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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Colinjb

Colinjb

Posted
Posted
lol - some of you really are desperate for us to disappear of the map

 

Considering that your club is obviously insolvent yet getting away with it, then yes, yes we do.

 

Your continued existence is an insult to all clubs who have recently gone into administration.

 

Us

Rotherham

Crystal Palace

Southend (Kinda)

Stockport

 

They have been in less trouble and have suffered worse consequences.

 

May you crash and burn. You cheated your way to a cup, now pay the price.

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Gorgiesaint

Gorgiesaint

Posted
Posted
lol - some of you really are desperate for us to disappear of the map

 

Mero, I didn't - south coast football wouldn't be the same without our derby, even if it only happens infrequently.

 

But I have to say that I'm disgusted at the way Portsmouth have dodged the rules and been allowed to get away with some very dubious business practices for so long. The club is now like a piece of furniture riddled with woodworm. You've tried all of the treatments available & the only thing left is to burn it before it spreads to anything else.

 

The trouble is that those who will end up suffering the most are the fans. What needs to happen is that those who have been responsible for putting the club in this position are dealt with properly. Otherwise give it a few months and Peter Storrie will pop up at another club & put them through the same.

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Saints foreva

Saints foreva

Posted
Posted
lol - some of you really are desperate for us to disappear of the map

 

Imagine what this place will be like when you get proper investment and no actual punishment for spending too much.

 

I suspect many of the posters here will enter a stage of depression.

 

Am I the only Saints fan who thinks Pompey will still turn their season around, stay up and somehow find massive investment? :(

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Merovingian

Merovingian

Posted
Posted

if you manage to get to the premiership and your billionaire decides to spend big and get you into Europe the majority of your fans will not be complaining that you have spent your way to a cup / europe will they now. The premiership is all ****** - why should Liverpool and Man Utd be getting away with being so much debt.

 

I agree with your statement but do not pretend if it was the other way around that all of you would be complaining because you would not. You would be lapping it up as much as some of us did. Those of us sensible enough could see this was not sustainable and sooner or later it would go pop

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hypochondriac

hypochondriac

Posted
Posted
if you manage to get to the premiership and your billionaire decides to spend big and get you into Europe the majority of your fans will not be complaining that you have spent your way to a cup / europe will they now. The premiership is all ****** - why should Liverpool and Man Utd be getting away with being so much debt.

 

I agree with your statement but do not pretend if it was the other way around that all of you would be complaining because you would not. You would be lapping it up as much as some of us did. Those of us sensible enough could see this was not sustainable and sooner or later it would go pop

 

Difference is you spent loads of money you did not have. If we have the money then it's fair enough IMO.

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Merovingian

Merovingian

Posted
Posted

we did have it until Sasha said he was not prepared to continue to finance it, you don't know if in the same situation your owner was to suddenly find himself not so well off if he would not start selling your assets off.

 

Clubs should be made to trade solvent though I agree, the premiership bubble will burst sooner or later it just isn't sustainable as it currently is IMO

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
if you manage to get to the premiership and your billionaire decides to spend big and get you into Europe the majority of your fans will not be complaining that you have spent your way to a cup / europe will they now. The premiership is all ****** - why should Liverpool and Man Utd be getting away with being so much debt.

 

I agree with your statement but do not pretend if it was the other way around that all of you would be complaining because you would not. You would be lapping it up as much as some of us did. Those of us sensible enough could see this was not sustainable and sooner or later it would go pop

 

The main ****** of the PL and Manyoo/Mickymousers being in debt is that thay can service it! (Even Chelski have their sugar daddy who regularly wipes the slate clean) Probably Poopy could, in the beginning (service debt), but somewhere along the line someone's mind turn fantasy into fact and borrowed from all and sundry to keep saggychops happy in spunking it all on winning the Cup. That's why H.P. is called the glad and sorry.

 

Glad you got the goods, sorry you gotta pay fer 'em!

 

Well guess what? It's payback time.

 

If anyone felt that us Saints fans were being rather callous and cruel in wrongly accusing your hierarchy of misdemeanours before today then they have just had all doubts removed. What has been happening today, signing loan players on megabucks wages whilst being unable to pay all the other staff, is utterly criminal.

 

What sort of drugs are your Boardroom on?

 

I feel for your genuine fans but for those who had one off the wrist while we suffered then it looks like what goes around has come around, in bucket loads.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
we did have it until Sasha said he was not prepared to continue to finance it, you don't know if in the same situation your owner was to suddenly find himself not so well off if he would not start selling your assets off.

 

Clubs should be made to trade solvent though I agree, the premiership bubble will burst sooner or later it just isn't sustainable as it currently is IMO

 

Somehow I don't think that the morals of SG's aquisition of money stack up that well against ML's!

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Dark Munster

Dark Munster

Posted
Posted
Basinas + Kanu = Basanu- The Holy One on 606: "Manual Fernandes and Kezman completed six-month loans to Pompey just minutes before the window slammed shut, I tell you. Both jet in tomorrow to be unveiled by the club."

 

So how are they going to pay them??? Begovic money?

 

They probably won't be paid. Think of them as one month loans (just long enough though to hurt us at SMS :mad:).

 

this business with james and dindane is worrying me. its well known that james cant play more than another 10 games without being due another £50k a week, and dindane cant play more than another 8 games without pompey being legally obliged to sign him permanently for £4m

 

problem is, i dont think their owners (whoever they are) give a toss. i reckon they will jsut play them anyway, and add it to the huge amount of debt they've already got, without any intention of paying it, becasue they cant pay the debts they've already got

 

if you're going bust for £80m, might as well go bust for £90m

 

surely though, the dindane thing will be blocked under their transfer embargo?

 

ofcourse, all the above becomes a tad irrelevant if they get liquidated on the 10th :smt036

 

Spot on. We'll have mixed emotions if they're liquidated after knocking us out of the cup. :D

 

Assuming you are correct, would take make the Directors liable, if they went into liquidation or administration

 

I don't think they'll much care about being liable as they sip champagne on some beach in Dubai.

 

the point I am making is no club should be allowed to be that much in debt, if Man Utd had not of sold Ronaldo last year their profit would of been somewhere in the region of a£35M loss.

 

And if my Auntie had balls she would be my uncle. :rolleyes:

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dubai_phil

dubai_phil

Posted
Posted
we did have it until Sasha said he was not prepared to continue to finance it, you don't know if in the same situation your owner was to suddenly find himself not so well off if he would not start selling your assets off.

 

Clubs should be made to trade solvent though I agree, the premiership bubble will burst sooner or later it just isn't sustainable as it currently is IMO

 

A very valid and sensible point Mero, one which I have a concern about as well. A public company must publish accounts and so the fans can see what is going on (more fools to your lot for not "revolting" earlier).

In the context of a private company however, without published accounts we as fans don't actually know HOW we are being funded. ML has plenty of cash and Southampton FC are spending it, point is that we don't actually know at this time whether ML has put the cash in as equity or as loans. In theory we could also be racking up debt, the cash flow at the moment is good enough and may even cover the spending, but I would like to know just how we are being financed, just in case something goes wrong.

 

The big difference between the two operations though is professionalism at Board level and a large helping of common sense, so I'd like to know but I don't worry about it.

 

As for your lot, they are fighting fires and hanging on for the White Knight to come in and buy them. Trouble is the longer you stay at the bottom and with other clubs strengthening around you it becomes a harder and harder sell. Right now you're about as good an investment as the Haiti property market

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saint lard

saint lard

Posted
Posted
did their players recieve their wages?

 

Nope.

All employees went unpaid yesterday.

 

It's fecking unbelievable that they carry on getting players in yet can't service the smallest of debt,Training ground fees,the maintanace of the website,the caterers, the list goes on.

 

Not only the employees,and i'm not talking about the players, but other companys that provide a service to the club and their employees are being effected by the mismanagement.

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saint si

saint si

Posted
Posted
Nope.

All employees went unpaid yesterday.

 

It's fecking unbelievable that they carry on getting players in yet can't service the smallest of debt,Training ground fees,the maintanace of the website,the caterers, the list goes on.

 

Not only the employees,and i'm not talking about the players, but other companys that provide a service to the club and their employees are being effected by the mismanagement.

 

Agreed, but the creditors have to follow a legal process to get their money back in this situation. So far HMRC and that Grosvenor property company are the only ones to do so (I.e. The winding up petition) but I'm sure others will over the course of this week. We are watching the legal process at work... It takes time, but it can't be stopped now unless they find the money or the creditors back down.

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bristolsaint29

bristolsaint29

Posted
Posted
I thought it was bad that a company with a £75M turnover couldn't pay the £2M wages, I then thought it was ludicrous they couldn't pay the web company £2000.

 

We now know they couldn't pay the match announcer £60, but tonight I have been told of a bloke who sold them goods for £35 and they didn't have enough to pay him!

 

Any advance on the cost of one match ticket?

Have we found the creditor on the end of the very long queue, or have they shafted someone for even less?...

Meanwhile the loanee wages keep stacking up.

 

They have given up on paying debts, it's just blatant theft now.

 

I have been told by a very very good source that they started doing this a long time ago and are renowned for not payibg bills.

 

Was told they literally push them to the side of the desk and carry on with spending more!!

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pedg

pedg

Posted
Posted
But where do they get the money to spend?

 

Nefarious springs to mind.

 

You don't need money to spend if you don't pay the bills!

 

Or more specifically they appear to be diverting what money they can to keep the playing side going while letting other area's go to pot. Some logic in that no one would want to buy a football club without a football team so keeping the players happy is the only slim chance they have. Even the sun report talks about a 1.8M wage bill where as the bill for the whole club is nearer £3M so they are effectively saying 'we will only pay the players'.

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pedg

pedg

Posted
Posted

Think tomorrow match against Fulham is a make or break match for pompey. If they win their position in the league looks a lot better as they would be in touching distance of getting out the relegation zone, lose and they will be adrift once more. As such the result could well have an influence on anyone stupid enough to be considering investing in them.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
we did have it until Sasha said he was not prepared to continue to finance it, you don't know if in the same situation your owner was to suddenly find himself not so well off if he would not start selling your assets off.

 

Clubs should be made to trade solvent though I agree, the premiership bubble will burst sooner or later it just isn't sustainable as it currently is IMO

 

If Sacha was funding it from his 'own' money..where's all the debt come from?

 

There's a difference between bankrolling and financing repayments on loans.

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sidthesquid

sidthesquid

Posted
Posted
Nope.

All employees went unpaid yesterday.

 

It's fecking unbelievable that they carry on getting players in yet can't service the smallest of debt,Training ground fees,the maintanace of the website,the caterers, the list goes on.

 

Not only the employees,and i'm not talking about the players, but other companys that provide a service to the club and their employees are being effected by the mismanagement.

 

If you saw South Today last night that berk who bought the PFC Ltd shell company was being bombarded daily with unpaid invoices and threats of the bailiffs. Presumably these are all from local tradespeople at their wits end. Surely somebody should be contacting Hampshire Trading Standards - if it was any business other than a football club they would have been ordered to cease trading by now

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pedg

pedg

Posted
Posted

I posted this on the 'will they survive' thread on the main board

 

According to: http://www.guardian.co.uk/football/2010/feb/01/transfer-window-portsmouth-stoke

Players and staff at the stricken south coast club have still to be paid wages for January, though the Premier League has earmarked £1.8m from the £6m Portsmouth received from the sale of Younes Kaboul back to Tottenham Hotspur. A further £2.5m of that amount will go directly to Chelsea and Watford as the latest tranche of the money owed on the transfers of Glen Johnson, Mike Williamson and Tommy Smith, with the remainder to be channeled directly to Her Majesty's *Revenue and Customs.

 

The Premier League is aware that a further £12.5m in payments is due before the end of the season to clubs in relation to previous transfers, £4m of which is due to Udinese, Rennes and Lens in mid-March. A payment of £9m which the club's former owner, Sacha Gaydamak, claimed was due at the end of January has also apparently not been met as yet.

So for the kaboul payment 1.8M is going to the players, 2.5M to other clubs and 1.7M to HMRC. Question is what will happen to the 3.25 for their goalie? If that goes via the PL it may also go direct to HMRC meaning that despite the sales the club has not got in any working capital during the transfer window.

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hutch

hutch

Posted
Posted

Not sure if I can believe that (the Grauniad article, not PEDG). AFAIK HMRC no longer has preferred creditor status, so it wouldn't be lawful to divert money to them in preference to all the other creditors, would it? Casts doubt in my mind on the credibility of the whole article.

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pedg

pedg

Posted
Posted
Not sure if I can believe that (the Grauniad article, not PEDG). AFAIK HMRC no longer has preferred creditor status, so it wouldn't be lawful to divert money to them in preference to all the other creditors, would it? Casts doubt in my mind on the credibility of the whole article.

 

I guess that's what pompey asked them to do? After all they are not bust (yet) so I assume they still have control over which creditors they pay?

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PES

PES

Posted
Posted
A very valid and sensible point Mero, one which I have a concern about as well. A public company must publish accounts and so the fans can see what is going on (more fools to your lot for not "revolting" earlier).

In the context of a private company however, without published accounts we as fans don't actually know HOW we are being funded. ML has plenty of cash and Southampton FC are spending it, point is that we don't actually know at this time whether ML has put the cash in as equity or as loans. In theory we could also be racking up debt, the cash flow at the moment is good enough and may even cover the spending, but I would like to know just how we are being financed, just in case something goes wrong.

 

The big difference between the two operations though is professionalism at Board level and a large helping of common sense, so I'd like to know but I don't worry about it.

 

As for your lot, they are fighting fires and hanging on for the White Knight to come in and buy them. Trouble is the longer you stay at the bottom and with other clubs strengthening around you it becomes a harder and harder sell. Right now you're about as good an investment as the Haiti property market

 

I like your posts, at least you back up your bile with a few facts here and there. Just wanted to highlight your admission here, as to be honest, I draw a parallel with my own feelings of say 2 years ago. I personally think ML has bought Saints as a Project with the potential for a lot of satisfaction AND to turn a profit, but thats what I assume? 2 years ago, I and to be fair, many, had suspitions about what was going on at Pompey, but had no control over events so just didn't worry about it. Which IMO was the right thing to do, 'cos I concentrated on enjoying the Pleasure, and now (because i'm not someone who cant take it when the wind blows on me) as a result of said pleasure I've to enjoy the pain! But again, all out of my hands and as a passanger on this ride, I don't feel culpable what-so-ever (Thats not to say I enjoy it!).....:)

 

As your a man who clearly has an understanding of the Economy, (and whilst I appreciate the analogy) would it not actually be a GOOD time to buy a piece of Haitian 'Beach front' undeveloped land, at a very cheap price with the view to a long term investment? If you had a few quid and could afford to lose it of course.

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saintbletch

saintbletch

Posted
Posted
I posted this on the 'will they survive' thread on the main board

 

According to: http://www.guardian.co.uk/football/2010/feb/01/transfer-window-portsmouth-stoke

Players and staff at the stricken south coast club have still to be paid wages for January, though the Premier League has earmarked £1.8m from the £6m Portsmouth received from the sale of Younes Kaboul back to Tottenham Hotspur. A further £2.5m of that amount will go directly to Chelsea and Watford as the latest tranche of the money owed on the transfers of Glen Johnson, Mike Williamson and Tommy Smith, with the remainder to be channeled directly to Her Majesty's *Revenue and Customs.

 

The Premier League is aware that a further £12.5m in payments is due before the end of the season to clubs in relation to previous transfers, £4m of which is due to Udinese, Rennes and Lens in mid-March. A payment of £9m which the club's former owner, Sacha Gaydamak, claimed was due at the end of January has also apparently not been met as yet.

So for the kaboul payment 1.8M is going to the players, 2.5M to other clubs and 1.7M to HMRC. Question is what will happen to the 3.25 for their goalie? If that goes via the PL it may also go direct to HMRC meaning that despite the sales the club has not got in any working capital during the transfer window.

 

Oh dear.

 

Re the keeper I think it's unlikely that Stoke would pay £3.25m up front in cash - unless that was a condition of the transfer. i.e. £4m staged-payment or £3.25m cash.

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Torrent Of Abuse

Torrent Of Abuse

Posted
Posted
Think tomorrow match against Fulham is a make or break match for pompey. If they win their position in the league looks a lot better as they would be in touching distance of getting out the relegation zone, lose and they will be adrift once more. As such the result could well have an influence on anyone stupid enough to be considering investing in them.

 

True. Shame but I think they could win that one.

 

Saturday looks tasty, though. They play ManU away. Bolton play Fulham, Burnley play West Ham, Stoke play Blackburn, Sunderland play Wigan. Plenty of chances for other teams to leave them behind.

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OldNick

OldNick

Posted
Posted
Apparently a Russian saviour is on the horizon. Source: my mate at the Assoc. Newspapers group (he is ex-Evening Std and "scooped" me on the Rasiak, Bale and other deals involving London based sports news)
you just know that they will get out of it. They have been tetering too long and not going under.

Russian mafia no doubt looking to use the same old path.

Another slice of luck for them was that they were one a the very few clubs who actually sold players, amazing considering how few fees were done during the window.

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pedg

pedg

Posted
Posted
you just know that they will get out of it. They have been tetering too long and not going under.

Russian mafia no doubt looking to use the same old path.

Another slice of luck for them was that they were one a the very few clubs who actually sold players, amazing considering how few fees were done during the window.

 

Can someone please just put them into administration now!

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PES

PES

Posted
Posted
Can someone please just put them into administration now!

 

lol, they're gonna make a film about us. I like the 'Club that refused to die!' I'm sure some on here could come up with some other good suggestions for a working title? :D

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PES

PES

Posted
Posted
you just know that they will get out of it. They have been tetering too long and not going under.

Russian mafia no doubt looking to use the same old path.

Another slice of luck for them was that they were one a the very few clubs who actually sold players, amazing considering how few fees were done during the window.

 

If Pompey do 'Get out of it' Nick, it'll be quite a feat considering the level of missmanagement. :)

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
lol, they're gonna make a film about us. I like the 'Club that refused to die!' I'm sure some on here could come up with some other good suggestions for a working title? :D

 

The club that refused to pay their bills and were still backed up by a possibly corrupt regime?

 

I'll leave readers to second guess which, of the few possible, regimes are in my mind.

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