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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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trousers

trousers

Posted
Posted (edited)
The investigations are stacking up...

The half-time bust up, the appeal for cheating - those two are likely to delay even further the long-awaited forensic investigation into the decade of criminality in the old club with a similar name.

How is that one going?

 

All seems to have gone a bit quiet since this news article in March 2015: http://www.skysports.com/football/news/11674/9783211/portsmouth-creditors-facing-wait-for-cash

 

Baker Tilly said back then that they 'may need another 2 years' to conclude their investigations. So, we should be seeing their report sometime in the new year....

 

Portsmouth creditors may have to wait until 2017 to discover if they will receive any further money, seven years after the club first entered administration.

 

Portsmouth became the first Premier League club to be put into administration, with initial debts of nearly £120 million, in February 2010.

 

A year later, Portsmouth City Football Club Ltd was wound up and placed into compulsory liquidation at the High Court as the company exited its administration.

 

Baker Tilly, an independent firm of chartered accountants and business advisers, has been investigating the liquidated company for four years, and revealed they may require two more years to establish whether creditors will receive any further funds.

 

"Work to realise assets for the benefit of creditors is ongoing but our best estimate is that the matter is not likely to be concluded for the next 1-2 years." said Baker Tilly, in a statement to Sky Sports News HQ.

 

In February 2012, Championship Portsmouth entered administration for the second time in three seasons, and were relegated to League One three months later, before further relegation at the end of the following season.

 

Portsmouth are in 14th place in League Two.

 

The club, now trading under Portsmouth Community Football Club, announced on Monday that it had an operating profit of £118,000 in its first full year of trading.

 

Accounts for the year ending June 2014 showed a turnover of £6.6 million, with gate receipts of £3.4 million.

 

The club say there was an overall loss of £171,000 for the year, after including net interest charges of loans taken out to purchase the club in April 2013.

 

Baker Tilly's ongoing investigation is unrelated to the current company and fan-ownership of the club.

 

"As liquidators, we have a duty to ascertain any misconduct carried out by those in control of the company which has caused loss or prejudice to the general body of creditors." said Geoff Carton-Kelly, formerly joint-liquidator, in February 2011.

 

"In some cases, if appropriate, the liquidator may be able to bring legal proceedings against third parties as well as directors or shadow directors for either wrongful trading or fraudulent trading, misfeasance or breach of duty with a view to recovering funds for creditors. In addition, the liquidators have powers to reverse certain historical transactions for the benefit of creditors too."

 

Can someone remember what happened in Luton's case? Didn't the club, by then being run by new owners, get docked points based on the misdemeanors of the previous owners? Of course, this won't apply to Pompey given they are a completely different club to the one that used to play at Fratton Park...

 

p.s. for the record, Baker Tilly now trade as RSM UK ( https://www.rsmuk.com/who-we-are/our-history )

Edited by trousers
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stevegrant

stevegrant

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Can someone remember what happened in Luton's case? Didn't the club, by then being run by new owners, get docked points based on the misdemeanors of the previous owners? Of course, this won't apply to Pompey given they are a completely different club to the one that used to play at Fratton Park...

Luton's secretarial staff blew the whistle on their previous owners having paid a number of agents through bank accounts not belonging to the football club, in direct contravention of FA regulations. Despite having raised the alarm when they first discovered the situation, the club was punished with a 10-point deduction by the FA. This just happened to be at the same time that the Football League imposed a 20-point deduction for failing to exit administration with an accepted CVA, so they were pretty much relegated to the Conference before a ball was even kicked that season.

 

Worth noting that Bournemouth were also docked 17 points that season - had Luton not had that deduction, Bournemouth would have been relegated to the Conference and they sure as hell wouldn't be where they are now.

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Saint Mikey

Saint Mikey

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Luton's secretarial staff blew the whistle on their previous owners having paid a number of agents through bank accounts not belonging to the football club, in direct contravention of FA regulations. Despite having raised the alarm when they first discovered the situation, the club was punished with a 10-point deduction by the FA. This just happened to be at the same time that the Football League imposed a 20-point deduction for failing to exit administration with an accepted CVA, so they were pretty much relegated to the Conference before a ball was even kicked that season.

 

Worth noting that Bournemouth were also docked 17 points that season - had Luton not had that deduction, Bournemouth would have been relegated to the Conference and they sure as hell wouldn't be where they are now.

 

Bournemouth still would have stayed up that year, as they finished 21st, ahead of Luton, Chester and Grimsby:

 

https://en.wikipedia.org/wiki/2008%E2%80%9309_Football_League_Two

 

Still don't see how the Skates avoided this kind of harsh points deduction though.

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Mr Biscuits

Mr Biscuits

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Bournemouth still would have stayed up that year, as they finished 21st, ahead of Luton, Chester and Grimsby:

 

https://en.wikipedia.org/wiki/2008%E2%80%9309_Football_League_Two

 

Still don't see how the Skates avoided this kind of harsh points deduction though.

 

I seem to remember them pleading some sort of special case, no doubt linked to them being the bestest ever or something

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The9

The9

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Still don't see how the Skates avoided this kind of harsh points deduction though.

I seem to remember them pleading some sort of special case, no doubt linked to them being the bestest ever or something

 

They avoided a deduction like this because

1) Brian Mawhinney was no longer head of the Football League and draconian punishments suddenly went away

2) The FL insisted on them signing up to a financial code of conduct of sorts to be allowed to play in the League

3) They got the -10 that was due to them when coming out of admin - but were already relegated so it had no effect, and because they weren't going INTO admin the "default deduction to the next season" rule didn't apply

4) The forensic examination of their books during this time is not yet complete (but see 1 for how likely they are to be punished).

Edited by The9
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Golden Balls

Golden Balls

Posted
Posted
They avoided a deduction like this because

1) Brian Mawhinney was no longer head of the Football League and draconian punishments suddenly went away

2) The FL insisted on them signing up to a financial code of conduct of sorts to be allowed to play in the League

3) They got the -10 that was due to them when coming out of admin - but were already relegated so it had no effect, and because they weren't going INTO admin the "default deduction to the next season" rule didn't apply

4) The forensic examination of their books during this time is not yet complete (but see 1 for how likely they are to be punished).

 

Yet you ask any of the blue few and they think they're hard done by with their treatment from the FL/FA

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SKD

SKD

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Yet you ask any of the blue few and they think they're hard done by with their treatment from the FL/FA

 

It's because the FL/FA are desperate to make an example of the biggest, bestest supported, club in the FL (arguably in the country).

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spyinthesky

spyinthesky

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A few Pompey fans had Martin Allen down to replace Paul Cook when the latter takes over from Herr Klippity Klopp as Liverpool Manager.

 

However Martin has chosen to join a rival club with ambitions to escape from lower league mediocracy and is now the new boss at Eastleigh

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The9

The9

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Yet you ask any of the blue few and they think they're hard done by with their treatment from the FL/FA

 

Because they think the Premier League and EFL should have protected them from the owners their club selected. Rather than, say, the kind of due diligence that saved us from committing to Pinnacle.

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Mr Biscuits

Mr Biscuits

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Confirmation that they're going all or bust with wages this season.

 

http://www.portsmouth.co.uk/sport/football/pompey/glory-not-money-is-pompey-players-motivation-1-7710230

Paradoxically, apparently the players aren't motivated by money.

 

It constantly amazes me that the thought of all that glory hasn't got players banging on the rickety wooden pallet they use as a door at the kipper shed.

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Waterside.saint

Waterside.saint

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Posted (edited)
Don't forget to buy Comical Allen's literary blockbuster this Xmas - http://www.portsmouth.co.uk/sport/football/pompey/ideal-pompey-christmas-present-in-shops-1-7715496

 

Apparently it 'was Portsmouth Waterstones’ top-selling book of Christmas 2015'. In other news, the Fratton branch of Tesco Extra sold an astonishing 83963567 rolls of bog paper last year and the Kwiki Mart broke all records by shifting 78534654 Slush Puppies.

 

** Late breaking news: Portsmouth look on enviously as a Hampshire rival opens bidding for new ownership 'as low as 99p, leaving the door open for any fans to live out their dream of owning a football club':

http://www.dailyecho.co.uk/news/14949723.Hampshire_football_club_put_up_on_eBay/

Edited by Waterside.saint
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Danbert

Danbert

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Allen outdoes himself in the News today with some truly exceptional drivel. Apparently, Steve Stone has "a love affair with Pompey that will never die," though, unfortunately, "geography has slammed the door".

 

:mcinnes:

http://www.portsmouth.co.uk/sport/football/pompey/why-steve-stone-s-pompey-love-affair-will-never-die-1-7714969

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Waterside.saint

Waterside.saint

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Allen outdoes himself in the News today with some truly exceptional drivel. Apparently, Steve Stone has "a love affair with Pompey that will never die," though, unfortunately, "geography has slammed the door".

 

:mcinnes:

http://www.portsmouth.co.uk/sport/football/pompey/why-steve-stone-s-pompey-love-affair-will-never-die-1-7714969

 

:snork:

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TopGun

TopGun

Posted
Posted
Allen outdoes himself in the News today with some truly exceptional drivel. Apparently, Steve Stone has "a love affair with Pompey that will never die," though, unfortunately, "geography has slammed the door".

 

:mcinnes:

http://www.portsmouth.co.uk/sport/football/pompey/why-steve-stone-s-pompey-love-affair-will-never-die-1-7714969

 

Worth every penny. Where else does geography slam a door?

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Waterside.saint

Waterside.saint

Posted
Posted
Allen outdoes himself in the News today with some truly exceptional drivel. Apparently, Steve Stone has "a love affair with Pompey that will never die," though, unfortunately, "geography has slammed the door".

 

:mcinnes:

http://www.portsmouth.co.uk/sport/football/pompey/why-steve-stone-s-pompey-love-affair-will-never-die-1-7714969

 

Worth every penny. Where else does geography slam a door?

 

If it was any other hack writing for any other rag in any other town, I'd suggest it was tongue-in-cheek. But for the deludestmost, this is Pullitzer-winning journalism from Portsmouth's answer to John Pilger and I imagine they lap it up

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Danbert

Danbert

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"We got terrible abuse but that’s football and managing big clubs today. And we are a big club. I’ll never hide from that. Managing this club is tough. That’s the way it is. It’s tough for me, my family, my children, my parents who follow us – everyone. Tough for the chairman, tough for our fans."

 

This is Cook responding to "a horrendous few weeks for all of us." But I don't really get what he's been referring to. Have the amazingly loyal bestest been sending him death threats, or what? Is this something big/massive clubs do? Can someone explain?

 

http://www.portsmouth.co.uk/sport/football/pompey/cook-perfect-pompey-response-to-horrendous-few-weeks-for-all-of-us-1-7728143

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spyinthesky

spyinthesky

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Appreciate this has been mentioned before but...

 

SAINTS doing OK in the Prem (could be better)/ Flirtation with Europe/Semis of League Cup/Still in FA and Checkatrade Cups. Newish ground

BOURNEMOUTH highest ever League position. New ground in prospect

BRIGHTON likely promotion to the Prem. New ground.

EASTLEIGH still in the FA Cup. Ground upgrade ongoing.

POMPEY still in 4th division. No new ground in prospect.

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aintforever

aintforever

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Posted
Appreciate this has been mentioned before but...

 

SAINTS doing OK in the Prem (could be better)/ Flirtation with Europe/Semis of League Cup/Still in FA and Checkatrade Cups. Newish ground

BOURNEMOUTH highest ever League position. New ground in prospect

BRIGHTON likely promotion to the Prem. New ground.

EASTLEIGH still in the FA Cup. Ground upgrade ongoing.

POMPEY still in 4th division. No new ground in prospect.

 

If Brighton get promoted their fan base is going to get seriously squeezed. I already have Pompey supporting mates who have to go to St Mary's because it's what their kids want. Funny as ****.

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