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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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View From The Top

View From The Top

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

 

The rules are in place and if HMRC hadn't hauled pcfc back into court yesterday the -9 would have been imposed then.

 

If they didn't apply them then they are leaving themselves open to legal action if any of the other teams were to relegated in the place of pcfc.

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miserableoldgit

miserableoldgit

Posted
Posted
The rules are in place and if HMRC hadn't hauled pcfc back into court yesterday the -9 would have been imposed then.

 

If they didn't apply them then they are leaving themselves open to legal action if any of the other teams were to relegated in the place of pcfc.

I agree that they should get them (and more) but I just have a niggling feeling that as the rules have never had to be enforced before and the wording incates that the PL "may" impose the deduction, they won`t get them. Hope I am wrong.

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Viking Warrior

Viking Warrior

Posted
Posted

I would be interested to know how the FA plan to address the skates should they go on to win the FA Cup knowing full well they were playing and trading whilst insolvent. Would the the FA award the cup to the runners up as the winners had potentially cheated their way to victory, Comming Birmingham put the skates to the sword

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JackFrost

JackFrost

Posted
Posted
I agree that they should get them (and more) but I just have a niggling feeling that as the rules have never had to be enforced before and the wording incates that the PL "may" impose the deduction, they won`t get them. Hope I am wrong.

 

The sooner the PL have washed their hands of Pompey the better. Pompey are a liability to the PL.

 

Besides if the PL were not to enforce the deduction, it would cause widespread uproar

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Guided Missile

Guided Missile

Posted
Posted
Been trawling some of the news networks and none seem to have made that big a deal of yesterday is it that we are reading too much into proceedings or is it that they area ll missing the possibility that liquidation is still an option here?

I think the phrase that might explain this is sub judice...

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rallyboy

rallyboy

Posted
Posted

the media are only getting Pompey's twisted version of events hence the lack of balance.

 

Many on here immediately suggested the admin wasn't legal, their own adminsitrator was happy, yet the taxman and the court are leaning towards this thread's understanding of the situation.

 

Their 'experts' are struggling to satisfy the court, and the taxman is dangerously quiet.

He's having a good look around the accounts, and they must be full of little gems....

 

This latest news that the FA is holding back their cup money could be significant.

It suggests the authorities are not comfortable to put money in either, maybe they now suspect money-laundering?...Who'd have thought it?! - other than all of the people involved in posting nearly 20,000 times on here.

 

I don't believe the Fratton hype, they're not out of the woods yet, they're actually heading into the dark bit....where the mad axeman lives....

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Gemmel

Gemmel

Posted
Posted
the media are only getting Pompey's twisted version of events hence the lack of balance.

 

Many on here immediately suggested the admin wasn't legal, their own adminsitrator was happy, yet the taxman and the court are leaning towards this thread's understanding of the situation.

 

Their 'experts' are struggling to satisfy the court, and the taxman is dangerously quiet.

He's having a good look around the accounts, and they must be full of little gems....

 

This latest news that the FA is holding back their cup money could be significant.

It suggests the authorities are not comfortable to put money in either, maybe they now suspect money-laundering?...Who'd have thought it?! - other than all of the people involved in posting nearly 20,000 times on here.

 

I don't believe the Fratton hype, they're not out of the woods yet, they're actually heading into the dark bit....where the mad axeman lives....

 

They most certainly aren't out of the woods yet. The 15th is massive for them. If they don't satisfy the funding or the cloud, then that day turns into the WUP (My understanding from the court transcript). The admin man says everything is fine and in order..... strange Tanya didnt think so, but we will see.

 

In any event they are going down and then will be slapped with another points deduction next season , as we pass them. Once in League one, they will then get the points deduction from Storries tax case and they will be down to crowds sub 7,000 and that wont generate enough to pay baloo back his 1.2 millon pound a year lease and will go back to being in debt all over again. Admin for the third time somewhere around 2012 / 2013.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted (edited)
the media are only getting Pompey's twisted version of events hence the lack of balance.

 

Many on here immediately suggested the admin wasn't legal, their own adminsitrator was happy, yet the taxman and the court are leaning towards this thread's understanding of the situation.

 

Their 'experts' are struggling to satisfy the court, and the taxman is dangerously quiet.

He's having a good look around the accounts, and they must be full of little gems....

 

This latest news that the FA is holding back their cup money could be significant.

It suggests the authorities are not comfortable to put money in either, maybe they now suspect money-laundering?...Who'd have thought it?! - other than all of the people involved in posting nearly 20,000 times on here.

 

I don't believe the Fratton hype, they're not out of the woods yet, they're actually heading into the dark bit....where the mad axeman lives....

 

The key thing for me yesterday was one of the posts on Matt Slater's BBC Twitter feed. He was in court, and disclosed something that no-one else seems to have reported.

 

It was stated that HMRC wanted to see Fuglers PFC Client Account (you may have heard this already) - HOWEVER one of the reasons for this was that several millions had been paid to Chinarai in February from it.

 

http://twitter.com/bbc_matt

 

This whole scenario cannot be dressed up as positive by Mr Astrologicalfees - it doesn't matter how you view it - from the top, from the bottom or upside down.

 

Fishy goings on indeed. March 15th WILL go down in history - a case of 'clusterfook' proportions......

 

Even if Poopey reach 'proper' admin (which I think is unlikely) the legal fallout of their business practices will hurt them far more.

 

We could be playing them again quicker than we may think..how ironic would it be that Swindon's former Administrator was then running the admin of PFC with a similar outcome.

Edited by Channon's Sideburns
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Weston Saint

Weston Saint

Posted
Posted
They most certainly aren't out of the woods yet. The 15th is massive for them. If they don't satisfy the funding or the cloud, then that day turns into the WUP (My understanding from the court transcript). The admin man says everything is fine and in order..... strange Tanya didnt think so, but we will see.

 

In any event they are going down and then will be slapped with another points deduction next season , as we pass them. Once in League one, they will then get the points deduction from Storries tax case and they will be down to crowds sub 7,000 and that wont generate enough to pay baloo back his 1.2 millon pound a year lease and will go back to being in debt all over again. Admin for the third time somewhere around 2012 / 2013.

Is the court transcript available online?
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standy

standy

Posted
Posted
the media are only getting Pompey's twisted version of events hence the lack of balance.

 

Many on here immediately suggested the admin wasn't legal, their own adminsitrator was happy, yet the taxman and the court are leaning towards this thread's understanding of the situation.

 

Their 'experts' are struggling to satisfy the court, and the taxman is dangerously quiet.

He's having a good look around the accounts, and they must be full of little gems....

 

This latest news that the FA is holding back their cup money could be significant.

It suggests the authorities are not comfortable to put money in either, maybe they now suspect money-laundering?...Who'd have thought it?! - other than all of the people involved in posting nearly 20,000 times on here.

 

I don't believe the Fratton hype, they're not out of the woods yet, they're actually heading into the dark bit....where the mad axeman lives....

The point is that the Taxman is opposing everything that Pimply do. Therefore should the Administration be deemed to be legal, then they are unlikely to agree with any CVA which does not give them !00p in the pound. As the major unsecured creditor, this will prevent them leaving the administration which will effect them as and when they try to get into the Championship or where ever else they go and would result in a further point deduction.

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dubai_phil

dubai_phil

Posted
Posted

Bravado, Barvura and Marketing

 

Although our opinions are naturally biased by the years of "negative waves" emanating from Portsmouth's fans, to us it had seemed firstly "Just Not Cricket" as they began their rise through the leagues.

 

Is it because we were more critical that we looked harder and deeper?

 

Certainly we aren't qualified to judge events, but if this thread shows us one thing, our gut feel about this has been shown to be fairly accurate.

 

Why was it only us? Obviously we had the motivation, nobody else really cared as they were all on board the Gravy Train.

 

Now we look at the situation in the light of the words used in the Court yesterday and we start to feel vindicated. I don't think our only reaction is one of Joy or Gloating at our neighbours plight, but also the communal feeling that maybe we have done a damned good job in reading a situation. We felt something wasn't right and for a Judge to use the term "A Shadow" shows that now the Law feels that something is not right. We FEEL that we know what it is, and the words in Court yesterday showed that the Law feels they know what it is as well.

 

Their choice of "going for the paperwork" gives what they will feel is the best chance of opening Pandora's Box.

 

So why the statements and the business as usual? Why the tactic to keep buying time?

 

Obviously time was the (forlorn) hope that the second hand car with the clocked Speedo could be palmed off by the Used Car Salesman.

 

But time was also about The next TV payment. Most important it was the desperate gamble to reach the 2010/11 season when the TV revenues would increase dramatically. "PL should let us stay up so we get that money to pay our debts" is not far from a viewpoint espoused up the road.

 

So why the speeches? The Judge's comments were a very carefully worded accusation. But Corporate Speak MUST keep pushing out "Motivation" They NEED a full house in the Cup, they need every extra pound, the Club is a cash Junkie, it CANNOT appear to have suffered a scratch let alone a mortal blow.

 

The "Appeal" approach is the same, it is not realistic, but it is about giving HOPE to the fans so that they continue to attend. The drowning man clutches a straw and the club clutch every last one pound to buy that extra day.

 

We will see more speeches, more Bravura, more talk of the appeals, you can be sure that if the PL apply the -9 penalty, the club will appeal to UEFA, FIFA and the CAS all aimed at stopping the one real thing that the club now fears - Despair.

 

Once the fans despair of any hope, once they give up going, once the cash flow drops the Junkie will not get their fix.

 

Admin? Who cares the money is still coming in, we want the money, yes of course Uncle Tom Cobbly & All will continue to be linked, we are a Junkie, keep coming to the games, keep paying us your money.

 

I know nothing of UK Law these days, but I know about "Corporate Speak". Any real fan should have been chilled to the bone yesterday.

 

The Night of the Battering Rams and the Dawn Raids will not be far away now, yesterday was the beginning of this, they may dodge the Heatseeking Missile that was fired at them yesterday, but they'll never see the Torpedoes coming.

 

I think they really are now in very dark days.

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Yeovil Saint

Yeovil Saint

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

One Pompey fan thinks that they own their training ground too. Look at the comments here http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7046403.ece

 

Leigh Vernier wrote:

Surely, some half awake property developer could solve the problem?

 

Take Arsenal. Their Emirates development included 58 luxury penthouses that have already raise tens of millions of pounds profit.

 

The developer could buy the ground, the traininng ground and adjacent land to create a complexe that would generate

at least 60 million p.a.

At its heart, a sports facility that would include Pompey.

 

Pompey sits on a large support catchment.

Only thrid rate Southampton one way, Plymouth, Bristol clubs the other.

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Crab Lungs

Crab Lungs

Posted
Posted (edited)
One Pompey fan thinks that they own their training ground too. Look at the comments here http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7046403.ece

 

LMAO! 60 million per year. LMAO... 'third rate' Southampton - who have higher attendances despite being a lower division, have our own stadium, debt free and have our own training ground (even in its current satisfactory condition) - Oh... THAT Southampton.

 

And that 'large' catchment area is doing well for them at the moment, isn't it?

 

That's some wishful thinking there - who would want a grubby bedsit next to that ****hole of a stadium, anyway?

 

Actually, I think I've just answered my own question...

Edited by Crab Lungs
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Guided Missile

Guided Missile

Posted
Posted

Casting my mind back to February, I recall that Daniel Azougy, the crooked lawyer that was negotiating the transfer deals that Pompey were able to complete during the window, is a close associate of Chanrai's. He was found guilty of FOUR counts of embezzling client funds in Israel in 2002

 

Pondering where the money went, it appears possible that far from lending money to PCFC, HMRC are suggesting that money went in the other direction, from Fuglers client account directly to Chanrai/Portpin. The fact that no additional money was lent to PCFC was apparent from the statement of affairs that was lodged with HMRC on the 17th February.

 

So, the Premier League held on to more than £2 million from Portsmouth's player sales in January to cover money owed to other clubs. Chelsea and Watford received cash owed from when Pompey signed Glen Johnson and Tommy Smith respectively. And, once the players' wages have been covered, the £4 million remainder from the £8 million Portsmouth earned from selling defender Younes Kaboul and keeper Asmir Begovic could have been used to pay off creditors.

 

My guess is that the £4M went into Fuglers PCFC client account, stayed there for about 5 minutes and then went straight to Chanrai/Portpin, on or about 2nd February. Once that happened, Azougy was publicly removed from his post. Since then he has been praying for the club:

 

TH1_42201037Daniel_Azougy.jpg

 

When asked what role he played in the transfers of Younes Kaboul and Asmir Begovic, Azougy said: 'I didn't have much to do with it.

 

'I just attended one meeting. In order to save the club I said we should sell some players.

 

'If not there would be no club.

 

'At this stage no bank is financing the club. No bank is willing to supply any funds. I have not been involved (in the transfers) I just attended one meeting.

 

'It was obvious the club must do something to stop the petition of the revenue.

 

'People at the club are working 24/7 to stop this petition.'

 

Azougy said he understood the anxiety of fans but said the decision to sell Kaboul and Begovic was the right one.

 

'Every day I am praying that the club survives, for the 600 employees, I pray for the club,' he said.

 

'It is very, very hard. It was a very hard decision to sell both players (Kaboul and Begovic) but sometimes you have to make a hard decision to save the club"

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
Casting my mind back to February, I recall that Daniel Azougy, the crooked lawyer that was negotiating the transfer deals that Pompey were able to complete during the window, is a close associate of Chanrai's. He was found guilty of FOUR counts of embezzling client funds in Israel in 2002

 

Pondering where the money went, it appears possible that far from lending money to PCFC, HMRC are suggesting that money went in the other direction, from Fuglers client account directly to Chanrai/Portpin. The fact that no additional money was lent to PCFC was apparent from the statement of affairs that was lodged with HMRC on the 17th February.

 

So, the Premier League held on to more than £2 million from Portsmouth's player sales in January to cover money owed to other clubs. Chelsea and Watford received cash owed from when Pompey signed Glen Johnson and Tommy Smith respectively. And, once the players' wages have been covered, the £4 million remainder from the £8 million Portsmouth earned from selling defender Younes Kaboul and keeper Asmir Begovic could have been used to pay off creditors.

 

My guess is that the £4M went into Fuglers PCFC client account, stayed there for about 5 minutes and then went straight to Chanrai/Portpin, on or about 2nd February. Once that happened, Azougy was publicly removed from his post. Since then he has been praying for the club:

 

TH1_42201037Daniel_Azougy.jpg

 

 

(He looks like the bloke of Masterchef...)

 

Same wavelength GM. As soon as I saw that post on Twitter from Matt Slater, there had to be something in it.

 

The Snooze didn't mention it (therefore keeping the blue few uninformed as usual), but the BBC spotted it.

 

Also, as with DubaiPhil & FF in mind, most 'hypothetical' posts that you make come true....;-)

 

It's going to be a fun month.... for us.

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Jimmy Gabriel's Halo

Jimmy Gabriel's Halo

Posted
Posted
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.

 

Reading this brought back memories of my dear old grandmother, now long since gone. I can still picture her, 47 years ago when I was about 9, saying to me "Now then Jimmy Gabriel's Halo don't spend a guinea if you've only got a pound" and I've never forgotten that. Bloody good maxim to live by.

 

Obviously Story Teller's granny didn't tell him the same thing when he was 9.

 

For anyone under 30 reading this and wondering what a guinea was - ask your granny.

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Weston Saint

Weston Saint

Posted
Posted

http://www.guardian.co.uk/sport/2010/mar/03/portsmouth-takeover-intermarket-digger

 

Fear not, Pompey fans, for your deliverance is near. The latest name to have been linked with Portsmouth is none other than the Intermarket Group.

 

Some will remember them as the city financiers that were declared saviours of West Ham United last October. But they failed to come up with the money and the club was sold to David Sullivan and David Gold, who did.

 

Digger can reveal that they were also the men behind the £25m plan at Notts County, promising the funds to build a new stadium and a casino. They failed to come up with the money and the club was sold to Ray Trew.

 

And it seems that the noise of another club going through financial collapse has brought Intermarket running. Its chairman, David Byrne, has approached the administrator, Andrew Andronikou, about buying the club. Byrne said: "I can neither confirm it nor deny it."

 

But Byrne has his reasons for not sealing the deals with either the Hammers or Notts. "If it was not for our chief executive, Jim Byrne, dying, we would have done the deal with West Ham," he said. "And my partner offered a £500,000 non-refundable cheque to [Notts' then chairman] Peter Trembling to give us a week to do the deal. Sven‑Goran Eriksson was really keen but unfortunately Peter went and did the deal with Trew."

 

Andronikou said: "Until I'm shown proof of funds and I'm happy with the calibre of the individuals no one will come into the club." Very sensible.

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CB Fry

CB Fry

Posted
Posted

And it seems that the noise of another club going through financial collapse has brought Intermarket running. Its chairman, David Byrne, has approached the administrator, Andrew Andronikou, about buying the club. Byrne said: "I can neither confirm it nor deny it."

 

 

I fear Pompey may be on the Road to Nowhere with this lot. They sound like Slippery People to me.

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dubai_phil

dubai_phil

Posted
Posted

Just been watching Russell Crowe in State of Play on DVD, a good old fashioned Conspiracy Movie which I really enjoyed

 

Then Wow.

 

Now the concepts outlined in GM's thesis here linked to the mindset from that movie sets a different tilt to the sails.

 

Even by the strangest set of stretches of the imagination I don't think I could have ever come up with the crazy thought that now runs through my head.

 

It sparks off the idea for a new Movie script "Unable To Play".

 

Obviously the story would be unrelated to any events or persons down the road.

 

Somebody walks in to a train wreck and calmly moves a few million in the opposite direction. Paul Daniels would have been proud of a trick like that.

 

Then the jigsaw pieces start to drop into place. The fake PR, ignore HMRC, walk into the WUO session on a wing, prayer and a meeting at Dad's house.

 

IF they had been liquidated it could have been the perfect crime.

 

The plan fails so the friendly Administrator walks in.

 

I couldn't have dreamt this up to put it in the old "you couldn't Make it Up thread"

 

All it needs is the way to link in a motive, possibly something based around revenge. Oh

 

Down side is that the Russell Crowe wouldn't be able to play the part of the Washington Globe Reporter.

 

He'd have to be an internet blogger...

 

Oh....

 

His co-journalist from the movie was the Globe's blogger.

 

Hmmm

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
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.

 

Ok, thanks but it prompts this line of thought (one which I posted a few days ago). What if? What if Poopey actually manage to gain promotion back to the PL in their first season? What happens to the parachute payment due to them (but already taken!) for their second season in that case? I was given to understand that if a PL club bounces straight back up that the second payment is shared among the CCC clubs? If that's the case what happens next?

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Saint in Paradise

Saint in Paradise

Posted
Posted
Ok, thanks but it prompts this line of thought (one which I posted a few days ago). What if? What if Poopey actually manage to gain promotion back to the PL in their first season? What happens to the parachute payment due to them (but already taken!) for their second season in that case? I was given to understand that if a PL club bounces straight back up that the second payment is shared among the CCC clubs? If that's the case what happens next?

 

Well they won't pay it back thats for sure giving their record of paying debts :D

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dubai_phil

dubai_phil

Posted
Posted
Ok, thanks but it prompts this line of thought (one which I posted a few days ago). What if? What if Poopey actually manage to gain promotion back to the PL in their first season? What happens to the parachute payment due to them (but already taken!) for their second season in that case? I was given to understand that if a PL club bounces straight back up that the second payment is shared among the CCC clubs? If that's the case what happens next?

 

Let me guess...

 

It will be in the agreement they will be forced to sign which will say (in a 200 page contract) something like

 

"We give you the money and your "Golden Share"

You do not appeal

You get promoted, we'll deduct the parachute payment from the first season's TV revenue - sign here."

 

"No way feck off."

 

"OK byeee"

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Fowllyd

Fowllyd

Posted
Posted
I fear Pompey may be on the Road to Nowhere with this lot. They sound like Slippery People to me.

 

Could well be a Psycho Killer among them - Pompey should just run, run, run, run, run, run away. Then again, I'd have thought that Intermarket's chairman might be more interested in Weymouth...

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Wes Tender

Wes Tender

Posted
Posted
LMAO! 60 million per year. LMAO... 'third rate' Southampton - who have higher attendances despite being a lower division, have our own stadium, debt free and have our own training ground (even in its current satisfactory condition) - Oh... THAT Southampton.

 

And that 'large' catchment area is doing well for them at the moment, isn't it?

 

That's some wishful thinking there - who would want a grubby bedsit next to that ****hole of a stadium, anyway?

 

Actually, I think I've just answered my own question...

 

Leigh Vernier wrote:

Surely, some half awake property developer could solve the problem?

 

Take Arsenal. Their Emirates development included 58 luxury penthouses that have already raise tens of millions of pounds profit.

 

The developer could buy the ground, the traininng ground and adjacent land to create a complexe that would generate

at least 60 million p.a.

At its heart, a sports facility that would include Pompey.

 

Pompey sits on a large support catchment.

Only thrid rate Southampton one way, Plymouth, Bristol clubs the other.

 

What a cretin this Leigh Vernier is. He obviously doesn't realise that what attracted the investment income in Arsenal's luxury penthouses, was the fact that they were in London. Luxury penthouses at Fratton? Bit of an oxymoron from a moron.

 

And do they teach geography in Skateland schools? Southampton, Plymouth and Bristol are all West of Skatesville. If he wished to talk in terms of the other direction, there is Brighton to the East, or Reading to the North. And if he thinks that fans would travel from Plymouth or Bristol to watch the Skates, that is presumably because they are plastics. So where does he think they will go next year when the Skates are either in the second division, or even further down the divisions?

 

One of the most idiotic posts I have seen from the deluded blue few.

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Rocker268

Rocker268

Posted
Posted
Everything the Android fella says is absolute horsesh!t!! Seems he partakes of the same truth serum as Storrieteller.

 

Wasn't the squad valued at £21m in court on monday? yet they are still going on their estimation of £38m.

 

Also despite I don't think you should be able to cut the debt by £56m. You would have to be mad to buy a team destined for the CCC with no squad or morale, plastic fans who can't fill the ground in the PL and no stadium all for £30m

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tpbury

tpbury

Posted
Posted
Could well be a Psycho Killer among them - Pompey should just run, run, run, run, run, run away. Then again, I'd have thought that Intermarket's chairman might be more interested in Weymouth...

 

Keep up the good work with relation to Talking Heads. They must be Blind no one has been telling True Storries, they've stopped making sense, it's like life during wartime etc etc. Most go and hook out those LPs.

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