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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Channon's Sideburns

Channon's Sideburns

Posted
Posted
My skate mate reckons the players have been fronting some of the staff wages, people like the tea lady, kit man etc...

 

No idea if true, but it fits with an article I read a while ago where a player (Hermet Hieridersson I think) was saying they players were running out of patience and were going to come clean about what is really going on with the players and staff payment.

 

Fair play to the skate players if true, shame on the club as per usual!

 

Andy Awful alluded to this on the Solent Programme the other night. He said one player had (or had offered to) been paying some of the staff wages - he said he wouldn't name the player involved as he hadn't made it public.

 

Haven't a clue who it is, but I wouldn't be surprised if it was David James - he's a good bloke and seems less infected by the skateness...

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Gravesend Saint

Gravesend Saint

Posted
Posted

Sorry if it's already been posted but, how deluded can you be?

 

http://www.portsmouth.vitalfootball.co.uk/sitepage.asp?a=189991

 

To appeal against the points deduction because it's all the PLs fault? Give me a break.

And then to say if a points deduction causes them to be relegated then it's the PLs fault if Poopey are less attractive and can't agree a CVA.

 

Hang on (checks calendar) no, it's definitely the 1st March and I haven't lost a month....

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Merovingian

Merovingian

Posted
Posted
Now you are clutching at straws Mero! 'due diligence'! Who on earth, in the last few years at Nottarf, has exercised due diligence? Sorry mate, but you owe me for a new keyboard as mine is drowned in tea!

 

Oh! of course! We're back to blaming the PL again. FAPP.

 

You couldn't make it up.

 

Really.

 

I am in no way clutching at straws fella, we deserve the -9 - we should get the -9, I am pointing out what the administrator thinks he has grounds for appealing on

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
I am in no way clutching at straws fella, we deserve the -9 - we should get the -9, I am pointing out what the administrator thinks he has grounds for appealing on

 

I think (as you probably do too) that the administrator realises he's selling a shell and needs to put out enough dodgy PR to try and sell to someone.

 

But seeing as he's selling the football equivilent of an empty bag of crisps, I guess you'll end up with Mr Chinnery and the football business-god that is the Storrieteller. Again.

 

Mero, have NONE of your fans arranged proper protests against Storrie yet??

 

They need to - QUICK.

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Guest Dark Sotonic Mills

Guest Dark Sotonic Mills

Posted
Posted
I am in no way clutching at straws fella, we deserve the -9 - we should get the -9, I am pointing out what the administrator thinks he has grounds for appealing on

 

Then you are royally screwed then, aren't you?

 

1. An insolvent club

2. Illegal trading contary to the Companies Act and Fraud Act

3. Dysfunctional board and CEO

4. An Administrator who patently has no clue what he's talking about

 

I suppose you could always try voodoo on pwen effigies of the PL Board.

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JustMike

JustMike

Posted
Posted
Andy Awful alluded to this on the Solent Programme the other night. He said one player had (or had offered to) been paying some of the staff wages - he said he wouldn't name the player involved as he hadn't made it public.

 

Haven't a clue who it is, but I wouldn't be surprised if it was David James - he's a good bloke and seems less infected by the skateness...

 

have you seen his hair? :smt036

 

Very infected by skateness imo ;-)

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Wurzel

Wurzel

Posted
Posted
It could be the PL FAPPT at fault. After all, PCFC have their own FAPPT, as part of their internal due diligence process:

 

1. Have you ever been accused, charged or convicted of Fraud? Yes. Good

2. Are there any outstanding arrest warrants for you in your home Country? Yes. Good

3. Have you got any experience of owning or running a football club? No. Even better

4. Have you got any money? No. Excellent

5. Do you have plans to invest in the club's infrastructure? No. Getting better all the time

6. Are you, in fact, a person? Well, I am part of an offshore Company in the British Virgin Islands. Does that count? Perfect

 

Welcome to Fratton Park, Mr. ..........

 

 

 

I hear Ronnie Biggs is still looking for somewhere to invest his Post Office Savings Account

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dubai_phil

dubai_phil

Posted
Posted
Then you are royally screwed then, aren't you?

 

1. An insolvent club

2. Illegal trading contary to the Companies Act and Fraud Act

3. Dysfunctional board and CEO

4. An Administrator who patently has no clue what he's talking about

 

I suppose you could always try voodoo on pwen effigies of the PL Board.

 

Oi!

 

Stop giving them ideas...

 

PCFC today launched a law suit demanding 750mil from Singer Sewing Machine Company.

 

A PCFC spokesperson stated that at no point in any of Singer Sewing Machine's marketing sales or product literature does it state that their Needles are not suitable for alternative use in Voodoo rituals.

The abject failure of the PCFC Voodoo campaign has caused the club to lose it's appeal against the 9 points deduction and will cause a loss of revenue in future seasons of between 40 and 80 million per year for the time it would take the club to re-enter the Premier League.

 

We owe it to our gratest (sic) fans in the world to pursue this to the fullest extent of the law stated Mr Storrieteller

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pedg

pedg

Posted
Posted

Creditors starting to appear from the woodwork.

 

http://www.people.co.uk/sport/football/tm_headline=pompey-set-for-paul-hart-bid%26method=full%26objectid=22074943%26siteid=93463-name_page.html

Paul Hart faces a battle to get his cash from crisis club Portsmouth after the administrator moved in to sort out their financial mess.

Former boss Hart was a hero a year ago when he stepped up from the youth team and steered Pompey to safety as he helped them to delay the drop and financial ruin by a season.

But now Hart, axed when Avram Grant took charge during Ali Al-Faraj's reign, is going to have to join the creditors who will be made an offer on the money owed to them soon.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
Creditors starting to appear from the woodwork.

 

http://www.people.co.uk/sport/football/tm_headline=pompey-set-for-paul-hart-bid%26method=full%26objectid=22074943%26siteid=93463-name_page.html

Paul Hart faces a battle to get his cash from crisis club Portsmouth after the administrator moved in to sort out their financial mess.

Former boss Hart was a hero a year ago when he stepped up from the youth team and steered Pompey to safety as he helped them to delay the drop and financial ruin by a season.

But now Hart, axed when Avram Grant took charge during Ali Al-Faraj's reign, is going to have to join the creditors who will be made an offer on the money owed to them soon.

 

I liked this bit....looks like it won't be that easy to offload their 'TOP PLAYERS'...

 

Sunderland boss Steve Bruce pulled the plug on a £4m move for Marc Wilson - after the centre half's display against Stoke last weekend.

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tony13579

tony13579

Posted
Posted

This was the situation we knew Friday

Here goes :

 

Mess is not dissimilar to other clubs he's worked on

Players paid yesterday

Needs to generate working capital - sale of 1 or 2 players, looking for concessions from Prem Lge to do that

Won't be a firesale

Wants assistance from PL, there's a meeting of all PL officials on Thurs

One of the things they will request is advancement of £16m parachute payments due over next 2 years

Amount of debt is "near what's been in the papers", £60-70m is "accurate"

With Transfer Window closed and current PL/FIFA stance, they will have to seek concessions.

Mark Jacobs glossed over, "main interest is a sure footing"

Peter Storrie described as "position untenable given recent events" and the Admin's "priority is the football club"

Significant cost cuts at all level, details in 7-10 days

Avram Grant has given and receives full support and staying to end of season

"Naive to look for new manager" but no assurances beyond this season

Freehold of stadium is still on balance sheet with Portpin (Chainrai's company) receiving a "fixed charge"

Very confident of getting to the bottom of it and has a staturory duty to do so.

Will make no comment on criminality

"You'll be surprised" at the assets.

Has "seen far worse"

Not spoken to players re pay cuts, not on the agenda.

Role is to present to the creditors in 8 weeks, may need to extend for/by the CVA.

Gaydamak largest creditor, hence dealings with him.

HMRC attitude : he will try to get them onside to support a CVA.

Secure creditors priority, then Superclass of football creditors, then everyone else is "unsecured creditor".

When asked about HMRC not negotiating below 100p in pound, he said "everything will be done in line with legal precedent".

There is always a danger of the club going bust

Every confidence of fulfilling fixtures

Staff being addressed today (now)

Few hours working on this seems like a month

Reassure fans fixtures will be completed, players as sportsmen will be playing for futures as "not all are at the end of their careers"

Haven't got to job losses yet but will be cutting to the bone

Will need a week to break down how they got into the mess.

Exacerbated situation by being in PL, resembles other clubs.

Goal and passion is to ensure PFC exist

"We won't be the last"

Players paid by Portpin, who will provide support to take the club forward, inject further money.

All necessary expenses inc tax will be paid from now on.

 

 

This is the situation we know today:

 

They are due £5million sky money soon too. The players could be sold for about £10 million

 

£32 million parrachute payments

Total= £47 million

debt...£78 million

Gap £31 million

 

Then there are the wages and gate income for the rest of the season...

What would they get if they win the FA Cup?

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tony13579

tony13579

Posted
Posted
Kiwi still interested in buying Portsmouth

By Soccernet staff

 

March 1, 2010

Comment

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New Zealand businessman Victor Cattermole is still interested in buying Portsmouth, despite the Premier League's bottom club going into administration and facing a nine-point deduction.

 

 

GettyImages

 

Portsmouth are now in administration

 

Pompey, who faced a winding-up petition issued by Her Majesty's Revenue and Customs over a multi-million pound tax bill, went into administration on Friday to avoid going out of business.

 

As a consequence, Portsmouth are almost certain to be deducted nine points by the Premier League, which will leave the club 15 points off safety, with only 11 games to play.

 

But the club's dire circumstances have not scared off Cattermole and his Endeavor Plan consortium, who were also interested in a takeover deal prior to the club going into administration.

 

"We are still interested in buying Portsmouth," Cattermole told Sky Sports: "We still have to carry out due diligence and see what is owed, what is expected to be paid for it and what the value's going to be once the whole issue of relegation and the nine-point issue is sorted out.''

 

The reason given for the lack of a sale last week was that none of the parties in talks had provided the club's chief executive Peter Storrie and current owner Balram Chainrai with proof that funds were in place.

 

That ruled out the prospect of a deal being completed before the winding-up hearing, but Cattermole said: "We provided evidence of an offer for a bank facility of €200 million last Tuesday to Peter Storrie. That was obviously not disclosed to any of the media.

 

interesting....

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
Yes another Bank loan for 200M. That is what is refereed to as a bank facility.

 

Indeed. However, if the proof of funds was on the table, why then was it not mentioned?

 

Storrie's normally not slow in coming forward with such information...

 

Perhaps the 'in-house' option post Admin is what the plan has been all along.

 

Another reason for him to be kicked out IMHO.

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Fowllyd

Fowllyd

Posted
Posted
interesting....

 

Interesting that Cattermole seems to think that an offer of a bank facility somehow counts as proof of funds! I think I'd be looking for something a little more concrete than that. Also shows that ESPN Storrienet is still going strong:

 

http://www.espn.co.uk/football/sport/story/9592.html

 

I just love the caption under that pic of Storrie!

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dronskisaint

dronskisaint

Posted
Posted
The Premier League's own rule book provides that the nine point deduction is not mandatory and there are two means by which Pompey could well appeal.

 

Firstly if the administration was considered to have occured as a result of 'something that would not be categorised as a normal business risk over which it could reasonably be expected to have control' (Rule 62.1) and secondly that its 'officials had used all due dilligence to avoid the happening of that event' (62.2).

 

Given the suspicions outlined above and the fact that two of Pompey's three owners this season 'passed' the FAPL's 'Fit and Proper Persons' test, then the grounds for an appeal look reasonable at the very least.

 

Unreal!

 

So you're suggesting that the company(club) should take no responsibility for it's own actions & that it can all be blamed on the PL? Doesn't the lowliest YTS secretary understand that tax has to be paid? Isn't the first rule of business that you should earn more than you spend?

 

Deluded doesn't even begin to cover it!!:mad:

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benjii

benjii

Posted
Posted
The Premier League's own rule book provides that the nine point deduction is not mandatory and there are two means by which Pompey could well appeal.

 

Firstly if the administration was considered to have occured as a result of 'something that would not be categorised as a normal business risk over which it could reasonably be expected to have control' (Rule 62.1) and secondly that its 'officials had used all due dilligence to avoid the happening of that event' (62.2).

 

Given the suspicions outlined above and the fact that two of Pompey's three owners this season 'passed' the FAPL's 'Fit and Proper Persons' test, then the grounds for an appeal look reasonable at the very least.

 

:lol:

 

That is effectively a force majeure clause - ie. an earthquake knocked down Fratton Park thus destroying revenue streams. "The grounds look reasonable" - ROL.

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INFLUENCED.COM

INFLUENCED.COM

Posted
Posted
if the proof of funds was on the table' date=' why then was it not mentioned.[/quote']

 

Had a meeting today where sky sports was on in the background and tried to listen as best I could to the Cattermole interview, I thought on this point he stumbled a little, suggesting he was disappointed by administration and was again asked why didn't he buy to avoid it and replied He wouldn't of had the time to carry out due dilligence ? so why didn't Chanrai give them the time and disclose all info to HMRC or indeed square off HMRC aware Cattermole will soon be making the purchase and he gets his money back ? Fishy like Fialka imo.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
Had a meeting today where sky sports was on in the background and tried to listen as best I could to the Cattermole interview, I thought on this point he stumbled a little, suggesting he was disappointed by administration and was again asked why didn't he buy to avoid it and replied He wouldn't of had the time to carry out due dilligence ? so why didn't Chanrai give them the time and disclose all info to HMRC or indeed square off HMRC aware Cattermole will soon be making the purchase and he gets his money back ? Fishy like Fialka imo.

 

Do you get the feeling Cattermole was Plan B - eg, if any problems were encountered with entering Admin then they'd use him as a time wasting alternative to try and delay at High Court?

 

'Here you go your honour, our new investor has proof of €200M, please let us have four weeks for him to carry out due diligence'

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INFLUENCED.COM

INFLUENCED.COM

Posted
Posted
Do you get the feeling Cattermole was Plan B - eg, if any problems were encountered with entering Admin then they'd use him as a time wasting alternative to try and delay at High Court?

 

'Here you go your honour, our new investor has proof of €200M, please let us have four weeks for him to carry out due diligence'

 

You could be right, didn't hear the whole interview as was distracted somewhat, factor in an ear infection(left ear) but what I did hear did not stack up imo, will try and listen again tonight as I may just be bias in the hope all is not what it seems ?

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rallyboy

rallyboy

Posted
Posted

so the master plan of business recovery is revealed at last! -

wait for the ruthless Hong Kong money lender 'to fall in love with the club'.

 

That sounds like a great plan! I'd certainly concentrate on that instead of addressing the debt, those long summers that little android boy spent at administration camp were'n't wasted.

 

Is it just me or is the Paul Hart story another bit of journalism from someone with no grasp of the facts?

Surely Hart is right up the front of the queue now as a football debt? Last week he had little hope, now like Sol he's guaranteed payment, unless they never kick a ball again...

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tpbury

tpbury

Posted
Posted
Meanwhile' date=' Mr [b']Astrologicalfees[/b] has allowed Poopey to release next season's change shirt early to boost the coffers...new sponsorship deal too. ;-)

 

 

Did you do that deliberately? It seems very appropriate!

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Eastcowzer

Eastcowzer

Posted
Posted
This was the situation we knew Friday

 

 

 

This is the situation we know today:

 

They are due £5million sky money soon too. The players could be sold for about £10 million

 

£32 million parrachute payments

Total= £47 million

debt...£78 million

Gap £31 million

 

Then there are the wages and gate income for the rest of the season...

What would they get if they win the FA Cup?

 

Hopefully more abuse.

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holepuncture

holepuncture

Posted
Posted

Mike Hall (Chanrais spin doctor) was talking to SSN a few minutes ago.

 

When talking about the potential savior Victor Cattermole, Hall said his people (Storrie & Chanrai etc) requested to meet his people at their offices...

 

Hall said he was speaking to a 22-23 year old representative who stated they dont have an office and they would have to meet at his dads house!

 

Micky Fialka eat your heart out!

 

...

 

This was only a minute after Cattermole himself gobbing off about his 200m euro bank facility

 

...

 

Hall commented on Cattermoles bank facility, and said it was from an unrecognisable financial institution!

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pedg

pedg

Posted
Posted

Hall commented on Cattermoles bank facility, and said it was from an unrecognisable financial institution!

 

Bet it was this one:

 

Victor Cattermole’s Experience

 

 

  • Director
     
    Fidco Global Limited
     
    (Privately Held; 1-10 employees; Financial Services industry)
    March 2008 — Present (2 years 1 month)
    Fidco Global Limited is a privately held trustee company. Currently holds around six billion euro of assets under management. Expect to see that increase by another six billion euro in the 2008 / 9 year.

 

That does not appear to exist outside of his linkedin page http://hk.linkedin.com/pub/victor-cattermole/0/40/8b1

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krissyboy31

krissyboy31

Posted
Posted
Yes another Bank loan for 200M. That is what is refereed to as a bank facility.

 

 

It was on Bank of Toytown headed paper though. Apparently good enough for Storrie but not for those killjoys Chanrai and Hall. Hall apparently wanted to meet with their representative in London at their office but it was a 22/23 year old mush, who didn't have an office but lived with his parents. (Sound familiar?)

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Lord Duckhunter

Lord Duckhunter

Posted
Posted

Is it just me or is the Paul Hart story another bit of journalism from someone with no grasp of the facts?

Surely Hart is right up the front of the queue now as a football debt? Last week he had little hope, now like Sol he's guaranteed payment, unless they never kick a ball again...

 

 

Exactly.....He was on Sky's "Goals on Sunday" and he said that going into admin, had made his position stronger in terms of receiving what he was owed.

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