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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Goalie66

Goalie66

Posted
Posted

If I was a creditor to PCFC I would get my winding up order in now as Chanrai has the money to pay it. If he does not clear the debts then liquidation beckons.

Having said that this whole thing stinks and I hope the fraud squad put the lot behind bars

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Sheaf Saint

Sheaf Saint

Posted
Posted (edited)

http://http://www.independent.co.uk/sport/football/premier-league/portsmouth-confirm-yet-another-takeover-1889332.html

 

Some very worrying points about this article....

 

"They are taking control on a temporary basis to allow new owners to be found."

 

Wasn't that SBT's remit? Good luck trying to find somebody stupid enough to buy into a sinking ship.

 

"New directors will be appointed to the board and Peter Storrie will remain as chief executive and will be running the club."

 

Just in case any pompey fans were genuinely thinking that this move is good news for the club. Keeping Storrie will not solve any of their problems IMO.

Edited by Sheaf Saint
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saintds

saintds

Posted
Posted

 

So according to that report, SG and BC lose everything if the club goes to the wall and a "buyer" picks the club up on the cheap whilst in administration.

 

Question - how the blue blazes did anyone persuade BC to loan that amount of money to the club? Surely, a man of such business acumen would have done some research before agreeing to the loan? Someone has told him some rather tall Storeys to secure the funding, me thinks.

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pedg

pedg

Posted
Posted
gets worse again!

 

Jacobs disputes takeover!

 

http://www.espn.co.uk/football/sport/story/5173.html

 

The insider confessed that Portsmouth still fear a winding-up order from HMRC on Wednesday. Portsmouth failed to 'strike out' the order in the High Court and have appealed, but the insider told Soccernet: "We have lodged the appeal, but it now looks possible it will all be heard on the Wednesday together with the winding-up order. We would hope our appeal will succeed but you never know."

 

So an appeal, which could only be over a point of law, that if successful could have a major effect on VAT payments in lots of situations besides football transfers and possibly cost HMRC millions is be decided on that Wednesday morning?

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hutch

hutch

Posted
Posted

As I see it, he thought he'd "ringfenced" the incoming money.

 

£7m from Sky + ~£10m from transfers in the window = a familiar figure (and all received before the winding-up hearing)

 

When he found that didn't work, and that there's a distinct possibility that HMRC will succeed next week, and that his second security might be ruled invalid, he panicked. This is just a (probably futile) attempt to stave off HMRC, and get his hands on any remaining incoming transfer installments & TV or parachute payments, or player sales in the summer.

 

I really don't think it's property development-related. The stadium and adjoining land is only important because whoever owns the club needs it. Asset prices are still very very depressed, and a cute businessman could make a lot of money with £20m in cash right now. He wants his money. Now.

 

The bit I haven't understood yet is that it's going to need around £30m cash to keep them going until the end of June. Where's that coming from? Certainly not from the turnstiles.

 

And for "he", one could hypothetically read "they"

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sidthesquid

sidthesquid

Posted
Posted
http://www.portsmouth.co.uk/newshome/Gaydamak-happy-with-new-man.6042523.jp

Glenn Cooper, Sacha Gaydamak's financier said he thinks the change in ownership is good news for the club.

 

'He secured loans on the shares owned by Al-Faraj and now as 90 per cent shareholder of the club he owns and runs it. By law he can get rid of management or the directors.

 

'I think supporters will take the view that any change has to be an improvement.

 

'We will be talking to Mr Chainrai once he has settled in. Portsmouth City Football Limited owe the money to us. We continue to own the land which surrounds Fratton Park so Mr Chainrai will want to talk to us.'

 

Fairly clear that he expects a lot of the board to get the boot.

 

I think it is becoming more & more apparent that Chainrai is still in bed with Gaydamak senior one way or the other. If Al-Faraj really exists (which is still imo doubtful) he has just been a dupe in the game being played out.

Whatever his motives it is clear that Chainrai has significant ties to Gaydamak and that alone should make him fail the FPP test. But that ain't gonna happen, so it looks like they are saved if nothing else. Thank fook for Jonathan Greening is all I say

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hutch

hutch

Posted
Posted

If it's true that he's only taken FP, not the club as a whole, then that makes more sense.

 

If anybody picks up the scraps for a song from an administrator, they will now have to come to BC to buy back the stadium to play in, and the Israeli-Russian mafia for the adjoining land. Around £20m for the former and £28m for the latter.

 

Cute.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
If it's true that he's only taken FP, not the club as a whole, then that makes more sense.

 

If anybody picks up the scraps for a song from an administrator, they will now have to come to BC to buy back the stadium to play in, and the Israeli-Russian mafia for the adjoining land. Around £20m for the former and £28m for the latter.

 

Cute.

 

£48M without any other facilities for a club in the Championship on minus 10 still doesn't look too clever though.

 

Add to that the cost of training ground, stadium etc....can't be much less than £100M from start to finish.

 

Oh, and they would start knowing that the best fans in the land can't fill a 20k stadium.

 

Nice.

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Saint_clark

Saint_clark

Posted
Posted
Just talk to the AFC Wimbledon fans - they've got a proper football club who've had an absolute ball since they started from scratch. No overpaid prima donnas or mercenaries, no JCLs, no Man U. Fans are part of the club, it's all about football not money, affordable prices, grounds with terracing, proper football banter, ten years of winning etc.

 

Yes, but without the TEN YEARS OF WINNING, would they have enjoyed it as much?

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Lets B Avenue

Lets B Avenue

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Posted

 

Too slow Gunner.

 

Et tu, Pancake. :)

 

 

Posted last night at 12.08. I couldn't sleep as I was laughing too much.

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pedg

pedg

Posted
Posted

So assuming he wants to take the club to financial stability what is that going to cost him?

 

Assuming HMRC play hardball and the clubs 'appeal', if it really exists, fails then that's 7million there?

 

Outstanding transfer payments come I think I read somewhere to about 14M assuming they have to be paid by the end of the season?

 

Salaries coming down but still at least 2M a month?

 

Large number of other suppliers (i.e. just about everyone) owed money for several months if not longer so would not be surprised if that does not come to several million?

 

One would guess that gaddy will not be pushing for his £9M immediately.

 

Anything else??

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dronskisaint

dronskisaint

Posted
Posted
£48M without any other facilities for a club in the Championship on minus 10 still doesn't look too clever though.

 

Add to that the cost of training ground, stadium etc....can't be much less than £100M from start to finish.

 

Oh, and they would start knowing that the best fans in the land can't fill a 20k stadium.

 

Nice.

 

That's 48 million to start from scratch with zero....if the 'golden share' has been removed there is no guaranteed league place ergo no fixtures so no players.

 

Aside from the usual mode of transport behind the car & a kick about on Southsea Common everything else would need putting in to place - AFC Skatesgob looks more & more a reality!

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Tamesaint

Tamesaint

Posted
Posted (edited)

This is going to run and run and run!! Sit back and enjoy it.

 

I did think that February may have seen the end of Pompey what with the winding up order, late payment of wages etc etc. Now I think it is just going to run on well into the summer. In the same way as "English batting collapse" or "struggling Southampton" for a time were cliches in the press, we now have "more financial problems today for Portsmouth" being one of the most used phrases. 5 Live cannot give an item of news about them without using that phrase.

 

I suppose a lot will depend on whether they escape relegation. If they do Chanrai will stand a better chance of getting a new owner. In the CCC this is more unlikely.

 

I still feel that what will ultimately bring them down will be financial irregularities. God knows what has being going on there .... but soon the world will know (or at least have a better idea). When does story teller appear in court next?? Isn't that next week??? When is saggy's and Milan's next court hearing??? Friends of mine who have no love / hate for Pompey and seem immune to many of Pompet's problems are talking about the Rednapp / Pompey / Spurs connection. How many times does Saggy have to buy / sell with Pompey before the Inland Revenue gets suspicious??

 

Sit back and enjoy the ride. It is going to last for many more months to come and I would not be at all surprised if at the end of it, Pompey have been demoted several divsions by the FA for financial irregularities.

Edited by Tamesaint
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OldNick

OldNick

Posted
Posted
This is going to run and run and run!! Sit back and enjoy it.

 

I did think that February may have seen the end of Pompey what with the winding up order, late payment of wages etc etc. Now I think it is just going to run on well into the summer. In the same way as "English batting collapse" or "struggling Southampton" for a time were cliches in the press, we now have "more financial problems today for Portsmouth" being one of the most used phrases. 5 Live cannot give an item of news about them without using that phrase.

 

I suppose a lot will depend on whether they escape relegation. If they do Chanrai will stand a better chance of getting a new owner. In the CCC this is more unlikely.

 

I still feel that what will ultimately bring them down will be financial irregularities. God knows what has being going on there .... but soon the world will know (or at least have a better idea). When does story teller appear in court next?? Isn't that next week??? When is saggy's and Milan's next court hearing??? Friends of mine who have no love / hate for Pompey and seem immune to many of Pompet's problems are talking about the Rednapp / Pompey / Spurs connection. How many times does Saggy have to buy / sell with Pompey before the Inland Revenue gets suspicious??

 

Sit back and enjoy the ride. It is going to last for many more months to come and I would not be at all surprised if at the end of it, Pompey have been demoted several divsions by the FA for financial irregularities.

it is funny I have just been speaking to a debt collecting agency, and he mentioned that there were PL clubs they work for. I said about Pompey and he said the HMRC will sort them out next week, but it was also said about HR and his shenanigans. Everybody seems to think he is at it, but the proof seems to be hard to pin them.
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OldNick

OldNick

Posted
Posted
This is going to run and run and run!! Sit back and enjoy it.

I dont think i can, they will beat us in the cup and have a good chance of staying up. I cant stand the thought they could get back to Wembley, raise their profile again then have the TV money save their skin.

If the cup draw goes well for them they could easily make the semis

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Gingeletiss

Gingeletiss

Posted
Posted
I dont think i can, they will beat us in the cup and have a good chance of staying up. I cant stand the thought they could get back to Wembley, raise their profile again then have the TV money save their skin.

If the cup draw goes well for them they could easily make the semis

 

nick, they're expected to beat us, they're PL, we are Div 1. However, they will be bricking it, the thought of being turned over by us!!!!!, it is a win/win for us nick, fearnot;)

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Chez

Chez

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Posted
I dont think i can, they will beat us in the cup and have a good chance of staying up. I cant stand the thought they could get back to Wembley, raise their profile again then have the TV money save their skin.

If the cup draw goes well for them they could easily make the semis

 

I feel the same. When it comes to it the two leagues apart excuse, it is just not going to rub. There are less and less top notch sides in the draw, so a relativeley eay route to the final could open up. That would be a ****ig nightmare. In the League they look slightly adrift at the moment, but they have a lot of winnable games at home towards the back end of the season, they are not playing all that badly, so there is every chance they could turn this round.

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Sheaf Saint

Sheaf Saint

Posted
Posted
I feel the same. When it comes to it the two leagues apart excuse, it is just not going to rub. There are less and less top notch sides in the draw, so a relativeley eay route to the final could open up. That would be a ****ig nightmare. In the League they look slightly adrift at the moment, but they have a lot of winnable games at home towards the back end of the season, they are not playing all that badly, so there is every chance they could turn this round.

 

 

Well, they weren't playing too badly before they had to sell their most valuable players and repalce them with low-value loanees and frees.

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pedg

pedg

Posted
Posted

I still feel that what will ultimately bring them down will be financial irregularities. God knows what has being going on there .... but soon the world will know (or at least have a better idea). When does story teller appear in court next?? Isn't that next week??? When is saggy's and Milan's next court hearing??? Friends of mine who have no love / hate for Pompey and seem immune to many of Pompet's problems are talking about the Rednapp / Pompey / Spurs connection. How many times does Saggy have to buy / sell with Pompey before the Inland Revenue gets suspicious??

 

To remind what might happen only have to look at what happened to Luton town http://www.timesonline.co.uk/tol/sport/football/football_league/article4340138.ece

The FA expressed sympathy with Luton's plight yesterday, but a three-man panel insisted that the punishment of a ten-point deduction and a £50,000 fine fitted the crime of failing to register payments to agents with the governing body.

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Merovingian

Merovingian

Posted
Posted
nick, they're expected to beat us, they're PL, we are Div 1. However, they will be bricking it, the thought of being turned over by us!!!!!, it is a win/win for us nick, fearnot;)

 

oh dear I doubt many if any of the players will be bricking it, most of the foreigners will not understand the deep rivalry like we do.

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saintbletch

saintbletch

Posted
Posted
To remind what might happen only have to look at what happened to Luton town http://www.timesonline.co.uk/tol/sport/football/football_league/article4340138.ece

The FA expressed sympathy with Luton's plight yesterday, but a three-man panel insisted that the punishment of a ten-point deduction and a £50,000 fine fitted the crime of failing to register payments to agents with the governing body.

 

Hmm. So why keep Storrie on if he is implicated in the cash from agents case?

 

Wouldn't it be better for PFC to distances itself from the problem?

 

(although I realise that didn't actually help Luton)

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PES

PES

Posted
Posted
As I understand it unless things have changed he is not interested in owning the club long term ( shame coz him and Levi Kushnir (sp) have serious money ) He will sell it on I suspect, however he will at least more than likely put the club in order, at least see wages are paid per month and ensure we do not get wound up or go into liquidaton. He may even stick around long enough for us to go down and gamble on spending the parachute payment to get us back up to see his chance of selling us for more in 2 years increase.

 

Whichever way its nothing to get excited about as far as the long term future goes but what it does mean is we should ( hopefully ) have a club in time to beat you boys ;) and finish the season

 

I think Mero sums it up nicely, Now we can ALL get on with enjoying what should be a great day on the 13th! ;):D

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Gemmel

Gemmel

Posted
Posted

Have to confess to being completely confused by it all, but the reality was that be admin or a new owner or whatever, something had to give before the 10th.

 

Ultimately this will buy them more time and now it's whether they can or can't stay up.

 

The whole mess will be too complex and embarrassing for the PL to investigate and my best guess is that this whole things has been a well orchastrated plot, that may have taken a couple of unexpected twists and turns along the way, from Gadamak Snr and that him and Chainori (Or whatever his name is) are far from the enemys that they portray themselves as.

 

But we shall see, nothing that happens with the blue few could surprise me anymore.

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St Marco

St Marco

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Posted

So this guy has an estimated fortune of around £200m. Which is a lot of money. But by the sounds of it he wont be putting a single penny into the club. He doesn't even sound like he wants the club. More like a baliff who has come round to collect something.

 

So basically nothing has changed. In fact it could now be worse.

 

The courts will not give a monkies who is this weeks owner of the company, that will make the prosecution team have a lot more evidence to use against them. How the hell can a company have 4 different owners in under 12 months?

 

What will be interesting now is to see what he does. He is obviously looking to sell it to try and get back the £14m he supposedly put in. If he fails the fit and proper test (which he wont as the test is basically walk in a straight line) then what will happen?

They have 6 days to pay up and a different face on the package will not change the courts and long list of people owed monies mind.

If this guy wants to keep the club alive he has to put his own money in. Without any conditions or without any securities. No short term loans, no putting it against tv money etc etc. If he does not do that before weds, the plug will be pulled.

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