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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Saint in Paradise

Saint in Paradise

Posted
Posted
Found on the debate thread involving one of the five Skates who went to the EPL:

 

The money Chainrai put into Pompey came from.....Arkadi Gaydamak.

 

http://www.portsmouth.vitalfootball.co.uk/forum/forums/thread-view.asp?tid=10013&posts=23

 

Very interesting to read that, I have to say that I felt sorry for the op as he was being snipped at mainly I think

out of jealousy because he got off his backside and did something to try and get information and some others

noses out of joint. Others I might say who appear to have done nothing.

 

Rather reminded me of how those 5 from here tried to get info about Saints but some on here just moaned. :mad:

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Colinjb

Colinjb

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Posted

From the News of the World article:

 

"The Saints were considering demanding Pompey pay for their 4,000 allocation up front in case the Fratton Park side are forced into administration before Saturday's fifth-round tie."

 

So, we could have played a direct role in their death. I am actually dissapointed we showed mercy.

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andysstuff

andysstuff

Posted
Posted
Just looked at the betting slip blu-tacked to my wall. "Portsmouth to be relegated from the Premier League 09/10 season".

 

If do go bust, what happens with my bet?

If they don't go bust, I will wish I had put more than £3 on, FFS.

 

Guess it'll be null and void. On the bright side you'll get your £3 back and there won't be a PFC in Hampshire.

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aintforever

aintforever

Posted
Posted

 

My bet is Chainrai will put them into admin Mon/Tues, makes no sense letting them fold (Would never get planning permission to bulldoze Fratton Park), makes even less sense trying to pay off their debts...

 

"But it is claimed that Portpin have already recouped £14m - receiving £4m from the sales of Younes Kaboul and Asmir Begovic, and could write off a significant amount more in return for taking ownership of Fratton Park.

 

The original £17m loan was secured against the stadium. If he owned the ground, as well as the club and all its assets, administration might not be so painful for Chainrai. Whoever ends up buying the club out of administration would need somewhere to play and Chainrai could recoup his money and more by selling the ground back again.

 

A club wiped clean of the rest of its debt - they are already one of few Premier League sides without any long-term bank loans - would arguably be a more attractive proposition for potential buyers, particularly with the prospect of Premier League parachute payments to come. "

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rallyboy

rallyboy

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Posted

if Chanrai has really recouped the majority of his loan already then he is quids in and the ground will do him nicely, the only thing keeping them afloat is his need to protect his loan.

The administrator could then be selling a championship club on minus 15pts, with no ground, and financial irregularities pending - which as Storyteller was saying would be a bargain.....

Then again he insists they got a draw at Old Trafford, and luckily the rest of the results went for them too.

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PES

PES

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Posted

Not that I believe it or anything but the Mirror are reporting....

 

Portsmouth could come under ownership from a third Middle Eastern *investor.

 

HRH Prince Mohammed bin Nawaf — the Saudi A*rabia ambassador to the United Kingdom and *Republic of Ireland — has opened preliminary talks about buying the struggling Premier League side.

 

He would be Pompey’s fifth owner in five months.

 

Although he is facing competition from an Irish/American consortium to gain control, it’s understood the Saudi Prince is in a position of real strength in light of his immense material wealth which would clear *Pompey’s debts overnight.

 

Fans will be *sceptical *given their club did find two Middle Eastern *investors who turned out to be virtually penniless and plunged the club into an even deeper financial *crisis.

 

Hong Kong-based Balram Chainrai exercised his right to take control of the club on Thursday. Ali Al Faraj was forced to hand over his 90 per cent interest for *failing to meet repayments on a £17m loan from *Chanrai.

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solentstars

solentstars

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Posted
Not that I believe it or anything but the Mirror are reporting....

 

Portsmouth could come under ownership from a third Middle Eastern *investor.

 

HRH Prince Mohammed bin Nawaf — the Saudi A*rabia ambassador to the United Kingdom and *Republic of Ireland — has opened preliminary talks about buying the struggling Premier League side.

 

He would be Pompey’s fifth owner in five months.

 

Although he is facing competition from an Irish/American consortium to gain control, it’s understood the Saudi Prince is in a position of real strength in light of his immense material wealth which would clear *Pompey’s debts overnight.

 

Fans will be *sceptical *given their club did find two Middle Eastern *investors who turned out to be virtually penniless and plunged the club into an even deeper financial *crisis.

 

Hong Kong-based Balram Chainrai exercised his right to take control of the club on Thursday. Ali Al Faraj was forced to hand over his 90 per cent interest for *failing to meet repayments on a £17m loan from *Chanrai.

to be fair we had all that sort of talk before we went into admin,alot of these people are chancers.

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HK_Phoey

HK_Phoey

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"But it is claimed that Portpin have already recouped £14m - receiving £4m from the sales of Younes Kaboul and Asmir Begovic, and could write off a significant amount more in return for taking ownership of Fratton Park."

 

I am sure if this is true, then HMRC and all of the other creditors that have signed on for the WUP order are going to be well pleased. Would have thought they would have bought a more favourable hearing if they had at least paid off token payments to other creditors.

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rpb

rpb

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Posted
Not that I believe it or anything but the Mirror are reporting....

 

Portsmouth could come under ownership from a third Middle Eastern *investor.

 

HRH Prince Mohammed bin Nawaf — the Saudi A*rabia ambassador to the United Kingdom and *Republic of Ireland — has opened preliminary talks about buying the struggling Premier League side.

 

If that happens, will the Pompey faithful sing 'You an stick your f****** Arabs up your a***"?

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St Marco

St Marco

Posted
Posted

I am not normally a fan of what The Mail write but i think they raise a very good point on why it is pretty much certain the judge at the HMRC case will go against Portsmouth.

 

Basically what Pompey are asking is a re-writing of the actual law. One which obviously favours them.

But let's assume the courts actually did do that, they went against the current law and gave them more time and maybe even ruled in Portsmouth's favour.

The ****storm that would come from that would be huge. Clubs and companies all across the land will have the chance to re-look at their own cases and seek damages. Clubs which were delt with harshly like Leeds could sue them for billions in lost potential revenue. It would create a new loophole which could effectivley mean clubs/companies will not feel obliged to pay all their taxes. And if they don't pay and they get called up for it they could use the Portsmouth case and argue you can't have 1 rule for some and another rule for everyone else.

For that reason alone they will obviously stick to their guns, and if there is clear evidence to show Portsmouth won't pay because they don't have the ability to generate the revenue then they will hammer them.

 

If the appeal fails tomorrow then that gives them just 48hrs to get their case together to present to the court.

 

Now i have been involved in a lot of business deals over the years, some complicated due to legal wranglings. I am pretty certain that a company leaving their preperation for a court case until the last minute has got a very small chance of succeeding. In fact that could be the biggest blow. They might not have any clue of what is going on or why they are even in court. They might be able to bumble their way through missed payments to the loan sharks or staff but if you adopt that attitude in court or come across sounding like you deserve special treatment to everyone else then they will destroy you.

 

If the appeal fails and it will because this new owner has already said he won't pay, then nobody will want to buy the club at that point.

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Goalie66

Goalie66

Posted
Posted
No, wednesday is the winding up hearing, odds are they will be given 28 days to pay what they owe...

 

Not if they cannot proove they are a going concern, which they are not.They could get wound up the same day. Plymouth and Notts County owed HMRC under a million and could demonstate the means of repayment. PCFC owe over £7million.Kings Lyn owed £250,000 but could not pay that on the day they went to court and were liquidated the same day as the hearing.

 

The only way PCFC can survive is to pay their debt next Wednesday. EOS

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
You're gonna love this article in NOTW tomorrow

 

http://www.newsoftheworld.co.uk/sport/721516/LIGHTS-OUT-FOR-PORTSMOUTH.html

 

 

 

Anyway the power is apparently going off tomorrow and someone called Nyron Nosworthy is explaining why he went to Sheff United.

 

50p for the meter time then?

 

Cynically now, if they don't pay us for the tickets could we then take the money for them from their share of the gate? (Mentioned on elsewhere). in fact, that may well be an agreement made by the clubs already?

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Master Bates

Master Bates

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:lol: We help Pompey

 

South Coast rivals Southampton are ready to write off £120,000 to help their penniless neighbours after handing over tickets for next weekend's FA Cup derby - even though they fear they will not get the cash.

 

The Saints were considering demanding Pompey pay for their 4,000 allocation up front in case the Fratton Park side are forced into administration before Saturday's fifth-round tie.

 

But a St Mary's spokesperson said: "It is a relatively small amount of money for us so we are prepared to take the risk rather than cause any bad feeling."

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EastleighSoulBoy

EastleighSoulBoy

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:lol: We help Pompey

 

South Coast rivals Southampton are ready to write off £120,000 to help their penniless neighbours after handing over tickets for next weekend's FA Cup derby - even though they fear they will not get the cash.

 

The Saints were considering demanding Pompey pay for their 4,000 allocation up front in case the Fratton Park side are forced into administration before Saturday's fifth-round tie.

 

But a St Mary's spokesperson said: "It is a relatively small amount of money for us so we are prepared to take the risk rather than cause any bad feeling."

 

Some of the more rabid 'blue phew' are going to have their she!te severely gripped by our 'magnanamous act of generosity'.

 

'Faaakin' scum kaa**s lording it over us! Who do they think they are?'

 

I think it's more an act of pity for them to be honest. :lol:

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St Chalet

St Chalet

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Posted

If they go pop we get a bye which is worth far more. If they go into admin we can simply deduct from their share of the gate receipts or borrow John Utaka for 11 days.

 

In a business sense the opposition have put an extra 10k supporters on the door and £250k from TV coverage IIRC, so we are covered either way.

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OldNick

OldNick

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Does anybody know how the Winding up court works. I assume that if the owners of Pompey say they can keep the business running they have to put concrete evidence down on the table.

My experience of people who avoid paying me over the years are normally very plausible and fanyastic at making you feel they really will come up with the goods. I expect the court will have sen many more of these people than i have and so should see through the talk.

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St Chalet

St Chalet

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Posted

The issue Portsmouth will have is that most people with money usually have it because they don't waste it on flawed business ventures.

 

As other posters have noted, why pay £30-£100m? when you can pick it up for circa £10m when they slip into admin. Up until a couple of months there was reason, Premiership football, but now even this 'asset' will be lost.

 

Saints were lucky, our new owner is generous but not mad. He bought the club at a good price and has not bet the farm on having to hit the Prem.

 

I'd be interested to see DP's view of potential owner #5.

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benjii

benjii

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Posted
Does anybody know how the Winding up court works. I assume that if the owners of Pompey say they can keep the business running they have to put concrete evidence down on the table.

My experience of people who avoid paying me over the years are normally very plausible and fanyastic at making you feel they really will come up with the goods. I expect the court will have sen many more of these people than i have and so should see through the talk.

 

In the absence of any agreement from the creditors, Pompey will have to show they are solvent (lol) in order to avoid being wound up.

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benjii

benjii

Posted
Posted

Jacob was on 5Live this morning.

 

Said he was confident they wouldn't go into admin. Also said they were in talks with a couple of interested parties but he didn't sound upbeat at all.

 

Not convincing!

 

Frankly, I don't expect him to know what Chanrai is up to anyway.

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miserableoldgit

miserableoldgit

Posted
Posted
Jacob was on 5Live this morning.

 

Said he was confident they wouldn't go into admin. Also said they were in talks with a couple of interested parties but he didn't sound upbeat at all.

 

Not convincing!

 

Frankly, I don't expect him to know what Chanrai is up to anyway.

Yes, I heard that and you`re right, he didn`t sound convincing or upbeat. I thought that this weeks owner had got rid of everyone apart from "Story-Teller". Is Jacobs actually still involved?? Wasn`t he with al Mirage in trying to get a court injunction to stop Chanrai taking over??

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Whitey Grandad

Whitey Grandad

Posted
Posted

Interesting article in the Mail, says we would have a bye if they are wound up. In the paper today they also give the tables if they enter administration with -9 points and also if they fold and all their results so far are expunged.

 

http://www.dailymail.co.uk/sport/football/article-1249088/Portsmouth-FC-Born-1898-died-2010-Financial-meltdown-spell-end-proud-Fratton-Park-club-112-years.html

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$$$

$$$

Posted
Posted
Found on the debate thread involving one of the five Skates who went to the EPL:

 

The money Chainrai put into Pompey came from.....Arkadi Gaydamak.

 

http://www.portsmouth.vitalfootball.co.uk/forum/forums/thread-view.asp?tid=10013&posts=23

 

"for the record, my kids all have the middle name Pompey except my eldest who has six names that spell Pompey"

 

Classy :smt044

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Clapham Saint

Clapham Saint

Posted
Posted
Does anybody know how the Winding up court works. I assume that if the owners of Pompey say they can keep the business running they have to put concrete evidence down on the table.

My experience of people who avoid paying me over the years are normally very plausible and fanyastic at making you feel they really will come up with the goods. I expect the court will have sen many more of these people than i have and so should see through the talk.

 

If they are insolvent then the court will wind them up.

 

HMRC's case that they aren't able to pay them will be enough unless Poopey can demonstrate otherwise.

 

A case of guilty unless able to prove otherwise.

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benjii

benjii

Posted
Posted

Indeed; it's gonna take more than a paper rumour about a Saudi prince!

 

I still think this was simply a lesson-leanring exercise for Chanrai to assess whether there was any point in making another loan. If no one looks like completing a deal tomorrow (lol), he will call the administrators on Tuesday I expect.

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