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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Colinjb

Colinjb

Posted
Posted
Er, no - obviously not. They have other sources of revenue apart from share sales.

 

It very much depends on what they have allocated their last remaining parachute payments for, you would hope that prudence has prevailed and they are being used to settle prior debts. If they have stuck to past precedents though they are once again totally f**ked.

 

Their budget is said to be competitive for the level if not the biggest so perhaps, just perhaps they are running themselves on a sustainable basis now.

 

Oh who am I kidding. ;)

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Toomer

Toomer

Posted
Posted (edited)
And yet the Pompey News reckons Guy and Co are looking to bring in more players as the Board has increased his budget!!

I can only see another period in administration in a year or two and if HMRC are involved they will get wound up.

Edited by Toomer
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ottery st mary

ottery st mary

Posted
Posted

I strongly believe that HMRC be allowed to take over Pompey...:mcinnes:

 

 

as a running concern and pump millions of tax payers money into

 

bringing them back to the promised land..:D and BUILDING THE Harbourdrome

 

and putting a squad together on 100 grand a week per player ...plus image rights:p

 

who said...HMRC HAVE ALREADY TRIED THAT SEVERAL TIMES:rolleyes:

 

Have I missed the last 15 years of HMRC sponsorship for Pompey?:)

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OldNick

OldNick

Posted
Posted
So The Hero Nugent will be milking them of £3,500 for the next three and a half years. But, of course, that goal at St Marys was worth it.

 

Some other interesting names on that list, not least of all Hayden Mullins who is owed £632,000 and taking the thick end of £22,000 out of the club every month for the next 20 months.

 

I couldn't be bothered to do the maths, but I'm sure somebody on here will work out how much had to come out of the bank account on August 30.

 

And I'm also sure that somebody will work how much will come out of the club's account every month for ex-players, some of whom are getting more in a month than the current heroes.

 

Couple of things. Bearing in mind these payments are scheduled to be paid monthly - presumably to help the club - are the parachute payments paid in one lump? If the parachute payments are paid in lumps, can they be trusted to ring-fence them and not be tempted to spunk it on a few promotion-or-bust signings?

 

But the most interesting thing of all is how this got into the public domain.

 

Fair play to the Snooze for publishing it, but presumably they got the info from the club who are attempting to demonize the former heroes and turn them into villains.

 

What happened to contract confidentiality? I'm not sure if I would like my financial details splashed all over the place and I wonder what the PFA make of this disclosure of confidential information?

it was Norris not Nugent and so 4.5k a month lol. What did Allen say, something like it was Norris day on the anniversary of his late goal. Well we should have our own Norris day each time his next installment is due
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Saint Mikey

Saint Mikey

Posted
Posted (edited)

Two names that jumped out at me in that list Hasan Yebda and Steve Finnan. Just checked their contribution: 18 and 21 appearances respectively, 4 seasons ago and they're still paying them...

 

Also, didn't many of these players, Kitson and Lawrence etc, give up large portions of their contracts? If I was them I'd make sure exactly how much was given up is published to counter-act this...

Edited by Saint Mikey
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Golden Balls

Golden Balls

Posted
Posted

Seems on twitter the fans have run out of patience with #WhittTheTwit (their hashtag, not mine).

 

"We're just happy to have a club"

"Against modern football"

"We own our on club, that's all that matters"

 

Yet when they don't win it's no longer good enough, they should get better players and a better manager in. Never learn.

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hutch

hutch

Posted
Posted (edited)

My guess is that this has come out because their sphincters are starting to get twitchy. There is no way they're using parachute payments to service these debts, apart for the £1½ million in lump sums they paid out at the end of last month. You don't sign an agreement to pay 40 monthly instalments if you're going to pay it all off in 6 months.

 

Nope, they've used most of the August payment to pay off the short-term debt they borrowed to buy the club, and the very last and final payment to come in February is being used to subsidise the running costs this season.

 

If they're still rattling around at the arse end of the 4th Division next season, with ST income of around £2 million and other gate income of around £750k then those legacy debts will consume more than half of their income.

 

It was a suicidal decision not to use the parachute payments to pay the players, and probably explains why the PFA took a charge over Fratton Park - they don't believe the players will get their money. The figures have been released as a bit of "it weren't our fault, we done our best" insurance.

Edited by hutch
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Gruffalo

Gruffalo

Posted
Posted
According to the News the new regime has agreed to pay all creditors owed less than £2500 in full

 

Any one know what the total outlay will be and will it be 100% of the original debt or 2p in the £ (or whatever) of the original debt?

 

According to the original amounts listed in the April 2010 Creditor's Report, the sum of debts under £2,500 was a whisker under £126,000.

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rallyboy

rallyboy

Posted
Posted

Though the amounts were known, it is funny to see the details of each deal laid bare.

They have gone from secret squirrels to help yourself, welcome to transparency land!

 

So superhero Norris will have to wait a total of four and a half years to be paid for his wonder goal at St Mary's that earned them one point and prevented us from gaining promotion.

To put that into context, it would be the equivalent of us still paying McGoldrick for his winner against Cardiff in 2009 - if anyone can remember back that far, AND pretending that he was still worth every penny in 2013, every month! :scared:

 

Cup final hero Kanu will finally get his last wages (if he's lucky) EIGHT YEARS after the cup final!

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Gruffalo

Gruffalo

Posted
Posted
According to the News the new regime has agreed to pay all creditors owed less than £2500 in full

 

Any one know what the total outlay will be and will it be 100% of the original debt or 2p in the £ (or whatever) of the original debt?

 

Not a clue, but have quickly tallied up a few numbers..

 

According to the original amounts listed in the April 2010 Creditor's Report, the sum of all debts less than £2,500 was a whisker under £126,000.

 

If the 'debts of £2,500 or under' represent reduced amounts from CVA1 (ie 20% of the original) then, by my reckoning, the sum of all original debts of >£12,500 is ~£562,000, 20% of which is ~£112,000.

 

Of course, it wouldn't come as any great surprise to discover that they were only paying 20% of those debts which were originally £2,500 or under ie £25,000.

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Pugwash

Pugwash

Posted
Posted
Though the amounts were known, it is funny to see the details of each deal laid bare.

They have gone from secret squirrels to help yourself, welcome to transparency land!

 

So superhero Norris will have to wait a total of four and a half years to be paid for his wonder goal at St Mary's that earned them one point and prevented us from gaining promotion.

To put that into context, it would be the equivalent of us still paying McGoldrick for his winner against Cardiff in 2009 - if anyone can remember back that far, AND pretending that he was still worth every penny in 2013, every month! :scared:

 

Cup final hero Kanu will finally get his last wages (if he's lucky) EIGHT YEARS after the cup final!

 

That's pensions - 'pompey-style'.

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Dark Munster

Dark Munster

Posted
Posted
This is all getting a bit silly now. They have known about these figures for ages so won't be going bust because of them. What it is is confirmation that they will be handicapped financially for at least another three years. I can't see them leaving league one for a long time at best.

I can't see them entering league one for a long time either.

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trousers

trousers

Posted
Posted
My guess is that this has come out because their sphincters are starting to get twitchy. There is no way they're using parachute payments to service these debts, apart for the £1½ million in lump sums they paid out at the end of last month. You don't sign an agreement to pay 40 monthly instalments if you're going to pay it all off in 6 months.

 

Nope, they've used most of the August payment to pay off the short-term debt they borrowed to buy the club, and the very last and final payment to come in February is being used to subsidise the running costs this season.

 

If they're still rattling around at the arse end of the 4th Division next season, with ST income of around £2 million and other gate income of around £750k then those legacy debts will consume more than half of their income.

 

It was a suicidal decision not to use the parachute payments to pay the players, and probably explains why the PFA took a charge over Fratton Park - they don't believe the players will get their money. The figures have been released as a bit of "it weren't our fault, we done our best" insurance.

 

I'm sure David Conn and Co are dusting off their "Poor Old Plucky Pompey" headlines as we speak...

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Clapham Saint

Clapham Saint

Posted
Posted
This is all getting a bit silly now. They have known about these figures for ages so won't be going bust because of them. What it is is confirmation that they will be handicapped financially for at least another three years. I can't see them leaving league one for a long time at best.

 

There's a difference between "won't" and "shouldn't"

 

Never underestimate the ability of people desperate to find a solution to ignore problems of the future in order to get a deal done today.

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aintforever

aintforever

Posted
Posted

At least now we know what "debt free" looks like!

 

I like the way the mongs are saying that the wages debts are covered by the parachutes, if that were the case they would pay them back in full by next January or whenever their final payment is. The fact that they are spreading payments over 40 months suggests they need the parachutes for the every day running of the club and the wages debts have just been kicked into the grass.

 

Worry about those debts later, something will turn up.

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Weston Super Saint

Weston Super Saint

Posted
Posted
I'm confused! @factlessAllen has gone on twitter and proclaimed these figures as some sort of victory, as apparently this is less than they thought they owed. Apparently their parachute payments have also been increased due to the new TV deal, is this true?

 

It's not less than they thought they owed, the figures have been know about for many months during the 'takeover', they jut haven't been put in the public domain. It is less than they SHOULD be paying due to all the pressure that rag and their fans put on the players to sign the 'compromise' deals. However looking at those figures it doesn't look like much of a compromise! I'd hate to see how much they owed before the begging began.

 

The PPs have increased due to TV rights - I think they got an extra 4 million over two years? - if it hadn't been for this lucky increase then I don't think they could have afforded to repay the loan to the council for the stadium.

 

Prem parachute payments will cover it??

 

They will, however since they are spreading the payments out over 40 months it appears they are intent on not using the PPs to pay off their legacy debts.

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OldNick

OldNick

Posted
Posted
I hope the people "storing" the historic goods that are Pompey's past are patient because they will have to wait a long time....

Clock, paintings, tables, ..... They may be antiques by the time pompey can afford to get them back.

it occurred to me that the taking out of their premises of the valuables eg the table and chairs that have a large value, could be construed as hiding assets from the creditors. Why have the HMRC not seized them ?
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Jimmy_D

Jimmy_D

Posted
Posted

If the parachute payments covered the payments to the ex-players, you'd think that they would pay them back now instead of over x amount of time.

 

Either they're already earmarked for something else, or Pompey are going to have to deal with the temptation of that money being sat in the bank earmarked for the ex-players, while other things, like the state of the stadium and the team on the pitch suffers.

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