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Pompey Takeover Saga


Fitzhugh Fella

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Bit late to try this novel idea, maybe they could have tried it before and done something like repay some debt:

 

http://www.portsmouth.co.uk/sport/pompey/pompey-boss-has-no-qualms-about-turning-to-youth-1-5826641

 

Would these be players from the same youth team hammered 7-0 by Saints?

 

Did not see any you would want to gamble your Football League future on, to be honest.

 

Even the much-vaunted (from that end of the M27) Whatmough was undressed and owned.

 

Look at the proof.

 

00:45; Gallagher outstrips Whatmough to cross for the first

1:45; Whatmough loses the player he is supposed to be marking, who is subsequenlty left with a tap-in.

2:50; Jake Hesketh takes the mickey as he clips the ball over him, runs round him and slots home

4:30; Gallagher get a lucky break off his knee, but again he is ahead of Whatmough to get to the cross.

 

Not bad for a central defender to have a culpable role in four out of seven goals.

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Well they have to promote them soon ... they're winding up their academy in the summer (according to the loose collection of scribblings they stuck the title "business plan" on anyway).

 

In fairness (can't believe I've just typed that in this thread!) their laughable business plan didn't suggest that they would ditch the academy. They budgeted not to spend any money on it, presumably on the basis that it would prove to be self-funding from player sales. Which, now I come to think of it, is even funnier.

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You're right ... they dressed it up a little bit, but in the original bid proposal they wrote:

 

6.7 Academy Costs

PST plan to maintain the academy at category three. The effectiveness and cost of the academy would then be closely monitored and reviewed throughout the first two seasons, with a decision made on the future of the academy by the beginning of the 2014/15 season. The forecasts show no cost in the 2014/15 season for the academy, as it is believed that the board will have decided the Academy is too costly to run by this point.

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You're right ... they dressed it up a little bit, but in the original bid proposal they wrote:

 

6.7 Academy Costs

PST plan to maintain the academy at category three. The effectiveness and cost of the academy would then be closely monitored and reviewed throughout the first two seasons, with a decision made on the future of the academy by the beginning of the 2014/15 season. The forecasts show no cost in the 2014/15 season for the academy, as it is believed that the board will have decided the Academy is too costly to run by this point.

 

Having an inferior academy to all your competition is a pretty pointless exercise to be honest, in fact there is absolutely no point in a skate academy.

 

They have bigger fish to fry, they need to convince a load of skates to pay a £1k donation just to pay for next years training ground rent.

 

How is the sale of villain Jed Wallace going?

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I'd forgotten about that .................. refresh my memory, exactly what percentage of the "Club" do their "fans" own ??

 

The PST element was reduced from 57% to 52% recently following an injection of cash from their Presidents to cover work need at Fratton Park.

 

The Alfie story and others like it indicate that the PST is doing a last push before the April cut off date to get more £1,000 pledges to bolster the PST element.

 

Which is futile as they have exhausted the coffers of the fans while unbudgeted costs continue to rack up.

 

I think it's relevant that the propaganda being put out and repeated by Factless Allen and co has altered the line in recent weeks from "community owned club" to "fan owned club".

 

The News did a big piece about the HNW presidents a few days ago detailing who they are and how they are all fans of the club. Until then most of those 12 individuals had preferred to keep a low profile.

 

Possibly a PR precursor to the HNWs taking a majority share in order to gain additional share ownership as they are forced to inject more funds into the club.

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One of the commenters even tried to suggest that some of the abusive tweets came from "scummahs". Yeah, and Nottarf Krap was full of Saints fans doing all that booing.

 

Sent from my GT-I9300 using Tapatalk

 

What with that and the well-publicised infiltration of scummahs - who paid, but will demand the return of, £100 deposits - the dwindling phew may soon be entirely reliant our 'support'.

Now *that* would be a good point for us to walk away whistling nonchalently :smug:

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I can't see him setting the world alight any higher than league 1 maybe Championship at best. Premier League reserve team bound

 

So, is he trying to say that Jed is crap and won't be going anywhere? Except League 1 or maybe the Championship or possibly the premier league?

 

So, basically he'll be going anywhere other than league 2 where the skates are!!

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I wouldn't say it's the full-on pleasure of a meltdown on FOL (yet), but it's certainly fun watching the glorious new era of openness and transparency descend into bickering and in-fighting as audacious 'shareholders' dare to question the PDT about their proposed spend on a couple of new wheelchair spaces at Fratton Park and a [fat free] dunny for the police.

 

'Community ownership'... :lol:

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Further to the Pompey administration rumour I posted, I got more details last night. It appears that this administration was always on the cards when the club was bought by the fans and why no one else would touch the club with a barge pole. It all comes down to the money owed to the former players. They are being paid out over 4 years as part of the administration exit agreement, but the parachute payments only ran for 2 years.

 

....so, all it will take is one of their former players not agreeing to re-schedule the debt and it's curtains...

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Further to the Pompey administration rumour I posted, I got more details last night. It appears that this administration was always on the cards when the club was bought by the fans and why no one else would touch the club with a barge pole. It all comes down to the money owed to the former players. They are being paid out over 4 years as part of the administration exit agreement, but the parachute payments only ran for 2 years.

 

....so, all it will take is one of their former players not agreeing to re-schedule the debt and it's curtains...

 

i thought this was all ready re-scheduled and being monitored by the league or who ever so they couldnt change it, i may be wrong i usually am.

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Further to the Pompey administration rumour I posted, I got more details last night. It appears that this administration was always on the cards when the club was bought by the fans and why no one else would touch the club with a barge pole. It all comes down to the money owed to the former players. They are being paid out over 4 years as part of the administration exit agreement, but the parachute payments only ran for 2 years.

 

....so, all it will take is one of their former players not agreeing to re-schedule the debt and it's curtains...

 

Interesting..

 

As I understand it, the last tranche of parachute payments was pretty much exactly the amount owed to the ex-heroes turned villains.

 

For reasons of 'good economic sense' [sic], rather than clear the ex-players' debt in full upon receipt of the PPs, the PDT decided to phase the payments over a period of 40 months. It was claimed at the time that the PPs would be ring-fenced for the players' debt and nothing else. How strong their 'fence' is and how long until the PDT decide to 'borrow a little bit, just to us through for a week or so' remains to be seen.

 

However, I must admit to thinking that all of the players must have agreed to this deferred payment plan otherwise the club wouldn't have been permitted to exit administration. Are your sources saying this might not be the case ?

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Just can't see the PP being used for other purposes that the agreements laid down in the Fratton Rosetta Stone commandments :) Please no suggestions that the finances are written on fag packets thinking that money we get - can use some of that now because it will be topped up with their promotion push -

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Further to the Pompey administration rumour I posted, I got more details last night. It appears that this administration was always on the cards when the club was bought by the fans and why no one else would touch the club with a barge pole. It all comes down to the money owed to the former players. They are being paid out over 4 years as part of the administration exit agreement, but the parachute payments only ran for 2 years.

 

....so, all it will take is one of their former players not agreeing to re-schedule the debt and it's curtains...

 

My understanding is that they (Through the PFA) have already accepted the 40 month terms as part of the last administration package. It was strange at the time, because they only have one parachute payment left to come (Which was very fortunately increased based on the new TV revenue deal - also worth bearing in mind that the year they went down parachute payments leapt from 30 million to 54,so through nothing but pure luck and timing, means they have picked up an additional 26 million in cash than previous clubs who were relegated before them). Anyway as already mentioned the last parachute payment is almost exactly the same as the money owed to the players, so why they needed 40 months I have no idea.

 

But the PFA do have three charges against fratton park, so until they are paid, they effectively own fatpipes.

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But the PFA do have three charges against fratton park, so until they are paid, they effectively own fatpipes.

 

What's that worth though? Can we really see the PFA kicking PFC out of their ground and selling it off? In an ordinary business that might happen, but would the PFA want to be seen as effectively killing of a football club?

 

 

Sent from my GT-I9300 using Tapatalk

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I think GM is referring to the next predictable attempted rescheduling.

 

Regular readers will remember that the parachute payments have always been the answer to everything and that all was fine because they were ringfenced.

As debt went unpaid and they were spent on wages, this was downgraded to earmarked and in reality I believe they just keep spending money that they know is needed sometime later.

 

I owe someone £10 next week, I have £10 in my pocket, shall I save it and pay my debt or buy shiny stuff and worry about it next week?

 

My understanding was that the PPs nearly cover the player debt, so as long as they don't continue to splash out on stupid wages and save some money from their other income, they will be able satisfy the terms to exit administration, thus completing the current takeover.

 

History and the attitude of the PDT would suggest that they will have a shortfall and will once again go begging to the former hero players to save the club again by taking yet another cut.

Let's remember this debt was originally £24M and the players have already done them a huge favour.

 

 

If that is their only plan, from what I've read of Dave Kitson he would rather dance on their graves than take a further cut.

Turn the music up!

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If that is their only plan, from what I've read of Dave Kitson he would rather dance on their graves than take a further cut.

 

From what I read of Dave Kitson, he got paid completely in full and isn't owed anything anymore? Was he in that list that was kicking around a while ago? If he is partly the SF, then he said he played hardball and unexpectantly got paid in full.

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If the SF is partly Kitson, then he definitely says he got paid in full. He may have been talking about wages he was owed up to that point or some other lump sum he was owed though.

 

That is a true roll-call of honour. It brings a tear to my eye, just what these heroes have done for us and all the South Coast.

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