Pompey Takeover Saga

[sidthesquid]

I have thought long and hard about whether I want them to survive or not and, though I'm a complete tart for this site and the tremendous fun that March 1st could bring, I have to say I hope that they survive.

It struck me this morning, the thought that if they weren't there I wouldn't be able to taunt my skate-mate at work tomorrow, and that left me feeling hollow inside. (What is more beautiful than us winning against the league leaders as they let in a last minute goal to a man that hasn't scored for 8 years?)

And thinking of him, it occurred to me that the genuine fans, who have turned up at that sh1t-hole through thick and thin don't really deserve it. I work with a Man U plastic and the skatey-boy & he and I were discussing the fact that the Man U 'fan' had gone to bed one night without knowing the Man U score and neither of us could ever imagine anything less than an edgy night by the radio whenever we played away. I remember how I felt last summer, too - I could more easily convert to Islam or divorce my wife (sorry, dear) than support another team after 40 years of emotional investment in Saints - and I wouldn't truly wish that pain on any genuine fan. (And the plastics wouldn't care anyway.)

What I do want, though, is the natural order restored. We are and always will be bigger and better than them and the last few years have been sh1t. Seeing them crowing over their stolen cup as we went from bad to worse has scarred me, I admit it.

I want to see them suffer as cheats should - they bought their success with other people's money and they should have to pay for their Faustian pact - though League One on -25 would probably suffice.

And I want Redknapp & Storrie brought to justice for the good of the soul of football. They are at the heart of the rotten core of the Prem and their downfall will flush some of the other spivs and con-men out of the game.

So survival, but a few years (alright, maybe decades) of misery would seem a fair punishment.

[Chin Strain]

just been talking to my stake mate, who hasn't missed a game of theirs since 1988, but also happens to be the owner of an accountancy and audit firm

 

he agreed that their absolutely best outcome would be to be in the championship next season starting on 0 points the same as everyone else

 

also agreed that it defied all logic and reason for anyone to buy them ahead of next monday

 

unless - chainrai puts them into administration this week, with a new buyer lined up

 

new buyer wouldnt have anything to buy if they get liquidated on the 1st, as all the players become free agents, so they have no players assets, and ergo, no money from selling them

 

but it would be possible to buy them from an administrator, as at least players assets would remain

 

difficulty with all of this is that players wages have to be paid this Friday. they cannot turn up in court next monday claiming to be solvent having just failed to pay the wages again

 

his view is that unless chainrai is going to write off his whole £17m, he has no option but to fund the wages this week

 

and all this is still on the premise that someone would be willing to layout £30 million to buy the club, this week, AND strike a deal with chainrai and gaydamk for their lot

 

cue picture of bottomless pit and people throwing money into it

 

But even if they do buy for an administrator, they're still looking at £4.3m a month until the next window opens, just to keep those players. HMRC won't allow further debts to be built up, and they won't care who owns the club - the issue will remain unless someone has massive amounts of money to 'invest'.

[Saint Keith]

But even if they do buy for an administrator, they're still looking at £4.3m a month until the next window opens, just to keep those players. HMRC won't allow further debts to be built up, and they won't care who owns the club - the issue will remain unless someone has massive amounts of money to 'invest'.

 

Head. Nail. The. On

 

although it is a less worse option for them. but only if someone has the money, and is prepared to splash it, and is prepared to do all that this week

 

it is now time that is their biggest enemy

Edited 21 February, 2010 by Saint Keith

[SaintBobby]

I have thought long and hard about whether I want them to survive or not and, though I'm a complete tart for this site and the tremendous fun that March 1st could bring, I have to say I hope that they survive.

It struck me this morning, the thought that if they weren't there I wouldn't be able to taunt my skate-mate at work tomorrow, and that left me feeling hollow inside. (What is more beautiful than us winning against the league leaders as they let in a last minute goal to a man that hasn't scored for 8 years?)

And thinking of him, it occurred to me that the genuine fans, who have turned up at that sh1t-hole through thick and thin don't really deserve it. I work with a Man U plastic and the skatey-boy & he and I were discussing the fact that the Man U 'fan' had gone to bed one night without knowing the Man U score and neither of us could ever imagine anything less than an edgy night by the radio whenever we played away. I remember how I felt last summer, too - I could more easily convert to Islam or divorce my wife (sorry, dear) than support another team after 40 years of emotional investment in Saints - and I wouldn't truly wish that pain on any genuine fan. (And the plastics wouldn't care anyway.)

What I do want, though, is the natural order restored. We are and always will be bigger and better than them and the last few years have been sh1t. Seeing them crowing over their stolen cup as we went from bad to worse has scarred me, I admit it.

I want to see them suffer as cheats should - they bought their success with other people's money and they should have to pay for their Faustian pact - though League One on -25 would probably suffice.

And I want Redknapp & Storrie brought to justice for the good of the soul of football. They are at the heart of the rotten core of the Prem and their downfall will flush some of the other spivs and con-men out of the game.

So survival, but a few years (alright, maybe decades) of misery would seem a fair punishment.

 

Ive agonised about this too.

 

But have decided I want them dead.

 

They have cheated their way to Prem survival and the 2008 FA Cup (which they should be formally stripped of).

 

The penalty for this behaviour should not be relegation or a points penalty, it should be death.

 

English football needs sorting out. It will be a total farce if Portsmouth continue in existence. Id say its now 90% that they will cease to exist. That will be a great day for football if it happens.

 

As for the skates fans, f**k them. They'll pay for celebrating their stolen 2008 Cup win with the liquidation of their club. That's justice. So shut up, f**k off and at least try and die with a little dignity.

[sidthesquid]

Ive agonised about this too.

 

But have decided I want them dead.

 

They have cheated their way to Prem survival and the 2008 FA Cup (which they should be formally stripped of).

 

The penalty for this behaviour should not be relegation or a points penalty, it should be death.

 

English football needs sorting out. It will be a total farce if Portsmouth continue in existence. Id say its now 90% that they will cease to exist. That will be a great day for football if it happens.

 

As for the skates fans, f**k them. They'll pay for celebrating their stolen 2008 Cup win with the liquidation of their club. That's justice. So shut up, f**k off and at least try and die with a little dignity.

 

I hope I never upset you....

If you ever get bored of following Saints I think there could be a vacancy for you in the Iranian government

[Weston Saint]

Let us assume they consider Administration next week. Where is the Administrator going to get the money to pay the wages and bills from that date?

 

Cannot risk a loan as the Administrator Company would be responsible should they not find a buyer.

 

They need a "Crouch" figure to keep them going. Would have to be Chainrai or Gydamack but they seem to have decided more money is not the answer.

 

They cannot sell players like we did because of the closed transfer window

 

They cannot mortgage property because it is already mortgaged to Chainrai, Gydermack and Barclays Bank.

 

What else is there? The cupboard is bare.

 

I think for this reason any investor would not wait for Administration as it is possible no one would take in on because of it's gross insolvency. So liquidation would occur and any chance lost.

 

If they come in before Administration/Liquidation they have to immediately find £12M for the tax man plus wages and PAYE/NI said to be conservatively about £3M.

 

Then they have to negotiate with Chainrai and Gaydamack to settle their debt. Chainrai has aleady taken over the stadium for £10m leaving about £7m o/s Gaydamack is owed about £26m I believe. I think then he will release the surrounding property back to the club. Say he gets his initial amount, what was it? £7m and keeps the property short term.

 

Then there is the wages/tax/NI until the end of June at £12m

 

Even not taking into account other running costs they need an immediate pot of £41m just to keep them afloat until June and still have debts approaching £30m and more money needed to develop.

 

Just cannot see anyone investing. Why would they? What profit could they possibly conceive to make in the next few years.

[SaintBobby]

I hope I never upset you....

If you ever get bored of following Saints I think there could be a vacancy for you in the Iranian government

 

Lol. What makes me really scary is that Im not upset. I'm just relishing their death in an icy cold way. :smt033

[aintforever]

My gut feeling is that the judge will put them in admin with the hope that the players will agree a wage cut to get them through to the summer. Then cash raised through a fire sale and Sky would give the creditors something.

 

Wind them up next week and the creditors get zero and the PL is thrown into chaos, doesn't make sense to me. But then again HRMC are not that happy with football and want blood so liquidation wouldn't surprise me.

[dune]

It's posts like Westons that ease the fear they'll somehow get out of this mess. They've loved seeing Saints demise so i'm going to bloody well enjoy seeing them go up in a puff of smoke.

[Rebel]

Now that Chanrai has the stadium and supposedly a 15 year £1 million a year rental agreement with the Portsmouth FC I can see him putting the club into administration

 

I suspect he has taken some cash out the of the club as well so on paper he has his £17 million back!

 

The FA Premier League will pay the outstanding tax and National Insurance bill to HMRC out of Pompey's guaranteed parachute payments - well at least enough of it for HMRC to give the club a stay of execution until the end of the season! - but only on the condition Pompey go into administration!

 

The club has in effect been trading whilst insolvent - which is against the law and something for which the directors could go to prison if the Financial Director I spoke to is to be believed.

 

Hence Pompey's FD's resignation and reinstatment as a non-director!

 

What were Storrie and Co doing signing Owusu and O'Hara on loan - and then Rocha and Tosic on a free when they were insolvent!

 

Storries makes Lowe and Hone look good - and that's saying something!

[saintkiptanui]

Lol. What makes me really scary is that Im not upset. I'm just relishing their death in an icy cold way. :smt033

I'm with you, why get upset about losing them?? they smell.

[benjii]

My gut feeling is that the judge will put them in admin with the hope that the players will agree a wage cut to get them through to the summer. Then cash raised through a fire sale and Sky would give the creditors something.

 

Wind them up next week and the creditors get zero and the PL is thrown into chaos, doesn't make sense to me. But then again HRMC are not that happy with football and want blood so liquidation wouldn't surprise me.

 

 

No chance. If they don't have funding by Monday they will be wound-up.

[SaintBobby]

Let us assume they consider Administration next week. Where is the Administrator going to get the money to pay the wages and bills from that date?

 

Cannot risk a loan as the Administrator Company would be responsible should they not find a buyer.

 

They need a "Crouch" figure to keep them going. Would have to be Chainrai or Gydamack but they seem to have decided more money is not the answer.

 

They cannot sell players like we did because of the closed transfer window

 

They cannot mortgage property because it is already mortgaged to Chainrai, Gydermack and Barclays Bank.

 

What else is there? The cupboard is bare.

 

I think for this reason any investor would not wait for Administration as it is possible no one would take in on because of it's gross insolvency. So liquidation would occur and any chance lost.

 

If they come in before Administration/Liquidation they have to immediately find £12M for the tax man plus wages and PAYE/NI said to be conservatively about £3M.

 

Then they have to negotiate with Chainrai and Gaydamack to settle their debt. Chainrai has aleady taken over the stadium for £10m leaving about £7m o/s Gaydamack is owed about £26m I believe. I think then he will release the surrounding property back to the club. Say he gets his initial amount, what was it? £7m and keeps the property short term.

 

Then there is the wages/tax/NI until the end of June at £12m

 

Even not taking into account other running costs they need an immediate pot of £41m just to keep them afloat until June and still have debts approaching £30m and more money needed to develop.

 

Just cannot see anyone investing. Why would they? What profit could they possibly conceive to make in the next few years.

 

Well put.

 

Heres the thing though (not that I want to hold out any hope for the blue few)

 

Might not Chanrai and Gaydamark accept much less than they are owed? For fear of losing everything? Let's say someone offered them 10% of the total amount? Better than nothing isn't it?

[benjii]

Gab Marcoti slagging Peter Storrie off on 5Live now!

[benjii]

He just said, "if only Portsmouth had an executive director with years of football experience on over £1million per year to tell them to sell some players in January".

[St Chalet]

My gut feeling is that the judge will put them in admin with the hope that the players will agree a wage cut to get them through to the summer. Then cash raised through a fire sale and Sky would give the creditors something.

 

Wind them up next week and the creditors get zero and the PL is thrown into chaos, doesn't make sense to me. But then again HRMC are not that happy with football and want blood so liquidation wouldn't surprise me.

 

I disagree, judges don't tend to do anything on a hope. Weston Saint's post shows that even if they can defer Gayadamark and Chanrai they cannot even meet their current liabilities. The reality that to 'administer' an admnistrator have to have assets or a chance to trade out of the current circumstances with cashflow support - Pompey cleary have neither.

 

If administration were, or had ever been an option they would have taken it by now, why go to court and risk being liquidated otherwise?

Edited 21 February, 2010 by St Chalet

[Gingeletiss]

I loved History at school, seems to be a forgotten subject now, either that, or people just don't care. My point, they have been in administration already in recent history, and as such, shafted all and sunder, that they owed money to, here we are ten years later, and Saints fans, are hoping they survive. Well if they do, then it will once again, be at the cost of those that can least afford it.

 

They should go, not blaming the fans (even though they have buried their heads in the sand once again), but there comes a time to pay the piper, and this is theirs. They lauged at our troubles, they laughed at Leeds, at Luton, even Bournmouth, more recent, they have really had a dig at Crystal Palace. This my friends, is their comeupance.!!!

Edited 21 February, 2010 by Gingeletiss

[Joneth]

Anyone thinking of investing in them would surely see a better return for much less outlay by letting them go bust and forming AFC Pompey in the BSS. There would be just as much 'club' as there is now, just without the league position but more importantly without the debt. How much would it cost to build a team from Conference level to Championship? A lot less than it would cost to keep pompey going as they are.

AFC Wimbledon aren't doing too bad, they'll be back in the FL if not this season then probably next.

[beatlesaint]

He just said, "if only Portsmouth had an executive director with years of football experience on over £1million per year to tell them to sell some players in January".

 

But I thought Harry Redknapp no less had described Storrie as a "real football man who is honest as the day is long"............

 

[JonnyLove]

AFC Wimbledon aren't doing too bad, they'll be back in the FL if not this season then probably next.

 

Yes but it has taken a very large investment in them to get them where they are today. (bearing in mind they are like the peoples club after what happened) And Pompey well..........

[Matthew Le God]

I can see him putting the club into administration

 

He isn't legally able to do that.

[Smirking_Saint]

I have thought long and hard about whether I want them to survive or not and, though I'm a complete tart for this site and the tremendous fun that March 1st could bring, I have to say I hope that they survive.

It struck me this morning, the thought that if they weren't there I wouldn't be able to taunt my skate-mate at work tomorrow, and that left me feeling hollow inside. (What is more beautiful than us winning against the league leaders as they let in a last minute goal to a man that hasn't scored for 8 years?)

And thinking of him, it occurred to me that the genuine fans, who have turned up at that sh1t-hole through thick and thin don't really deserve it. I work with a Man U plastic and the skatey-boy & he and I were discussing the fact that the Man U 'fan' had gone to bed one night without knowing the Man U score and neither of us could ever imagine anything less than an edgy night by the radio whenever we played away. I remember how I felt last summer, too - I could more easily convert to Islam or divorce my wife (sorry, dear) than support another team after 40 years of emotional investment in Saints - and I wouldn't truly wish that pain on any genuine fan. (And the plastics wouldn't care anyway.)

What I do want, though, is the natural order restored. We are and always will be bigger and better than them and the last few years have been sh1t. Seeing them crowing over their stolen cup as we went from bad to worse has scarred me, I admit it.

I want to see them suffer as cheats should - they bought their success with other people's money and they should have to pay for their Faustian pact - though League One on -25 would probably suffice.

And I want Redknapp & Storrie brought to justice for the good of the soul of football. They are at the heart of the rotten core of the Prem and their downfall will flush some of the other spivs and con-men out of the game.

So survival, but a few years (alright, maybe decades) of misery would seem a fair punishment.

 

Find it hard to disagree with any of this

 

And i especially agree with all of that in bold, that twitchy satchel faced dell boy needs to be kicked out of football, in one breath it would be a shame as he is a good manager but he is obviously a slimy cheating c*nt.

 

And storrie ?? Well we all know about him

[gaz]

What are the timeline of important dates for the next week/10 days?

 

22nd Feb: Possible announcement Re:SOA?

23rd

24th

25th

26th

27th

28th

1st March: Winding up order hearing

 

Fill in the blanks for Storrie saying how they are about to be taken over/resigning/escaping to Spain yourselves.

[Smirking_Saint]

But I thought Harry Redknapp no less had described Storrie as a "real football man who is honest as the day is long"............

 

 

From Harry equally as honest redcrapp

[pedg]

What are the timeline of important dates for the next week/10 days?

 

22nd Feb: Possible announcement Re:SOA? Investment within 48 hours

23rd Investment within 38 hours

24th Investment within 24 hours

25th Investment within 12 hours

26th Investment within 6 hours

27th Investment within 3 hours

28th Investment popped round but we were out, promised to call back soon

1st March: Winding up order hearing I don't think I ever said investment was certain

Fill in the blanks for Storrie saying how they are about to be taken over/resigning/escaping to Spain yourselves.

 

...

[Saint Keith]

He isn't legally able to do that.

 

yes he is. chainrai can put the club into administration as he is a secured creditor. it is the directors of the club who no longer have the power to do it

[S-Clarke]

the noises coming out of their forums at the moment, is that they're saved.

 

announcement tomorrow apparently and the nutters who are taking them over will be investing substantial funds. (it's the south African consortium)

 

if it's true, i don't get it, i really don't. Why do you spunk away the best part of £100m just to get Portsmouth stable? you'd then need to spend another 50-100m to have a competitive team and an infrastructure (i.e training ground)

 

further up the country we have newcastle...massive club, 10x the size portsmouth will ever be, infrastructure is all there - available for about 60-70m.

 

i can't get my head around what kind of nutter would even think of taking them over, let alone invest funds into it. jesus.

[Under Weststand]

I tend to agree with sidthesquid.

Whilst I hate what they've become as a club.

I hate with a vengeance the 3 c**ts who started the financial meltdown & cheating. And i hope that all three end up in Parkhurst.

I hate some of their more moronic supporters.

I hate the fact that they've cheated there way through the last few years, and should pay a heavy price for it 9-points this season & I hope 30-points next season.

But without them we have lost something we've lost our natural rivals our hated enemies, we've lost the p**s taking, come on who's not LOVED this thread, its been fantastic! We may laugh if a week on monday they're gone but in a few weeks/months we'd start to miss them, you cannot manufacture a local rivalry, I just hope they get their just rewards of a few years in the wilderness of lower league football.

however I fear the worst for them.

[Matthew Le God]

the noises coming out of their forums at the moment, is that they're saved.

 

announcement tomorrow apparently and the nutters who are taking them over will be investing substantial funds. (it's the south African consortium)

 

if it's true, i don't get it, i really don't. Why do you spunk away the best part of £100m just to get Portsmouth stable? you'd then need to spend another 50-100m to have a competitive team and an infrastructure (i.e training ground)

 

further up the country we have newcastle...massive club, 10x the size portsmouth will ever be, infrastructure is all there - available for about 60-70m.

 

i can't get my head around what kind of nutter would even think of taking them over, let alone invest funds into it. jesus.

 

If something seems too good to be true...

[Katalinic]

the noises coming out of their forums at the moment, is that they're saved.

 

announcement tomorrow apparently and the nutters who are taking them over will be investing substantial funds. (it's the south African consortium)

 

if it's true, i don't get it, i really don't. Why do you spunk away the best part of £100m just to get Portsmouth stable? you'd then need to spend another 50-100m to have a competitive team and an infrastructure (i.e training ground)

 

further up the country we have newcastle...massive club, 10x the size portsmouth will ever be, infrastructure is all there - available for about 60-70m.

 

i can't get my head around what kind of nutter would even think of taking them over, let alone invest funds into it. jesus.

 

If something sounds too good to be true it normally is.

[Smirking_Saint]

the noises coming out of their forums at the moment, is that they're saved.

 

announcement tomorrow apparently and the nutters who are taking them over will be investing substantial funds. (it's the south African consortium)

 

if it's true, i don't get it, i really don't. Why do you spunk away the best part of £100m just to get Portsmouth stable? you'd then need to spend another 50-100m to have a competitive team and an infrastructure (i.e training ground)

 

further up the country we have newcastle...massive club, 10x the size portsmouth will ever be, infrastructure is all there - available for about 60-70m.

 

i can't get my head around what kind of nutter would even think of taking them over, let alone invest funds into it. jesus.

 

I might as well join in......

 

If something seems too good to be true !!!

[Katalinic]

the noises coming out of their forums at the moment, is that they're saved.

 

Out of interest, which forums?

[hypochondriac]

They are going to be a CCC club next season anyway hopefully. I can't think of any reason why you would buy them over Palace.

[hypochondriac]

Pompeyonline has a bloke from South Africa saying they are saved and the owners have funds.

[Katalinic]

Pompeyonline has a bloke from South Africa saying they are saved and the owners have funds.

 

Lifelongafrikaaner?

[Thedelldays]

Pompeyonline has a bloke from South Africa saying they are saved and the owners have funds.

oh well...they will still get relegated and all this will just continue

[CB Saint]

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.

 

you forgot baby snatching

[Saint Keith]

Pompeyonline has a bloke from South Africa saying they are saved and the owners have funds.

 

having funds, and completing a takeover are two wildly different things. especially in only 5 working days

[Katalinic]

oh well...they will still get relegated and all this will just continue

 

True, ideally they will go into admin and that way lose the parachute money also.

[hypochondriac]

Quayboy, their guy on the quay radio station is imploring people not to say anything for 24 hours in case it wrecks the deal. Anyone fancy befriending a pompey fan and getting the info then ringing as many papers as you can?

[badgerx16]

Pompeyonline has a bloke from South Africa saying they are saved and the owners have funds.

Al Fahim : "We have mandated Falcon to negotiate on our behalf and initiate the due diligence process For the time being all details are and shall remain confidential. The investor group bundled in "Al Fahim Asia Associates" which I lead and represent has the necessary funds to support and build a strong Portsmouth FC."

 

Al Faraj : ...... is part of one of the wealthiest families in Saudi Arabia, intends to make funds available in the transfer window, although his immediate concern will be paying off a variety of creditors amid looming deadlines for loans.

 

Until the cheques have actually been cashed, I shall continue to hope that HMRC wins out

[Under Weststand]

Storrie Teller on Sky live now

[BGF]

Storrie on skysports now

[Under Weststand]

General negotiations are complete just waiting for proof of funds!

[Smirking_Saint]

Wow really ?? I mean really ??

[Under Weststand]

We all have to take responsibility for the state of the club BUT WERE ALL ONLY EMPLOYEE'S LOL

[beatlesaint]

General negotiations are complete just waiting for proof of funds!

 

Sounds like Pinnacle

[Smirking_Saint]

Someone want to ring up these South africans and point them in the direction of Newcastle or Palace ?

[InvictaSaint]

General negotiations are complete just waiting for proof of funds!

 

Storryteller: Have you got £40M to keep us going til the end of this season and then a further £30-40M to wipe off further debts and invest in a CCC team stripped of any decent playing talent?

 

SA consortium: Errrr.................

[Kingsland Red]

If they can wait a few days they could save themselves around £50m !!!

 

Must be on drugs?