dubai_phil Posted 25 February, 2010 Share Posted 25 February, 2010 So Chainrai is funding the alleged admin, and I can only assume he is doing so for financial gain. By renting the stadium back the Pompey, Chainrai will stand to make £15million (over 15 years). However, each month that admin drags on he will be another £4 million out of pocket. By the time the transfer window re-opens Chainrai will have put more money into the club than he stands to gain via stadium rent. I can only assume that Chainrai is hoping for a quick sale after they enter admin. It's not even that much of a gamble, as if the buyers they have lined up don't come up with the cash, he can simply cut his losses and put the club into liquidation. It's spin, as owner who put them into admin the skate chat bloke says he atually has to do it Link to comment Share on other sites More sharing options...
Bongo badger Posted 25 February, 2010 Share Posted 25 February, 2010 Dont care who takes them through admin, what i do know is whoever is assigned to do the work will be working for the creditors and nothing else. We have to remember, the suits and rooms at SMS not to long ago had packing boxes in them that were ready to be shipped out. MF did what he could and if ML didnt step in we woul dhave gone to the wall. I fell skate will not have a happy ending and their boxes will in fact be taken outside when adim can not do anything for them and a buyer can not be found. I still think Monday could have an interesting twist Link to comment Share on other sites More sharing options...
treggs23 Posted 25 February, 2010 Share Posted 25 February, 2010 Dont care who takes them through admin, what i do know is whoever is assigned to do the work will be working for the creditors and nothing else. We have to remember, the suits and rooms at SMS not to long ago had packing boxes in them that were ready to be shipped out. MF did what he could and if ML didnt step in we woul dhave gone to the wall. I fell skate will not have a happy ending and their boxes will in fact be taken outside when adim can not do anything for them and a buyer can not be found. I still think Monday could have an interesting twist Mickey Fialka? Link to comment Share on other sites More sharing options...
Matthew Le God Posted 25 February, 2010 Share Posted 25 February, 2010 Mark Fry Link to comment Share on other sites More sharing options...
Joensuu Posted 25 February, 2010 Share Posted 25 February, 2010 Unlike our Administration, I can't see many of Pompey's creditors accepting a reduced amount for what they owe. Chainrai: (£10m?) will demand 100%, as the only secured creditor he stands to make all of his money back. The only reason for accepting less would be to keep the club alive for the loan money... HMRC: (£18m?) will demand 100% Gaydamak: (£30m?) might agree to a lesser amount as he will walk away with the valuable development plots. Football creditors: (£10m?) will demand 100%, as they know Pompey will have another point deduction next season if they dont' cough up. Others: (£1m?) their reaction will vary, and the amounts are releatively small As such, anyone purchasing them from admin is going to have to pay quite a few of the creditors in full. Guesstimate: A buyer would have to come up with at least £10million for a CCC club with no assets and 20 points deductions, who are possibly ineligible for the league; or at least £40million for a CCC club with no assets. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 25 February, 2010 Share Posted 25 February, 2010 Interesting thing in that webchat... Guess who Gaydamak used when in early stages of ownership to deal with his PR? Phil Hall. Link to comment Share on other sites More sharing options...
miserableoldgit Posted 25 February, 2010 Share Posted 25 February, 2010 Interesting thing in that webchat... Guess who Gaydamak used when in early stages of ownership to deal with his PR? Phil Hall. I thought that it was his brother Albert?? Link to comment Share on other sites More sharing options...
krissyboy31 Posted 25 February, 2010 Share Posted 25 February, 2010 Some Pompey bloke from portsmouth SOS giving a well reasoned arguement on SSN................. or not as the case maybe. He seriously seems like he has walked towards the SSN crew from off the street No that was that Mike Hall that was interviewed yesterday (their version of Nick Illingsworth, it would seem). He talked sense yesterday and again today, not like a Skate at all really! I was disappointed that as the interview was live outside Wellington that nobody drove past, wound the window down and bellowed "You Skate barsteward!" though. Link to comment Share on other sites More sharing options...
benjii Posted 25 February, 2010 Share Posted 25 February, 2010 It's spin, as owner who put them into admin the skate chat bloke says he atually has to do it He's not compelled to pay for it, but the reality is that no one would take it on without a guarantee of payment from something/someone more financially robust, shall we say, than PFC! Link to comment Share on other sites More sharing options...
positivepete Posted 25 February, 2010 Share Posted 25 February, 2010 Gaydamak: (£30m?) might agree to a lesser amount as he will walk away with the valuable development plots. I am not sure Gaydamak is actually owed the money, I think the money quoted is what he wants PFC to pay him to transfer the land owed by Miland Developments, that is the land surrounding the ground, which includes their head office etc. This is the land that Barclays and Coutts have had an interest in since September 17th 2009, which might suggest that Gaydamak has had his money from the bank using the land as collateral. I am guessing but I assume he released the ground when the £17m was paid by Sheik 2, which was loaned to him by ....... and the story goes on. If so, this will not be part of the proceedings. But to be honest who can be sure?! Though of course the ground without the surrounding land is worth????? Link to comment Share on other sites More sharing options...
benjii Posted 25 February, 2010 Share Posted 25 February, 2010 Unlike our Administration, I can't see many of Pompey's creditors accepting a reduced amount for what they owe. Chainrai: (£10m?) will demand 100%, as the only secured creditor he stands to make all of his money back. The only reason for accepting less would be to keep the club alive for the loan money... HMRC: (£18m?) will demand 100% Gaydamak: (£30m?) might agree to a lesser amount as he will walk away with the valuable development plots. Football creditors: (£10m?) will demand 100%, as they know Pompey will have another point deduction next season if they dont' cough up. Others: (£1m?) their reaction will vary, and the amounts are releatively small As such, anyone purchasing them from admin is going to have to pay quite a few of the creditors in full. Guesstimate: A buyer would have to come up with at least £10million for a CCC club with no assets and 20 points deductions, who are possibly ineligible for the league; or at least £40million for a CCC club with no assets. I agree with this. HMRC won't cut a deal out of principle. Gaydamak and Chanrai are in a stronger position then a creditor usually finds themselves in because they own assets (subject to any finding to the contrary!) that the insolvent company needs, or at least wants, in order to be viable in the future. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 25 February, 2010 Share Posted 25 February, 2010 He's not compelled to pay for it, but the reality is that no one would take it on without a guarantee of payment from something/someone more financially robust, shall we say, than PFC! Well, yes. For an administrator to take it on, they need to know that they will be paid by "the business" but for all intents and purposes, in this case, Chanrai is "the business". Link to comment Share on other sites More sharing options...
View From The Top Posted 25 February, 2010 Share Posted 25 February, 2010 In the current owner is paying the administration costs would be be able to claim those costs back at a later date from the Sky money? Link to comment Share on other sites More sharing options...
Saint Mikey Posted 25 February, 2010 Share Posted 25 February, 2010 I presume the land that Gaydamak owns around the stadium is registered to a separate company? So is protected if they go into Admin or Liquidation? If so, the Administrator will have fook all assets to sell. The stadium and the squad (both of dubious worth). What's the weather gonna be like next season? -20?! Link to comment Share on other sites More sharing options...
Winchester Red Posted 25 February, 2010 Share Posted 25 February, 2010 They would still need a CVA, however a CVA is granted on a 75% agreement of the total owed is required, so on the basis that they are around 65 million in debt, which is around 48 million Chanrai + Gadamak = ..... you guessed it 48 million, so they will probably get their CVA 75% of unsecured isn't it? Chainrai is secured and I think Gaydamak is to so they can't vote CVA won't be that easy to avoid Link to comment Share on other sites More sharing options...
Joensuu Posted 25 February, 2010 Share Posted 25 February, 2010 It's spin, as owner who put them into admin the skate chat bloke says he atually has to do it If the skate chap is right, then why would Chainrai bother with admin? Surely admin will just cost him £4m a month, and that will be an ongoing charge until the transfer window opens. Surely Chainrai would be better off cutting his losses and opting for liquidation on Monday? Link to comment Share on other sites More sharing options...
Winchester Red Posted 25 February, 2010 Share Posted 25 February, 2010 So Chainrai is funding the alleged admin, and I can only assume he is doing so for financial gain. By renting the stadium back the Pompey, Chainrai will stand to make £15million (over 15 years). However, each month that admin drags on he will be another £4 million out of pocket. By the time the transfer window re-opens Chainrai will have put more money into the club than he stands to gain via stadium rent. I can only assume that Chainrai is hoping for a quick sale after they enter admin. It's not even that much of a gamble, as if the buyers they have lined up don't come up with the cash, he can simply cut his losses and put the club into liquidation. PL paying the wages. They are football creditors. That is the deal Link to comment Share on other sites More sharing options...
benjii Posted 25 February, 2010 Share Posted 25 February, 2010 I presume the land that Gaydamak owns around the stadium is registered to a separate company? So is protected if they go into Admin or Liquidation? If so, the Administrator will have fook all assets to sell. The stadium and the squad (both of dubious worth). What's the weather gonna be like next season? -20?! Yes, that is exactly the point... except that in fact it's worse. The stadium is also not owned by PCFC Ltd (according to recent reports). The assets therefore seem to be: some player registrations goodwill a "golden share" (suspended) and, er.... Link to comment Share on other sites More sharing options...
Saint Mikey Posted 25 February, 2010 Share Posted 25 February, 2010 75% of unsecured isn't it? Chainrai is secured and I think Gaydamak is to so they can't vote CVA won't be that easy to avoid Plus, as I remember. The reason why Leeds, B'mouth and Luton all couldn't get their CVA's was because the HMRC would not agree to it. On much, much less sums owed. HMRC will flex as much to power as they own to get back as much as possible. They have to. This is a massively public case and they can't be seen to be taking it easy on football clubs. Not when they're owed £11m odd - that would fund a couple of schools! Link to comment Share on other sites More sharing options...
Pugwash Posted 25 February, 2010 Share Posted 25 February, 2010 yes, that is exactly the point... Except that in fact it's worse. The stadium is also not owned by pcfc ltd (according to recent reports). The assets therefore seem to be: Some player registrations goodwill a "golden share" (suspended) and, er.... tcwtb? Link to comment Share on other sites More sharing options...
Matthew Le God Posted 25 February, 2010 Share Posted 25 February, 2010 The assets therefore seem to be: some player registrations goodwill a "golden share" (suspended) and, er.... ...A huge loyal fanbase in a 20k stadium of 17k in the Prem 10k in the Championship 7k in League One Link to comment Share on other sites More sharing options...
Joensuu Posted 25 February, 2010 Share Posted 25 February, 2010 75% of unsecured isn't it? Chainrai is secured and I think Gaydamak is to so they can't vote CVA won't be that easy to avoid Not sure whether it's 75% of all debt or just unsecured, but each month HMRC's tax bill be be getting ever bigger... As Chainrai has now reduced his stake to c. £10m, the total debt has gone down to c. £55-60m. This means HMRC already have between 20 & 30% of the debt. Oh, and it's still growing. (as I said before, Chainrai, HMRC, and football debt won't settle for less than 100%. And between them they are already due about £35-40m, or 58-72% of the total debt... Without c. £40million, they can wave the CVA goodbye). Link to comment Share on other sites More sharing options...
Doctoroncall Posted 25 February, 2010 Share Posted 25 February, 2010 75% of unsecured isn't it? Chainrai is secured and I think Gaydamak is to so they can't vote CVA won't be that easy to avoid Not sure that is the case as I remember players being able to vote when Leeds had there CVA reviewed. Happy to be corrected. Link to comment Share on other sites More sharing options...
stevegrant Posted 25 February, 2010 Share Posted 25 February, 2010 Some Pompey bloke from portsmouth SOS giving a well reasoned arguement on SSN................. or not as the case maybe. He seriously seems like he has walked towards the SSN crew from off the street Worth pointing out that the bloke they interviewed there is the same bloke who wrote this article: http://fansonline.net/pompey-fans/article.php?id=6 Epic fail Link to comment Share on other sites More sharing options...
GenevaSaint Posted 25 February, 2010 Share Posted 25 February, 2010 PL paying the wages. They are football creditors. That is the deal Why would the PL be paying 2-3m / month wages for Portsmouth? Link to comment Share on other sites More sharing options...
JackFrost Posted 25 February, 2010 Share Posted 25 February, 2010 If the skate chap is right, then why would Chainrai bother with admin? Surely admin will just cost him £4m a month, and that will be an ongoing charge until the transfer window opens. Surely Chainrai would be better off cutting his losses and opting for liquidation on Monday? I'm sure Chainrai could come up with PR most suitable for this occasion. . . Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 25 February, 2010 Share Posted 25 February, 2010 Interesting news that Portsmouth Library have an amnesty at the moment... Which is good. Storrieteller can now take back 'How to Run a Business for Dummies' :-D http://www.portsmouth.co.uk/newshome/Amnesty-offered-at-libraries.6071673.jp Link to comment Share on other sites More sharing options...
Winchester Red Posted 25 February, 2010 Share Posted 25 February, 2010 Why would the PL be paying 2-3m / month wages for Portsmouth? Rumoured to be the deal they struck with Chainrai to keep the club going to the end of the season 'we can't forward you any money' (because we think it might disapear) 'but we will use your future revenue to pay football creditors directly'. That includes players - Chainrai sure as hell wasn't going to do it for 4 months Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 25 February, 2010 Share Posted 25 February, 2010 Sorry, I have it on good authority that he's returning this book.... :-D Link to comment Share on other sites More sharing options...
aintforever Posted 25 February, 2010 Share Posted 25 February, 2010 Why would the PL be paying 2-3m / month wages for Portsmouth? I'm guessing they would advance them the cash that's due at the end of the season + parachute payments. It would cause all sorts of grief to the PL if pompey folded so it's in their interests to keep them running. Also I expect they will actually be better off financially as I expect the total they will give to pompey would be less (like when we cashed in on Walcott early). The PL are not a charity, I think you can rest assure dthat anything they recieve now will mean they miss out on twice as much in the future. Would be great if their current players, Chanrai, Gaydamak n co walk off with all their next two years parachute cash - they will be ****ged. Link to comment Share on other sites More sharing options...
Gemmel Posted 25 February, 2010 Share Posted 25 February, 2010 Storrie Teller to do a cover version; Link to comment Share on other sites More sharing options...
Joensuu Posted 25 February, 2010 Share Posted 25 February, 2010 Rumoured to be the deal they struck with Chainrai to keep the club going to the end of the season 'we can't forward you any money' (because we think it might disapear) 'but we will use your future revenue to pay football creditors directly'. That includes players - Chainrai sure as hell wasn't going to do it for 4 months Any source for that WR? Surely if true the EPL would be opening themselves up to a lot of legal issues... And since when did the EPL become a bank anyway! Link to comment Share on other sites More sharing options...
Saint Keith Posted 25 February, 2010 Share Posted 25 February, 2010 lol, someone took this from a clever angle Link to comment Share on other sites More sharing options...
tony13579 Posted 25 February, 2010 Share Posted 25 February, 2010 Sorry, I have it on good authority that he's returning this book.... :-D Its a storie book, file it in the fiction section Link to comment Share on other sites More sharing options...
GenevaSaint Posted 25 February, 2010 Share Posted 25 February, 2010 I'm guessing they would advance them the cash that's due at the end of the season + parachute payments. All far too much for me, I really must concentrate on my job! I thought the PL offering up the money up front was mooted but then dismissed as unfeasible? Maybe that was before the move to administration. Meh. Who cares. They're on a terminal decline as far as we can all see at the moment. Link to comment Share on other sites More sharing options...
stevegrant Posted 25 February, 2010 Share Posted 25 February, 2010 All far too much for me, I really must concentrate on my job! I thought the PL offering up the money up front was mooted but then dismissed as unfeasible? Maybe that was before the move to administration. Meh. Who cares. They're on a terminal decline as far as we can all see at the moment. You have a PM Link to comment Share on other sites More sharing options...
Saint Keith Posted 25 February, 2010 Share Posted 25 February, 2010 Worth pointing out that the bloke they interviewed there is the same bloke who wrote this article: http://fansonline.net/pompey-fans/article.php?id=6 Epic fail Link to comment Share on other sites More sharing options...
Saint Keith Posted 25 February, 2010 Share Posted 25 February, 2010 you know what, im certain we haven't heard the last from HMRC on this. i cant believe they are going to just roll over and let pompey go into admin, without sticking their oar in surely, the admin order has to be approved by the court. im sure the hmrc might just have a lawyer or two accidently passing by the court tomorrow, and might just pop in and have a little chat Link to comment Share on other sites More sharing options...
View From The Top Posted 25 February, 2010 Share Posted 25 February, 2010 Worth pointing out that the bloke they interviewed there is the same bloke who wrote this article: http://fansonline.net/pompey-fans/article.php?id=6 Epic fail Link to comment Share on other sites More sharing options...
pedg Posted 25 February, 2010 Share Posted 25 February, 2010 you know what, im certain we haven't heard the last from HMRC on this. i cant believe they are going to just roll over and let pompey go into admin, without sticking their oar in surely, the admin order has to be approved by the court. im sure the hmrc might just have a lawyer or two accidently passing by the court tomorrow, and might just pop in and have a little chat Hopefully hear from them sometime tomorrow (which is Friday isn't is?) Link to comment Share on other sites More sharing options...
Pancake Posted 25 February, 2010 Share Posted 25 February, 2010 Its a storie book, file it in the fiction section Link to comment Share on other sites More sharing options...
Wes Tender Posted 25 February, 2010 Share Posted 25 February, 2010 I well remember Corporate Ho coming onto this site at the time of our administration and giving it large about how the Skates were simultaneously heading for the heights with their fake sheik number one. If I remember correctly, I also recall him entering the debate about whether we or they were in the better position at the time that we had been taken over by multi-billionaire Markus Liebherr and that it appeared that Fahim was not quite as wealthy as he first appeared. Even when fake sheik number two turned up, it seemed as if the jammy gits down the road had landed on their feet once more, although we were oce again in the ascendancy. There are one or two decent Skates who come on here and debate these things with humility and magnaminity. I feel genuine sorrow for them and some business acquaintances I have who are just unlucky enough to be Pompey supporters. But I'm afraid that I do not feel any sympathy towards those such a Corporate Ho who have gloated at our demise and cannot see how really good it feels to be rubbing their noses in it when the boot is on the other foot. I really do not know which option I would prefer; either them going into liquidation very soon and having to start in the lowest league that will allow them to join it, or to watch their slow demise with relegations at the end of this season, a further 20 points deduction next season taking them down to the third division and probably even another one the year after. Either way, we will very soon be above them once again, but this time it will probably be more than another quarter of a century before they get back to level terms with us, if ever again. Link to comment Share on other sites More sharing options...
View From The Top Posted 25 February, 2010 Share Posted 25 February, 2010 I'll ask again. If the current "owner" is going to pay the costs of administration/wages will he be able to then claim that back from the Sky money? Link to comment Share on other sites More sharing options...
Gingeletiss Posted 25 February, 2010 Share Posted 25 February, 2010 ...A huge loyal fanbase in a 20k stadium of 250,000 on Southsea common 17k in the Prem 10k in the Championship 7k in League One I have amended it for you;) Link to comment Share on other sites More sharing options...
Wes Tender Posted 25 February, 2010 Share Posted 25 February, 2010 I particularly liked the last line:- "But even if there is a late problem, personally I am going to try and remember that there are millions of football fans who would gladly swap places with us tomorrow..." What a difference less than a year down the road. Link to comment Share on other sites More sharing options...
Saint Keith Posted 25 February, 2010 Share Posted 25 February, 2010 my skate mate seems to think they have another few millions coming in from season ticket sales in march i seem to remember when we were in admin that we didnt sell any season tickets during that time is that just something mark fry thought was sensible, or is there some legal restriction to doing it Link to comment Share on other sites More sharing options...
Gemmel Posted 25 February, 2010 Share Posted 25 February, 2010 I'll ask again. If the current "owner" is going to pay the costs of administration/wages will he be able to then claim that back from the Sky money? You'd assume so. It would take that reveune stream / asset off the books, but if it funded the administartion then I'm sure he could de a deal with teh administrator. (I'm sure Leon's money to fund our wage bill would have been guranteed against something) Link to comment Share on other sites More sharing options...
RonManager Posted 25 February, 2010 Share Posted 25 February, 2010 my skate mate seems to think they have another few millions coming in from season ticket sales in march i seem to remember when we were in admin that we didnt sell any season tickets during that time is that just something mark fry thought was sensible, or is there some legal restriction to doing it As I recall we were not allowed to, as we had lost our 'golden share' at that time because we were in admin. Link to comment Share on other sites More sharing options...
Guest Dark Sotonic Mills Posted 25 February, 2010 Share Posted 25 February, 2010 my skate mate seems to think they have another few millions coming in from season ticket sales in march i seem to remember when we were in admin that we didn't sell any season tickets during that time is that just something mark fry thought was sensible, or is there some legal restriction to doing it Well, I would have thought that selling advance tickets to fixtures that may or may not be completed by an insolvent company, might just be deemed as gaining money by deception. Link to comment Share on other sites More sharing options...
Gemmel Posted 25 February, 2010 Share Posted 25 February, 2010 my skate mate seems to think they have another few millions coming in from season ticket sales in march i seem to remember when we were in admin that we didnt sell any season tickets during that time is that just something mark fry thought was sensible, or is there some legal restriction to doing it Had the same conversation a couple of days ago. Apparently we weren't allowed. Not sure if that is 100% correct...... if not blame Granty Link to comment Share on other sites More sharing options...
Recommended Posts