Pompey Takeover Saga

[Gorgiesaint]

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...

 

Call me sceptical, but even Sorrie mentioned it a few days ago. If these buyers were really serious, there would be non-disclosure agreements in place. We know from our own experience that nothing ever happens when the deal is played out in front of the media - that is just spin. The real deal is done behind closed doors.

 

I would be very surprised if this is nothing other that Storrie-telling for the judges supposed benefit. I just hope I'm right because the consequences of another owner coming in doesn't bear thinking about.

[Gemmel]

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.

 

The parachute payments are made in line with the same way that sky payments are made.

It certainly isn't 33 million in one hit, it is 33 million over 24 months, split betweeen 4 payments.

 

There is no listing of any rule that says they dont get it, if they go into admin.

 

However if you are correct, it would explain why admin has not been an option.

[andysstuff]

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

 

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?

 

Depends what you mean by sports - small squash club/gym in basement of a block of flats. Who knows

[Weston Saint]

With all the whispers coming out on message boards and in the media, if there is a SA consortium who prove funds next week, I assume they will then issue a letter of intent whilst they carry out their own due diligence.

 

We know how many false dawns we had.

 

But if they are "saved" let us put it into perspective. They are still favourites to go down. If they are "saved" and avoid relegation at the end of the season so what! Does it affect our support of Saints? Of course it does not. Does it affect our club, the playing staff or our attempt to get out of Div 1? Of course it does not.

 

Do we care? Well I don't. We have had fun, we have taken the ****, we have seen them squirm it total embarrasment and my bet, in the event they are "saved", is that it will not be anywhere near what we have.

 

It will not be long before we regain our rightful premier position on the south coast.

 

Comforting thoughts aren't they

[Katalinic]

The parachute payments are made in line with the same way that sky payments are made.

It certainly isn't 33 million in one hit, it is 33 million over 24 months, split betweeen 4 payments.

 

There is no listing of any rule that says they dont get it, if they go into admin.

 

However if you are correct, it would explain why admin has not been an option.

 

As I said, I was referring to info on the skate forums, I can't find anything about it either so not sure where they got it from.

[Channon's Sideburns]

Just some info to ponder....could be nothing.... ;-)

 

http://johnhelmer.net/?p=508

 

Mining entrepreneur Mike Nunn says First African Diamonds, a company he owns, was illegally expropriated, and that he is taking the DRC government to arbitration in Geneva.

 

Alrosa first opened talks with Kabila and the Congolese when Vybornov’s predecessor, Alexander Nichiporuk, visited Kinshasa in April 2005. Alrosa’s involvement in the DRC at that time also involved controversial links to two Israelis, Arkady Gaydamak and Dan Gertler.

 

Gaydamak was active in introducing Nichiporuk in neighbouring Angola; Gertler in the DRC. Gertler was then personally close to Kabila, and through a company he and others ran, Canadian-registered Emaxon Finance Corporation, Gertler held the marketing concession for 88% of the DRC’s diamond exports. Alrosa’s interest in Gertler was intended to buttress the break the Russian company had made with Lev Leviev, the biggest of the Israeli diamantaires, with whom, until then, Alrosa had been partnering for the sale of diamonds from the Catoca mine in Angola.

 

 

---

 

http://en.wikipedia.org/wiki/Johann_Rupert

[Katalinic]

 

Do we care? Well I don't. We have had fun, we have taken the ****, we have seen them squirm it total embarrasment and my bet, in the event they are "saved", is that it will not be anywhere near what we have.

 

I am concerned that a takeover will result in the loss of this thread and therefore I face the prospect of having to do a full days work again.

[bridge too far]

That's what the council want but not sure it would stand up to legal appeals, especially if there was no club in residence.

 

 

It's called a Restrictive Covenant and it is enforceable in law. That's my understanding and I have, in the past, done some work on restrictive covenants.

[Channon's Sideburns]

Oh another thing.....

 

Israeli billionaire Arkady Gaydamak and French magnate Pierre Falcone were convicted in absentia to six years in prison for having organized the arms trafficking.

 

Now.... Falcone.... Falcondrone??????

 

http://blog.taragana.com/law/2009/10/27/french-court-jails-former-interior-minister-in-angola-arms-trafficking-trial-15373/

[Chin Strain]

That's what the council want but not sure it would stand up to legal appeals, especially if there was no club in residence.

 

I'm pretty sure there was a piece on this a while back that said it wouldn't be enforceable - I think it was in the Mail article in mid Jan that had the aerial shot of FP and surrounding land, showing who owned what.

[Badger]

Just some info to ponder....could be nothing.... ;-)

 

 

---

 

http://en.wikipedia.org/wiki/Johann_Rupert

 

You could not make that name up could you ?

[Gemmel]

With all the whispers coming out on message boards and in the media, if there is a SA consortium who prove funds next week, I assume they will then issue a letter of intent whilst they carry out their own due diligence.

 

We know how many false dawns we had.

 

But if they are "saved" let us put it into perspective. They are still favourites to go down. If they are "saved" and avoid relegation at the end of the season so what! Does it affect our support of Saints? Of course it does not. Does it affect our club, the playing staff or our attempt to get out of Div 1? Of course it does not.

 

Do we care? Well I don't. We have had fun, we have taken the ****, we have seen them squirm it total embarrasment and my bet, in the event they are "saved", is that it will not be anywhere near what we have.

 

It will not be long before we regain our rightful premier position on the south coast.

 

Comforting thoughts aren't they

 

Indeed... The thread has been fun, they have looked totally stupid and will be relegated. Saints are on the up and we will pass them on their way down.

 

A good result all round.

[landford.saint]

As I understand it Gaydamak snr. owns land round F/P and Chandrai F/P. So G.snr land is reduced in value because it is next to a football ground, and it has a square of undevelopable land in the middle of it. If as has been widely reported Chandrai owns F/P and if as has been widely speculated Chandrai is working with/for G.snr then this makes value of the main land much increased in value, even if a private sports club, squash tennis gym etc. have to be built where the ground is now. Lots of IF's and purely my devious mind. But maybe.

[dronskisaint]

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

 

Let's face it you're not going to part with money if you do see the books...they're still dying slowly & painfully

[Channon's Sideburns]

Did someone mention minerals in SA before? Candidate No2...

 

http://www.whoswhosa.co.za/user/1887

 

Michael Nunn....

 

(Surely sooner or later we'll guess right ;-D )

[Channon's Sideburns]

Well well well...where does SBT fit in then...was he the big decision maker involved for 'Monday' as Storyteller said?

 

http://www.arabianbusiness.com/582028-al-fahim-to-decide-on-portsmouth-future-next-week

[NickG]

With all the whispers coming out on message boards and in the media, if there is a SA consortium who prove funds next week, I assume they will then issue a letter of intent whilst they carry out their own due diligence.

 

We know how many false dawns we had.

 

But if they are "saved" let us put it into perspective. They are still favourites to go down. If they are "saved" and avoid relegation at the end of the season so what! Does it affect our support of Saints? Of course it does not. Does it affect our club, the playing staff or our attempt to get out of Div 1? Of course it does not.

 

Do we care? Well I don't. We have had fun, we have taken the ****, we have seen them squirm it total embarrasment and my bet, in the event they are "saved", is that it will not be anywhere near what we have.

 

It will not be long before we regain our rightful premier position on the south coast.

 

Comforting thoughts aren't they

 

did it take you 106 posts on this thread to realise you didn't care?

[Amesbury Saint]

It's called a Restrictive Covenant and it is enforceable in law. That's my understanding and I have, in the past, done some work on restrictive covenants.

 

There is also the issue of who has the benefit of the covenant. This can be overcome with a payment, if those who have the benefit so wish.

Also is the site is left vacant for sometime and becomes an eyesore then other powers (planning / development) the council has may be used.

[Johnny Shearer]

Are they trying to pull a Notts County and get more time for a possible takeover?

 

Just thinking about all the VAT payments that the skates have not paid. Surely a part of the £11.5 or £18m are several surcharge penalties? Or is this different for companies?

[Viking Warrior]

Im not sure if I have posted on this thread previously. I thought I could show some compassion towards the skates and their predicament. but I can't

 

Some skate colleagues were rubbing their hand with glee at our potential demise so why should I feel any sympathy. For all of Rupert lowes wrongs at least he paid the tax bill.

 

Skates don't only have Tax/vat debts to HMRC but a whole list of debtors.

What about the catering department at their training ground. I hear they owe a small fortune to them small beer in terms of the HMRC debt but massive to the catering company.

 

I think storrie and co have pulled the wool of the premier league bods as well as the rest of the footballing world. Its about time the premier league franchise suffered the odd casualty, They might wake up to the fact there is more to football than just the frigging premisership!

 

Back to skates is the remember last year when we all anticipated an annoucement on a Friday. Do the skates have Monday as their preferred judgement day. is March the 1st not a monday?

 

Maybe they do have an african sponsor . its possible that some skate fan has touched base with a nigerian or ghanian princess whose billionaire father was killed in a plane crash and struck lucky

 

 

Oh for Katilinc thanks mate your comments re " Lifelongafrikaaner?" thats mega funny best laugh for a while

[Viking Warrior]

I like Westons summary of current events. very informative and no doubt very close to the truth as to what is happening at skatesville

[Amesbury Saint]

some on POmpey online still think they are going into admin tomorrow.

 

http://www.fansonline.net/portsmouth/mb/view.php?id=239686

[Viking Warrior]

Somethings never change . Like us and no doubt other forums every club has its ITKs

 

"Just heard from a pretty reliable source within the club that Pompey will be entering the club into administration tomoz.

I know that there is loads of ITK pants on here so believe what you will, though I would say a good 80% of what I've heard from this source, thus far, has materialised, though we will just have to wait and see."

 

It must be Lifelongafrikaaner!

[S-Clarke]

Somethings never change . Like us and no doubt other forums every club has its ITKs

 

"Just heard from a pretty reliable source within the club that Pompey will be entering the club into administration tomoz.

I know that there is loads of ITK pants on here so believe what you will, though I would say a good 80% of what I've heard from this source, thus far, has materialised, though we will just have to wait and see."

 

It must be Lifelongafrikaaner!

 

Tomorrow could be an interesting day, whatever happens!

[Goalie66]

breaking news the new South African owner that is heading up the newly formed consortium is .... Hans Zindertill

[Colinjb]

breaking news the new South African owner that is heading up the newly formed consortium is .... Hans Zindertill

 

HA!!!!!!!

[benjii]

Hehe.

[Saint Keith]

just seen this on the bbc homepage, under the banner "owner will not let pompey close"

 

but lets analyse what he has actually said

 

""Balram met the South Africans on Friday and they have promised to provide proof of funds on Monday,"

 

yes, im sure they have. promising to provide proof of funds is a long way from having them, and even further away from actually doing a deal

 

"Balram will do whatever it takes to save the club. It will not close."

 

ok, so he is paying this weeks wages is he, and next weeks bill to the inland sausage?

 

"The club have had false dawns before and we have to be certain these funds are genuine. If they aren't forthcoming we'll have to look to other solutions."

 

ok, so thats the real story then ROFL

 

 

Hong Kong-based businessman Chainrai is also considering putting together a consortium of his own, but has not ruled out placing the Premier League's bottom club in administration.

"That's the least attractive option, but it would enable the club to put their finances in order," added the spokesman.

 

ok, so why didnt you do that before?

 

Portsmouth are understood to have debts of around £60m and asked why any investor would want to buy Pompey, the spokesman replied: "It's a Premier League club with a great history and football is a wonderfully exciting business to be involved in."

 

well it wont be a premier league club for much longer

[benjii]

It doesn't really have a "great" history either does it. Few clubs have "great" histories. Most, like the Skates have a couple of decent periods and mostly hum-drum or poor periods.

 

They had a good spell off the back of World War Two; they then had what Harry Redknapp memorably described as "fourty years of dross", followed by an FA Cup win, a couple of mid-table finishes and an impending relegation.

[for_heaven's_Saint]

Lol at the stoke fans holding up enlarged £20 notes on MOTD2

[Big John]

I don't know if what I was told last night is ITK exactly, but I had a text from a good friend who is vey close to the PFC boardroom. He told me in a cryptic message "this South African business PERSON story 'has legs'.

 

I don't know if I should divulge the name to be honest.

[Draino76]

I don't know if what I was told last night is ITK exactly, but I had a text from a good friend who is vey close to the PFC boardroom. He told me in a cryptic message "this South African business PERSON story 'has legs'.

 

I don't know if I should divulge the name to be honest.

 

Please share; then we will do our best to make sure 'something' happens.

[Big John]

Please share; then we will do our best to make sure 'something' happens.

 

I have seen far too many before me face the wrath of the TSW Massiv to put my head above the proverbial 'parapet' . I only heard this 2nd hand. The text simply said "this SA link HAS LEGS".

 

Draw you own conclusions, I am just putting 2 and 2 together and coming up with........

[for_heaven's_Saint]

SSN's financial expert says he thinks it's highly unlikely that there'll be another takeover.

[dubai_phil]

I'm glad to see that SBT hasn't given up.

 

Obviously they will be saved as he is no doubt leading the charge to bring in the new investment.

 

http://business.maktoob.com/20090000438422/Fahim_to_decide_on_Portsmouth_future/Article.htm?utm_campaign=Day-Newsletter&utm_medium=LatestSports-news5&utm_source=Day-Newsletter&utm_content=

 

Sultan Bin Trump

"One team is advising me to resign to avoid any legal actions against directors in case the club goes into administration and the other team is advising me to buy more shares in the club," he told Reuters.

 

Now he obviously learnt a lot from his encounter with Storrie - buy more shares....

 

Um, well, like, er actually old chap you did own more shares but gave them away to Al Mirage. How did it go? You bought 100% of the shares for ONE POUND, sold 90% of the shares to Al Mirage for ONE POUND (Hey - GREAT profit return that one)

So now you will buy some more shares - let me guess, you're going to invest exactly what the club is worth at the moment..

 

Yep, Another ONE POUND.

 

jeez dude, I sure hope you helped get that Yarpie consortium to the table, BOY are they in for a surprise.

[dubai_phil]

Ouch

 

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

 

See it WAS the FA Cup..

 

Observer

Some sources at the club suggested that the monthly outgoings include payments to ex-players, and even former manager Harry Redknapp, though this was not confirmed by a club spokesman who declined to comment on the wage bill.

The players, many of whom have since been sold, who won the 2008 FA Cup and qualified for the Uefa Cup were promised bonuses that added up to far more money than Portsmouth made in their Cup run. Some of this money is still outstanding.

 

In a January column for Observer Sport goalkeeper David James wrote: "After we won the Cup I was told that one of our financial people predicted it would ruin us. They were right. The heavy bonus culture, endemic in our game, became the curse as the earnings of the Cup run did not tally up with the bonuses paid out.

 

Now who was it that was the CEO that sanctioned a bonus system that paid out MORE money than you earnt from playing in the competition?

 

Meanwhile

 

http://www.guardian.co.uk/football/2010/feb/22/portsmouth-balram-chanrai-administration

 

Clearly something is going on, the names of lawyers etc are in here. That again is most odd, but gives y'all some more room to google

[ericofarabia]

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?

 

Something else for them to get worried about .... failing to comply with The Trades Description Act .... calling Notarf Krap a Premiership (or any level in fact ) Football Ground ...... you avin a larf mate

[ericofarabia]

Somethings never change . Like us and no doubt other forums every club has its ITKs

 

"Just heard from a pretty reliable source within the club that Pompey will be entering the club into administration tomoz.

I know that there is loads of ITK pants on here so believe what you will, though I would say a good 80% of what I've heard from this source, thus far, has materialised, though we will just have to wait and see."

 

It must be Lifelongafrikaaner!

 

Or DannySFC ? aka Ben the legend .... although the use of punctuation ruins that theory

[Saint Paul C]

http://www.guardian.co.uk/football/2010/feb/22/portsmouth-balram-chanrai-administration

 

Clearly something is going on, the names of lawyers etc are in here. That again is most odd, but gives y'all some more room to google

 

Minor point of order, if BC is the owner of the club when did he pass the F&PP test with the PL?

 

Surely the PL will want to be keen to be sure that they have followed all of the necessary procedures should this all go t!ts up....

[hutch]

It is eerily quiet down here on the local consortium. In fact, the secrecy is so total you could almost think that the consortium doesn't exist.

 

I caught the Hall/Storrie interviews on SSN early this morning.

 

Hall, on behalf of Chainrai - if a buyer can't be found, Chainrai will do whatever he can to save the club. Admin, then, before Court. Chainrai has strengthened his own position to get something back if he has, as reported, now got the freehold of FP.

 

Storrie said that they're waiting with their fingers crossed for the proof of funds (aka cash) to arrive. Still red hot, then, Pete? And I'm sure I heard Storrie say that if the takeover doesn't happen, "Baloo" will save them.

 

So now we know it's true - ooo - ooo.

[pedg]

http://www.telegraph.co.uk/sport/football/leagues/premierleague/7287759/Portsmouth-check-out-potential-buyers.html

 

The club face a winding-up order in the High Court a week today over £12 million of unpaid tax, but if the prospective takeover does not happen, owner Balram Chainrai will have to consider voluntarily taking the club into administration before then.

The unidentified consortium, which is thought to be multinational and include South African backers, has given the club a letter of intent and indicated proof of funds via lawyers.

 

 

Chainrai will seek evidence that the unidentified suitors have the money required to meet the club’s £5 million-a-month running costs, as well as to service more than £70 million of debt, before entering into a deal. The players’ wages, totalling more than £3 million including tax, are due this week.

[sussexsaint]

Most on POL seem to think that they can't go into voluntary admin as the wuo is in place. I know chanrai is a creditor but he is now also owner, does that not lead to some sort of 'conflict of interest?'

[BTW Saint]

From The Times and Guardian

 

"Preparations for calling in administrators are understood to have been made but Peter Storrie, the chief executive, is predicting that they will not be needed and that a South African consortium will step in today. "

 

"Storrie has told The Times that Prosport International, who were interested in taking over the club two years ago, are not involved in the present group. “Fingers crossed, we can do a deal on Monday and I am very hopeful,” Storrie said. “The owner, Balram Chainrai, has stayed in the country to do a deal on Monday if we receive the documentation from them.”

 

"Chainrai has taken over the freehold of Fratton Park in exchange for writing off £10 million of the debt, although he stands to get back more by leasing the ground back to the club at an annual rent of £1 million and could make a bigger profit if the club go out of business."

 

Guardian

"Portsmouth's owner, Balram Chainrai, has vowed to save the 112-year-old club and is prepared to use money from his family's trust fund to do so should a new buyer or fresh investment not be found"

 

My thoughts

£10 million for a stadium with a potential £1 million return is good business if you get your rent, however as a facility it is crap and has no potential growth and a poor covenant tenant.

 

However it is a lot of money for a small PLOT as development land (£ per acre), when would require land around site to be developed around. If in with Gaydamark, small Stadium complex could be built on any other land around (with expansion options when funding exits) and would satisy planners with remainder being developed for housing/retail.

 

Either South African and Trustee requirements (when were family trusts mentioned before) are a smokescreen and Chainrai transfer of FP is part of the bigger Gaydamark picture or South African deal is on and leasing stadium is Chainrai return and will be a noose around Pompey (Selhurst Park and Nodes). I still however cannot see why the SA consotium would be interested with Pompey being 8 points adrift.

 

 

 

http://www.timesonline.co.uk/tol/sport/football/premier_league/article7035570.ece

 

http://www.guardian.co.uk/football/2010/feb/22/portsmouth-balram-chanrai-administration

[Goalie66]

Interesting how all the positive spin emerges just before matches so that the team can play with confidence haha. Very difficult for a consortium to collectively show cash given the very nature of consortia. In my experience with Consortia you get one dominant party with the cash and others with complementary skills. Anyhow proof of pudding etc will be revealed today.

 

Also on rumours that Chanrai might go down admin route. Only a preferred creditor can iniate that now.That would be HMRC and Gaydamac. Both these parties are unlikely to as HMRC issued the WUO and Gaydamack would lose all the money he is supposedly owed.

 

However, if Chanrai has now converted his loan to equity then he cannot be a preferred creditor, or even if he has not done than that and just exchanged the loan to owning Fratton Park he would still not be a Preferred creditor. So who would pout them in Admin?

[Gingeletiss]

Some of them are questioning this latest Storrie line!!!!

 

 

 

#11 21 Feb 2010 21:17 Complain | Signed: December 2009 re: re: re: re: re: re: Storrie live on SSN now n/t ... Posts: 161

Academy

Just to add to my earlier post that this does not make sense. Nobody allows some bloke who says he has money to buy your company to look through the books and do due diligence before proof of funds. NOBODY!

 

He could be a journalist for all we know...what a bloody good story that would be, eh? In fact I think we'd all like to be able to see the books going back the last few years. No this just isn't right.

[Goalie66]

Some of them are questioning this latest Storrie line!!!!

 

 

 

#11 21 Feb 2010 21:17 Complain | Signed: December 2009 re: re: re: re: re: re: Storrie live on SSN now n/t ... Posts: 161

Academy

Just to add to my earlier post that this does not make sense. Nobody allows some bloke who says he has money to buy your company to look through the books and do due diligence before proof of funds. NOBODY!

 

He could be a journalist for all we know...what a bloody good story that would be, eh? In fact I think we'd all like to be able to see the books going back the last few years. No this just isn't right.

 

No strictly true. I run a Mergers and Acquisitiions business and believe me there are people who naievely trust everyone.However if we represent the seller we would ALWAYS ask for bank guarantees on payments.

[pedg]

However, if Chanrai has now converted his loan to equity then he cannot be a preferred creditor, or even if he has not done than that and just exchanged the loan to owning Fratton Park he would still not be a Preferred creditor. So who would pout them in Admin?

 

Its all a bit unclear on Chainrai's ownership (about par for the course). As I understand it there was an agreement he could have the shares if al mirage defaulted on the debt and he had an undated share transfer document to go with it. Now either this has been signed and Chainrai holds the shares or it has not been sign but al mirage has given up the shares to be held in trust and the document has not been signed. Whether the latter is feasible I don't know? Would such a transfer have to be recorded somewhere or is that not required in this case?

[Torrent Of Abuse]

breaking news the new South African owner that is heading up the newly formed consortium is .... Hans Zindertill

 

:-)

 

Bad news for Grant then. He'll want to bring in his own man for manager - his close friend Hans Zonnataibird.

[Gemmel]

However, if Chanrai has now converted his loan to equity then he cannot be a preferred creditor, or even if he has not done than that and just exchanged the loan to owning Fratton Park he would still not be a Preferred creditor. So who would pout them in Admin?

 

 

Chanrai, only converted 10 million of the 17 million owed. He is still owed 7 million

[Gingeletiss]

Storrie tells all............

 

Peter Storrie has blown wide open to the inside story of where the money has gone at Portsmouth, with Soccernet able to reveal that £131 million has been paid to the players in wages over the past three years.

The under siege Pompey chief executive is angry that insinuations are flying around that the club's cash has been misappropriated in some way.

 

Soccernet can now reveal hat the players have taken the biggest chunk of the money, the banks have recalled £40 million of loans and the rest has gone in transfer fees.

All the figures have been declared to the courts and to the potential South African buyers with a deal anticipated in the next 48 hours to try to save the club from oblivion.

Storrie gave a frank and revealing interview in the light of veiled allegations that something untoward has occurred at Fratton Park, as the fans have been demanding to know there the money has gone. And TV coverage over the weekend raised questions of what has happened to the money generated by a club that won the FA Cup two years ago.

Storrie said: "If you want to know where the money has gone, look at the accounts. It's no secret, we've had the report submitted to the courts, and we have presented these accountants to prospective new owners. It's there for all to see.

"The bulk of the money has gone to the players in wages. The cost of the players' wages this year is £37 million, last season, when it was running at its height, it was £52 million, and the year before it was £42 million. The vast majority of the money overt the last two to three years has gone on players' wages, and also on their transfer fees.

"It's all very well for Gary Lineker, Alan Hansen and Mark Lawrenson to look perplexed about where the money has gone by showing a chart of the players we've bought and looking at that £75 million and adding that to £70 million of debt and asking 'where the £150 million gone?'

"In that period we bought £50 million-plus worth of players and paid out their salaries. The list showed one player sold for £18 million, but they never took off the £4 million sell-on fee to Arsenal or the fact that we paid £4 million for him, so in reality we were paid £10 million not the £18 million shown, and that is just one example.

"It is all so misleading and it leads to one thing, animosity from the supporters who keep asking us where the money has gone. So, it's time they were told. It's gone on the players' wages, on their transfer fees and the bank recalling their loans.

"That is why we have been forced to keep on selling players over the last 15 months - to keep this club alive."

Portsmouth's highest earner is David James, who is paid £50,000-a-week. Apart from the England goalkeeper few players earn a similar salary as so many of the big earners have now been sold off. John Utaka has been widely reported as earning £80,000-a-week, but Storrie made a point of telling Soccernet last week that the real figure is about a third of that. He does, however, boost his earnings with bonus payments.

Storrie poses an interesting question, also, for all those clubs currently running on much larger debts that Portsmouth, with his club having been declared insolvent by their own accountants' report to the courts.

Storrie says: "Yes, we have enormous debts. But don't some other Premier League clubs? Aren't their debts much bigger, in some cases, than ours? The biggest debts are to owners, and they are not calling in their loans.

"When you look at Chelsea, for example, their owner Roman Abramovich wrote off all their massive debts, wrote it all off, and that says it all."

The TV analysts over the weekend also posed the question of why South Africans or anyone else, for that matter, would want to take over a club in such financial turmoil. Storrie has a simple answer to that: "I am fed up with everyone highlighting the debts without every bothering to look at the assets of this football club.

"The assets of this club are its players, their value in the transfer market, and there are some players whom we would value very highly.

"There is then the potential for 100,000 square foot of supermarket. You can imagine what that would be worth."

It has long been suspected that Portsmouth has attracted so many investors because of the lucrative real estate. For now the big battle is over the survival of the very club itself, rather than the potential further down the line to build a new stadium, cash in on the supermarket and realise the huge profits.

For now it's a tightening of belts, as Storrie added: "We are continuing to cut our overheads dramatically and that means the wage bill. There will be a lot more players out of contract at the end of the season and that will be our opportunity to cut the wage bill to make it more realistic to operate within a 20,000 stadium, until such time that we can move on.

"In the past the owners have funded the difference between the income from our limited stadium and the huge wage bill, but once that stopped, when Sasha sold, is when the trouble started."

Storrie as no knowledge that three leading firms have been approached to administer the club's affairs, a move that will see Pompey docked nine points and rubber-stamp their relegation from top-flight football.

Current owner Balram Chainrai, who reluctantly became the club's fourth owner of the season, has been reported to have instructed his legal advisers to look at administration as a serious option. "Not to my knowledge," stressed Storrie, which means it might be possible, but he doesn't know about it.

Chainrai, through his spokesman Phil Hall, has pledged the club won't die, but has not ruled out administration as the final option if a takeover fails to go through in the next 48 hours.

Chainrai, who stands to lose most of the £17 million he advanced in loans guaranteed against the club's shares and freehold of the land, is unwilling to provide further funding to bail the club out, so the only route to salvation in the short term is some kind of help from the Premier League, or failing that a takeover that might help persuade the courts to give more time to pay a £12.1 million Inland Revenue debt.

D-day is March 1 and time is running out as Storrie said: "It's going to be a hectic few days. I am heavily in discussions and not been off the phone all day today again. The next couple of days could prove crucial, its going to be a very busy next 48 hours."

As a detailed accountants' report has been lodged with the courts, due diligence for a new owner can be shortened, and the lawyers are trying to fast track the fifth takeover of their unbelievable season.

The South African consortium, spearheaded by a sports orientated investor, has lodged proof of finances with the lawyers and will, on Monday, lodge those proof of funds with the banks.

Storrie concluded: "Yes, I am hopeful. the club has no price, but the new owners will take over the debts and will be going into this aware of all the financial facts. They will have to come to some kind of arrangement with the Revenue, it will be up to them to reach agreement with the Revenue."

If that fails on Monday, March 1, then Portsmouth's best option to stay alive would be administration and the faintest of hope Avram Grant has of staying the Premier League will disappear.

The argument is growing that with the chances of survival on the pitch almost over, administration is the sensible solution. The Premier League will want to avoid that scenario, but are rapidly running out of options to save them.

Edited 22 February, 2010 by Gingeletiss
Just highlighted a few bits