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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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rallyboy

rallyboy

Posted
Posted

by my reckoning it is exactly two years and nine months today since the creditors voted yes to 20p in the £ and saved the club.

 

Much of football and many of the few think that the debt was cleared and they have just been unlucky again.

 

Amount of debt cleared in 33 months? - not a single penny.

 

Number of players through the wagebill this season? - more than fifty.

The fact that they are still allowed to compete in league football is a scandal - as is the fact that company law allows them to continue trading as a business.

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chocco boxo

chocco boxo

Posted
Posted
by my reckoning it is exactly two years and nine months today since the creditors voted yes to 20p in the £ and saved the club.

 

Much of football and many of the few think that the debt was cleared and they have just been unlucky again.

 

Amount of debt cleared in 33 months? - not a single penny.

 

 

Number of players through the wagebill this season? - more than fifty.

The fact that they are still allowed to compete in league football is a scandal - as is the fact that company law allows them to continue trading as a business.

 

Totally agree. Spot on.

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Wes Tender

Wes Tender

Posted
Posted
I've posted previously that some skates were seriously thinking that they could use the HRA to stop getting -10 as it breech their human rights insomuch as you shouldn't be punished twice for the same crime.

 

I sh.it you knot!

 

I'll remember that one when I next get caught by the speeding radar trap Gestapo. You can't fine me again, I'll say, it's a breach of my human rights. You've already charged me for that crime the last time.

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trousers

trousers

Posted
Posted
I've posted previously that some skates were seriously thinking that they could use the HRA to stop getting -10 as it breech their human rights insomuch as you shouldn't be punished twice for the same crime.

 

I sh.it you knot!

 

That would be all well and good if the punishment WAS for the same crime. It isn't. Still, when have they ever let the facts get in the way of a self perpetuated myth...?

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pedg

pedg

Posted
Posted
by my reckoning it is exactly two years and nine months today since the creditors voted yes to 20p in the £ and saved the club.

 

Much of football and many of the few think that the debt was cleared and they have just been unlucky again.

 

Amount of debt cleared in 33 months? - not a single penny.

 

Number of players through the wagebill this season? - more than fifty.

The fact that they are still allowed to compete in league football is a scandal - as is the fact that company law allows them to continue trading as a business.

 

Not technically true as football debts were paid by the cunning ruse of making sure the money from the parachute payments to pay them never went anywhere near fatpipes.

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trousers

trousers

Posted
Posted

http://www.portsmouth.co.uk/sport/pompey/midfielder-s-surprise-at-pompey-super-fans-1-4799357

 

Therry Racon admitted his surprise after getting his first taste of home support at Fratton Park.

The Frenchman, who is on loan from Millwall, turned in a decent display in the centre of midfield on his home debut.

 

But although he had heard good things about the Blues fans before his arrival, he was still taken aback by their unconditional support given the club’s long winless run.

 

‘I was really surprised about the fans – they are unbelievable,’ said the former Charlton player.

 

‘I had heard about Portsmouth fans before I came here but this was my home debut and it was really good to play with that kind of support behind you.

 

‘When I came here, I thought “maybe the fans won’t be behind us because of the situation” but I was wrong.

 

‘I was injured last season when Millwall played, so I haven’t played here before.

 

‘But the fans were behind us the whole time, even when we were losing 1-0. It’s crazy really.

‘I’ve played for a few teams in this country – and in France – and you don’t see support like this very often.’

 

:facepalm:

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Scummer

Scummer

Posted
Posted
9339_Sky_Sport_News_Radio_App_RGB_WINDOWS_normal.JPGSkySportsNewsRadio ‏@SSNRadio

Big #Portsmouth news coming up on http://bit.ly/ioqUOy #Pompey

acf259c9-fcdb-4488-be11-f4fe8a9acf93_normal.pngNeil Allen ‏@pn_neil_allen

Keith Harris has announced a ‘revised offer' for #Pompey. It includes fans having a 15 per cent stake in the club. More soon.

 

:lol:

 

That's about as much of a stake as they are going to get through the PDT anyway, they might as well go for it.

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Frank's cousin

Frank's cousin

Posted
Posted

...although,,, some footballying dbt has been paid... in effect CVA 1 is complete because the 16mil agreed to non secured creditors is PART of the 68 mil of debt acculmulated in teh more resent admin episode... so in effct we can forget about CVA 1 its finished... with the small exception of another -10 for the fact it failed and thus the 16 mil reduced to £500k.... What the dumbass skates fail to recognise is that these are three seperate crimes and thus 3 seperate penalties - and no one is punsihing anyone twice ;

 

For the Dumb Skates

 

-9 points for entering admin in the prem - 1st admin

-10 points for entering admin again - 2nd admin

-10 points for the failure of CVA from the first admin as although the 16 mil agreed in CVA is now part of the current debt, they will be diluting it to £500k so in effect its failed - they can avoid these -10 points IF the pay the 16 mil as agreed to unsecured creditors simple.

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dubai_phil

dubai_phil

Posted
Posted
9339_Sky_Sport_News_Radio_App_RGB_WINDOWS_normal.JPGSkySportsNewsRadio ‏@SSNRadio

Big #Portsmouth news coming up on http://bit.ly/ioqUOy #Pompey

acf259c9-fcdb-4488-be11-f4fe8a9acf93_normal.pngNeil Allen ‏@pn_neil_allen

Keith Harris has announced a ‘revised offer' for #Pompey. It includes fans having a 15 per cent stake in the club. More soon.

 

:lol:

 

Phew, what a good job nobody connected in any way with the PDT has done or said anything to upset their new partners.....

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Winchester Red

Winchester Red

Posted
Posted (edited)

That comment about making Fratton Park a listed building throws up some interesting possibilities.

 

Yes, it would save it. Yes, it would make it far more worthless to Chinney et all, so in all likelyhood it would mean that pompey could play there forever (should they survive).

 

BUT, listed building are notoriously difficult to modernise due to that very status. The authorities show great resistance to them even being refurbished to any other extent that being identical to before, so you know what's coming don't you?

 

Having got back on there feet and having found a sound backer they want to extend FP to cater for the hoards that want to come in off southsea common.

 

What I hear you say, why can't we knock down the south stand to make way for our new corporate boxes, that's outrageous, the world hates us. It's the local authorities fault, FL's fault, etc, etc.

 

Ok, we'll move to a new purpose built stadium, up yours LA and FL. What? What do you mean we can't sell it for housing.

 

The circle of heros and villains will last forever....

Edited by Winchester Red
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Lazlo78

Lazlo78

Posted
Posted
BUT, listed building are notoriously difficult to modernise due to that very status. The authorities show great resistance to them even being refurbished to any other extent that being identical to before, so you know what's coming don't you?

 

Ask Fulham what they think of listed buildings...

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trousers

trousers

Posted
Posted (edited)

http://www.portsmouth.co.uk/sport/pompey/harris-offers-fans-the-chance-to-buy-into-his-bid-1-4799823

 

The full statement, released this morning, reads:

The group led by Keith Harris sincerely appreciates the positive responses it has been receiving in relation to its offer to acquire Portsmouth. Throughout the process it has listened carefully to the views of Portsmouth fans, the local community and to the comments of The Football League.

The club’s supporters are essential to the future success of Portsmouth, and one of the key aspects to this offer, which has been put to the administrators, is that supporters will have a 15% stake in the ownership of the Club. It is vital to Keith Harris and his co-investors that the modern and pioneering approach to football club ownership involves a partnership with the Club’s supporters that is engaging, open and transparent – with all involved pushing in the same direction to rebuild the Club and to achieve future success.

Supporters who have donated funds to the PST proposal,current season ticket holders and hospitality clients will be offered this opportunity to be involved in the ownership of the Club. In a manner very similar to the arrangements at Swansea City FC, 15% of the shares in the Club will be allocated free to a group made up of representative supporters. There will also be the following additional benefits:

• The current season ticket holders will receive a 10% discount on the published price of season tickets for the next three seasons starting with season 2013/14;

• At least one representative of the fans will be elected to the board of the Club once the takeover has been completed (also effectively now being practised at Swansea City).

We would also like to confirm the following points about this bid:

• The offer is not subject to any due diligence, as it has all been fully completed.

• Funds to complete the purchase are ready to be transferred to a UK solicitors’ bank account and therefore ready for immediate release, subject only to the consent of The Football League.

• Negotiations to purchase the Club from the administrators and a payment plan to satisfy the PFA have now been completed and the agreements are ready for signature.

• Our bid has the full support of the creditors’ committee including HMRC and the PFA as it gives a much greater return to creditors than the PST proposal. It also complies fully with the terms of the CVA.

• The option to acquire the stadium from the current owners is in an agreed form and will be completed immediately following the takeover. We recognise that this is pivotal to placing the Club on a secure future footing in the wider community.

• The only outstanding issue remains the consent of The Football League, and all paperwork in that regard including the business plan, and stadium lease and purchase, are available for immediate consideration by the Board of The Football League.

Keith Harris commented: ‘We are pleased to be able to offer season ticket holders, hospitality clients and the supporters who have donated funds to the PST proposal, an opportunity to be involved in the ownership and to be represented on the board of Portsmouth.

‘The shares will be issued for free to a representative supporters group in a manner similar to those held by the Swansea City Supporters Society Limited, and all monies contributed to the running of the Administration in relation to the PST proposal will be returned in full as agreed with the administrators.

‘From the outset of our bid being announced on 7 February, we have sought to involve all supporters in our plans, and this includes any supporters involved with the PST proposal.

‘We therefore felt we should take this opportunity to explain that our offer involves giving the fans a real stake in the future of the club, and we would be delighted to explain the full detail of our plans with any of the club’s supporter groups – whether based in the UK or overseas.

‘We believe this provides the best combined opportunity for the fans, for HMRC, for other creditors, and will, most importantly, put the club on a secure financial footing after a number of turbulent years – and enable us all, together, to build for the future.

‘Our bid is ready to complete immediately so that the Club can exit Administration and so remove the uncertainty surrounding the club. It will also allow Portsmouth to exit administration with an approved CVA as required under the Football League regulations.

‘I would like to add that there have been a number of ill-informed comments made about our bid.

‘For the avoidance of any doubt, our bid is made only by me and my two co-investors, Pascal Najadi (a Swiss citizen who also holds a British passport), and Alan Hitchins (a British citizen).

‘Our bid is entirely independent of any other party whatsoever and we will be warranting that this is the case to the Football League.

‘Our bid is not dependent on court applications, loans from local authorities, property developers or any other third parties, and most importantly is not dependent upon the hard earned money of supporters whose passion and loyalty alone should provide them with the opportunity of ownership of the club.

‘Our passion for Portsmouth reflects the passion of every single supporter of the club – stability, security for the future, and success on the pitch.’

 

Popcorn duly poised... :)

Edited by trousers
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trousers

trousers

Posted
Posted
On the face of it you'd be mad to turn that bid down!

 

(The key part of that sentence being 'on the face of it' :D )

 

The fickle phew have been blinded by promises of a glorious and/or stable future before so wouldn't be surprised if a significant number of the "Trust or bust" brigade start wavering....

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Winchester Red

Winchester Red

Posted
Posted (edited)

Well, the FL aren't going to be able to hide behind their original statement disregarding the Harris bid due to uncertainty and lack of time.

 

The implication is that it could be done immediately and all the details are out in the open (unlike the PDT bid).

 

The FL might just have to be honest and release a statement saying we think you are Chinney stooges!

Edited by Winchester Red
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andysstuff

andysstuff

Posted
Posted
On the face of it you'd be mad to turn that bid down!

 

(The key part of that sentence being 'on the face of it' :D )

 

15% for nothing. Presumably they leaves PST free to repay all those £1000 they have collected and start an economic boom on the island as the natives to on a spending spree?

 

 

Or not.

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Ken Tone

Ken Tone

Posted
Posted
Well, the FL aren't going to be able to hide behind their original statement disregarding the Harris bid due to uncertainty and lack of time.

 

The implication is that it could be done immediately and all the details are out in the open (unlike the PDT bid).

 

The FL might just have to be honest and release a statement saying we think you are Chinney stooges!

 

The 'lack of time' line never did make sense. If Harris really does have some cash lined up, his takeover would go through quicker than the trust's, because he apparently has the approval of all the other parties and there'd be no court case.

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FMPR

FMPR

Posted
Posted
The 'lack of time' line never did make sense. If Harris really does have some cash lined up, his takeover would go through quicker than the trust's, because he apparently has the approval of all the other parties and there'd be no court case.

 

And answers on the back of a postcard to the following question.

 

Why rent Fratton Park at £1.2m a year for an undefined period of time and then have to purchase (Harris bid), when you purchase it through the courts for under £3m (PST bid).

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Frank's cousin

Frank's cousin

Posted
Posted
and a promise to repay the HNWs

 

This is the problem as I see it - Its not Trust or Bust, but Trust or HNWIs dont get the equity they were hoping for in lieu of teh cash they pumped in to keep the thing going... cue 'well if the fans are getting 15% for free, then the money collected could be used to pay back teh HNWIs...which could get interesting.

 

Why wont the PST admit to the ACTUAL stake they will own under their bid and let those who have contributed vote on this? Already it appears that teh PST seem less democratic and the decision to press on is likely to be form the HNWIs who have most to lose?

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Frank's cousin

Frank's cousin

Posted
Posted
And answers on the back of a postcard to the following question.

 

Why rent Fratton Park at £1.2m a year for an undefined period of time and then have to purchase (Harris bid), when you purchase it through the courts for under £3m (PST bid).

 

Even if this is a plan to ensure Chinney gets his money back - is that really so bad - that Pompey are actually at least paying ONE creditor his due? You see this is the problem, no one wants to pay anyone their due... Chinney may be deeply intwinned in the problems of the last few years, but that is irrelevent, his is owed substantial funds so why have a problem with paying him back, rather than trying to get him to accept 3 mil?

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Guided Missile

Guided Missile

Posted
Posted

WHAT WOULD YOU DO?

 

 

It is the 10th September, 2013. You are the Mayor of the Southampton. Scientists have discovered another meteor that is headed towards the earth. They have calculated that this meteor will strike Fratton Park, early on the morning of 14th September, 2013 at approximately 2:30 A.M. The meteor is large enough to completely wipe Portsmouth from the face of the earth, with many thousands of residents incinerated in the resulting fireball, and total property damage estimated at many hundreds of pounds.

 

 

Portsmouth City Council have requested that Southampton send all available emergency services and police cars to help evacuate the Fratton Park area. Among the fire engines and police cars you could be sending are many that are being used to provide support for the Southampton Boat Show. As the mayor, you must decide:

 

 

Do you: -

 

 

A) Stay up late on the night of the impact to watch the coverage live?

 

 

or do you: -

 

 

B) Tape it and watch it in the morning

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SaintRichmond

SaintRichmond

Posted
Posted
Well, the FL aren't going to be able to hide behind their original statement disregarding the Harris bid due to uncertainty and lack of time.

 

The implication is that it could be done immediately and all the details are out in the open (unlike the PDT bid).

 

The FL might just have to be honest and release a statement saying we think you are Chinney stooges!

 

Thr BIGGEST Flaw .... The FL inventing Rules by the day to save their beloved Portsmouth

 

(What the Hell IS the hold that a now derelict seaport has over the Football Authorities ??? )

 

s EVERY journalist too scared to come clean ??

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trousers

trousers

Posted
Posted (edited)

46ca209ff5822d461a486bc772f1a927_normal.jpegEmma Judd ‏@pn_Emma_Judd

#POMPEY UPDATE: Trust's reaction to Harris group statement is now online, too. Obvs even more in tomorrow's paper.

 

PST spokesman Colin Farmery said he did not understand why the Harris group was persisting in its bid.

He added: ‘The Football League has made it patently clear it will only deal with the PST.

‘I can’t understand why this statement has been made at this particular time, when our bid to buy the club is virtually complete.’

 

"Virtually complete" Colin? You said it was "ready to go" weeks ago....

Edited by trousers
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trousers

trousers

Posted
Posted

f5daf3d4-df87-4b83-9bb8-c749cfdb1543_normal.pngandy curtis ‏@saintgert

@Lord_Palmerston So what role will the developer have? Farmery confirmed he's still part of the bid. Do you know something he doesn't?

 

colinfarmery1_normal.jpgColin Farmery ‏@colinfarmery

@saintgert @Lord_Palmerston He's lending us some of the money to buy it as per our statement of about a week ago. Do keep up Andy... ;o)

 

f5daf3d4-df87-4b83-9bb8-c749cfdb1543_normal.pngandy curtis ‏@saintgert

@colinfarmery @lord_palmerston Ahhhh so more debt. Why didn't I guess.....

 

colinfarmery1_normal.jpgColin Farmery ‏@colinfarmery

@saintgert @lord_palmerston Yeah. Debt. Like that 20-odd mill Saints owe to that BVI money-lender... ;o)

 

 

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Winchester Red

Winchester Red

Posted
Posted
And answers on the back of a postcard to the following question.

 

Why rent Fratton Park at £1.2m a year for an undefined period of time and then have to purchase (Harris bid), when you purchase it through the courts for under £3m (PST bid).

 

Perhaps nobody other than the PDT and maybe PKF believe there is any chance of a Judge agreeing to force a sale of the ground at £3m?

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Viking Warrior

Viking Warrior

Posted
Posted

Part of my post was done in jest but some is based on some ideas banded about the skates trust . They are looking at all options to get hold of the club and preserve its history and the HRA is one angle they are researching . It might not come to anything . Also they are very serious about the HRA and being punished twice

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Winchester Red

Winchester Red

Posted
Posted
Part of my post was done in jest but some is based on some ideas banded about the skates trust . They are looking at all options to get hold of the club and preserve its history and the HRA is one angle they are researching . It might not come to anything . Also they are very serious about the HRA and being punished twice

 

Why (oh why oh why) can they not understand that not servicing an agreed CVA is the same as having not agreed one to start with!

 

F*ckwits!

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Frank's cousin

Frank's cousin

Posted
Posted
Part of my post was done in jest but some is based on some ideas banded about the skates trust . They are looking at all options to get hold of the club and preserve its history and the HRA is one angle they are researching . It might not come to anything . Also they are very serious about the HRA and being punished twice

 

should we spell it out for them again... how thick to you need to be not to see 3 seperate 'crimes' and 3 seperate punishments...:facepalm:

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PhilippineSaint

PhilippineSaint

Posted
Posted
Thr BIGGEST Flaw .... The FL inventing Rules by the day to save their beloved Portsmouth

 

(What the Hell IS the hold that a now derelict seaport has over the Football Authorities ??? )

 

s EVERY journalist too scared to come clean ??

 

The answer could be forever held in the myth's of time along with why they were allowed to hold on to the FA cup when the world was in turmoil. Although as they have been in turmoil since last snaffling the cup on a technicality you can all understand the poetic justice in it all.

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dubai_phil

dubai_phil

Posted
Posted
WHAT WOULD YOU DO?

 

 

It is the 10th September, 2013. You are the Mayor of the Southampton. Scientists have discovered another meteor that is headed towards the earth. They have calculated that this meteor will strike Fratton Park, early on the morning of 14th September, 2013 at approximately 2:30 A.M. The meteor is large enough to completely wipe Portsmouth from the face of the earth, with many thousands of residents incinerated in the resulting fireball, and total property damage estimated at many hundreds of pounds.

 

 

Portsmouth City Council have requested that Southampton send all available emergency services and police cars to help evacuate the Fratton Park area. Among the fire engines and police cars you could be sending are many that are being used to provide support for the Southampton Boat Show. As the mayor, you must decide:

 

 

Do you: -

 

 

A) Stay up late on the night of the impact to watch the coverage live?

 

 

or do you: -

 

 

B) Tape it and watch it in the morning

 

Armageddon will always be the greatest movie ever made.

 

Not for the storyline, Liv or Bruce, or even that damned song.

 

Simply because Paris gets wiped out in the first few minutes.

 

I still remember the cheer in the cinema when that happened.

 

There was ONLY one plot twist that could have made it better. Unfortunately the planet simply wouldn't have found Gunwharf so instantly recognisable

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dubai_phil

dubai_phil

Posted
Posted
Part of my post was done in jest but some is based on some ideas banded about the skates trust . They are looking at all options to get hold of the club and preserve its history and the HRA is one angle they are researching . It might not come to anything . Also they are very serious about the HRA and being punished twice

 

Well, IF they go down that road, then perhaps we could chip in 50 quid each to get a lawyer to review the submissions made to Court by Storrie while they were STILL in the PL and DENIED that they were trading insolvently.

 

The simple fact that they SHOULD have been liquidated AND should have had officers of the company jailed at THAT time is missed down the road. The Points deductions should NEVER have been needed.

 

Also with it being some 3+ years ago, they'd have been a lot closer to promotion back into L2 and on the up with their pheonix club and clean of all the hangers on

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Jimmy_D

Jimmy_D

Posted
Posted (edited)
And answers on the back of a postcard to the following question.

 

Why rent Fratton Park at £1.2m a year for an undefined period of time and then have to purchase (Harris bid), when you purchase it through the courts for under £3m (PST bid).

 

Because the courts are expensive, take time which Pompey don't have, and probably aren't going to go in Pompey's favour this time...

 

Next.

 

The real question you should be asking is whether this 'free' 15% would make the fans liable for some of the repayments on the debt.

Edited by Jimmy_D
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