Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
in Golden Posts

 Share

Recommended Posts

Ken Tone

Ken Tone

Posted
Posted
As long as the judge doesn't do anything stupid that is......

 

(hmmmmm, my learned friends, I think £2.75m sounds like a nice number. Does that suit everybody (who's not from Honk Kong), Yes? Done! Next case)

 

It's £3 million now. The trust upped its bid to make it more attractive. So today's farce eared Chainrai a cool extra £250,000 at any rate !

Winchester Red

Winchester Red

Posted
Posted
Notwithstanding any further twists to come today, isn't it the case that right now we're right where we were a couple of days ago except a few things have been made clearer?

PST is still the official, only, game in town. Presumably court case must go ahead now to determine valuation of the fatpipes place. We're right where we were EXCEPT for what we now know - the FL will not accept any other bidders, Pompey will be thrown out of the league if they do not exit admin "before the end of the current playing season" and Chainrai seems to have revealed his plans through Harris, and has been told 'no'. So aside from knowing a lot more and seeing who has played what cards, aren't we just exactly where we were earlier in the week with PST trying to scrabble money together and nutjobs asking where the money is going to come from?

I'm not sure, it's a genuine question - has anything material really changed now?

 

They're all still together in the same prison cell. It's just that it seems to have shrunk a lot in the last few hours.

sidthesquid

sidthesquid

Posted
Posted
The logic of the league statement is odd to me. The trust takeover has been meandering around for ages now another party comes in and looks set to get the club out of admin almost over night but:

 

 

 

But the other people taking over and getting the club out of admin would reduce the uncertainty would it not? To me it has the ring of a political statement that sounds plausible to start with but when you actually think about it the defence of the position has nothing to do with the circumstances in hand.

 

It sounded to me that the FL were pretty convinced the Orville bid was another Chinny stitch-up, and that they know that no other genuine AND sound bidder can possibly do a deal because of all the issues surrounding it. I seriously wonder if the bid today was anything other than a ploy - I mean, a fully funded bid out of no-where at the 11th hour was a bit convenient, wasn't it?

pedg

pedg

Posted
Posted
It sounded to me that the FL were pretty convinced the Orville bid was another Chinny stitch-up, and that they know that no other genuine AND sound bidder can possibly do a deal because of all the issues surrounding it. I seriously wonder if the bid today was anything other than a ploy - I mean, a fully funded bid out of no-where at the 11th hour was a bit convenient, wasn't it?

 

I think we can be fairly sure it was not turned down for the reasons given in the FL statement so I do suspect that it was as you say that it was too convenient given the circumstances but they could not really say that in a press release hence the "uncertainty" bumf.

trousers

trousers

Posted
Posted (edited)
I agree but it is all a bit too contrived for me. FL getting Birch out of tight situation and all within a 24 hour time frame. The orchestration stinks of collusion on a massive scale. The trust will have to offer more for Farton because Chinny will point out another party were willing to pay more. This is getting murkier and murkier. If I was the PST I would cut and run to Moneyfields - less sharks.

 

This. Totally.

Edited by trousers
sticksaint

sticksaint

Posted
Posted
I don't see how that can happen.

 

I agree. Leeds were threatening to do this a few years ago but the League said basically if they did do that they would be denied the golden share.As a consequence LUFC accepted all the points deductions

St Chalet

St Chalet

Posted
Posted

Wow, what a day!

 

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?

 

Not against the law, just **** business practice to do so. Administrators look after themselves first, hence getting some mugs to underwrite - one suspects they have very cast iron guarantees.

 

"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."

 

They clearly can't be arsed with it all whilst reserving their position, smart.

 

Let us be clear, the Football League are not stopping the Administrators selling to the new consortium. They are just saying they will not transfer to them the golden share.

 

Administators go to court and will say without the golden share the business cannot be sustained. If the court do not rule that the £3m offer by the trust for the ground is approved then the trust bid cannot proceed and liquidation is the only answer and that will prejudice the creditors.

 

Once the next PP is in hand, the liquidation value will likely exceed the value of running a 'football club' :lol:

 

OK nutjobs.

 

Are you ready for a mind numbing revelation?

 

The last few months/years have NEVER been about saving pcfc.

 

It has ALWAYS, (as so beautifully put all those years ago by Corpy) been about the LAND.

 

My 50p worth is that the statement from the FL is music to the ears of the bidders from the East.

 

They now don't have to fund a club next season and can worry only about how much profit they can make selling the plot to Tescos while letting Orville play at Moneyfields.

 

popcorn.gifpopcorn.gifpopcorn.gifpopcorn.gif

 

Once the next PP is in hand, the liquidation value will likely exceed the value of running a 'football club' :lol:

trousers

trousers

Posted
Posted (edited)
Once the next PP is in hand, the liquidation value will likely exceed the value of running a 'football club' :lol:

 

Wasn't that the case the last time they got a parachute payment (August)?

Edited by trousers
derry

derry

Posted
Posted
I agree. Leeds were threatening to do this a few years ago but the League said basically if they did do that they would be denied the golden share.As a consequence LUFC accepted all the points deductions

 

They did the same to SFC over the 10 points however sooner or later it will get challenged. The new bidder don't have a golden share to lose as they are already excluded and if they are as rich as they say might well go for it. Besides the FL left the door open using the word 'currently'. If challenged, I can see this bid going through if the funds are there and the timescale complied with.

dubai_phil

dubai_phil

Posted
Posted
Valentine's Day....?

 

So honey, what are we doing tonight? we going to watch One Republic sing romantic songs in concert? Maybe a nice Candlelit dinner?

 

Uh no. Thought we'd have a quiet night in on the Computer babe. You know there's a wedding to pay fooorrrrrrrroooooouch that farking hurt

Colinjb

Colinjb

Posted
Posted

The reaction elsewhere is quite interesting.

 

Its not quite 'we have won the FA cup in my lifetime' sort of feeling but its bloody close.

 

Football League in growing b*llocks shocker!

 

It's very rare when both fanbases are united in joy.....

Waterside.saint

Waterside.saint

Posted
Posted
So honey, what are we doing tonight? we going to watch One Republic sing romantic songs in concert? Maybe a nice Candlelit dinner?

 

Uh no. Thought we'd have a quiet night in on the Computer babe. You know there's a wedding to pay fooorrrrrrrroooooouch that farking hurt

 

Understandable though :)

hypochondriac

hypochondriac

Posted
Posted

Post on POL:

 

That thread on scumweb is ******* hilarious - best thing in the world earlier today that Harris was coming in to screw us over under chinny's control - now best thing in the world Harris has been turned down as he was our only chance of survival - and that's from the same posters.

 

******* absolute *****.

Colinjb

Colinjb

Posted
Posted
That thread on scumweb is ******* hilarious - best thing in the world earlier today that Harris was coming in to screw us over under chinny's control - now best thing in the world Harris has been turned down as he was our only chance of survival - and that's from the same posters.

 

Hate to say it lad if you are reading but don't you get it? We can't lose either way! It's just so entertaining!

trousers

trousers

Posted
Posted
Post on POL:

That thread on scumweb is ******* hilarious - best thing in the world earlier today that Harris was coming in to screw us over under chinny's control - now best thing in the world Harris has been turned down as he was our only chance of survival - and that's from the same posters.

 

******* absolute *****.

 

They're missing the point (surprise, surprise).....ANY twist or turn is a good thing from a nutjob perspective....doesn't matter what the actual nature of the twist or turn is....we'll celebrate each on its own isolated comic value merit.... hence: Harris in = chortle....Harris out = chortle.

 

One of these days they'll "get it"....

 

7190.jpg

Waterside.saint

Waterside.saint

Posted
Posted
Hate to say it lad if you are reading but don't you get it? We can't lose either way! It's just so entertaining!

 

The fact they can't understand why we find it so funny tells you everything. They wouldn't be where they are now if they weren't so hard of thinking :)

aintforever

aintforever

Posted
Posted

Once the next PP is in hand, the liquidation value will likely exceed the value of running a 'football club' :lol:

 

The day of the last parachute was always going to be toast day.

yoda

yoda

Posted
Posted
@SjMaskell: #Pompey How does Harris propose to manage a ground with only one entrance?

 

Orville only has one entrance too so I'm sure he'll be able to cope...

stevegrant

stevegrant

Posted
Posted
This may be the point in time everybody has been awaiting, the FL getting challenged in court by the new bidder.

The Football League is a private members' club. If it chooses to reject somebody's application for membership, it is entitled to do so.

positivepete

positivepete

Posted
Posted
It sounded to me that the FL were pretty convinced the Orville bid was another Chinny stitch-up, and that they know that no other genuine AND sound bidder can possibly do a deal because of all the issues surrounding it. I seriously wonder if the bid today was anything other than a ploy - I mean, a fully funded bid out of no-where at the 11th hour was a bit convenient, wasn't it?

 

If that is the case then it says a lot about the standing in the game of a man who is often rolled out in the media as an authority on football finance and a self professed football take over expert.

sticksaint

sticksaint

Posted
Posted
They did the same to SFC over the 10 points however sooner or later it will get challenged. The new bidder don't have a golden share to lose as they are already excluded and if they are as rich as they say might well go for it. Besides the FL left the door open using the word 'currently'. If challenged, I can see this bid going through if the funds are there and the timescale complied with.

 

Sorry disagree. As you say the current bidder doesn`t have a current share but if he gets ownership he will want one ! The FL is seen as a " private members club " and as such they can bar anyone they want.

suewhistle

suewhistle

Posted
Posted

Not long in from footie training and tonight I decided to dash home and have a bath instead of a shower at the ground. the bath has now cooled down considerably as I've had 3 pages to read all at one sitting.

 

This is superb entertainment!

Block 18

Block 18

Posted
Posted
Not long in from footie training and tonight I decided to dash home and have a bath instead of a shower at the ground. the bath has now cooled down considerably as I've had 3 pages to read all at one sitting.

 

This is superb entertainment!

 

No Sue its not superb, it's fecking brilliant

alpine_saint

alpine_saint

Posted
Posted
You were saying sir....? :)

 

Fair enough.

 

Seems the fat lady is warming her vocal chords. Though in fairness, they still have about 6 months to get the FL to change their minds or PST to get their act together. However, it does sound like the FL has tired of this issue.

 Share
Go to topic listing
×
×
  • Create New...