Pompey Takeover Saga

[Saint J 77]

Ginge you could be 100% correct but there have been many false dawns.

Until i see they have had there correct punishment i will advocate they are getting away with it. The minus 9 is 99% certain but still not rubber stamped, as soon as I keep reading football people saying that 'why are there points penalties...blah blah blah' I do wonder if there is a crumbling of resolve.

The HRMC have changed their stance from wind-up to 'we agree administration is the correct way' (not that wind up is the best solution in my eyes, BSL would suffuce)

So i am on the expecting thej to come out of it free of debt and at wembley and avoid relegation until it is proved differently. I recall them minutes from liquidation 10 years ago and then in walked MM, so we have been there before.

 

I have always thought that they would come out of this ok. I have enjoyed watching them suffer but I have always had that horrible feeling in the back of my mind that they will survive. We will have to stomach listening to how they over turned impossible odds and what great fans they have again.

 

http://www.mirrorfootball.co.uk/news/Portsmouth-to-be-offered-32million-balloon-payment-rescue-deal-by-Premier-League-exclusive-article342121.html

 

It seems the Premier league are bending over backwards to help them. If they don't give them the points deduction it would be a joke. I will be cheering on Birmingham this weekend in the hope they don't get through to the semi final but again I have that horrible feeling they will get through with the signings they could not really afford to sign scoring again I only hope I am wrong. At the least I hope they do down and get taken over by another dodgy chancer.

[redkeith]

On the subject of player valuations, does anyone know who is out of contract at the end of the season.

 

David James is an obvious one, and I have read somewhere that Ashdown is out of contract and want's out, but who else is likely to walk in the summer, and also, what players will be 'Raisaking' the rest of their contracts next year?

[dubai_phil]

They are in Admin.

 

Whether the Admin will be carried out by Android or Annie Other is a point open for debate.

 

HMRC are not looking to have them unadmin'd.

 

They are looking to ensure there are no Byzantine Business Practices even PERCEIVED to have been possible during Admin.

 

The 9 points rule will be abided by.

 

The only debate now will be whether other "potential" financial irregularities come to light.

 

Chanrai is clearly concerned as to his position and as to who performs the Admin role.

 

If it IS Annie Other then they will still have to reduce the BURN rate of cash by 2 to 3 million a MONTH. Any advance from the PL will go to debt repayment, it won't stop the mortal wounds bleeding them to death.

 

It is true to say that whatever they were BEFORE Admin is Toast. What comes out of it is another matter.

 

Having them bottom of the Pl with the points deduction INCREASES the chances of any one from 6 clubs staying in the PL - The penalty will apply, none of them will vote to let the few stay up as it would need a unanimous vote to change the rules.

[pedg]

It will be interesting to see if Chainrai still stands by his 15M promise if the court decide that he has to join the rabble of unsecured creditors.

[dubai_phil]

Ginge you could be 100% correct but there have been many false dawns.

Until i see they have had there correct punishment i will advocate they are getting away with it. The minus 9 is 99% certain but still not rubber stamped, as soon as I keep reading football people saying that 'why are there points penalties...blah blah blah' I do wonder if there is a crumbling of resolve.

The HRMC have changed their stance from wind-up to 'we agree administration is the correct way' (not that wind up is the best solution in my eyes, BSL would suffuce)

So i am on the expecting thej to come out of it free of debt and at wembley and avoid relegation until it is proved differently. I recall them minutes from liquidation 10 years ago and then in walked MM, so we have been there before.

 

I was talking to a Brum fan on Sunday.

 

Wembley is THEIR big dream, it is THEIR destiny after their seasons of doom and gloom and ups and downs. New owner, sustainable business model, they are one hell of a lot more motivated from Top to Bottom than the mercenaries. They know what it means. It will not be an easy ride for them.

[Kingsland Red]

It's people like you NickH that are the backbone of this fine country.

You demand fair play, level playing fields and punishment fitting the crime and for that I respect you !!

 

As my Grandma used to tell me, "Don't worry lovey, it will turn out for the best".

 

Here's hoping.

[Joensuu]

I think people, especially the administrator, are taking that 'we agree admin is the correct way' a bit too literally. I take it more like when someone says "We would love to help you, but..." you don't go away thinking all is fine because they have said they would love to help you.

 

Absolutely. 'We agree admin is the correct way' was only brought to our attention because the 'Skate News' reporter was picking out any pro-pompey thing he could.

 

This was said by the HMRC's lawyer, not because HMRC want admin over winding up, but to establish that HMRC were not trying to fight the concept of companies going into administration. Had HMRC not said this, and pressed for the winding up they desire, the Skate lawyer would have had a possible 'wriggle out' opportunity. 'Yooor 'onour, this case is not just an attempt to prosecute of the innocent victims at Portsmouth FC, HMRC are actually using this case to ruthlessly attack the very concept of businesses going into administration'

[Wurzel]

Alternative theory.

 

If they had been wound up yesterday certain "players" (I'm not taking footballers) would probably have been on the first plane out of here.

 

Could a further 2 weeks of apparent HMRC sanctioned admin be sufficient time for the fraud squad (with Tanya's whistle blowing assistance) to collect any necessary evidence to take things a step further than a winding up case? 2 weeks worth of rope might be enough to hang themselves with.

[OldNick]

You demand fair play, level playing fields and punishment fitting the crime and for that I respect you !!

 

i wish you were the same when you do your line calls...lol

[NickG]

Maybe advance of parachute payments would be good thing?

 

New owner, comes in, buying CCC club;

 

gets it cheap as no-one else wants it

all players sold by administrator

stadium sold and having to pay big rent

getting crowds of 12,000

no parachute payment to come

 

Relegation from CCC?

[Toomer]

I just want the status quo returned when they were in our shadow for the best part of 30 years.

[Crab Lungs]

I just want the status quo returned when they were in our shadow for the best part of 30 years.

 

I honestly don't think you'll have to wait much longer

[dronskisaint]

Spuds injury crisis

 

And they are asking questions about why Old Twitchy let O'Hara go out on loan

 

http://www.footballfancast.com/football-blogs/tottenham-faux-pas-jamie-ohara

 

Four letters - also used to prevent water coming in to a boat..

[Channon's Sideburns]

You're a Pompey optimist then?

 

I shall simply say Nickh is my hero. ;-)

 

Repeat after me..... Pompey will get out of it.

 

(FA Cup,Premiership, CCC, and then L1)

[rpb]

Copied from one of their websites ...

 

I aree with you re the current mess. However my attachment to Pompey is a complicated mixture of childhood nostalga and desire to see exciting, good, competitive fooball. i dont think unfortunately a new club in the conference playing I don't now where will give me that. When I was a kid I supported Pompy first and Southampton second. No ridiculous hatred in those days - just enjoyment of Paine, Sydenham Chvers et al. If Pmpey cease to exist it will be back to southampton for me

 

I suspect he is on his own, though...

[istanbul]

Can't remember how many times I've read that Portsmouth will be able to start again in the Conference. They will have to start a lot lower down the pyramid than that.

 

AFC Wimbledon have taken about 6 years to get there - and that's with nearly back-to-back promotions - and the likes of Salisbury have taken about 80 years. (Plug for my home town - yoo whiiiiiiiiiites!)

[Joensuu]

Can't remember how many times I've read that Portsmouth will be able to start again in the Conference. They will have to start a lot lower down the pyramid than that.

 

AFC Wimbledon have taken about 6 years to get there - and that's with nearly back-to-back promotions - and the likes of Salisbury have taken about 80 years. (Plug for my home town - yoo whiiiiiiiiiites!)

 

AFC Wimbledon - 7 years, 4 promotions. Started in tier 9, currently in tier 5.

 

Tier 9, for Pompey would mean 'Wessex Premier' (fingers crossed eh) - http://full-time.thefa.com/Index.do?divisionseason=796030&league=274386

[EastleighSoulBoy]

All this talk of the PL 'protecting the brand' makes me wonder at what stage their action will reach it's watershed and tip from propping PCFC up to cutting them totally adrift to be at the mercy of the legal eagles?

 

In other words, when will they wake up and smell the rotting fish?

[landford.saint]

As posted briefly yesterday, spoke with an accountant of MM yesterday, although he had no access to books at Fratt@n he still had contacts there and kept an interest. He said that when MM was there he kept a tight knowledge on the pennies. After he sold there was no control over the finances. No person in overall charge of the overall finances, and some of the practices were 'questionable' and in his opinion fraudulent. He believes that PCFC have been been trading whilst insolvent for many months, possiblly a year or so. He also stated that MM was asked a few weeks ago for 30 million pounds to keep them going ... he declined because of FA rules etc. But also because there was no colatoral and it would be just 'throwing the money down a black hole'.

[Crab Lungs]

As posted briefly yesterday, spoke with an accountant of MM yesterday, although he had no access to books at Fratt@n he still had contacts there and kept an interest. He said that when MM was there he kept a tight knowledge on the pennies. After he sold there was no control over the finances. No person in overall charge of the overall finances, and some of the practices were 'questionable' and in his opinion fraudulent. He believes that PCFC have been been trading whilst insolvent for many months, possiblly a year or so. He also stated that MM was asked a few weeks ago for 30 million pounds to keep them going ... he declined because of FA rules etc. But also because there was no colatoral and it would be just 'throwing the money down a black hole'.

 

Jesus, Pompey really do not have any scruples or morals, do they? Asking MM to borrow 30m? Die now, please.

[The9]

oh ********... look like this comic strip is taking a bit longer than i expected anyway

 

Just make sure you put it somewhere where it isn't going to get dwarfed by a zillion new posts as well...

[Saint Paul C]

Four letters - also used to prevent water coming in to a boat..

 

Plug??

 

:smt102

[The9]

Can't remember how many times I've read that Portsmouth will be able to start again in the Conference. They will have to start a lot lower down the pyramid than that.

 

AFC Wimbledon have taken about 6 years to get there - and that's with nearly back-to-back promotions - and the likes of Salisbury have taken about 80 years. (Plug for my home town - yoo whiiiiiiiiiites!)

 

Newport County, bankrupt in 1989, restarted in the Hellenic League. Promoted to Southern League Midland, then Southern League Premier (then relegated again, then promoted again), reorganised (effectively promoted again) into Conference South, finally this season, 21 years later, they're top of Conf South with a 24 point lead and about to return to the level they were playing at when the old club were wound up.

 

If Pompey Phoenix (lol) parachute into the Conf South or Conference I for one will be fcking LIVID, they were competing as equals with Newport in Div 3 only 6 years before Newport went bust.

[OldNick]

As posted briefly yesterday, spoke with an accountant of MM yesterday, although he had no access to books at Fratt@n he still had contacts there and kept an interest. He said that when MM was there he kept a tight knowledge on the pennies. After he sold there was no control over the finances. No person in overall charge of the overall finances, and some of the practices were 'questionable' and in his opinion fraudulent. He believes that PCFC have been been trading whilst insolvent for many months, possiblly a year or so. He also stated that MM was asked a few weeks ago for 30 million pounds to keep them going ... he declined because of FA rules etc. But also because there was no colatoral and it would be just 'throwing the money down a black hole'.

well I think it was during MM's period as well as I was under the impression that a large accountancy firm were offered the job under him and they refused as they said their systems were so poor that money was disappearing and not sure where. Now that is not neccessarily due to dirty deeds of course but the structure of the club was still Div 4.

[Dimond Geezer]

Plug??

 

:smt102

 

I came up with that as well. :confused:

 

I have to admit to struggling with this one as I'm not very good at cross-words.

 

I suspect the actual answer is some-what more devious

[Gemmel]

All this talk of the PL 'protecting the brand' makes me wonder at what stage their action will reach it's watershed and tip from propping PCFC up to cutting them totally adrift to be at the mercy of the legal eagles?

 

In other words, when will they wake up and smell the rotting fish?

 

They can smell the fish ESB and that's the problem.

 

They just want them gone. The idea that the HMRC fooks everything by winding them up, scares them senseless. They will get the minus 9 and then they are gone from the PL. If they have to pay them early, they will. It's no skin of their nose and they get to enusre the fixtures are fullfilled... a massively better alternative to them going bust and having to re-write the league.

 

It will then be down to the PL to put pressure on the FL and FA to make sure they get whacked with huge point deductions, to make sure they don't pop back up to darken their door.

 

In my opnion the greatest risk to pompey going bust is the 15th March. If they get past that, they are simply buying into a slow painful death, that will see parity restored within 14 months as Saints go up and the blue few go down....again.

[Gemmel]

I came up with that as well. :confused:

 

I have to admit to struggling with this one as I'm not very good at cross-words.

 

I suspect the actual answer is some-what more devious

 

Bung - (Edited for being thick)

Edited 3 March, 2010 by Gemmel

[Matthew Le God]

Can't remember how many times I've read that Portsmouth will be able to start again in the Conference. They will have to start a lot lower down the pyramid than that.

 

AFC Wimbledon have taken about 6 years to get there - and that's with nearly back-to-back promotions - and the likes of Salisbury have taken about 80 years. (Plug for my home town - yoo whiiiiiiiiiites!)

 

Newport County, bankrupt in 1989, restarted in the Hellenic League. Promoted to Southern League Midland, then Southern League Premier (then relegated again, then promoted again), reorganised (effectively promoted again) into Conference South, finally this season, 21 years later, they're top of Conf South with a 24 point lead and about to return to the level they were playing at when the old club were wound up.

 

If Pompey Phoenix (lol) parachute into the Conf South or Conference I for one will be fcking LIVID, they were competing as equals with Newport in Div 3 only 6 years before Newport went bust.

You can't compare AFC Wimbledon or FC United of Manchester with AFC Portsmouth. Both of the former are protest clubs and MK Dons and Manchester United still exist. AFC Portsmouth is not a protest club. Rules state that a phoenix club only has to start two leagues lower. So is possible League Two, but more likely Conference Premier.

 

Southampton last summer were in going to reform in the Conference Premier according to league representatives if they folded. Pompey fan groups have already been in discussion with the Conference should the worst happen.

[Sylvia Saint]

Four letters - also used to prevent water coming in to a boat..

 

Starts with a B, ends with a G and rhymes with HUNG

[dronskisaint]

Plug??

 

:smt102

 

Two out of four - must try harder!

[SaintRichmond]

I have always thought that they would come out of this ok. I have enjoyed watching them suffer but I have always had that horrible feeling in the back of my mind that they will survive. We will have to stomach listening to how they over turned impossible odds and what great fans they have again.

 

http://www.mirrorfootball.co.uk/news/Portsmouth-to-be-offered-32million-balloon-payment-rescue-deal-by-Premier-League-exclusive-article342121.html

 

It seems the Premier league are bending over backwards to help them. If they don't give them the points deduction it would be a joke. I will be cheering on Birmingham this weekend in the hope they don't get through to the semi final but again I have that horrible feeling they will get through with the signings they could not really afford to sign scoring again I only hope I am wrong. At the least I hope they do down and get taken over by another dodgy chancer.

 

 

 

David Gold (West Ham ) warning that a few other Clubs may go into Admin

 

I have a sneaky feeling that the Premier League will NOT impose any points penalty against "one of their own"

 

They have yet to comment on Pompey, BUT

 

Just imagine the scenario if Man Utd ( debts circa £700M ) went into Admin:rolleyes:

[Kingsland Red]

You can't compare AFC Wimbledon or FC United of Manchester with AFC Portsmouth. Both of the former are protest clubs and MK Dons and Manchester United still exist. AFC Portsmouth is not a protest club. Rules state that a phoenix club only has to start two leagues lower. So is possible League Two, but more likely Conference Premier.

 

Southampton last summer were in going to reform in the Conference Premier according to league representatives if they folded. Pompey fan groups have already been in discussion with the Conference should the worst happen.

 

Aldershot (Combined Counties League ) or Maidstone (Kent League) were 'phoenix' clubs formed after the demise of FL clubs.

[Wes Tender]

Had my best laugh of the day having read this:-

 

http://www.fansonline.net/pompey-fans/article.php?id=184

 

A Chelsea fan and club historian and author, Rick Glanville, has sent a message of encouragement to the Blue Few, based on Chelsea's remarkably similar position when they had been driven into near oblivion prior to Ken Bates buying them for £1.

 

The Skates take comfort from this encouragement, clutching at straws as they are, but there is one glaringly blatant fault in the reasoning behind this article.

Chelsea is a London Club.

 

As such, the real estate around the ground and the ground itself has real commercial value as one of the most sought after districts of the City. Around the corner is King's Road, a byeword for fashionable chic since the swinging sixties. Some of the most influential and wealthiest people in the country have homes in Chelsea. Regardless of how far they had fallen, they were always a decent investment opportunity for a wealthy benefactor prepared to finance a new stadium and players good enough to hold their own in the Premiership.

 

So although the Skates might have found themselves in a similar position to Chelsea all those years ago, is it the fashionable chic place that Chelsea was? Er, no. What about the environment around the ground that they don't appear to own? Is that a place where a wealthy investor would be prepared to develop it for a good return? No. It is a scabby industrial estate in one of the most run down parts of Portsea Island.

 

So why would any seriously wealthy investor pour his money into Pompey?

 

Would it be for the scintillating lifestyle of the rich and famous neighbours?

 

The sheer fashionability of the area?

 

The potential to develop the equivalent of the Chelsea Village?

 

The fantastic support of the best fans in the World who would fill any stadium regardless of size?

 

Keep clutching at straws, son. Making comparisons between you and Chelsea is like saying that your efforts at painting by numbers is remarkably similar to the work of Michelangelo.

[Joensuu]

You can't compare AFC Wimbledon or FC United of Manchester with AFC Portsmouth. Both of the former are protest clubs and MK Dons and Manchester United still exist. AFC Portsmouth is not a protest club. Rules state that a phoenix club only has to start two leagues lower. So is possible League Two, but more likely Conference Premier.

 

Southampton last summer were in going to reform in the Conference Premier according to league representatives if they folded. Pompey fan groups have already been in discussion with the Conference should the worst happen.

 

That's a crazy rule... is it FIFA? FA? Or League? Not sure I understand why anyone would have written a rule which gives preferencial treatment to an unrelated legal entity.

[The9]

You can't compare AFC Wimbledon or FC United of Manchester with AFC Portsmouth. Both of the former are protest clubs and MK Dons and Manchester United still exist. AFC Portsmouth is not a protest club. Rules state that a phoenix club only has to start two leagues lower. So is possible League Two, but more likely Conference Premier.

 

Southampton last summer were in going to reform in the Conference Premier according to league representatives if they folded. Pompey fan groups have already been in discussion with the Conference should the worst happen.

 

Which rules, where ? There was nothing beyond "maybe" on the Saints front.

[stuey]

Two out of four - must try harder!

 

bung!!!!!!

[Gemmel]

According to our skate posters (Who seemed very well briefed on the subject) it was dependant on attendances and estimated number of fans the new club could expect to take to games etc and putting them into a league that best catered for that.

[Gravesend Saint]

Oh dear - looks like someone else other than MM isn't interested in throwing money into the black hole

 

http://www.skysports.com/story/0,19528,11674_6000444,00.html

[pedg]

Me thinks Chainrai must be an imposter. Just look at the photo on this page and tell me it does not look suspiciously like a dodgy NZ businessman...

 

http://www.dailyexpress.co.uk/posts/view/161513/Portsmouth-court-in-replay

 

Edited 3 March, 2010 by pedg

[tony13579]

They are in Admin.

 

Whether the Admin will be carried out by Android or Annie Other is a point open for debate.

 

HMRC are not looking to have them unadmin'd.

 

They are looking to ensure there are no Byzantine Business Practices even PERCEIVED to have been possible during Admin.

 

The 9 points rule will be abided by.

 

The only debate now will be whether other "potential" financial irregularities come to light.

 

Chanrai is clearly concerned as to his position and as to who performs the Admin role.

 

If it IS Annie Other then they will still have to reduce the BURN rate of cash by 2 to 3 million a MONTH. Any advance from the PL will go to debt repayment, it won't stop the mortal wounds bleeding them to death.

 

It is true to say that whatever they were BEFORE Admin is Toast. What comes out of it is another matter.

 

Having them bottom of the Pl with the points deduction INCREASES the chances of any one from 6 clubs staying in the PL - The penalty will apply, none of them will vote to let the few stay up as it would need a unanimous vote to change the rules.

 

I disagree. They are in admin, HMRC can't believe they qualify for admin, unless they can prove they qualify to be in admin they will proceed with the winding up order on the 15th...

[pittdogg]

Anybody know how to cancel a bid on ebay? I made an offer on a Mickey Mouse Outfit and now am 6 minutes away from owning portsmouth FC!

[View From The Top]

David Gold (West Ham ) warning that a few other Clubs may go into Admin

 

I have a sneaky feeling that the Premier League will NOT impose any points penalty against "one of their own"

 

They have yet to comment on Pompey, BUT

 

Just imagine the scenario if Man Utd ( debts circa £700M ) went into Admin:rolleyes:

 

Yes, they will.

[Saint Keith]

lol @ the reporter on SSN jsut now referring to Chainrai as Baloo

[pedg]

Just imagine the scenario if Man Utd ( debts circa £700M ) went into Admin:rolleyes:

 

Well as things stand at the moment with the -9 points they would have to go through a play off match to get into the Champions League.

[Crab Lungs]

According to our skate posters (Who seemed very well briefed on the subject) it was dependant on attendances and estimated number of fans the new club could expect to take to games etc and putting them into a league that best catered for that.

 

Lol, let's not forget - they think they OWN their loan players

[JackFrost]

David Gold (West Ham ) warning that a few other Clubs may go into Admin

 

I have a sneaky feeling that the Premier League will NOT impose any points penalty against "one of their own"

 

They have yet to comment on Pompey, BUT

 

Just imagine the scenario if Man Utd ( debts circa £700M ) went into Admin:rolleyes:

 

Course they will, the PL want Pompey out of their hands and dump the problem on the FL ASAP

[tpbury]

Starts with a B, ends with a G and rhymes with HUNG

 

I was thinking Bail?

[benjii]

They will definitely get a points penalty. The PL want shot of them and they don't need to do anything other than apply their normal rules to achieve this.

[miserableoldgit]

They will definitely get a points penalty. The PL want shot of them and they don't need to do anything other than apply their normal rules to achieve this.

Are they "normal" though? They have never actually been used before.

[TopGun]

I was thinking Bail?

 

 

+1. Obscured thinking!