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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Chez

Chez

Posted
Posted
Yeah, seven years of quality Premiership football, stuffing you 4-1 at Fratton, laying down and dying at West Brom on the last day to help send you down, three Wembley appearances with an F.A cup win in the middle, a fantastically enjoyable if brief european tour, holding AC Milan to a draw at FP, having enough of a team left to stuff you again 4-1 on your own patch. Jeez, even winning the Asia cup was a gas!

 

Lots of pain yet to come maybe, but definitely, definitely not a case of nothing to show for it......

 

an Asia Cup you say, that certainly balances things out a bit.

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Saint Keith

Saint Keith

Posted
Posted (edited)
I am.

 

If they go into admin before Monday then HMRC's petition will be stayed.

 

thats clarified that then. thank you.

 

or maybe it didnt

 

My understanding is that the SoA will need to be heard as if the club has traded insolvently then that is a legal matter, separate to the HMRC financial matter being 'resolved' by administration.
Edited by Saint Keith
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Channon's Sideburns

Channon's Sideburns

Posted
Posted

TBH the combined info on here IS more relevant than half the tosh in the media.

 

The majority of the Press (print/TV/radio) are still, like our fishy friends, clinging to the belief that Pompey will go into admin voluntarily....

 

THEY CAN'T - FOR THE FIFTEENTH ******* TIME - THEY CAN'T!

 

Mr Chinnery still hasn't had his position clarified (is he the owner, is he not, is he a secured creditor anymore, has he passed the Prem FPPT?)....NOBODY KNOWS

 

Also, they seem to be overlooking the facts.

 

Pompey are insolvent. Even in admin, should they find some delusional administrator willing to take them on, this will not change.

 

THEY HAVE NO MONEY.

 

 

----

 

When Monday comes, one of the reasons I hope they crash and burn is the reporting of this whole saga.

 

If we can see it for what it is, why can't they??

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OldNick

OldNick

Posted
Posted
Yeah, seven years of quality Premiership football, stuffing you 4-1 at Fratton, laying down and dying at West Brom on the last day to help send you down, three Wembley appearances with an F.A cup win in the middle, a fantastically enjoyable if brief european tour, holding AC Milan to a draw at FP, having enough of a team left to stuff you again 4-1 on your own patch. Jeez, even winning the Asia cup was a gas!

 

Lots of pain yet to come maybe, but definitely, definitely not a case of nothing to show for it......

yep and you will be able to tell your grandchildren about that spell.
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saintds

saintds

Posted
Posted
The Registrar made it clear that she suspects that the club is insolvent, ie has no assets that can be used to pay the unsecured creditors, both past, current and future. If the SoA confirms this, I am having a problem working out what point there is in placing the club into administration, as continuing to trade whilst in administration will just make the creditors position worse.

IMO if it gets to Monday and the SoA is what we think, with no new provable investment in the meantime, Portsmouth Football Club will be wound up...

 

I'm with you on this GM. Fresh cash is the ONLY thing that can save them now.

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saintds

saintds

Posted
Posted

It's amazing how many people are willing to post statements as though they are fact when what they really are are guesses and inferences based on other stuff they've read. Most of the time it is wrong.

 

And without that speculation, this thread would be significantly shorter...

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emerson massey

emerson massey

Posted
Posted
They are illiquid and insolvent. If they get placed into Admin, they are still illiquid and insolvent. The only income between now and season end is 6 home PL games (7000 x £25 x 6) £1.05m, plus the FA Cup game to add say £0.5m. Less costs which Pompey may not pay, but and Administrator would have to, probably taking care of £0.5m. So £1m Gross, to cover all salaries and running costs. Adminstration is NOT an option as it is not sustainable unless an Administrator is prepared to run up losses personally pending PL money coming in. The PL, as we all know, will prefer football creditors above the Administrator.

 

It is either being bought, with an investor prepared to stump up £30+m to pay HMRC and see them through to the end of ther season, or Winding Up. IMO.

 

 

What he said ...imo

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Foxstone

Foxstone

Posted
Posted

"Mr Hall said the takeover talks were taking place with four
consortiums
."

Well theirs your problem. Maybe as a consortium is just a group of people they could persuade them all to join into one super consortium?

 

Only 4 groups of tyrekickers !!!

 

Ha ! We had 32 :D

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Saint_Ash

Saint_Ash

Posted
Posted

Could this be a Pompey player on the move already? Or one that has left? A player that has played against Barcelona and Milan? Kanu?

 

http://www.rightmove.co.uk/property-for-sale/property-28665242.html?maxDaysSinceAdded=1&radius=5.0&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E1231%26maxDaysSinceAdded%3D1%26radius%3D5.0

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dubai_phil

dubai_phil

Posted
Posted
If they do end up going under and have a supermarket built on Fratton Park, I wonder how long it'll be before you see the odd Saints shirt walking around in that supermarket...

 

And we ALL know what has to be done one dark night while they are digging the foundations don't we......

 

Oh no that plan was for their new stadium, what a shame we'll never get that chance now

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Goalie66

Goalie66

Posted
Posted
They are illiquid and insolvent. If they get placed into Admin, they are still illiquid and insolvent. The only income between now and season end is 6 home PL games (7000 x £25 x 6) £1.05m, plus the FA Cup game to add say £0.5m. Less costs which Pompey may not pay, but and Administrator would have to, probably taking care of £0.5m. So £1m Gross, to cover all salaries and running costs. Adminstration is NOT an option as it is not sustainable unless an Administrator is prepared to run up losses personally pending PL money coming in. The PL, as we all know, will prefer football creditors above the Administrator.

 

It is either being bought, with an investor prepared to stump up £30+m to pay HMRC and see them through to the end of ther season, or Winding Up. IMO.

 

That would be my professional opinion too. I still dont think that Chanrai is a preferred Creditor and even if they apply to court via a prefferrred creditor it might be rejected because of the SOA.

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dubai_phil

dubai_phil

Posted
Posted (edited)

So, for the late comers.

 

A summary of the consensus

 

Admin is probably not an option as the running costs vs the operating expenses mean there is no cash flow to keep the club going

 

If you cannot admin then you are liquidated, wound up, Norwegian Blue

 

They had one person on Friday ready to go on Monday, this afternoon they are talking to 4 consortiums.

 

The word takeover is no longer used in statements

 

Storrie hasn't made any public statements for a day

 

Nobody knows for sure even IF thay can be placed in admin

 

Nobody knows for sure whether the court will hear the SoA even IF they are in admin to prove insolvency and possible other charges

 

Administrators have to guarantee the running costs cash flow of the business as well as earning suitable fees for their time from any project. With no ST sales possible at best until June the only income is the TV revenue or the parachute payment. None of which will pay the wages due on Friday

 

The only assets lest in the business are the players who cannot be sold until the middle of May at the earliest.

 

Rumours have been posted that staff have been warned they may not get paid again on Friday.

 

Anything else?

 

(the edits)

Chanrai talking to consortiums but acknowledges they lack credibility - foxstone

 

Hmmmmmmmmm

Edited by dubai_phil
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OldNick

OldNick

Posted
Posted
So, for the late comers.

 

A summary of the consensus

 

Admin is probably not an option as the running costs vs the operating expenses mean there is no cash flow to keep the club going

 

If you cannot admin then you are liquidated, wound up, Norwegian Blue

 

They had one person on Friday ready to go on Monday, this afternoon they are talking to 4 consortiums.

 

The word takeover is no longer used in statements

 

Storrie hasn't made any public statements for a day

 

Nobody knows for sure even IF thay can be placed in admin

 

Nobody knows for sure whether the court will hear the SoA even IF they are in admin to prove insolvency and possible other charges

 

Administrators have to guarantee the running costs cash flow if the business as well as earning suitable fees for their time from any project. With no ST sales possible at best until June the only income is the TV revenue or the parachute payment. None of which will pay the wages due on Friday

 

The only assets lest in the business are the players who cannot be sold until the middle of May at the earliest.

 

Rumours have been posted that staff have been warned they may not get paid again on Friday.

 

Anything else?

 

Hmmmmmmmmm

At this rate Vanish may well be their new shirt sponsor afterall.
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Foxstone

Foxstone

Posted
Posted
So, for the late comers.

 

A summary of the consensus

 

Admin is probably not an option as the running costs vs the operating expenses mean there is no cash flow to keep the club going

 

If you cannot admin then you are liquidated, wound up, Norwegian Blue

 

They had one person on Friday ready to go on Monday, this afternoon they are talking to 4 consortiums.

 

The word takeover is no longer used in statements

 

Storrie hasn't made any public statements for a day

 

Nobody knows for sure even IF thay can be placed in admin

 

Nobody knows for sure whether the court will hear the SoA even IF they are in admin to prove insolvency and possible other charges

 

Administrators have to guarantee the running costs cash flow if the business as well as earning suitable fees for their time from any project. With no ST sales possible at best until June the only income is the TV revenue or the parachute payment. None of which will pay the wages due on Friday

 

The only assets lest in the business are the players who cannot be sold until the middle of May at the earliest.

 

Rumours have been posted that staff have been warned they may not get paid again on Friday.

 

Anything else?

 

Hmmmmmmmmm

 

Chanrai accepting that the current "consortiums" ;) lack credibility and is talking to administrators ?

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Joey-deacons-left-nut

Joey-deacons-left-nut

Posted
Posted
Not sure if this has been asked and answered earlier in this thread, but what would happen to all the players they have on loan if they went into admin. In order to reduce the wage bill can an administrator send them back to their parent clubs?

 

Woudl they be able to field a full team?? I'm pretty sure Saturdays game had 5 loanees starting....

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OldNick

OldNick

Posted
Posted

Peter Storrie is walking along the High street outside a stationers and trips over a paving slab. he falls over and knocks himself out. The sales assistant pulls him into the shop and tries to revive him.

Storrie starts to come around and asks 'Where am I'

'It's ok you're in Rymans.' replies the assistant

'Oh f### me, we were in the PL last time I can recall'

 

Its the oldies that are the best

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Goalie66

Goalie66

Posted
Posted
TBH the combined info on here IS more relevant than half the tosh in the media.

 

The majority of the Press (print/TV/radio) are still, like our fishy friends, clinging to the belief that Pompey will go into admin voluntarily....

 

THEY CAN'T - FOR THE FIFTEENTH ******* TIME - THEY CAN'T!

 

Mr Chinnery still hasn't had his position clarified (is he the owner, is he not, is he a secured creditor anymore, has he passed the Prem FPPT?)....NOBODY KNOWS

 

Also, they seem to be overlooking the facts.

 

Pompey are insolvent. Even in admin, should they find some delusional administrator willing to take them on, this will not change.

 

THEY HAVE NO MONEY.

 

 

----

 

When Monday comes, one of the reasons I hope they crash and burn is the reporting of this whole saga.

 

If we can see it for what it is, why can't they??

 

I think that the majority of the press are just too lazy or more likely why would they want the truth to get in the way of a good Storrie !!!

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Colinjb

Colinjb

Posted
Posted

 

How can he not 'get it' either?

 

There are not an unlimited supply of people with more money then sense who want a football club! And even if they do want one it has to have some assetts to begin with!

 

It's so easy for him to say 'they need someone proper to buy them' and dismiss any role he played in their downfall.

 

Contemptable slimey little man. Just like the rest of the oiks that have been involved with the running of that place.

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Foxstone

Foxstone

Posted
Posted

 

Oh my aching sides :smt082

 

So Harry you old experienced manger/wheeler-dealer you ! You buy Johnson, Campbell, Defoe, Krancjar, Muntari, Diarra etc etc etc...

 

And you think their wages are what exactly... ????????

 

Unbeleivable cheek of the man.

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Bobbyboy

Bobbyboy

Posted
Posted
SSN...Chanarai confirms PFC will go into Admin by friday if no takeover/investment is completed

 

Implication there is that he's spoken to an administrator who is willing to take it on. AND that they can voluntarily go into admin (or he can somehow place them in admin). I guess we'll find out the facts soon.

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Sevvy

Sevvy

Posted
Posted

They go into Admin a few years ago, now they want to do the same thing again.there should a a law against this, they should not be able to keep wiping the slate clean.

 

If they do, who is going to do any work for them in the future with the worry that they might not get paid.

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