rallyboy Posted 27 February, 2013 Posted 27 February, 2013 is someone misleading councillors about housing potential? So the Dell holds 228, Highbury is home to 655 properties - yet they only want to budget for between 40-80 at Fatpipe Meadows? As already pointed out, from that document it is clearly a non-starter for any loan - tis worthless wasteland rendered useless by contamination and offers no security to the lender. What are they up to this time? If this nonesense is designed to support the court case, it doesn't help the loan. Or is the council trying to discourage all developers? Which doesn't help Robinson - unless his surveys already show that this council report has been made-up during a temp's teabreak.
Waterside.saint Posted 27 February, 2013 Posted 27 February, 2013 (edited) is someone misleading councillors about housing potential? So the Dell holds 228, Highbury is home to 655 properties - yet they only want to budget for between 40-80 at Fatpipe Meadows? As already pointed out, from that document it is clearly a non-starter for any loan - tis worthless wasteland rendered useless by contamination and offers no security to the lender. What are they up to this time? If this nonesense is designed to support the court case, it doesn't help the loan. Or is the council trying to discourage all developers? Which doesn't help Robinson - unless his surveys already show that this council report has been made-up during a temp's teabreak. Fatpipe Meadows OK my febrile imagination is having a party here- suggestions on a postcard for street names on this prestige development: The streets and byways: Cala Circus Storey Teller Street EndOfThe Road Saints Way CutOffWithoutaCent Crescent Liquidation Close FullyFundedPST Square Debt Hill EmptyWindSwept Terrace FakeSheikh Mews FactlessAllen Lane Drunkards Walk FatPenny Path ArmsDealer Alley The blocks of flats: SoonBeBackIn Court HMRC House RollOutTheOpenTopBusWeScoredA Point ICanSeeMoneyfieldsFromHere Tower And of course, the cul-de-sac- Chanrai End. Edited 27 February, 2013 by Waterside.saint
Frank's cousin Posted 27 February, 2013 Posted 27 February, 2013 apologies for ignorance but confused now.... I did not see the admin fees outstanding in the list - have PFK already paid tehmselves? This leaves just under 14 mil they have to find... which I gather in their eyes is 1 mil form HNWI, 1.3 mil from share scheme, 1.45 mill from council + PP (how much are they still getting as it mentioned only 5.5 mil in august with currently 4 mil or so in the bankwhich probably ;leaves them a mil or two short to complete all those payments in one go... so plan is obviously to pay back football creditors over a longer period of time... whilsts pending tehir 'income' on players they cant really afford no doubt... where is the transparency from the PST on the figures? And how how much due diligence have the PCC performed on those figures before agreeing to the loan...? They will start L2 with a minimum of 3-5 mil of debt, whilst spending maybe a 1-2 mil on players....is my guess, nothing changes I guess.
Winchester Red Posted 27 February, 2013 Posted 27 February, 2013 Yes but that would require someone, who is not a fan, to buy Gaydamak's land then underwrite the PCC loan and also lend them some money himself so that the trust go ahead with more debt than they can service, so that when the club default on the repayments they can't afford, the ground will also belong to him, so he can eventually develop the lot for a big profit. Thank goodness no one has thought of that ....Oh! So what you're saying is friendly Mr Robinson may not be so friendly in a few months time
Frank's cousin Posted 27 February, 2013 Posted 27 February, 2013 (edited) So what you're saying is friendly Mr Robinson may not be so friendly in a few months time Feel a song coming on.... And here's to you Mr Robinson Saints fans love you more than you can know... ho ho ho God bless you please Mr Robinson Heaven holds a place for those you prey (pray) (on the gullable skates) hey hey hey.... We'd like to know a little bit about you for our files Going through the candidates to date Laugh about it shout about it when you stuff the Blues Anyway you look at it they lose.... And here's to you ...... Surprizingly prescient of Simon and Garfunkal me thinks Edited 27 February, 2013 by Frank's cousin
Gingeletiss Posted 27 February, 2013 Posted 27 February, 2013 Fatpipe Meadows OK my febrile imagination is having a party here- suggestions on a postcard for street names on this prestige development: The streets and byways: Cala Circus Storey Teller Street EndOfThe Road Saints Way CutOffWithoutaCent Crescent Liquidation Close FullyFundedPST Square Debt Hill EmptyWindSwept Terrace FakeSheikh Mews FactlessAllen Lane Drunkards Walk FatPenny Path ArmsDealer Alley The blocks of flats: SoonBeBackIn Court HMRC House RollOutTheOpenTopBusWeScoredA Point ICanSeeMoneyfieldsFromHere Tower And of course, the cul-de-sac- Chanrai End. Bestest Boulevard.........
Torres Posted 27 February, 2013 Posted 27 February, 2013 So what you're saying is friendly Mr Robinson may not be so friendly in a few months time Don't be crazy! Stuart Robinson is a life-long Pompey fan who would give everything he had and do anything he can to save the club he so passionately loves!
Doctoroncall Posted 27 February, 2013 Posted 27 February, 2013 Bart Way ('are we nearly there yet?') so the cost of the club is 13.56m but there is nothing about the current floating charge and PFKs fees (total of 4.5m). Has some of this already been paid, or is there enough in the bank account to pay it?
100%Red&White Posted 27 February, 2013 Posted 27 February, 2013 Charityrobbing Avenue. Although I.O.U. may be more appropriate than avenue.
Waterside.saint Posted 27 February, 2013 Posted 27 February, 2013 Bestest Boulevard......... Portpin Parade Antonov Avenue
Chez Posted 27 February, 2013 Posted 27 February, 2013 Why, under "Reductions in Risk" do the council state "Parachute payments are expected to increase by £4m (from £7.0m to £11.0m)" How come? What's changed? stranger still, in the first report the PCC required access to the full £11.7m of PPs. These appear to have gone down to £7m and then raised back up to £11m, but still are lower than they were before. Supermarket discounting at its best!
Wurzel Posted 27 February, 2013 Posted 27 February, 2013 Just been driving down the m27, it appears PCC have been making preparations
pedg Posted 27 February, 2013 Posted 27 February, 2013 Fatpipe Meadows OK my febrile imagination is having a party here- suggestions on a postcard for street names on this prestige development: The streets and byways: Cala Circus Storey Teller Street EndOfThe Road Saints Way CutOffWithoutaCent Crescent Liquidation Close FullyFundedPST Square Debt Hill EmptyWindSwept Terrace FakeSheikh Mews FactlessAllen Lane Drunkards Walk FatPenny Path ArmsDealer Alley The blocks of flats: SoonBeBackIn Court HMRC House RollOutTheOpenTopBusWeScoredA Point ICanSeeMoneyfieldsFromHere Tower And of course, the cul-de-sac- Chanrai End. You missed: Bell End
ZepSaint Posted 27 February, 2013 Posted 27 February, 2013 You missed: Bell End Can I have a new monitor please - coffee seems to have erupted out of my mouth and gone all over the one I was using ..................:-) :lol::lol::lol::lol:
Waterside.saint Posted 27 February, 2013 Posted 27 February, 2013 Can I have a new monitor please - coffee seems to have erupted out of my mouth and gone all over the one I was using ..................:-) I fixed it for you
doubleonothing Posted 27 February, 2013 Posted 27 February, 2013 Apologies if already posted. Struggle to keep up with this thread sometimes @blueballoo2000: UNANIMOUS support from cabinet of pcc for Pompey! We have the loan! @blueballoo2000: Shamefully, labour and Tory deputations argued for delay and liquidation - Ferrett and Stubbs, hang your heads in shame.
andysstuff Posted 27 February, 2013 Posted 27 February, 2013 @solentsport: Portsmouth City Council approve and confirm they will lend #Pompey Supporters Trust £1.45M, to be paid back with parachute money in August Wonder what the PFA will make of that.
Um Bongo Posted 27 February, 2013 Posted 27 February, 2013 So the loan will be paid back in August with the parachute money. If I was a taxpayer in that godforsaken ****hole, I would be asking why, in times like these, would the council give £1.5m towards a cause that has no future. Apologies if it's already been mentioned, what happens if they go bust before August? Would the loan still be paid?
trousers Posted 27 February, 2013 Posted 27 February, 2013 Apologies if already posted. Struggle to keep up with this thread sometimes @blueballoo2000: UNANIMOUS support from cabinet of pcc for Pompey! We have the loan! @blueballoo2000: Shamefully, labour and Tory deputations argued for delay and liquidation - Ferrett and Stubbs, hang your heads in shame. I hereby apologise for the glimmer of respect I started giving this Hall character last year. How DARE local council members argue against loaning money to a private enterprise when local services are having to absorb a necessary reduction in funding. Still, it gives paves the way for months more hilarity on here....
pedg Posted 27 February, 2013 Posted 27 February, 2013 So the loan will be paid back in August with the parachute money. If I was a taxpayer in that godforsaken ****hole, I would be asking why, in times like these, would the council give £1.5m towards a cause that has no future. Apologies if it's already been mentioned, what happens if they go bust before August? Would the loan still be paid? I assume that that is where the guarantee from the property developer comes in.
trousers Posted 27 February, 2013 Posted 27 February, 2013 http://www.portsmouth.co.uk/news/politics/portsmouth-city-council-agree-to-loan-1-45m-to-pompey-supporters-trust-1-4832806 POMPEY fans have scored a victory after the council agreed to give the Pompey Supporters’ Trust a huge cash loan to take over the club. Council members unanimously voted in favour of rubber stamping the £1.45m payment after hearing that the financial situation had greatly improved at Pompey since the local authority put the money aside in August last year. The trust also promised it would pay back the money in full after five months of being in charge of the club. The decision was made at an emergency cabinet meeting held this afternoon, which was called because the club’s administrators PKF need to file papers to the High Court on Thursday which outlines how the trust is funding its bid. If a decision had not been made then the club would have been at risk of liquidation. As previously reported in The News, the club will appear before the court before the end of April over the valuation of Fratton Park. Trust chairman Ashley Brown said: ‘This is a victory for the fans and we don’t want it to sound like there was any concern about this not being approved. It was a rubber stamping and showed the council is still supportive of us. ‘It’s now about getting to the High Court and moving the club forward.’
Waterside.saint Posted 27 February, 2013 Posted 27 February, 2013 http://www.portsmouth.co.uk/news/politics/portsmouth-city-council-agree-to-loan-1-45m-to-pompey-supporters-trust-1-4832806 The trust also promised it would pay back the money in full after five months of being in charge of the club. Cue protestations of 'Our p1ssed-off-former pompey players were the wrong kind of legends and wanted to be paid something after all' 'Loan? What loan? Oh *that* loan! sorry, its gone to pay more mercenaries so we could be competitive in L2' etc. etc. in 5 months time
100%Red&White Posted 27 February, 2013 Posted 27 February, 2013 Just been driving down the m27, it appears PCC have been making preparations Another one for the list - they could call that stretch of motorway the 'Tax Freeway'
Waterside.saint Posted 27 February, 2013 Posted 27 February, 2013 Another one for the list - they could call that stretch of motorway the 'Tax Freeway' Perhaps someone could submit an outline planning application to PCC for the proposed prestige development at Fatpipes Meadow with the proposed road and street names filled in ready
Winchester Red Posted 27 February, 2013 Posted 27 February, 2013 How can approving the loan be unanimous when some were arguing for delay and liquidation?
Winchester Red Posted 27 February, 2013 Posted 27 February, 2013 I assume the council have seen the whole business plan in order for them agree to the loan, and being sensible and law abiding people, the business plan must bear scrutiny and be workable. That reassures me because my blood would be boiling if I thought pfc were going to escape again just because some politicians couldn't be trusted to behave with integrity and in the best interests of their community.
eurosaint Posted 27 February, 2013 Posted 27 February, 2013 Surely the main thoroughfare at Fatpipe Meadows should be 'Sh!t Street' ?
Matthew Le God Posted 27 February, 2013 Posted 27 February, 2013 Micah Hall proving once again the people of Portsea island are lacking in mathematical skills. Micah Hall @blueballoo2000 pcc makes a 6 figure profit from it to help fund local services 5% of £1.45m is NOT a six figure sum. It is £72,500. A five figure sum! Is it worth the risk of loaning a business that has failed 3 times, to pick up such a small figure?
Waterside.saint Posted 27 February, 2013 Posted 27 February, 2013 Surely the main thoroughfare at Fatpipe Meadows should be 'Sh!t Street' ? Well, we haven't got a water feature yet. Perhaps 'Sh1t Creek'? As in 'up the afore-mentioned without a paddle'
stevegrant Posted 27 February, 2013 Posted 27 February, 2013 Micah Hall proving once again the people of Portsea island are lacking in mathematical skills. Micah Hall @blueballoo2000 pcc makes a 6 figure profit from it to help fund local services 5% of £1.45m is NOT a six figure sum. It is £72,500. A five figure sum! Is it worth the risk of loaning a business that has failed 3 times, to pick up such a small figure? And of course that interest rate will almost certainly be an annual interest rate, with the loan supposedly being repayable within five months, so it'll be (5/12 x 5%), roughly £30,208. They might be able to keep one public toilet open for that amount
Big Bad Bob Posted 27 February, 2013 Posted 27 February, 2013 Micah Hall proving once again the people of Portsea island are lacking in mathematical skills. Micah Hall @blueballoo2000 pcc makes a 6 figure profit from it to help fund local services 5% of £1.45m is NOT a six figure sum. It is £72,500. A five figure sum! Is it worth the risk of loaning a business that has failed 3 times, to pick up such a small figure? Unless it's compound interest worked out on a daily basis....... Edit; Damn you Grant, getting in there before me
Winchester Red Posted 27 February, 2013 Posted 27 February, 2013 (edited) How are they going to repay the loan within 5 months? Could it be that the heroic (today, anyway) HNW's already have a deal in place to sell the land to Robinson for their own little profit. I wonder where pfc's playing requirements figure in those plans? (if anywhere). ... or am I being shamefully mistrustful on those fine upstanding individuals Edit - Oh, I see. They're using the PP's for that as well as everything else. Kinda 1 cheque pays all Edited 27 February, 2013 by Winchester Red
hutch Posted 27 February, 2013 Posted 27 February, 2013 (edited) While it grates a bit to see them get something they want, and lending public funds like this is just plain wrong on so many levels, it is actually a good thing for the prospect of seeing the Trust as bit-part owners. Many more laughs to come. Unfortunately there are much more difficult obstacles yet to be overcome. P.s. They've got £3.12m available for FP, but don't tell Chinny, it's confidential for legal reasons. Edited 27 February, 2013 by hutch
Matthew Le God Posted 27 February, 2013 Posted 27 February, 2013 It's not 12 months of interest though, it is March, April, May, June, July and then pay the £1.45m back in August 2013 with the parachute payments. How do the PFA feel about the money that should be going to the football creditors being allocated to the City Council? Were they consulted?
anothersaintinsouthsea Posted 27 February, 2013 Posted 27 February, 2013 If you can promise to repay such an amount within 5 months then it makes you wonder why they need a loan in the first place.
trousers Posted 27 February, 2013 Posted 27 February, 2013 And of course that interest rate will almost certainly be an annual interest rate, with the loan supposedly being repayable within five months, so it'll be (5/12 x 5%), roughly £30,208. They might be able to keep one public toilet open for that amount Not forgetting the tax the council will need to pay on the income...
eurosaint Posted 27 February, 2013 Posted 27 February, 2013 The council must truly believe that this bid is of the most robustest variety, will be interesting to see how the judge reacts if/when they ever get to court and even more so, how Chinny reconsiders his position ??
trousers Posted 27 February, 2013 Posted 27 February, 2013 If you can promise to repay such an amount within 5 months then it makes you wonder why they need a loan in the first place. Same reason why we might have needed a loan to buy Ramirez perhaps....? #cashflow
Hatch Posted 27 February, 2013 Posted 27 February, 2013 And of course that interest rate will almost certainly be an annual interest rate, with the loan supposedly being repayable within five months, so it'll be (5/12 x 5%), roughly £30,208. They might be able to keep one public toilet open for that amount minus what they would have got had they left that much in a high street bank current account.
Matthew Le God Posted 27 February, 2013 Posted 27 February, 2013 If you can promise to repay such an amount within 5 months then it makes you wonder why they need a loan in the first place. Because they won't get the parachute payments until August and need the money now to buy the club.
fanimal Posted 27 February, 2013 Posted 27 February, 2013 Still boils down to the Court case - note the need to get the business plan in before the judge. Who are Councillors Ferret and Stubbs? Sounds like a private detective agency!! BTW NAK is 5 acres; in 2004 PCC approved a plan for this 5 acres plus adjoining 8.5 acres of Miland's wasteland for an extended stadium of 35,000 capacity PLUS 536 residential units in 8 BLOCKS, PLUS community facilities PLUS 372 Car spaces in a 4 storey block. So goodness knows where those latest figures were dreamt up from!!
Torres Posted 27 February, 2013 Posted 27 February, 2013 So the loan will be paid back in August with the parachute money. Well here's the thing - last time around the PCC made the loan conditional on the PL assigning £1.5m of the PPs to the PCC, and the PL would only agree to that if Tricky Trev, as the man at the helm of the sinking ship, would make the request. Trev wouldn't do it, so the PL said "No guarantees". The question is, what's changed? HAs Trev made the request, have the PL agreed without a request from Trev, or are the PCC ploughing on without the guarantee from the PL? I assume the latter is correct, and that Robinson/HNW have acted as guarantor to the loan, themselves expecting it to actually be paid from the PPs once they are in place to make that decision themselves. You can see why the PFA aren't too pleased as they see the only guaranteed method of them being paid is slipping through their grasp...
hutch Posted 27 February, 2013 Posted 27 February, 2013 minus what they would have got had they left that much in a high street bank current account. The Council are borrowing the money to lend them. But they will have to dip into their reserves to pay it back if the skates default in August.
Joey-deacons-left-nut Posted 27 February, 2013 Posted 27 February, 2013 £.145m???? Hmmm.... 8k season tickets at around £200 a pop......
saint si Posted 27 February, 2013 Posted 27 February, 2013 The Council are borrowing the money to lend them. But they will have to dip into their reserves to pay it back if the skates default in August. So actually the real "profit" to the council is the difference between the interest rate the skates are paying vs the interest rate the council is paying. Call me cynical but the real "profit" here is measurable in votes.
Jimmy_D Posted 27 February, 2013 Posted 27 February, 2013 So, they've promised first dibs on the August parachute payments to the council, according to the BBC. That means they need to renegotiate with the players, no wonder the PFA isn't happy. Guess the former players already owed money are easier to negotiate with than PCC who they're trying to get to lend them money.
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