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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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S-Clarke

S-Clarke

Posted
Posted
Haven't seen this myself link?

 

it was a direct quote from the administrator guy.

 

he's approached the PL about stopping the -9 point penalty, the PL were ''muted'' on the matter, and it will be discussed next week.

 

shouldn't even be anything to discuss tbh.

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JonnyLove

JonnyLove

Posted
Posted
it was a direct quote from the administrator guy.

 

he's approached the PL about stopping the -9 point penalty, the PL were ''muted'' on the matter, and it will be discussed next week.

 

shouldn't even be anything to discuss tbh.

 

So it's micky F & LLS taking over. They will only take over if they can keep the points :)

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JackFrost

JackFrost

Posted
Posted
yep plus they are due 5m sky money soon.

I would myself caution all those who are saying they are finished etc as I beleive they have turned a deal and going to make many people throw their hands up in the air in disbelief.

 

As a saints fan I find it distatsteful that the PM has not mentioned other football clubs in the past when they have also gone into administration and how do fans at Chester, Bournemouth etc feel ?

 

LOL anyone would think he was concerned about an election coming up

 

Just shows how clueless he is when it comes to PR, it's his governmental department who wants Pompey liquidated

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RonManager

RonManager

Posted
Posted
Haven't seen this myself link?

 

Basically all the administrator said to SSN/Talksport and others is that he is going to ask the PL if there is any way that any concessions can be granted to help Poopety - these include the points deduction, advancements of the parachute payments and selling of players.

 

He knows full well what the answers will be but has to be seen to be 'turning every stone'.

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OldNick

OldNick

Posted
Posted

A copy of an e-mail I sent to the PM's office

'I find it very distaseful that you have offered your words of comfort to Portsmouth football club. This is a club who have been run on a boom and bust policy. How about all the other clubs who have been run prudently? Or bigger clubs like Southampton Leeds etc who have gone into administration but never had the same soothing words from you. Only today Chester have been expelled from the league and Bournemouth have been served with a winding up order. Just because Portsmouth are in the PL (and only been so due to buying their place and not being prudent) you have made it your business to make your statement. in time you will see it as a misjudgement to stand by their side as even the High court registrar agreed that they were being run whilst being insolvent. as your position as a former chancellor of the exchequer i think that they are not the club you should be cosying up to.'

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RonManager

RonManager

Posted
Posted
A copy of an e-mail I sent to the PM's office

'I find it very distaseful that you have offered your words of comfort to Portsmouth football club. This is a club who have been run on a boom and bust policy. How about all the other clubs who have been run prudently? Or bigger clubs like Southampton Leeds etc who have gone into administration but never had the same soothing words from you. Only today Chester have been expelled from the league and Bournemouth have been served with a winding up order. Just because Portsmouth are in the PL (and only been so due to buying their place and not being prudent) you have made it your business to make your statement. in time you will see it as a misjudgement to stand by their side as even the High court registrar agreed that they were being run whilst being insolvent. as your position as a former chancellor of the exchequer i think that they are not the club you should be cosying up to.'

 

Now you've done it - he'll be bullying you for evermore now.

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qwertySFC

qwertySFC

Posted
Posted

I am very happy that today has arrived and the possibility of some detailed research may actually happen in thier accounts.

 

With all of the stick we took from the Blue Circus less than 12 months ago was posted about us , I am loving them squim under the national microscope of having the honor of being the 1st premier league team to go into administration , a tag they can never throw off.

 

I HOPE that Story teller remains in post to squeeze some more cash out of them , I hope they fund his global trips to try and flog their "global brand", keep his merc going .

 

He is fast becoming the biggest joke in the history of the blue circus and I for one would like to offer him my sincere congratulations in the job he is doing and worth every penny ..the longer he stays the more we will see of this slooooww painful demise.....He is a hero.

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dubai_phil

dubai_phil

Posted
Posted
reading earlier about the % of unsecured debt warrants if the HMRC can stop them coming out with a CVA.

I would suspect that they have worked out a formula to allow it that the HRMC are not quite there. They have been working with some top minds for weeks to get this done.

The lady registrar fudged her decision and may have cost the revenue millions of £'s

 

Chillax Nick.

 

The CVA rule applies to not getting a points deduction next season.

 

But next season they will be in the CCC with the Law of Lord Haw Haw.

 

The FL are under huge pressure from HMRC with many more clubs facing trouble than the FAPL. As we saw, the FL can interpret their rules as they feel fit (they beat off a lot of legal brains to give us -10).

 

Which is my way of saying that while they may get a CVA without HMRC, but the FL will be very wary of further annoying HMR and the FL already have their own rule that they can interpret - it will be called Financial Irregularities. As Poorsmuff will HAVE to apply for membership of the CCC and to get their licence back they will get the same answer we got - minus 10 (or more) and you appeal we will wait until the appeal is heard before we allow you in our league. Should be in court in what? October?

 

Barrel over

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rallyboy

rallyboy

Posted
Posted

I just lost 75mins of my life catching up on today's posts, and that was skipping through the more odd ones, or people posting links to news we had discussed 24 hours earlier!

 

Overturn the 9pts? Non-starter, it's there in black and white.

 

Checking potential owners for funds? Wow, what a great idea, this man is obviously a sharp operator.....

 

Storrie to resign?...look again, he said he would tender it, 'according to his contract'...

is that with a 12month notice or payoff perhaps?

 

He stays put for the mo with his wage guaranteed as a football debt and then has a huge payoff while ironically taxpayers have to fund his prison time.

 

I don't see that much has changed today other than a few office staff are going to get shat on and the administrator now has the chance to dig through all the dirt.

They are still in a very big hole, depending on what he finds, the hole could yet get cavernous.

 

 

Where is the buyer with £30M to burn?

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Winchester Red

Winchester Red

Posted
Posted (edited)
Chillax Nick.

 

The CVA rule applies to not getting a points deduction next season.

 

But next season they will be in the CCC with the Law of Lord Haw Haw.

 

The FL are under huge pressure from HMRC with many more clubs facing trouble than the FAPL. As we saw, the FL can interpret their rules as they feel fit (they beat off a lot of legal brains to give us -10).

 

Which is my way of saying that while they may get a CVA without HMRC, but the FL will be very wary of further annoying HMR and the FL already have their own rule that they can interpret - it will be called Financial Irregularities. As Poorsmuff will HAVE to apply for membership of the CCC and to get their licence back they will get the same answer we got - minus 10 (or more) and you appeal we will wait until the appeal is heard before we allow you in our league. Should be in court in what? October?

 

Barrel over

 

It's been said loads of times on here guys that it's unsecured debts. Both Chainrai and Gaydamak are secured. HMRC will be 75% of the votes. Without their agreement there is no chance

 

Mr Android I thought acknowledged that they would need the HMRC on side to achieve it

Edited by Winchester Red
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tony13579

tony13579

Posted
Posted (edited)
yep plus they are due 5m sky money soon.

I would myself caution all those who are saying they are finished etc as I beleive they have turned a deal and going to make many people throw their hands up in the air in disbelief.

 

As a saints fan I find it distatsteful that the PM has not mentioned other football clubs in the past when they have also gone into administration and how do fans at Chester, Bournemouth etc feel ?

 

They wern't defending a Labour seat (opps mike hanc o c k is lib dem )... I cant use us name as it appears han****

Edited by tony13579
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Goalie66

Goalie66

Posted
Posted (edited)
Now you've done it - he'll be bullying you for evermore now.

 

Reply from Gordon Brown.

 

Sorry read your email with my bad eye. I thought I was told that HMS Victory had gone into Admin at that it would be a good idea to cheer up the locals with a few choice words of encouragement. You know they lost a flag ship 500 years ago so they are quite sensitive about words such as "sinking" "keeping afloat" if your get my drift.

 

In any event I am sure my colleagues at HMRC will keep you fully informed of the interest accumulating each day on their overdue payments as we are considering adjusting these rates to current unsecured lending rates of 2346%.APR.

 

Therefore, by the time they resurface we might have a nice little tax torpedo for them.

 

Your humble superior

 

G.Brown

Edited by Goalie66
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hutch

hutch

Posted
Posted

I was starting to think that we need to drop the mindset that everything that we hear coming out of PFC is a load of old böllocks, and actually start to give some credence to what the new guy in charge was saying.

 

Then he told us that we shouldn't take it for granted that Pompey would have any points deducted for going into administration.

 

So, it's more of the same then.

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Secret Site Agent

Secret Site Agent

Posted
Posted

Just watched the 'Westywoody' interview on this page

 

http://news.bbc.co.uk/1/hi/england/hampshire/8538776.stm

 

Whose that feller at the bottom of the screen?

And what is he doing to westie down there?

And did they come from somewhere in Hoton Heath?

And is it appropriate to be interviewed on National Television with that sort of thing going on?

 

We need to know.

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badgerx16

badgerx16

Posted
Posted (edited)

Statement from the EPL

 

http://www.premierleague.com/page/Headlines/0,,12306~1978356,00.html

 

"

"The Premier League can confirm it has received notice from Portsmouth FC that it has suffered an Event of Insolvency and entered administration.

"The Board will now convene to invoke its rules and policy in relation to this matter.

 

blank.gif?ts=20100226184144&cmxid=2101.020006638500696151xmc

"The Board will also meet the Administrator at the earliest opportunity to receive their views on the financial status of Portsmouth FC and set out the conditions for the club to fulfil its commitments for the remainder of the season. "We understand the need to act as swiftly and transparently as possible; however there is a process which means we can only provide comment at the appropriate junctures."

 

 

Take into account this statement made at the start of the season re financial control

http://www.premierleague.com/page/Headlines/0,,12306~1797644,00.html

 

With regard to the 9 points, ( this was posted earlier on this thread );

 

The section on Sporting Sanction in the rule book covers rules 60-70

http://www.premierleague.com/staticFiles/c5/47/0,,12306~149445,00.pdf

 

Sporting Sanction

60. Upon a Club or its Parent Undertaking suffering an Event of Insolvency the Board shall have the power to impose upon the Club a deduction of 9 points scored or to be scored in the League competition. If the Board exercises this power it shall forthwith give written notice to the Club to that effect.

61. Subject to Rule C.62, the Club may appeal against the deduction of points by sending or delivering to the Secretary Form 2 so that he receives the same together with a deposit of £1,000 within 7 days of the date of the notice given under the provisions of Rule C.60.2 (time

of the essence).

62. The only ground upon which a Club may appeal as aforesaid is that

62.1 the Event of Insolvency was caused by and resulted directly from circumstances, other than normal business risks, over which it could not reasonably be expected to have had control; and

62.2 its Officials had used all due diligence to avoid the happening of that event.

63. An appeal under the provisions of Rule C.61 shall lie to an appeal tribunal which shall hear the appeal as soon as reasonably practicable. The appeal tribunal shall be appointed by the Board and shall comprise 3 members of the Panel including:

63.1 an authorised insolvency practitioner and

63.2 a legally qualified member who shall sit as chairman of the tribunal.

64. The chairman of the appeal tribunal shall have regard to the procedures governing the proceedings of Commissions and Appeal Boards set out in Section R of these Rules but, subject as aforesaid, shall have an overriding discretion as to the manner in which the appeal is

conducted.

65. The Club shall have the onus of proof of the matters set out in the appeal on the balance of probabilities.

66. If the members of the appeal tribunal are not unanimous the decision of the majority of them shall prevail.

67. The appeal tribunal shall give written reasons for its decision.

68. Members of the appeal tribunal shall be entitled to receive from the Company a reasonable sum by way of fees and expenses.

69. The appeal tribunal shall have the following powers:

69.1 to allow or dismiss the appeal;

69.2 to order the deposit to be forfeited to the Company or repaid to the appellant Club;

69.3 to order the appellant Club to pay or contribute to the costs of the appeal including the fees and expenses of members of the appeal tribunal paid or payable under Rule C.68.

70. The decision of the appeal tribunal shall be final and binding on the appellant Club.

Edited by badgerx16
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Gingeletiss

Gingeletiss

Posted
Posted
Statement from the EPL

 

http://www.premierleague.com/page/Headlines/0,,12306~1978356,00.html

 

"

"The Premier League can confirm it has received notice from Portsmouth FC that it has suffered an Event of Insolvency and entered administration.

"The Board will now convene to invoke its rules and policy in relation to this matter.

 

blank.gif?ts=20100226184144&cmxid=2101.020006638500696151xmc

"The Board will also meet the Administrator at the earliest opportunity to receive their views on the financial status of Portsmouth FC and set out the conditions for the club to fulfil its commitments for the remainder of the season. "We understand the need to act as swiftly and transparently as possible; however there is a process which means we can only provide comment at the appropriate junctures."

 

 

Take into account this statement made at the start of the season re financial control

http://www.premierleague.com/page/Headlines/0,,12306~1797644,00.html

 

With regard to the 9 points, ( this was posted earlier on this thread );

 

The section on Sporting Sanction in the rule book covers rules 60-70

http://www.premierleague.com/staticFiles/c5/47/0,,12306~149445,00.pdf

 

Sporting Sanction

60. Upon a Club or its Parent Undertaking suffering an Event of Insolvency the Board shall have the power to impose upon the Club a deduction of 9 points scored or to be scored in the League competition. If the Board exercises this power it shall forthwith give written notice to the Club to that effect.

61. Subject to Rule C.62, the Club may appeal against the deduction of points by sending or delivering to the Secretary Form 2 so that he receives the same together with a deposit of £1,000 within 7 days of the date of the notice given under the provisions of Rule C.60.2 (time

of the essence).

62. The only ground upon which a Club may appeal as aforesaid is that

62.1 the Event of Insolvency was caused by and resulted directly from circumstances, other than normal business risks, over which it could not reasonably be expected to have had control; and moz-screenshot-8.png

62.2 its Officials had used all due diligence to avoid the happening of that event. moz-screenshot-9.png

63. An appeal under the provisions of Rule C.61 shall lie to an appeal tribunal which shall hear the appeal as soon as reasonably practicable. The appeal tribunal shall be appointed by the Board and shall comprise 3 members of the Panel including:

63.1 an authorised insolvency practitioner and

63.2 a legally qualified member who shall sit as chairman of the tribunal.

64. The chairman of the appeal tribunal shall have regard to the procedures governing the proceedings of Commissions and Appeal Boards set out in Section R of these Rules but, subject as aforesaid, shall have an overriding discretion as to the manner in which the appeal is

conducted.

65. The Club shall have the onus of proof of the matters set out in the appeal on the balance of probabilities.

66. If the members of the appeal tribunal are not unanimous the decision of the majority of them shall prevail.

67. The appeal tribunal shall give written reasons for its decision.

68. Members of the appeal tribunal shall be entitled to receive from the Company a reasonable sum by way of fees and expenses.

69. The appeal tribunal shall have the following powers:

69.1 to allow or dismiss the appeal;

69.2 to order the deposit to be forfeited to the Company or repaid to the appellant Club;

69.3 to order the appellant Club to pay or contribute to the costs of the appeal including the fees and expenses of members of the appeal tribunal paid or payable under Rule C.68.

70. The decision of the appeal tribunal shall be final and binding on the appellant Club.

 

 

Should be e-mailed to the PL.......transparently my r's, a word that they have failed to adhere to regarding Poor smouth.

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Secret Site Agent

Secret Site Agent

Posted
Posted
It is only because he was asked about Pompey, what else could he have said? If at the time Saints went into administration he'd have said the same. You can pretty much guarantee any politician asked that question would respond in exactly the same way. Brown wouldn't want to annoy potential Labour voters in Portsea with an upcoming general election.

 

I don't agree with that.

 

The travelling community don't vote.

 

So no voters from the whole of Portsmouth I'm afraid.

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Matthew Le God

Matthew Le God

Posted
Posted

Michael Mifsud to Pompey?

 

Strange as a transfer embargo was meant to be back in place.

 

http://www.portsmouth.co.uk/frattonlatest/Fresh-transfer-embargo-for-Pompey.6106232.jp

 

Mifsud was training with Southampton earlier in the season but didn't do enough to earn a contract in League One.

 

http://www.coventrytelegraph.net/coventry-city-fc/football-rumours-gossip/2010/02/26/michael-mifsud-offered-portsmouth-trial-92746-25919787/

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