Pompey Takeover Saga

[solentstars]

Further points would apply, rather than fewer points. The new Luton board went to the FL and said 'here's evidence of financial mismanagement by the previous board' and the FL said 'thanks very much, here's another 20 point deduction'.

 

As for staying up....can't see it myself. They're bottom on merit, and have games at Liverpool, Everton and Spurs to come, plus home games against Chelsea and Villa. Can't see many points comeing from those games, so winning all 5 other games will give them 34 points. It's not going to happen.

 

Burnley play Wolves this weekend, Pompey play at Anfield. Assuming Pompey lose, a Wolves win would leave them 8 points adrift with 9 to play.

great it getting better all the time

[Chin Strain]

I heard Andrew Andronikou being interviewed by Gary Richardson on BBC FiveLive's Sportsweek about 10 days ago. Richardson asked AA if the amount of debt was £70 million and AA replied the amount of debt was around £78 million.

 

http://www.bbc.co.uk/programmes/b00r5y9t

 

wjhilst the above link says you cannot listen to the programme again, in a section just below called, somewhat puzzlingly, 'Chapter 1' it says ...

 

"Portsmouth administrator Andrew Andronikou reveals the extent of the club's debt as £78 million and the plan to exit administration before the start of next season".

 

And now it's £83 million - an extra £5 million of debt found/created in just 10 days.

 

Sweet.

 

The extra £5m I'm betting is the cost of the Feb wages that Chanrai 'paid out of his own pocket' and added to the debt knowing he's in pole position to get it back as a secured creditor......oh...maybe not.

[Chin Strain]

Be even worse if Burnley manage to beat Stoke at home tonight !

 

Yeah, but then Pompey would have a game in hand......but they'd have to win it - doh!

[sidthesquid]

Because it's not been confirmed whether they're actually entitled to go into administration.

 

Once the hearing's taken place on Monday, if it turns out they were entitled to call in the administrators, they'll get the points taken off.

 

I don't want to be a killjoy but I don't think it is confirmed for Monday - but 'the earliest convenient date' after Monday. We could have days or weeks more conjecture yet

[Sergei Gotsmanov]

So basically its either 9 points off or AFC Portsmouth

[Gemmel]

I don't want to be a killjoy but I don't think it is confirmed for Monday - but 'the earliest convenient date' after Monday. We could have days or weeks more conjecture yet

 

Nope they are in court all day on the 15th. Documents to registered with the court by this Friday

[JackFrost]

So basically its either 9 points off or AFC Portsmouth

 

Yep,

 

either the court will find all is well with the current administrators (Unlikely) Result: -9 points

 

or the court will find the current administrators are illegally appointed and appoint its own administrators (likeliest scenario but not by much) Result: -9 points and further ammunition for the PL/Fl for further points deductions

 

or the club will be liquidated (a genuine possibility IMO) Result: AFC Pompey playing in the Conference south or thereabouts

[bridge too far]

As well as Chester being wound up today, the following has also happened in the High Court:

 

http://news.bbc.co.uk/sport1/hi/football/teams/s/southend_utd/8559824.stm

 

http://news.bbc.co.uk/sport1/hi/football/teams/c/cardiff_city/8557188.stm

[Gemmel]

Anyone think there may be a connection;

 

Fuglers get rid of Jacobs

 

Pompey have now got rid of jacobs ....even though he was working for free

 

Pompey message boards (And here of course) all suggesting a big story is going to break regarding money laundering

[stevegrant]

Have Pompey got rid of Jacobs?

[Crab Lungs]

Disgusting club... hopefully they will be shut down and the people guilty of such gross-mismanagement are brought to task.

 

It'll be better for their fans.

[Gingeletiss]

Have Pompey got rid of Jacobs?

 

Jacob leaves Pompey along with 'up to 85' other staff

 

 

 

 

 

Mark Jacob today headed the list of Fratton Park job cuts.

However, Peter Storrie and Tanya Robins are expected to survive the first wave of redundancies set in motion by Andrew Andronikou.

 

The News understands around 85 will today be shown the door as administrators slash personnel.

 

Groups of staff have been given times for meetings throughout Wednesday to learn of their fate.

 

A press conference is due to be held at 5pm today where administrator Andrew Andronikou will reveal his plan.

 

Executive director Jacob has already gone after being informed of the news this morning.

 

However, he was not a paid employee of the club.

 

In the meantime, Storrie and Robins are believed to be safe as they continue to help the administrator with his efforts.

 

Pompey's chief executive is understood to be remaining for the time being to help find an owner and assist Avram Grant on the football side of matters.

 

He had already agreed to a substantial pay-cut.

 

Tug Wilson, training ground manager, has also lost his job.

 

He said: 'It's been a very bad day for a lot of people but it is not a sad day for me. I've worked here for eight and a half years and I've enjoyed my time at Portsmouth.

 

'I wish the club all the best and all the success in the world.

 

'I feel bad for other people who have lost their jobs. Some of them will need that money to pay mortgages, although I'm not in that position and hopefully they will all be re-employed once the club finds a new owner.

 

'No one wants to see the club go under.'

 

One staff member from the Pompey Youth Academy emerged from a meeting at Fratton Park this morning. He was told he was being axed with immediate effect.

 

The man, who didn't want to be named, said he was three weeks short of being entitled to redundancy money. He will now rely on getting the government's statutory redundancy cash which is likely to take weeks.

 

He told The News: 'I asked them if there was any dialogue about possibly taking a pay cut and they told that hadn't been considered.

 

'I'm still taking it in. I hope there's a buyer found, there might still be a chance of getting my job back.

 

'I'm absolutely gutted.'

 

Warehouse worker Mike Crawford, 42, from Tunstall Road, Cosham, walked out before his scheduled meeting as he said he knew he was going to be axed.

 

He said the staff members who were being fired were being taken into the boardroom, while those who are staying were ushered into chief executive Peter Storrie's office to renegotiate their contracts.

 

Mr Crawford said he and other staff members were being treated badly.

 

'What they're doing is going past all common decency. I've just been kept hanging on, I had to find out about my meeting yesterday in The News.

 

'You've got an administrator talking about transparency but the employees are being treated like dirt. I don't suffer fools gladly.

 

'I just think what they are doing to us is just disgraceful.'

 

One worker, who wished to remain anonymous, added: 'I'm very worried - we're all just hanging on waiting to find out.'

 

Another added: 'I'm just trying to keep out the way before they tell me.'

 

Mr Andronikou has already pledged to 'cut to the bone' when he took over at Fratton Park.

 

 

 

 

Looks like it!.

[Chin Strain]

Much as I really want Pompey to pay for their misdemeanours over the course of the past few years, today does bring home the reality of a company going under. We had people in a similar situation last season, and I wouldn't wish what these people are going through on anyone. There's no joy in seeing people with bills to pay losing their jobs.

 

That said, how much is really going to be saved by clearing out people who earn £10 or £15k a year, rather than those who earrn more than that in a week. I suppose Storrie has negotiated water tight player contracts meaning they can't be fired, but they are employess like anyone else (so is Storrie, as he likes to point out). There is no resale worth to Pompey of a number of these players, so they should be let go and told to get in line for their pay off....if there is any money left in the pot.

 

Meanwhile, Storrie still, unbelievably, manages to stagger on collecting money from the club. The fact he's being paid anything is amazing. The fact they think he's an asset to bring in new buyers, given his recent track record of finding two potless 'billionaires' is, frankly, lunacy.

[Third Division South Days]

Yep,

 

either the court will find all is well with the current administrators (Unlikely) Result: -9 points

 

or the court will find the current administrators are illegally appointed and appoint its own administrators (likeliest scenario but not by much) Result: -9 points and further ammunition for the PL/Fl for further points deductions

 

or the club will be liquidated (a genuine possibility IMO) Result: AFC Pompey playing in the Conference south or thereabouts

 

If the judge opts for WUO would he not give the club a date deadline to settle bills as per Cardiff and Southend?

[Durleyfos]

Warehouse worker Mike Crawford, 42, from Tunstall Road, Cosham, walked out before his scheduled meeting as he said he knew he was going to be axed.

 

Why on earth do P*mpey need a warehouse worker?

 

Unless it was a typo and it should have read 'whorehouse keeper'...

[Whitey Grandad]

Thanks Gingletiss. There's a couple of points there:

 

'No one wants to see the club go under.' Er, excuse me! :smt039

 

The young lad three weeks short of getting his redundancy might like to know that he needs to add his period of notice to the amount of time that he has worked there.

[Sevvy]

If the judge opts for WUO would he not give the club a date deadline to settle bills as per Cardiff and Southend?

 

I thought they had already been given a dead line to pay depts, they chose to ignore it and that why the HRMC did the next thing and put in a WUO.

[Shufty Zubrik]

In the meantime, Storrie and Robins are believed to be safe as they continue to help the administrator with his efforts.

 

Pompey's chief executive is understood to be remaining for the time being to help find an owner

 

Now where did I put that owner?

Must be a difficult choice - Sacha Gaydamak, one of the Arabs, Pierre Falcone, Arkadi Gaydamak, Baloo, the Serbian gun runner, some bloke in the Virgin Islands, the toilet roll supplier who issued a credit note which has been converted to capital to improve the balance sheet - now surely one of them must own it , they can't all be creditors.

[Chin Strain]

Why on earth do P*mpey need a warehouse worker?

 

Unless it was a typo and it should have read 'whorehouse keeper'...

 

If it was the former, I would imagine it's to do with despatching merchandise ordered online by 'the best fans in the world'. Clearly they need to order online as HMP is not keen to let them out on shopping trips.

 

I would agree that it's more likely to be the latter though....which would indicate that Avram must be on his way too. To have to manage a rubbish football team, without getting paid is one thing. To then have your special privileges taken away is bang out of order.

[Saint Keith]

If the judge opts for WUO would he not give the club a date deadline to settle bills as per Cardiff and Southend?

 

they've already had that, the wuo was served back in october

[JackFrost]

If the judge opts for WUO would he not give the club a date deadline to settle bills as per Cardiff and Southend?

 

They had one, they missed it 5 months ago

Edited 10 March, 2010 by JackFrost

[Doctoroncall]

As well as Chester being wound up today, the following has also happened in the High Court:

 

http://news.bbc.co.uk/sport1/hi/football/teams/s/southend_utd/8559824.stm

 

http://news.bbc.co.uk/sport1/hi/football/teams/c/cardiff_city/8557188.stm

 

I'm not sure I understand the penultimate paragragh of the Cardiff article:

 

"Non-payment would result in the club being wound up and placed into administration."

 

Surely only a secured creditor/shareholder can place them in admin by applying to the court?

[Fowllyd]

I'm not sure I understand the penultimate paragragh of the Cardiff article:

 

"Non-payment would result in the club being wound up and placed into administration."

 

Surely only a secured creditor/shareholder can place them in admin by applying to the court?

 

I think that's an error. If they get wound up they'll be placed in receivership, not administration.

[Ken Tone]

Poisted on the pompey news site is this link to the Blackburn newspaper. Some valid points in there.

 

http://www.lancashiretelegraph.co.uk/sport/football/5050688.Pompey_enjoyed_their_ride/

 

K.

[OldNick]

I do wonder quite why PS is still there. No doubt everything is above board, but if there is the slightest doubt all previous parties should be put on gardening leave.

I suspect the termination fees in their contracts are massive nad so that is the reason to be kept on.

Justice does not look to be served here, justice as in the people at the bottom losing their jobs while the pigs are still eating at the sty

[Ken Tone]

I do wonder quite why PS is still there. No doubt everything is above board, but if there is the slightest doubt all previous parties should be put on gardening leave.

I suspect the termination fees in their contracts are massive nad so that is the reason to be kept on.

Justice does not look to be served here, justice as in the people at the bottom losing their jobs while the pigs are still eating at the sty

 

I'm not sure that an administrator is bound by previous employment contracts in terms of big pay-offs? Can't he just pay national legal minimum?

 

On the other hand if on monday the administrator is found not to have been appointed properly, Storrie etc could have an interesting legal case if they had been laid off with contracts ignored. So maybe administrator is just waiting until after monday and then will chop him?

 

What I just can't get my head round is why the administrator hasn't sent back all the loan players. He surely needs to reduce the wage bill as much as possible and he doesn't care if they win or lose games ,so why is he keeping them?

 

K.

[Gemmel]

I do wonder quite why PS is still there. No doubt everything is above board, but if there is the slightest doubt all previous parties should be put on gardening leave.

I suspect the termination fees in their contracts are massive nad so that is the reason to be kept on.

Justice does not look to be served here, justice as in the people at the bottom losing their jobs while the pigs are still eating at the sty

 

Indeed, but you have listed the answer yourself.

Storrie will be on 12 months notice or 6 minimum, they don't have the cash to pay the higher earners out at the moment.

The reality is that if they were serious, the loan players would have been sent back regardless of contracts. They would have been able to come to an agreement with the clubs..... and more to the point they wouldnt have taken on two new loans after the transfer window closed.

This is little more than a exercise to try and show willing.

[JackFrost]

I'm not sure that an administrator is bound by previous employment contracts in terms of big pay-offs? Can't he just pay national legal minimum?

 

On the other hand if on monday the administrator is found not to have been appointed properly, Storrie etc could have an interesting legal case if they had been laid off with contracts ignored. So maybe administrator is just waiting until after monday and then will chop him?

 

What I just can't get my head round is why the administrator hasn't sent back all the loan players. He surely needs to reduce the wage bill as much as possible and he doesn't care if they win or lose games ,so why is he keeping them?

 

K.

 

It's likely O'Hara's wages are being paid by Spurs, but shouldn't think that would apply to all the loans

[Whitey Grandad]

It's likely O'Hara's wages are being paid by Spurs, but shouldn't think that would apply to all the loans

If that's true then it distorts the whole 'fair competition' business. Couldn't club A, having played Pompey twice and won, lend them some of their best players so that club A's rivals would have less chance of picking up points?

[xerox]

85 made reduntant, not good news.

[JackFrost]

I'll be keeping a close eye on the Burnley-Stoke game tonight.

 

One of Burnley's best chances of getting 3 points on the board.

[Saint dyer]

i dont understand why they dont send some of their loan players back

[SOTONS EAST SIDE]

85 made reduntant, not good news.

85 out of 600 is just a pinch of salt. Not good for the 85. but still nowhere near enough to make a difference thou!!!

[teamsaint]

i dont understand why they dont send some of their loan players back

 

 

presumably they have signed contracts through to June or whenever, which are now "football debts". So they can't send them back.

 

As regards storrie and other employees, there is nothing to stop the administrator getting rid of anybody. The administrator doesn't have to honour any contacts from before admin. This applies to players too, but the "football debts" rule means that they have to honour or face a certain and huge points deduction next season, not a great way to sell a club.

 

I think !!

[Saint Keith]

85 out of 600 is hardly "cutting it to the bone" is it

 

getting rid of the conmen and incompetent nonces on £1.2m might be more effective

[Saint Keith]

presumably they have signed contracts through to June or whenever, which are now "football debts". So they can't send them back.

 

As regards storrie and other employees, there is nothing to stop the administrator getting rid of anybody. The administrator doesn't have to honour any contacts from before admin. This applies to players too, but the "football debts" rule means that they have to honour or face a certain and huge points deduction next season, not a great way to sell a club.

 

I think !!

 

what are the chances that storrie wrote his contract in such a way that he is classed as football debt. what a c unt

[bridge too far]

If the administrator hasn't advised the dismissed workers of their rights, they might want to look at this:

 

http://www.delni.gov.uk/index/press-releases/press-releases-oct-dec-2007/empey_clarifies_redundancy_and_insolvency_payments_guidelines.htm

 

particularly at the bottom of the page where there are further links.

 

Oh and if Storrie wrote his contract so that he was self-employed / a consultant, I think he would get nothing at all if dismissed.

Edited 10 March, 2010 by bridge too far
Afterthought about Story Teller

[Foxy]

presumably they have signed contracts through to June or whenever, which are now "football debts". So they can't send them back.

 

As regards storrie and other employees, there is nothing to stop the administrator getting rid of anybody. The administrator doesn't have to honour any contacts from before admin. This applies to players too, but the "football debts" rule means that they have to honour or face a certain and huge points deduction next season, not a great way to sell a club.

 

I think !!

 

Could it be that loanees aren't even on the payroll and that they have contracted with the parent club for their services for whatever period and that unless they are recalled Pompey owe the parent club, not the player? This would make sense from the perspective of the contract with the parent club and would explain why Pompey can't just tell the loanees to head home

[Weston Saint]

Important we do not forget the 85 employees who have lost a livelyhood they can ill afford. A sad day and all that has gone on will have been completely beyond their control.

 

As for Storrie, the Administrator clearly thinks he needs him for the present as the link to the clubs day to day football affairs. He has, says the Administrator, taken a 40% pay cut. So what! He is the catalyst of this whole sorry story of incompetence and serial overspending.

 

He says he has had positive talks with HMRC yesterday and passed documents showing Chainrai's involvement and right to be a preferred creditor and therefore able to appoint him as Administrator. He expects the HMRC to respond tomorrow.

 

He has not cut any of the players wages. A couple have expressed a view of taking a pay cut but nothing has happened. They are protected by the PFA in the event the business collapses.

 

He says he has the full co-operation of the PL & FL (sounds like he is planning for FL as he should)

 

He did not suggest any interested parties at advanced discussions. Anyone expressing an interest will have to pay a small administration fee to get any details. Anyone wishing to go further will have to produce proof of funds.

 

So let us wait and see. The -9 is a given and so is relegation.

Edited 10 March, 2010 by Weston Saint

[pedg]

85 out of 600 is hardly "cutting it to the bone" is it

 

getting rid of the conmen and incompetent nonces on £1.2m might be more effective

 

A vast majority of the 600 will be match day only staff such as stewards etc which it will be hard for them to cut and still meet their statutory requirements.

[Fowllyd]

what are the chances that storrie wrote his contract in such a way that he is classed as football debt. what a c unt

 

I wouldn't be at all surprised if Storrie has a contract which would make it very hard indeed to get rid of him, administration notwithstanding. I'm sure he knows full well that if by some miracle they do get new owners he'll be out of the door pronto, but no doubt he hopes he'll end up getting a nice big envelope to trouser at the same time.

 

I really hope he gets to spend some considerable time inside. I'm not vindictive by nature, but - to paraphrase the great Leonard Cohen - for him I will make an exception.

[OldNick]

A vast majority of the 600 will be match day only staff such as stewards etc which it will be hard for them to cut and still meet their statutory requirements.

Listening to Solent and they said that the 80+redundancies were 25% of their staff. The 600 is yet another of theri exaggerations it may seem.

I think of those most were part time. Hardly cutting to the bone as BBC south are broadcasting.

[mack rill]

Disgusting club... hopefully they will be shut down and the people guilty of such gross-mismanagement are brought to task.

 

It'll be better for their fans.

 

:smt038 Lol You are all Heart Crabby, Theres me thinking you were just a bitter pony fiddler smarting from a real shyt weekend, After Trammers shafted you into the realization its 3rd div for you next season. And the blue few cheat there way to a seme at Wembaleeeeee,But no i was wrong.

As you say,( Being shut down will be better for the fans.):smt008

[OldNick]

So the 600 jobs at risk that was said in court has now been shown to be 319 (South Today)

Unbeleiveable. Also 2 parties have shown proof of funds.

Pompey will get away with it.

[aintforever]

I would guess the real reason Storrie is still there is because he is mates with the Premier League Chairman, who was up to his nuts in the whole Shinawatra/Al Fahim episode.

[Weston Saint]

Before the job cuts the club had a staff of 166 full-time employees, and 154 part-time.

[BigShadow]

On SSN 30 mins ago - they said HMRC have dropped its challenge to PCFC's administration - so no court appearance next week?

 

Anyone else hear that?

[Weston Saint]

Guardian report of press conference

 

http://www.guardian.co.uk/football/2010/mar/10/portsmouth-redundancies-football-premier-league

[aintforever]

:smt038 Lol You are all Heart Crabby, Theres me thinking you were just a bitter pony fiddler smarting from a real shyt weekend, After Trammers shafted you into the realization its 3rd div for you next season. And the blue few cheat there way to a seme at Wembaleeeeee,But no i was wrong.

As you say,( Being shut down will be better for the fans.):smt008

 

Why do you keep banging on about Wembaleeeeee as if there is not a court case to shut the club down in 5 days time?

 

Que Sera, Sera,

Whatever will be, will be

The Taxman has shut Pompeeee

Que Sera, Sera

[OldNick]

:smt038 Lol You are all Heart Crabby, Theres me thinking you were just a bitter pony fiddler smarting from a real shyt weekend, After Trammers shafted you into the realization its 3rd div for you next season. And the blue few cheat there way to a seme at Wembaleeeeee,But no i was wrong.

As you say,( Being shut down will be better for the fans.):smt008

Mack, you will enjoy a day out at Wembley on the back of breaking the hearts of many young Brum fans whose club played by the rules, whilst your team have got there by fielding a team that if you played it on an even playing field would not get a sniff.

I would not shout about it from the rooftops. I felt shame when Saints went into admin and cost small local businesses much needed revenue. To your clubs shame ,you have done it twice.

So go and enjoy your tea while 85 of your compatriots sit at home worrying that they have lost thier jobs and how do they pay their mortgage. Enjoy your day at Wembley, you will have another memory but many of your clubs servants will have scars forever.

Shame on you and shame on Pompey.