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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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anothersaintinsouthsea

anothersaintinsouthsea

Posted
Posted

One worry I have at the moment is Vantis. Never heard of them so this is admittedly completely uninformed but do they have a good reputation? Have the got the balls and the nouse to cut through the bull**** of the Pompey spivs?

 

I do hope so but they will be under a lot of pressure to accept any positive spin. Come on HMRC!

 

On a different note, old tax dodger saying they've got some interested parties makes me chuckle so much - it must be concrete he had a phone call and an email! wowsers!

 

There are surely some people on here - perhaps with some connections abroad, real or even better fake - that could call Stories bluff? a Saints inspired hoax would be funny as ****.

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Matthew Le God

Matthew Le God

Posted
Posted (edited)
Just done a bit of digging around into Statements of Affairs.

 

They're shafted.

 

Care to elaborate?

 

Something like this...?

 

A document that must be filed in bankruptcy, which sets forth answers to questions concerning the debtor's past and present financial situation.

 

The term statement of affairs is also used to describe a type of balance sheet that shows immediate liquidation amounts, as opposed to acquisition or original costs, and is generally prepared when insolvency or bankruptcy is about to take effect.

 

Financial report showing assets and liabilities at expected liquidation values and stockholders' equity. The statement is prepared primarily when an actual or pending Bankruptcy exists. Or a creditor may want to see pessimistic figures for a company facing severe financial problems. This is a worst-case scenario.

 

Both are American definitions of a "Statement of Affairs", though I'd imagine they are similar to the UK version.

Edited by Matthew Le God
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benjii

benjii

Posted
Posted
Care to elaborate?

 

Something like this...

 

Well, bascially.... I just can't see how they can continue the fudge any longer. This changes the ball-game. This is a sworn statement to the court. Porky-pies will be a big no-no.

 

I predict mass resignations tomorrow or Wednesday at PFC, assuming that Vantis are doing the job properly and there is no takeover.

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St Marco

St Marco

Posted
Posted

I think what is also important is that in the case last week the reason why they were given time was because they made it sound a takeover was iminent. They actually said offers on the table if i remember right? Well 6 days on from then no takeover and Storrie talking about these other offers. Like the guy at the news of the world says there is probably no offer. When he gets a phone call he implies it must be a offer when it is not the case. We had over 50 supposed groups interested in us. Only 1 put the money where their mouth was.

 

When this financial report is done i hope the judge uses her common sense when reading it and that it obviously shows they have no money and will not be getting any money.

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Matthew Le God

Matthew Le God

Posted
Posted

Last line of this is interesting...

 

http://www.thesun.co.uk/sol/homepage/sport/football/2854846/FA-have-no-plan-if-Pomp-go-pop.html

 

Quotes from an unnamed FA source.

 

Considering Pompey were possibly insolvent when O'Hara and Quincy signed and both played key roles in the game and there is no precedent I think a reinstatement is justified.

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Deano6

Deano6

Posted
Posted

I've sais it before and I'll say it again. Pompey will find some stupid buyer and get out of this just fine. I just hope they still get relegated. I was seriously concerned about that until recently when they were only a few points behind and teams above couldn't win, but slightly happier now there's an 8 point gap.

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Micky

Micky

Posted
Posted

I agree with Deano - somebody will 'save the day' for them. They will get relegated, the FAPL will sigh a huge sigh of relief as the problem falls into somebody else's court.

 

That said - I bet the FAPL do not show the same apathy for the next club that finds itself in a similar position - they will learn from this debacle and act - life just is not fair.

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Saints foreva

Saints foreva

Posted
Posted
Some info from last nights Sports Mail Should they need to form

 

Will be called Portsmouth FC, They have been given the rights to use the company baught by the fan in 2008

 

They have secured the right to play at Fratton Park, thus maintaining Footballing use, though should there be any complications a deal has been done to share West Leigh Park in the Short term (has licence to stage League two football)

 

They are most likely to start in League two and no lower then the Conference as they would be considered too big for lower leagues

 

A badge has been eecured

 

Post from 'The Pompey Chimes' regarding 'AFC Portsmouth'.

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dubai_phil

dubai_phil

Posted
Posted

Wow never saw THIS one coming..

 

Here's their big plan. Borrow another 120 mil and become a global brand

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/7246676/Premier-League-football-club-interested-in-buying-Indian-Premier-League-franchise.html

 

That description by Modi - you just know it was Al Fahim who did the deal :D:D

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Torrent Of Abuse

Torrent Of Abuse

Posted
Posted
Last line of this is interesting...

 

http://www.thesun.co.uk/sol/homepage/sport/football/2854846/FA-have-no-plan-if-Pomp-go-pop.html

 

Quotes from an unnamed FA source.

 

Considering Pompey were possibly insolvent when O'Hara and Quincy signed and both played key roles in the game and there is no precedent I think a reinstatement is justified.

 

To be honest, funny as it would be, I wouldn't want to get reinstated after losing the game. It smacks of a bit of a cheat - rather like us trying to duck the 10pt deduction because of a holding company. We missed our chance at a bye because of the decision to grant P*mpey time to prove they are not insolvent. Our tough luck.

 

An alternative to just awarding the bye to Birmingham would be to either reinstate the team they played in Round 3 (who probably have as much or as little right to be reinstated as anyone else) or to have someone work out when exactly they were insolvent and reinstate the team who they played after that point.

 

It would be up to the teams involved whether they would bother to reschedule their games or pass on the chance to renter the competition.

 

Yes, I know it's just not going to happen - just thought it far fairer than just giving Birmingham a bye or reinstating us. Portsmouth didn't just suddenly acquire a team they couldn't afford.

 

P.S. I'm sure they'd just take the easy road and give Birmingham the bye.

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dubai_phil

dubai_phil

Posted
Posted
I personally wouldn't call Man City a very famous football club :D

 

Man City bought by Abu Dhabi.

 

Deal fronted by Sultan Bin Trump (lol)

 

Sultan Bin Trump annouces this week he's back in the money

 

Man City possibly linked to the IPL.

 

ICC HQ is in Dubai.

 

SBT likely to pick up a fee of around 5% for the deal IF it was him

 

so, using the figures from the Telegraph he's due about 7.65mil

 

150k for legal costs and wow look the exact same number pops out

 

Simples

 

 

Those guys are just Sooooo clever

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Merovingian

Merovingian

Posted
Posted

yeah I am not sure about this - Statement of Affairs goes in tomorrow which the club reckon they can prove they are viable until end of season or a takeover ( I don't believe how unless Chainrai is a guarentor )

 

So March 1st is the actual day for winding up - however what happens if by some strange twist of fate Pompey get taken over and every creditor is paid in full and the owner guarentees funds for the continued running of the club

 

Common sense says the judge should wind the club up as the Statement oif Affairs at the time showed the club trading illegally but I can bet I know what would happen

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Fowllyd

Fowllyd

Posted
Posted
the post about AFC Portsmouth is pretty near the mark

 

I can well imagine that it is. After all, a company called Portsmouth FC Ltd does indeed still exist, and would just need to be bought from (or donated by) its current owners to the new club emerging from the ashes of Pompey. So that makes perfect sense. Plus, of course, the current owners of PFC Ltd will be very eager to get it off their hands, given that they're being constantly pestered and threatened for debts which should really belong to PCFC Ltd!

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merrimd

merrimd

Posted
Posted
They have secured the right to play at Fratton Park, thus maintaining Footballing use, .

 

Surely this is carp though. If the conmpany gets liquidated, surely Gadyamark will own the stadium, and he aint gonna let some tin pot league 2 team play there when he could be redeveloping it and recouping some of his lost money.

 

Also, league 2, cos they are too big, dont make me laugh! Its not as if they will retain ANY of their current squad is it. They will have to restart in the BSq with a players nicked from Havant and Eastleigh.

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SO16_Saint

SO16_Saint

Posted
Posted
yeah I am not sure about this - Statement of Affairs goes in tomorrow which the club reckon they can prove they are viable until end of season or a takeover ( I don't believe how unless Chainrai is a guarentor )

 

So March 1st is the actual day for winding up - however what happens if by some strange twist of fate Pompey get taken over and every creditor is paid in full and the owner guarentees funds for the continued running of the club

 

Common sense says the judge should wind the club up as the Statement oif Affairs at the time showed the club trading illegally but I can bet I know what would happen

 

I agree, if the SoA show that they a fooked, they should confirm the WU there and then - ie tomorrow.

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merrimd

merrimd

Posted
Posted
I am not going through this again merrimd but authorities have already been spoken too. Fratton Park I believe cannot be re-developed for housing because it has an order on it that the area has to be used for Sporting/Leisure facilities or something along those lines.

 

Thats fine, although on the southern news a week or so ago, the bloke from the council did state that the order was in place to prevent the club from being turfed out of the stadium. He added that the order COULD be reviewed in the event of no club being in existence. I dont think its nailed on that if the club goes to the wall, the stadium will stay. This, I believe, is the end game for Gadyamark!

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Saint in Paradise

Saint in Paradise

Posted
Posted
I am not going through this again merrimd but authorities have already been spoken too. Fratton Park I believe cannot be re-developed for housing because it has an order on it that the area has to be used for Sporting/Leisure facilities or something along those lines.

 

 

Thing is though IF Pompey go what other sporting team can afford to take it over ? Also the local

Council will be losing rates so if public opinion starts moaning about an empty unused delapidated

stadium I am sure that use clause would be soon overcome.

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SO16_Saint

SO16_Saint

Posted
Posted
Should yes, but I bet that registrar takes the easy way out again and waits for the 1st March hoping that

in the meantime some rich idiot will rescue them. HMRC won't like it I suspect, but there is nothing they can do.

 

what i dont understand it why the 2 dates? Originally it was a week from last Wednesday (Tomorrow) then 9 days from last Wednesday (Friday).

 

When, where and why has the 1st March date come into it?

 

:smt100

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Saint in Paradise

Saint in Paradise

Posted
Posted
what i dont understand it why the 2 dates? Originally it was a week from last Wednesday (Tomorrow) then 9 days from last Wednesday (Friday).

 

When, where and why has the 1st March date come into it?

 

:smt100

 

The report had to be in on or by Wednesday, HMRC were given the next 2 days to look at it. However the first date available for the Court to re-convene is the 1st of March. They are very busy

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pedg

pedg

Posted
Posted
I am not going through this again merrimd but authorities have already been spoken too. Fratton Park I believe cannot be re-developed for housing because it has an order on it that the area has to be used for Sporting/Leisure facilities or something along those lines.

 

Think you will find that this is probably just a local government policy and as such with enough time and money could be overturned. Sort of thing that tesco and the like have often used. Put in planning permission and if its rejected by the council and then on a home office inspector then they threaten to take it to an expensive judicial appeal. Often the local authority will baulk at cost and will change their decision as they can't afford the cost of the appeal.

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Joensuu

Joensuu

Posted
Posted
I can well imagine that it is. After all, a company called Portsmouth FC Ltd does indeed still exist, and would just need to be bought from (or donated by) its current owners to the new club emerging from the ashes of Pompey. So that makes perfect sense. Plus, of course, the current owners of PFC Ltd will be very eager to get it off their hands, given that they're being constantly pestered and threatened for debts which should really belong to PCFC Ltd!

 

I'm sure they've acquired the name, it's the 'League 2' bit that's wide of the mark.

 

The leagues know that attendances will be significantly down, on frankly not many to start with. AFC Skates would be lucky to scrape together 2-3k fans. As for potential fanbase, Dudley & Croydon both have far larger populations but no league team, towns such as Poole & Maidstone are not far short of Skatesville for potential fanbase (were either even in the Premier I'm convinced they could find 16k fans!). Frankly, new teams should start at the bottom of the heap (AFC Wimbledon's 9,000 fans only got offered to start in the Combined Counties league (tier 9!).

 

Although hearing skates talk about back to back promotions and 'real football' etc will grate a little (but you know where they'd rather be!)

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merrimd

merrimd

Posted
Posted
But there will be a club in existance and a professional club within the football league's in Portsmouth. Gaydamak does not own the ground either by the way - just the land around it.

 

Ok, difficult to say exactly what will happen, but I would be most surprised if your Pheonix club will be given professional status. There is not a lot of precedence around in truth, however I would have thought that you would need some sort of benefector to start you up, the running costs on the stadium on its own will be astronomical and someone will end up owning the ground after the sh1t has hit the fan. You will be reliant on them letting you play with their ball, and I for one cannot see it happening.

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pedg

pedg

Posted
Posted

Wonder if we will get another statement today from Story to say that the take over will happen in the next 48 hours.

 

February 14, 2010

Peter Storrie has announced to Soccernet that he anticipates Portsmouth will be saved from going bust as he believes that the fifth takeover of the season is now likely to be confirmed within the next 48 hours.

 

February 15, 2010

Peter Storrie has told ESPNsoccernet that he anticipates Portsmouth will be saved from going bust as he believes that the fifth takeover of the season is now likely to be confirmed within the next 48 hours.

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Merovingian

Merovingian

Posted
Posted

like you say until it happens its not clear what weill happen, but I do know that alot of work has already gone into this, a manager has already been approached and finance has already been sounded out with people - obviously on a much smaller scale than billionaires, multi millionaires.

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SaintBobby

SaintBobby

Posted
Posted

Can someone answer a (relatively) simple question:

 

Isn't it overwhelmingly likely that they will have borrowed against the parachute payments already? If I was in their shoes, I would have done. It's £16m over two years, I believe. Couldn't they convert that into £13m - £14m up front?

 

In short, why it is believed the parachute payments are still in play, when they've clearly mortgaged everything else?

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Last line of this is interesting...

 

http://www.thesun.co.uk/sol/homepage/sport/football/2854846/FA-have-no-plan-if-Pomp-go-pop.html

 

Quotes from an unnamed FA source.

 

Considering Pompey were possibly insolvent when O'Hara and Quincy signed and both played key roles in the game and there is no precedent I think a reinstatement is justified.

 

From the above article

 

"Hopefully, they will survive. If they don't the FA Cup committee must decide whether to give Birmingham a bye or re-admit Southampton as the last side beaten by Portsmouth."

Should that be so then there will be a lot of angry skates, I mean more so than usual.

 

Or maybe a bit of a wind up from the Snu? I think they've done it before.

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pedg

pedg

Posted
Posted
From the above article

 

"Hopefully, they will survive. If they don't the FA Cup committee must decide whether to give Birmingham a bye or re-admit Southampton as the last side beaten by Portsmouth."

Should that be so then there will be a lot of angry skates, I mean more so than usual.

 

Or maybe a bit of a wind up from the Snu? I think they've done it before.

 

Its a tricky one with possibly being readmitted. On one hand there would be a certain poetic justice if we took pompey's place. On the other do we want to end up being the trick quiz question about what team got beaten twice in one season in the FA cup?

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Foxy

Foxy

Posted
Posted (edited)

Hmm, day and a bit to go, probably day and a half for the SoA by the time someone has to run round the printers, get a few copies bashed out and then boked it up to the court.

 

Imagine the scene right now. Found sitting, Dulieu at a desk, almost buried in old envelopes with scribbles on the back of them. Enter Storrie, unshaven, tie crooked as a former manager's tax return (generic, certainly not implying any current or former employee of PCFC would be anything but scrupulous, ok mods?). He's carrying an Iceland carrier stuffed with more envelopes and bits of newspaper with numbers biroed into the margins:

 

Storrie: Well, that's the ones I had stuffed down the back of the sofa, Ken

Dulieu: Did you phone 'Arry and see if he had any more round his place?

Storrie: Couldn't get hold of him. Other than that how's the SoA doing?

Dulieu: Looking good. I can safely say everything you have done looks to me like a perfect example of corporate governance. I used to follow the policy of spunking a fortune on players we couldn't afford, back when I was at Saints. Did a bloody good job there and we were set fair for a return to the prem when I left. Shame the next lot in didn't have my insight. Blew a glittering legacy in a few weeks, they did. We'd have been playing Milan this week if I'd still been in charge.

Storrie: Yeah, that's pretty much how I see it here. I worry about what might have happened to Pompey without me. So is that what you'll put in the SoA?

Dulieu: yeppers, unless you really have got a buyer lined up before tomorrow teatime

Storrie: Naah, I just said that for a laugh

Edited by Foxy
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Evil Monkey

Evil Monkey

Posted
Posted
Its a tricky one with possibly being readmitted. On one hand there would be a certain poetic justice if we took pompey's place. On the other do we want to end up being the trick quiz question about what team got beaten twice in one season in the FA cup?

 

Quiz master: "It was the mighty Southampton, at the expense of a little known club called 'Pours...Porst...Prostmuth,' somthing like that, who went out of business apparently. Anyone here old enough to remember them???"

 

[silence beckons across the pub]

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