Pompey Takeover Saga

[dune]

In my opinion, the "potential" sale of the club at the moment, is simply a device to assist Storrey when he is taken to court for his running of the club. It will help him claim that with the possible sale, solving all of the financial issues surrounding the company, it wasn't trading while insolvent as there was a prospect of securing funds.

 

I think he will eventually be barred from being a Director of any company for a long time and the March 1st hearing is the start of many such episodes over the coming months involving these grubby characters, with a number heading for the hills to escape justice...

 

I still think Storryteller will have a convenient nervous breakdown. He was planting the seeds when he complained about being "attacked" at St Marys.

[dubai_phil]

I still think Storryteller will have a convenient nervous breakdown. He was planting the seeds when he complained about being "attacked" at St Marys.

 

That makes it even BETTER, so he makes all the decisions when sane and THEN has the breakdown

 

So instead of Ford Open Prison he can stay in Broadmoor. Far more appropriate and one decision that will cheer up the few no doubt

[NickG]

At £600 a season ticket its not really

 

£20 per game for premiership or pay the extra money and be in bigger crowd watching league 1.

 

That's right - £20 to watch prem and they get 17,000

[aintforever]

If these South Africans are serious about taking over on Monday they are going to need to have serious cash. They will need to stump up £12mill cash in a weeks time to pay the taxman, they will need funds to keep the club going until May. Any sort of investment is going to want to own the ground and land so they will need at least another £10mill for Chanrai, plus whatever Gaydamak wants. That's before any investment in the team, stadium etc.

 

Surely if they are rich enough to chuck that sort of money around on a Championship club then proving funds should take about 5 minutes?

[bridge too far]

I still think Storryteller will have a convenient nervous breakdown. He was planting the seeds when he complained about being "attacked" at St Marys.

 

 

But he's being paid to have a breakdown, whereas Grant, apparently, has only received one month's wages!

 

Again, from the Observer:

 

"Once tax and NI payments are added to the basic £1.8m players receive each month, and other staff wages are taken into account, the club are still shelling out far more in wages than their Premier league TV money and matchday income combined. The chief executive, Peter Storrie, accounts for more than £100,000 a month and earns £1.4m a year"

[sunrise]

It seems that story teller has missed his true vocation - being a politician, after all, they mostly talk **** and claim money they don't deserve so he'd fit in well. If Storrie said what day of the week it was, I'd check a calender just to be sure.

 

I don't believe a word of a takeover being imminent... after all last weekend, a takeover was going happen in 24-48 hours.

 

I do feel a teeny bit sorry for the fans having to put up with tripe peddled by the Dr Goebbels of football.

[Joesaint]

If you think about it though P Storrie has made sooo much money for himself even if he can't be a director or even put in prison for a few monthes, he is now very very rich (by our standerd).

[gaz]

I think with all the spin Storrie is putting on the situation and his part in the shambles, we need to give him the nickname....

 

Typhoon Pete!

[dune]

I'm loving it

 

http://www.guardian.co.uk/football/2010/feb/21/bonuses-chaotic-portsmouth-brink-collapse

 

Especially this bit:

 

"Given the scale of the debts, estimated at £60m, and the outgoings, it appears highly improbable that any new investment or buyer will be found before the 1 March hearing."

 

Some sources at the club suggested that the monthly outgoings include payments to ex-players, and even former manager Harry Redknapp,

 

Good old Agent Arry.

[dubai_phil]

In my opinion, the "potential" sale of the club at the moment, is simply a device to assist Storrey when he is taken to court for his running of the club. It will help him claim that with the possible sale, solving all of the financial issues surrounding the company, it wasn't trading while insolvent as there was a prospect of securing funds.

 

I think he will eventually be barred from being a Director of any company for a long time and the March 1st hearing is the start of many such episodes over the coming months involving these grubby characters, with a number heading for the hills to escape justice...

 

You hold a hand at poker with a 7 high as they do with the court, then you need to add as much FUD to that hand as you can. (Fear, Uncertainty, Doubt).

 

That FUD is designed to delay a decision (the ticking clock gets nearer another TV cash hand out for example).

 

At each step the FUD thrown into the public domain is aimed at causing the Judge to question the final Judgement (ie the Death Sentence).

 

For any NORMAL business, FUD is irrelevant - how many times can a small business with cash flow troubles get his Bank manager to extend his overdraft?

 

But the tactic is to buy time. Even though a WUO cannot be appealed, FUD is then used in the event of that order to seek an Appeal to a higher Court over a point of Law (ie the WUO is valiud but the law should allow you to have imaginary friends)

 

That is the only hand they hold, FUD is their only hope, they will keep throwing it out until the very last second.

 

The law however is clear. And to be brutally honest, Storrie et al have only themselves to blame - They TRIED to take the p1ss by ignoring the threats and the agreements they HAD made with HMRC. The law doesn't like that and neither will HMRC.

 

They COULD have done a deal, they did not. Therein lies the blame.

 

For amateurs who try it, FUD always turns out to have been a crock of sh1t when it blows back in your face

[Guided Missile]

Just a thought. I am assuming that any money that comes from South Africa is likely to be obtained from mineral wealth. What if there is a deal with Arkadi Gaydamak, whereby he "uses" his contacts in Angola (his likely bolthole from the Israeli and Russian Mafia and the French and Israeli courts) to obtain mining licenses from the Angolan government for the South Africans? Pompey again serves its money laundering function and via his son and Chanrai, he can gain access to funds that he is desperate for, due to the freezing of his accounts in Russia and Israel.

 

This is a more likely scenario than a South African company investing in Portsmouth Football Club, unless they are using Stevie Wonder to read the financials...

[Kingsland Red]

If these South Africans are serious about taking over on Monday they are going to need to have serious cash. They will need to stump up £12mill cash in a weeks time to pay the taxman, they will need funds to keep the club going until May. Any sort of investment is going to want to own the ground and land so they will need at least another £10mill for Chanrai, plus whatever Gaydamak wants. That's before any investment in the team, stadium etc.

 

Surely if they are rich enough to chuck that sort of money around on a Championship club then proving funds should take about 5 minutes?

 

First up, by the end of this week, they will have to pay c£4.5m in wages etc !

[benjii]

Just a thought. I am assuming that any money that comes from South Africa is likely to be obtained from mineral wealth. What if there is a deal with Arkadi Gaydamak, whereby he "uses" his contacts in Angola (his likely bolthole from the Israeli and Russian Mafia and the French and Israeli courts) to obtain mining licenses from the Angolan government for the South Africans? Pompey again serves its money laundering function and via his son and Chanrai, he can gain access to funds that he is desperate for, due to the freezing of his accounts in Russia and Israel.

 

This is a more likely scenario than a South African company investing in Portsmouth Football Club, unless they are using Stevie Wonder to read the financials...

 

No, no, that can't be right.

 

It's just a workin'claaassss club with bessfansinthworl trying to fight against the evil Premier League (boooo!!).

 

Nothing dodgy has ever, or ever will, go on there.

[bridge too far]

Here's the guy behind the takeover:

 

http://www.stuff.co.nz/sport/football/3354515/Meet-the-Kiwi-who-says-he-can-save-Pompey

 

And here's a report from 7 years ago on his company. Note the reference to Amway - it sounds like a pyramid scheme to me.

 

http://www.goodreturns.co.nz/article/976488236/endeavour-ignores-securities-commission.html

[benjii]

Here's the guy behind the takeover:

 

http://www.stuff.co.nz/sport/football/3354515/Meet-the-Kiwi-who-says-he-can-save-Pompey

 

And here's a report from 7 years ago on his company. Note the reference to Amway - it sounds like a pyramid scheme to me.

 

http://www.goodreturns.co.nz/article/976488236/endeavour-ignores-securities-commission.html

 

That's not the Saffer one tho' BTF. The Saffer one is the one that's "red hot" and will go through once the money that's been lodged has been lodged elsewhere, once they've proved they've got the money which has been lodged.

[bridge too far]

That's not the Saffer one tho' BTF. The Saffer one is the one that's "red hot" and will go through once the money that's been lodged has been lodged elsewhere, once they've proved they've got the money which has been lodged.

 

Oh yeah :oops:

 

[Saint_clark]

http://www.dailymail.co.uk/sport/football/article-1252631/Portsmouth-fans-turn-Peter-Storrie-He-suffers-threats-insists-new-deal-save-stricken-club.html

 

Oh dear. Even the blue few are blaming him now.

 

What happened to "as soon as the Portsmouth supporters think I should step down, I will happily do so"?

[benjii]

Oh yeah :oops:

 

 

Don't be embarrassed - none of it makes any sense!

[dune]

Here's the guy behind the takeover:

 

http://www.stuff.co.nz/sport/football/3354515/Meet-the-Kiwi-who-says-he-can-save-Pompey

 

And here's a report from 7 years ago on his company. Note the reference to Amway - it sounds like a pyramid scheme to me.

 

http://www.goodreturns.co.nz/article/976488236/endeavour-ignores-securities-commission.html

 

Shock Horror - another crook is attracted to Pompey.

 

Flies and **** springs to mind.

[ALWAYS_SFC]

Here's the guy behind the takeover:

 

http://www.stuff.co.nz/sport/football/3354515/Meet-the-Kiwi-who-says-he-can-save-Pompey

 

And here's a report from 7 years ago on his company. Note the reference to Amway - it sounds like a pyramid scheme to me.

 

http://www.goodreturns.co.nz/article/976488236/endeavour-ignores-securities-commission.html

 

 

"If the club goes into liquidation, it doesn't necessarily mean we walk away," Cattermole said.

 

 

I like that bit about if they went in to admin he would walk away..means

"i will wait till it is in admin".

 

 

 

"He added that he was seeking specialist advice over whether Portsmouth could avoid some of its tax debt".

 

 

He will fit in nicely as he is already trying to find ways of cheating the HMRC

[Badger]

‘The debts have come down quite dramatically and if the banks had not withdrawn the money, the club would be in a very strong position,’ he said.

 

 

 

Storrie-teller must be in denial if he believes this,or expects anyone else to.Clearly it is the banks fault not wishing to extend overdraft facilities whilst the club leak millions...

[benjii]

He's right. If banks were willing to provide credit to an unsustainable business on favourable terms in perpetuitiy then yes, they would be in a strong position.

 

The only fly in this particularly lovely ointment, is that banks don't do that and never have.

 

If only someone had told him this before...

[bridge too far]

Storrie-teller must be in denial if he believes this,or expects anyone else to.Clearly it is the banks fault not wishing to extend overdraft facilities whilst the club leak millions...

 

The bottom line is - err - the bottom line. If their outgoings exceed their incomings (as detailed in the Observer piece) then no-one is going to lend them money.

 

This problem will be compounded by a) now having to pay rent to Chainrai and b) having smaller gates once they're demoted.

 

No SENSIBLE business man is going to take a punt on this.

[dune]

http://www.portsmouth.co.uk/newshome/No-chance-of-ticket-refund.6089716.jp

 

What about the Skates who bought life season tickets?

[dubai_phil]

The bottom line is - err - the bottom line. If their outgoings exceed their incomings (as detailed in the Observer piece) then no-one is going to lend them money.

 

This problem will be compounded by a) now having to pay rent to Chainrai and b) having smaller gates once they're demoted.

 

No SENSIBLE business man is going to take a punt on this.

 

Which is why GM's thinking is so much fun to read.

[bridge too far]

http://www.portsmouth.co.uk/newshome/No-chance-of-ticket-refund.6089716.jp

 

What about the Skates who bought life season tickets?

 

I just love all the bankruptcy / insolvency ads underneath the comments section

[Gingeletiss]

 

 

 

 

Classic......so Mods, where is the thread/sticky for all these classic strips/cartoons etc. A must IMHO.

[St Marco]

I would not be surprised to see the current owner sell the club to anyone for about a £1. He probably realises the club is screwed so going for the land itself means the club does not own that as an asset. So when they go into admin he doesnt lose as much, as he could loan it to them, if they go bust could build there etc..

If i had to take a business guess i would assume whoever comes in will most likely have no money themselves and will just try and do what the others have done and try and re-package the debt by re-finance. If the last 3 guys in charge could not do that then i very much doubt a guy from a small company in Hong Kong is going to.

 

Would not surprise me one bit to see the takeover completed on monday and Storrie then resigns claiming he got them the takeover, was not his fault a week later they were shut down etc..

 

If the club really are £60m-£70m in debt (which they obviously are) then you have to think how will they make that money back? They will be in the CCC next year and the money earnt there is a tiny fraction compared to the PL. They will go into that league with a very thin squad that will be made thiner by contract expiry's and loans ending.

If they have no money they will not be able to sign people so will have to do what we did and get people in on frees. And you see what happens when you do that!

 

Point being if you ignore the debt the actual immediate potential of the club is not good. Chances are they could be in another relegation battle next year.

 

Which means the only way things will change is if someone comes in pays the bills and then spends on strengthening the team to try and get back to the PL.

 

This will take huge instant investment and you have to think well why would someone do that? If someone is rich enough to have that kind of money did they make it by making decisions like that? I doubt it.

 

So i just think it will be another guy in control but will ultimatly not change a thing. A week tomorrow is the only certainty Pompey have and if they go into that case in the financial situation they currently are then you have to fear for their lives. 99% of companies in that situation would get shut down. And that is how the judge will see them, as a company.

[Gingeletiss]

I assume if the SA's appear the FPPT will be rushed through, afterall the PL have such stringent rules on these things nothing will hold that up.....

 

 

Bloody hell, the PL must be working OT, they haven't done a FPPT on their last owner yet ( or not that I have seen!!).

[qwertySFC]

To me this is all about gaining time.

 

They can't have the cash to pay the wages ..

 

This is going to to look quite damming in front of Judge Judy as they know it proves that the club is insolvent.

 

Plan...sale players, I'm sure they knew it would never be accepted by the PL, but they can now take a legal point on this as restriction of trade...Buys time.

 

The potential new investor...Roll out a story that a deal is close, they think Judge Judy will look on this in a positive light and PFC say we need a bit more time to complete the deal.. Buys time.

 

If they can escape the admin route , which would mean relegation and -9 points, Im sure any "new" investment must be based on future income, they have a deluded thought process they can stay up .. " future Money" or with the parachute payment = "future money" ... Liquidation = ZERO for them.

 

It is IMHO all about gaining time to keep the club from going into liquidation and any resort will be taken to prevent this.

 

Lets see what Judge Judy will make of the delaying tatics..

[Gingeletiss]

If these South Africans are serious about taking over on Monday they are going to need to have serious cash. They will need to stump up £12mill more if reports are to believed!! cash in a weeks time to pay the taxman, they will need funds to keep the club going until May £4 million a month:shock::shock:, again as reported!!. Any sort of investment is going to want to own the ground and land so they will need at least another £10mill for Chanrai, plus whatever Gaydamak wants. That's before any investment in the team, stadium etc.

 

Surely if they are rich enough to chuck that sort of money around on a Championship club then proving funds should take about 5 minutes?

 

This is such a laugh!!. Who, and I repeat WHO, is going to buy a club, that:-

 

1) Has that amount of debt.

2) Doesn't own it's own stadium.

3) Doesn't have a training ground.

4) Is a certainty for relegation.

5) Is a certainty for more points reductions for financial irregularities.

6) Has a small fanbase.

7) Has to satisfy HMRC, now, and for the future.

Owes other clubs transfer fees still, for players they have resold.

 

 

The list is endless, I can't for the life of me, see any honest business being interested.

[Under Weststand]

Here's the guy behind the takeover:

 

http://www.stuff.co.nz/sport/football/3354515/Meet-the-Kiwi-who-says-he-can-save-Pompey

 

And here's a report from 7 years ago on his company. Note the reference to Amway - it sounds like a pyramid scheme to me.

 

http://www.goodreturns.co.nz/article/976488236/endeavour-ignores-securities-commission.html

 

Oh yeah :oops:

 

No need for that BTF that's their back up plan when the South African deal falls through.

Is it me or is this thread now turning into the if you could make it up thread! we had going a couple of weeks ago http://www.saintsweb.co.uk/forum/showthread.php?t=19529 .

Love the comment "if they get liquidated we will still not walk away" they must be interested in AFC Poopey then. Also they are looking into ways of paying less tax, good luck in that boys. Another bunch of cheating scumbags should fit right in a poopey.

[Gingeletiss]

http://www.portsmouth.co.uk/newshome/No-chance-of-ticket-refund.6089716.jp

 

What about the Skates who bought life season tickets?

 

Money spent on single match-day tickets, such as those purchased for the FA Cup quarter-final match against Birmingham City, would be lost.

 

Anyone who bought a ticket for that match, under the current circumstances, deserves to have lost their dosh...madness!!.

[benjii]

Money spent on single match-day tickets, such as those purchased for the FA Cup quarter-final match against Birmingham City, would be lost.

 

Anyone who bought a ticket for that match, under the current circumstances, deserves to have lost their dosh...madness!!.

 

Exactly - it's not even as though tickets will be hard to come by!

[Gemmel]

They have 33 million coming over 24 months in parachute payments, they have about 10 million of saleble assets in players, plus ticket revenue.

 

Assumming that sach takes a hit (As indicated by the snooze) and accepts 10 million, Chainrai gets 2 million of his remaining 7 million owed and the tax man gets paid at 11.5 million. Then someone could buy the club and clear the debts for around 23 million quid. They woudl also need to fund the club until June which would liklely cost them another 6 million.

 

Come June many of their players contracts are up and others will be sold. As fag packets maths goes, Assumming they stay within their means next season ) An outlay of around 30 million could return 33 million in parachute payments, plus around 10 million in players fees. That's over a 40% return in 24 months.

 

The squad would be crap and bare, but if you were looking to make a quick 10 million plus in 24 months - may be there is a punt to be had

[bridge too far]

^

 

Don't forget they're going to have to pay rent now

[Block 5]

This is such a laugh!!. Who, and I repeat WHO, is going to buy a club, that:-

 

1) Has that amount of debt.

2) Doesn't own it's own stadium.

3) Doesn't have a training ground.

4) Is a certainty for relegation.

5) Is a certainty for more points reductions for financial irregularities.

6) Has a small fanbase.

7) Has to satisfy HMRC, now, and for the future.

Owes other clubs transfer fees still, for players they have resold.

 

 

The list is endless, I can't for the life of me, see any honest business being interested.

 

Nail on head.

[JackFrost]

SSN say "Chainrai is hoping to conclude the deal on Monday" with this South African lot

[rallyboy]

having suffered a week of abuse and the old jokes about Pompey 'washing scum out of cups' I just asked the latest texter, who was VERY quiet yesterday, what farmer Tony Martin and the taxman have in common.

 

Was that harsh?....

 

I welcome banter from sensible people but for me anyone who uses the term scummer to me qualifies as an inbred, cross-eyed, sister-bothering, deluded, mot-free, heather-selling, scrap-metal-collecting, churchroof-stripping, granny-swindling, toothless, untaxed van owning, soon to be, former football fan.

[Under Weststand]

Assuming your plan is a goer Gemmel :-

24 months ground rent @ 1-mill / month 24-mill

if they get the wage bill down to say .5 million in the summer thats another 12-million

tax Paye another 5/6 mill over 24 months.

income at say 14,000 gates at say £25 a ticket = £350,000 per match X 23 = 8.05-mill match day reciepts & that is probably over the top. times that by 2 = 16.1 million over 24 months?

It still doesn't add up

[Seaside Saint 2]

Apologies if the answer to this question is buried somewhere elseon this thread, but what happens to the whole promotion system if Pompey go bust? Would we qualify for the play-off's by finishing 7th as the Championship would need an extra team as only 2 would be coming down from th PL?

[Gemmel]

Assuming your plan is a goer Gemmel :-

24 months ground rent @ 1-mill / month 24-mill

if they get the wage bill down to say .5 million in the summer thats another 12-million

tax Paye another 5/6 mill over 24 months.

income at say 14,000 gates at say £25 a ticket = £350,000 per match X 23 = 8.05-mill match day reciepts & that is probably over the top. times that by 2 = 16.1 million over 24 months?

It still doesn't add up

 

Its a million pound a year weststand - Not a month for the rent

[stevegrant]

Apologies if the answer to this question is buried somewhere elseon this thread, but what happens to the whole promotion system if Pompey go bust? Would we qualify for the play-off's by finishing 7th as the Championship would need an extra team as only 2 would be coming down from th PL?

I *think* it would go something like this...

 

2 relegated from Premier League, 3 promoted from Championship = 20 teams in Premier League, 23 in Championship;

2 relegated from Championship, 3 promoted from League One = 24 in Championship, 23 in League One

3 relegated from League One, 4 promoted from League Two = 24 in League One, 23 in League Two

1 relegated from League Two, 2 promoted from Blue Square Premier = 24 in League Two, 23 in Blue Square Premier. However, Chester City's pending expulsion from the BSP may help them even the numbers up as they could then have 22 teams in the BSP next season.

[Winchester Red]

If they manage to sell the club in it's current debtridden form then it can't be an honest deal - It has to be crooked again for laundering purposes or some other Daddy Gaydamak type activity

 

Will the PFC fans called for the PL to nullify it or welcome their new owners with open arms?

[S-Clarke]

SSN say "Chainrai is hoping to conclude the deal on Monday" with this South African lot

 

I've got a feeling that this will go through and keep them going for the short-term - but i wonder if this deal is the best for their long-term future? or if it's someone else who will eventually just sell up again?

 

According to reports though, this consortium has ''substantial wealth'' and aims to re-start the stadium project and training ground - but where have we heard that before?

 

we'll find out next week i guess.

[Under Weststand]

Its a million pound a year weststand - Not a month for the rent

Sorry thought is was per month :mad: Doh!

[Winchester Red]

I've got a feeling that this will go through and keep them going for the short-term - but i wonder if this deal is the best for their long-term future? or if it's someone else who will eventually just sell up again?

 

According to reports though, this consortium has ''substantial wealth'' and aims to re-start the stadium project and training ground - but where have we heard that before?

 

we'll find out next week i guess.

 

Why would you spend significant wealth on a championship club?

 

Why not just buy Newcastle or Palace..... and don't give me the crap that it's because the fans are so great. If I was their owner I'd pay to have J PFC W removed!

[S-Clarke]

Why would you spend significant wealth of a championship club?

 

Why not just buy Newcastle or Palace..... and don't give me the crap that it's because the fans are so great. If I was their owner I'd pay to have J PFC W removed!

 

well exactly, more money than sense if that happens - which is why i'm a bit skeptical of it all, i assume the skates feel the same too.

 

Wasn't Al-Mirage supposed to be redeveloping the stadium and training ground too? He was going to take them to a level that they wouldn't believe, which i guess he has done - just not the level they assumed.

[saintbletch]

As a thought, the Skates going bust in a world cup year......

 

One team per week would then rest, if it's a team with an england player then it will help prevent him from burning out.

 

In the interest of patriotism they must fold immediately.

 

This is a good point.

 

I hadn't thought about the rest game that each team would have every week. It would play havoc with fantasy football selections!

[sidthesquid]

I reckon by even a conservative estimate they need £35 million to see them through to the next Sky day.

Wages (including PAYE etc) £4 mill/month for Feb/Mar/Apr/May/June, assuming most contracts run till 30th June when I believe that's when transfer windw opens - £20million

HMRC demands for immediate payment - £11 million

Payments due to other clubs etc, conservatively £5 million?

General running costs, paying of angry creditors etc very conservatively £3 million

Throw in another mill for anything I've forgotten and that is a MINIMUM of £40 million needed just to see the club through to the start of July.

Income from 7 games (inc yesterday) of 6-7000 non-season tickets per game times average of £25 only equals about £1.25 million. Cup games could give them another £2 million if we are being charitable & possibly £2 million of money due on transfers out, making a grand total of £5 million until they get some sky money.

Who the feck is going to cough that up to get a groundless CCC club with an overpaid, unshiftable squad and a sh1tload of continuing debt?