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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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rooney

rooney

Posted
Posted
Community club of the year? Is this the same community that they ravaged by not paying their bills to local companies who did work for them? Must be some othe community, that'll be it.

 

There was also the charities too.

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Doctoroncall

Doctoroncall

Posted
Posted
Community club of the year? Is this the same community that they ravaged by not paying their bills to local companies who did work for them? Must be some othe community, that'll be it.

 

Remember this club is new, only about 5 years old and has always been in league two.

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SW5 SAINT

SW5 SAINT

Posted
Posted
Community club of the year? Is this the same community that they ravaged by not paying their bills to local companies who did work for them? Must be some othe community, that'll be it.

 

Well I suppose they the only football club with the word community in their name. I wish the media would start using their correct name. After all every time Chester's name appear on a video printer or in the results listing, FC is always included in their name.

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OttawaSaint

OttawaSaint

Posted
Posted
Remember this club is new, only about 5 years old and has always been in league two.

 

Damn! That's right. Schrodinger's club. You don't know whether they are 5 years old or 100+ years old until they decide whether they are talking about trophies or the amount of money they stole from charities, ex-players and local businesses.

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OttawaSaint

OttawaSaint

Posted
Posted
First prize in the PST draw? Another club's shirt... :mcinnes: :lol:

 

http://www.pompeytrust.com/news/win-an-fc-barcelona-shirt-signed-by-neymar

 

let's face it, Neymar must be sick of that library they call the Nou Camp and secretly pine to play in front of the best atmosphere in world football. It's practically a Pompey shirt because Barca are envious of them and their passionate fans ™.

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The9

The9

Posted
Posted (edited)
Remember this club is new, only about 5 years old and has always been in league two.

 

Not true, they were in League One when formed, only to get relegated within a matter of weeks. EDIT - they actually got relegated a day or two before the takeover, but still had L1 matches left.

 

http://www.bbc.co.uk/sport/football/22098749

 

http://www.dailymail.co.uk/sport/football/article-2311917/Portsmouth-exit-administration-fan-takeover.html

 

(look at the comments for some quality Portsmyths and finger pointing at the fit and proper test - ignoring the choice of any of the owners to fail to pay off any of the CVA).

Edited by The9
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The9

The9

Posted
Posted

Since the EFL website was revamped the original link has gone, but here's a wayback machine link to the conditions of their continued existence from July 2012... which was nearly a full season before the Trust took over the club

 

https://web.archive.org/web/20120715062512/http://www.football-league.co.uk/footballleaguenews/20120712/league-board-makes-membership-offer-to-portsmouth_2293334_2847729

 

The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club.

 

The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the Club going forward.

 

The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs. Through its Insolvency Policy, The League aims to secure the continuation of the club in its local community. In seeking to achieve this it requires that:

 

a) all football debts have been settled in full (although these may be compromised by mutual agreement).

 

b) creditors have been given the opportunity to indicate their satisfaction (or otherwise) at the proposed arrangements (normally through the acceptance of a Company Voluntary Arrangement (CVA)).

 

In Portsmouth's previous administration, a significant amount of unsecured debt was compromised in a CVA approved by creditors in June 2010, with an anticipated outcome of twenty pence in the pound. In the event, these creditors had not had their claims settled prior to the Club's further administration in February 2012.

 

Under the new CVA these claims would be further compromised to less than one penny in the pound without creditors having the opportunity to indicate whether they find this acceptable. This is because the claims rest in the liquidation of the previous company and the liquidator of that company has voted to accept the terms of the new CVA.

 

Therefore, the Board were faced with the prospect of numerous unsecured creditors receiving less than one penny in the pound, without having the opportunity to indicate their satisfaction (or otherwise) in the normal way. In the Board's view, these arrangements do not respect a key principle of The Football League's Insolvency Policy (as described above in b).

 

Therefore, as a condition of membership, any new company established to apply for ownership of Portsmouth Football Club's share in The Football League will be required to:

 

1. Accept a deduction of 10 points in the 2012/13 season;

 

2. Agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.

 

3. Pay all football creditors in full, unless mutually acceptable compromise agreements are put in place.

 

4. Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons.

 

It will now be for the administrator to seek to finalise arrangements for the sale of the club with interested parties. The Board will consider the application for transfer of membership once the administrator has selected the final purchaser.

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rallyboy

rallyboy

Posted
Posted

Any news on the forensic investigation into the accounts?

 

I've heard two little snippets in the last couple of weeks.

A pompey fan told me that Gaydamak has retained a 19 inch strip of land that landlocks the current ground...is my little fishy-fingered friend a few years behind on the gossip, or could that be true?

And I heard details of a transfer between a club...and another club, a few years ago, that involved a player moving to and fro just to keep the manager and his assistant in the manner to which they had become accustomed, if you get my drift.

The sort of deal that wouldn't look good if it came up at big job interviews.

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The9

The9

Posted
Posted (edited)

I'm fairly sure we're all aware of Redknapp's questionable purchasing of reserve-level players via Willie McKay... and the Crouch transfer is a matter of court record here: http://www.bbc.co.uk/news/uk-england-16831118

 

Also "profits from transfers" here: http://www.bbc.co.uk/news/uk-england-16677743 Apologies for the video/pic of Redknapp at the top of the article...

Edited by The9
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The9

The9

Posted
Posted (edited)
Don't worry, he knows where reverse gear is and will engage it when you least expect.

 

I am least expecting it on March 25th, when I shall be at Fratton for the annual (but likely to end this season one way or another) N*wp*rt C**nty appearance.

 

If someone could dig out my prediction for this season's L2 to prove how awesome I am that would be just great. I think I said something like "top 2 is set in stone, so either 3rd or playoffs and we already pretty much know who they're going to be already". I dare say it won't start for closer scrutiny.

 

I can't explain what's happening at the top of L2 though:

 

Doncaster are 4 points clear and have won 1 match in their last 7.

Plymouth haven't won at home on a Tuesday since last season, yet are still in the top 2 having won 1 in 6.

Carlisle have 3 wins in 12 and have lost 3 in a row.

All of which makes the Portsmouth "2 wins in 5" look like a superb run of form, though they're still only in the top 3 because Luton have a game in hand.

Exeter seem to have freaked out on going above the Skates and are now bubbling under having at one point looked like they might actually win every game forever. However, they have only won 1 in 6 too, after 10 wins and 2 draws before that.

Luton have 1 win in 4 too.

Thankfully... Stevenage, 7 wins and a draw, are now up to 6th, 4 points behind Portsmouth.

Mansfield have 4 wins, 3 draws and a defeat from 8 matches, though their only win in 5 was against N*wp*rt C**nty.

Colchester are 8 points behind the Skates, 3 wins in 10.

Blackpool are 9 points back, have just won two in a row, but before that drew 11 out of 15 matches.

 

So who the hell is winning all the matches in League Two? Oh yeah, everyone who a month ago was in touching distance of the bottom 2, that's who. :x

Edited by The9
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Lets B Avenue

Lets B Avenue

Posted
Posted
I am least expecting it on March 24th, when I shall be at Fratton for the annual (but likely to end this season one way or another) N*wp*rt C**nty appearance.

 

 

PEDANT ALERT!!

 

I wouldn't turn up then, if I were you. You may well be first in the queue, but standing around that cesspool for 24 hours is beyond the call.

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igsey

igsey

Posted
Posted

I'm in India for five weeks for work with a load of people I've never met before, and what do you know, one of them is a Pompey fan. He's spent most of this morning telling me how they have no debt and aren't overspending so they have a good platform and will be expanding their stadium in the next couple of years (replacing the players' car park?).

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trousers

trousers

Posted
Posted
Unless they spend wisely in the summer, League 1 might be a bit of a struggle for them next season.

 

I'm beginning to hope they go up, it'll make things much more interesting. Seeing them in League 2 is a bit boring now.

Welcome to my world :)

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trousers

trousers

Posted
Posted
I'm in India for five weeks for work with a load of people I've never met before, and what do you know, one of them is a Pompey fan. He's spent most of this morning telling me how they have no debt

 

Hope you reminded him that's mainly because the football club is only 5 years old, having jettisoned their debt with the liquidation of the previous football club that played at Fratton Park? Or, Selective Memory Syndrome as it's sometimes called...

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The9

The9

Posted
Posted
PEDANT ALERT!!

 

I wouldn't turn up then, if I were you. You may well be first in the queue, but standing around that cesspool for 24 hours is beyond the call.

 

We, I did say "least expecting it". Yuh, 25th.

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Chez

Chez

Posted
Posted
will be expanding their stadium in the next couple of years (replacing the players' car park?).

 

Noooooooooooooooooooooooo. Not the players car park. Best bit of tarmac this side of Fareham...bastards.

 

attachment.php?attachmentid=1491&d=1419361475

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Saint 76er

Saint 76er

Posted
Posted
Noooooooooooooooooooooooo. Not the players car park. Best bit of tarmac this side of Fareham...bastards.

 

attachment.php?attachmentid=1491&d=1419361475

 

Why are all their players disabled? Or is the answer to that question a little too obvious!

 

I must say, though, with a car park surrounded by such scenic splendor, it really is hard to see why players would prefer the likes of Barcelona over the skates!

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Toadhall Saint

Toadhall Saint

Posted
Posted
I'm in India for five weeks for work with a load of people I've never met before, and what do you know, one of them is a Pompey fan. He's spent most of this morning telling me how they have no debt and aren't overspending so they have a good platform and will be expanding their stadium in the next couple of years (replacing the players' car park?).

 

How can they expand? Upwards? From memory they landlocked themselves. As to the players car park - pah.

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trousers

trousers

Posted
Posted
Just heard from a guy that I know, apparently all of our players who appeared at Wembley the other week have just been paid.

It seems that all of their wages went into their bank accounts on the date that they were supposed to.

:scared:

Madness. Can't see that approach ever catching on.... :)

 

In other news.... Low brow TV show in moving to low brow town to attract low brow punters shocker....

 

http://www.dailyecho.co.uk/news/15145959.The_Voice_snubs_Southampton_in_favour_of_Portsmouth/

 

The Voice snubs Southampton in favour of Portsmouth for 2018 auditions
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