 2013 So does "Preferred Bidder" actually give the trust any advantage? It would appear not. Do they have any legal challenge if the club is sold to someone else whilst they are the preferred bidder? Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 http://m.guardian.co.uk/football/2013/feb/07/portsmouth-administrators-takeover-bid-consortium . Harris told the Guardian the men are paying cash to buy Portsmouth, which is in administration, not borrowing the money. Link to comment Share on other sites More sharing options...
TopGun Posted 7 February, 2013 Share Posted 7 February, 2013 My view is that if the deal goes through they start again next season in L2 which they should have enough finance to get out of quite rapidly. After that it gets tough again as their gates won't support a charge up the leagues so they'll end up like Coventry milling around L1 as they start to get squeezed again financially. But Coventry have infrastructure and Pompey don't so they are still not a good proposition to sell on really. Link to comment Share on other sites More sharing options...
sidthesquid Posted 7 February, 2013 Share Posted 7 February, 2013 My view is that if the deal goes through they start again next season in L2 which they should have enough finance to get out of quite rapidly. After that it gets tough again as their gates won't support a charge up the leagues so they'll end up like Coventry milling around L1 as they start to get squeezed again financially. But Coventry have infrastructure and Pompey don't so they are still not a good proposition to sell on really. It's a bad time to be in that division, because the 'financial fair-play' rules mean that they can't buy their way out with other people's money. Link to comment Share on other sites More sharing options...
View From The Top Posted 7 February, 2013 Share Posted 7 February, 2013 So does "Preferred Bidder" actually give the trust any advantage? It would appear not. Do they have any legal challenge if the club is sold to someone else whilst they are the preferred bidder? It means nowt now as no way this will go back to court as BC can say there is another creditable bid. PST is dead, for now. Link to comment Share on other sites More sharing options...
andysstuff Posted 7 February, 2013 Share Posted 7 February, 2013 It means nowt now as no way this will go back to court as BC can say there is another creditable bid. PST is dead, for now. If only they hadn't been so hung up on staying at Fatpipes Park the deal would have been done and dusted months ago. Wonder if they are kicking themselves now. Link to comment Share on other sites More sharing options...
warsash saint Posted 7 February, 2013 Share Posted 7 February, 2013 Time to put the toaster away for another day Link to comment Share on other sites More sharing options...
JonnyLove Posted 7 February, 2013 Share Posted 7 February, 2013 A point to make with regards to the HNWI and bank rolling the club. They haven't all they have done is underwrite the debt accrued during trading since October (or when ever it is), that means they have not put any money in yet but have stated that they promise to pay if required. It's all in the wording people. Link to comment Share on other sites More sharing options...
pedg Posted 7 February, 2013 Share Posted 7 February, 2013 It means nowt now as no way this will go back to court as BC can say there is another creditable bid. PST is dead, for now. Just they were crowing about being preferred bidder like it excluded other bids and now one comes in from the blue and the preferred bidder appears to mean nothing. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 7 February, 2013 Share Posted 7 February, 2013 If only they hadn't been so hung up on staying at Fatpipes Park the deal would have been done and dusted months ago. Wonder if they are kicking themselves now. Possibly becuase without teh HNWIs theye would never get even close to the 550k needed to pay of the non secured creditors... and the HNWIs probablys had ideas for that scrap of land? Link to comment Share on other sites More sharing options...
andysstuff Posted 7 February, 2013 Share Posted 7 February, 2013 (edited) Possibly becuase without teh HNWIs theye would never get even close to the 550k needed to pay of the non secured creditors... and the HNWIs probablys had ideas for that scrap of land? 1000 paid up pledges would have more than paid the creditors and left almost half a million to get up and running. If all the pledges were converted they would have had £2,000,000. They could have certainly made a go of it. Edited 7 February, 2013 by andysstuff Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 A point to make with regards to the HNWI and bank rolling the club. They haven't all they have done is underwrite the debt accrued during trading since October (or when ever it is), that means they have not put any money in yet but have stated that they promise to pay if required. It's all in the wording people. Given its against the law (isn't it?) for an administrator to run a loss making operation, isn't it a fait accompli that they have to pay the money, whether its up front or retrospectively? Or, looking at it another way, under what circumstance would PKF not be required to call in these underwritten funds? Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 Just they were crowing about being preferred bidder like it excluded other bids and now one comes in from the blue and the preferred bidder appears to mean nothing. Mr Allen and Mr Farmery would always skirt around the "What's stopping another bid usurping the Trust at the 11th hour?" question that was posed on the web chats... As we said at the time, the lack of an answer told us all we needed to know... Link to comment Share on other sites More sharing options...
View From The Top Posted 7 February, 2013 Share Posted 7 February, 2013 Given its against the law (isn't it?) for an administrator to run a loss making operation, isn't it a fait accompli that they have to pay the money, whether its up front or retrospectively? Or, looking at it another way, under what circumstance would PKF not be required to call in these underwritten funds? When they stopped paying all the players were released and the training ground left. They've lost a packet. Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 http://www.fansnetwork.co.uk/football/portsmouth/fb_news.php?storyid=31345#.URPsVi6ZXTI.twitter Link to comment Share on other sites More sharing options...
Jimmy_D Posted 7 February, 2013 Share Posted 7 February, 2013 New bid fails because of the FL. http://www.football-league.co.uk/footballleaguenews/20130207/portsmouth-statement_2293334_3068475 Also states that it REALLY IS 'Trust or Bust' Link to comment Share on other sites More sharing options...
FloridaMarlin Posted 7 February, 2013 Share Posted 7 February, 2013 Oops http://www.football-league.co.uk/footballleaguenews/20130207/portsmouth-statement_2293334_3068475 Sorry Keith, it's not your day. It's Trust or bust. Chinny won't take this lying down. Link to comment Share on other sites More sharing options...
Jimmy_D Posted 7 February, 2013 Share Posted 7 February, 2013 Oops http://www.football-league.co.uk/footballleaguenews/20130207/portsmouth-statement_2293334_3068475 Sorry Keith, it's not your day. It's Trust or bust. Chinny won't take this lying down. Ahem... Link to comment Share on other sites More sharing options...
andysstuff Posted 7 February, 2013 Share Posted 7 February, 2013 Oops http://www.football-league.co.uk/footballleaguenews/20130207/portsmouth-statement_2293334_3068475 Sorry Keith, it's not your day. It's Trust or bust. Chinny won't take this lying down. Well, tha rather ups the stakes somewhat. This really has some twists and turns left. Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 "Therefore, The League has informed the Administrator that it will not currently consider transferring the Club's share in The Football League to a new bidder. This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the Club will lose its membership of The Football League." Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 Who the f**k is Keith Harris ? I assume its not the bloke renowned for fisting green birds and monkeys. I also dont get the schadenfreude towards PST on here. Whether we like it or not, the charade about their fans ownership kept the bastard entity known as PFC going long enough for another bid to come crawling out of the woodwork. This is a major result for the blue scum You were saying sir....? Link to comment Share on other sites More sharing options...
Gingeletiss Posted 7 February, 2013 Share Posted 7 February, 2013 New bid fails because of the FL. http://www.football-league.co.uk/footballleaguenews/20130207/portsmouth-statement_2293334_3068475 Also states that it REALLY IS 'Trust or Bust' At its meeting in London earlier today, the Board of The Football League was appraised of the current situation regarding the administration of Portsmouth Football Club in light of media reports that the Administrator, PKF, is considering a new offer for the Club. The League had previously been informed by PKF that its preferred bid for the Club was from the Pompey Supporters Trust (PST) and all parties have been focussed on a successful transfer of share to that consortium. Given that The Football League's Insolvency Policy prohibits a club from beginning two consecutive seasons in administration, the Board took the view that any change of preferred bidder at such a late stage would only create further uncertainty and was not in the wider interests of The League and its member clubs. Therefore, The League has informed the Administrator that it will not currently consider transferring the Club's share in The Football League to a new bidder. This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the Club will lose its membership of The Football League. Link to comment Share on other sites More sharing options...
Colinjb Posted 7 February, 2013 Share Posted 7 February, 2013 "Therefore, The League has informed the Administrator that it will not currently consider transferring the Club's share in The Football League to a new bidder. This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the Club will lose its membership of The Football League." Oh my. Link to comment Share on other sites More sharing options...
Waterside.saint Posted 7 February, 2013 Share Posted 7 February, 2013 "Therefore, The League has informed the Administrator that it will not currently consider transferring the Club's share in The Football League to a new bidder. This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the Club will lose its membership of The Football League." Link to comment Share on other sites More sharing options...
Jimmy_D Posted 7 February, 2013 Share Posted 7 February, 2013 Wow. If the PST really is the ONLY option the FL is willing to accept... They really are screwed. The failed bid will have created evidence for a higher value for Fratton Park, for a start. Not to mention all the problems they already had. With the FL being forced into making that statement, the possibility of a white knight has been removed, and I really can't see any possible way out for them now. Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 The Football League have just thrown Birch and PKF a 'get out of jail free card'.....Birch can now liquidate (if/when circumstances get that far) with impunity....."Blame the Football League that Pompey went bust, not us - we did our best - we even found another buyer...." Link to comment Share on other sites More sharing options...
Waterside.saint Posted 7 February, 2013 Share Posted 7 February, 2013 The Football League have just thrown Birch and PKF a 'get out of jail free card'.....Birch can now liquidate (if/when circumstances get that far) with impunity....."Blame the Football League that Pompey went bust, not us - we did our best - we even found another buyer...." Just when you think it couldn't possibly get any better Link to comment Share on other sites More sharing options...
NI Saint Posted 7 February, 2013 Share Posted 7 February, 2013 Well this has got more twists and turns than a twisty turny thing. So it's either PST (miles more pages to go on this thread if that happens) or liquidation, don't know which I would prefer but it sure is fun watching this unfold or should that be unravel? Link to comment Share on other sites More sharing options...
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