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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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The Kraken

The Kraken

Posted
Posted
What about Chinny's legal fees? After all those court hearings, not to mention counsel's fees, they've got to be quite hefty!

 

I didn't say it was true!! Just what the deluded few are saying.

 

From what I hear PKF's fees were capped at £2.5M, and these will be taken from held back funds (previous parachute payments) before the PDT take over. So technically they're not a debt that the PDT will have to encounter.

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bridge too far

bridge too far

Posted
Posted
I didn't say it was true!! Just what the deluded few are saying.

 

From what I hear PKF's fees were capped at £2.5M, and these will be taken from held back funds (previous parachute payments) before the PDT take over. So technically they're not a debt that the PDT will have to encounter.

 

OK but Chinny's legal fees?

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The Kraken

The Kraken

Posted
Posted
OK but Chinny's legal fees?

 

Again, I can only go by the deluded few's mad scrawlings on POL. But that will all be covered before the PDT take over. And the only fees they owe Chinny that I know of are the delays from the very first court case, which they reckon are relatively small.

 

Don't get me wrong, I think they're full of sh*t and the true story of debt will probably get hushed up and brushed over. Just like they're claiming they're now "free of debt" when they are patently anything but. Another Portsmyth to add to the list.

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Danbert

Danbert

Posted
Posted
just a minor point before we sweep the last few years of criminality under the biggest debt-free, fan-owned carpet in world football - the actual result in figures, how much did the taxpayer and local businesses lose?

 

 

Firstly congratulations to Andronikou, he did more for them than anyone in this heist, converting £80M of unsecured debt into £16M, which was then seasonally-adjusted to zero.

£80M owed, not a single penny paid.

Wow, step forward AA, hero status.

 

If we then add in the £16M of their owed £24M, surrendered by the players, and see how the next batch of debt was downgraded, minus the costs to Chinny and the pitiful CVA2, I reckon they've got away with writing off up to £135M.*

That's IF they pay the football debt and the other add-ons.

 

 

 

Anyone else want to have a bash at the maths and see the actual value of the crime that the media won't bother to print?

 

*I realise of course than Saints and pompey's admins were identical and that we are jealous.

 

That was ****ing funny

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rallyboy

rallyboy

Posted
Posted

that was one of my serious posts! :)

 

 

Interesting quote tonight re completing the deal -

Mick Williams, trust board member, said: ‘We will be pushing to get it done ahead of the final game of the season against Sheffield.

‘We need that gate money to come to us, rather than go to Portpin.’

 

I'm not sure why the gate money would be going to Portpin, but that means that all those people rushing to buy tickets at the moment are just chucking cash at Mr Birch and Mr Chanrai, not the Trust.

Whoops!

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Lurkster

Lurkster

Posted
Posted
“The club will not be debt-free and for anyone to say this, it would be stupid. We have a number of parachute payments, revenue from loans, and other income that will keep us sustainable for some time. However, loans, including the £1.45m from Portsmouth City Council and £1.2m to developer Stuart Robinson, will all need to be paid back over a 4-year plan.

 

“Then there is the £8.5m that is owed to past football players of the club — players who will never step foot on the pitch again — who will need to be repaid over this 4-year period.

 

http://teamlocals.co.uk/news/portsmouth/news-sport/pompey-start-fresh-but-not-totally-debt-free

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trousers

trousers

Posted
Posted
Mick Williams ‏@mickwill 16m

 

Pompey Start Fresh But Not Totally Debt Free http://tinyurl.com/br438ga #Pompey

 

http://teamlocals.co.uk/news/portsmouth/news-sport/pompey-start-fresh-but-not-totally-debt-free

 

“The club will not be debt-free and for anyone to say this, it would be stupid. We have a number of parachute payments, revenue from loans, and other income that will keep us sustainable for some time. However, loans, including the £1.45m from Portsmouth City Council and £1.2m to developer Stuart Robinson, will all need to be paid back over a 4-year plan.

 

“Then there is the £8.5m that is owed to past football players of the club — players who will never step foot on the pitch again — who will need to be repaid over this 4-year period.

 

The council loan "will need to be paid back over a 4 year plan"?

 

I thought it was a 6 month bridging loan...?

 

Either I'm reading that wrong or they've reverted to type at record speed...

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dorsetdave

dorsetdave

Posted
Posted

Good to see the money rolling in for the few.

 

FOR months Pompey fans have been pledging £100 to the Pompey Supporters’ Trust as a promise to convert that money into a £1,000 share if the trust were to take the club over.

 

And since 4.10pm on Wednesday, when the deal between BDO and Portpin was signed by High Court judge Mr Justice Peter Smith, more than 100 of those pledges have been converted into shares, raising an extra £9,000.

 

Massive support from the bestest there, should pay for a few more tins of blue paint. Won't be long until the other 249,900 fans pay up as well. :rolleyes:

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Saint_clark

Saint_clark

Posted
Posted

Right, now I may be going crazy here but I seem to remember something from a couple of years ago.

Didn't Gaydamak owe one of the owners who took over after him a lot of money?

 

I'm sure 2 or 3 of the seperate owners were involved before any of them had anything to do with Pompey.

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SNSUN

SNSUN

Posted
Posted

Good effort with the red shirt...

 

BHkydO7CMAAbTK7.jpg:large

 

Haha! He could've chosen any shirt colour in the world, but no, he plumped for the colour of their hated rivals.

 

Is it me, or does the directors box look like its had a bit of a refurb....? all looks (relatively) posh for a club that's been run on a shoestring for the last 14 months....
Airbrushing. Or theft, one or the other!

 

So is the 10 point deduction happening this season or next? I'm rather hoping League 2 is a definite...

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Red and White Army

Red and White Army

Posted
Posted
Good to see the money rolling in for the few.

 

 

 

Massive support from the bestest there, should pay for a few more tins of blue paint. Won't be long until the other 249,900 fans pay up as well. :rolleyes:

 

100 pledges would raise 90 grand, not the 9 grand mentioned. Big difference!

 

Pretty obvious the Trust is on a wing and a prayer here, they clearly don't have anywhere near enough money. The question everyone needs an answer to is what security BC retains to make sure the Trust don't mug him off as the club has mugged all previous creditors.

 

I don't expect the Trust will be keen in disclosing this, especially while some idiots are still converting pledges.

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pedg

pedg

Posted
Posted
The council loan "will need to be paid back over a 4 year plan"?

 

I thought it was a 6 month bridging loan...?

 

Either I'm reading that wrong or they've reverted to type at record speed...

 

I think the loan from the property developer is over 4 years so he is referring to the total time to have both paid off not that both are over 4 years.

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pedg

pedg

Posted
Posted

Just to remind ourselves what the alternative pompey definition of 'shortly' is let us remember this post from November:

 

"The share will buy me the one thing we have fought for over years; transparency. There has been very little of it at Pompey in my lifetime, for one simple reason; you don't grant transparency when you have something to hide."

 

http://www.communitypompey.co.uk/faqs/

A summary of the finances appears in the offer document, and a more detailed set of financial projections with commentary will be added shortly.

 

 

Almost a week since they published the prospectus, still no sign of this information, something to hide? :?

 

Yes, still no financial projects as far as I can see and now 5 months later.

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Gingeletiss

Gingeletiss

Posted
Posted

The council have been in discussions this week about how they can utilise tax payers money to assist the Portsmouth Trust bidding to bring Pompey out of administration.

 

Pompey Supporters trust have turned to the council to help them complete the purchase of the club including an offer of around £2.75m for Fratton Park to Balram Chainrai who has £17.5m in loans secured on the ground.

 

So what do you think as a local? After all it will be your money allowing this process to proceed…….

 

The conditions surrounding the loan from the council are proposed as follows -

 

1. A written agreement by the Premier League, Pompey and the trust that the loan will be paid from parachute payments in August 2013.

 

2. The trust’s business plan is approved by the Football League. (Probably the same people who do the fit & proper test!)

 

3. All players must have agreed terms within the finance available in the trust’s business plan. (Do we have any left???)

 

4. The trust has received £3m on deposit from supporters pledges, associate directors and high net work individuals – plus £500,000 additional contingency.

 

5. Trust directors should take a personal charge upon their assets to a council loan to guarantee repayment, or an investor guarantee to the value of the loan.

 

We quite agree with the Pompey Trust chairman who has commented that the council should be making as much effort to save the club as it does with the Pyramids Centre, Southsea. Surly the club and surrounding trade brings in more money to our city than the Pyramids centre currently does.

 

This was from August last year, I wonder how much of the above criteria was met. I note No 5, should cause a few chuckles if they default!

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pedg

pedg

Posted
Posted

http://www.bbc.co.uk/news/magazine-22110898

 

Great grounds

 

 

'La Bombonera', Buenos Aires: The Estadio Alberto J. Armando - home to Argentine side Boca Juniors - is renowned for its acoustics

 

Turk Telekom Arena, Istanbul: Home to Galatasaray's fans, some of the noisiest in football, who give it intimidating atmosphere

 

Millennium Stadium, Cardiff: Spine-tingling when Welsh rugby fans sing anthems such as Cwm Rhondda (Bread of Heaven)

 

Signal Iduna Park, Dortmund: Home to Germany's Borussia Dortmund, it has a capacity of more than 80,000, with 25,000 standing places

 

Celtic Park, Glasgow: Noise levels peak during European matches and derbies with Rangers

 

Anfield, Liverpool: Famous for the Spion Kop leading the ground in a chorus of You'll Never Walk Alone

 

What, no mention of fatpipes? Its an outrage.

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hypochondriac

hypochondriac

Posted
Posted
once they leave the safe haven of administration they'll have to do those things that proper businesses do, like file some accounts.

 

And I suspect the taxman will be down there the next day if they miss a payment from now on.

 

BUT we are getting ahead of ourselves.

The other day they were given the opportunity to complete a deal.

Despite being fully funded and ready to go they are now talking today about 'further negotiations'.

 

Nor have they released the detail of the agreement that was enough to make Chinny walk away - an oversight perhaps, another computer glitch?

 

That detail could be interesting, especially if it still gives him guarantees that the FL are not happy about.

As pointed out above, this brave new era of transparency is working out really well.

 

 

But on a lighter note, I expect them to get officially relegated tomorrow. :)

 

Sadly impossible...

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Crab Lungs

Crab Lungs

Posted
Posted

 

Call me Mr Boring, but I decided to take a look at how we rated against the bestest fans in the whole wide world TM in the eyes of opposition supporters... ladies and gents, these are impartial views from visiting fans over the past 2-3 years. No undercover scummahs - this should once again, prove yet another PortsMYTH to be false.

 

Enjoy;

 

On St Mary's and the faaaaaaaaaaaaaackin' scummah support

 

 

 

Comments from a Skate;

 

I have to give my honest views, so here goes.

 

I decided to take the coach having my 7 year old in attendace with me. Wise choice. After arriving in the car park we were greeted by about 200 friendly welcoming home fans!!!!!!!!! They were so hospitable that they showered us with coins which was gladly collected by my son. The chap next to me was not so lucky as he had blood coming from his eye.

The policing and stewarding outside was awful being this was a game with potential trouble written all over it. This was an FA Cup game.

 

Once inside I was impressed with the facilities albeit some idiot set light to one of the toilet cubicles. Inside the ground looked like the usual 1990s plastic lego built stadia with nothing unique about it.

The view was excellent and the stewarding and policing was first class. I was sat next to the netting next to the home fans. We were bombarded throughout with coins, bottles of coke and fireworks.

Yes it was intimidating, but the atmosphere was electrifying, deafning and back tingling. Southmpton really got behind their team and should have won the game.

 

Getting away took about half an hour because about 500 fans clashed outside and a garage was wrecked.

When the coach was finally allowed to leave the car park, the scene reminded me of Beirut. Smashed up cars,, windows smashed.

 

The journey out of the city was easy with the locals giving us the usual CHEERIO signs. Would I go again? Wouldn’t miss it for the world.

 

Can’t comment on pubs because away fans were banned from all and it was a midday kick off. A friend took the train and described the walk to the ground as “running the gauntlet”.

 

Brilliant day out.

 

Only been to St Marys once at the begining of last season. Used to love The Dell so was interested to see if St Marys could live up to it.

We stayed in The Jurys Inn which is on the edge of the city centre and not too far from the ground. We were advised not to drink in The King Alfred or Chapel arms before the game so went to a Wetherspoons called The Giddy Bridge. Thats about a 15 minute walk to the ground and had plenty of home and away fans. As always, the Saints fans are a good bunch. Got chatting to them about various aspects of our respective clubs and were advised where to go in the evening for a night out.

Into the ground itself. From the outside looks nice and modern but could do with a clean. Inside there is a large concourse area where you can buy alcohol and a range of hot and cold food. Inside the ‘bowl’ it looks very similar to grounds like Leicester and Derby. Theres not a bad seat in the house and the stewards seem friendly.

We were sat right next to the home fans in the Northam, and they know how to make noise. It seems the whole stadium gets behind the team even when they were losing. Made for a cracking atmosphere.

No trouble after the game and fans mixed well.

In the evening we went into town. We were advised to go to Bedfords Place where there were more bars than you had time to go in. Seemed nice and relaxed and made for a good trip. Will be back again if we ever get the chance.

 

 

In interest of fairness, here's a (non too credible) account from a Villa fan;

 

 

On Fratton Park and the bestest in the world TM

 

 

 

 

Here's one of the best ones :lol: ....

 

Been to Fratton Park a few times over the years. I like old school grounds as much as the next person, but this place is a tip.

The toilet facilities are next to non exsistant so people were just releaving themselves against walls and in bottles. No point trying to get refreshments as they wont sell you beer and anything they do have is sold out before half time anyway.

There seems to be some sort of reputation that their fans produce an amazing atmosphere. I have to say, I wasn’t impressed. They dont seem to get behind the team that much, and when they do its either half hearted ‘play up pompy’ or songs without words. Not to mention the constant ringing of that bell and random beating of a drum.

I have to say, the recent addition of a roof is a major step forward for the away end.

Outside the football I’ve stayed in the city centre to make a weekend of it. There doesn’t seem to be too much going on around there in terms of nightlife, and it does seem very on edge that it will kick off at any moment. On my most recent visit we decided to stay in Southampton and go out there for the weekend. Much more pleasant experience with a lot more to offer.

 

Overall, I’ve seen better grounds since we’ve been in league 2.

 

and in the interest of fairness, a positive experience;

 

 

Well, kind of... anyway, I digress...;

 

I loved my trip to Fratton Park – it’s what I would call a “proper football stadium”, with individual stands and real character. With 3,000 of us packed into the away end, we were able to create a cracking atmosphere that sadly wasn’t matched by the home faithful – I’d come expecting a legendary home support, and was a little surprised they didn’t get behind their team more.

 

Facilities are pretty much non-existent – I left for the toilet at the stroke of the half-time whistle, and returned 10 minutes into the second half after queuing with around 800 people to get into the 3 urinals that just overflowed and ran down the hill!

 

We were staying in Southampton (at the Novotel Southampton), and caught the train into Fratton, which is around a 5 minute walk from the ground. We had a meal at the Good Companion after the game, where we were able to mingle and chat with the home fans quite comfortably, before grabbing a later train back to Southampton, beating the queues.

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Hatch

Hatch

Posted
Posted

Kyle Whitworth ‏@Kyle_Whitworth 34m

“@edopompey: What's happened at Waterloo Station?"

 

Apparently kicking off between us and Millwall.

from Fareham, Hampshire

Louis Pap ‏@louispap94 54m

Haha Pompey and Millwall swinging at Waterloo Station #oldschool

Expand

Portsmouth United ‏@PortsmouthUtd 1h

Ali: Hearing reports that fights have broken out between Pompey + Millwall fans at Waterloo station, causing pubs... http://fb.me/2G33LFV1t

Expand

dan lane ‏@laneydan1 1h

Pompey and millwall fans are fighting in waterloo station #wishiwasthere

Expand

josh winterbottom ‏@pompeyjosh 2h

All kicking off at Waterloo station between #Pompey and #millwall fans

from Southwark, London

 

--------------

 

 

Surely , the Football League will come down hard on the owners of a league team fighting with opposition supporters.. a charge of bringing the game into disrepute must follow. :)

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Crab Lungs

Crab Lungs

Posted
Posted
Kyle Whitworth ‏@Kyle_Whitworth 34m

“@edopompey: What's happened at Waterloo Station?"

 

Apparently kicking off between us and Millwall.

from Fareham, Hampshire

Louis Pap ‏@louispap94 54m

Haha Pompey and Millwall swinging at Waterloo Station #oldschool

Expand

Portsmouth United ‏@PortsmouthUtd 1h

Ali: Hearing reports that fights have broken out between Pompey + Millwall fans at Waterloo station, causing pubs... http://fb.me/2G33LFV1t

Expand

dan lane ‏@laneydan1 1h

Pompey and millwall fans are fighting in waterloo station #wishiwasthere

Expand

josh winterbottom ‏@pompeyjosh 2h

All kicking off at Waterloo station between #Pompey and #millwall fans

from Southwark, London

 

--------------

 

 

Surely , the Football League will come down hard on the owners of a league team fighting with opposition supporters.. a charge of bringing the game into disrepute must follow. :)

 

Bit harsh of 30,000 Millwall fans to pick on a plucky arm of 12 Skates :(

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trousers

trousers

Posted
Posted
I can't believe that there is a genuine reason for not releasing the details of this agreement by now

 

I'm pretty sure one of the tweets from a reporter in the court quoted the judge as saying: "the agreement should be published in full as soon as possible"...

 

As you say, what's stopping someone at BDO uploading a document to their website within a few hours, let alone 2 days...?

 

As ever with Pompey, something smelling slightly fishy... And the media, as per usual, not asking any 'difficult' questions, instead choosing to fawn over the biggest community takeover in the history of the planet...

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