Um Bongo Posted 23 February, 2010 Share Posted 23 February, 2010 So it will wipe out all their debt and they will get new owners. The points deduction will make no difference whatsoever as they are already down. Link to comment Share on other sites More sharing options...
Foxy Posted 23 February, 2010 Share Posted 23 February, 2010 they're in admin then. there is no way a takeover can be completed in the 2 full days they have left. Come on, 2 days = 48 hours. Seems to me like there must be a Red Hot takeover prospect down there Link to comment Share on other sites More sharing options...
S-Clarke Posted 23 February, 2010 Share Posted 23 February, 2010 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. isn't there a further points punishment for clubs that have gone into admin twice? i think that's why bournemouth got -17 points. Link to comment Share on other sites More sharing options...
S-Clarke Posted 23 February, 2010 Share Posted 23 February, 2010 Come on, 2 days = 48 hours. Seems to me like there must be a Red Hot takeover prospect down there . ah the good old 48 hours. Link to comment Share on other sites More sharing options...
Goalie66 Posted 23 February, 2010 Share Posted 23 February, 2010 I think that the majority on this thread have realised that there is only one or two outcomes possible. Admin or liqidation. No one is going to throw millions at a failed business plan in a recession. Putting aside any football hat the business of PCFC is , as will all know untenable. There will be no investment before Monday. Chanrai may or or may not be the ONLY preferred Creditor who can put them in Admin but he stands to lose a lot if he does as Payroll has to be met this WEEK. Therefore, I would conclude that despite all the huff and puff, Chanrai knows that liquidation is his best route as he keeps Fratton Park. So my friends what odds on Liquidation? and yes it really annoys me that so many papers still think Admin is in the hands of PCFC as if they can magic it out of the air. Link to comment Share on other sites More sharing options...
Noodles34 Posted 23 February, 2010 Share Posted 23 February, 2010 So it will wipe out all their debt and they will get new owners. The points deduction will make no difference whatsoever as they are already down. It doesn't work that way at all. Link to comment Share on other sites More sharing options...
Um Bongo Posted 23 February, 2010 Share Posted 23 February, 2010 It doesn't work that way at all. It did for us didn't it? I guess they have to agree then sum of money to be paid out to creditors? Link to comment Share on other sites More sharing options...
saint lard Posted 23 February, 2010 Share Posted 23 February, 2010 The service of this notice means therfore the HMRC hearing is suspended,the club is safe and will fulfill it's fixtures. All according to a statement from Chanarais spokesperson and PFC. Link to comment Share on other sites More sharing options...
GenevaSaint Posted 23 February, 2010 Share Posted 23 February, 2010 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. You can't wipe the slate clean with HMRC, the debt will still be there. If HMRC doesn't approve the CVA it's another whopping points deduction -15 to start the season. Could be freefall through the leagues...... Link to comment Share on other sites More sharing options...
S-Clarke Posted 23 February, 2010 Share Posted 23 February, 2010 You can't wipe the slate clean with HMRC, the debt will still be there. If HMRC doesn't approve the CVA it's another whopping points deduction -15 to start the season. Could be freefall through the leagues...... at least this thread will go on for a while yet then! Link to comment Share on other sites More sharing options...
Doctoroncall Posted 23 February, 2010 Share Posted 23 February, 2010 SSN...Chanarai confirms PFC will go into Admin by friday if no takeover/investment is completed I still find it hard to see that they can do this, especially on a day when wages are due and they have no money to pay them. Their income streams are limited to non-season ticket sales, previous player sales and FA Cup money, say £4-5m. Can an administrator tear up the first team contracts to reduce the wage bill straight away, almost treating administartion as a liquidation process from the start? Link to comment Share on other sites More sharing options...
Joensuu Posted 23 February, 2010 Share Posted 23 February, 2010 (edited) http://www.dailymail.co.uk/sport/football/article-1253207/Portsmouth-set-administration-takeover-talks-hit-trouble.html Wonder which Administrators have just signed up for their own redundancy? Or perhaps Chainrai hasn't yet approached any Admins... Edited 23 February, 2010 by Joensuu Link to comment Share on other sites More sharing options...
Faz Posted 23 February, 2010 Share Posted 23 February, 2010 If it's being reported that way, then I guess Chainrai can place them in Admin. But, even if they go into Admin, that is not the end of it. * They still have no funds to pay the running costs. * All loanees will be sent back * Some contracts will be cancelled by mutual consent to allow those that can to find new clubs. * I still don't see how an Administrator can cover the running costs between now and the end of the season - unless Balloo is underwriting those too pending the TV money. * They will have to come out of Admin paying all the outstanding football debts, via a CVA - HMRC have a blocking vote on that so may play hardball to get as much of thier money back as poss. * No funds left to run the club next year. * No Ground * No Training Ground * Still the prospect of charges from the FA for improper payments and sanctions as a result of that. Link to comment Share on other sites More sharing options...
Doctoroncall Posted 23 February, 2010 Share Posted 23 February, 2010 You can't wipe the slate clean with HMRC, the debt will still be there. If HMRC doesn't approve the CVA it's another whopping points deduction -15 to start the season. Could be freefall through the leagues...... 75% of creditors (Based on value owed) need to approve so as they owe so much elsewhere, they could get away with it. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 Interesting how, slowly, bit by bit, the truth is coming out. This little gem from the latest BBC report... http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm 'Pompey are currently controlled by Balram Chainrai and Levi Kushnir, who each have a 50% share in the club.' SO.....HAS LEVI KUSHNIR PASSED THE FIT AND PROPER TEST TOO? Link to comment Share on other sites More sharing options...
Joensuu Posted 23 February, 2010 Share Posted 23 February, 2010 Interesting how, slowly, bit by bit, the truth is coming out. This little gem from the latest BBC report... http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm 'Pompey are currently controlled by Balram Chainrai and Levi Kushnir, who each have a 50% share in the club.' SO.....HAS LEVI KUSHNIR PASSED THE FIT AND PROPER TEST TOO? Levi's name appears to have been removed already... (unless I'm going blind) Link to comment Share on other sites More sharing options...
Foxy Posted 23 February, 2010 Share Posted 23 February, 2010 Interesting how, slowly, bit by bit, the truth is coming out. This little gem from the latest BBC report... http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm 'Pompey are currently controlled by Balram Chainrai and Levi Kushnir, who each have a 50% share in the club.' SO.....HAS LEVI KUSHNIR PASSED THE FIT AND PROPER TEST TOO? What about the 10% that's in limbo between Dr Suli and the Pompey trust? Link to comment Share on other sites More sharing options...
Sylvia Saint Posted 23 February, 2010 Share Posted 23 February, 2010 Call me Mr. Cynical, but it wouldn't surprise me if the EPL are underwriting the fees for administration. They are the only one's in whose interest it is for Ploppy to get to the end of the season and fulfill their fixtures. After all Chanrai stated "he wouldn't be throwing good money after bad". Link to comment Share on other sites More sharing options...
saint lard Posted 23 February, 2010 Share Posted 23 February, 2010 Businessman Balram Chainrai, the owner of Portsmouth Football Club, has today served notice that the club will go into administration unless new owners can be found by Friday (February 26). Mr Chainrai and fellow investors from his Portpin investment vehicle are in London to continue talks with representatives of four different groups interested in buying the club, but have had to reluctantly accept that it is now unlikely a deal can be done before a winding-up hearing, due to be heard in the High Court on Monday. Their spokesman, Phil Hall, said: “There is now only a short window of opportunity for buyers to come in with a credible offer. We have to be realistic and having the club wound up is not an option as far as we are concerned. “They are the victims of circumstance, having injected funds in the form of a short-term loan to the Al Faraj Group, who subsequently invested the money in the club. “The partners have put £17m of their own money into the club and have a responsibility to ensure Portsmouth Football Club survives. “Administration would mean the club re-emerging as a healthy financial entity. The club would then become an attractive proposition for a potential buyer who could invest new funds in rebuilding the club’s future. “We would like to ask the fans, the staff and management of Portsmouth Football Club for their support and patience should this step be taken, as they believe it is the only route left open to them. “The serving of this notice means the winding-up order is automatically suspended. It means the club is safe, it can fulfil its fixtures and as far as is possible it is business as usual. “Mr Chainrai hopes the supporters will get fully behind the team as usual for their Premier League match at Burnley on Saturday and the following weekend’s FA Cup quarter-final at home to Birmingham. “Mr Chainrai has agreed to continue funding the club going forward until its long-term future is decided. He will also pay for the administration process out of his own pocket.” Link to comment Share on other sites More sharing options...
Faz Posted 23 February, 2010 Share Posted 23 February, 2010 75% of creditors (Based on value owed) need to approve so as they owe so much elsewhere, they could get away with it. That depends. The secured creditors can chose to stand outside the CVA - so then HMRC will have control of the CVA. IMO. It depends if the Gheydamaks are secured, and upon what. This'll run for a while yet. Link to comment Share on other sites More sharing options...
sussexsaint Posted 23 February, 2010 Share Posted 23 February, 2010 Ouch... http://www.portsmouth.co.uk/sport/Deal-for-Pompey-has-no.6096375.jp well I make it 4.30 now ask not for whom the bell tolls, just fid the t wat ringing it and kick him in the nuts Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 Before Corp Ho turns up...can I say... 'It ain't over til the Fat Lady Sings' You aren't out of the woods yet...in fact you may have turned into a cul-de-sac. :-D Link to comment Share on other sites More sharing options...
bridge too far Posted 23 February, 2010 Share Posted 23 February, 2010 Levi's name appears to have been removed already... (unless I'm going blind) You ARE going blind! His name is there. Link to comment Share on other sites More sharing options...
Saint Keith Posted 23 February, 2010 Share Posted 23 February, 2010 i would take it from his statements then that chainrai will be paying this weeks wages, and those until May. so he's in for another £12m-£15m Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 Apparently all media enquiries now go to Phil Hall, not to the club. Ever felt marginalised Mr Storrie....I'd get in the Merc and drive now. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 i would take it from his statements then that chainrai will be paying this weeks wages, and those until May. so he's in for another £12m-£15m I reckon there's some more twists and turns yet. Where's Dubai Phil when we need him...haha Link to comment Share on other sites More sharing options...
beatlesaint Posted 23 February, 2010 Share Posted 23 February, 2010 isn't there a further points punishment for clubs that have gone into admin twice? i think that's why bournemouth got -17 points. I would think they will be on very shaky ground when it comes to Financial irregularities. Look at Luton and as you say, to a lesser degree, Bournemouth. I dont think the -9 from the Premiership will be the end of any points deductions somehow. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 23 February, 2010 Share Posted 23 February, 2010 Interesting how, slowly, bit by bit, the truth is coming out. This little gem from the latest BBC report... http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm 'Pompey are currently controlled by Balram Chainrai and Levi Kushnir, who each have a 50% share in the club.' SO.....HAS LEVI KUSHNIR PASSED THE FIT AND PROPER TEST TOO? Has Chainrai??????? Link to comment Share on other sites More sharing options...
Danny Posted 23 February, 2010 Share Posted 23 February, 2010 Interesting how, slowly, bit by bit, the truth is coming out. This little gem from the latest BBC report... http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8527495.stm 'Pompey are currently controlled by Balram Chainrai and Levi Kushnir, who each have a 50% share in the club.' SO.....HAS LEVI KUSHNIR PASSED THE FIT AND PROPER TEST TOO? There's a difference between owner and controller, as far as I know. Chainrai has denied being owner - he simply has control of Al Faraj's shares. That's how he can put them into administration - he's doing it as a creditor not as part of the club. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 Has Chainrai??????? The other thing to consider is the mention of Portpin being the overall owner, which is where the Kushnir involvement comes in. Now, is a company allowed to own a club in that way? - what about changes at Companies House?! Even if it can, surely the Premier League should be completing suitable diligence on these individuals. The whole affair is more fishy smelling than Jordan's unmentionables. Link to comment Share on other sites More sharing options...
iansums Posted 23 February, 2010 Share Posted 23 February, 2010 Apparently all media enquiries now go to Phil Hall, not to the club. Ever felt marginalised Mr Storrie....I'd get in the Merc and drive now. He can't, Phil Hall has taken the keys! Link to comment Share on other sites More sharing options...
Gingeletiss Posted 23 February, 2010 Share Posted 23 February, 2010 There's a difference between owner and controller, as far as I know. Chainrai has denied being owner - he simply has control of Al Faraj's shares. That's how he can put them into administration - he's doing it as a creditor not as part of the club. If that's the case, how is he able to be in 'negotiations' to sell the club. Surely that is for the 'owners' to carry out!!!! Link to comment Share on other sites More sharing options...
SO16_Saint Posted 23 February, 2010 Share Posted 23 February, 2010 why is this the case? The spokesman said: "The serving of this notice means the winding up order is automatically suspended. "It means the club is safe, it can fulfil its fixtures and as far as is possible it is business as usual. "Administration would mean the club re-emerging as a healthy financial entity. 606: DEBATE Give your views on Pompey's future "It would then become an attractive proposition for a potential buyer who could invest new funds in Link to comment Share on other sites More sharing options...
INFLUENCED.COM Posted 23 February, 2010 Share Posted 23 February, 2010 i would take it from his statements then that chainrai will be paying this weeks wages, and those until May. so he's in for another £12m-£15m But if the club are in admin will he have to pay the wages to the extent that they have been paid, will he allow some to activate clauses in their contract and simply leave(if such a clause exists) ? If he is gonna be in for a further 12-15m why not pay off HMRC and avoid admin and utilise that time to find a buyer ? Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 There's a difference between owner and controller, as far as I know. Chainrai has denied being owner - he simply has control of Al Faraj's shares. That's how he can put them into administration - he's doing it as a creditor not as part of the club. Conflict of interests? Also, how can he, with a vested interest in avoiding the HMRC petition, make this decision without gaining High Court approval? What about the insolvency? Statement of Affairs???? (My cynical side feels that the Prem have a vested interest in the SoA issue being buried) Link to comment Share on other sites More sharing options...
SO16_Saint Posted 23 February, 2010 Share Posted 23 February, 2010 The whole affair is more fishy smelling than Jordan's unmentionables. ??? Link to comment Share on other sites More sharing options...
Gingeletiss Posted 23 February, 2010 Share Posted 23 February, 2010 606: DEBATE Give your views on Pompey's future Lol:D:D:D:D posted 3 Hours Ago Keith Mc What I want to know is, what is that clown John Anthony Portsmouth Football Club W******d gonna do? -------------------------------- He will have to change it to: John Anthony Tesco Formerly Portsmouth Football Club W******d when Fratton gets flattened and they build a Tesco on the site. Link to comment Share on other sites More sharing options...
Saints foreva Posted 23 February, 2010 Share Posted 23 February, 2010 Hmm, didn't Coventry do a similar thing to this a couple of seasons ago to make any takeover pick up some pace? Seemed to work for them... Link to comment Share on other sites More sharing options...
Danny Posted 23 February, 2010 Share Posted 23 February, 2010 If that's the case, how is he able to be in 'negotiations' to sell the club. Surely that is for the 'owners' to carry out!!!! Quite. Exactly what the difference is between control and ownership, I don't know - but there is one and Chainrai has been very careful about not confusing the two in public. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 So we have someone, who is not the official owner, acting as the owner trying to sell it, then if it doesn't go the way he wants, he gets to act as a creditor?? The whole thing is bullsh1t. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 23 February, 2010 Share Posted 23 February, 2010 Conflict of interests? Also, how can he, with a vested interest in avoiding the HMRC petition, make this decision without gaining High Court approval? What about the insolvency? Statement of Affairs???? (My cynical side feels that the Prem have a vested interest in the SoA issue being buried) This has always been my take on this, but for the benefit of 'benji'...I am not 100% sure. Link to comment Share on other sites More sharing options...
JonnyLove Posted 23 February, 2010 Share Posted 23 February, 2010 So. Hang on. The only assets they have currently are the players. However a small stumbling block. they will all be able to serve notice of breach of contract come Friday as they will not have been paid. Allowing them to find new clubs after 14 days. They will be allowed to sign and play this season because they are free agents. (I believe transfer windows don't count in this scenario). So If they go into admin. What Assets do they have. None apart from fixture and fittings. In this case someone comes in and pays 10p in every pound for well a wobbly chair and a notepad. Thats still the best part of what £7m? But bearing in mind HMRC won't take a CVA. They may well struggle to come out of admin and will probably still get wound up. The difference is that by going into admin the preferred creditors and not the HMRC get their money. Interesting. Link to comment Share on other sites More sharing options...
Danny Posted 23 February, 2010 Share Posted 23 February, 2010 Having said all that, Pompey's OS is now describing Chainrai as owner.... Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 Having said all that, Pompey's OS is now describing Chainrai as owner.... Have they paid them then? Christ they're on the up. :-D Link to comment Share on other sites More sharing options...
Joensuu Posted 23 February, 2010 Share Posted 23 February, 2010 http://www.pompeyonline.com/forums/showthread.php?t=55980 Love this: Is this the way to... Zameretto???????? WHERE WE WILL BE PLAYING NEXT SEASON http://www.southern-football-league.co.uk/ Link to comment Share on other sites More sharing options...
mcjwills Posted 23 February, 2010 Share Posted 23 February, 2010 I'm not sure if they can even go into admin atm but if they did they would be unlikely to get a CVA unless they pay the taxman back in full, so will get a points deduction next season. That may not be the case as there only has to be a 75% of the total debt agree to the CVA and if the ammount the HMRC are owed is below the 25%, t the CVA could be agreeed with out HMRC's objections being taken into account. Link to comment Share on other sites More sharing options...
bpsaint Posted 23 February, 2010 Share Posted 23 February, 2010 (edited) If it's being reported that way, then I guess Chainrai can place them in Admin. But, even if they go into Admin, that is not the end of it. * They still have no funds to pay the running costs. * All loanees will be sent back * Some contracts will be cancelled by mutual consent to allow those that can to find new clubs. * I still don't see how an Administrator can cover the running costs between now and the end of the season - unless Balloo is underwriting those too pending the TV money. * They will have to come out of Admin paying all the outstanding football debts, via a CVA - HMRC have a blocking vote on that so may play hardball to get as much of thier money back as poss. * No funds left to run the club next year. * No Ground * No Training Ground * Still the prospect of charges from the FA for improper payments and sanctions as a result of that. Not sure if thats right? We continued to play loanees whilst being in administration. Shame though,they'd struggle even more without O'Hara. Edited 23 February, 2010 by bpsaint Link to comment Share on other sites More sharing options...
Weston Saint Posted 23 February, 2010 Share Posted 23 February, 2010 The only rule I can find for Premier is the 9 points deduction. If PFC come out of Administration before the end of the season that will likely be that. If the Administration goes past the end of the season and PFC are relegated, as seems certain, they will have to apply to the FL to get the "golden share" and if they have not reached CVA with at least 75% of creditors, and we know the HMRC will not agree one, they will likely be subject to a further points deduction. As it is their second Administration it would likely attract a further 15 points. Anyone who has professional knowledge and wants to challenge my assumptions, I would be interested in their views. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 23 February, 2010 Share Posted 23 February, 2010 When I meant Jordan's fishiness..I meant this one ;-) Link to comment Share on other sites More sharing options...
Merovingian Posted 23 February, 2010 Share Posted 23 February, 2010 to me it sounds like chainrai is trying to force any interested parties hand - thats if there are any of course Link to comment Share on other sites More sharing options...
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