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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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hutch

hutch

Posted
Posted

Would it be fair to say that Pompey have gone from Burkha to Gurkha?

 

And on that point, the club statement refers to Chainrai in person, not Portpin. Who was the beneficiary of the security, Chainrai or Portpin? If it's Portpin, allegedly a "secretive" shell company registered in BVI, who are the directors, shareholders and ultimate beneficial owners of Portpin? In short, who owns the club? I'm sure today's delegation to the PL will get the answers.

 

AND, if the "Chainrai takeover" is as a result of the security which was registered in January, after the WU petition was issued, what happens if that security is subsequently invalidated, which is a real possibility?

 

All in all, a bit of a mess. I don't think they're any better off.

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Give it to Ron

Give it to Ron

Posted
Posted

 

I posted a couple of weeks ago that two people were interested and one of those is just about ready to do a deal - IF Chainrai can sort things with Gaydamak.

 

It's a funny old world, isn't it girls. I have to say reading you bunch of tarts whipping yourselves up into a frenzy over our predicament is very, very funny

 

Photocopier Salesman by any chance??? At least he can photocopy some money so you lot at least get to see what some looks like.

 

Its a funny old world where gloating only happens when not on gardening leave.....gutless doesn't get near enough.

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JustMike

JustMike

Posted
Posted
Debts supposedly £60m.

 

However, of that, £20m is owed to Chainrai himself and £30m of it is to Gaydamak - and that figure is disputed. So the debts that Chainrai has taken on are nowhere near as bad as you're supposing (it's been widely speculated that he never actually loaned Faraj any money anyway and that it's a scam) so all that remains is to do a deal with Gaydamak and the whole shebang is his to punt on to a new buyer.

 

I posted a couple of weeks ago that two people were interested and one of those is just about ready to do a deal - IF Chainrai can sort things with Gaydamak.

 

It's a funny old world, isn't it girls. I have to say reading you bunch of tarts whipping yourselves up into a frenzy over our predicament is very, very funny

 

not as funny as reading you bunch of fishfiddlers getting yourself all excited when we were in the mire, and also not as funny as you bunch of fishfiddlers not actually realising the state you are in! :D

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ericofarabia

ericofarabia

Posted
Posted
Debts supposedly £60m.

 

However, of that, £20m is owed to Chainrai himself and £30m of it is to Gaydamak - and that figure is disputed. So the debts that Chainrai has taken on are nowhere near as bad as you're supposing (it's been widely speculated that he never actually loaned Faraj any money anyway and that it's a scam) so all that remains is to do a deal with Gaydamak and the whole shebang is his to punt on to a new buyer.

 

I posted a couple of weeks ago that two people were interested and one of those is just about ready to do a deal - IF Chainrai can sort things with Gaydamak.

 

It's a funny old world, isn't it girls. I have to say reading you bunch of tarts whipping yourselves up into a frenzy over our predicament is very, very funny

 

From The BBC site ...

 

Quoted in the South China Morning Post, Chainrai said: "I have zero interest in buying Portsmouth and it's completely untrue that I am the new owner of the club.

"As far as I am concerned, I have just confiscated the shares of the previous owners.

"It's nothing to do with controlling the club. I don't know anything about running a football club.

 

 

Fills you with confidence doesn't it :p

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pedg

pedg

Posted
Posted
Debts supposedly £60m.

 

However, of that, £20m is owed to Chainrai himself and £30m of it is to Gaydamak - and that figure is disputed. So the debts that Chainrai has taken on are nowhere near as bad as you're supposing (it's been widely speculated that he never actually loaned Faraj any money anyway and that it's a scam) so all that remains is to do a deal with Gaydamak and the whole shebang is his to punt on to a new buyer.

 

So if he never loaned them the money where did the 17 million that they needed to keep going at the time come from? The loan fairy?

 

Point is that they have been loaned 50 million from various sources and either Chainrai has to clear those loans and sell at a price that recoups what it cost him to clear them or has to sell pompey at a lower price with the loan repayment becoming the responsibility of the new owner.

 

If you have a piggy bank with a tenner of your money stuck in it you are either going to want to sell it for more than a tenner or try hard to get your money out before selling it.

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pedg

pedg

Posted
Posted (edited)
From The BBC site ...

 

Quoted in the South China Morning Post, Chainrai said: "I have zero interest in buying Portsmouth and it's completely untrue that I am the new owner of the club.

"As far as I am concerned, I have just confiscated the shares of the previous owners.

"It's nothing to do with controlling the club. I don't know anything about running a football club.

 

 

Fills you with confidence doesn't it :p

Not to mention worries about his judgement.. from the guardian article..

And sources close to Chainrai have also claimed to the Guardian that it was solely because of his former business links with Gaydamak Sr that he had become aware of Faraj's ownership of Portsmouth,
believing the club to be a sound investment
of the £14.5m he and Kushnir had been awarded by the court.

 

You would have thought he would have twigged something from the fact the bank wanted its money back and no one else would lend them anything?

Edited by pedg
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Tamesaint

Tamesaint

Posted
Posted
Corp Ho, what a C*NT, crawls out from under his stone. He is ITK don't you know. The clubs still fooked.

 

Oh thats unfair!! Don't you know that he only posts on here when he is at work?? When he is on gardening leave there is no way that he can post on here.

 

I hope his new employers know that he is going to be spending much of his working day on this forum :-) :-)

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Fowllyd

Fowllyd

Posted
Posted
From The BBC site ...

 

Quoted in the South China Morning Post, Chainrai said: "I have zero interest in buying Portsmouth and it's completely untrue that I am the new owner of the club.

"As far as I am concerned, I have just confiscated the shares of the previous owners.

"It's nothing to do with controlling the club. I don't know anything about running a football club.

 

 

Fills you with confidence doesn't it :p

 

Then again, at least he's being open and honest about his interests - and, let's face it, Pompey fans have had very little of that over the past few months (or longer). Whether or not they'll appreciate this particular brand of honesty remains a moot point for now though.

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Fowllyd

Fowllyd

Posted
Posted

 

Sure does - and I wouldn't be at all surprised if the statements in that article regarding Chainrai's involvement are much closer to the truth than all the bizarre conspiracy stuff. After all, if it's all been a scam cooked up by Gaydamak and Chainrai, why make it all so public - or, for that matter, do it all in such a seat-of-the-pants, headless-chicken manner? All of the flapping around at Fratton Park over the past few months reeks far more of incompetence and desperation than of any cleverly executed subterfuge.

 

The last paragraph in the Guardian's article has it just about nailed down I reckon:

 

It appears, though, unlikely that HMRC will grant any adjournment which means that if the case goes ahead next Wednesday and Portsmouth are ordered to pay the owed monies, then the club may have to immediately find at least £7.5m or be forced into winding-up. This, of course, is precisely the scenario Chainrai stepped in to avoid, so he is desperate to keep Portsmouth out of the high court. But, he also has no wish to loan the club any more money. If Chainrai, then, is unable to raise any fresh investment between now and Wednesday then he may be faced with an unwanted choice that will feel like no choice at all.
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Gingeletiss

Gingeletiss

Posted
Posted (edited)
Not to mention worries about his judgement.. from the guardian article..

And sources close to Chainrai have also claimed to the Guardian that it was solely because of his former business links with Gaydamak Sr that he had become aware of Faraj's ownership of Portsmouth,
believing the club to be a sound investment of the £14.5m he and Kushnir had been awarded by the court.

 

You would have thought he would have twigged something from the fact the bank wanted its money back and no one else would lend them anything?

 

...and this Corp Ho, is the bullet that will eventually kill you. Read this thread CH, at least a quarter of the posts are fact/truth, or a good guess at the truth. It will unravel, it is IMO. Sorry for the fans, hell yes, but your sorry excuse for a club will cease to exsist in the very near future. This last comical takeover, should not fool the average fan (well apart from yours), and will certainly not fool HMRC.

 

The simple fact is my fishy friend, all those associated with your TEN year old team (because you've done this before, least we forget), they are known to each other, and this has been a smoke and mirror exercise on a grand scale, set to acheive many things, and none of those had anything to do with football. Your club has been used as a criminal vehicle, and it is all coming to light now.

 

Corp, laugh if you wish, but I believe, that the last laugh will be on you.

Edited by Gingeletiss
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hutch

hutch

Posted
Posted
Chanrai -is now backing away from saying he owns the club - he's no fool, if he owned the club he would own the debt.

I see he says he has put the shares into a trust!

 

This is even more messy now because no one owns the club technically.

The other fake Sheikh tried that with his 10%, but they didn't want them!

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Fowllyd

Fowllyd

Posted
Posted
Not to mention worries about his judgement.. from the guardian article..

And sources close to Chainrai have also claimed to the Guardian that it was solely because of his former business links with Gaydamak Sr that he had become aware of Faraj's ownership of Portsmouth,
believing the club to be a sound investment
of the £14.5m he and Kushnir had been awarded by the court.

 

You would have thought he would have twigged something from the fact the bank wanted its money back and no one else would lend them anything?

 

Actually, it's possible to see why Chainrai might have considered Pompey as a decent punt for a short-term loan. He would have known (because you can be sure that Storrie or whoever would have told him) about the Sky TV money due to come into the club, and would therefore have expected reimbursement from that. He wouldn't have known that the PL would withhold the money from Sky because of Pompey's other debts; hence his clear disgruntlement when he didn't get his slice of the £7M.

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Gingeletiss

Gingeletiss

Posted
Posted
Chanrai -is now backing away from saying he owns the club - he's no fool, if he owned the club he would own the debt.

I see he says he has put the shares into a trust!

 

This is even more messy now because no one owns the club technically.

 

Ah!!!, the shares. How is it, that he has the shares, surely the previous 'owner' had them in a bank?? etc. How has he managed to take possesion of these, when the previous 'owner', disputes his right to do so.

 

So either they were handed over days ago, or.....

 

this is another exercise in slight of hand. I know what I believe!!!!!!

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pedg

pedg

Posted
Posted
Chanrai -is now backing away from saying he owns the club - he's no fool, if he owned the club he would own the debt.

I see he says he has put the shares into a trust!

 

This is even more messy now because no one owns the club technically.

 

I think he used the words 'holding them in trust' which to me implies that he is intending to hold them personally only till he can find a buyer (hint try financially incompetent but still billionaires R us) rather than explicitly setting up a trust?

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Saint_John

Saint_John

Posted
Posted
There has just been a very good "Special Report" on BBC South Today pointing out the links between Daddy; Junior and all the other questionable characters involved.

 

 

PLEASE PLEASE PLEASE BBC SOUTH TODAY put the 3 min Special Report on the web for others outside the area to see it !!

 

If anyone would like to see the Special Report from BBC South Today (last night) you can view it here :-

http://www.bbc.co.uk/southtoday/latest_stories/index.shtml

 

(Select the "Watch Now" under Sally)

 

The important part is from 08:10 to 12:04, (the full report starts from 04:50).

 

Well done Tony H, it is about time somebody said these sort of things in the media, perhaps the FA and Prem League will take note.

 

(I believe it will be overwritten tonight so if you wish to view it or save it, it will have to be done today).

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sidthesquid

sidthesquid

Posted
Posted
Gotta laugh at the many Pious Saints fans on here, many of whom would of been Backing Saints to the hilt when trying to avoid the 10 Point Administration penalty, by ludicrously trying to say the fault lie at the door of the 'Holding' company. Many on here openly admitted it was a load of balls, but 'hoped' Saints could use this technicality to avoid the same Punishment that other clubs were forced to take. So take the p*ss all you like, just put the hypocritical 'Holier than thou' attitudes to one side, we all know your 'Saints' only in name.

 

Nobody here thought we had a divine right to be exempt or wanted to march on the League's headquarters, but certainly we would have been more than happy to get away with it. And nobody said it was anyone's fault but our own that we went into admin. There have been many, many posts on your sites saying it's the Prem's fault and they should save you - that is the difference

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Goalie66

Goalie66

Posted
Posted

As of 8.30am on the official website of PCFC.

 

Owner: Balram Chainrai

 

Non-Executive Chairman: Sulaiman Al Fahim

 

Chief Executive Officer: Peter Storrie

Executive Director: Mark Jacob

Club Secretary: Paul Weld

 

 

 

No Trust fund , no company.. My friends HE is liable for the debt !!!

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pedg

pedg

Posted
Posted
Mark Fry on Solent this morning, when asked if he would do at Poopey what he did at Saints, said that he believed that administration advisors were already in place at FP should they decide to go down that route.

 

I thought that with the WUO that they could not bring in their own administrators they had to be appointed by the court? Or did I misunderstand that bit?

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hutch

hutch

Posted
Posted (edited)

Administration advisors are not neccessarily the same thing as Administrators. They could be there advising them that they can't do it themselves (absent Court permission), but others could.

 

I would be amazed if it is not under very serious consideration, particularly if there is no agreement to postpone the WU hearing on Wednesday.

Edited by hutch
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pedg

pedg

Posted
Posted
Administration advisors are not neccessarily the same thing as Administrators. They could be there advising them that they can't do it themselves (absent Court permission), but others could.

 

I would be amazed if it is not under very serious consideration, particularly if there is no agreement to postpone the WU hearing on Wednesday.

 

Thank you, understand, I think?

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted

 

The Blue Phew should heed the last paragraph.

 

From The Guardian:

It appears, though, unlikely that HMRC will grant any adjournment which means that if the case goes ahead next Wednesday and Portsmouth are ordered to pay the owed monies, then the club may have to immediately find at least £7.5m or be forced into winding-up. This, of course, is precisely the scenario Chainrai stepped in to avoid, so he is desperate to keep Portsmouth out of the high court. But, he also has no wish to loan the club any more money. If Chainrai, then, is unable to raise any fresh investment between now and Wednesday then he may be faced with an unwanted choice that will feel like no choice at all.[?QUOTE]

 

Nothing boding too well there then!

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PES

PES

Posted
Posted
Nobody here thought we had a divine right to be exempt or wanted to march on the League's headquarters, but certainly we would have been more than happy to get away with it. And nobody said it was anyone's fault but our own that we went into admin. There have been many, many posts on your sites saying it's the Prem's fault and they should save you - that is the difference

 

Nope, plenty of well meaning Saints fans who in retrospect got things wrong. Many were appreciative of the way Lowe ran your club, boasting of its fantastic Academy, bringing players through and taking pride in Saints reluctance to match there (At the time) Premier League rivals in the transfer market. There is no fundermental difference between Saints fans and Pompey when it comes to the opinions on the running of there respective clubs, some get it right, some get it wrong. For what it's worth I thought Gaydamak was the best thing since sliced bread (So I got it wrong!), LOTS of Pompey fans didn't. Over the last few years Havant and Waterlooviles support has been swelled by Pompey fans who did not like the way things were going, this goes back two or three years so even as we WERE winning the FA Cup etc (Some, certainly not me) did not appreciate what was going on. And that Sid, is a FACT. :)

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Joensuu

Joensuu

Posted
Posted

If Chainrai is genuine to his word, his choice is stark. He is about £20 million down, and wants to re-coop as much of it as possible.

 

Option 1 Throw good money after bad

 

Chainrai opts to seek another owner, to keep the club afloat he needs to pay HMRC £7.5million. By the end of Feburary his loan to the club will be over £30 million, and growing fast. Chainrai will already be owed more by the club than he could ever hope to recoop. Net personal loss £30-40 million.

 

Option 2 Cut your losses

 

Chainrai realises HMRC are serious and can't be delayed. He sends the skates into admin on 9th Feb. Administrators manage to find £5million and some development land in Fratton, which are largely split between Gaydamak and Chainrai. Net personal loss £10-12 million.

 

Question is, how good at basic maths is this international businessman?

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
Nope, plenty of well meaning Saints fans who in retrospect got things wrong. Many were appreciative of the way Lowe ran your club, boasting of its fantastic Academy, bringing players through and taking pride in Saints reluctance to match there (At the time) Premier League rivals in the transfer market. There is no fundermental difference between Saints fans and Pompey when it comes to the opinions on the running of there respective clubs, some get it right, some get it wrong. For what it's worth I thought Gaydamak was the best thing since sliced bread (So I got it wrong!), LOTS of Pompey fans didn't. Over the last few years Havant and Waterlooviles support has been swelled by Pompey fans who did not like the way things were going, this goes back two or three years so even as we WERE winning the FA Cup etc (Some, certainly not me) did not appreciate what was going on. And that Sid, is a FACT. :)

 

True PES...to an extent.

 

What about the Poopey fan going on a worthless trip to the Prem League today then?

 

They're delusional - one was saying on Solent earlier that 'they were the first fans delegation let in'.....no sh1t sherlock...

 

That's a bad thing FFS...not a badge to wear on the Jobsh1te shirt.

 

They're on the radio giving it large about how great they are to get an audience as if they're seeing the Pope.

 

IT'S BECAUSE YOUR CLUB IS AN EMBARASSMENT TO THE PREMIER LEAGUE AND TO FOOTBALL - can some of your fans not see that?

 

The Prem want to pacify your lot, ensure you get to the end of the season, get relegated without more bad press for the PL, then disappear into Admin then...because...

 

You will no longer be 'their' problem.

 

That is...if you get past the HMRC. Which, if there is still any justice in the world, you won't.

 

I'm sure you are aware of local businesses who have been screwed over by PFC when they've been paying their multi-millionaires (in the changing rooms and boardroom).

 

THAT'S WHY THE HMRC NEED TO SEND YOU TO THE WALL.

 

Nothing personal against you PES. This issue is just as much about the state of football as it is about Poopey.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Chanrai -is now backing away from saying he owns the club - he's no fool, if he owned the club he would own the debt.

I see he says he has put the shares into a trust!

 

This is even more messy now because no one owns the club technically.

 

No one owns it, no one wants it!

 

Can the last one out turn off the lights please?

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
LOL, The evolution of a put down! The Blue Phew (As in Smell?) I like it, what about the 'Blue Poo' Surely thats the next stage of evolution ESB?! :D

 

Although happy to use the monicker I am not bright enough to be credited with this as I picked up on it from an earlier post by another member.

 

Although us Eastleigh Boys were calling you lot Skates back in about '74!

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rooney

rooney

Posted
Posted

Reported in the DT Business Section that Grosvenor Esates( Duke of Westminster) has been added to the WU Petition due to unpaid rent on a shop in Festival Place Basuingstoke. The club is thought to be guarantor for the un-named tenant who has fallen into administration. It just gets worse.

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pedg

pedg

Posted
Posted
Reported in the DT Business Section that Grosvenor Esates( Duke of Westminster) has been added to the WU Petition due to unpaid rent on a shop in Festival Place Basuingstoke. The club is thought to be guarantor for the un-named tenant who has fallen into administration. It just gets worse.

 

Not really worse as this has been known about for a while. What is surprising is that more people have not jumped on board the WUO.

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Hatch

Hatch

Posted
Posted
True PES...to an extent.

 

What about the Poopey fan going on a worthless trip to the Prem League today then?

 

They're delusional - one was saying on Solent earlier that 'they were the first fans delegation let in'.....no sh1t sherlock...

 

 

 

Anyone know what time this is happening, its just around the corner from me,

 

I might go and give them some 'encouragement'.

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BTW Saint

BTW Saint

Posted
Posted

Cartoon in todays Times.

 

Group of men, various clothing and headgear, sitting around table not playing the ticking game "pass the bomb" or the young childrens version "pass the potato", playing "pass the pompey", who is left holding the club when it explodes!!

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