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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Fitzhugh Fella

Fitzhugh Fella

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Nothing new there Duncan, that was well publicised, and is why they issued a winding up order. So what other little snippits to you know;)

 

I am waiting for my source (the guy who spilled the beans to me in the first place) to give me permission to spill a bit more on what's going on behind the scenes. As he has not got back yet all I can say it's not looking good for them and steps might have already been put in place for administration. I will post as soon as I can, but a lot of what is going on is obviously pretty sensitive.

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Saint in Paradise

Saint in Paradise

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I am waiting for my source (the guy who spilled the beans to me in the first place) to give me permission to spill a bit more on what's going on behind the scenes. As he has not got back yet all I can say it's not looking good for them and steps might have already been put in place for administration. I will post as soon as I can, but a lot of what is going on is obviously pretty sensitive.

 

Publish it then, IF it's going to push them over the edge :D:D

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BTW Saint

BTW Saint

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Not much new in todays papers other than the Times article linked last night by others

 

http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7018363.ece

 

Column from James in the Guardian/Obsesver

 

James "So I gave up my contract. I'm no mercenary, but neither am I a saint"

 

http://www.guardian.co.uk/football/blog/2010/feb/07/david-james-contract-portsmouth

 

 

James says "apparently not all footballers are mercenaries. That was the conclusion last week as Mido signed a deal with West Ham for wages of £1,000 a week, and I renounced a clause in my own contract that guaranteed me a one-year extension next season. Does that make us altruistic? I'm concerned that might be the message – and the expectation – coming through in those reports."

 

Didn't Pompey want Mido in the window? £1,000 far more realistic salary for a Premier Player, soon as all player salaries return to that level the more stable football will become.

 

at least he accepts on joining Portsmouth from Man City

 

"The wages offered were good, but not so good as to make you raise an eyebrow – and anyway most people assume that their employers can afford what they offer. In the months that followed our form on the pitch went from strength to strength, and we viewed plans for an impressive new stadium.

 

All the while there was a certain underlying irony in that we rented our training facility, did most of our indoor work in Portakabins and played in the Premier League's ricketiest stadium. But as players you simply think: "The money must be there because they're paying me."

 

****************************

 

On the other matter of the point deductions should this not be;

-9 for Adminstration

-15 for Financial irregularities

-15 for the backhanders

-1 for the Horton Heath incident

+10 for the comedy value and keeping this thread running to over 11,000 posts!

 

*******************************

 

Has Chainrai'sappointed a new Director with a legal background? The name of Ashok Patel of Balsara & Co was mentioned in a post on saturday. CV seems to suggest some experience in bankrupcy cases.

 

http://soccernet.espn.go.com/news/story?id=737389&sec=england&cc=5739

 

http://www.balsara.co.uk/?q=node/4

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pedg

pedg

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http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7186629/Portsmouth-set-for-fifth-owner-of-the-season-as-two-or-three-groups-show-interest.html

 

Love this line from Jacobs:

"It's got to the stage where the board will have to take every due care and consideration into the people who do come to the table with regard to proof of funds.

Stable door and bolted come to mind.

 

----

 

plus

 

"I'm confident the club will not go into administration and I urge Portsmouth supporters to keep the faith. We've been down this road before and survived."

Not talking about the time you went into administration before then??

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pedg

pedg

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http://soccernet.espn.go.com/news/story?id=738464&sec=england&cc=5739

 

Its Story time again...

"Our objective, now the new owner is in place, is to seek from the courts a 'stay' of the winding-up order. We need time for a new buyer to come in and then we will be in a position to pay the Revenue.

"If the Revenue wind this club up then they will get nothing, and that cannot be the right answer. We're in talks with potential new owners, which would be our fifth owner already this season.

Plus interesting to note that the Saudi thing appears not to have come from the prince contacting pompey just that pompey have gone cap in hand to him.

 

Portsmouth have asked Saudis to help them out of their short-term crisis, despite the bad publicity generated by their previous owner. An agent representing the club has made third-party contact with HRH Prince Mohammed bin Nawaf, the Saudi Arabian ambassador to the United Kingdom and Republic of Ireland, about helping Pompey out

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fromdayone

fromdayone

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Sounds like they have gone out with the begging cap in hand rather than any interested party coming to them!

 

"Portsmouth have asked Saudis to help them out of their short-term crisis, despite the bad publicity generated by their previous owner. An agent representing the club has made third-party contact with HRH Prince Mohammed bin Nawaf, the Saudi Arabian ambassador to the United Kingdom and Republic of Ireland, about helping Pompey out"

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saintbletch

saintbletch

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http://soccernet.espn.go.com/news/story?id=738464&sec=england&cc=5739

 

Its Story time again...

"Our objective, now the new owner is in place, is to seek from the courts a 'stay' of the winding-up order. We need time for a new buyer to come in and then we will be in a position to pay the Revenue.

"If the Revenue wind this club up then they will get nothing, and that cannot be the right answer. We're in talks with potential new owners, which would be our fifth owner already this season.

Plus interesting to note that the Saudi thing appears not to have come from the prince contacting pompey just that pompey have gone cap in hand to him.

 

Portsmouth have asked Saudis to help them out of their short-term crisis, despite the bad publicity generated by their previous owner. An agent representing the club has made third-party contact with HRH Prince Mohammed bin Nawaf, the Saudi Arabian ambassador to the United Kingdom and Republic of Ireland, about helping Pompey out

 

Ha. Or put another way.

 

"Despite the fact that, as an individual, I have been cheating the public revenue with my personal tax situation and am the Managing Director of a company that has initially withheld VAT payments and then subsequently threw the HMRC's leniency in its face when my company then failed to meet specially arranged staged payments, I'd like you to look in your heart and be lenient."

 

Good luck with that.

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rallyboy

rallyboy

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Very funny Mr CrabLungs - you obviously have far too much time on your hands, but you are using it wisely!

 

Storrie moans the media have 'had the knife in all season' - no Pete, they have always printed the league tables, it's nothing personal.

Though they may be preparing a new template for use later this week.

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dubai_phil

dubai_phil

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Sounds like they have gone out with the begging cap in hand rather than any interested party coming to them!

 

"Portsmouth have asked Saudis to help them out of their short-term crisis, despite the bad publicity generated by their previous owner. An agent representing the club has made third-party contact with HRH Prince Mohammed bin Nawaf, the Saudi Arabian ambassador to the United Kingdom and Republic of Ireland, about helping Pompey out"

 

Now THAT is revealing. It smacks of total utter and complete desperation as well as a total lack of understanding of any business etiqette in Europe, let alone the Middle East.

 

To give a simple example - just think back to when we were dying on our feet under the return of the Dark Lord. How many times did the club issue any form of statement about what they were up to with regard to a rescue? - none.

 

We had pages and pages of threads about that and the lack of activity, the opinion on here was that nothing was happening.

 

BUT even IF something had been happening it would have all been covered by NDA's, nobody needs to read in the media that they are being begged to help.

 

As for business down here - why did Liverpool end up with Hicks & Gillett? Because the board tried to use the media to get a better deal out of guys down here.

 

Anyone remember Charlton? They were being bought for 30 mil with huge funds being invested until - yep they told the press.

 

For those expecting the death of them down there, then this shows the fat lady is already in the building. It's as believable as Whacko's Bournemouth interview and as likely as his petting zoo.

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Colinjb

Colinjb

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Sounds like they have gone out with the begging cap in hand rather than any interested party coming to them!

 

"Portsmouth have asked Saudis to help them out of their short-term crisis, despite the bad publicity generated by their previous owner. An agent representing the club has made third-party contact with HRH Prince Mohammed bin Nawaf, the Saudi Arabian ambassador to the United Kingdom and Republic of Ireland, about helping Pompey out"

 

In other words, 'Interested parties' actually meant parties that THEY are interested in.

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fromdayone

fromdayone

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"We need time for a new buyer to come in and then we will be in a position to pay the Revenue."

 

!!!! Thought they were contesting the fact that they 'had to pay' the VAT portion of it in the first place?..

 

Maybe someone has had a quiet word and told them not to be so silly, so now they are just stalling for time.

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Channon's Sideburns

Channon's Sideburns

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Some more gems from Peter Storrie...

 

- Has been at the club for around seven years and, in that time, no owner has put equity into the business. Every owner has only increased club debt.

- Average turnover is £60 million, this year will be the first in which the club is close to break even (£30-£40 million on wages, £20 million on other costs). This leaves no money for player transfers when previously club has lost heavily each season.

- Has personally wanted to save the club over the last year, but acknowledged the tremendous help received from other Pompey staff.

- Has promised other clubs he will not leave Portsmouth so they know he is in

position to help player deals and payment of funds owed to clubs

- Stated that banks could have called in money at any time, and still could. Indeed Standard Bank called in the loans this was bringing the club down club down, hence players had to be sold.

- Banks compounded problem as club had to pay out loan fees immediately instead of staging permanent transfer fees

- Portsmouth are still paying transfer fees for players who have left the club but these will be cleared in January

- All Sky money received in August went straight to Standard Bank

- Club had to refinance so had to bring in owner who could put in equity

- Other clubs and agents have helped the club by putting back payments due

 

 

---

 

http://dralfahim.blogspot.com/

 

About half way down.

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pedg

pedg

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Hmmm, BT are NOT working with PFC as "Administrators", but are in some way providing "Administration assistance" to someone linked with the club.

 

Again, my friend up at the Assoc. Newspapers.

 

Possibly because they can only work as 'Administrators' once they have been officially called in?

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pedg

pedg

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Or the court decide one for them as they have the WUO? I dunno...

 

I guess given that it may be a toss up between administration and liquidation depending on how likely administration is to achieve anything their brief may be to try and provide information indicating that administration is feasible?

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Channon's Sideburns

Channon's Sideburns

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I guess given that it may be a toss up between administration and liquidation depending on how likely administration is to achieve anything their brief may be to try and provide information indicating that administration is feasible?

 

Well they can't be liquidated because the catering company took back the liquidiser. As for the admin, well they're right out of manilla envelopes. ;-)

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