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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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qwertySFC

qwertySFC

Posted
Posted

promoting a so called "legend" as manager has never worked at any club in my opinion - what you need is someone who will make tough decisions , take the flak because that is going to happen no matter what - all clubs have a wobble during a season and just because a former player has an association with a club what makes them a better manager just to appease their fans , if they were serious about getting out of that league they need someone with a track record - but I guess that cost money - and all the crap bumming up Guy & Awful , after-all it was these two that got the team relegated and took them on that wonderful non winning streak -

 

Got to love the Pompy myth that all is rosie - when they have acquired a 4th division club once again on borrowed money , their are no real foundations here to a success except their own self belief that they will rip up this league, I suggest they have a chat with some Plymouth,Bradford and Bristol Rovers fans about how tough the lower leagues are - looks like Aldershot will be going down on about 48 points and our fishy friends have achieved the huge amount of 42 points this year . They will say its because of the players, managers but they did have some good standard players this year early on and still not much of a points return - and when the team is no where near the instant top of the league playing each of the opposition off the park the cries will soon being ringing out over the few that they need a new manager - the pressure to get out of this league in 1 season is by far the biggest test of all, and Guy has been able to use every excuse this year about being "not good enough"

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rallyboy

rallyboy

Posted
Posted

Schoolboy error from luvverboy - three posts in an hour leaving no chance to respond to the 24 hours of ridicule that will descend.

Just when the Nutjob bonfire reduces to glowing embers an unprepared visitor chucks on a can of unleaded and a few tons of timber.

I give him a fortnight...

 

But I love the attendance debate, we haven't done that for a bit.

Unleash the dogs of stats!...

Pack the Park?

Didn't even unpack the pipes.

 

 

 

 

 

 

 

But back to the press conference, so at the time of purchase they had £1.6M HNW and £1.5M from fans.

 

If the £400K since then it going to buy shares, then surely that will be paying back HNW individuals as they relinquish their percentages?

Or will the intitial owners of more than 50% just give up control for no reason?

 

IF their figures stack up (:lol:), with the council loan as well I don't see why they needed Robinson at all...is he now outside the tent, BUT as the next door neighbour, he controls all future development.

 

And Farmery claiming 100% fan ownership seems to contradict their own figures...

 

We need some transparency to see the actual detail on HNW equity from previous investment and the detail of the actual sale.

 

 

Not that the room of journalists are at gunpoint or pressured into towing the PDT line, but my favourite bit was the long silence when they asked for questions.

Tumbleweed blew through, a dog barked in the distance, and a lone church bell was heard before anyone was brave enough to address this version of events.

 

 

An encouraging moment for the few who want to see their club survive was Trapani's reference to the bottom line and how everything must be viable.

Let's hope that they do abandon their history and embrace solvent trading - and that they accept the league position which accompanies that approach.

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hypochondriac

hypochondriac

Posted
Posted

Meanwhile over at POL:

 

not sure you seeing the bigger picture here hutch. This is a new dawn new era. Agree in the past we have bought young players and let local guys go much like the bigger clubs we talk about. This is about making a massive footprint in our local community to improve these relations and links so like the 4 players you say that are at Scum will mayb reduce to 2 then 1 then none as Pompey look to build there community and grassroots links.

 

This will be the blue print for a sustainable pompey in my eyes...

 

Deluded...

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Crab Lungs

Crab Lungs

Posted
Posted
http://www.saintsweb.co.uk/showthread.php?44492-8-Years-Ago-Today-amp-We-Own-The-Song

 

 

Do you think they are telling porkies when they say they have been laughing at us for 8 years......................

 

 

The myths go on.

 

So, did Harry really say, live on TV "I'm not really looking forward to this"

 

Was Claus Lundekvam really that intimidated?

 

And for chrissakes, Peter Crouch was scared of playing at Fratton Park he threw up?

 

 

LMFAO - what a bunch of c****

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OldNick

OldNick

Posted
Posted
Schoolboy error from luvverboy - three posts in an hour leaving no chance to respond to the 24 hours of ridicule that will descend.

Just when the Nutjob bonfire reduces to glowing embers an unprepared visitor chucks on a can of unleaded and a few tons of timber.

I give him a fortnight...

 

But I love the attendance debate, we haven't done that for a bit.

Unleash the dogs of stats!...

Pack the Park?

Didn't even unpack the pipes.

 

 

 

 

 

 

 

But back to the press conference, so at the time of purchase they had £1.6M HNW and £1.5M from fans.

 

If the £400K since then it going to buy shares, then surely that will be paying back HNW individuals as they relinquish their percentages?

Or will the intitial owners of more than 50% just give up control for no reason?

 

IF their figures stack up (:lol:), with the council loan as well I don't see why they needed Robinson at all...is he now outside the tent, BUT as the next door neighbour, he controls all future development.

 

And Farmery claiming 100% fan ownership seems to contradict their own figures...

 

We need some transparency to see the actual detail on HNW equity from previous investment and the detail of the actual sale.

 

 

Not that the room of journalists are at gunpoint or pressured into towing the PDT line, but my favourite bit was the long silence when they asked for questions.

Tumbleweed blew through, a dog barked in the distance, and a lone church bell was heard before anyone was brave enough to address this version of events.

 

 

An encouraging moment for the few who want to see their club survive was Trapani's reference to the bottom line and how everything must be viable.

Let's hope that they do abandon their history and embrace solvent trading - and that they accept the league position which accompanies that approach.

But if you look at it the way they are dressing it up ,the HNW are fans and so they are correct in saying that it is fan owned, but it really is a 3 fan owned business with a load of riff-raff who they have to pull the wool over the eyes of. They know how easy it is to spin a yarn and the mass of fans swallow it, hook line and sinker. To be fair if , for 20years you had a bell and drums banging at your earlobes your head would be fuzzy.

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OldNick

OldNick

Posted
Posted (edited)
If the fans own 60% can they sack the board or CEO or are the Presidents (I assume they are on the board) unsackable from the board?
Presidents lol, what was the film where Michael Caine (?)was in Africa? and he pretended to be a god only to try and steal the gold... Edited by OldNick
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eurosaint

eurosaint

Posted
Posted

Just watched the Dortmund v Real Madrid match and Jeff Stelling referred to them as a community club !

The stadium was full, the atmosphere was electric and there is no possible way that those scrotes down the road will ever get close to this level, ever.....

Bestest, my arse !!

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qwertySFC

qwertySFC

Posted
Posted

Another source of investment which has enabled a route

for supporters to take control of the club has come from

a Hampshire property development company.

The company will be investing £2.65m, which was a key

component of the finance that was required to secure

the bid for the club. In return the company will buy

Fratton Park and it is being leased back to the club at an

affordable long-term deal, with a secure option allowing

the club to buy-back the stadium in the next five years.

PST has been actively seeking a strategic property

partner. We will be working in partnership with both

the company and Portsmouth City Council to devise a

scheme which will enable the club to improve Fratton

Park and the surrounding area allowing for the future

growth of the club.

It is recognised the club needs to aspire to a modern

stadium, with a substantially increased capacity and

improved facilities if we are to compete at the ‘highest

possible level’ which is one of our seven core values and

we are delighted to have a partner who understands

this aim

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stevegrant

stevegrant

Posted
Posted
In return the company will buy

Fratton Park and it is being leased back to the club at an

affordable long-term deal, with a secure option allowing

the club to buy-back the stadium in the next five years.

I wonder what happens if they don't raise the funds to buy the stadium themselves in the next five years...

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The9

The9

Posted
Posted
Another source of investment which has enabled a route

for supporters to take control of the club has come from

a Hampshire property development company.

The company will be investing £2.65m, which was a key

component of the finance that was required to secure

the bid for the club. In return the company will buy

Fratton Park and it is being leased back to the club at an

affordable long-term deal, with a secure option allowing

the club to buy-back the stadium in the next five years.

PST has been actively seeking a strategic property

partner. We will be working in partnership with both

the company and Portsmouth City Council to devise a

scheme which will enable the club to improve Fratton

Park and the surrounding area allowing for the future

growth of the club.

It is recognised the club needs to aspire to a modern

stadium, with a substantially increased capacity and

improved facilities if we are to compete at the ‘highest

possible level’ which is one of our seven core values and

we are delighted to have a partner who understands

this aim

 

So... they borrowed money from the council to buy the ground, then didn't buy the ground with it ? You'd hope any credible democratic organisation (I mean the PST and the Council) would see a mass outbreak of embarrassed resignations.

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trousers

trousers

Posted
Posted (edited)

I'm possibly losing the plot here (happens quite a lot) but am I right in thinking that £2.65m quoted in the original prospectus is what Stuart Robinson was going to pump into the PST fund to takeover the club?

 

So....despite Robinson no longer being in the picture (and thus no "£2.65m" contribution) and Chainrai getting "add-ons" in addition to the £3m buy out of his fixed asset charge, the PST still managed to finance the purchase...

 

Was it ever formally announced that Robinson had pulled out?

 

I'm lost...

Edited by trousers
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Gruffalo

Gruffalo

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Posted
So....despite Robinson no longer being in the picture (and thus no "£2.65m" contribution) and Chainrai getting "add-ons" in addition to the £3m buy out of his fixed asset charge, the PST still managed to finance the purchase...

 

Was it ever formally announced that Robinson had pulled out?

 

I'm lost...

 

I'm starting to get that way, too..

 

There was a post a week or so back suggesting that the PDT had set up a finance agreement (not a loan) with 'South Point Finance', registered address Belmore Park, Upham - sound familiar ?

 

Has that actually been confirmed and, if so, was there really a new debenture placed against FP as a result ?

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trousers

trousers

Posted
Posted

Another nagging question...

 

Have journos been 'warned off' asking questions about the 'deal' struck between the administrator, Portpin and 'Portsmouth Community Football Club' or is it sheer incompetence that they haven 't asked the obvious questions?

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qwertySFC

qwertySFC

Posted
Posted (edited)

"To make this deal work, PST has selected a Hampshire property developer as its strategic partner. In the short term they will buy back Fratton Park and lease it back to PFC at an affordable rent, with a secure buy-back option and if there is future development at Fratton Park the Club will benefit financially. Our lawyers Verisona have worked hard to secure Fratton and we believe we are well protected.

 

In an ideal world some would argue it would be better if we still owned the stadium. There may be some truth in that but previous mismanagement has left us with no alternative, and we believe this is a good one for the long term future of the Club. Were the amount raised by PST to exceed expectations, this would be our first priority.

 

The last professional football club to be taken over by supporters in the English Pyramid was Wrexham in December last year. As part of their takeover the ground was sold to a third party – in this case Glyndwr University. They are thriving with a deal that is good for both parties and that’s what we believe we have with our partner, Stuart Robinson.

 

Will we stay at Fratton Park, or are there plans for a new stadium?

In the longer term we shall look at ways to buy back Fratton Park, as well as work with the property developer to improve the club’s infrastructure. PST recognises a significantly improved stadium is vital to the club’s future prosperity and its ambitious aspirations for the Club.

 

Furthermore we believe that any development of Fratton Park for the benefit of the Club and supporters, is more likely to take place if the Club is owned by supporters as our model of ownership appeals more to stakeholders that we need support from for developments to happen."

 

What does the contract say if the 5 years elapse?

It is conceivable that funding won't be available within 5 years to purchase outright, as lenders may be reluctant to lend against a football ground (ultimately it isn't a very liquid asset). The original concept would have allowed the Trust to purchase Fratton Park outright. However, the re-working of our financial forecasts to cover amounts owed to football creditors meant it quickly became obvious we were unlikely to be able to raise sufficient capital from fans to do this from Day One.

 

Two main alternative options were considered to finance the purchase of the stadium. A loan to the Trust was approved in principle by Portsmouth City Council in August, but the strings attached made this ultimately an impractical solution. The decision to instead work with Hampshire property developer Stuart Robinson is a strategic one. In the first instance he is leasing the stadium at a very affordable rent, rising to a commercial rate only in Year 5. Secondly, Stuart also intends to purchase the land surrounding Fratton Park and work with the club to redevelop that land – subject to planning consent - and provide the land needed to the club and a contribution towards developing a stadium fit for the 21st Century, which the club desperately needs. We have a ten-year lease on Fratton Park (this length was on the advice of our lawyers to allow for renegotiation in our favour) but the intention is that PST will have re-acquired the stadium for the club long before then, as part of the deal outlined above.

Edited by qwertySFC
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Gemmel

Gemmel

Posted
Posted
I wonder how they would respond to a written list of questions like those Micah Hall submitted to Portpin?

 

1) Did the pst take up a loan from the council

2) If yes how much was that loan for and when is it repayable

3) If Yes, who personally guaranteed the loan?

4) Did the pst take an additional loan from Stuart Robinson?

5) If yes how much?

6) How much equity did the HNW's get in exchange for the money provided during administration?

7) How much are the confirmed payments of the outstanding parachute payments?

8) If all funding is in place and the Parachute payments finish this year, why have the football creditors been pushed pack 2 - 3 years?

9) Over and above the football players compromise debt, what other football debts are there?

10) Birch announced that Gaydamak was owed 2.2 million that would be paid equal installments out of the last 4 parachute payments - Two of those have been paid - Does that mean that he is still owed 1.1 million?

11) How much was the total administrator fees from PKF and when is that being paid?

12) How much were the legal fees (Prior to the court case) as stated they were engaged from the beginning?

13) How much were the legal fees for PKF relating to the court case?

14) How much were Portpins legal fees, that we understand the pst will be paying?

15) What were the add ons , over and above the 3 million that was part of the negotiated deal?

16) What happened to the 2m floating charge?

17) Does Portpin have any outstanding charge on any asset?

18) Was there any overage concession as part of the deal - As in does portpin get a % of any profit realized by development?

20) How much was Kanu awarded at the tribunal?

21) Assuming everything goes to plan with the development work - How much would the club see in terms of hard cash?

22) what is the total amount of financial commitments that the club have taken on?

23) What is the total amount of income projected over the same period that the debts are spread over?

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rallyboy

rallyboy

Posted
Posted

great idea and good list - though I suspect that the investigative genius who exposed Watergate, discovered the grassy knoll, revealed the contents of Area 51, exhumed Lord Lucan, and crushed Chanrai in a series of blistering email interviews, is already on this.

 

In the defence of a handful of pompey fans, some are already asking for simple clarification on some of these issues.

Though I would like to see that list put to them in full at their next video session, filmed in the flat of Whittingham's nan.

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pedg

pedg

Posted
Posted (edited)
1) Did the pst take up a loan from the council

2) If yes how much was that loan for and when is it repayable

3) If Yes what conditions are attached to this loan and who personally guaranteed the loan?

4) Did the pst take an additional loan?

5) If yes from whom, for how much, what conditions are attached to this loan and what is the schedule for its repayment?

 

Edited (several times!) to reduce the weaselroom.

Edited by pedg
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goneawol

goneawol

Posted
Posted
I'm possibly losing the plot here (happens quite a lot) but am I right in thinking that £2.65m quoted in the original prospectus is what Stuart Robinson was going to pump into the PST fund to takeover the club?

 

So....despite Robinson no longer being in the picture (and thus no "£2.65m" contribution) and Chainrai getting "add-ons" in addition to the £3m buy out of his fixed asset charge, the PST still managed to finance the purchase...

 

Was it ever formally announced that Robinson had pulled out?

 

I'm lost...

 

I thought the extra £4m in parachute payments meant that they no longer needed him.

 

The figures provided to the council show PPs of £11m (£7m + the extra £4m) but the Premier League say £9m in year 4, so it would appear they have a shortfall.

I'm sure it's all OK :?

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Doctoroncall

Doctoroncall

Posted
Posted
I thought the extra £4m in parachute payments meant that they no longer needed him.

 

The figures provided to the council show PPs of £11m (£7m + the extra £4m) but the Premier League say £9m in year 4, so it would appear they have a shortfall.

I'm sure it's all OK :?

 

That can form question 25. How much is the additional amount of PP from the PL and when is it due to be paid?

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Saint Lindford

Saint Lindford

Posted
Posted

Got to love this quote from Mcinnes

 

"I'd like to think we can keep the character of the old stadium but provide it with a lot more modern facilities. This is the largest 20,000-seater stadium in the country and if you reshaped the seats you could add another two or three thousand."

 

So other 20,000 seat stadiums only seat 15,000 then??? They are the 'bestest and biggest'TM

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Matthew Le God

Matthew Le God

Posted
Posted (edited)
Got to love this quote from Mcinnes

 

"I'd like to think we can keep the character of the old stadium but provide it with a lot more modern facilities. This is the largest 20,000-seater stadium in the country and if you reshaped the seats you could add another two or three thousand."

 

So other 20,000 seat stadiums only seat 15,000 then??? They are the 'bestest and biggest'TM

 

It does make sense, if there is more room in the stadium (not the capacity). But is it true and has he actually got the research to prove it or is it just another Pompey myth plucked out of the air?

 

All the other stadiums around the same capacity of Fratton Park. He isn't even right when he says Fratton Park has a 20,000 capacity so I included all stadiums around the 20k to 22k mark...

 

22k Stadium:mk

21k Turf Moor

21k Ashton Gate

21k Fratton Park

20k Liberty Stadium

20k Meadow Lane

 

Fratton Park is certainly not bigger than Stadium:mk, they even have the space to rise capacity to 32,000 already, just need to put the seats in the upper tier...

 

261630d1343084352-does-not-kill-us-only-makes-us-stronger-mk-dons-story-mkdons.jpg

 

So what has Iain McInnes done to know Fratton Park is bigger than Turf Moor, Ashton Gate, Liberty Stadium and Meadow Lane?

Edited by Matthew Le God
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Daren W

Daren W

Posted
Posted
Got to love this quote from Mcinnes

 

"I'd like to think we can keep the character of the old stadium but provide it with a lot more modern facilities. This is the largest 20,000-seater stadium in the country and if you reshaped the seats you could add another two or three thousand."

 

So other 20,000 seat stadiums only seat 15,000 then??? They are the 'bestest and biggest'TM

 

What's the point if they never fill it as it is?

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pedg

pedg

Posted
Posted
Got to love this quote from Mcinnes

 

"I'd like to think we can keep the character of the old stadium but provide it with a lot more modern facilities. This is the largest 20,000-seater stadium in the country and if you reshaped the seats you could add another two or three thousand."

 

So other 20,000 seat stadiums only seat 15,000 then??? They are the 'bestest and biggest'TM

 

Just a bit of mishearing from the reporter. What he actually said was This is the lardest 20,000-seater stadium in the country

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Daren W

Daren W

Posted
Posted
It does make sense, if there is more room in the stadium (not the capacity). But is it true and has he actually got the research to prove it or is it just another Pompey myth plucked out of the air?

 

All the other stadiums around the same capacity of Fratton Park. He isn't even right when he says Fratton Park has a 20,000 capacity so I included all stadiums around the 20k to 22k mark...

 

22k Stadium:mk

21k Turf Moor

21k Ashton Gate

21k Fratton Park

20k Liberty Stadium

20k Meadow Lane

 

Fratton Park is certainly not bigger than Stadium:mk, they even have the space to rise capacity to 32,000 already, just need to put the seats in the upper tier...

 

So what has Iain McInnes done to know Fratton Park is bigger than Turf Moor, Ashton Gate, Liberty Stadium and Meadow Lane?

 

Excuse me if I'm coming across as a bit dense but why are they even thinking about expansion let alone talking about it?

They barely half filled Fratton Park at a time when they desperately need matchday income just to keep jobs afloat, why on earth would they even consider expanding a ground that was half empty in a league above the one they're going to be spending time in??

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vince

vince

Posted
Posted
What's the point if they never fill it as it is?

 

Only last week we had matey boy from the East telling us there wasn't a spare seat in the Pompey end available. He'll be back again with the same line after all the other home games this season and after every home game next, surely...........

 

oh...

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
I don't know why anyone would waste time trying to disprove a Portsmyth...it's not based on reasoned facts so using them to disprove it is nonsensical...give up!:?

 

 

  1. Don’t argue with idiots because they will drag you down to their level and then beat you with experience. —Greg King
  2. Never argue with a fool; onlookers may not be able to tell the difference. —Mark Twain
  3. Answer not a fool according to his folly, lest thou also be like unto him. —Proverbs 26:4 (King James version)

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