Pompey Takeover Saga

[pedg]

So who bets we will hear Storries catchphrase today "it will be done in the next 48hrs"?

 

Void bet as it has already been used by him today I think.

 

http://soccernet.espn.go.com/news/story?id=745491&sec=england&cc=5739

 

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."

[pedg]

http://twitter.com/MikeCjournalist

 

Portsmouth Football Club will apply for administration today.

[S-Clarke]

This is starting to sound really dodgy.

 

At the end of the day, if the interested party has the funds a deal is usually completed pretty swiftly with little headache.

 

We should be well educated in that. Falkia and co faffed around for over 4 weeks and couldn't come up with the goods.

 

Markus and his people then become involved and it was swift, professional and done correctly. - when people have the money, things happen.

[JackFrost]

As someone who was not a fan of lowes, he always seemed to negociate good contracts for the club. Certainly not wishing him back, but appreciate him a bit more now, when compared to the storrie teller

 

Lowe & Storrie were chalk and cheese as to how they ran their clubs, Lowe was very cautious with keeping the club within it's means, although he failed to endear himself to the fans. Many would argue too cautious, although this ended when Wilde and Crouch got involved and it all became a battle of egos, whilst the club lurched into crisis. Storrie just oversaw years of ridiculous overspending and murky deals and then tried to portray himself as the victim.

 

Lowe was bad he was nowhere near as bad as Storrie

[S-Clarke]

http://twitter.com/MikeCjournalist

 

Portsmouth Football Club will apply for administration today.

 

interesting - but i didn't think they could?

 

as they're subject to a WUM it can only be the court who decide if they go into admin...i think?

[JackFrost]

http://twitter.com/MikeCjournalist

 

Portsmouth Football Club will apply for administration today.

 

I thought only the high court could put them into admin, whilst the WUO was around

[dubai_phil]

So

 

We have the dodgy geezers trying to stitch up skatesmuff so that the club ceases to exist and the land can be used for recreation instead of football. Thereby they pocket a nice big fat profit.

 

The only person who didn't see that coming at the start of the season was Storrie, who thought it was all a cost saving plan to join the land of the living.

 

Storrie still didn't believe it, even during the January Transfer Window. He thought he was trying to save their PL status, he never realised that he'd been stitched up and it was the survival of the CLUB that was at stake.

 

So this weekend we have the takeover and we have the takeover. One involved the Yarpies (that's South Africans to you lot), the other involved the last usable asset the club had. Wonder how the Yarpies figures looked with the sudden change in asset status?

 

Will Storrie finally wake up in time to realise that the only way to save the club is by understanding the games or will he sleepwalk Leonesque into "the takeover is coming" defence at the court hearing.

 

After the weekend, the best that could now happen is that they acceot relegation and accept that they will be in debt worse than we were when they start off in the CCC with all the parachute money tied up in various Ocean Finance knots.

 

With no facilities, will their Academy players be ready for the CCC next year? Will they do a Rupert or will they do a Pay to play deal for old has beens.

 

I sympathise with the they should be obliterated from the planet view, but still feel that a they deserve a few more years of abuse yet.

 

If they DO survive then in some ways that would be equally funny as it would no doubt thwart the evil schemes being hatched in the background - leaving upset fans and upset owners. Who happen to be "interesting" people with "interesting" contacts.

 

Wonder if the hit squad will use UAE passports to enter the country to cut the brake pipes on a Mercedes?

[View From The Top]

Can't a secured ceditor put them into admin'?

[Thorpe-le-Saint]

Skates accept Al Fahim's resignation as cheif executive accoring to SSN...

[tony13579]

Meanwhile, the Trust is sensibly treading cautiously in response to the offer, releasing a statement saying:

 

The Pompey Supporters’ Trust working committee met with Suleiman Al Fahim at the end of January to discuss the possibility of Mr Fahim donating his 10% share in Portsmouth Football Club to the Trust. The working committee agreed that the offer had been made in good faith, but due to the circumstances of the Club we required financial and legal advice before we’d be in a position to comment further.

 

No formal offer has yet been made to the trust, but appreciating the need for urgency in the current dire situation, the Trust and it’s advisors will deal with any formal offer immediately after it’s been received.

 

A recomendation based on financial and legal advice will be put to the Pompey Trust’s members, who ultimately approve any decisions of this scale.

 

pompey trust are wisly looking this gift horse over with a vet

Edited 22 February, 2010 by tony13579

[Thedelldays]

I hope we go on some amazing winning run and get promoted this year..I would llove to play them next season...it will be a very different scoreline f'sure

[St Marco]

I think half of the problem is the people running the club have not been honest about its situation. So because of that they have the billy cried wolf image. When they do tell the truth nobody believes them.

 

The Fahim bailing thing in my opinion is a good indicator of how things are about to go. If you had 10% in a club and that club was about to be taken over by a supposed wealthy group, stopping the court action and saving your bacon, would you bail? Or try and sell that 10% to the new owner? I would guess he has heard something and realised nothing is going to change, so if he bails he tries to escape responsibility and will try to save his ass from any criminal investigations when/if the club do go under.

He can claim he knew nothing etc..

 

It would not surprise me one bit to see them go into admin today. The signs have been there a longtime. They have only 4 working days until the court case. Very difficult to get something that takes months done in 4 days. At least done properly!

[PES]

The South Coasts largest Pikey community needs looking after!

 

Here we go again, what is it with you lot calling Pompey 'Pikey' I can only assume (and hope)it's a rhyming thing. Pompey has plenty of minority groups you can choose to be unpleasant about, should you wish, but for some reason many of you always choose to pick on 'pikey's', Southampton has a rich and proud gypsy heritage, my wife works in a Southampton School and around 10% have entered romany gypsy as their ethnicity. I wish more Saints fans, some who will read this very post, would make a stand against ill thought out comments which are derogatory to a large section of Saints own support which goes back generations.

When aiming your jibes at Pompey I suspect your picking on a stereotype of the low income, white, housing association demographic, of which Portsmouth, like many urban, often deprived areas has a significant population, if you like picking on people who probably have not had many of the advantages we have, then that's up to you, but don't call them Pikey's, because it's incorrect.

[Crab Lungs]

they really are a deluded clueless bunch.

 

i'm sure sasha asked him to take a 10% cut on all transfers too.

 

I second that...

 

http://www.bbc.co.uk/dna/606/A63615936

[for_heaven's_Saint]

Here we go again, what is it with you lot calling Pompey 'Pikey' I can only assume (and hope)it's a rhyming thing. Pompey has plenty of minority groups you can choose to be unpleasant about, should you wish, but for some reason many of you always choose to pick on 'pikey's', Southampton has a rich and proud gypsy heritage, my wife works in a Southampton School and around 10% have entered romany gypsy as their ethnicity. I wish more Saints fans, some who will read this very post, would make a stand against ill thought out comments which are derogatory to a large section of Saints own support which goes back generations.

When aiming your jibes at Pompey I suspect your picking on a stereotype of the low income, white, housing association demographic, of which Portsmouth, like many urban, often deprived areas has a significant population, if you like picking on people who probably have not had many of the advantages we have, then that's up to you, but don't call them Pikey's, because it's incorrect.

 

I think it's a case of semantic change. People don't use Pikey to mean Gypsy any more, they use it to mean Chav.

[scally]

Here we go again, what is it with you lot calling Pompey 'Pikey' I can only assume (and hope)it's a rhyming thing. Pompey has plenty of minority groups you can choose to be unpleasant about, should you wish, but for some reason many of you always choose to pick on 'pikey's', Southampton has a rich and proud gypsy heritage, my wife works in a Southampton School and around 10% have entered romany gypsy as their ethnicity. I wish more Saints fans, some who will read this very post, would make a stand against ill thought out comments which are derogatory to a large section of Saints own support which goes back generations.

When aiming your jibes at Pompey I suspect your picking on a stereotype of the low income, white, housing association demographic, of which Portsmouth, like many urban, often deprived areas has a significant population, if you like picking on people who probably have not had many of the advantages we have, then that's up to you, but don't call them Pikey's, because it's incorrect.

 

We're talking about a majority not a minority. :-)

Edited 22 February, 2010 by scally

[Merovingian]

I think it's a case of semantic change. People don't use Pikey to mean Gypsy any more' date=' they use it to mean Chav.[/quote']

 

yeah and Thornhill, The Flower Estate etc are all bastions of non-chav well to do folk aren't they lol !

 

Lets face it both cities have their run down area's

[Tractor_Saint]

Here we go again, what is it with you lot calling Pompey 'Pikey' I can only assume (and hope)it's a rhyming thing.

 

Seems it's t1t for tat around these parts - can you sort out the comments from 'uscummer***t' 4th down on my Youtube channel comments please? He's gone one better though and rhymed 'pikey' with 'mikey'. I can see what he's doing there

[JackFrost]

I think half of the problem is the people running the club have not been honest about its situation. So because of that they have the billy cried wolf image. When they do tell the truth nobody believes them.

 

The Fahim bailing thing in my opinion is a good indicator of how things are about to go. If you had 10% in a club and that club was about to be taken over by a supposed wealthy group, stopping the court action and saving your bacon, would you bail? Or try and sell that 10% to the new owner? I would guess he has heard something and realised nothing is going to change, so if he bails he tries to escape responsibility and will try to save his ass from any criminal investigations when/if the club do go under.

He can claim he knew nothing etc..

 

It would not surprise me one bit to see them go into admin today. The signs have been there a longtime. They have only 4 working days until the court case. Very difficult to get something that takes months done in 4 days. At least done properly!

 

But I thought it was only the high court who could put them into admin whilst the WUO was still around

[Chez]

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 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.

 

So they need to find £3.08M for fridays wage packet, as previously mentioned the £1.8M was the shortfall on December's wages and not the full wage bill.

Edited 22 February, 2010 by Chez

[Saint Keith]

interesting - but i didn't think they could?

 

as they're subject to a WUM it can only be the court who decide if they go into admin...i think?

 

no, chainrai can put them into admin as he is a creditor, its the directors who can no longer do it, as it would normally be

 

having said that, any administration order does have to be agreed to by a court, its possible the hmrc might try to put a spanner in that

[Saint Keith]

Here we go again, what is it with you lot calling Pompey 'Pikey' I can only assume (and hope)it's a rhyming thing. Pompey has plenty of minority groups you can choose to be unpleasant about, should you wish, but for some reason many of you always choose to pick on 'pikey's', Southampton has a rich and proud gypsy heritage, my wife works in a Southampton School and around 10% have entered romany gypsy as their ethnicity. I wish more Saints fans, some who will read this very post, would make a stand against ill thought out comments which are derogatory to a large section of Saints own support which goes back generations.

When aiming your jibes at Pompey I suspect your picking on a stereotype of the low income, white, housing association demographic, of which Portsmouth, like many urban, often deprived areas has a significant population, if you like picking on people who probably have not had many of the advantages we have, then that's up to you, but don't call them Pikey's, because it's incorrect.

 

**** off pikey

 

 

 

 

 

 

 

 

 

 

 

 

[Chez]

But I thought it was only the high court who could put them into admin whilst the WUO was still around

 

they must now apply to the high court.

[Saint Keith]

MASSIVE LOL !

 

looks like the south african thing was all hot air. now theres a ****ing surprise

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7292588/Portsmouth-heading-into-administration.html

 

Chainrai preparing to take the drastic step after the prospects of a credible takeover deal faded.

[St Marco]

But I thought it was only the high court who could put them into admin whilst the WUO was still around

 

As far as i understand they have two ways of going into admin. Either the judge places them in admin, or a creditor applies to put them in admin.

 

They themselves can no longer do that. The HMRC i think its pretty clear want them wound up. But others who are owed money could ask for them to be put in admin as they then might get some money back that way.

Local businesses will not want them to get liquidated so admin would be preferable to them too.

[toofarnorth]

As far as i understand they have two ways of going into admin. Either the judge places them in admin, or a creditor applies to put them in admin.

 

They themselves can no longer do that. The HMRC i think its pretty clear want them wound up. But others who are owed money could ask for them to be put in admin as they then might get some money back that way.

Local businesses will not want them to get liquidated so admin would be preferable to them too.

 

If they go into admin though are they still protected from liquidation? We were in admin and apparently only 2 days away from going out of business. Surely that means administration doesn't guarantee their survival. Or am i missing something?

[for_heaven's_Saint]

yeah and Thornhill, The Flower Estate etc are all bastions of non-chav well to do folk aren't they lol !

 

Lets face it both cities have their run down area's

 

I don't deny it! Just pointing out that it's not racism, as PES seemed to be implying.

[bridge too far]

As far as i understand they have two ways of going into admin. Either the judge places them in admin, or a creditor applies to put them in admin.

 

They themselves can no longer do that. The HMRC i think its pretty clear want them wound up. But others who are owed money could ask for them to be put in admin as they then might get some money back that way.

Local businesses will not want them to get liquidated so admin would be preferable to them too.

 

But - and I know it's been pointed out before - an administrator has to be found who thinks it's worth taking on the job.

 

As there are no assets (apart from the players) an administrator would see that there would be no money to pay him for his work.

 

Or can the Courts 'force' an administrator to do it - rather like a duty solicitor?

[pedg]

Suspect if Chainrai can put them into admin he will be a very popular person at PL headquarters. More chance of pompey playing all their games and then rid of them next season. Hopefully it will be made clear that the -9 points will be carried over to next season if they would be relegated without them as then they would still have an incentive to win games.

[saintalan]

Regardless of who does it, can administration take place while the WUO is pending. Wouldn't the a Judge/Recorder have to say one way or the other if a creditor applied for admin?

[Saint Keith]

If they go into admin though are they still protected from liquidation? We were in admin and apparently only 2 days away from going out of business. Surely that means administration doesn't guarantee their survival. Or am i missing something?

 

no, thats right. admin doesn't guarentee survival, it just means they get a couple of months breathing space and protection from creditors where they cant be wound up

 

there still has to be a buyer at some point, otherwise once its becomes certain the administrator can not sell the business, he is obliged to liquidate it

 

so its likely that in pompeys case, going into admin is only delaying the inevitable, but it should see them through to the summer when they are due another lump from sky, which may be the only thing t save them

 

the problem is though, the administrator still has to fund the business in the meantime, and that means finding circa £15m in wages between now and May. where the **** are they going to get that from?

[St Marco]

If they go into admin though are they still protected from liquidation? We were in admin and apparently only 2 days away from going out of business. Surely that means administration doesn't guarantee their survival. Or am i missing something?

 

If they go into admin and they can't find a buyer by the 31 days of being in admin they go into liquidation.

 

Admin is a legal term to help a company, sort of like a band aid. But it is not a cure for it. They will have to negotiate with all those owed money and realisticly come up with a package that means someone will want to buy it. If we take out Gaydamarks debt and the current owners debt and assume they owe about £30m then obviously those owed that will not be getting all of it. They will have to accept that loss. 9 times out of 10 they do because something is better then nothing. But something will have to be paid, and if it isnt then the club will still cease to exist.

 

But they will have an admin team put in place by the court who's job is to help the company return to running within its own means or getting a new owner. I think most people will feel more confident of them surviving under an admin team rather then Storrie.

[Foxy]

MASSIVE LOL !

 

looks like the south african thing was all hot air. now theres a ****ing surprise

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7292588/Portsmouth-heading-into-administration.html

 

Storrie really does have a talent for finding potless billionaires. Until he proved otherwise I always thought that being filthy rich was a requisite to be one of those.

[Gorgiesaint]

If they go into admin though are they still protected from liquidation? We were in admin and apparently only 2 days away from going out of business. Surely that means administration doesn't guarantee their survival. Or am i missing something?

 

As I understand it, administration requires and administrator to take over the running of the club. As part of their responsibilities, the administrator accepts liability for any debts/losses incurred from when they take over.

 

On that basis, I find it inconceivable that any administrator would want to pick them up as they are trading insolvently - that then only leaves liquidation.

[Gemmel]

If they go into admin though are they still protected from liquidation? We were in admin and apparently only 2 days away from going out of business. Surely that means administration doesn't guarantee their survival. Or am i missing something?

 

Yes, if they go into administration, they will be protected from liquidation for however long they stay in it.

 

However, they will need to find an administrator prepared to take them on and with such high monthly costs, and no other source of income outside of ticket sales, it is unlikely that an administrator would be able to keep them afloat very long. It was the same in our case, where Leon had to pick up the wage bill as there was nothing left.

[Saint Keith]

and of course, the other advantage (from our point of view) is that if they do go into admin, storrie is immediately removed as an officer oft he company, and all the shenanigans may come to light, as he would no longer be there to cover it all up, which is why he has been so keen on avoiding administration. it blows his cover wide open

[Chez]

Suspect if Chainrai can put them into admin he will be a very popular person at PL headquarters. More chance of pompey playing all their games and then rid of them next season. Hopefully it will be made clear that the -9 points will be carried over to next season if they would be relegated without them as then they would still have an incentive to win games.

 

I don't think the -9 can be carried over can they?

[Chez]

Yes, if they go into administration, they will be protected from liquidation for however long they stay in it.

 

However, they will need to find an administrator prepared to take them on and with such high monthly costs, and no other source of income outside of ticket sales, it is unlikely that an administrator would be able to keep them afloat very long. It was the same in our case, where Leon had to pick up the wage bill as there was nothing left.

 

how does it work regarding paying bills? I mean we were in admin, but we would have gone under if the wages were not paid by Leon during that period. So if they went in admin would funds not still need to be found to pay the wages or perhaps the Administrator would need to ask players to skip a months wages?

[Goalie66]

If they go into admin though are they still protected from liquidation? We were in admin and apparently only 2 days away from going out of business. Surely that means administration doesn't guarantee their survival. Or am i missing something?

 

First a Creditor has to ask to put them into Admin. Then they need an Admin firm to take them on. Any self respecting firm would only take them on if they are confident of getting a buyer and current liabilities can be met. They would still have to meet salaries and other running costs.IMO they still need another £20 million to keep going until the end of the season.Where will that come from ?

 

All they would be doing is DELAYING insolvency.Also I do not believe Chanrai is now a Preffered Creditor so who will that be ?

[Saint Keith]

how does it work regarding paying bills? I mean we were in admin, but we would have gone under if the wages were not paid by Leon during that period. So if they went in admin would funds not still need to be found to pay the wages or perhaps the Administrator would need to ask players to skip a months wages?

 

[toofarnorth]

Cheers everyone makes a bit more sense now.

[pedg]

I don't think the -9 can be carried over can they?

 

As no one has gone into admin in the premiership its a grey area so I think they are just making up 'rules' as they go along. After all who heard of the "club in crisis" rule till it was mentioned as a way of helping them?

[pedg]

One would guess that Chainrai has spent a while (as has been rumoured on for some time) looking for someone who could manage them in administration so I think if he does get them put into admin they will have someone lined up to do the job.

[Saint Keith]

As no one has gone into admin in the premiership its a grey area so I think they are just making up 'rules' as they go along. After all who heard of the "club in crisis" rule till it was mentioned as a way of helping them?

 

hopefully the FL will be all over this like a cheap suit when they go into the ccc. they will make sure the finances, and the cva are watertight, otherwise they will hit them with more, as per Leeds

[Chez]

As no one has gone into admin in the premiership its a grey area so I think they are just making up 'rules' as they go along. After all who heard of the "club in crisis" rule till it was mentioned as a way of helping them?

 

they (The Premier League) don't have a cut off date/point (like the one we narrowly missed) to go into adminstration to avoid carrying them over. They can therefore do a Leeds and go into admin just before the season ends.

 

I wonder if the -9 would become -10 in the CCC if they did carry them over?

[Glasgow_Saint]

I don't think the -9 can be carried over can they?

 

Is that right? a 9 point penalty doesnt seem much considering they are likely to go down anyway!?

 

Relegated by 1, 2, 10 or 19 points makes no ends - they should be punished next season if relegated without deductions this season?

 

If they did manage to get enough points this season, then hit them with the 9 immediately.

 

That was the rule for us!

[Hatch]

How will they afford to play games.

 

Policing, catering etc

[Saint_clark]

Is that right? a 9 point penalty doesnt seem much considering they are likely to go down anyway!?

 

Relegated by 1, 2, 10 or 19 points makes no ends - they should be punished next season if relegated without deductions this season?

 

If they did manage to get enough points this season, then hit them with the 9 immediately.

 

That was the rule for us!

 

But only if you go into admin after march the 1st, I believe. Before the 1st of march you get the points penalty right there and then, regardless of whether you are on 0 points of 10 points clear at the top.

[hutch]

yeah and Thornhill, The Flower Estate etc are all bastions of non-chav well to do folk aren't they lol !

 

Lets face it both cities have their run down area's

I could take offence at that, having been brought up, for a while, on the "Flower" estate.

 

On the other hand, maybe that proves your point

[St. Neil]

Al Fahim's resignation letter, its a pdf document

 

http://www.arabianbusiness.com/blogs/images/2010/02/alfahim-letter.pdf