Pompey Takeover Saga

[Whitey Grandad]

It's security against future income. The parachute payments are the minimum that a PL club would receive, as staying up is worth more. I don't see it as any different to a mortgage lender lending you money based on your future income.

I saw something recently about an imminent deal for the Far-Eastern TV rights to the Premiership, something over a billion £ was it? If that happens then the football world will be turned upside down. It'll be like sharks in a feeding frenzy.

[dubai_phil]

"The only other question in this is whether anyone has got the parachute money secured against their debt. I think this is the key question which will give a big clue as to whether they'll actually get any buyer. From the minutes of the administrators meeting with the fans, it seems as though the administrators haven't got a clue."

 

Only relegated teams get a 'parachute' payment. Until they are formally relegated (ie last day of the season) they will not be entitled to a parachute payment. Although they will certainly be relegated I cannot see how they can possibly secure a lone against future parachute payments as this would mean they would have to ensure they lost enough games to make relegation a certainity and that would involve match fixing! Mind you, this is Portsmouth we are talking about so ...

 

 

So sort of in I tried to tell you so land, the Court Case was about a piece of paper, OK they found one, well done.

 

Back to reality, they cannot add anymore debt. Chanrai is flapping like a stranded fish to try and get the original loan back that he was "conned" into giving the club.

 

Does anyone REALLY believe he will be giving them anymore CASH? Where will HE get it back from?

 

They ONLY have one source of cash. The Parachute money & the next Sky payment. What sort of team can they put out next year IF they don't get a sugar Daddy before May? Hell they've even all but canned tehir academy so it's 28 players at 4 grand a week average = 28 mil. They couldn't afford Lloyd James on that!

 

12,000 ST Holders at 600 quid? TV Income? Matchday revenue?

IF they are lucky they may get close to 25mil in income

 

The parachute is gone. The new owners will need to build facilities and so invest in the assets.

 

Guys, enough of the doom and gloom.

 

Not being wound up is GOOD news. We still have a rival, the thread will get close to 30,000 posts and the recovery period will take 2 or 3 years IF someone BUYS them.

 

BUT

 

They STILL have to find "a businessman with more money than sense at a time when the economy is still iffy, an election is due. The ONLY saving grace for foreign buyers they get cheaper as the pound falls. BUT many think it could fall another 10 or 20% that's a HELL of a hit for a foreign investor BEFORE you start turning the club around..

 

Remember somebody STILL has to pay off SOME of the debt the Sky & Parachute ONLY covers the running costs to the end of the season.

 

Tick Tock. They are buying time and praying for a buyer now.

 

How long did that take us?

 

The want em dead faction?- chillax

The loads more years of hurt brigade? looking good

[Just a Fan]

Can someone please explain this. The administrator says that he's looking for 30 million from a buyer. Will this pay back Chandrai what he is owed. If it does, then does the buyer then get to own the ground and then not have to pay him 1 mil per year?

[Joensuu]

The want em dead faction?- chillax

The loads more years of hurt brigade? looking good [/Quote]

You forgot the 'they'll get out of it smelling of roses' loonies... who are still way off target.

[bluejob]

Simple things please my mind...

 

 

That is awesome...

[Dark Munster]

 

The only other question in this is whether anyone has got the parachute money secured against their debt. I think this is the key question which will give a big clue as to whether they'll actually get any buyer. From the minutes of the administrators meeting with the fans, it seems as though the administrators haven't got a clue.

 

Well, let's see what that could imply.

 

Possibility 1: No-one has secured future parachute payments from a loan to the skates:

AA: "Has anyone secured future parachute payments from a loan to PFC?"

 

PFC: "Absolutely not. Here is all the documentation you need regarding our debts."

 

Possibility 2: Someone has secured future parachute payments from a loan to the skates:

AA: "Has anyone secured future parachute payments from a loan to PFC?"

 

PFC: "Err, umm.... that's a very difficult question to answer. The situation is very complicated. We'll have to get back to you on that."

[anothersaintinsouthsea]

What's the chance that by the time the administrator tots everything and reports back to the creditors that the HMRC debt fall slightly short of the magical 25%? Can the unsecured debt increase during the admin period? will HMRC take part-payment that reduces their debt even if that pushes it below 25%?

[Weston Super Saint]

What's the chance that by the time the administrator tots everything and reports back to the creditors that the HMRC debt fall slightly short of the magical 25%? Can the unsecured debt increase during the admin period? will HMRC take part-payment that reduces their debt even if that pushes it below 25%?

 

You seem to have conveniently forgotten the SoA that was submitted to the court and is a legal document.

 

I'm sure if the administrator were to increase the debt from that published in the SoA then HMRC and other bodies would be interested...

[anothersaintinsouthsea]

You seem to have conveniently forgotten the SoA that was submitted to the court and is a legal document.

 

I'm sure if the administrator were to increase the debt from that published in the SoA then HMRC and other bodies would be interested...

 

"conveniently forgotten" - don't follow?

 

But does administration actually stop the debts increasing? do all suppliers get paid instantly? if say Southern Electric are owed £50k by pompey and when admin starts this is debt frozen do they have to instantly pay for the new electricity they consume?

[greg_hill]

 

The want em dead faction?- chillax

The loads more years of hurt brigade? looking good

 

 

 

Phil, what worries me is that they seem to be lying and spinning their way around every punishment. They sweet talked their way out of court the first time, submitted the 'dysfunctional accounts' and then put themselves in admin. They named an unregistered player in the squad against us that the FA bottled out of punishing them for. They found a piece of paper to get around this blatant conflict of interests in choice of administrator and now it looks like they may even get around the points deduction.

 

If we look at the solid punishments they received so far, it adds up to a temporary transfer embargo that allowed loans and *part* of a transfer fee being withheld for a club trading while insolvent.

 

If they are killed off, they can't do this anymore, if they are 'left to suffer' there's always a chance that someone like Victor Bout will leave prison here in Thailand, sail through the FA FPP test and buy them back to success. The cheats will win.

[Eastcowzer]

I watched AA giving his interview at the press conference and was very composed.At the end he was asked about people interested he said 2 had shown proof of funds and at that stage his eyes went side to side like the baddie puppet did on Thunderbirds. Not sure i trust that statement

 

You mean 'shiftily' like a used car salesman, you would'nt trust further than you could throw him.

I got the the feeling that he was not totally convinced, himself.

 

Beware of Greeks bearing gifts.

[tony13579]

"conveniently forgotten" - don't follow?

 

But does administration actually stop the debts increasing? do all suppliers get paid instantly? if say Southern Electric are owed £50k by pompey and when admin starts this is debt frozen do they have to instantly pay for the new electricity they consume?

 

The administrator is responsible for increasing debt whilst in admin. That is why it is important that balu funds administration with hard cash.

[pedg]

Chainrai claims he will get his money back

 

http://www.guardian.co.uk/football/2010/mar/11/balram-chainrai-money-portsmouth

 

Storrie to go thanks to failure of HMRC challenge

 

http://www.guardian.co.uk/football/2010/mar/11/peter-storrie-portsmouth-andrew-andronikou

Digger, however, hears tell that Storrie may yet have to justify his position to the administrator, Andrew Andronikou, anew, possibly as soon as today. That is because with Her Majesty's Revenue & Customs threatening to challenge Andronikou's appointment, an existing director had to be retained in case the challenge was upheld. By law every company must have a nominated officer. Following the departures of the directors Mark Jacob and Tanya Robbins, Storrie was the only person left on the club's board. HMRC has now withdrawn its challenge – seemingly the thought of throwing taxpayers' money at an arcane legal argument that would not lead to any financial return has caused it to do so –

but the taxman will no doubt have other questions when everyone heads back to court on Monday.

May be some life in the court case yet???

Edited 12 March, 2010 by pedg

[Doctoroncall]

Tick Tock. They are buying time and praying for a buyer now.

 

How long did that take us?

 

The want em dead faction?- chillax

The loads more years of hurt brigade? looking good

 

Part of the problem is that many want to see a huge punishment inflicted right now for all the misdemeanours.

 

I cannot see the PL not appling the points penalty - there would be a hugh backlash. Look at the bad press we had when he who shouldn't be named tried to say it was SLH plc not the club that was in admin.

 

One BIG issue is the status of Gaydamak - is he a secured or unsecured creditor? If secured, the CVA will fail and another 15 points penalty will come their way. At least he has one ace up his sleeve and that is the land around fratton, required if development of the ground is to go ahead.

[Foxstone]

Part of the problem is that many want to see a huge punishment inflicted right now for all the misdemeanours.

 

I cannot see the PL not appling the points penalty - there would be a hugh backlash. Look at the bad press we had when he who shouldn't be named tried to say it was SLH plc not the club that was in admin.

 

One BIG issue is the status of Gaydamak - is he a secured or unsecured creditor? If secured, the CVA will fail and another 15 points penalty will come their way. At least he has one ace up his sleeve and that is the land around fratton, required if development of the ground is to go ahead.

 

Did'nt Andoniku quote earlier this week that he had seen paperwork that proves Gaydamak's "£30 million" loan to be valid, and it follows that as he owns PFC property around Krap Nottarf that makes him a secured creditor?

[Saint in Paradise]

The administrator is responsible for increasing debt whilst in admin. That is why it is important that balu funds administration with hard cash.

 

 

Sorry to seem dimmer than usual but do you really mean "decrease" debts rather than increase ??

 

.

[BigShadow]

Sorry to seem dimmer than usual but do you really mean "decrease" debts rather than increase ??

 

.

 

I think he means - if the debt increased while in admin, the administrator would be held responsible for that.

[hutch]

Sorry to seem dimmer than usual but do you really mean "decrease" debts rather than increase ??

 

.

Remember, we're talking about poor little Pompey here. Normal rules, obviously, don't apply.

[altoniansaints]

any word on the guardian expose regarding money laundering?

[Saint in Paradise]

Ah just realised that if he increases debt then that will make the percentage of the total debt owed to HMRC less than 25%

so that HMRC cannot vote against that CVA thing.

[altoniansaints]

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7423568/Portsmouth-administrators-investigate-missing-millions.html

[andysstuff]

Don't forget thet the debt will presumably be increasing the the HMRC month on month if the PAYE, VAT and other sundry taxes aren't paid.

 

Despite 'cutting the staff to the bone' this week, it's probably still a seven figure sum each month.

[SaintRichmond]

This is as I understand it as well - could somebody (Weston Saint) perhaps confirm where they currently stand.

 

Have HMRC simply accepted that their is no conflict of interest between the appointed administrator and the club, but will continue look to recoup the outstanding monies owed through the courts?

 

Or has the whole case been dropped?

 

Sorry I'm a little confused as they were 'toast' yesterday but appear to have a 'get out of jail' card today.

 

 

The HMRC have not dropped their case re the money owed to them

 

But I do doubt very much that they will get much back

 

I also doubt very much that Portsmouth will be forced into liquidation, as Chandrai's worldwide "standing" carries a lot of clout, believe it or not. If his country sees one of theirs being taken to the cleaners by Third World UK, a quick phone call to Gordon Brown re future Trade will soon put matters right

 

Same goes re the -9 points

 

I still do not think the Premier/FL impose it

 

As at now, there are a lot of Clubs teetering on the brink of insolvency. so THEY are not likely to vote in favour of Penalty's are they ???:cool:

[GenevaSaint]

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7423568/Portsmouth-administrators-investigate-missing-millions.html

 

From sources close to Portsmouth no doubt..... Honest guv we knew nothing about the funds leaving the club..... We were shafted...... Now about that -9....... Unjust........ Not our fault we went into admin........

 

Call me a cynical old ****, even if it was 5m given their position it wouldn't make any real difference. Thing is, if it's not illegal what can they say, if it was illegal, Robins should have shouted from the roof tops.

Edited 12 March, 2010 by GenevaSaint

[Foxstone]

The HMRC have not dropped their case re the money owed to them

 

But I do doubt very much that they will get much back

 

I also doubt very much that Portsmouth will be forced into liquidation, as Chandrai's worldwide "standing" carries a lot of clout, believe it or not. If his country sees one of theirs being taken to the cleaners by Third World UK, a quick phone call to Gordon Brown re future Trade will soon put matters right

Same goes re the -9 points

 

I still do not think the Premier/FL impose it

 

As at now, there are a lot of Clubs teetering on the brink of insolvency. so THEY are not likely to vote in favour of Penalty's are they ???:cool:

 

 

Strewth !

 

Baloo is hardly Barack Obama

 

His world standing was so great that nobody had heard of him until he became associated with the Blue Few!

But just in case he somehow does hold such almighty clout that frightens governments to jelly :smt119, I'm sure all the murky allegations of "Laundered Money" within the club he now owns ( whether he be involved or not) and the implications if proven will trump any trade deals that might be at risk !!!

Edited 12 March, 2010 by Foxstone

[pedg]

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7423568/Portsmouth-administrators-investigate-missing-millions.html

 

Very interesting. First real confirmation that dodgy transactions were taking place while Azougy was in charge.

 

You wonder if HMRC came to an agreement with the administrators at their recent meeting that HMRC would drop their case about the admin if the administrators helped them with on going inquiries.

[Foxstone]

Very interesting. First real confirmation that dodgy transactions were taking place while Azougy was in charge.

 

You wonder if HMRC came to an agreement with the administrators at their recent meeting that HMRC would drop their case about the admin if the administrators helped them with on going inquiries.

 

It would certainly be more cost effective that way

[dubai_phil]

Part of the problem is that many want to see a huge punishment inflicted right now for all the misdemeanours.

 

I cannot see the PL not appling the points penalty - there would be a hugh backlash. Look at the bad press we had when he who shouldn't be named tried to say it was SLH plc not the club that was in admin.

 

One BIG issue is the status of Gaydamak - is he a secured or unsecured creditor? If secured, the CVA will fail and another 15 points penalty will come their way. At least he has one ace up his sleeve and that is the land around fratton, required if development of the ground is to go ahead.

 

In reality, I think that the events so far have changed the situation.

 

For some time it was only us paranoid cyber warriors on here who wanted them "punished" in varying degrees of severity for the past 5 or 6 years.

 

The good part of this saga is that feeling has now spread through the rest of the fan base in England, has spread into the media and (to upset the PL & GM) has spread to the wider global market. PCFC are becoming the butt of jokes among many of the global TV service providers and media and certainly now I get a much more positive response from Arabs when I say I'm a Saints Fan - along the lines of "Ha you find Poorsmuff funny yes?"

 

Personally I have no doubt that punishment, humiliation for the previous regime all lie in wait. They fought to buy time, the time is building the scale of the lolage when they make their statements.

 

What that punishment ends up being is still wide open for debate. Many on here talk as if a CVA is a foregone conclusion, but that will STILL need a big buck spender to achieve. Chancers and property speculators still loon (sic) in their horizon to prolong the problems, BUT at the end of the day to geta CVA somebody HAS to put a LOT of money into them.

 

Have Crystal Palace been sold yet? How long did Saints look? both CCC clubs one got lucky.

 

They COULD still be wound up without a big buck buyer, we forget that.

 

So tick tock they bought some time.

 

Tick tock from the punishment side, Judgement Day now gets closer - 8 weeks and counting for The Android.

 

Patience. we'll get close to 30,000 posts before the Fat Lady arrives at the stadium with their saviours.

[Matthew Le God]

8 weeks and counting for The Android.

 

Surely it isn't eight weeks? The administration was declared valid, so it is eight weeks from when it began two weeks ago.

[Joey-deacons-left-nut]

Whilst HMRC have dropped their challenge to the appointment of Android the case is still going to court as HMC have several "technicalities" they want sorted out...

 

I'm guessing they've used this process to get some information out of the club that they were after.. a fishing exercise perhaps??

[OldNick]

Is it me (yet again!!!) but since Gordon Brown mentioned Pompys plight, that the HRMC seem to have softened their stance...World cup bids coming up, politically sensitive. Another real longshot but Pompey seem to be given so much slack. I doubt any other business would have had this.

[rallyboy]

Interesting article!

If it looks like financial irregularities, smells like financial irregularities and wears a teeshirt that says 'I'm a financial irregularity', the chances are, it is.

Penalties could follow - and not the sort of ones you have after extra time.

 

Next step could be for AA to dump Storrie.

Then it will be the battle between him and Tanya as to who can get the best deal from the police on 'assisting with enquiries'.

Despite her shrewd resignation my money is on Storrie - a master political mover who can convince people of all kinds of things.

He will move quickly to cover his tracks and hopefully incriminate others.

Then AA could be too busy sorting out discrepancies to find a buyer.

 

The thread needed a new lease of life - this could be it.

[Matthew Le God]

Is it me (yet again!!!) but since Gordon Brown mentioned Pompys plight, that the HRMC seem to have softened their stance...World cup bids coming up, politically sensitive. Another real longshot but Pompey seem to be given so much slack. I doubt any other business would have had this.

 

They haven't "softened their stance".

 

HMRC were showed the evidence they asked for. Simple.

[Doctoroncall]

Did'nt Andoniku quote earlier this week that he had seen paperwork that proves Gaydamak's "£30 million" loan to be valid, and it follows that as he owns PFC property around Krap Nottarf that makes him a secured creditor?

 

But what is the security? or does the original sale of the club count in this situation?

 

Very interesting. First real confirmation that dodgy transactions were taking place while Azougy was in charge.

 

You wonder if HMRC came to an agreement with the administrators at their recent meeting that HMRC would drop their case about the admin if the administrators helped them with on going inquiries.

 

I thought they were duty bound to report any "dodgy business" so nothing beyond their remit as administrators.

[dubai_phil]

Whilst HMRC have dropped their challenge to the appointment of Android the case is still going to court as HMC have several "technicalities" they want sorted out...

 

I'm guessing they've used this process to get some information out of the club that they were after.. a fishing exercise perhaps??

 

Probably fairly minor things

 

Who owns FP?

 

Who owns the club?

 

Who owns Falcondrome?

 

Who allowed Jacob & Azoughy (who was not a Director remember) to sign paperwork relating to transferring large sums of money around

 

Dotting t's and crossing i's no doubt

[pedg]

I thought they were duty bound to report any "dodgy business" so nothing beyond their remit as administrators.

 

Maybe they are going to be extra helpful, like inviting HMRC in to inspect the accounts?

[Guided Missile]

HMRC are clearing the decks, IMO. So, they are not bothering to argue the minor point about who the administrator is. They are now, for the sake of argument, agreeing that the appointment of UHY Hacker Young is valid.

 

I think they will want the court, as I have been saying for a while, to question the validity of a number of the transcations between the parties behind the cesspit of a club.

 

Unless the court orders otherwise, any disposal of a company's property, alteration in the status of its members or transfer of shares after the commencement of the winding up petition is void. The purpose of this provision is to preserve the value of the assets of a company for the benefit of persons interested in those assets.

[miserableoldgit]

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7423568/Portsmouth-administrators-investigate-missing-millions.html

And who was instrumental in bringing the al Mirage Brothers to FP? Who was in talks with them when Sacha "sold" to the potless Sheik (who was introduced to the club by Dave Richards of the PL)? It was Pete!!

[tony13579]

http://www.independent.co.uk/sport/football/news-and-comment/there-is-no-hiding-place-behind-bars-for-the-footballers-relegated-to-serving-time-526864.html

 

 

Is this the same peter... wrong spelling???

PETER STOREY

 

Double-winner with Arsenal in 1971, given three years in 1980 for financing a plot to forge gold coins, and 28 days for trying to import 20 pornographic videos 10 years later.

Edited 12 March, 2010 by tony13579

[Gravesend Saint]

Would be funny if it was but, alas, no.

 

Still, they can't get rid of old Storrie teller, they'll have no Pete to p1ss on.

 

I'll get me coat

[Under Weststand]

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7423568/Portsmouth-administrators-investigate-missing-millions.html

Seems to me that HMRC are playing the long game once again, they have maybe achieved what they wanted, they probably new that the Admin was likely to be validated, but wanted a lot of this paperwork they now have in the courts & in the open. the dodgy dealings are starting to be uncovered.

So they buy themselves some more time & keep this threads heart beating strongly.

Love the way their pointing at Al mirage's & Azoughy in that article, can't quite remember now who was it who found them & championed them coming into the club?????????

 

Ah yes got it now wasn't it Mr Jackanory himself 1-Peter Storyteller there's only 1-Peter Storyteller.

[Crab Lungs]

Love the way their pointing at Al mirage's & Azoughy in that article, can't quite remember now who was it who found them & championed them coming into the club?????????

 

Ah, but didn't Storrie wriggle and backpeddle and say something along the lines of 'the main backers withdrew their interest' or words to that effect? LOL.

 

I think he's tendered his resignation every month since the season began yet still the worlds most notorious football club rapist is hanging on, banging away at the backdoor of Portsmouth's very sore bottom.

 

This gangbanging of the Skates is starting to get even more interesting juding by the comments above - and I'd expect HMRC to start removing balaclavas of the assailants in good time...

[Sour Mash]

You forgot the 'they'll get out of it smelling of roses' loonies... who are still way off target.

 

No-one thinks the Skates are going to come out of it "smelling of roses", but many are bored of hearing "they're toast", while seeing them winning 4-1 at St Mary's and making an FA Cup Semi Final at Wembley, not getting rid of players. Even relegation isn't that bad for them, They've been up 7 or 8 years now, most clubs of that size tend to last that long before dropping back down, look at the likes of Sunderland, West Brom etc, so that's not so much of a big deal. Yes, the future is still looking very bleak for the blue few, but I won't be celebrating anything yet.

Edited 12 March, 2010 by Sour Mash

[badgerx16]

No-one thinks the Skates are going to come out of it "smelling of roses", but many are bored of hearing "they're toast", while seeing them winning 4-1 at St Mary's and making an FA Cup Final at Wembley, not getting rid of players. Even relegation isn't that bad for them, They've been up 7 or 8 years now, most clubs of that size tend to last that long before dropping back down, look at the likes of Sunderland, West Brom etc, so that's not so much of a big deal. Yes, the future is still looking very bleak for the blue few, but I won't be celebrating anything yet.

Not quite yet !

[SaintBobby]

"The only other question in this is whether anyone has got the parachute money secured against their debt. I think this is the key question which will give a big clue as to whether they'll actually get any buyer. From the minutes of the administrators meeting with the fans, it seems as though the administrators haven't got a clue."

 

Only relegated teams get a 'parachute' payment. Until they are formally relegated (ie last day of the season) they will not be entitled to a parachute payment. Although they will certainly be relegated I cannot see how they can possibly secure a lone against future parachute payments as this would mean they would have to ensure they lost enough games to make relegation a certainity and that would involve match fixing! Mind you, this is Portsmouth we are talking about so ...

 

I would be utterly amazed if they hadn't borrowed against the parachute payments. Although you're right that they'd need to be relegated to secure the parachute payments, if they were to stay up then the TV payments would be enormously higher.

 

If I knew I was either going to get 10m or 30m from SKY next year and I was in deep financial do-do, I'd definitely borrow against the 10m.

[Joensuu]

No-one thinks the Skates are going to come out of it "smelling of roses", but many are bored of hearing "they're toast", while seeing them winning 4-1 at St Mary's and making an FA Cup Final at Wembley, not getting rid of players. Even relegation isn't that bad for them, They've been up 7 or 8 years now, most clubs of that size tend to last that long before dropping back down, look at the likes of Sunderland, West Brom etc, so that's not so much of a big deal. Yes, the future is still looking very bleak for the blue few, but I won't be celebrating anything yet.

 

While the 'they're toast' comments are OTT, they are significantly more accurate, and significantly less annoying that the 'they'll get out of it' nonsense.

 

Personally feel that they are going to really stuggle for at least a decade, and that it is more likely that they will be liquidated over the coming years than it is that they will find a new billionaire. Their best hope will be if Gaydamak Snr wins his court case, and can un-freeze some more cash to be cleaned, but frankly it's a longshot.

[Sour Mash]

Not quite yet !

 

F**k! Should have read semi Final obviously. You get my point though.

[saintalan]

Ah just realised that if he increases debt then that will make the percentage of the total debt owed to HMRC less than 25%

so that HMRC cannot vote against that CVA thing.

 

I am not sure of my ground here but doesn't ADMIN effctively mean for the moment past debts are frozen and the club/company has to continue trading within its means. So for example the Tax man will receive funds due as and when?

[badgerx16]

I am not sure of my ground here but doesn't ADMIN effctively mean for the moment past debts are frozen and the club/company has to continue trading within its means. So for example the Tax man will receive funds due as and when?

Correct, as Android is PERSONALLY responsible for the running of the club for the next few weeks.

[Doctoroncall]

I am not sure of my ground here but doesn't ADMIN effctively mean for the moment past debts are frozen and the club/company has to continue trading within its means. So for example the Tax man will receive funds due as and when?

 

Yes, hence why Chainrai is somehow supplying funds while AA gets the club operating with it's means, we will know more when AA calls the creditors meeting in about eight weeks time.

 

It's going to be a tough to whittle down the outgoings if they plan on keeping the current squad but they may have no options with the special rules in place regarding player contracts.

Edited 12 March, 2010 by Doctoroncall