Under Weststand Posted 21 February, 2010 Share Posted 21 February, 2010 Keep your fingers crossed & hope, they just need a document from the bank for proof of funds, Lets hope one of those pesky files don't get stuck. Link to comment Share on other sites More sharing options...
Gemmel Posted 21 February, 2010 Share Posted 21 February, 2010 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. Parachute payments Link to comment Share on other sites More sharing options...
Under Weststand Posted 21 February, 2010 Share Posted 21 February, 2010 (edited) Oh wouldn't be surprised if it didn't take another 48hrs F**King hell you just couldn't write this S**T Edited 21 February, 2010 by Under Weststand Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 21 February, 2010 Share Posted 21 February, 2010 If they were so close in taking over ?? Why oh why would they ask the PL for permission to sell players outside of the transfer window which imo is a move out of desperation ?? It doesn't add up to me. Link to comment Share on other sites More sharing options...
benjii Posted 21 February, 2010 Share Posted 21 February, 2010 Has there been any official confirmation that PFC sold the stadium to Chanrai? Link to comment Share on other sites More sharing options...
Chin Strain Posted 21 February, 2010 Share Posted 21 February, 2010 If they were so close in taking over ?? Why oh why would they ask the PL for permission to sell players outside of the transfer window which imo is a move out of desperation ?? It doesn't add up to me. Let me make a suggestion (and some on here will think this ridiculous)....could it be that Storrie is lying? I know, it sounds outrageous, but you never know.... Link to comment Share on other sites More sharing options...
Kingsland Red Posted 21 February, 2010 Share Posted 21 February, 2010 "Oh and by the way, we need to pay about £4.5m for the wages and other bills this week, otherwise we will be seen to be trading insolvently" Welcome to financial hell, investors! Link to comment Share on other sites More sharing options...
pedg Posted 21 February, 2010 Share Posted 21 February, 2010 So he has been negotiating with these people for at least a week and only now, 24 hours before he thinks the deal will be sealed does he get to see if they can walk the walk? As with everyone else I cannot see the normal business case for buying pompey. fizzy pop almost guaranteed, immediate return not guaranteed (going to likely be some 'big' clubs coming up from League 1 plus 2 other clubs with parachute payments coming down) but likely no reasonable return on investment till back in the PL. On top of that the court cases could inflict point losses that could easily have them in League 1 in 2 years time. Link to comment Share on other sites More sharing options...
Sheaf Saint Posted 21 February, 2010 Share Posted 21 February, 2010 If they were so close in taking over ?? Why oh why would they ask the PL for permission to sell players outside of the transfer window which imo is a move out of desperation ?? It doesn't add up to me. Aah, don't forget though that the selling players outside the transfer window was the PL's idea remember? Well, according to Storyteller anyway. He would like everyone to believe that the PL had the idea of allowing Poopey to sell players outside of the window, then made it public that Poopey would be asking for this special dispensation, then refused them permission for a scheme that was their idea in the first place. Riiiiiiiiiigghhhht Link to comment Share on other sites More sharing options...
Chin Strain Posted 21 February, 2010 Share Posted 21 February, 2010 Parachute payments Which will get wiped out by wages between now and June. I also suspect they've go these tied up as security to Gaydamak or Chanrai Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 21 February, 2010 Share Posted 21 February, 2010 Mr Storrie must come across as a good chap when talking face to face, otherwise how on earth could he have lasted as long as he has ? Therefore perhaps the new investors believe him and what he tells them and so have been very silly and not done a proper due dilligence thing. Someone needs to shout "look behind you" very quickly after all this whole situation would make a good pantomime Link to comment Share on other sites More sharing options...
Under Weststand Posted 21 February, 2010 Share Posted 21 February, 2010 Let me make a suggestion (and some on here will think this ridiculous)....could it be that Storrie is lying? I know, it sounds outrageous, but you never know.... I think that last statement he made when directly questioned about when they could expect the confirmation of funds from the bank, was when he started covering his backside once again, no one ever knows it could be up to 48-hrs maybe more Cough cough Lovely Plumage :shock: Of course it could be down to file being stuck, you no how often that happens. As we know from experience its not the bad news that hurts so much its the hope that kills you, more agony piled on for the blue few. Link to comment Share on other sites More sharing options...
Colinjb Posted 21 February, 2010 Share Posted 21 February, 2010 This makes no sense whatsoever. Link to comment Share on other sites More sharing options...
sidthesquid Posted 21 February, 2010 Share Posted 21 February, 2010 General negotiations are complete just waiting for proof of funds! Did he really say that or are you just trying to reassure us? Link to comment Share on other sites More sharing options...
Jimmy_D Posted 21 February, 2010 Share Posted 21 February, 2010 They're asking people not to say anything in case it wrecks the deal? And they still haven't got proof of funds. We've seen this before, it didn't end well... They might get taken over, but I'm betting the people in the consortium with the actual money won't be in it any more once they see the situation. If they are gonna be saved, it'll be someone we haven't heard anything about yet. Link to comment Share on other sites More sharing options...
St Chalet Posted 21 February, 2010 Share Posted 21 February, 2010 Pompeyonline has a bloke from South Africa saying they are saved and the owners have funds. My money is on Hutch or Terry Paine doing a wind up on them. Link to comment Share on other sites More sharing options...
Saint Keith Posted 21 February, 2010 Share Posted 21 February, 2010 its all bullsheet from storrie. the usual, and proper way for these things to happen is first, you provide proof of funds, then you get to look at the books and do due diligence not the other way round if storrie has let them do the due diligence without proof of funds, then rewind this thread back to september/october, and start it all over again and even irrespective of that, someone has got to pay the wages this week, which might involve a game of chicken between chainrai and the south africans, and who will blink first Link to comment Share on other sites More sharing options...
Under Weststand Posted 21 February, 2010 Share Posted 21 February, 2010 Did he really say that or are you just trying to reassure us? That is a DIRECT QUOTE sid everything Ive just posted he said maybe not word for word, but that statement is 100% what he said Link to comment Share on other sites More sharing options...
dubai_phil Posted 21 February, 2010 Share Posted 21 February, 2010 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. Post of the thread and my sentiments exactly Link to comment Share on other sites More sharing options...
sidthesquid Posted 21 February, 2010 Share Posted 21 February, 2010 That is a DIRECT QUOTE sid everything Ive just posted he said maybe not word for word, but that statement is 100% what he said It's always that one tiny little detail that messes up all my brilliant plans. I think I will sleep easier tonight, thanks. Link to comment Share on other sites More sharing options...
Joey-deacons-left-nut Posted 21 February, 2010 Share Posted 21 February, 2010 This makes no sense whatsoever. It makes perfect sense to me. He's blatantly lying his arse off. Link to comment Share on other sites More sharing options...
bridge too far Posted 21 February, 2010 Share Posted 21 February, 2010 They're asking people not to say anything in case it wrecks the deal? And they still haven't got proof of funds. We've seen this before, it didn't end well... They might get taken over, but I'm betting the people in the consortium with the actual money won't be in it any more once they see the situation. If they are gonna be saved, it'll be someone we haven't heard anything about yet. So he goes on a TV channel and broadcasts to us all :confused: Link to comment Share on other sites More sharing options...
Guided Missile Posted 21 February, 2010 Share Posted 21 February, 2010 Just had Phill Hall representing Chanrai on ssn sounding a word of caution that on Friday they had not been shown proof of funds and wanting to "put things into perspective". Also categorically stated that there would be a PFC if the deal fell through and if it came to it Chanrai would call on some of his associates. Link to comment Share on other sites More sharing options...
solentstars Posted 21 February, 2010 Share Posted 21 February, 2010 i think its all bulls**t this takeover talk,i,m not worried has i cannot see away out for them,they don,t even own their own ground and how will they make money out of this deal. Link to comment Share on other sites More sharing options...
Gemmel Posted 21 February, 2010 Share Posted 21 February, 2010 Which will get wiped out by wages between now and June. I also suspect they've go these tied up as security to Gaydamak or Chanrai The club is free .... you just have to take one te debts. The first debt is not negociatable 11.5 to HMRC The second debt to Sacha is reportedly 30 Million - As per the news, he has to take a hit; 10 million now or sweet fook all on the first of March - That doesn't need a rocket scientist to work out which way he would play. The Third debt is to chainrai, who has also already written off ten million of it in return for the freehold and an annual lease back of 1 million a year. The remaining 7 million owing, could be bought for 2 million cash now. So where are we, debts settled and club bought for 24.5 million. Running costs until start of the next season 6 million (Guesstimate) Total Exposure 30 Million squid A lot of player contracts are up in June, others will be sold. Sellable assets 10 million quid (Conservative?) ..... you bet , but you just reclaimed 10 million of your 30 million outlay. Club is relegated, but lives within its means (**** team, young and unproven players (Remember the blue print) ) Throw in 33 million pound worth of parachute payments over 24 months + the 10million pounds of player sales then take off the original money you threw at it and your over 12 million pounds up in 24 months Not too many investments, that provide that sort of return....and of course the club would fall through the leagues, but it wouldn't matter Link to comment Share on other sites More sharing options...
dubai_phil Posted 21 February, 2010 Share Posted 21 February, 2010 It totally does not make ANY sense. No matter WHO I have talked to over the past days - City based lawyers, insolvency experts, M&A experts, NOBODY, repeat NOBODY has EVER come across a situation where ANY details of a possible takeover have been discussed in detail WITHOUT havings een a Proof of Funds FIRST. Still, as Storrie doesn't need that to open discussions, maybe I or in fact all of us on here should get on the phone and email to him tomorrow with better bids Link to comment Share on other sites More sharing options...
Chin Strain Posted 21 February, 2010 Share Posted 21 February, 2010 I'm just waiting for a really dodgy bloke to come riding to the rescue....and wait to see how all the Pompey fans cry 'FAPPT'. They seem to have been mistaking FAPP as meaning someone who's loaded...rather than someone who's honest. I would laugh for a week if a billionaire came in for them.....and the PL booted him out due to him failing the FAPPT. Link to comment Share on other sites More sharing options...
dubai_phil Posted 21 February, 2010 Share Posted 21 February, 2010 The club is free .... you just have to take one te debts. The first debt is not negociatable 11.5 to HMRC The second debt to Sacha is reportedly 30 Million - As per the news, he has to take a hit; 10 million now or sweet fook all on the first of March - That doesn't need a rocket scientist to work out which way he would play. The Third debt is to chainrai, who has also already written off ten million of it in return for the freehold and an annual lease back of 1 million a year. The remaining 7 million owing, could be bought for 2 million cash now. So where are we, debts settled and club bought for 24.5 million. Running costs until start of the next season 6 million (Guesstimate) Total Exposure 30 Million squid A lot of player contracts are up in June, others will be sold. Sellable assets 10 million quid (Conservative?) ..... you bet , but you just reclaimed 10 million of your 30 million outlay. Club is relegated, but lives within its means (**** team, young and unproven players (Remember the blue print) ) Throw in 33 million pound worth of parachute payments over 24 months + the 10million pounds of player sales then take off the original money you threw at it and your over 12 million pounds up in 24 months Not too many investments, that provide that sort of return....and of course the club would fall through the leagues, but it wouldn't matter SLH was offered to some VERY major people before they went pop at a figure of less than 30mil. The book value of the assets was around 50mil Skates have parachute payments of 30mil BUT they will still have a burn rate of about 6-8 mil a year losses on that with the running costs so the cash back is NOT 33mil Then they have to build for the future. The maths does not work UNLESS there is another angle (again) Link to comment Share on other sites More sharing options...
pedg Posted 21 February, 2010 Share Posted 21 February, 2010 (edited) How about this chap? http://en.wikipedia.org/wiki/Patrice_MotsepeIn 2008 he was 503-rd richest person in the world, by the Forbes World Billionaires List. In that same issue of Forbes magazine, it was noted that the source of his wealth was not through any entreprenial zeal but through his association with the ruling political party the African National Congress (ANC). ... But for all the adulation, in South Africa such success comes with a price: being labeled an oligarch. Even many blacks have complained that the country's 1994 transformation from apartheid to democracy has benefited only the elite few. The criticism stems from laws that require substantial black ownership in certain industries, including mining. A handful of politically connected individuals have grown enormously wealthy as a result. One of Motsepe's sisters, Bridgette Radebe, who's married to transport minister Jeffrey Radebe, heads a mining company and is said to be among the wealthiest black women in the country. "It's called crony capitalism," says Moeletsi Mbeki, 62, brother of South Africa's president and an outspoken critic of the race-preference laws. "It's an anticompetitive system." Sounds like he would fit the bill as a pompey owner. (No idea if it is him, random google searching had his name in the same twitter as portsmouth but think it was not a statement of possibility not fact http://twitter.com/OfancyMcGape) Edited 21 February, 2010 by pedg Link to comment Share on other sites More sharing options...
landford.saint Posted 21 February, 2010 Share Posted 21 February, 2010 Re:- Admin. I seem to recall an interview with Mark Fry not very long ago about the Poopey situation. He basically said that the administrator when he takes the a failing company on becomes responsible for that company. He then went on to say (in more diplomatic ways than I can put it) that Poopey were so deep in the sh!te that no admiistrator would go anywhere near them. They couldn't go into administration because no one would act as administrator. Could any of you financial/legal bods out there confirm this is what I think he meant. Link to comment Share on other sites More sharing options...
Guided Missile Posted 21 February, 2010 Share Posted 21 February, 2010 The maths does not work UNLESS there is another angle (again) Phil, to solve this particular puzzle, you have to think like a crook... Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 21 February, 2010 Share Posted 21 February, 2010 As far as i am aware Landford that is true. The admin company needs to make money out of taking them on and can not take a loss (as no business other than portsmouth wants to do this :-) ) So why would an admin company take them on ?? If it comes to that they will just go bust...end of....as far as i am aware that is Link to comment Share on other sites More sharing options...
Gemmel Posted 21 February, 2010 Share Posted 21 February, 2010 SLH was offered to some VERY major people before they went pop at a figure of less than 30mil. The book value of the assets was around 50mil Skates have parachute payments of 30mil BUT they will still have a burn rate of about 6-8 mil a year losses on that with the running costs so the cash back is NOT 33mil Then they have to build for the future. The maths does not work UNLESS there is another angle (again) Phil, I disagree, ..... Most of the pompey contracts expire in June, the rest could be sold, so there is no reason why they couldnt bring the running costs in line with takings (Assuming you got rid of storie and the like). It may end up being a team full of teenagers , but so what. As for Saints having a book value of 50 million.....that's maybe why no one was interested and why we went for 12. Link to comment Share on other sites More sharing options...
Chin Strain Posted 21 February, 2010 Share Posted 21 February, 2010 The club is free .... you just have to take one te debts. The first debt is not negociatable 11.5 to HMRC The second debt to Sacha is reportedly 30 Million - As per the news, he has to take a hit; 10 million now or sweet fook all on the first of March - That doesn't need a rocket scientist to work out which way he would play. The Third debt is to chainrai, who has also already written off ten million of it in return for the freehold and an annual lease back of 1 million a year. The remaining 7 million owing, could be bought for 2 million cash now. So where are we, debts settled and club bought for 24.5 million. Running costs until start of the next season 6 million (Guesstimate) Total Exposure 30 Million squid A lot of player contracts are up in June, others will be sold. Sellable assets 10 million quid (Conservative?) ..... you bet , but you just reclaimed 10 million of your 30 million outlay. Club is relegated, but lives within its means (**** team, young and unproven players (Remember the blue print) ) Throw in 33 million pound worth of parachute payments over 24 months + the 10million pounds of player sales then take off the original money you threw at it and your over 12 million pounds up in 24 months Not too many investments, that provide that sort of return....and of course the club would fall through the leagues, but it wouldn't matter My understanding is that the HMRC debt was nearer £18m, per the report yesterday in one of the broadsheets. Chanrai has taken the ground in lieu of the £10m.The £1m p.a. for 15 yrs is to repay him for the additional £7m. Running costs to the end of the season are running at c. £3 - £4.5m per month.5 paydays until contracts are up in March. Let's be conservative and call it £15m. So, without going into the other debts (£2m for Sol, payments due to Lens, Udinese, Watford, Chelsea, Spurs...estimated at £10m, as well as agents due £4.5m etc, etc) and we're looking at outgoings of £43m (including your £10m for SG) plus all the other payments due. Income wise, it's never as simple as flog a player for £10m, get £10m. They need to pay the player off, pay agents etc. I wouldn't say £10m was conservative - you're only going to get money for Boateng and Belhadj. The rest are going to be frees and a couple of hundred k max. Whichever way you look at it, the £25m of parachute payments is simply not going to cut it. I'm not convinced SG will be that easy to buy off. He's got the land around the ground, and BC (property developer) has been linked strongly with the family. That's an awful lot of real estate for them to develop. Link to comment Share on other sites More sharing options...
Guided Missile Posted 21 February, 2010 Share Posted 21 February, 2010 They couldn't go into administration because no one would act as administrator. Could any of you financial/legal bods out there confirm this is what I think he meant. An administrator is personally liable for the activities of the company they administer and they are thus very cautious about what they take on. They are also very expensive and get their fees out of the realisable assets of the company, in the same way as a leech feeds on the blood of a mammal. When the corpse has already been bled dry, the financial attraction and risk/reward is zero...i.e. they wouldn't touch Pompey with a bargepole. Link to comment Share on other sites More sharing options...
landford.saint Posted 21 February, 2010 Share Posted 21 February, 2010 Phil, to solve this particular puzzle, you have to think like a crook... Well IF i was Gaydamak (snr) and i was the real owner of PFC. And IF Chandrai was really my stooge and had acquired Notarf Krap. I now own about 12 acres of potential building land in Skatesmouth. The taxman then takes PCFC down. Chandrai conveiently then doen't have to lease F/P to a then non-existing club. I (Gaydamak snr) can then sell off this building land and realise some/alot/all of my debts. Simples. Link to comment Share on other sites More sharing options...
Dark Munster Posted 21 February, 2010 Share Posted 21 February, 2010 http://www.newsoftheworld.co.uk/sport/734267/GRANT-REJECTS-TWO-JOB-OFFERS.html However, after an emergency meeting with the struggling club's fourth owner of the season, Balram Chainrai, last Friday, the Israeli is now convinced there is no salvation in sight. Pompey's request to sell players outside the transfer window to ease £60million worth of debt before their March 1 winding-up order was rejected by the Premier League. But Grant still held a glimmer of hope the owner was moving towards a solution when he was summoned to the Hilton Hotel on London's Park Lane. That hope was dashed when he left the hotel two hours later ashen-faced with news that there was no new investment in place and that Chainrai was adamant he would not be throwing more good money after bad. Interestingly Grant has only been paid once. Why is he still at the job? I wonder if perhaps in place of a salary he is getting tax-free image rights payments (sent to some overseas account)? Link to comment Share on other sites More sharing options...
pedg Posted 21 February, 2010 Share Posted 21 February, 2010 http://www.skysports.com/story/0,19528,11661_5968205,00.html "The ball is very much in their court to show us they have the actual funds. "We've gone through too many things over the last year, people that have come in who have said they have the funds to take the club forward, when they haven't. "This is all about proving to us, the board and the owner, that the money is there to take the club forward. "To be fair to them they have provided proof of funds through a lawyer but we need to see it from a bank. We need to see it, the Premier League need to see it, everyone needs to see it. He added: "Bank information will come through their lawyers, proof of funds from the banks, if that happens then it will be all systems go tomorrow. I really hope that will happen but at the moment it's out of our hands and in the South Africans'." Link to comment Share on other sites More sharing options...
dubai_phil Posted 21 February, 2010 Share Posted 21 February, 2010 Phil, to solve this particular puzzle, you have to think like a crook... Duh - I've been saying THAT for a long time mate :-) Link to comment Share on other sites More sharing options...
St Chalet Posted 21 February, 2010 Share Posted 21 February, 2010 Panic not people. We will find out the name soon. A quick google will show that it is just an extension of the multi-national scam being undertaken by the gun runner. The good news is that like gravity, the longer you try to deft commercial reality the harder the fall. Link to comment Share on other sites More sharing options...
Chin Strain Posted 21 February, 2010 Share Posted 21 February, 2010 Duh - I've been saying THAT for a long time mate :-) So, we're looking for someone who needs to launder some money, or is engaged in some other dodgy pastime. As there is presumably no honest reason why someone would want to buy the club with £70m debts and haemorrhaging around £4m per month, the PL will have to crawl all over any new owner. Look forward to the FAPPT results. Link to comment Share on other sites More sharing options...
Gemmel Posted 21 February, 2010 Share Posted 21 February, 2010 My understanding is that the HMRC debt was nearer £18m, per the report yesterday in one of the broadsheets. Chanrai has taken the ground in lieu of the £10m.The £1m p.a. for 15 yrs is to repay him for the additional £7m. Running costs to the end of the season are running at c. £3 - £4.5m per month.5 paydays until contracts are up in March. Let's be conservative and call it £15m. So, without going into the other debts (£2m for Sol, payments due to Lens, Udinese, Watford, Chelsea, Spurs...estimated at £10m, as well as agents due £4.5m etc, etc) and we're looking at outgoings of £43m (including your £10m for SG) plus all the other payments due. Income wise, it's never as simple as flog a player for £10m, get £10m. They need to pay the player off, pay agents etc. I wouldn't say £10m was conservative - you're only going to get money for Boateng and Belhadj. The rest are going to be frees and a couple of hundred k max. Whichever way you look at it, the £25m of parachute payments is simply not going to cut it. I'm not convinced SG will be that easy to buy off. He's got the land around the ground, and BC (property developer) has been linked strongly with the family. That's an awful lot of real estate for them to develop. Chin Strain - wage bill (Before player sales) was 1.8, we can assume it has gone down, so nowehere near the 3 - 4.5 million you quoted. The parachute payments are 33 million (Not a guess or estimate or the 25 million you listed) .... They just are 33 million Sacha isnt selling the land, the 30 million is tied in to what he sold the club for, so he can keep the land and he gets the choice of ten million or nothing - not a tough decision is it? Dont get me wrong, i would love to see them go, but on paper there is a deal to be done Link to comment Share on other sites More sharing options...
St Chalet Posted 21 February, 2010 Share Posted 21 February, 2010 Without wishing to sound stupid.... If someone is looking to buy the club for £1, then proof of funds could probably be achieved by plucking a coin from one's trouser pocket. Link to comment Share on other sites More sharing options...
Dark Munster Posted 21 February, 2010 Share Posted 21 February, 2010 True, ideally they will go into admin and that way lose the parachute money also. Is this true? Can anyone confirm? 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................. More likely: 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: Yes, absolutely! In fact we have much more than £40M available. Storryteller: Wonderful! Could you send us proof of funds by Monday? SA consortium: Yes, of course. The funds are locked up in account of my friend's late husband in Nigeria. He had Eighty Million USD ($80,000,000.00) specially preserved and well packed in trunk boxes of which only her husband and we knew about. It is packed in such a way to forestall just anybody having access to it. It is this sum that we seek your assistance to get out of Nigeria as soon as possible to buy Portsmouth football club before the present civilian government finds out about it and confiscate it just like they have done to all our assets. All you do is send us £50,000 to help for releasing of funds and expedite us to purchase your great club. Link to comment Share on other sites More sharing options...
Reggie Dunlop Posted 21 February, 2010 Share Posted 21 February, 2010 Am I correct in thinking that charai may well own the stadium, however there is no way he can sell this for building flats or whatever as reported this land can only be used for sports? Link to comment Share on other sites More sharing options...
bridge too far Posted 21 February, 2010 Share Posted 21 February, 2010 Chin Strain - wage bill (Before player sales) was 1.8, we can assume it has gone down, so nowehere near the 3 - 4.5 million you quoted. The parachute payments are 33 million (Not a guess or estimate or the 25 million you listed) .... They just are 33 million Sacha isnt selling the land, the 30 million is tied in to what he sold the club for, so he can keep the land and he gets the choice of ten million or nothing - not a tough decision is it? Dont get me wrong, i would love to see them go, but on paper there is a deal to be done That's what the employees (including players) RECEIVE. The on-costs - tax and NI - bump it up to the quoted £4m "Portsmouth's wage bill for the current season is more than £50m, Observer Sport has learned. If they are to remain a going concern they must find a crippling £4.3m a month to pay it, until May at the earliest." from today's Observer Link to comment Share on other sites More sharing options...
qwertySFC Posted 21 February, 2010 Share Posted 21 February, 2010 Let me make a suggestion (and some on here will think this ridiculous)....could it be that Storrie is lying? I know, it sounds outrageous, but you never know.... March 1st... Honestly Judge they will have the money for you..just it is taking longer than expected to complete the South African deal please give us a few more weeks to get it all sorted... Link to comment Share on other sites More sharing options...
pedg Posted 21 February, 2010 Share Posted 21 February, 2010 Am I correct in thinking that charai may well own the stadium, however there is no way he can sell this for building flats or whatever as reported this land can only be used for sports? That's what the council want but not sure it would stand up to legal appeals, especially if there was no club in residence. Link to comment Share on other sites More sharing options...
Chin Strain Posted 21 February, 2010 Share Posted 21 February, 2010 Chin Strain - wage bill (Before player sales) was 1.8, we can assume it has gone down, so nowehere near the 3 - 4.5 million you quoted. The parachute payments are 33 million (Not a guess or estimate or the 25 million you listed) .... They just are 33 million Sacha isnt selling the land, the 30 million is tied in to what he sold the club for, so he can keep the land and he gets the choice of ten million or nothing - not a tough decision is it? Dont get me wrong, i would love to see them go, but on paper there is a deal to be done The £1.8m you're quoting has been picked up on as the wage bill as that was what they were short in December. Storrie himself has said that they had a wage bill at it's peak of £55m, and have cut that by a third. Even taking the known high earners (james £250k per month, Storrie £100k etc), and you can see £1.8m is conservative. Add in that Pompey need £4.5m this month to keep afloat (excluding the HMRC debt), and the recent press articles and it's clear it's not £1.8m. Contracts are up end of June, so that's 5 paydays. Even at £1.8m that's £9m. So, as reported in todays Observer, they need to find £4.3m a month for wages for the next 5 months. Ouch. Plus, the £33m parachute payments may be fact, but the court papers seem to have shown a total debt to HMRC of £18m. SG has got the surrounding land, but I would expect it to be worth considerably more with a football ground not being there. You're making huge assumptions on what SG will and won't accept. Same with BC. In the end, if any deal is done you can bet that there will be ties. The numbers simply don't add up based on a £33m parachute payment and £10m for player sales. Link to comment Share on other sites More sharing options...
Katalinic Posted 21 February, 2010 Share Posted 21 February, 2010 Is this true? Can anyone confirm? On their boards the consensus is that they forfeit their right to £33 million, payable in one lump sum (rather than the old method of 3 annual payments). I think many queried the figures but it seems that they are correct and were a result of the "new TV deal". It would explain why the major players would not want to go into admin as it is the only way of making some of their money back. Link to comment Share on other sites More sharing options...
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