Pompey Takeover Saga

[Wes Tender]

Yep..

 

But it is also a psychological game - and you are right in your analysis. Think back to ours and there WAS the possibility of legal action to challenge the ruling for quite some time, until Lord Haw Haw had . That did impact on some of the decisions by people to look into buying the club in the early days. 14mil for a CCC club was a REALLY good deal.

 

Oh and don't worry about Dubai (or Abu Dhabi) they understand the rules. They have TV here now

 

There WAS the possibility of us appealing our points deduction because we had hoped to use a technicality to get us off it. As it was, that technicality might have held water in a court of law, but Mawhinney had threatened that if we challenged it, the penalty would have been greater. The grey area was that we were part of a club effectively and the club makes the rules.

 

I was not railing against Grant playing mind games when I'm sure that he is probably intelligent enough to realise that there is no way that they will get away with it. What rankled was the naivety of the journalist, who if he was going to enquire about the points deduction, ought to have been well enough briefed about it to have had some sort of comeback that wouldn't have made him look as if he didn't know what he was doing.

[View From The Top]

When Solent interviewed James it was clear he fully expected the -9pts.

 

Grant is just a co*k.

[tony13579]

When Solent interviewed James it was clear he fully expected the -9pts.

 

Grant is just a co*k.

 

I dont think Grant understands he will have to sell his squad. In fact he is probobly applying for another transfer window so he can buy more! I love seeing his ashen face

[Torrent Of Abuse]

Let Pompey appeal...

 

...with the understanding that if they lose the appeal, the penalty is increased.

[ART]

First of the Sunday's stories of Skateville horror spectacle from the News of the Screws.

 

http://www.newsoftheworld.co.uk/sport/football/741881/PORTSMOUTHS-CRAZY-SPENDING-REVEALED.html

 

Anyone think Saints will have a case for gaining back the 10 points if the Skates succeed in not losing 9 points as they think it's unjustified?

[StD]

But the News of the World can reveal Storrie's nephew was on the staff as Pompey's 'player liaison officer' - on an incredible £60,000 a year.

 

Paul Mullally hired cars, did odd-jobs and ensured the players stayed on top of bills.

 

It's a shame the remit of Mr Mullally's job wasn't to also ensure the club stayed on top of bills

 

"Only one Peter Storrie..."

[Tamesaint]

Tanya on £250k!!!

 

They could have got a decent Finance Director for less than that.

[ART]

And the farce continues in that Ballram Chainrai plans to buy back Skates from Administration. It's just not on.

 

http://www.mirrorfootball.co.uk/news/Portsmouth-farce-continues-as-ex-owner-Balram-Chainrai-bids-to-buy-back-club-Exclusive-article337443.html

[Wes Tender]

On Match of the Day, the pundits discussed the 9 point penalty following the interview with well known local massage parlour regular Grant. Linneker opined that the nine point penalty was unfair on the Skates and that there ought not to be these penalties.

 

Previously, I had a great deal of respect for Linneker, but now I feel that his main vocation ought to be advertising potato crisps.

[Matthew Le God]

Anyone think Saints will have a case for gaining back the 10 points if the Skates succeed in not losing 9 points as they think it's unjustified?

 

Pompey won't succeed and even if they did the Premier League is a different governing body with different rules to the Football League.

[badgerx16]

And the farce continues in that Ballram Chainrai plans to buy back Skates from Administration. It's just not on.

 

http://www.mirrorfootball.co.uk/news/Portsmouth-farce-continues-as-ex-owner-Balram-Chainrai-bids-to-buy-back-club-Exclusive-article337443.html

Unfortunately it's quite legal. You must hope that HMRC has over 26% of the debt affecting the CVA

[badgerx16]

Anyone think Saints will have a case for gaining back the 10 points if the Skates succeed in not losing 9 points as they think it's unjustified?

 

Pompey won't succeed and even if they did the Premier League is a different governing body with different rules to the Football League.

 

MLG is correct; assuming the EPL stick to their rule book, rule 62 says they will fail in their appeal. :cool:

[Pugwash]

Getting on for 18500 posts now and I can't keep up.

 

Has anything official been published about Monday's hearing? Is it going ahead or not? Or is it just a brief five minutes to confirm suspension of the proceedings?

[rallyboy]

Lineker doesn't understand the situation, he's a bit dim.

'the poor club has just got it's finances wrong, it's not fair to penalise them...'

 

No crispboy, they have been recruiting players illegally, trading insolvently and gaining a playing advantge by outbidding other teams with money they owed to local businesses and the taxman, they also misled the Prem league into allowing them to bring in O'Hara and the bloke with the stupid name who beat us at St Marys.

They've been cheating, they still are, and the points penalties should stack up when the books are examined.

 

And as for the fantastic support - was that 15-20 faithful travellers I saw celebrating on motd?

 

Storrie's nephew filling his boots? Their kitman on more than our manager was last season? Plenty more laughs to come!

[aintforever]

And the farce continues in that Ballram Chainrai plans to buy back Skates from Administration. It's just not on.

 

http://www.mirrorfootball.co.uk/news/Portsmouth-farce-continues-as-ex-owner-Balram-Chainrai-bids-to-buy-back-club-Exclusive-article337443.html

 

You can expect Chainrai to buy it back, the £1mill a year rent he's slapped on Fratton Park means it's not worthwhile anyone else taking it over.

 

I can see Chanrai taking it back in the summer just to pocket all the parachute money, then leave it to rot.

[major_woody]

He wants to pump in 400 million!!!!

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10628994

[Saint in Paradise]

Well that 400 million is NZ dollars which equal approx 179 mill pounds BUT in

that article it says pimpey

owe 70 mill dollars which equals approx 31 mill pounds.

 

I think Victor will have a bit of a shock coming and quite frankly I feel he is in the Pinnacle mold

[Eastcowzer]

Looks and sounds 10 times better.

 

Cut to the bone

Pay all taxes from now on (well he has to)

Portpin will fund any shortfall

Gaydamac the biggest individual creditor

Ground still showing on the Balance sheet with Portpin charge

8 weeks to cut, review and then meet creditors

Avram Grant to stay until end of season

£60 -£70m in debt reports not far adrift

 

Beware of Greeks bearing gifts

[dubai_phil]

First of the Sunday's stories of Skateville horror spectacle from the News of the Screws.

 

http://www.newsoftheworld.co.uk/sport/football/741881/PORTSMOUTHS-CRAZY-SPENDING-REVEALED.html

 

Anyone think Saints will have a case for gaining back the 10 points if the Skates succeed in not losing 9 points as they think it's unjustified?

 

Storrie is upset, his family is upset.

 

How about the small businesses who have suffered, how about the STAFF that you did not pay on time and who have been WORRIED and UPSET about whether they can pay their mortgages and bills on time.

I bet Storrie still has his summer vacation booked, we know he is still building his extension.

 

The MORE that he opens his mouth the more obnoxious he is shown to be.

 

How about an apology to St John's Ambulance?

How about showing some remorse for what the decisions you have taken have done to the community?

How about some discomfort for misleading the fans and giving them HOPE?

How about PUBLICLY stating that you are working to save the club FOR NOTHING so that there is more money to pay the creditors or to allow other low paid employees time to find new employment rather than joining the scrap heap on Monday.

 

In fact how about saying ANYTHING that isn't self centred.

 

Selfish, doesn't come into it and there are no words left to describe him other than "Odious Little man".

[dubai_phil]

He wants to pump in 400 million!!!!

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10628994

 

:prayer::prayer:

 

Oh PLEASE let him be the one.....

 

 

Kiwi with a chequered past wants football club

 

By David Fisher View as one page

 

The Kiwi who says he wants to buy an English football club has a criminal record and a string of failed companies and once had to be evicted from a Catholic girls' boarding school.

 

Just when you thought it was safe to go back into the water.....

 

 

 

Off we go again.

 

Hilarious start to the day

[CB Saint]

There was something in of today article stating that the PL will allow the club to raise finace against future income. This is the PL's weapon against any spurious legal challange against the points deductions. "You appeal those points and we are going to pull the rug out from under your feet"

 

I don't blame them / administrator for trying anything, if I was on the hook I would wriggle like mad too, but if they somehow avoid the points, get bought avoiding paying the tax man and still stay up (and that is entirely possible) it will be a bitter pill to swallow.

[Toomer]

You can expect Chainrai to buy it back, the £1mill a year rent he's slapped on Fratton Park means it's not worthwhile anyone else taking it over.

 

I can see Chanrai taking it back in the summer just to pocket all the parachute money, then leave it to rot.[/QUOTE]

 

With a bit of luck, make a bloody good land fill site.

[CB Saint]

Just watching MOTD. It won't be the 9 points that sends them down. It will be having to send back Jamie O'Hara to Spurs. He runs that side.

[hutch]

I don't blame them / administrator for trying anything, if I was on the hook I would wriggle like mad too, but if they somehow avoid the points, get bought avoiding paying the tax man and still stay up (and that is entirely possible) it will be a bitter pill to swallow.

CB, the only part of that which is "entirely possible" is the "get bought avoiding paying the tax man" bit. The points will be deducted and they will be relegated. I'm looking forward to Grant's reaction when the Android starts selling the first team, if he's allowed to, or sending back the loanees if he's not. That will start next week.

 

There are allegedly 8 Parties interested in buying the club, 2 of whom have been "outed".

 

Victor Cattermole is just another fraudster with a criminal record, so he fits the bill admirably

 

And Baloo is on the record that he has no interest in owning Portsmouth Football Club, but wants his money back. So he fits the bill too

 

Either of those will do.

 

 

They need somebody to chuck a lot of millions down the drain, with no hope of seeing it back again, to get them out of the hole to play in the CCC next year without a points deduction. All we are seeing at the moment are various "schemes" to borrow more to keep them going in the short term.

 

If there was anybody out there who was willing to chuck a lot of millions down the drain, without any hope of seeing it back, they would have done it in time to have a chance of keeping them in the PL. There is no successful way out for them. They are bankrupt, and will descend through several leagues. Quite how is the only question to be answered.

[pedg]

http://www.guardian.co.uk/sport/blog/2010/feb/28/portsmouth-investigation-administration

 

The most insidious deceit to invade English football's phrase book in this age of boom and bust is still Leeds United's post-implosion claim to have been "living the dream". They were not. They were living the lie: the one that now stinks like a barrel of old skate at

Portsmouth

.

It was a feature of Britain's suicidal recklessness in banking, the housing market and

Premier League

football that problem gambling was recast as entrepreneurship.

[sidthesquid]

On Match of the Day, the pundits discussed the 9 point penalty following the interview with well known local massage parlour regular Grant. Linneker opined that the nine point penalty was unfair on the Skates and that there ought not to be these penalties.

 

Previously, I had a great deal of respect for Linneker, but now I feel that his main vocation ought to be advertising potato crisps.

 

What every-one needs to be made to understand is that 9 point penalty is a penalty for CHEATING, for playing players they could not afford yet outbid their rivals for, knowing that they could not afford to pay them.

 

(Also IIRC, it was Lineker's beloved Leicester that prompted the introduction of the penalty by going into admin mid season with an unsustainable squad, but being allowed to carry on and get promotion.)

[CB Saint]

What every-one needs to be made to understand is that 9 point penalty is a penalty for CHEATING, for playing players they could not afford yet outbid their rivals for, knowing that they could not afford to pay them.

 

(Also IIRC, it was Lineker's beloved Leicester that prompted the introduction of the penalty by going into admin mid season with an unsustainable squad, but being allowed to carry on and get promotion.)

 

Ahh...that will be why he disagrees with points deductions

[andysstuff]

Administrator just spoken on 5 Live:

 

Debts around £78M

Looking at each player sale as fees from transfers quoted in press may not have been correct once sell on fees/other costs taken into account

Hoping to have to only sell 1 or 2 players in the summer (presumably the rest will walk!)

Solicitors looking at a way to appeal the -9 points - thinks hope is slim

Land around ground owned by Gaydamak, Ground owned by Club

Chanari has mortgages for 17M against the ground

No word on any interested parties.

 

Didn't coma across particulalry well.

[Winchester Red]

The PL want rid of PFC..... End of

 

They will make whatever concesssion necessary to get them to the end of the season, but will also do everything possible to make sure they are relegated

 

The administrator comments are just negotiations

 

It will be a case of the PL releasing funding or whatever as long as they accept the points penalty

 

(can you imagine the bottom half of the table voting for no points penalty..... Turkeys..... Christmas.....

[EastleighSoulBoy]

He wants to pump in 400 million!!!!

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10628994

 

It would appear that he's the Saint's fans choice for the job, he'd certainly fit in down there.

[View From The Top]

The PL want rid of PFC..... End of

 

That's the crux of the matter.

 

IMHO, forwarding them the parachute payments so the club can function throughout the summer condemns them to years in the wilderness and is a shrewd move by the EPL.

 

Their genuine EPL players will be off and the remaining ones wages will continue to be a huge drain on a CCC club.

[aintforever]

IMHO, forwarding them the parachute payments so the club can function throughout the summer condemns them to years in the wilderness and is a shrewd move by the EPL.

 

Exactly, the more money the Prem give to Pompey this season the better. If they advance them all their parachutes and let them flog all their players now, all the cash will just disappear into their creditor's pockets.

 

They will be left as one of the smaller Championship clubs, with no players, no extra parachute income and having to pay £1m a year rent. Possibly on -17.

[tony13579]

MLG is correct; assuming the EPL stick to their rule book, rule 62 says they will fail in their appeal. :cool:

 

Im sure it reads that they MAY apply a penalty. It gives them discression. Once the penalty letter is sent to the scroats, they are sunk. Any appeal is doomed to fail. But there is discression with the leage.

[tony13579]

That's the crux of the matter.

 

IMHO, forwarding them the parachute payments so the club can function throughout the summer condemns them to years in the wilderness and is a shrewd move by the EPL.

 

Their genuine EPL players will be off and the remaining ones wages will continue to be a huge drain on a CCC club.

 

Do the leage have a pot of spare money? or will they have to ring around and ask to borrow a few million from each team? can you see Wolves, Hull, Burnley,Wigan, Bolton finding the cash to len the cheats for two years?

[andysstuff]

Im sure it reads that they MAY apply a penalty. It gives them discression. Once the penalty letter is sent to the scroats, they are sunk. Any appeal is doomed to fail. But there is discression with the leage.

 

Imagine the uproar and possible legal ramifications if they didn't get the -9 point penalty and somehow managed to finish outside the bottom 3.

 

While I've been a bit worried about some of the statements I've heard in the media, I really don't see how the EPL can get away without the points deduction.

[Winchester Red]

Exactly, the more money the Prem give to Pompey this season the better. If they advance them all their parachutes and let them flog all their players now, all the cash will just disappear into their creditor's pockets.

 

They will be left as one of the smaller Championship clubs, with no players, no extra parachute income and having to pay £1m a year rent. Possibly on -17.

 

Spot on

+1

[hutch]

Do the leage have a pot of spare money? or will they have to ring around and ask to borrow a few million from each team? can you see Wolves, Hull, Burnley,Wigan, Bolton finding the cash to len the cheats for two years?

I think what is being touted is that the PL have agreed to allow the administrator to borrow some money now, using the future parachutes as collateral.

 

They're buying time, in the hope of finding a buyer, and at the expense of their future.

[Weston Saint]

Administrator just spoken on 5 Live:

 

Debts around £78M

Looking at each player sale as fees from transfers quoted in press may not have been correct once sell on fees/other costs taken into account

Hoping to have to only sell 1 or 2 players in the summer (presumably the rest will walk!)

Solicitors looking at a way to appeal the -9 points - thinks hope is slim

Land around ground owned by Gaydamak, Ground owned by Club

Chanari has mortgages for 17M against the ground

No word on any interested parties.

 

Didn't coma across particulalry well.

 

Another interesting point when transfer money point raised by Richardson.

 

"I am looking at the paperwork for all individual transfers. The money reported in the press about how much PFC got are higher than the club got.

 

Richardson said "Let's take Peter Crouch as an example reported as sold for £10M. Are you saying PFC only got £5m for example"

 

Something like that said the Administrator.

 

Should be some interesting revelations in the next week or so. The Administrator seems to come over as a media whore and quite happy to hang out Pompeys dirty washing in public

[Gorgiesaint]

The ignorance of the media continues to astound me...

 

And the farce continues in that Ballram Chainrai plans to buy back Skates from Administration. It's just not on.

 

http://www.mirrorfootball.co.uk/news/Portsmouth-farce-continues-as-ex-owner-Balram-Chainrai-bids-to-buy-back-club-Exclusive-article337443.html

 

Andronikou, who has a reputation for playing everything by the book, is duty-bound to sell to a buyer who is in the best position to take the club on.

 

Errr, no he's not. He is duty bound to get the best deal for the creditors, and as we know that nearly took us to the wall last year.

 

And as for Lineker's comment on MOTD last night, well lets just say you can tell he's an ex-footballer (no brain whatsoever).

Edited 28 February, 2010 by Gorgiesaint

[tony13579]

I think what is being touted is that the PL have agreed to allow the administrator to borrow some money now, using the future parachutes as collateral.

 

They're buying time, in the hope of finding a buyer, and at the expense of their future.

I understand, but borrow the money from where, which pot of money? The PL is Bolton, Wolves etc. but pompey might get wound up...

 

I would love to lend my mate ten grand to tidy up his house but I would have to borrow that 10 grand against my house... and he might pop his clogs...

 

Will the other 19 clubs write a cheque for next years money (or accept a lower cheque fron this years sky money). Or do the PL have a huge pot of cash waiting?

 

foottie debt http://www.telegraph.co.uk/sport/football/2301797/Deloitte-football-finance-review-Club-by-club-Premier-League-analysis.html

Edited 28 February, 2010 by tony13579
adding debt link

[redkeith]

I read somewhere that the PL have allotted £10M of the parachute payments for football creditors, and then are prepared to allow the skates to mortgage the other £22Million to pay creditors. Thus they will be the first team since the PL started to get relegated without any parachute payments, as they will have spunked them against the debt wall.

 

It is also worth considering that Lens,Nantes and Udinese are not considered football creditors by the FA, and so do not have to be paid in full. I doubt that they would be very happy about that, and I would expect thenm to vote with HRMC if it comes to a CVA.

 

Finally, irespective of the law and regulations, how can it be morally right for anyone to put a company in admin, and buy it back ... wrong, wrong, wrong .

[tony13579]

But it happens every day, cobra beer (91m debt!), and all those furniture companies, just a quick rename and off they go again. "red leather sofas" becomes "red sofas for U"

[Winchester Red]

I read somewhere that the PL have allotted £10M of the parachute payments for football creditors, and then are prepared to allow the skates to mortgage the other £22Million to pay creditors. Thus they will be the first team since the PL started to get relegated without any parachute payments, as they will have spunked them against the debt wall.

 

It is also worth considering that Lens,Nantes and Udinese are not considered football creditors by the FA, and so do not have to be paid in full. I doubt that they would be very happy about that, and I would expect thenm to vote with HRMC if it comes to a CVA.

 

Finally, irespective of the law and regulations, how can it be morally right for anyone to put a company in admin, and buy it back ... wrong, wrong, wrong .

 

if all the parachute payments are spent, then why do you think Chainrai would want PFC. I coul believe it if he had more parachute money to come

 

he isn't interested in owning a football club, he is interested in money

 

ownng a freshly relegated cc club with no parachute payments is not a formula to make money. It's a formula to turn a big fortune into a small one

[Winchester Red]

I expect it's just a ploy to keep fans interested and keep the money coming in this season, as is appealing the -9

[sidthesquid]

I read somewhere that the PL have allotted £10M of the parachute payments for football creditors, and then are prepared to allow the skates to mortgage the other £22Million to pay creditors. Thus they will be the first team since the PL started to get relegated without any parachute payments, as they will have spunked them against the debt wall.

 

It is also worth considering that Lens,Nantes and Udinese are not considered football creditors by the FA, and so do not have to be paid in full. I doubt that they would be very happy about that, and I would expect thenm to vote with HRMC if it comes to a CVA.

 

Finally, irespective of the law and regulations, how can it be morally right for anyone to put a company in admin, and buy it back ... wrong, wrong, wrong .

 

It would be the perfect opportunity for the FPP test to show if it has any credibilty (something the EPL might want to able to show it has) or not, though. How can someone who took a team into admin be a fit and proper owner

[pedg]

It would be the perfect opportunity for the FPP test to show if it has any credibilty (something the EPL might want to able to show it has) or not, though. How can someone who took a team into admin be a fit and proper owner

 

I assume the FL have an equivalent to the Fit and Proper Test thing?

[Gorgiesaint]

I assume the FL have an equivalent to the Fit and Proper Test thing?

 

Not sure, but given the going-on's at Notts County this season, I doubt it!

[Winchester Red]

I assume the FL have an equivalent to the Fit and Proper Test thing?

 

They do of a kind, but when you consider Munto Finance passed it then it shows it isn't worth a hill of beans.....

 

(damn too slow...)

[Winchester Red]

Although league teams are usually owned by 'local boy made good'

 

it's got to be pretty tough to tell whether your successful local businessman is a bad egg or not (Jordan, Ashley, noades, scully ,etc)

[Weston Saint]

The points issue is a non starter but just like Saints did, it will be persued until someone realises it is not going to happen. -9 is going to happen.

 

As for PL dishing out all the TV and Parachute payments in advance, let us remember it is going to those who deserve it, the Creditors.

 

Whoever buys the skeleton left will have a healthy club living within it's means but dropping like a stone for a few years.

 

We had just about hit rock bottom, PFC still have a long way to fall