Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
in Golden Posts

 Share

Recommended Posts

The9

The9

Posted
Posted
A post on POL:

 

A few snippets of info from a recent supporter's meeting with Iain McInnes:

 

The Trust have spent £1.4m on improvements to the stadium so far, largely from the Tesco money but also partly from the club's other income.

 

He believes any new facilities should be for home fans, and he doesn't intend to move away fans from the Milton End, which means the Milton isn't a priority for redevelopment.

 

Frankly having been there for 3 years running with Newport (9 points so far :) ), the only thing they could improve without demolishing the entire thing altogether was the toilets, and they've done that. Once you get past redoing the loos, you kind of accept the crumbling concrete steps, generally ancient surroundings, limited access along the back of the stand and the cheap and poky refreshment hut. There are other bits of the ground that must be in a right state.

Link to comment
Share on other sites
The9

The9

Posted
Posted
I don't think you should discount the potential banana skin of both teams currently in the relegation zone. D&r are probably dead and buried however York could still save their league place if they can put together some results however I don't think either team are going to stop trying especially since there is a certain 'f*ck you' element to screwing up another teams season which provides teams with a lift on their way down

 

York put in a performance against a well off form Plymouth on the weekend and still lost. I also saw a Newport side with 4 new loanees in it that day win at York, they are awful.

Link to comment
Share on other sites
Gemmel

Gemmel

Posted
Posted

In the event that Portsmouth Football Club should be promoted to the Football Association Premier League, Portsmouth Community Football Club Limited shall be required to pay further purchase consideration of £3,000,000, if promotion is achieved by 30th June 2022, reducing to £1,000,000 if promotion is achieved subsequently prior to 30th June 2024.

 

:lol::lol::lol::lol:

Link to comment
Share on other sites
hypochondriac

hypochondriac

Posted
Posted
In the event that Portsmouth Football Club should be promoted to the Football Association Premier League, Portsmouth Community Football Club Limited shall be required to pay further purchase consideration of £3,000,000, if promotion is achieved by 30th June 2022, reducing to £1,000,000 if promotion is achieved subsequently prior to 30th June 2024.

 

:lol::lol::lol::lol:

 

Think their money is nice and safe there!

Link to comment
Share on other sites
The9

The9

Posted
Posted (edited)
Considering there's always a form team in there like a Carlisle, Stanley, B Rovers or Leyton Orient, could be unpredictable for the skates. Wouldn't be surprised if they won their away leg and then messed it up at the Rusty Fortress.

Their play-off progress is going to be defined by where they come in the table as much as who they play - they'll probably be better off coming 4th/5th because they'll be away in the first leg.

 

If they're playing the home leg first they could be in trouble no matter who they play - away leg first and they should be ok. If they're faced with having to break a team down at home they can't, and if they concede at home first that also means the opponent doesn't have to attack them in the second leg so they can't play their "just running at fragmented opposing defence on the break" game.

 

If however they play away first the onus will be on the home team to attack, and they can play their counterattacking game and get themselves in front, which also gives them the option to sit back and counter in the Fratton leg as well.

 

All their opponents have to do is remember not to attack until it is completely safe to do so, the Skates can only beat teams who are terrible at defending or who try to attack them and over-commit. Any top 6 side should be good enough to sit back and counter against them, and all they can do is run at you and not unpick sides at 0-0.

 

And of course even if they got through they'd then have to win a game at a neutral venue, though I'd really probably rather see them come a distant third than get to Wembley again.

Edited by The9
Link to comment
Share on other sites
The9

The9

Posted
Posted (edited)
In the event that Portsmouth Football Club should be promoted to the Football Association Premier League, Portsmouth Community Football Club Limited shall be required to pay further purchase consideration of £3,000,000, if promotion is achieved by 30th June 2022, reducing to £1,000,000 if promotion is achieved subsequently prior to 30th June 2024.

 

:lol::lol::lol::lol:

 

Think their money is nice and safe there!

 

Strange to see the term "Football Association Premier League", they dropped the "FA" part of the name years ago, when they dropped the Premiership name (2007 actually) - whether it's still an operating name for the company or not I don't know, but I doubt it. Also VERY weird as the (former) Portsmouth (City!) FC were members of the Premier League for 3 whole years when it definitely wasn't called the name they've used in their documentation. Still, it's not something they need to worry about any time soon, is it?

 

The title of the competition then changed to the FA Barclays Premiership, with this being amended to Barclays Premier League ahead of the 2007/08 campaign. The 2015/16 season will mark the final campaign of the arrangement of there being a title sponsor. From 2016/17, the competition name will simply be the Premier League.

 

http://www.premierleague.com/en-gb/history/premier-league/

 

The FA is also a special shareholder of the Premier League. It has the ability to exercise a vote on certain specific issues, but has no role in the day-to-day running of the Premier League

 

http://www.premierleague.com/en-gb/about/formal-relations.html

Edited by The9
Link to comment
Share on other sites
trousers

trousers

Posted
Posted

 

CHAIRMAN'S STATEMENT AND STRATEGIC REPORT

 

YEAR ENDED 30th JUNE 2015

 

Transparency, accountability and sustainability were the key slogans in most conversations held prior to the

takeover of this great club of ours. I’m confident that these accounts are credible proof that they are also the

main driving forces in running it and in good time ensuring that our future can remain stable and be successful.

Football headlines underline on an almost daily basis how so many of our fellow clubs find the balancing act of

achieving our stated objectives so difficult, indeed in some cases impossible to achieve.

 

As a board and executive management team we neither accept that as an inevitable consequence of success

nor indeed have any intention to emulate the victims of it.

 

Those disciplines do not in any way undermine ambition and progress, indeed they are the very foundation of

it. Once the achievable perimeters are nailed down they become a compass for reference and must never be

an excuse for excess.

 

Progress has been measurable by way of establishing and enhancing our own training ground. The stadium has

undergone essential health and safety work together with upgraded floodlights, welcome cosmetic facelift in

many areas and now a fit for purpose re-laid pitch.

 

We share the frustration of many with the lack of progression in results and league placing whilst unreservedly

accepting responsibility for them. The genuine belief and endeavour that went into the now past managerial

appointments was equally matched by the incumbents themselves and we thank each and every one of them

for their effort and commitment.

 

Our expectations of the new management team will I’m sure prove to be well founded and given support and

patience will deliver stylish and winning football.

 

The demands on funding a successful club are many and varied but income streams are few and limited. The

unparalleled gate income from the awe-inspiring support we enjoy underwrites substantially our ability to

balance the budget. Whilst we acknowledge the understandable expectation that flows from that income we

must continue to adopt prudent management to allocate proceeds proportionately endeavouring to meet on

field ambition and infrastructure demand.

 

As a club we are still a work in progress and further efficiencies in all areas form the basis of our modus

operandi. The discernible teamwork from a talented and committed group of staff will ensure that progress is

delivered.

 

Our ambition and strategy remain a constant.

 

We want to support the manager and coaching staff to achieve the highest possible league position by climbing

the league ladder.

 

Supporting our productive Academy to maintain and hopefully enhance the production of further talent.

Meet the demands of stadium upgrade and capacity increase.

 

With genuine belief that our current structure can deliver on those criteria allow me the opportunity to pay

tribute to the support and commitment of all involved but chiefly you the shareholders and supporters for

empowering the ability to do so.

 

With pride, passion and humility.

 

IAIN MCINNES

Chairman

 

What's he rambling on about?

Link to comment
Share on other sites
The9

The9

Posted
Posted
What's he rambling on about?

 

The interesting bit for me is that he's seeing "daily headlines" about clubs in financial trouble. With the exception of Bolton I don't think I've seen anything about any clubs being in trouble for ages, funnily enough coinciding with the FL implementing stringent financial controls as a result of the likes of Portsmouth absolutely taking the p155 with uncontrolled spending.

Link to comment
Share on other sites
The9

The9

Posted
Posted
From our old chum Corp Ho on POL aka banker

Assume the profit was carefully managed so as to minimise tax (corporation tax?)

There's a surprise same old Pompey !!

 

AFAIK this is pretty much standard practice in all companies. It's when they actually do owe tax (including massive amounts of unpaid NI contributions for staff PAYE) and then don't pay it because they've spent it on players that they're a disgrace.

Link to comment
Share on other sites
The9

The9

Posted
Posted

The amazing thing for me, having been to Gunwharf a couple of times recently, is that at no point have they ever got anywhere with getting to use any of the massive navy sporting facility right near there which has enough land for about 3 Premier League sized grounds. I'm sure the logistics of buying ground from the military is a nightmare too, but if only they'd invested the money correctly when they had it...

Link to comment
Share on other sites
Pamplemousse

Pamplemousse

Posted
Posted

From POL

 

it is slightly depressing seeing it in black and white when Bournemouth will get around £120m in TV revenue for next season.

 

We're debt free, profitable and would be a far better investment opportunity long term for any potential investor.

 

Rather interestingly, the most sensible post comes from old friend Corporate Ho

 

Sorry but I just don't get this line of thinking. We're in L2 with a crumbling stadium that needs replacing and massive investment in players and wages if we're going to get back to the PL. If I was an investor my money would be spent on Villa for roughly the same money it would cost to potentially turn us into a PL team and with Villa you could do it in one year
Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)
Seeing as £700,000 has been shaved off the cva through early repayments do we now need to recalculate the 4p in the pound final settlement?

Yes. Only Pompey could boast about managing to fleece their creditors one more time, having already written off 96% of what they originally owed. They didn't even have the dignity to pay the full amount of the remaining 4%.

 

"Yay, we're now debt free"

 

Yes, only because you ended up paying back next to bugger all of the debt you buffoons.

Edited by trousers
Link to comment
Share on other sites
Shance

Shance

Posted
Posted
The amazing thing for me, having been to Gunwharf a couple of times recently, is that at no point have they ever got anywhere with getting to use any of the massive navy sporting facility right near there which has enough land for about 3 Premier League sized grounds. I'm sure the logistics of buying ground from the military is a nightmare too, but if only they'd invested the money correctly when they had it...

 

The facilities you're on about including HMS Temeraire are now civilian owned and run mate. The rent for Portsmouth to play there would have been a considerable amount higher than what they are paying now. I honestly don't think they could afford it!

Link to comment
Share on other sites
Mr Biscuits

Mr Biscuits

Posted
Posted
The facilities you're on about including HMS Temeraire are now civilian owned and run mate. The rent for Portsmouth to play there would have been a considerable amount higher than what they are paying now. I honestly don't think they could afford it![/qUOTE]

 

that really hasn't stopped them before......

Link to comment
Share on other sites
hutch

hutch

Posted
Posted (edited)

They're a bit Mickey Mouse on first reading, but what do you expect from a 4th division club. There are a few inconsistencies, but some of the highlights for me are...

 

The club recorded a net cash outflow from operating activities of £489,000 for the year ended 30th June 2015. In addition the club spent £1.3m on capital expenditure during the period and after net cash inflows from financing of £0.1m the club recorded an overall decrease in cash for the year of £1.6m

 

which should be read together with...

 

The company currently has no bank lending facilities in place and operates entirely from its bank current account to meet its commitments as they fall due. The current surplus in the bank current account was raised from share subscriptions

 

so nothing at all to worry about there then.

 

They show a profit of £2k after a £1m windfall, made up of £700k profit on player sales, and another £300k robbed from the poor creditors of the previous company. Neither of these are repeatable, and without them they would have lost £im in the year. And their wage bill increased from £4m to £5m. Remember this was for last season, so that £5m was the cost of valiantly avoiding relegation out of the football league altogether last season. There is no doubt that their wage bill has increased again for this year. It's hard to see how they can avoid posting a whacking great loss for the current season, and if they can't sweeten that with Yeah but we got promotion didn't we then I think the shareholders could well be revolting.

 

And I don't understand how a 4th division football club can have debtors of £5m. Who owes them £5m?

Edited by hutch
Link to comment
Share on other sites
trousers

trousers

Posted
Posted
Recording a modest profit but it seems to me the figures have been flattered by a one off injection of £3m (Tescos?). Despite that there was big reduction in cash in year of £1.3m.

 

Any qualified accountants got a view?

This sounds like a job for Clapham Saint to me...

Link to comment
Share on other sites
Mr Biscuits

Mr Biscuits

Posted
Posted

Taking those two statements quoted by Hutch, I think it's safe to say they've bet everything on gaining promotion this season. It's looking increasingly likely that they will at least make the playoffs however it's not certain yet and if they don't do it I'm going to laugh and laugh. I'd hate to see their balance sheet next year if they don't do it....

Link to comment
Share on other sites
trousers

trousers

Posted
Posted (edited)

The bottom line is, regardless of whether they get promoted or not, it is clear that the leopard hasn't changed its spots.

 

Same old Pompey: a spending regime that is underpinned by the gamble of success on the field rather than investing in their infrastructure and allowing success to develop organically.

 

New football club, same old ways.

Edited by trousers
Link to comment
Share on other sites
rallyboy

rallyboy

Posted
Posted

That wages increase is quite hefty, and presumably repeated in the next lot of accounts.

With little growth available in their matchday takings without a price hike, and only a modest increase in TV money, the benefits of League One over League Two are minimal.

They need to follow their floodlights into the Championship before they can consider being properly solvent, and that's if they don't go a bit silly on the wages.

 

This business model is great for non-league or League Two, but it doesn't work much beyond that.

Link to comment
Share on other sites
Clapham Saint

Clapham Saint

Posted
Posted
They're a bit Mickey Mouse on first reading, but what do you expect from a 4th division club. There are a few inconsistencies, but some of the highlights for me are...

 

 

 

which should be read together with...

 

 

 

so nothing at all to worry about there then.

 

They show a profit of £2k after a £1m windfall, made up of £700k profit on player sales, and another £300k robbed from the poor creditors of the previous company. Neither of these are repeatable, and without them they would have lost £im in the year. And their wage bill increased from £4m to £5m. Remember this was for last season, so that £5m was the cost of valiantly avoiding relegation out of the football league altogether last season. There is no doubt that their wage bill has increased again for this year. It's hard to see how they can avoid posting a whacking great loss for the current season, and if they can't sweeten that with Yeah but we got promotion didn't we then I think the shareholders could well be revolting.

 

And I don't understand how a 4th division football club can have debtors of £5m. Who owes them £5m?

 

One thing that I don't think anybody else has mentioned but would worry me if I were a skate...

 

 

The Accruals and Deferred Income figure is £2.6m.

 

This figure represents

 

i) the value of costs which (as at the end of June 2015) they had not yet received an invoice for. - Maybe the electricity bill relating to June which may have been dated early July and some other bits.

 

ii) The 2015/16 season tickets paid for in advance - these are held on the balance sheet because the money is received in the 2014/15 financial year but it is for matches that won't be played until the following year.

 

The vast majority of this balance is likely to be advance season ticket sales and you can see that the balance has increased by around £1m from the year before, presumably because they have been able to put tickets on sale earlier.

 

Ordinarily this would be a good thing as more money is being received earlier.

 

But...

 

If you check the cash balance it shows, £1.5m in the bank at the year end. The implication therefore is that a business which only makes a £2k profit had already spent £1.1m (£2.6m season tickets paid in advance less £1.5m of cash actually in the bank) of next year's income before the season even started.

 

Not ideal.

 

Depending upon what makes up the "Trade debtors" and how much relates to season tickets this figure could be a little lower but it still isn't great.

Link to comment
Share on other sites
Clapham Saint

Clapham Saint

Posted
Posted
They're a bit Mickey Mouse on first reading, but what do you expect from a 4th division club. There are a few inconsistencies, but some of the highlights for me are...

 

The club recorded a net cash outflow from operating activities of £489,000 for the year ended 30th June 2015. In addition the club spent £1.3m on capital expenditure during the period and after net cash inflows from financing of £0.1m the club recorded an overall decrease in cash for the year of £1.6m

 

 

Again this needs to be considered in conjunction with the apparent £1.1m extra paid in advance for season tickets.

 

There was a £489,000 net cash outflow from operating activities DESPITE season ticket holders paying £1.1m more in advanced season ticket sales before the end of June.

 

Given that this increase won't be repeated; the underlying cash outflow from operating activities was £1.6m.

 

Good job Iain

Link to comment
Share on other sites
rallyboy

rallyboy

Posted
Posted

Good work.

At least the more intelligent skate now has somewhere that has actually looked beyond the welcome, analysed the accounts, and is offering a realistic picture of where they really are.

If they don't go up I can't wait for the next lot of accounts.

 

#carcrash

Link to comment
Share on other sites
trousers

trousers

Posted
Posted
Good job Iain

 

It's OK. He's been planning his exit before the sh*t hits the fan for a while now...

 

http://www.bbc.co.uk/sport/football/32756238

 

Portsmouth chairman Iain McInnes has hinted that next season [2015/16] will be his last at the Fratton Park helm.

 

McInnes unveiled his fourth permanent manager in his two-year spell as chairman and he said he hoped Paul Cook was his last.

 

"Promotion is the target, these fans should be demanding it. This guy is going to deliver it for us.

 

"This is one last hurrah now. Paddy Ashdown said if it doesn't work I'll eat my hat. I'm a seven and a half so it'll be a big hat but I will eat it if this guy doesn't get us out of this league."

 

When asked if next season would be his last, McInnes said: "We all work hard, it would be a nice to go out on a bit of success, and some might say I've earned it. (The end is) not too far a way, I would like to bed this guy in, have a successful season and review it at the end of next year."

 

2114884851.jpg

Link to comment
Share on other sites
trousers

trousers

Posted
Posted

Clutching at straws and belittling other teams in the league (with no sense of irony)... 'The News' doing what it does best...

 

http://www.portsmouth.co.uk/sport/football/pompey/pompey-frustration-may-be-blessing-in-disguise-1-7303414

 

Easter Monday brought that disappointment for a sizeable number of Pompey fans as AFC Wimbledon’s Kingsmeadow pitch was left waterlogged on the morning of the game.

 

Quite why the Dons didn’t see fit to hire a pitch cover remains a mystery.

 

Storm Katie, which wreaked havoc on the south on Sunday night, had been predicted by many national forecasters – the fact it had been given a name is usually a clue.

 

And with the clash set to be televised in front of the Sky cameras, the news got worse for the Blues as the postponement denied them a five-figure windfall with a sum in excess of £10,000 slipping away.

 

But, and this is a big but, I actually think the game being called off may prove to be a blessing in disguise for Paul Cook’s side.

Link to comment
Share on other sites
FloridaMarlin

FloridaMarlin

Posted
Posted
The facilities you're on about including HMS Temeraire are now civilian owned and run mate. The rent for Portsmouth to play there would have been a considerable amount higher than what they are paying now. I honestly don't think they could afford it!

 

They burned that particular bridge long, long ago.

 

It might well have been in their first (there have been so many it's difficult to seperate them) administration under the old Gregory regime that they failed to cough up around £60,000 to the RN for hire of facilities at Burnaby Road - after which they started using Wellington Sports Ground in Stoneham Lane - which they also failed to pay for.

 

During a particularly wet spell two seasons ago they asked Solent University if they could hire their 3G pitch at Test Park to get some training in.

 

Solent told them it would cost them £120 per hour to hire and the club asked the uni to invoice them.

 

Solent said they could only have use of the facility if they turned up with cash on the day.

 

Apparently the university doesn't demand this of local, junior league sides and are happy to invoice them.

 

But invoicing p****y is a different matter.

Link to comment
Share on other sites
Waterside.saint

Waterside.saint

Posted
Posted
They burned that particular bridge long, long ago.

 

It might well have been in their first (there have been so many it's difficult to seperate them) administration under the old Gregory regime that they failed to cough up around £60,000 to the RN for hire of facilities at Burnaby Road - after which they started using Wellington Sports Ground in Stoneham Lane - which they also failed to pay for.

 

During a particularly wet spell two seasons ago they asked Solent University if they could hire their 3G pitch at Test Park to get some training in.

 

Solent told them it would cost them £120 per hour to hire and the club asked the uni to invoice them.

 

Solent said they could only have use of the facility if they turned up with cash on the day.

 

Apparently the university doesn't demand this of local, junior league sides and are happy to invoice them.

 

But invoicing p****y is a different matter.

 

:mcinnes:

Link to comment
Share on other sites
 Share
Go to topic listing
×
×
  • Create New...