Pompey Takeover Saga

[St Marco]

As i said a few hundred pages ago

 

Why would anyone buy Portsmouth Fc now?

 

Why would someone buy the club and inherit the £60m+ debt they have when they could wait a few weeks and potentially buy the club for a tiny fraction and owe nobody anything when it is in admin?

 

Why would someone buy a club £60m+ in debt who is at the bottom of the PL 6 points adrift who recently have had attendances of around 10k in a stadium they do not even own?

 

If someone does then they have far more money then sense. For that reason i cannot see it happening.

 

They might do what they have already done twice before. Just transfer ownership to someone else. And let them deal with the fallout. Either way won't change a thing. The only chance they have is by raising the funds needed to pay those they owe by this time next week. If they can't raise the funds by selling players or the chuckle brothers don't put their own money in then it will be over.

[Fishy_Friend]

Fit and proper person?

 

Dont worry Al Faraj passed it, and he doesn't exsist

[Ponty]

it is a marriage that would be apt. Gaddafi running an English football club, it just adds to the complete shame our football is in the UK. I dont think if it was saints i could support them with his familyh involved/

It is ominous that Phil was not very dismissive of the news. Whats the betting the gardening leave will all of a sudden when they get financial safelty....Im must say I thought gardening leave was a thing of the past as it is against the treaty of rome etc due to restriction of trade.

 

Nah, pretty much standard practice in F1, for example. I guess any job where sensitive material could be taken to a competitor would use the same approach.

[OldNick]

As i said a few hundred pages ago

 

Why would anyone buy Portsmouth Fc now?

 

Why would someone buy the club and inherit the £60m+ debt they have when they could wait a few weeks and potentially buy the club for a tiny fraction and owe nobody anything when it is in admin?

 

Why would someone buy a club £60m+ in debt who is at the bottom of the PL 6 points adrift who recently have had attendances of around 10k in a stadium they do not even own?

 

If someone does then they have far more money then sense. For that reason i cannot see it happening.

 

They might do what they have already done twice before. Just transfer ownership to someone else. And let them deal with the fallout. Either way won't change a thing. The only chance they have is by raising the funds needed to pay those they owe by this time next week. If they can't raise the funds by selling players or the chuckle brothers don't put their own money in then it will be over.

If the Gaddafi family gut it the debts will not be a problem.

[OldNick]

Nah, pretty much standard practice in F1, for example. I guess any job where sensitive material could be taken to a competitor would use the same approach.

I was under the impression it was hard to make it watertight.

[St Marco]

If the Gaddafi family gut it the debts will not be a problem.

 

In that case if they have £60m to spend so freely why do they not buy a bigger club with that money? If i had **** loads of cash i would buy a club with a lot more potential then a small club with a small stadium and **** attendances....

[Guided Missile]

I don't think anyone is getting their hopes up VFTT, most of I think have accepted the inevitable, it will take a miracle to to get out of this one

This about sums up the value set, in some f*** !ng football fans, because, I, for one, would not be hoping that the son of a terrorist dictator who killed 270 people in Lockerbie, was taking over my football club.

 

That type of moral compass, is what has saddled you lot, with one piece of sh !t owner after the other.

 

Like flies on a dog turd...

[OldNick]

In that case if they have £60m to spend so freely why do they not buy a bigger club with that money? If i had **** loads of cash i would buy a club with a lot more potential then a small club with a small stadium and **** attendances....

That is very fair StM but his name has been bandied about for quite some time, and I suspect a lot of people would not consider taking him on.....Pompey is a different thing , in fact |Im surprised he is not embarrassed talking to them!!!

[stevegrant]

As i said a few hundred pages ago

 

Why would anyone buy Portsmouth Fc now?

 

Why would someone buy the club and inherit the £60m+ debt they have when they could wait a few weeks and potentially buy the club for a tiny fraction and owe nobody anything when it is in admin?

 

Why would someone buy a club £60m+ in debt who is at the bottom of the PL 6 points adrift who recently have had attendances of around 10k in a stadium they do not even own?

 

If someone does then they have far more money then sense. For that reason i cannot see it happening.

 

They might do what they have already done twice before. Just transfer ownership to someone else. And let them deal with the fallout. Either way won't change a thing. The only chance they have is by raising the funds needed to pay those they owe by this time next week. If they can't raise the funds by selling players or the chuckle brothers don't put their own money in then it will be over.

The potential spanner in the works with Pompey which is significantly different to the situation with us a year ago is the winding-up order. I think if that gets carried then the court could decide to just shut them down straight away, rather than put them in administration, in which case there wouldn't be any opportunity for someone to buy the club on the cheap.

[Ponty]

I was under the impression it was hard to make it watertight.

Not at all. Well, not in my business anyway. It's an accepted part of changing teams although I would imagine it's less rigorously enforced if someone is changing career completely.

[View From The Top]

Dont worry Ali Faraj passed it, and he doesn't even exsist

 

LOL. Fair play to you fish fooker.

[Merovingian]

correct Steve and Guided Missile, by your reckoning then if my father was a rapist then by default I am

[gary r]

The potential spanner in the works with Pompey which is significantly different to the situation with us a year ago is the winding-up order. I think if that gets carried then the court could decide to just shut them down straight away, rather than put them in administration, in which case there wouldn't be any opportunity for someone to buy the club on the cheap.

 

if they go to court only one thing will happen liqiudation by this time no other option is available to them, administration will happen at the eleventh hour which is the likely outcome.

[Guided Missile]

Guided Missile, by your reckoning then if my father was a rapist then by default I am

I'm taking a wild guess that he got his f*** ing money via his father's position as the fanatical leader of a terrorist state. Pretty similar to the position you were in, when Gaydamak Jr. laundered his father's money, made from illegally selling arms.

 

Like I said, flies on a turd...and it sounds like you and your mentally challenged brethren have got used to the smell.

[EastleighSoulBoy]

correct Steve and Guided Missile, by your reckoning then if my father was a rapist then by default I am

 

Since when have flounders committed rape? :cool:

[View From The Top]

if they go to court only one thing will happen liqiudation by this time no other option is available to them, administration will happen at the eleventh hour which is the likely outcome.

 

If you trawl back through this thread to last summer I mention that the fake Dr had been attempting to raise finance in London and I knew one of the bods who was directly involved at one institution.

 

Now, this bod has said that they fully expect pfc to enter administration, just before they are due in court, so to avoid liquidation.

 

I don't pretend to understand how this all works but it certainly sounds plausible to me.

[Saint Keith]

if they go to court only one thing will happen liqiudation by this time no other option is available to them, administration will happen at the eleventh hour which is the likely outcome.

 

well another key difference between them and us, is that because the winding up order has been issued, the club cannot now put themselves into administration, as we did, they can only go into admin if one of their creditors decides to apply for it

 

they really should have just played the game with hmrc, and paid them a bit to keep them off their backs, as now the winding up order is chalked up, they have lost a key element of having control over their own affairs

 

if a creditor does not go for admin before the winding up order, then there is no halfway house of admin after it. its either thrown out because they paid the money, or they are wound up and liquidated. there is no admin, and no administrator appointed to try and run it for sale, just a liquidator to do just that

 

thats why if i was a creditor (other than hmrc), id be going for admin now, rather than risking the whole lot going down the swanny

Edited 25 January, 2010 by Saint Keith

[JonnyLove]

thats why if i was a creditor (other than hmrc), id be going for admin now, rather than risking the whole lot going down the swanny

 

I think this will happen once the appeal has been decided on and the transfer window shuts

[gary r]

well another key difference between them and us, is that because the winding up order has been issued, the club cannot now put themselves into administration, as we did, they can only go into admin if one of their creditors decides to apply for it

 

they really should have just played the game with hmrc, and paid them a bit to keep them off their backs, as now the winding up order is chalked up, they have lost a key element of having control over their own affairs

 

if a creditor does not go for admin before the winding up order, then there is no halfway house of admin after it. its either thrown out because they paid the money, or they are wound up and liquidated. there is no admin, and no administrator appointed to try and run it for sale, just a liquidator to do just that

 

thats why if i was a creditor (other than hmrc), id be going for admin now, rather than risking the whole lot going down the swanny

 

my wife works in this industry and she is pretty sure that they can enter admin at any time of their choosing, but dont quote me on this

[St Marco]

I could be wrong here but don't they have the option to go into voluntary admin which in turn stops the HRMC case due to them no longer having prefered creditor status?

 

I think they can do that but is dangerous as still about 75% chance they would go into liquidation.

[Faz]

Surely to go into Administration, there has to be something to Administer. If they don't do it this side of the transfer window, then any Administrator will have huge costs and very little income between now and the end of the season. Unless they are willing to take on a debt (unlikely), Adminstration is not an option - no Administrator will take them on.

 

They either need funds from Player sales, or other ahem..... short term funding from Chenrai/Gheydamak which will enable them to meet their bills as they fall due.

 

Chances are they are illiquid and insolvent - probably questions should be asked now about the ability of the Directors to continue to trade the business. If they fail to make sufficient player sales, they will probably have no option other than to wind-up.

 

I really don't want it to happen, but surely it's looking increasingly likely. Even if they sell Kaboul for net £6.5m, that doesnt even cover HMRC. The there's last months' short term loan to repay, Gheydamak Jr £9m, this months Salary Bill circa £3m and on and on and on......

[StD]

thats why if i was a creditor (other than hmrc), id be going for admin now, rather than risking the whole lot going down the swanny

 

I still think gaydamark will be the one to put them in admin, he's the major creditor so has the most to gain/loose. However I still can't decide whether:

 

1. Gaydamark and the arabs are all in this together and they're asset stripping the club like an episode of Hustle in order to sell what's left to Tesco

 

2. Gaydamark and the arabs are still not getting on and either side is playing chicken whilst the club hurtle towards oblivion.

[Red Alert]

Its been widely claimed the players could walk out if not paid again, but what about the regular staff? Can they do the same or is it just the playing staff. In theory all stewards/ticket office/beer sellers could walk away (i know its rather unlikely) and leave them unable to operate on a day to day basis anyway. Or is that a bit far feched?

Edited 25 January, 2010 by Red Alert
typo

[TNT]

I think they will have to pay hmrc as its game over if it goes all the way to WUO. Is their tax bill around £7m ?

[Ponty]

I still don't believe we're seeing the ultimate demise of PFC. Something will turn up.

[Faz]

Useful information here on winding-up petitions and Administration.

Edited 25 January, 2010 by Faz

[TNT]

Its been widely claimed the players could walk out if not paid again, but what about the regular staff? Can they do the same or is it just the playing staff. In theory all stewards/ticket office/beer sellers could walk away (i know its rather unlikely) and leave them unable to operate on a day to day basis anyway. Or is that a bit far feched?

 

All in the same boat i imagine.

[Thedelldays]

a realist from the blue few

 

You utter ******* cretin.....

 

Are you seriously telling me, that you actually believe that the son (who has no money of his own btw) of Colonel Gadaffi, who was recently part of the "Axis of Evil" is going to take over our club?

 

Hahahahahaha..

 

What ******* planet are you on?

 

We take the micky out of the FAPP test, this guy would not be allowed anywhere near a club in this country by the FA... are you out of your fcking mind??

 

What press are these rumours in? The Noddy Town time Bullsh1t edition???

 

 

The gulability of some people on her amazes me sometimes...

Edited 25 January, 2010 by Thedelldays

[bridge too far]

Its been widely claimed the players could walk out if not paid again, but what about the regular staff? Can they do the same or is it just the playing staff. In theory all stewards/ticket office/beer sellers could walk away (i know its rather unlikely) and leave them unable to operate on a day to day basis anyway. Or is that a bit far feched?

 

I think they can walk as technically the club has breached their Contract of Employment.

 

This is what I did when I wasn't paid on time - my solicitor reckoned I could also issue a Winding Up Petition (although in the end we reached a 'compromise').

[rallyboy]

if a company is wound up, any sale of the company's property, any transfer of shares, or any alteration in the status of the company's shareholders, made after the commencement of the winding-up is void, unless otherwise ordered by the court.

 

Assuming that legally the winding up process was started when the order was issued, forget any league embargo, surely they can't legally sell players?

 

This means that it is very difficult for a company to continue to trade after a winding up petition is issued. Not arf!

 

I still chuckle at their great response when it was first issued - 'we havent had it, it's illegal, we want to completely restructure the way VAT is calculated, etc'.

 

Clowns and liars.

[Matthew Le God]

I still don't believe we're seeing the ultimate demise of PFC. Something will turn up.

 

I find it hard to believe it will. Clubs have had things turn up when under winding up orders before. But no club has had a winding up order with all of the following...

 

a) the amount of debt at Pompey (£60 million +)

b) the running costs of Pompey (monthly wage bill of £1.8 million)

c) the lack of infrastructure and fanbase to make it a worth while sustainable investment.

[benjii]

d) the likelihood of relegation

e) the convoluted ownership

f) the pantomime cast

g) the ongoing criminal investigation into previous club dealings

etc....

 

[Matthew Le God]

lets try to get to z)

[Jimmy_D]

h) the minimal income compared to outgoings

i) owners who may have more interest in the land Pompey is built on

[pedg]

j) the annoying 'superfan' that everyone is embarrassed about.

[Gigersaint]

I don't know if it's of any signifigance but it appears that either players, or clubs linked with taking players from Pompey only seem to be on loan deals?

 

Is there a bigger picture to this too with these players/clubs only seeking loan deals?

 

It seems odd that Pompey need funds but not getting them and only reducing wage bills which are surely marginal by comparison. This still leaves the mounting debts to be paid with a weakening squad as more players are loaned without being sold for hard cash to help their situation.

 

Are other clubs circling to get their loanees on the cheap afterwards when Pompey go in to Admin or get wound up?

[Saint Keith]

if a company is wound up, any sale of the company's property, any transfer of shares, or any alteration in the status of the company's shareholders, made after the commencement of the winding-up is void, unless otherwise ordered by the court.

 

Assuming that legally the winding up process was started when the order was issued, forget any league embargo, surely they can't legally sell players?

 

This means that it is very difficult for a company to continue to trade after a winding up petition is issued. Not arf!

 

I still chuckle at their great response when it was first issued - 'we havent had it, it's illegal, we want to completely restructure the way VAT is calculated, etc'.

 

Clowns and liars.

 

also, when in this situation, you are not allowed to dispose of assets below their market value

[Yeovil Saint]

also, when in this situation, you are not allowed to dispose of assets below their market value

Given the seemingly inflated value of the playing staff on the balance sheet have Pompey shot themselves in the foot in not being able to sell players for less than they said they were worth?

[Whitey Grandad]

also, when in this situation, you are not allowed to dispose of assets below their market value

How does anybody determine 'the market value'? It can only be what a prospective purchaser is prepared to pay, and that will depend on the financial state of the seller.

[hypochondriac]

FFS they are going mental on their board. They are going to get another bent as hell rich bloke and get out of it. B*llocks.

[Jimmy_D]

FFS they are going mental on their board. They are going to get another bent as hell rich bloke and get out of it. B*llocks.

 

We were gonna get taken over by Paul Allen at one point, all the newspapers were saying it...

[Saints foreva]

FFS they are going mental on their board. They are going to get another bent as hell rich bloke and get out of it. B*llocks.

 

+1.

 

Some people on this forum are going to look very stupid. I think this rumour may have some legs...

[Tac-tics]

Gaddafi's yacht has been tracked to Hayling Island.

big up to Hayling Island, Ill be waiting to welcome him on to the shores.

 

Ill put a fake eye on my fore-head,a tag around my lonsdale trackies, make two fake arms and sluur my speach. Then he'll see what he is buying in to.

[Gigersaint]

FFS they are going mental on their board. They are going to get another bent as hell rich bloke and get out of it. B*llocks.

 

The same as we all had hope with the Pinnacle fiasco?

[Tac-tics]

btw I dont own any lonsdale trackies, just FYI

[hypochondriac]

We were gonna get taken over by Paul Allen at one point, all the newspapers were saying it...

 

I think it's going to happen. Main story on back page of the mirror tomorrow. I would hide this thread quite soon or we are going to look really silly.

[Matthew Le God]

I find it hard to believe and will be shocked if the FA let it through.

Edited 26 January, 2010 by Matthew Le God

[Gigersaint]

If there was any substance in this wouldn't the PL have lifted the embargo today knowing that Pompey had provided evidence that their future looked to be secure?

[Matthew Le God]

Hitler to buy Hartlepool!?

 

Pol Pot to buy Plymouth!?

 

Stalin to buy Shrewsbury!?

 

Gaddafi (jnr) to buy Portsmouth!?

 

Those seem unlikely? Ok, three of them are dead but the last one may be about to happen!

 

http://www.mirrorfootball.co.uk/news/Dictator-Gaddafi-s-son-in-talks-to-become-Portsmouth-owner-article300941.html

 

So from Milan "Taxman" Mandaric to Gaydamak and his father's gun running to an Arab with no money in charge for 40 days to an Arab with no money that no-one can prove exists to "potentially" the son of a Dictator of an Axis of Evil country in the space of 6 months! "If" he is using any of his Dad's cash is that fit and proper?

 

Hicks & Gillett, the Glazer family and Rupert Lowe are all teddy bears compared to Portsmouth's last 5 owners!

 

Rupert never had something like this in the family closet...

 

 

or funding the IRA with guns and explosives.

 

 

At least it would mean the FA Cup game vs Saints on February 14th would go ahead if it stops the High Court proceedings on February 10th.

 

BUT that pales into insignificance if the money is coming from his Dad and the horrors of his past. How does he have enough money unless something is coming from his Dad?

 

I can't see Pompey having a Scottish tour and a pre-season friendly in Dumfries and Galloway anytime soon! Nor to Ireland where Libya provided the IRA with guns and explosives.

[Saint_clark]

MLG, you were planning that post for over an hour weren't you

And I saw it on FF, don't worry...