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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Fowllyd

Fowllyd

Posted
Posted
Absolute disgrace... and I am not saying that because it is P*mpey.

 

How can any football club be allowed to buy players when they can't even afford to pay their staff, let alone creditors.

 

I suppose the one good thing is that no football club in their right mind is going to sell a player to them for anything other than cash up front or a loan.

 

The Premier League have f*cked this one up completely. If they don't pay the players and staff on time again on Friday, yet manage to rustle up some transfer fees then The FA and UEFA/FIFA need to have a long hard look at what the PL are up to.

 

If I were to hazard a guess, it would be that the PL's rules refer to football debts being under control and nothing more. A few weeks back, as others have pointed out, the PL seemed to be suggesting that they'd want certainty that Pompey were running on a sound financial footing as well. That, it appears, has now gone - perhaps Pompey's lawyers had a word with the PL about the letter of their law, rather than its spirit, following which the PL backed down. We'll see what their statement says.

 

I agree with you though - a disgrace it most certainly is. And, as you say, I doubt any club will sell them any players unless it's on a cash up front basis - and what player will be keen on moving to a club where his pay is far from guaranteed?

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pedg

pedg

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My guess is that they will pay their players with this money. They will need to either sell or get new investment to pay off the other debts though.

 

If so they would have to have done a deal portpin as they were trying to get the full 7M out of the PL so one would assume their most recent loan is secured again the TV money.

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Hatch

Hatch

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Phone rings,

 

PL manager 'Hello'

Avram ' I want to buy so and so'

PL manager ' How much you offering'

Avram ' erm, nothing, '

PL Manager ' Sod off, but I will ask him anyway...

.............he says how much per week?'

Avram ' erm , nothing'

PL Manager 'What can you offer'

Avram ' I can get you a 3 for 2 deal on Thai massages'

PL Manager ' Triffic, It's a deal, see you later f'sure'

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pedg

pedg

Posted
Posted
If I were to hazard a guess, it would be that the PL's rules refer to football debts being under control and nothing more. A few weeks back, as others have pointed out, the PL seemed to be suggesting that they'd want certainty that Pompey were running on a sound financial footing as well. That, it appears, has now gone - perhaps Pompey's lawyers had a word with the PL about the letter of their law, rather than its spirit, following which the PL backed down. We'll see what their statement says.

 

I agree with you though - a disgrace it most certainly is. And, as you say, I doubt any club will sell them any players unless it's on a cash up front basis - and what player will be keen on moving to a club where his pay is far from guaranteed?

 

Agree with the likely attack of the lawyers scenario. You can bet as soon as the window closes they will not pay what they owe to other clubs such as Watford who are due a payment soon. But by then the window will have closed so it will make no difference.

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JonnyLove

JonnyLove

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I have a feeling the only reason that the embargo has been removed is to ensure that the PL are not liable should a court of arbitration say it should not of stood. for example Pompey cannot sign anyone. Get religated and then go to court (al la Sheffield united) and sue the PL.

 

By doing this even if the PL think it should still be in place they are covering their backsides just incase

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Clapham Saint

Clapham Saint

Posted
Posted
Absolute disgrace... and I am not saying that because it is P*mpey.

 

How can any football club be allowed to buy players when they can't even afford to pay their staff, let alone creditors.

 

I suppose the one good thing is that no football club in their right mind is going to sell a player to them for anything other than cash up front or a loan.

 

The Premier League have f*cked this one up completely. If they don't pay the players and staff on time again on Friday, yet manage to rustle up some transfer fees then The FA and UEFA/FIFA need to have a long hard look at what the PL are up to.

 

Agreed.

 

Even if they have agreed to postpone payments on the transfers already outstanding a load more payments will no doubt fall due at the end of January.

 

Technically they might be paid up to date at the moment but they have no apparent means of meeting the payments due in just a few days!

 

If any money is spent on palyers, only for other debts to remain unpaid the PL will have a lot to aswer for. Not least to Watford who are struggling themselves.

 

That said still nothing on the BBC. Is Marc Jacob just making pronouncements based on fantasy again or is that a wish too far?

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Foxstone

Foxstone

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Posted
If I were to hazard a guess, it would be that the PL's rules refer to football debts being under control and nothing more. A few weeks back, as others have pointed out, the PL seemed to be suggesting that they'd want certainty that Pompey were running on a sound financial footing as well. That, it appears, has now gone - perhaps Pompey's lawyers had a word with the PL about the letter of their law, rather than its spirit, following which the PL backed down. We'll see what their statement says.

 

I agree with you though - a disgrace it most certainly is. And, as you say, I doubt any club will sell them any players unless it's on a cash up front basis - and what player will be keen on moving to a club where his pay is far from guaranteed?

 

Where Mr Mawhinney of course ignored the letter of the law and invoked the spirit of the law when punishing us!

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Sour Mash

Sour Mash

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Something doesn't add up in all of this and I've still got a horrible feeling the skates might come out of this OK. How can you be in such a bad financial situation that you can't pay your staff 3 months on the trot and are issued with a winding up order from HMRC, but several weeks into the transfer window they haven't sold anyone from their sizeable squad? I can't see where they would have received a significant amount of money from, their Sunderland cup game can't have made them any money at all. Or am I missing something?

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pedg

pedg

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A question for those who know more about these things. Given they are under a winding up order at the moment exactly who can put them put into administration and how easy is to do? i.e. what sort of tightrope are they walking in terms of how much control they have of avoiding administration?

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stevegrant

stevegrant

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Posted
Something doesn't add up in all of this and I've still got a horrible feeling the skates might come out of this OK. How can you be in such a bad financial situation that you can't pay your staff 3 months on the trot and are issued with a winding up order from HMRC, but several weeks into the transfer window they haven't sold anyone from their sizeable squad?

I suspect that the vultures who are circling and attempting to buy their better players are offering relative pittances at the moment, hoping that Pompey get desperate enough to accept them. When the end of the transfer window gets closer, those offers will increase a bit, but the desperation to sell will also increase, so there will be more deals agreed.

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Joensuu

Joensuu

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Posted
On BBC ticker:

 

"Portsmouth tell BBC Solent their transfer embargo is lifted; Premier League is yet to confirm"

 

 

http://news.bbc.co.uk/sport

 

Ticker now changed to:

 

"Portsmouth tell BBC Solent their transfer embargo is lifted; Premier League is yet to comment"

 

Can we interpret that as the BBC have contacted the Premier League, but have been told to wait for a statement? (of course it could just be a web editor nit picking...)

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St Marco

St Marco

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So if it is true and the embargo has been lifted that means £1.6m from the Sky money goes back to them correct?

 

So if on friday they miss the wages again even after receiving the funds to pay it then the PL need to start coming down hard on them.

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Clapham Saint

Clapham Saint

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A question for those who know more about these things. Given they are under a winding up order at the moment exactly who can put them put into administration and how easy is to do? i.e. what sort of tightrope are they walking in terms of how much control they have of avoiding administration?

 

The court.

 

A qualifying charge holder (i.e. somebody with security) who hasn't been paid.

 

Ordinarily the Directors could also appoint administrators but the winding up petition prevents them.

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Doctoroncall

Doctoroncall

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Posted
A question for those who know more about these things. Given they are under a winding up order at the moment exactly who can put them put into administration and how easy is to do? i.e. what sort of tightrope are they walking in terms of how much control they have of avoiding administration?

 

No expert, but anyone who is owed money and the club are behind in any repayment scheme that has been agree, be it wages, transfer money, tax etc.

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Sour Mash

Sour Mash

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I suspect that the vultures who are circling and attempting to buy their better players are offering relative pittances at the moment, hoping that Pompey get desperate enough to accept them. When the end of the transfer window gets closer, those offers will increase a bit, but the desperation to sell will also increase, so there will be more deals agreed.

 

Makes sense, fingers crossed that will be the case, can't be too long until something gives?

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Clapham Saint

Clapham Saint

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No expert, but anyone who is owed money and the club are behind in any repayment scheme that has been agree, be it wages, transfer money, tax etc.

 

See my post above.

 

Anybody owed over £750 can (after a short process) apply for a winding up petition, as HMRC have done.

 

To appoint an administrator you must be a chargeholder.

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pedg

pedg

Posted
Posted
See my post above.

 

Anybody owed over £750 can (after a short process) apply for a winding up petition, as HMRC have done.

 

To appoint an administrator you must be a chargeholder.

 

So I wonder how many chargeholders are out there? Portpin, by the sounds of it loaned against the TV money which they obviously did not get. Is gady's £9M secured against anything I wonder?

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Fowllyd

Fowllyd

Posted
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See my post above.

 

Anybody owed over £750 can (after a short process) apply for a winding up petition, as HMRC have done.

 

To appoint an administrator you must be a chargeholder.

 

Does this mean that Balram Chainrai or Sacha Gaydamak could put them into administration then? I know there's an unresolved dispute as to whether the latter is owed money by PFC or Al Fahim, but the former is most certainly owed by PFC.

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saint lard

saint lard

Posted
Posted

Embargo lifted,substantial takeover in the offing?,PL satifisfied,Udinese deal re-financed,climb out the relegation zone,muller us in the cup....they are going to get out of this mess and all will be well..........my worst nightmare, my worst fears will be confirmed,i just bloody new it.

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pfc123

pfc123

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"Avram Grant has been given the green light to delve into the transfer market after Pompey's embargo was lifted.

 

he News can reveal the Premier League gave the Blues the thumbs up after noon, having received satisfactory documentation from Udinese.

 

The Italian club have come to an agreement with Pompey over money owed for Sulley Muntari and that has been rubberstamped by league chiefs.

 

They will also return around £1.6m owed to the Blues, Sky television money they had previously withheld.

 

It means finally, after 103 days of waiting, the Blues can register players once again.

 

And executive director Mark Jacob was delighted with the news.

 

He told The News: 'We have been working very, very hard behind the scenes and are delighted the embargo has now been lifted.

 

'It will now enable Avram Grant to strengthen the squad where necessary.

 

'This is another piece of the jigsaw we are trying to put back together.

 

'I sincerely hope supporters can get fully behind the team tonight against West Ham for what is a crucial match and generate that Fratton fortress atmosphere once again.'

 

The Premier League are expected to confirm the transfer embargo has been lifted in an official statement this afternoon........."

 

Some good news at last. Think we've got just a squeak of a chance of getting out of this mess. Also suspect that the 'Only 3 players available to sit on the bench tonight' story will quietly die now.....

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pedg

pedg

Posted
Posted
rumours say the PL have said reports of the embargo being lifted are 'premature'

 

not usually my style to put something with no link or source so even I think this could well be wrong.

 

Well if its right it would be SO SO funny.

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Jimmy_D

Jimmy_D

Posted
Posted
rumours say the PL have said reports of the embargo being lifted are 'premature'

 

not usually my style to put something with no link or source so even I think this could well be wrong.

 

This was apparently heard on Talksport...

 

Doesn't add much to the credibility I admit...

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pedg

pedg

Posted
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Fair enough, still struggling to see how this will really help then

 

I suspect their plan is to get as many half decent players in on loan or free's as they can so they can sell the few players they have who are worth anything. This would give them more chance of getting to the end of the season without going bust, but not by much.

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Give it to Ron

Give it to Ron

Posted
Posted

Am I missing something here?

You have an embargo lifted and £1.6m given to you....what will that buy you?

You have missed the wages 3 months out of 4 yet this will get you out of a mess?

For nearly a month you could of sold anyone yet the only one gone is Williamson and we all know the **** up you made of that one.

 

You may get back O'Hara agreed but how will you pay him??

Future sales will only go to pay debts and you have what 5 days to agree getting in Riquelme including his medical and pay his agent ;-)

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Joensuu

Joensuu

Posted
Posted
rumours say the PL have said reports of the embargo being lifted are 'premature'

 

not usually my style to put something with no link or source so even I think this could well be wrong.

 

 

BBC still hasn't put it up on their website http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/default.stm

 

... but they have removed it from their sports page ticker...

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Jimmy_D

Jimmy_D

Posted
Posted (edited)
Sky are reporting it's been lifted.

 

Not allowed to buy anyone, Loan or Free players only!

 

They reported we'd made a signing we hadn't as well...

 

Sky are usually pretty reliable admittedly, but they're not bulletproof

 

http://www.skysports.com/story/0,19528,11095_5886470,00.html

 

Also sounds like it's all coming from Portsmouth's end so far...

Edited by Jimmy_D
SSN link added
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pfc123

pfc123

Posted
Posted

Well freebies and loanies was probably all we could afford anyway and even that's debatable. It DOES give us a whiff of a chance though to bring some players in and sell some to raise more cash.

 

I would hate to see Kaboul go but if the £10m from Sunderland story is a goer, I'd bite their hands off. £10m would get us out of the poo for a couple of months at least as long as we can negotiate staged payments to HMRC.....

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