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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Waterside.saint

Waterside.saint

Posted
Posted
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.

 

The Guardian Sport section has printed a useful summary:

http://www.guardian.co.uk/football/2013/feb/07/portsmouth-bid-football-league

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Daren W

Daren W

Posted
Posted

Speaking as someone who's not that savvy with the financial side of things, am I right in saying that Harris' brief bid has cost the Trust even more as they suddenly offered more money from between the cushions of the sofa? If so... That's ****ing funny...

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stevegrant

stevegrant

Posted
Posted
Speaking as someone who's not that savvy with the financial side of things, am I right in saying that Harris' brief bid has cost the Trust even more as they suddenly offered more money from between the cushions of the sofa? If so... That's ****ing funny...

That seems to be the suggestion, although I'm not sure anybody's actually confirmed the trust upped their offer, just a rumour posted by Radio Solent on Twitter.

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pedg

pedg

Posted
Posted
The Guardian Sport section has printed a useful summary:

http://www.guardian.co.uk/football/2013/feb/07/portsmouth-bid-football-league

 

Repeating the line about prolonged administration without questioning it. All indications before the league decision were that if given the go ahead the new takeover and exit from admin could happen in days, especially if all the court hearing ended.

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Chez

Chez

Posted
Posted

I kinow things have moved on, but can someone clarify whether PKF really are/were under pressure from Portpin to deal with them to avoid having to pay the £2m floating charge? Or was this just pure speculation on the News website comments?

My understanding would be that whoever buys the club would have to find this amount as part of the offer and if they didn't include it before they need to now. If no buyer was found then PFC funds or PPs liquidated asset would cover it long before PKF ever had to dip into their pocket. Am I mistaken?

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trousers

trousers

Posted
Posted
That seems to be the suggestion, although I'm not sure anybody's actually confirmed the trust upped their offer, just a rumour posted by Radio Solent on Twitter.

 

From the horse's mouth...

 

http://www.pompeytrust.com/index.php?option=com_content&view=article&id=517:pst-increases-offer-to-buy-pompey-and-offer-the-best-solution-for-the-club&catid=34:demo-category

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suewhistle

suewhistle

Posted
Posted
No Sue its not superb, it's fecking brilliant

 

 

I did a private English lesson today when the said same f word came up following a question from the student. Quick as a flash I showed her this: http://www.youtube.com/watch?v=jCJK_yDAeOM

 

My lessons are entertaining and enlightening, but not as much as this *u**ing amazing thread. (I did another lesson later on collocations..).

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itchen

itchen

Posted
Posted

 

Don't understand this sentence "We have the backing of our local MPs increasesnd Portsmouth City Council."

 

And this is just bizarre:

 

"It is imperative that there is full disclosure about the funding and terms of any other bid for the club.

 

"As a trust we have been transparent about how our bid has been funded and structured."

 

Really?

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hutch

hutch

Posted
Posted

Phew that was close. I almost thought they'd been saved there.

 

I don't know who's writing the script, but man they are good. Half a day of the phew telling the world how relieved they are, because deep down they all knew that the Trust didn't have the wherewithall to continue, and then.....

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SaintRichmond

SaintRichmond

Posted
Posted
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'

 

 

The line to take particular note of is " will not CURRENTLY consider " (another bidder)

 

SO, the FL have NOT shut the door completely ... as I've said MANY times, when push comes to shove, the FL will not let their beloved Portsmouth FC die

 

Mark my words, the " New Bid 2 is not dead.

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dubai_phil

dubai_phil

Posted
Posted

So, I left this place to it's own devices yesterday, had a nice day at Yas Island

(Wow the water park looks weird - like a pile of scrap metal dumped by Wily Coyote as a trap for Road Runner (but seemed to be producing plenty of screams))

 

Anyways got back turned on the telly while waiting for American Idol to come on and watched the full Sports News section of Sky News.

 

Not a whisper. Nothing. Nada. Nicht.

 

Oh how far they have fallen, their brave new battle for survival failed to even make it past a report on next year's winter Olympics

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Doctoroncall

Doctoroncall

Posted
Posted
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.

 

 

Just catching up on events having been traveling with work this week, but this caught the eye. How do you value the land when it might not have a football club? Surely it would be worth more?

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Gorgiesaint

Gorgiesaint

Posted
Posted
The line to take particular note of is " will not CURRENTLY consider " (another bidder)

 

SO, the FL have NOT shut the door completely ... as I've said MANY times, when push comes to shove, the FL will not let their beloved Portsmouth FC die

 

Mark my words, the " New Bid 2 is not dead.

 

http://www.bbc.co.uk/sport/0/football/21376866

 

"In the event 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."

 

That statement would appear to rule out any other bid - the PST have to succeed and get it done by the end of the season otherwise the toasters are out.

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hutch

hutch

Posted
Posted
That statement would appear to rule out any other bid - the PST have to succeed and get it done by the end of the season otherwise the toasters are out.

Not really, it says 'and' not 'or'. Both have to happen for them to be kicked out, at least according to the statement.

 

It seems pretty clear to me that the league are saying they will not consider any other potential owner while the Trust bid is still on the table. Over to you, Trev.

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Gorgiesaint

Gorgiesaint

Posted
Posted
http://www.bbc.co.uk/sport/0/football/21376866

 

 

 

That statement would appear to rule out any other bid - the PST have to succeed and get it done by the end of the season otherwise the toasters are out.

 

Oh, and I forgot to add... if the FL now allowed another bidder to proceed having ruled out the Keith Harris bid as not enough time to complete, do you really think that Chinny would take that lying down? He'd have the FL up in court quicker than PKF can get court cases adjourned! It was odd reason for the FL to give for not allowing the bid, however in ruling that way, they have shut that particular door.

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badgerx16

badgerx16

Posted
Posted

"In the event 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."

 

My reading of this is that whilst the PST ( PDT ? ) are 'preferred' they are the only bunch the FL will deal with. If ( when ? ) that falls through then another bid can be put forward. The only issue with that could be how much time is left before June 30th.

 

How many times can the court hearing be adjourned ?

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Joey-deacons-left-nut

Joey-deacons-left-nut

Posted
Posted
Oh, and I forgot to add... if the FL now allowed another bidder to proceed having ruled out the Keith Harris bid as not enough time to complete, do you really think that Chinny would take that lying down? He'd have the FL up in court quicker than PKF can get court cases adjourned! It was odd reason for the FL to give for not allowing the bid, however in ruling that way, they have shut that particular door.

 

It's a private members club. They've not actually stopepd them from taking over, they've just said they wont grant them their golden share if they take over, something which is well within their rights to do. There's nothing stoppign Harris from taking over, the club woud have to start lower down the leagues and wqould forfit any remaining parachute payments.

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trousers

trousers

Posted
Posted
"In the event 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."

 

My reading of this is that whilst the PST ( PDT ? ) are 'preferred' they are the only bunch the FL will deal with. If ( when ? ) that falls through then another bid can be put forward. The only issue with that could be how much time is left before June 30th.

 

How many times can the court hearing be adjourned ?

 

I was told by someone yesterday (who knows the press secretary of a league 2 club) that all clubs were emailed by the FL yesterday to be advised that the cut off date is April 30th...

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Saint Lindford

Saint Lindford

Posted
Posted
That seems to be the suggestion, although I'm not sure anybody's actually confirmed the trust upped their offer, just a rumour posted by Radio Solent on Twitter.

 

From one of the phew who is 'close' to the bid. They can even put spin on having to pay more for Fortress Fatpipes.:facepalm:

 

You have to remember that the offer is to PKF, not Portpin directly.

 

Why is this important? Well because what the Trust is offering is a fixed price but what Portpin receive as fair would have to be determined by the High Court. If the Judge says that £2m is a fair price for the ground then that gives PKF an additional £1m for their creditors after what Portpin have been paid for their charge over Fratton Park. Having some additional financial space would be useful in dealing with the litigious Portpin post a sale of PFC to PST.

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SaintRichmond

SaintRichmond

Posted
Posted
http://www.bbc.co.uk/sport/0/football/21376866

 

 

 

That statement would appear to rule out any other bid - the PST have to succeed and get it done by the end of the season otherwise the toasters are out.

 

OK, I take your point, but, being pedantic, WHY did the FL use the wording " will not CURRENTLY consider ... ???

 

My interpretation of that is that they MAY consider it in the future ??

 

IE they are NOT ruling it out IMHO

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Gruffalo

Gruffalo

Posted
Posted

According to the FL's own rules & regulations, 'season' is defined as follows:

 

'Season' means the period of the year commencing on the date of the first League Match and, for each Club, ending immediately after the completion of the Club's final fixture of the League Competition or, if the Club is participating in the Play-Offs, the final Play-Off match for that Club.

 

..and that would be 27 April 2012.

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Gingeletiss

Gingeletiss

Posted
Posted

Pompey are set to complete a triple attacking swoop ahead of Bournemouth.

 

Striker John Akinde is due to sign for the Blues today after leaving Crawley.

 

And he is expected to be joined by the double loan arrivals of Patrick Agyemang and Therry Racon.

 

Akinde trained with Pompey yesterday and is a free agent after leaving their League One rivals.

 

The 23-year-old has also spent time at Bristol City and had a number of spells on loan at lower-league sides.

 

Agyemang is due to join his new team-mates today from Stevenage with the emergency loan window opening.

 

Racon linked up with Pompey yesterday and will sign on loan from Millwall.

 

And Hayes & Yeading’s Alex N’Diaye is training with the side again after a trial last week.

 

Yet still they spend, top players one and all!!

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Gingeletiss

Gingeletiss

Posted
Posted

Colin Farmery, the trust’s spokesman, said: ‘We are very pleased with the Football League’s decision. This is a clear sign from the Football League they approve of us.

 

‘The situation with Pompey has been going on for almost 12 months now and the statement clearly relates to the fact they want this matter to be brought to a conclusion.

 

‘I would now urge those fans who haven’t yet added their pledge to do so.

 

‘To any fans who may have been sceptical, now is the time to put your money into the club that we support.’

 

It's the........ ;)

 

WTFILN

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Torres

Torres

Posted
Posted
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.

 

Depends in the scope of the court. If they being strict and dealing ONLY with a case to ascertain a fair value of FP (and possibly giving PKF to green light to sell to the PST, safe from the threat of legal action from Portpin) then whatever the ramifications of that decision are may not be considered by the judge. He could take a look at the mess that is the PFC admin and decide he wants no part of it, he could consider it too complex and time consuming for his court to consider or given that the company is under the protection of another court, it's not for his court to impinge on that process.

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Gingeletiss

Gingeletiss

Posted
Posted

Mr McInnes added high-net worth individuals backing the trust’s bid have pumped more than £1m into the club to keep it afloat.

 

But they would stand to never see that again had Mr Harris taken control.

 

He added: ‘Not one penny of that is refundable. I have supported this club for 52 years and the most important thing is that the club survives and prospers.’

 

1m :lol:

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Gingeletiss

Gingeletiss

Posted
Posted

guildfordblue

9:23 AM on 08/02/2013

Everyone is saying Chanrai will fight us to the death. I don't think so. I do not condone violence but if he did fight Pompey to the death and Pompey cease to exist, I would not want to be in his shoes! How many Pompey fans are there, 100,000? 100,000 enemies.... Gadaffi didn't even have that many!!

 

:lol::lol:100,000:lol:

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OldNick

OldNick

Posted
Posted
Pompey are set to complete a triple attacking swoop ahead of Bournemouth.

 

Striker John Akinde is due to sign for the Blues today after leaving Crawley.

 

And he is expected to be joined by the double loan arrivals of Patrick Agyemang and Therry Racon.

 

Akinde trained with Pompey yesterday and is a free agent after leaving their League One rivals.

 

The 23-year-old has also spent time at Bristol City and had a number of spells on loan at lower-league sides.

 

Agyemang is due to join his new team-mates today from Stevenage with the emergency loan window opening.

 

Racon linked up with Pompey yesterday and will sign on loan from Millwall.

 

And Hayes & Yeading’s Alex N’Diaye is training with the side again after a trial last week.

 

Yet still they spend, top players one and all!!

it is amazing how the can fund such players. I can only assume they still have plenty of dosh in the bank to fund this.

It may also point to the case that they will not attempt to come out of admin til the season ends so that the -10 does not get applied this season. the thinking being that if they can cling to L1 survival this season they can then get a decent squad ready for next season and hope to make a push for promotion.

Why else throw good money after bad?

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Weston Saint

Weston Saint

Posted
Posted

My take on it

 

It is in the correct court. It is the Commercial Court.

 

If the Administrators win then you cannot appeal just because you do not like the decision. You have to appeal on a point of law. If there are other issues they have to be in the pleadings. I have been there on both counts.

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Torres

Torres

Posted
Posted
My take on it

 

It is in the correct court. It is the Commercial Court.

 

If the Administrators win then you cannot appeal just because you do not like the decision. You have to appeal on a point of law. If there are other issues they have to be in the pleadings. I have been there on both counts.

 

The administration is handled by the Bankruptcy and Companies Court.

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Lazlo78

Lazlo78

Posted
Posted
The Guardian Sport section has printed a useful summary:

http://www.guardian.co.uk/football/2013/feb/07/portsmouth-bid-football-league

 

"The emergence of Harris's alternative bid meant Birch could no longer argue in court there were no offers other than the trust's, and PKF sources also said Harris's terms promised more money for creditors."

 

This has me confused. Does the FL now insist on giving preferred status to PST even if other bids come along that will give more money to the creditors? I know this keeps revolving around PFC and their future, what players they get in on loan, FP and the surrounding land etc., but there are actually a long list of creditors who should be the central interest of all parties...

 

I guess that's not the way of the world... abuse and move on :(

 

 

hit-and-run.jpg

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