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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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OldNick

OldNick

Posted
Posted

I can see the first board meeting . 'Can you please put all the drums and bugles in the corner'

Item 1, 'Yes Mr Westwood we will arrange for new hat pegs in the boardroom but until then The big floppy tall hat will have to be put on the ground'

Item2. ' yes we will vote on who has the most tattoos but can we get onto more pressing matters?'

Item 3. ' all in favour that the price of beer should be halved in the Fratton End to anyone not wearing a shirt'

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rallyboy

rallyboy

Posted
Posted

So by my reckoning, if we ignore that little phrase 'add-ons', it seems that they have pluckily battled hard and purged their club of Chanrai, the glorious few have stood firm and hounded him out.... by paying him what he wanted. :o

 

That showed him!

They made him an offer, he asked for more, they agreed to pay it.

Plucky indeed.

Sounds like he tried to shaft them with the small print as well, or Birch just doesn't know what he's doing.

They just need to make sure that their increased offer doesn't breach the FL regs on the carrying forward of debt.

 

Well done to Birch, fantastic job, I believe he's now a hero.

Until they see his final invoice.

 

Now we can ask the question again, only louder - if this is the biggest fan buyout in sporting history, why isn't it being funded by, err, fans?

 

 

There's always an elephant in the room and the big fat trumpety one to concentrate on now is not the Greggs' pin-up girl for April-May, spilling into June, but the myth of community ownership.

 

pompey are leading football into a new era....

Are they indeed?

As Penny pointed out, against all odds they bravely paid Chinny off, a great and inspiring victory.

 

Is it possible to rewrite history before it has even happened?

 

 

Now all we need the fully-funded bid to do is actually put the cash on the table and complete....

Go on then, let's see the colour of your money....chop chop, cough it up!

 

No more excuses, tis an open goal - nothing can go wrong.

 

 

It's a great day for property developers.

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Daren W

Daren W

Posted
Posted
Not yet.

 

They've reached an agreement to buy Fratton Park, but haven't actually bought the club yet.

 

So I take it that as soon as they "own" the club then the penalty must be applied? Coventry must be watching this like hawks...

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OldNick

OldNick

Posted
Posted
So I take it that as soon as they "own" the club then the penalty must be applied? Coventry must be watching this like hawks...
Daren I suspect and hope that the penalty will not be given until the league know if it is valid this season or not. I recall that the penalty has to be awarded if it has a bearing on their position eg if they go down anyway they get the points next season but if they manage to get enough points to stay up this they will get them for this season.If you get my drift
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CB Saint

CB Saint

Posted
Posted
SSN just said they have agreed to pay Chanrai £3m plus further amounts over the next few years.

 

I think we all know how this is going to end up. Admin number 3, probably this time next year.

 

Secured by a 12m floating charge over fratton park

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hutch

hutch

Posted
Posted
Now we can ask the question again, only louder - if this is the biggest fan buyout in sporting history, why isn't it being funded by, err, fans?

But it is rallyboy. Not Pompey fans, of course, but fans nevertheless.

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melmacian_saint

melmacian_saint

Posted
Posted

Ok so is it me or have they almost spent all their fund-raising in just taking over the club? Parachute payments are not equal to the agreements they have committed to either. What are they going to run the club with? I doubt the HNWs will commit to a rise through the FL ranks...

 

My guess is they have to touch non-league football before it levels off.

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Saint_John

Saint_John

Posted
Posted
It would be admin number four - 1998, 2010 and 2012 so far

Don't forget 1911 from that list

In 1911 a severe financial crisis struck and the club was wound up after suffering relegation to the Southern League Second Division. A new limited company was promptly formed to take over and the club was saved after substantial guarantees were offered by the new board of directors.

http://www.historicalkits.co.uk/Portsmouth/Portsmouth.htm

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saint si

saint si

Posted
Posted
Ok so is it me or have they almost spent all their fund-raising in just taking over the club? Parachute payments are not equal to the agreements they have committed to either. What are they going to run the club with? I doubt the HNWs will commit to a rise through the FL ranks...

 

My guess is they have to touch non-league football before it levels off.

 

I think they are hoping for more pledges now that the bid has no more hurdles. Not quite convinced by that logic...

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pedg

pedg

Posted
Posted
Are the pledgers legally obliged to covert their pledges? or could they conceivably lose half the minimal support they already have?

 

No they are not obliged to convert their pledges.

 

I believe that to proceed as they have done they must have got one or more of the HNW individuals to underwrite the share issue to the fans (i.e. cover the short fall if not enough pay up the full amount for them to proceed). If that the case then there is very little incentive for the average punter to now pay up. Previously they were strung the line "Pay up to save the club" but now all that could be said is "Pay up so we have an outside change of getting 51% of the ownership". Not exactly going to have people rushing to the bank I would suspect.

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qwertySFC

qwertySFC

Posted
Posted

Just wait for the most important question the fans will want an answer to -

 

 

How much of a transfer budget do we have next season - I can hear the cries of but I'm a "shareholder" I want a new manager , I want a better goalkeeper, why does this person get preferential treatment like free tickets, free hospitality, I'm a shareholder why not me too - the biggest problem to now come is the in fighting of who gets what and why !!!

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Pedro

Pedro

Posted
Posted

Dear supplier (caterers, printers, coach operators,hoteliers etc.)

 

We are now the new owners of PFC, we will be happy for you to continue supplying us but request you now allow us a 90 day (if you're lucky) account.

 

Yours

 

PST

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qwertySFC

qwertySFC

Posted
Posted
Do we actually know what proportion of the club will be 'owned' by the Phew specifically, as opposed to the HNW ?

 

In reality the fans who have "given" money to PST are not shareholders so the fans own F All - as much as they would like you think they do

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Katalinic

Katalinic

Posted
Posted

This is going to be funny - idiots lead by amateurs - what could possibly go wrong......? I predict infighting, resignations and disgruntled fans moaning that "the trust thing isn't what they thought it would be" within 12 months. This thread couldn't really lose today whatever the outcome in the courts.

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Matthew Le God

Matthew Le God

Posted
Posted (edited)
a reminder as to the sized of the debt they will carry please?

 

Their new chairman Iain McInnes said today the debt will £0 and the club will be relatively cash rich for the first time in many years, but he is forgetting the £8m player compromise payments (covered by the parachute payments but it is still debt) and whatever they have to pay Chainrai as the "add-ons" as they were described today on top of the £3m for Fratton Park. He came across as amateurish before today and is continuing that trend. It doesn't bode well for them and boardroom infighting and lack of funding will likely tear apart any future of football "fan ownership wonderland" for the world to follow.

 

http://www1.skysports.com/watch/video/sports/football/teams/portsmouth/8629723/portsmouth-fc-saved

 

It'll started with tears in the courtroom today and it'll end in tears with a 4th administration with the lunatics running the asylum to a business plan shot full of flaws due to overestimating the fan-base and club.

Edited by Matthew Le God
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trousers

trousers

Posted
Posted (edited)

@dousey83: @PennyMordauntMP An exceptional story of a club against the world #PUP

 

@dousey83: @PennyMordauntMP Thank you for helping save the best football club in the world

 

@gemzylou877: A female, conservative mp, getting involved with football, it's great to have an mp to look up to again! @PennyMordauntMP

 

@ad5red: @PennyMordauntMP Your help in changing the administrator has proved vital. Thank you.

 

@PORTSMOUTHFCLEE: @PennyMordauntMP if Britain had more MPs like you it would be a much better place.Portsmouth FC means an awful lot to a lot of people :-)

 

@PORTSMOUTHFCLEE: @PennyMordauntMP thank you so much for your input in parliament and out of it :-) Penny for prime minister #pompey #pst

 

@BeyondSport: Great to see @PennyMordauntMP going Beyond Sport in support of #PFC. Great evidence of the power government play within sport. #socialchange

Edited by trousers
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Chez

Chez

Posted
Posted
Their new chairman Iain McInnes said today the debt will £0 and the club will be relatively cash rich for the first time in many years, but he is forgetting the £8m player compromise payments (covered by the parachute payments but it is still debt) and whatever they have to pay Chainrai as the "add-ons" as they were described today on top of the £3m for Fratton Park. He came across as amateurish before today and is continuing that trend. It doesn't bode well for them and boardroom infighting and lack of funding will likely tear apart any future of football "fan ownership wonderland" for the world to follow.

 

http://www1.skysports.com/watch/video/sports/football/teams/portsmouth/8629723/portsmouth-fc-saved

 

It'll started with tears in the courtroom today and it'll end in tears with a 4th administration with the lunatics running the asylum to a business plan shot full of flaws due to overestimating the fan-base and club.

 

would the £1.45m loan from the PCC not count as debt?

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Tamesaint

Tamesaint

Posted
Posted
@alex_crook: Had lots of tweets from #saintsfc fans saying they are glad #pompey have survived. shows our sport is about more than tribalism and rivalry

 

Of course we are glad.

 

This thread has now got plenty more mileage in it. 100,000 posts is now guaranteed. Who knows when it is going to end???

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Rebel

Rebel

Posted
Posted

I think they need to win at least 2 of their last three games to stay up this season and that's only if Oldham fail to get more than one win and a draw out of their last 5 games.

 

The most points they can get is 48 putting them level with Shrewsbury in 18 - who at the moment have +14 goal difference on Pompey.

 

If the Skates lose on Saturday and Oldham win on Saturday and then draw on Tuesday night they are down on goal difference.

 

That's how it looks to me

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trousers

trousers

Posted
Posted

@PennyMordauntMP: Im so proud of our city, our club and all who have made this happen. This is such an achievment against all the odds #Pompey #PUP #PST

 

@HutchyPaul: @PennyMordauntMP You did your bit and got DC to support the bid, that helped.

 

@PennyMordauntMP: @HutchyPaul thanks. He is in the chamber of the commons with me now. Just passed me a note saying "good result ". #PST

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CB Saint

CB Saint

Posted
Posted
I think they need to win at least 2 of their last three games to stay up this season and that's only if Oldham fail to get more than one win and a draw out of their last 5 games.

 

The most points they can get is 48 putting them level with Shrewsbury in 18 - who at the moment have +14 goal difference on Pompey.

 

If the Skates lose on Saturday and Oldham win on Saturday and then draw on Tuesday night they are down on goal difference.

 

That's how it looks to me

 

They are going to lose the next two, last day decider, last minute winner for Shrewsbury. 10 point deduction next season.

 

If carlsberg did poetic justice

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stevegrant

stevegrant

Posted
Posted
Ok so is it me or have they almost spent all their fund-raising in just taking over the club? Parachute payments are not equal to the agreements they have committed to either. What are they going to run the club with? I doubt the HNWs will commit to a rise through the FL ranks...

 

My guess is they have to touch non-league football before it levels off.

I presume (we can only presume, given that the "transparent" trust has been anything but) the theory is that season ticket sales will provide the vast majority of working capital through the summer and into the early part of next season, and then the hope is that they get a good start to the season and momentum builds enough to get big crowds during the second half of the season to plug the gap. The vast majority (if not all) of the parachute payment due next season cannot be counted upon as they're largely spoken for with the football creditors that will be carried over to the new owners.

 

Don't forget League Two operates (supposedly) strict salary control regulations, which restricts the wages/turnover ratio to a maximum of 55%, so it's not as if they can just dive in and recommence an overspending policy. That said, given the size of the other clubs in League Two, they're still going to be able to attract the best players for that level.

 

I know McInnes is going to be the chairman, but have they said anything about appointing a CEO? They're going to need somebody with a bit of experience in the industry to deal with players, agents and other clubs, otherwise they risk getting taken for a ride by a lot of people because of their naivety and inexperience of the way the game works.

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