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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Chez

Chez

Posted
Posted
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!

 

that is not exactly right. If we had gone into admin before the March deadline then had we gone down (which we obviously did) then the -10 would nto have carried over. It was us going into admin after the deadline that brought this rule into play.

 

There is no March deadline for the Premier League so no idea where this leaves us.

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Junior Mullet

Junior Mullet

Posted
Posted
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?

 

That's right. It only saves them if they can find a buyer and 75% by value of the creditors agree to the buyer's proposals ie to pay 20 pence in the £.

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Gemmel

Gemmel

Posted
Posted
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!

 

 

Don't fret Glasgow Saint, Malsquiney will get them big time. ....Just hope he doesn't leave before he can whack them with a minus 25 (Which is my guestimate of what they are looking at)

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Kingsland Red

Kingsland Red

Posted
Posted

The points issue is an interesting one.

The waters at Saints were muddied by RL going past a certain date before entering admin.

However the principle must be the same, points being deducted the following season if the 9 points doesn't get them 9 points above the drop zone this season.

 

It may be that further points are deducted, like at Luton, for problems occuring during previous ownership.

 

But then if SAF was never invited to board meetings( as his letter of resignation implies), Azougy is not recognised by the FA, Al Mirage wasn't allowed in the UK and PS was only a (well paid) employee, then who did make the big decisions - Tanya on her own, it appears, game lass.

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badgerx16

badgerx16

Posted
Posted

Can one of the financial whizz-kids explain where the SofA proving that they have been trading whilst insolvent fits into the jigsaw ? How does this affect the situation re administration, as I understand it seems to now be apparent, and even confirmed by Story-teller, that they have been breaking the law for pretty much the whole of the season so far.

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dune

dune

Posted
Posted
Don't fret Glasgow Saint, Malsquiney will get them big time. ....Just hope he doesn't leave before he can whack them with a minus 25 (Which is my guestimate of what they are looking at)

 

After the minus 10c jokes they made it'll be highly amusing if they get a minus 25 start next season.

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bridge too far

bridge too far

Posted
Posted
Can one of the financial whizz-kids explain where the SofA proving that they have been trading whilst insolvent fits into the jigsaw ? How does this affect the situation re administration, as I understand it seems to now be apparent, and even confirmed by Story-teller, that they have been breaking the law for pretty much the whole of the season so far.

 

What you've said also begs the question - can the Court still insist that they're wound up, even if they are in administration, as they are and have been insolvent?

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Chez

Chez

Posted
Posted (edited)

 

It may be that further points are deducted, like at Luton, for problems occuring during previous ownership.

 

they got their extra points deducted for financial irregularities (agents acting for both sides was it?). I'd of thought the court case involving story teller etc. might be classified as a finacial irregularity. Not exactly the same scenario, but not a million miles away.

Edited by Chez
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Chez

Chez

Posted
Posted
What you've said also begs the question - can the Court still insist that they're wound up, even if they are in administration, as they are and have been insolvent?

 

I have another question. If the court find that they were trading whilst insolvent, but now with the influx of new money they are no longer insolvent, does that mean the directors get away with it?

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Gingeletiss

Gingeletiss

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

 

If, and it's a big if, they apply to the courts for administration, I'd thought that a memo to judge Judy, about the fact that this is their second time. Have it point out, that Poor smouth seems to use this as a regular way of racking up massive debts, then using a 'get out of jail' free card. I would think that any application would be denied, as the business is insolvent. They are gone, finished IMO.

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pedg

pedg

Posted
Posted

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8528172.stm

 

Remember the claims the club was surprised when he resigned...

He claimed his lawyers have been advising him to walk away from the club "for the last week or so" but his mind was made up when current owner Balram Chainrai and chief executive Peter Storrie emailed him to stand down.

Club sources initially said they knew nothing of Al Fahim's plans but later confirmed they had received and accepted his resignation.

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Mr Tickle

Mr Tickle

Posted
Posted

I think its quite funny that some people on this thread slate Peter Storrie. In my opnion this bloke is a legend and when the blue end of the M27 goes pop this man should be given the freedom of Southampton and a road should be named after him.

Obviously only after he completes his bird.

 

Has this thread made the Guiness Book of Records yet?

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bridge too far

bridge too far

Posted
Posted
I think its quite funny that some people on this thread slate Peter Storrie. In my opnion this bloke is a legend and when the blue end of the M27 goes pop this man should be given the freedom of Southampton and a road should be named after him.

Obviously only after he completes his bird.

 

Has this thread made the Guiness Book of Records yet?

 

I think he's been set up as the fall guy and has just been too dense to see it :D

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sussexsaint

sussexsaint

Posted
Posted
I think its quite funny that some people on this thread slate Peter Storrie. In my opnion this bloke is a legend and when the blue end of the M27 goes pop this man should be given the freedom of Southampton and a road should be named after him.

Obviously only after he completes his bird.

 

Has this thread made the Guiness Book of Records yet?

 

I will not forgive the ***** for beating us with a team consisting of illegally aquired players.

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Junior Mullet

Junior Mullet

Posted
Posted

PL Rules: http://www.premierleague.com/staticF...~146371,00.pdf

 

FL Membership Rules:http://www.football-league.co.uk/publications/20090807/membership-of-the-football-league_2246592_634054

 

I don't have time to check whether the points deduction would be carried from Prem to CCC as they are from within the FL. I suspect the answer is they are not.

 

More important perhaps, to Poopey's medium term strategy, is the second Saturday in May deadline. If Pompey were subject of an insolvency event at that time they could be refused membership to the CCC and in that event I think they would have little power but to accept an almost inevitable 10 point deduction, as we did.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted

Once again to our Fishy Friends....

 

Southampton 1 (honest REAL owner) Portsmuff 4 (potless, fake owners)

 

and to think Lifelongskate hasn't turned up yet.........

 

Oh pur'lease........someone call Storrie, then email him with Lifelongskate's details.

 

I'm sure he'd see the funny side. ;-)

 

Well, it'd get them another 48 hours right?!

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Chez

Chez

Posted
Posted
Can someone explain how a group of keen Pompey fans are thinking carefully about accepting 10% of Portsmouth Football Club FOR NOTHING and yet a group of South Africans are apparently keen to buy the other 90%.

 

F uck me, they can't even give the club away to their own supporters....

 

the South Africans are not paying real money for the club, its free, they are just agreeing to take over the debt.

 

I wonder then what proof of funds you need if the asking price is £0?

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Gingeletiss

Gingeletiss

Posted
Posted

Poor poor fools:D:D

 

 

Ash1987 user_offline.gif

#7 22 Feb 2010 15:03 Complain | user_quote.gifuser_reply.gif Signed: May 2009 re: re: re: re: re: It's not going to be done today, is it?.... ... Posts: 2,761

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'londonfan' wrote at 15:01 on 22 Feb:

Don't underestimate the huge difficulty of any deal getting done, especially today when there's still a week to go to the crucial hearing.

 

I just don't see what the sellers can do to make the club an attractive acquisition - even with a purchase price of zero. But I am ready to be amazed.

 

 

London, parachute payments, Pompey is a well known club, catchment area, fans. If they steady the ship right PFC could be very profitable.

 

The south africans etc wouldn't have got this far if they werent serious and didnt see the potential of the club.

 

Why did the danish consortium buy chester?

 

Fact is, there are some sincere businessman, and theres huge potential at Pompey.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
Poor poor fools:D:D

 

 

Ash1987 user_offline.gif

#7 22 Feb 2010 15:03 Complain | user_quote.gifuser_reply.gif Signed: May 2009 re: re: re: re: re: It's not going to be done today, is it?.... ... Posts: 2,761

Hall of Fame

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'londonfan' wrote at 15:01 on 22 Feb:

Don't underestimate the huge difficulty of any deal getting done, especially today when there's still a week to go to the crucial hearing.

 

I just don't see what the sellers can do to make the club an attractive acquisition - even with a purchase price of zero. But I am ready to be amazed.

 

 

London, parachute payments, Pompey is a well known club, catchment area, fans. If they steady the ship right PFC could be very profitable.

 

The south africans etc wouldn't have got this far if they werent serious and didnt see the potential of the club.

 

Why did the danish consortium buy chester?

 

Fact is, there are some sincere businessman, and theres huge potential at Pompey.

 

Ah well...they're still deluded.

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Micky

Micky

Posted
Posted

Right - been out of the loop for 2 days, had to hightail it to Germany for work, and now working off a dodgy Hotel wireless link.

 

As somebody once said '2 days is a long time in Portsmouth' (or something like that), and I don't have time to re-read the thread.

 

I take it that they have been taken over, the new stadium and training ground have been given planning approval and that Kaka, Stevie G and Wayne Rooney are on their way to Fratton Park for medicals, no?

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Saint Keith

Saint Keith

Posted
Posted (edited)
Right - been out of the loop for 2 days, had to hightail it to Germany for work, and now working off a dodgy Hotel wireless link.

 

As somebody once said '2 days is a long time in Portsmouth' (or something like that), and I don't have time to re-read the thread.

 

I take it that they have been taken over, the new stadium and training ground have been given planning approval and that Kaka, Stevie G and Wayne Rooney are on their way to Fratton Park for medicals, no?

 

that bit

 

 

 

:smt082

Edited by Saint Keith
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Weston Super Saint

Weston Super Saint

Posted
Posted
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.

 

Lol.

 

Where the hell did he manage to find someone who is prepared to break the law by taking on the running of a company that is trading insolvently - as confirmed by it's current CEO!!!

 

If he's found someone so daft to run the club - they would presumably have to put in large sums of money to stop it running insolvently!!! - then why doesn't he just sell it to them?

 

Besides, even if by some miracle he does manage to get admin approved, I think we can all guess how much of a discount HMRC are going to give them on their outstanding tax bill, a big fat zero!! Therefore they would need to find a buyer within 31 days or they would be liquidated anyway. Re-arranging the deck chairs has never seemed more appropriate!! Since they've been trying to do this since they were a club trading solvently, I don't fancy their chances of finding anyone in the next 31 days. Which means the club would be wound up on April the 1st, which would be the best wind up in the history of wind ups :D

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rallyboy

rallyboy

Posted
Posted

with that Fahim resignation he definitely just boarded the last ice cream van out of Saigon - he's already preparing his defence for when it goes to court, he isn't as dumb as he made out.

Kept his options open by obtaining 10% with no outlay, got to see a few games, had a few nice dinners, did a bit of a land deal with the child-maimer, and now looks like the hero who has given the club back to the fans in the face of corruption that he wouldn't support.

Nicely done.

 

Surely the fat lass is finally wandering out onto the stage, but after six months of throat clearing she ain't gonna sound too clever.....

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Foxstone

Foxstone

Posted
Posted
Right - been out of the loop for 2 days, had to hightail it to Germany for work, and now working off a dodgy Hotel wireless link.

 

As somebody once said '2 days is a long time in Portsmouth' (or something like that), and I don't have time to re-read the thread.

 

I take it that they have been taken over, the new stadium and training ground have been given planning approval and that Kaka, Stevie G and Wayne Rooney are on their way to Fratton Park for medicals, no?

 

No - But LaLa, Stevie Wonder and MIckey Rooney might be... :lol:

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