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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Legod Third Coming

Legod Third Coming

Posted
Posted
The Barclays thing is a massive red-herring. Forget it.

 

As I said above, the second security would have to have been preceded by a fresh loan in the prior 21 days. It's not a "normally"; it's an absolute or your charge would become an equitable charge only, not a legal charge.

 

F**k me, what do you do for a living???

dubai_phil

dubai_phil

Posted
Posted
can we have a jokes page?

 

The weather is warming up in Soton but it's -9 in pompey.

 

I'm sure there's alot worse and predicable than that.

 

Apparently the Mary Rose is being readied to run Booze Cruises next year for tourists.

 

Stupid I hear?

 

Well, it's a hell of a lot more likely than Poorsmuff ever getting back into the PL

Gingeletiss

Gingeletiss

Posted
Posted
read they got paid yesterday

 

Yeh....skate boards hailing Chainrai as a hero, for paying them on time......methinks the PL whom they have slagged off big time, may have claim to that hero status IMO.

Colinjb

Colinjb

Posted
Posted
Yeh....skate boards hailing Chainrai as a hero, for paying them on time......methinks the PL whom they have slagged off big time, may have claim to that hero status IMO.

 

Oh, they are going to LOVE the Football League.

Welcome aboard Skates.

dubai_phil

dubai_phil

Posted
Posted

 

Lol

 

I don't like to keep harping on at the fact that we seem to be intellectually superior to them, but considering that we know where he lives, we know he has planning permission and has already started work on his extension.......

 

And they get Does anyone know his exact address details???

 

We should have a meeting point near his house...and then all walk to his house
.

 

Someone should drop them a hint that it's on Portsea Island :p

Saint Keith

Saint Keith

Posted
Posted
Lol

 

I don't like to keep harping on at the fact that we seem to be intellectually superior to them, but considering that we know where he lives, we know he has planning permission and has already started work on his extension.......

 

And they get Does anyone know his exact address details???

 

.

 

Someone should drop them a hint that it's on Portsea Island :p

 

should tell them to take their passports, as its classed as abroad

 

although tbh, most of them dont have a passport. my 1st wife was 22 before she actually went outside of portsmouth. she used to get a nosebleed going north of fratton bridge

Chin Strain

Chin Strain

Posted
Posted
Lol

 

I don't like to keep harping on at the fact that we seem to be intellectually superior to them, but considering that we know where he lives, we know he has planning permission and has already started work on his extension.......

 

And they get Does anyone know his exact address details???

 

.

 

Someone should drop them a hint that it's on Portsea Island :p

 

Hmmm, new front wall and gates as part of the build. Well, that might just come in useful. I wonder if he's submitted an amendment to make the wall 20ft high...

Gingeletiss

Gingeletiss

Posted
Posted
Hmmm, new front wall and gates as part of the build. Well, that might just come in useful. I wonder if he's submitted an amendment to make the wall 20ft high...

 

I've heard that it should be built in 48 hours.......

holepuncture

holepuncture

Posted
Posted

The taxman will not let this drop, they have unfinished business with the skates!

 

Years of investigation and expenditure by HMRC, the old bill etc

 

Admin or liquidation, they will get very little either way, they wont just roll over!

Gingeletiss

Gingeletiss

Posted
Posted
and that he's got 4 or 5 builders very interested in doing the work, and is hopeful an agreement can be reached

 

I'm sure it will be fine, he's had two phone calls about this, and an e-mail!!

Saint Keith

Saint Keith

Posted
Posted
I'm sure it will be fine, he's had two phone calls about this, and an e-mail!!

 

he's restructuring the property to make it more attractive to a number of potential buyers, and therefore doesnt expect it to be on the market long

tommi

tommi

Posted
Posted

Glad to see all the experts are still on this thread telling us what's going to happen to the Skates. Has anyone got anything right yet?? Have they gone bust, are they liquidated? hahaha, not a chance... :-)

benjii

benjii

Posted
Posted
Glad to see all the experts are still on this thread telling us what's going to happen to the Skates. Has anyone got anything right yet?? Have they gone bust, are they liquidated? hahaha, not a chance... :-)

 

In fairness I think there are probably quite a few posts predicting that they would go into admin before the second hearing of the winding-up petition.

Under Weststand

Under Weststand

Posted
Posted
I'm sure it will be fine, he's had two phone calls about this, and an e-mail!!

He's been on the phone almost non stop with one builder, the builder is just waiting for proof of funds to be lodged with the bank before he starts in the morning!

Chin Strain

Chin Strain

Posted
Posted
Glad to see all the experts are still on this thread telling us what's going to happen to the Skates. Has anyone got anything right yet?? Have they gone bust, are they liquidated? hahaha, not a chance... :-)

 

Chanrai is attempting a stitch up and is trying to walk with pretty much all his money. Meanwhile HMRC are wise to it, and put the brakes on....Pompey die Monday.

Saint_clark

Saint_clark

Posted
Posted

Chainrai has said he will pay running costs through the admin process, but when it gets 3-4 months down the line with no sign of other investment I wonder if he will still be so generous.

View From The Top

View From The Top

Posted
Posted
Glad to see all the experts are still on this thread telling us what's going to happen to the Skates. Has anyone got anything right yet?? Have they gone bust, are they liquidated? hahaha, not a chance... :-)

 

Are you just acting thick?

Saint_clark

Saint_clark

Posted
Posted

OK OK, I haven't been on here for the last couple of days, can someone explain what this is about Chainrai trying to walk away with all the money and the HMRC being wise to it?

(Before someone says I should have been more dedicated, there is a perfectly valid reason why I haven't paid much attention).

FloridaMarlin

FloridaMarlin

Posted
Posted
Not sure if this has been touched upon - anyone know if this is normal procedure for football clubs?

 

"Interest from a South African-based consortium cooled when they discovered that the club's merchandising revenue has already been licensed to a third party for three years, cutting off a crucial source of revenue. It is understood to be one of many examples of future income being sold to meet current debts."

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7309718/Portsmouth-owner-Balram-Chainrai-first-in-line-for-17m-repayment-as-secured-creditor.html

 

I wonder if that third party is still a former striker?

 

Back in the day before they ever got anywhere near the Prem, they couldn't afford to give a certain diminutive, tricky little striker what he was asking for in wages so they gave him the merchandising and kit licence, thinking it wouldn't be worth much.

 

It was the year they reached the FA Cup semi-final and he cleaned up with replica shirts. Of course, the club didn't see a penny of it.

 

Even funnier, when he left the club, he still held the franchise. Not only did he rake in the money from the merchandising, they actually had to pay HIM for all their playing kit, which he got made dirt cheap in South African sweat shops and sold to them for top dollar!

benjii

benjii

Posted
Posted
OK OK, I haven't been on here for the last couple of days, can someone explain what this is about Chainrai trying to walk away with all the money and the HMRC being wise to it?

(Before someone says I should have been more dedicated, there is a perfectly valid reason why I haven't paid much attention).

 

Chanrai is like Aviva or Barclays were when we were in admin. He's owed money and any deal to come out of admin will probably need his acceptance. The main difference is that he's also managed to squirrel away the stadium so to a large extent he has any new purchaser over a barrel and so has strengthened his negotiation position.

Saint_clark

Saint_clark

Posted
Posted
Chanrai is like Aviva or Barclays were when we were in admin. He's owed money and any deal to come out of admin will probably need his acceptance. The main difference is that he's also managed to squirrel away the stadium so to a large extent he has any new purchaser over a barrel and so has strengthened his negotiation position.

 

So basically if he isn't happy with any deal, he could just let them die and take the majority of money made from selling off the assets?

Goalie66

Goalie66

Posted
Posted
In fairness I think there are probably quite a few posts predicting that they would go into admin before the second hearing of the winding-up petition.

 

And they think Admin is preferable to liquidation on Monday... Well when there is still no buyer in two months time and Chanrai's pockets get emptier by the minute they might have wished for the Phoenix to have risen,

 

Instead they will realise with points deductions next season for second time in Admin, Directors operating fraudalently,no CVA, no players, no training facilities that -30 points might also have affect on their "hardcore" as they plunge into Div2 as the icy wind of fate matches the temperature of their slow ,painful oblivion .

View From The Top

View From The Top

Posted
Posted
Chanrai is like Aviva or Barclays were when we were in admin. He's owed money and any deal to come out of admin will probably need his acceptance. The main difference is that he's also managed to squirrel away the stadium so to a large extent he has any new purchaser over a barrel and so has strengthened his negotiation position.

 

He's basically going to get all of the cash he's owed, being a secured creditor, and then still have the ground to rent back to them at £1mill per year?

rallyboy

rallyboy

Posted
Posted

what do you call a good season? Any one in which your local rivals get relegated in February!

 

A few of us has guessed at March but it's earlier than most expected.

 

And after six months waiting I have finally seen the precisely-worded headline I've been hoping for, and fittingly it's the News that has delivered -

 

'Pompey on the brink'......mmmm, nice.

 

This is a golden era.

benjii

benjii

Posted
Posted
So basically if he isn't happy with any deal, he could just let them die and take the majority of money made from selling off the assets?

 

Yep, pretty much and then negotiate with the council over selling the stadium to Tesco I guess.

Reggie Dunlop

Reggie Dunlop

Posted
Posted

Should be interesting loaning a ground back to a club that if they do not get out of administration will not be able to buy players, have an embargo against them which means that they can't loan players and players leaving at the end of the season (our of contact) add to this possibly a 15 point deduction if they get a cva and don't come out of administration the future don't look good if they manage to survive at all.

tommi

tommi

Posted
Posted
Are you just acting thick?

 

Lol, no, I don't think so. I was asking a genuine question. Sorry, but from where I'm sitting, Pompey will still be playing at the weekend, and 99.9% sure they will still be playing and fulfilling their Premiership fixtures until the end of the season. I'd love to be proven wrong, but on this occasion I think I will allow common sense to prevail. Nothing in the world of business is black and white, if it were, Pompey would have been liquidated 2 or 3 weeks ago. Instead, they have the support of the premier league, FIFA, some extremely dodgy administration laws and probably some of the best financial/legal brains in the land. Money talks. Even when you don't have any. We live in the real world.

benjii

benjii

Posted
Posted
He's basically going to get all of the cash he's owed, being a secured creditor, and then still have the ground to rent back to them at £1mill per year?

 

If not all, then much of it (depending on his income from the stadium or if he can sell it). Having said that, the status of Gaydamak and his debts is still uncertain. It's hard to predict with any accuracy because you would have to say there are "question marks" over some of these people's motives.

benjii

benjii

Posted
Posted
Lol, no, I don't think so. I was asking a genuine question. Sorry, but from where I'm sitting, Pompey will still be playing at the weekend, and 99.9% sure they will still be playing and fulfilling their Premiership fixtures until the end of the season. I'd love to be proven wrong, but on this occasion I think I will allow common sense to prevail. Nothing in the world of business is black and white, if it were, Pompey would have been liquidated 2 or 3 weeks ago. Instead, they have the support of the premier league, FIFA, some extremely dodgy administration laws and probably some of the best financial/legal brains in the land. Money talks. Even when you don't have any. We live in the real world.

 

I think that is a very pragmatic and sensible post but if Chanrai hadn't decided to fund administration (at least for a while), which must have been an uncertainty (especially once he had taken ownership of the stadium) then I don't think there is anything that the PL, Fifa or even the mighty Storrie could have done to avert liquidation.

badgerx16

badgerx16

Posted
Posted
from where I'm sitting, Pompey will still be playing at the weekend, and 99.9% sure they will still be playing and fulfilling their Premiership fixtures until the end of the season. .

Possibly true, but then what ? This is based on the presumption that PCFC come out of the other end of admin with a pulse, let alone a CVA. This will only ever be a stay of execution, not a reprieve.

positivepete

positivepete

Posted
Posted

From the blog on the BBC yesterday

 

http://www.bbc.co.uk/blogs/mattslater/2010/02/portsmouth_fc_in_crisis_qa.html

 

169. At 1:01pm on 25 Feb 2010, Matt Slater wrote:

One more thing about Andronikou....he has Pompey admin previous. He was part of administrator Tom Burton's team when the club was in admin before Mandaric took over. Burton did a decent job (certainly from an IP's point of view) so it can happen.

saintbletch

saintbletch

Posted
Posted
He's basically going to get all of the cash he's owed, being a secured creditor, and then still have the ground to rent back to them at £1mill per year?

 

OK. I can see that Chainrai has apparently played a blinder so far in that he's manipulated the assets, the WUO and ducked the HMRC bill. But, he's setting himself up for quite a bill for wages (assuming he supports the administration as he has said he will) and all of this has damaged the product that he's now trying to sell.

 

He will basically be offering a Championship club, that will be unlikely to get a CVA and so will start on -ve points. So from a purchasing perspective you are buying a L1 club.

 

It will also have the spectre of a company that has traded insolvently with the potential additional points penalty that it might bring.

 

Three of the clubs previous directors are charged with cheating the public revenue so could also land the club with additional points deductions (Luton) - and maybe not in the next season but beyond that.

 

The club will be renting it's ground which will give it cash flow problems for years to come (Palace) - or someone will have to stump up another ~£10M+ to get the ground.

 

The club's squad will likely have been decimated or they will be paying silly money to buy Prem players out of contracts (unless their contracts state a big drop if relegated).

 

They will likely have dipped into the their first year's parachute payment which I believe the Premier League has said it will pay directly to debtors so Chainrai can't get his hands on this easily.

 

For these reasons I'm not sure Chainrai is sitting pretty OR there is something that hasn't yet come to light that will make this all make sense.

dubai_phil

dubai_phil

Posted
Posted (edited)
Glad to see all the experts are still on this thread telling us what's going to happen to the Skates. Has anyone got anything right yet?? Have they gone bust, are they liquidated? hahaha, not a chance... :-)

 

you are quite right, we certainly haven't got anything right. I mean here we were back in August gettng it so completely wrong

 

08-08-2009, 07:07 AM

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Originally Posted by thorpie the sinner viewpost.gif

I would take the security of our position any day of the week! Their season isn't going to be much fun being battered week in week out!

 

Being battered isn't their only problem.

 

SBT is now being reported as having only around 60-70mil which in terms of "disposable assets" at this point is probably about right. He was NEVER the money man at Man City despite ALL his public pronouncements at the time (and how fast did his "mates" move him out of THAT seat... This time he tried the same trick with Taksin and got rumbled and is now trying to simply save face. SBT was never really more than a whacko Jacko with a suntan and an understanding of PR and a spell checker.

 

They have to repay debt fast so players go. SBT will not have the same borrowing power that "Pops" had for his boy.

 

So, IF the deal goes through, SBT gets the club for a quid and his disposable wealth is less than is needed to rebuild a "properly costed and sustainable wage bill", and he has a transfer window about to close...

 

Buy a new squad, get it to gel in the last month of the window - nope won't happen....

 

In the WORST case, the deal itself falls flat and they fall into admin, THEN what is there for the administrator to sell?

 

1) A PL income for one year plus parachute payments

2) Admin will not end before the window shuts - so no sqaud improvements possible except for some Bosmans, so even if a money man came in he couldn't spend until January

3) Little or no tangible assets, a high maintenance old stadium and a fanbase disgruntled at the exhorbitant prices they have been forced to pay for ST's

 

Those conditions rule out asset strippers and make it impossible to plan a leveraged buy-out unless the administrator accepts a very low bid.

 

Then a season of PL wallopings but still some PL salaries for the CCC.

 

Then also compare them with other clubs up for sale at the moment, which would be the better investment opportunity for anyone other than a wealthy fan?

 

Their BEST bet in that situation is an MJ type who can milk the parachute payments, worst case, they may not FIND a buyer.

 

No assets, limited squad, recession... they have UNCERTAINTY about their future, IMHO as we've just experienced, that is a far more worrying position to be in AT THIS moment in time than being in L1 with a season ahead of us.

 

So to be fair it took longer and 2 more owners and of course I didn't see the asset strippers being the owners. But even from this link Thorpie was also spot on, how many games have they won to date this season?

Edited by dubai_phil
View From The Top

View From The Top

Posted
Posted
OK. I can see that Chainrai has apparently played a blinder so far in that he's manipulated the assets, the WUO and ducked the HMRC bill. But, he's setting himself up for quite a bill for wages (assuming he supports the administration as he has said he will) and all of this has damaged the product that he's now trying to sell.

 

He will basically be offering a Championship club, that will be unlikely to get a CVA and so will start on -ve points. So from a purchasing perspective you are buying a L1 club.

 

It will also have the spectre of a company that has traded insolvently with the potential additional points penalty that it might bring.

 

Three of the clubs previous directors are charged with cheating the public revenue so could also land the club with additional points deductions (Luton) - and maybe not in the next season but beyond that.

 

The club will be renting it's ground which will give it cash flow problems for years to come (Palace) - or someone will have to stump up another ~£10M+ to get the ground.

 

The club's squad will likely have been decimated or they will be paying silly money to buy Prem players out of contracts (unless their contracts state a big drop if relegated).

 

They will likely have dipped into the their first year's parachute payment which I believe the Premier League has said it will pay directly to debtors so Chainrai can't get his hands on this easily.

 

For these reasons I'm not sure Chainrai is sitting pretty OR there is something that hasn't yet come to light that will make this all make sense.

 

He'll use the parachute payment money to cover his costs of funding administration.

 

He's played a blinder.

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