Pompey Takeover Saga

[Gorgiesaint]

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

 

At the end of the day, we well know that FL will do whatever they want - as pointed by others it's a private club.

[trousers]

@NabilHassan79: Something that may have got lost in yesterday's #pompey news is that the PST have increased their offer to Chainrai for Fratton Park to £3m.

[Saint Lindford]

The PST released the following statement this morning

 

http://www.pompeytrust.com/index.php?op ... o-category

 

PST pressing ahead with bid after Football League decision

 

The Pompey Supporters' Trust is today [Friday] pushing ahead with its bid to buy Portsmouth Football Club, after the Football League announced it would only consider a bid from the trust.

 

A statement from the league on Thursday night made it clear that the PST community bid, backed by Pompey fans, local and national politicians and fan representative bodies such as Supporters Direct, was the only solution for saving the club.

 

Chairman of the PST Ashley Brown said: 'The Football League has come to a sensible decision. Our bid is ready to go and we will be meeting with the administrator PKF shortly to prepare the timetable to complete our takeover. We have always been clear we are the best solution for the creditors and the best solution for the club and this has now been recognised across the board.

 

'Our bid will put capital into Portsmouth FC and will make a clean break from the past. Any fans who have been unsure about backing our bid financially can now do so in the confidence their money will go towards the rebuilding of the club. There is no knight, white or otherwise, who is going to do it for them,' he said.

 

Well over 3000 fans have backed the PST bid by pledging, as individuals or in syndicates, around £2m in a share issue to invest in the club.

 

And Brown called on Balram Chainrai to work with the trust to ensure a smooth transition.

 

'Mr Chainrai has always made it clear he does not want to see Pompey liquidated. We are sure he is genuine in his sentiment and I would urge him to work with us to ensure the club will stand the best chance of success in the future,' he added.

 

Fans wanting to get involved with the PST bid can find out more information at http://www.communitypompey.co.uk

 

"The Pompey Supporters' Trust is today [Friday] pushing ahead with its bid to buy Portsmouth Football Club, after the Football League announced it would only consider a bid from the trust." I think they have missed the key words there? Didn't the FL statement say 'it wouldn't currently consider'? More spin than a tumble dryer at 1600rpm.

 

They still can't give accurate figures either, well over 3000 fans (nearly a whole home crowd then) and 'around' £2m. Makes me want to run to the bank draw out £1000 and throw it in the nearest bin.

[anothersaintinsouthsea]

@NabilHassan79: Something that may have got lost in yesterday's #pompey news is that the PST have increased their offer to Chainrai for Fratton Park to £3m.

 

Which surely makes it even harder for the trust to get a 51% stake?

[pedg]

The PST released the following statement this morning

 

...

Our bid is ready to go and we will be meeting with the administrator PKF shortly to prepare the timetable to complete our takeover.

....

 

Timetable

1) Wait for court case and any appeals to be resolved.

2) ?

[Chopper71]

Timetable

1) Wait for court case and any appeals to be resolved.

2) Cry because your club has been liquidated / gone into admin for the umpteenth time

 

Filled it in for you.

[rallyboy]

the doors are wide open for the Trust, the FL have given them the green light, Birch has the keys ready for handover, all they have to do now is put their money where their mouth is.

 

So let's see the 'fan buyout' cash on the table, come on, no delays, no more excuses, chop-chop!

 

And not borrowed or leveraged or part of a property-developing deal money - let's see the cash to buy the club to pay off Chanrai and the other creditors, and to cover daily trading.

 

Because call me a cynic and a doubter but.....I'm not sure that they have enough money...

 

On that bombshell!...

[hypochondriac]

Just seen the most amusing post on pol I have ever read:

 

Can I just remind people what a certain, very well informed person said not too long ago...

 

"The City on an island has a football club for a heart, and as time goes on that heartbeat will sound throughout football." Micah Hall.

 

Thanks Mike and all involved, such a profound prophecy that will be reflected in time by other clubs who look at Pompey in a far greater light than they perhaps do currently. History will in time show that through adversity, Pompey set a path that became a standard for other clubs to follow, returning football back to the common man.

[pedg]

Just seen the most amusing post on pol I have ever read:

 

Can I just remind people what a certain, very well informed person said not too long ago...

 

"The City on an island has a football club for a heart, and as time goes on that heartbeat will sound throughout football." Micah Hall.

 

Thanks Mike and all involved, such a profound prophecy that will be reflected in time by other clubs who look at Pompey in a far greater light than they perhaps do currently. History will in time show that through adversity, Pompey set a path that became a standard for other clubs to follow, returning football back to the common man.

 

[hypochondriac]

No surprise it was from frattoniser...

[badgerx16]

....returning football back to the common man.

 

Presumably that's Southsea Common ?

[trousers]

Just seen the most amusing post on pol I have ever read:

 

Can I just remind people what a certain, very well informed person said not too long ago...

 

"The City on an island has a football club for a heart, and as time goes on that heartbeat will sound throughout football." Micah Hall.

 

Thanks Mike and all involved, such a profound prophecy that will be reflected in time by other clubs who look at Pompey in a far greater light than they perhaps do currently. History will in time show that through adversity, Pompey set a path that became a standard for other clubs to follow, returning football back to the common man.

 

[Minsk]

Does anyone know exactly how many loanees the Skates have had this season? Because I'm pretty sure the football league state:

 

53.2.4 A Club can have a maximum of 4 Players under 23 and a further 4 Players over 23 on a Standard Loan during any Season. The deadline for determining a Player's age in this respect shall be 30 June prior to the Season in which the Standard Loan is intended to take place.

 

Surely they must have used their 8 (4 x under 23 and 4 x over 23) by now???

[trousers]

Does anyone know exactly how many loanees the Skates have had this season? Because I'm pretty sure the football league state:

 

53.2.4 A Club can have a maximum of 4 Players under 23 and a further 4 Players over 23 on a Standard Loan during any Season. The deadline for determining a Player's age in this respect shall be 30 June prior to the Season in which the Standard Loan is intended to take place.

 

Surely they must have used their 8 (4 x under 23 and 4 x over 23) by now???

 

Here's a couple more to add to the list...

 

@solentsport: #pompey have confirmed 3 players in. Patrick Agyemang (loan), John Akinde (free agent) and Therry Racon (loan)

[trousers]

Timetable

1) Wait for court case and any appeals to be resolved.

2) ?

 

@NabilHassan79: #pompey Ashley Brown: "We'll be meeting the administrator shortly to prepare the timetable to complete our takeover": http://t.co/oeRIXLP7

[andysstuff]

No statement from Harris/Chanari yet on yesterday's announcement from the FL. YOu wonder whether they have any more Aces to play.

[stevegrant]

Does anyone know exactly how many loanees the Skates have had this season? Because I'm pretty sure the football league state:

 

53.2.4 A Club can have a maximum of 4 Players under 23 and a further 4 Players over 23 on a Standard Loan during any Season. The deadline for determining a Player's age in this respect shall be 30 June prior to the Season in which the Standard Loan is intended to take place.

 

Surely they must have used their 8 (4 x under 23 and 4 x over 23) by now???

The vast majority of their loans will come under the "emergency loan" rules. It's a ridiculous name for the system because they're clearly not emergencies.

[Saint Garrett]

Does anyone know exactly how many loanees the Skates have had this season? Because I'm pretty sure the football league state:

 

53.2.4 A Club can have a maximum of 4 Players under 23 and a further 4 Players over 23 on a Standard Loan during any Season. The deadline for determining a Player's age in this respect shall be 30 June prior to the Season in which the Standard Loan is intended to take place.

 

Surely they must have used their 8 (4 x under 23 and 4 x over 23) by now???

 

Guess it depends if they're loans of free agents on short term contracts. Would be surprised if they haven't though...? I don't follow them enough to look tbh. This gives a bit more info on them.

 

http://www.transfermarkt.co.uk/en/portsmouth-fc/transfers/verein_1020.html

Edited 8 February, 2013 by Saint Garrett

[trousers]

No statement from Harris/Chanari yet on yesterday's announcement from the FL. YOu wonder whether they have any more Aces to play.

 

The fact they haven't come back with a "we're very disappointed with the football league's stance....blah...blah...blah" statement indicates to me that yesterday was simply a stunt to illustrate to the judge that someone else is prepared to pay more for Fatpipe Park than the Trust is offering. I'm sure any 'normal' bidder would have issued a reaction statement by now.

 

IMHO of course...

[TopGun]

Does anyone know exactly how many loanees the Skates have had this season? Because I'm pretty sure the football league state:

 

53.2.4 A Club can have a maximum of 4 Players under 23 and a further 4 Players over 23 on a Standard Loan during any Season. The deadline for determining a Player's age in this respect shall be 30 June prior to the Season in which the Standard Loan is intended to take place.

 

Surely they must have used their 8 (4 x under 23 and 4 x over 23) by now???

 

It wouldn't surprise me if Pompey have used up the standard loans but I imagine many of the loans are emergency ones. I'm buggered if I understand the difference between standard loans and emergency loans though. Some investigation would be good, anyone? I wouldn't want Pompey breaking yet more rules!!

[St Jim]

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:100,000:lol:

 

That can't be right, I've been advised that they had 200,000 on Southsea Common........

[Big Bad Bob]

It wouldn't surprise me if Pompey have used up the standard loans but I imagine many of the loans are emergency ones. I'm buggered if I understand the difference between standard loans and emergency loans though. Some investigation would be good, anyone? I wouldn't want Pompey breaking yet more rules!!

 

Standard loans are one brokered in the Transfer window and last either a season (for summer ones) or half a season (for winter ones).

 

Emergency loans are brokered outside of the Transfer window and are a standard 30 day loan but may be extended

 

All or some of the above may be wrong.

[andysstuff]

It wouldn't surprise me if Pompey have used up the standard loans but I imagine many of the loans are emergency ones. I'm buggered if I understand the difference between standard loans and emergency loans though. Some investigation would be good, anyone? I wouldn't want Pompey breaking yet more rules!!

 

Just knowing how slippery Chinny has been in the past, unlike him to just fold with a wimper.

[a1ex2001]

Ridiculous decision by the football league I'm not sure they should be saying who is best to buy a business out of administration that should be a decision for the experts? There role should be limited to deciding if the administrators chosen bidder is a 'fit and propper' person to run a football club.

 

Don't think it makes any difference at all though really, the PST clearly are not in a position to buy the club which is only highlighted by there ever changing figures.

 

Few more months of fun for us yet before they should go pop this summer!

[Minsk]

The vast majority of their loans will come under the "emergency loan" rules. It's a ridiculous name for the system because they're clearly not emergencies.

 

Indeed, yet more bending of the rules by the phew!!!

[tajjuk]

The fact they haven't come back with a "we're very disappointed with the football league's stance....blah...blah...blah" statement indicates to me that yesterday was simply a stunt to illustrate to the judge that someone else is prepared to pay more for Fatpipe Park than the Trust is offering. I'm sure any 'normal' bidder would have issued a reaction statement by now.

 

IMHO of course...

 

Agree, his Laywers go to court and show the other bid and it's willingness to pay the rental terms, thus providing evidence of his valuation of Fratton Park.

 

Add to that the Trust out of nowhere added £250k to their bid, despite previously being adament it's only worth £2.75 million adds wieght to the argument that it is worth a lot more than the Trust value it seeing as they were so quick to pay more.

[rallyboy]

the maths is very simple!!

 

250,000 on Southsea Common - fact!.....sort of.

 

1 bestest passionate loyal plucky skate = 5 normal fans

 

So that was one million on Southsea Common, and when seasonally adjusted and international exchange rates are taken into account, in reality there were £1.5M Fatpipe faithful there.

 

After the 2010 admin that figure was downgraded via 20p in the £ to 300,000 fans.

 

Under the current admin that 300,000 has been whittled down again via 1p in the £.

 

And that's why their hardcore support is now 3,000.

 

Keep up, it ain't rocket science.

 

 

Next week we will explain how a 10K gate is in fact a packed park making you the biggest club south of London, how a court delay is a glorious victory, and how a policy of persistently paying out twice as much as you earn won't end in tears.

[Fitzhugh Fella]

The fact they haven't come back with a "we're very disappointed with the football league's stance....blah...blah...blah" statement indicates to me that yesterday was simply a stunt to illustrate to the judge that someone else is prepared to pay more for Fatpipe Park than the Trust is offering. I'm sure any 'normal' bidder would have issued a reaction statement by now.

 

IMHO of course...

 

 

and potentially got Birch off the hook as he can blame the FL should Potpin cry foul. I think the whole thing was one big connivance - it all happened far too quickly

[Gingeletiss]

Here's a couple more to add to the list...

 

@solentsport: #pompey have confirmed 3 players in. Patrick Agyemang (loan), John Akinde (free agent) and Therry Racon (loan)

 

Blimey, I beat Trousers to some info, who'd of thought

 

Post 83245

[Gingeletiss]

Ridiculous decision by the football league I'm not sure they should be saying who is best to buy a business out of administration that should be a decision for the experts? There role should be limited to deciding if the administrators chosen bidder is a 'fit and propper' person to run a football club.

 

Don't think it makes any difference at all though really, the PST clearly are not in a position to buy the club which is only highlighted by there ever changing figures.

 

Few more months of fun for us yet before they should go pop this summer!

Don't think they have actually said that........

 

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.

 

Just that they will not transfer the Golden share, as is their right.

[trousers]

Blimey, I beat Trousers to some info, who'd of thought

 

Post 83245

 

There's so many coffee stains on my screen now it's difficult to see who's posted what...

[Gemmel]

If anyone has more up to date figures, please feel free to correct, but these are my bag of fag packet maths for the pst as I have understood them (They might not be correct);

 

Cash on hand

 

2 Million HNW's

1 Million Pledges

8 Million Parachute payments

1 Million Gate receipts for the rest of the season

 

Total 12 Million

 

Cash Out

 

8.5 Million Football Creditors

2.5 Million PKF

3.0 Million Chinny

0.5 Million Legal fees including Chinny's (Very very conservative)

2.0 Million Floating Charge

100k CVA

400k wages until the end of the season

Unknown Kanu

100k CVA

 

17 million plus unknow Kanu money.

 

They need to borrow 5 million from the council and this unknown lovely investor (If the judge gives the green light)

 

The HNW's put in 2 million, the fans pledges so far 1 million. The HNW's have another 900k worth of loans which is being turned into equity, so if they are succesful, my guess work says the pst largest fan owned club in the world currently only has 25% with 5 million worth of debt..... oh and then they have to purchase a squad and fund the wages from a pot of about two million (Season ticket money and tv revenue).

 

I 4- 1 can't wait.

 

I thought they were off the hook yesterday which would have been disapointing

[badgerx16]

The vast majority of their loans will come under the "emergency loan" rules. It's a ridiculous name for the system because they're clearly not emergencies.

 

They have their own special category - they are not so much 'emergency' loans as 'critical on life support' loans.

[dubai_phil]

Hmm.

 

Here is an interesting conundrum.

 

The laws and rules of Football vs the laws & rules of Insolvency Practioners.

 

Now. I wonder where I could find an experienced IP at this time of day on a Friday to see who would win in a court of law IF the Creditors approve one offer and the deal is given to someone else?

 

Oh yes. Luckily I have one passed out in the spare bedroom after a Friday brunch with all you can drink Leffe & Hoegaarten.

 

When he wakes up I'll see if I can get anything other than bleah out of him. If not will have to settle for leagl counsel from my daughter who luckily stuck to a couple of bottles of Chardonnay.

 

And on that noteI'm off for a little snooze myself.

 

Any typos blame the Belgians

[Chez]

If anyone has more up to date figures, please feel free to correct, but these are my bag of fag packet maths for the pst as I have understood them (They might not be correct);

 

Cash on hand

 

2 Million HNW's

1 Million Pledges

8 Million Parachute payments

1 Million Gate receipts for the rest of the season

 

Total 12 Million

 

Cash Out

 

8.5 Million Football Creditors

2.5 Million PKF

3.0 Million Chinny

0.5 Million Legal fees including Chinny's (Very very conservative)

2.0 Million Floating Charge

100k CVA

400k wages until the end of the season

Unknown Kanu

100k CVA

 

17 million plus unknow Kanu money.

 

They need to borrow 5 million from the council and this unknown lovely investor (If the judge gives the green light)

 

The HNW's put in 2 million, the fans pledges so far 1 million. The HNW's have another 900k worth of loans which is being turned into equity, so if they are succesful, my guess work says the pst largest fan owned club in the world currently only has 25% with 5 million worth of debt..... oh and then they have to purchase a squad and fund the wages from a pot of about two million (Season ticket money and tv revenue).

 

I 4- 1 can't wait.

 

I thought they were off the hook yesterday which would have been disapointing

 

 

note that as part of the CVA the football creditors will be paid off over several years so they don't need to find that money up front.

 

Who will pay the £2m floating charge? The PST statement (seen a little way up this page) describes the PST has raised £2m. Does this include HNW shares?

[Ken Tone]

I spoke to an ex-colleague this morning, who as well as being a big PFC fan, is closely related to one of the trust's inner circle, so he is pretty genned up. According to him .......

 

1. Robinson backed them yesterday, against Harris, even ringing PKF to say "how will the club run without a car park then ? , etc "

 

2. Their bid relies heavily on borrowing (gosh ..what a surprise!)

3. Robinson is lending them some cash, as well as buying the surrounding land. (Hmmmm.)

4. They are counting on the PCC loan as part of their sums, and my contact was at first very confident this was ok. However when I queried the conditions, eg in particular, re-payment via direct access to the parachute payments, he got a bit more cagey and said that negotiations were going on over this at the moment, and this is the last thing to sort out, because the PFA wanted them paid directly to the ex-players you know. (Gosh! Who'd have thought it!) Sounded as if they are hoping (no, expecting) to persuade the council to relax their conditions. (Won't that require a public whole-council decision?)

 

[Ken Tone]

note that as part of the CVA the football creditors will be paid off over several years so they don't need to find that money up front.

 

Who will pay the £2m floating charge? The PST statement (seen a little way up this page) describes the PST has raised £2m. Does this include HNW shares?

 

Actually it is very carefully worded, and really only says £2 million in pledges. I believe they only have somewhere around £1.2 to £1.5 million in hard cash from fans, leaving aside loans, HNWs, old corn flake packets, monopoly money, IOUs from the tooth fairy, etc

[trousers]

I spoke to an ex-colleague this morning, who as well as being a big PFC fan, is closely related to one of the trust's inner circle, so he is pretty genned up. According to him .......

 

1. Robinson backed them yesterday, against Harris, even ringing PKF to say "how will the club run without a car park then ? , etc "

 

2. Their bid relies heavily on borrowing (gosh ..what a surprise!)

3. Robinson is lending them some cash, as well as buying the surrounding land. (Hmmmm.)

4. They are counting on the PCC loan as part of their sums, and my contact was at first very confident this was ok. However when I queried the conditions, eg in particular, re-payment via direct access to the parachute payments, he got a bit more cagey and said that negotiations were going on over this at the moment, and this is the last thing to sort out, because the PFA wanted them paid directly to the ex-players you know. (Gosh! Who'd have thought it!) Sounded as if they are hoping (no, expecting) to persuade the council to relax their conditions. (Won't that require a public whole-council decision?)

 

 

Cheers for the insight. Of course, they can be as confident as they like of being able to raise the funds for a purchase that includes a £3m valuation for Fatpipe Park....as long as the judge agrees with their valuation...which, given 'someone' yesterday offered something significantly better, is surely unlikely...?

 

Unless of course the judge falls for the bleeding heart campaign...

[badgerx16]

Sounded as if they are hoping (no, expecting) to persuade the council to relax their conditions. (Won't that require a public whole-council decision?)

 

 

I think with the Local Government spending cuts, the Council will need to be very careful how it balances this 'loan' against closing care homes and libraries.

[andysstuff]

I think with the Local Government spending cuts, the Council will need to be very careful how it balances this 'loan' against closing care homes and libraries.

 

IIRC PCC were actually going to borrow the money on behalf of the trust, sort of guarantors I guess, rather than just hand over a couple of million of council tax layers cash.

[badgerx16]

IIRC PCC were actually going to borrow the money on behalf of the trust, sort of guarantors I guess, rather than just hand over a couple of million of council tax layers cash.

 

Yes, but were using the PPs as their guarantee that the money would actually be paid back. If they loosen this security, their risk increases.

[tajjuk]

If anyone has more up to date figures, please feel free to correct, but these are my bag of fag packet maths for the pst as I have understood them (They might not be correct);

 

Cash on hand

 

2 Million HNW's

1 Million Pledges

8 Million Parachute payments

1 Million Gate receipts for the rest of the season

 

Total 12 Million

 

Cash Out

 

8.5 Million Football Creditors

2.5 Million PKF

3.0 Million Chinny

0.5 Million Legal fees including Chinny's (Very very conservative)

2.0 Million Floating Charge

100k CVA

400k wages until the end of the season

Unknown Kanu

100k CVA

 

17 million plus unknow Kanu money.

 

They need to borrow 5 million from the council and this unknown lovely investor (If the judge gives the green light)

 

The HNW's put in 2 million, the fans pledges so far 1 million. The HNW's have another 900k worth of loans which is being turned into equity, so if they are succesful, my guess work says the pst largest fan owned club in the world currently only has 25% with 5 million worth of debt..... oh and then they have to purchase a squad and fund the wages from a pot of about two million (Season ticket money and tv revenue).

 

I 4- 1 can't wait.

 

I thought they were off the hook yesterday which would have been disapointing

 

I think they will find the moeny and complete the takeover.

 

However as you point out:-

 

- they will have around £5 million in debt,

 

- they will be in League 2,

 

- they will potentially be on -10 points for next season,

 

- they won't really be owned by the fans.

 

- they will have a property developer (Robinson) circling the club like a vulture.

 

- they will have no working capital.

 

- they will have no players, no real academy, a poor manager, no training facilites and an aging stadium in need of repair.

 

 

It'll be 10 years before they even have a possibility of making it back to the championship. There is a high chance the might even get relegated again next year!

 

The FL decision in reality was good, Trust or Bust. the Trust bid taking over will ensure them being in the duldrums for years. Another bid might actually have some money!

[trousers]

- they will potentially be on -10 points for next season

 

My interpretation of yesterday's FL statement is that its now only possible for the -10 to apply this season. My understanding is that -10 applies as soon as they come out of administration and, as stated by the football league yesterday, they have to come out of administration BEFORE the end of the season. I guess there's nothing to stop the football league deciding to move the goalposts on what they've already said but to me its quite clear.... -10 the second they come out of administration and they must come out of administration before the end of the season.

[pedg]

My interpretation of yesterday's FL statement is that its now only possible for the -10 to apply this season. My understanding is that -10 applies as soon as they come out of administration and, as stated by the football league yesterday, they have to come out of administration BEFORE the end of the season. I guess there's nothing to stop the football league deciding to move the goalposts on what they've already said but to me its quite clear.... -10 the second they come out of administration and they must come out of administration before the end of the season.

 

Not sure about that as if a club goes into admin before the end of the season we know there are rules for the related penalty to be carried over so there is a precedent for it happening.

[badgerx16]

Not sure about that as if a club goes into admin before the end of the season we know there are rules for the related penalty to be carried over so there is a precedent for it happening.

 

But this is not a circumstance that falls within the FL's rules. This is a one-off ruling specific to portsmouth FC - and they cannot continue in admin beyond April 30th.

[pedg]

But this is not a circumstance that falls within the FL's rules. This is a one-off ruling specific to portsmouth FC - and they cannot continue in admin beyond April 30th.

 

Exactly, the league are making up as they go along so could easily say it would be applied next year if not needed. After all they want pompey to be competitive and fighting to stay above the line so they get the penalty this year rather than next would give them an incentive rather than being doomed by an immediate deduction. But who knows.

[tajjuk]

My interpretation of yesterday's FL statement is that its now only possible for the -10 to apply this season. My understanding is that -10 applies as soon as they come out of administration and, as stated by the football league yesterday, they have to come out of administration BEFORE the end of the season. I guess there's nothing to stop the football league deciding to move the goalposts on what they've already said but to me its quite clear.... -10 the second they come out of administration and they must come out of administration before the end of the season.

 

Yeh but what if they are already relegated at that point making the -10 meaningless.

[hutch]

...and IIRC PCC delegated authority to the Chief Exec. and Council solicitor to finalise the loan agreement details, with the proviso that they would have to go back to the full Council for approval again if any proposed changes "materially increased the Council's risk" or words to that effect.

[Winchester Red]

I would expect that if the fans take over the -10 will be applied this season. The FL won't want to be seen to kick a new 'fans-owned' club.

 

If the PST fail at court and a new bidder comes in and completes before the end of the season, I can the FL carrying the -10 over to next season

 

Just making it up as they go along.

 

The skates thinking the FL have got it in for them is such a joke. They've been so lenient.

Edited 8 February, 2013 by Winchester Red

[SaintBobby]

Ok, someone help me here. I'm sure I'm being dense.

 

But from what I gather, the Football League's statement is - in strict technical terms - irrelevant.

 

It is PKF's job to secure the best deal for the creditors not to ensure that Portsmouth FC continue to play football at Fratton Park.

 

If we put together a "nutjob" consortium and offered to pay the creditors in full, Birch would have to accept our offer, not the Trust's surely? The fact that we'd just hold a party on the pitch and then cackle away as we burnt the stadium down ratehr than have any plans at all for fielding a football team is neither here nor there, surely?