Pompey Takeover Saga

[Channon's Sideburns]

As was said 800 million pages ago - what is your motivation for wanting them wound up? What is your motivation for enjoying them being wound up?

 

This thread (next target: 1million views) seems to show us saints fans as wallowing in the misery of them; but this is just what made us angry when we had problems (of a different scale).

 

Can we not learn from experience? The facts are interesting and the shady characters involved are disturbing, but let's rise above the fish-barrel-shooting tendency. Let's get all mature on ourselves.

 

Errr...excuse me *coughs*

 

I'll have you know Mr/Mrs tpbury....

 

We have created something beautiful on this thread. When in 5 years time we are revelling in our Champions League push, we shall all look back on the thread with fondness.

 

At the same juncture the blue few will be applying bits of sticky tape to their little ground in the hope that they attract a buyer for their 'wonderful' club whilst fighting relegation from the Football League....

 

I get just as angry about Gerrard seemingly being able to abuse everyone in his path as I do Poopey sh1tting on the game of football in general and bringing the game into disrepute is oh so many ways..

 

Let us have our day in the sun.

 

Well, at least another 27 years I guess.

[krissyboy31]

I can only speak personally, but I have an issue with them because:

 

• the way they have cheated their way through this season, employing players they can't afford,
  
• not caring that their owner was a gun runner as long as he funded the club (oh, he didn't really, did he.)
  
• only having a problem with the gun runner because he didn't fund the club, not because he was a gun runner
  
• refusal to pay taxes,
  
• going through a transfer window and not selling players they could have done,
  
• beating us with players that they couldn't afford and shouldn't have been able to sign,
  
• bleating to the PL 3 weeks after the window closed asking them to allow tv money to be paid up front,
  
• bleating to the the PL asking to be allowed to sell players outside the window,
  
• blaming everyone but themselves,
  
• trying to blackmail the PL by stating that the integrity of the PL would be compromised if they had to get rid of players (sale and loan back please)....whilst not realising that they had irrerairably damaged the PL by not playing within their means all season when they were trading insolvent,
  
• ripping off the UK taxpayer and expecting everyone to back them,
  
• not asking pertinent questions 2 years ago when they were buying players they obviously coouldn't afford
  
• thick fans still not understanding the seriousness of their situation
  
• FAPPT - ballsh i t....loaded doesn't equal FAPP you idiots
  
• not following our line and trying everything we could to avoid administration
  
• Not paying their taxes (have I mentioned that before?)
  

How's that for starters?

If they had seriously tried all season to live within their means I would have had some sympathy, but they haven't. Instead they've cheated their way to a cup semi final at Wembley, and the fans still think they've played it by the book and can't see why everyone else would view it as cheating.

 

Works for me!!

[miserableoldgit]

If I remember correctly, other teams have been deducted extra points for 'having been in administration before'.

I asked this question a couple of times earlier in the thread but didn`t get an answer. Anyone know??

[suewhistle]

I'm with Chin Strain on this. I think many of us started off with sympathy, but Pompey, instead of trying to help themselves carried on digging in the hole they made themeslves. I think any original sympathy has evaporated away through this long, convoluted and criminal process. I think we just want the beast put out of its misery.

[rpb]

Now there's a surprise!

 

http://www.portsmouth.co.uk/sport/Pompey-bidders-miss-deadline-to.6157772.jp#5044927

[Foxstone]

I can only speak personally, but I have an issue with them because:

 

• the way they have cheated their way through this season, employing players they can't afford,
  
• not caring that their owner was a gun runner as long as he funded the club (oh, he didn't really, did he.)
  
• only having a problem with the gun runner because he didn't fund the club, not because he was a gun runner
  
• refusal to pay taxes,
  
• going through a transfer window and not selling players they could have done,
  
• beating us with players that they couldn't afford and shouldn't have been able to sign,
  
• bleating to the PL 3 weeks after the window closed asking them to allow tv money to be paid up front,
  
• bleating to the the PL asking to be allowed to sell players outside the window,
  
• blaming everyone but themselves,
  
• trying to blackmail the PL by stating that the integrity of the PL would be compromised if they had to get rid of players (sale and loan back please)....whilst not realising that they had irrerairably damaged the PL by not playing within their means all season when they were trading insolvent,
  
• ripping off the UK taxpayer and expecting everyone to back them,
  
• not asking pertinent questions 2 years ago when they were buying players they obviously coouldn't afford
  
• thick fans still not understanding the seriousness of their situation
  
• FAPPT - ballsh i t....loaded doesn't equal FAPP you idiots
  
• not following our line and trying everything we could to avoid administration
  
• Not paying their taxes (have I mentioned that before?)
  

How's that for starters?

If they had seriously tried all season to live within their means I would have had some sympathy, but they haven't. Instead they've cheated their way to a cup semi final at Wembley, and the fans still think they've played it by the book and can't see why everyone else would view it as cheating.

 

P.S. and, how could I forget....the 'best fans in the world'. B o l l o c k s

 

Well said that man !

 

Might I also add the nauseous media outpourings of the erstwhile Storrie-Teller too!

You know the "it was not me guv - I'm only an 'umble administrator and not paid anywhere near £1.2 million a year" :vom:

[ericofarabia]

I'm with Chin Strain on this. I think many of us started off with sympathy, but Pompey, instead of trying to help themselves carried on digging in the hole they made themeslves. I think any original sympathy has evaporated away through this long, convoluted and criminal process. I think we just want the beast put out of its misery.

 

That and their best players (bar James) in The Cup Match against us were loanees who they really shouldn't have been allowed to take on :mad:.

 

Without O'Hara and Owusu Abeyie they would not have beaten us FACT ... maybe

[Chin Strain]

Well said that man !

 

Might I also add the nauseous media outpourings of the erstwhile Storrie-Teller too!

You know the "it was not me guv - I'm only an 'umble administrator and not paid anywhere near £1.2 million a year" :vom:

 

Added as requested!

[dubai_phil]

Now there's a surprise!

 

http://www.portsmouth.co.uk/sport/Pompey-bidders-miss-deadline-to.6157772.jp#5044927

 

 

I see a problem emerging now with this thread. It's starting to make me depressed.

 

How the FECK can we analyse stuff and see so clearly what is about to happen up the road and yet when it comes to using those same skills in the Prediction League or at the Bookies we keep fecking it up..

 

Surely between us we should have been able to have won the fecking EuroMilliions Draw by now.

 

 

 

 

 

 

 

Or is it simply that it is all so obvious.

 

 

Is it really that they have discovered our previous best seller "How Not to take over a football club with foreword by Paul Allen" and are now merely reading that same script.

 

This thread has said "Told You so" more times than my ex-wife, and THAT's one feck of an achievement

[JackFrost]

A minimum of -10.

 

In fact they will have to convince the FL that they actually have the ability to pay their way otherwise they won't be allowed to play.

 

Forget the CVA, before they get to that they MUST pay all footballing debts or they will not be granted their "playing licence".

 

Plenty of time yet.

 

Me, I just hope they hurry up and sort out their "drain the parachute cash to keep going" deal with the PL. The more they spend now he further they have to come back from

 

 

and this is assuming they find a buyer in the next few weeks so they're not wound up?

 

HMRC have a history of not agreeing to anything less than 100p in the £

 

HMRC will be over 25% of the unsecured creditors

 

If Pompey don't find a buyer in the next few weeks this is all irrelevant as they would be wound up instead.

 

Because administration for a club with running costs as large as Pompey can't last forever, they'd run out of funds from Chainrai. A creditors meeting has to be arranged relatively soon and AA said it will be in about 6 weeks time, the high court has forced there to be an initial one in 9 days from now.

Edited 17 March, 2010 by JackFrost

[Saint 76er]

Now there's a surprise!

 

http://www.portsmouth.co.uk/sport/Pompey-bidders-miss-deadline-to.6157772.jp#5044927

 

According to this report the creditors committee ordered by the judge can set parameters for investigating any financial irregularities that may have occurred and thus caused said creditors to lose all or most of their money owed.

 

Assuming HMRC are on the committee this may be the sting in the tail they have been waiting for. The real dirt may then start to be exposed by vengeful creditors and who knows what police/court actions may follow?

 

Such a shame for them really... :D

[saintds]

I can only speak personally, but I have an issue with them because:

 

• the way they have cheated their way through this season, employing players they can't afford,
  
• not caring that their owner was a gun runner as long as he funded the club (oh, he didn't really, did he.)
  
• only having a problem with the gun runner because he didn't fund the club, not because he was a gun runner
  
• refusal to pay taxes,
  
• going through a transfer window and not selling players they could have done,
  
• beating us with players that they couldn't afford and shouldn't have been able to sign,
  
• bleating to the PL 3 weeks after the window closed asking them to allow tv money to be paid up front,
  
• bleating to the the PL asking to be allowed to sell players outside the window,
  
• blaming everyone but themselves,
  
• trying to blackmail the PL by stating that the integrity of the PL would be compromised if they had to get rid of players (sale and loan back please)....whilst not realising that they had irrerairably damaged the PL by not playing within their means all season when they were trading insolvent,
  
• ripping off the UK taxpayer and expecting everyone to back them,
  
• not asking pertinent questions 2 years ago when they were buying players they obviously coouldn't afford
  
• thick fans still not understanding the seriousness of their situation
  
• FAPPT - ballsh i t....loaded doesn't equal FAPP you idiots
  
• not following our line and trying everything we could to avoid administration
  
• Not paying their taxes (have I mentioned that before?)
  
• the nauseous media outpourings of the erstwhile Storrie-Teller - "not me guv - I'm only an 'umble employee and not paid anywhere near £1.2 million a year" :vom:
  

How's that for starters?

If they had seriously tried all season to live within their means I would have had some sympathy, but they haven't. Instead they've cheated their way to a cup semi final at Wembley, and the fans still think they've played it by the book and can't see why everyone else would view it as cheating.

 

P.S. and, how could I forget....the 'best fans in the world'. B o l l o c k s

 

Is that the best you can come up with? I don't think you've thought this through!

[Chin Strain]

........

[dubai_phil]

and this is assuming they find a buyer in the next few weeks so they're not wound up?

 

What many on here forget is the other "obvious" opportunity.

 

The club stands in the way of a massive redevelopment. Forget the "Leisure Use" that can be got around by negotiation.

 

BUT it could very well be that the main creditors benefit MORE from having no club than they would from the club being bought for 10p in the pound.

 

It comes down to the maths of the redevelopment. That is the sad mess they now find themselves in

[Gorgiesaint]

What many on here forget is the other "obvious" opportunity.

 

The club stands in the way of a massive redevelopment. Forget the "Leisure Use" that can be got around by negotiation.

 

BUT it could very well be that the main creditors benefit MORE from having no club than they would from the club being bought for 10p in the pound.

 

It comes down to the maths of the redevelopment. That is the sad mess they now find themselves in

 

and there's no better way of achieving this from their point of view than bringing in a tame administrator. That way, none of them have to get their hands dirty and pull the trigger themselves. They can stand around and talk about how they did their best for the club, but be in prime position to pick up the bits they need to feather their pockets that bit further.

[sidthesquid]

Works for me!!

 

And me

[pedg]

and there's no better way of achieving this from their point of view than bringing in a tame administrator. That way, none of them have to get their hands dirty and pull the trigger themselves. They can stand around and talk about how they did their best for the club, but be in prime position to pick up the bits they need to feather their pockets that bit further.

 

Wonder how this might tie in with the bit in Matt Slaters blog about the court case with the little reported part that HMRC are still reserving the right to challenge Chainrai's position as a secured creditor if they want to? Guess they are working on the assumption that if the club is sold, as is, then they will hold out against the CVA as per normal with the hope of getting all the money if a rich idiot takes over but that if its wound up they may then go back to court to try and level the playing field between creditors?

[Doctoroncall]

What many on here forget is the other "obvious" opportunity.

 

The club stands in the way of a massive redevelopment. Forget the "Leisure Use" that can be got around by negotiation.

 

BUT it could very well be that the main creditors benefit MORE from having no club than they would from the club being bought for 10p in the pound.

 

It comes down to the maths of the redevelopment. That is the sad mess they now find themselves in

 

Much would depend on the relationship of Baloo and the Sacha as neither can do anything without the other, land wise.

 

And the pheonix club would be able to (hopeful) not be infected with crooks or chancers if they set it up right.

[Wes Tender]

........

 

There's a poster who comments fairly frequently (and it must be said quite cogently) under the Skate stories in The News, who goes by the nom de plume of Chin.

 

No relation I presume? Or is it a case of a double Chin?

[Gorgiesaint]

Wonder how this might tie in with the bit in Matt Slaters blog about the court case with the little reported part that HMRC are still reserving the right to challenge Chainrai's position as a secured creditor if they want to? Guess they are working on the assumption that if the club is sold, as is, then they will hold out against the CVA as per normal with the hope of getting all the money if a rich idiot takes over but that if its wound up they may then go back to court to try and level the playing field between creditors?

 

Hmm so HMRC have left their options open depending how everything plays out? Could be a distinct possibility.

[Colinjb]

Android finally talks some sense, I think reality is beginning to sink in.

 

http://www.football365.com/story/0,17033,8652_6032956,00.html

[Right sider]

Android finally talks some sense, I think reality is beginning to sink in.

 

http://www.football365.com/story/0,17033,8652_6032956,00.html

 

I notice the bit where he expects further punishment from the FL next season.

[mack rill]

I can only speak personally, but I have an issue with them because:

 

• the way they have cheated their way through this season, employing players they can't afford,
  
• not caring that their owner was a gun runner as long as he funded the club (oh, he didn't really, did he.)
  
• only having a problem with the gun runner because he didn't fund the club, not because he was a gun runner
  
• refusal to pay taxes,
  
• going through a transfer window and not selling players they could have done,
  
• beating us with players that they couldn't afford and shouldn't have been able to sign,
  
• bleating to the PL 3 weeks after the window closed asking them to allow tv money to be paid up front,
  
• bleating to the the PL asking to be allowed to sell players outside the window,
  
• blaming everyone but themselves,
  
• trying to blackmail the PL by stating that the integrity of the PL would be compromised if they had to get rid of players (sale and loan back please)....whilst not realising that they had irrerairably damaged the PL by not playing within their means all season when they were trading insolvent,
  
• ripping off the UK taxpayer and expecting everyone to back them,
  
• not asking pertinent questions 2 years ago when they were buying players they obviously coouldn't afford
  
• thick fans still not understanding the seriousness of their situation
  
• FAPPT - ballsh i t....loaded doesn't equal FAPP you idiots
  
• not following our line and trying everything we could to avoid administration
  
• Not paying their taxes (have I mentioned that before?)
  
• the nauseous media outpourings of the erstwhile Storrie-Teller - "not me guv - I'm only an 'umble employee and not paid anywhere near £1.2 million a year" :vom:
  

How's that for starters?

If they had seriously tried all season to live within their means I would have had some sympathy, but they haven't. Instead they've cheated their way to a cup semi final at Wembley, and the fans still think they've played it by the book and can't see why everyone else would view it as cheating.

 

P.S. and, how could I forget....the 'best fans in the world'. B o l l o c k s

 

Feckin closet Skate!

[saint_mears]

Android finally talks some sense, I think reality is beginning to sink in.

 

http://www.football365.com/story/0,17033,8652_6032956,00.html

 

 

LOL

 

Andronikou has met Rob Lloyd, the frontman for a consortium interested in a takeover, but has ruled out the group being given an exclusivity deal.

 

He added: "I don't think we are in a position to do that - they have to satisfy us in various other areas.

 

"I also don't want to discourage other interested parties."

 

Andronikou said the lack of transparency surrounding Lloyd's consortium - the identities of the investors remain unknown - was a cause for concern.

 

He said: "I'm trying to understand how his group has manifested itself, it seems to have changed form in the last two weeks which is a great illustration of problems we are going to have.

 

"I am not saying they are not credible but there is a long way to go to find the appropriate people to take the club forward.

 

[krissyboy31]

Lol!

 

Storrie said the Premier League's punishment was harsh.

 

Storrie told ESPN Soccernet: "I am not sure this should have been done - it is terribly unfair on the club, the players and their fans, and they are the innocent parties."

 

It may be harsh on some of the players and some of the fans but dem is da rules!! It's certainly not harsh on the club, you, your cronies and the various owners. Minus nine points are the least of your worries Mr Storrie!!

[SW5 SAINT]

I can only speak personally, but I have an issue with them because:

 

• the way they have cheated their way through this season, employing players they can't afford,
  
• not caring that their owner was a gun runner as long as he funded the club (oh, he didn't really, did he.)
  
• only having a problem with the gun runner because he didn't fund the club, not because he was a gun runner
  
• refusal to pay taxes,
  
• going through a transfer window and not selling players they could have done,
  
• beating us with players that they couldn't afford and shouldn't have been able to sign,
  
• bleating to the PL 3 weeks after the window closed asking them to allow tv money to be paid up front,
  
• bleating to the the PL asking to be allowed to sell players outside the window,
  
• blaming everyone but themselves,
  
• trying to blackmail the PL by stating that the integrity of the PL would be compromised if they had to get rid of players (sale and loan back please)....whilst not realising that they had irrerairably damaged the PL by not playing within their means all season when they were trading insolvent,
  
• ripping off the UK taxpayer and expecting everyone to back them,
  
• not asking pertinent questions 2 years ago when they were buying players they obviously coouldn't afford
  
• thick fans still not understanding the seriousness of their situation
  
• FAPPT - ballsh i t....loaded doesn't equal FAPP you idiots
  
• not following our line and trying everything we could to avoid administration
  
• Not paying their taxes (have I mentioned that before?)
  
• the nauseous media outpourings of the erstwhile Storrie-Teller - "not me guv - I'm only an 'umble employee and not paid anywhere near £1.2 million a year" :vom:
  

How's that for starters?

If they had seriously tried all season to live within their means I would have had some sympathy, but they haven't. Instead they've cheated their way to a cup semi final at Wembley, and the fans still think they've played it by the book and can't see why everyone else would view it as cheating.

 

P.S. and, how could I forget....the 'best fans in the world'. B o l l o c k s

 

They did try everything to avoid administration - it was called "trading while insolvent"

[Fowllyd]

Android finally talks some sense, I think reality is beginning to sink in.

 

http://www.football365.com/story/0,17033,8652_6032956,00.html

 

Very different tone from so much of what's been in the media up till now. Clearly the absence of Storrie makes a major difference, though they do have that priceless quote from him at the end. If you look at the main points it's far more realistic:

 

First, they're accepting the points deduction, just as we knew all along they would have to. Second, they've received nothing from Lloyd's mysterious consortium (compare that to reports at the start of this week that £3m had been paid and the group was about to enter a 14-day period of exclusivity. Third, Andronikou is clearly very dubious about Lloyd's group. Fourth, he's pointing the (fish) finger unequivocally in Storrie's direction - and is very clear about Storrie only being around for the very short term. To cap it all, he is very scathing about the way that Pompey have been run - an example of how not to conduct business.

 

I think that Andronikou is finding out more and more with each passing day and, as a result, liking his work there less and less.

[krissyboy31]

Very different tone from so much of what's been in the media up till now. Clearly the absence of Storrie makes a major difference, though they do have that priceless quote from him at the end. If you look at the main points it's far more realistic:

 

First, they're accepting the points deduction, just as we knew all along they would have to. Second, they've received nothing from Lloyd's mysterious consortium (compare that to reports at the start of this week that £3m had been paid and the group was about to enter a 14-day period of exclusivity. Third, Andronikou is clearly very dubious about Lloyd's group. Fourth, he's pointing the (fish) finger unequivocally in Storrie's direction - and is very clear about Storrie only being around for the very short term. To cap it all, he is very scathing about the way that Pompey have been run - an example of how not to conduct business.

 

I think that Andronikou is finding out more and more with each passing day and, as a result, liking his work there less and less.

 

If only he had read this thread first, he could have saved himself 3 weeks work and hit the ground running.

[buctootim]

he's pointing the (fish) finger unequivocally in Storrie's direction - and is very clear about Storrie only being around for the very short term. To cap it all, he is very scathing about the way that Pompey have been run - an example of how not to conduct business.

 

I think that Andronikou is finding out more and more with each passing day and, as a result, liking his work there less and less.

 

This quote from AA made it for me "I would also say that in the last few months that I believe he has exercised his judgement to try to save the club at all costs". I reckon you could well read that to mean "he has acted dodgily /illegally to get out of the mess he has helped create".

[CB Saint]

If only he had read this thread first, he could have saved himself 3 weeks work and hit the ground running.

 

Nah - it would have taken him three weeks to read it!

[Toadhall Saint]

Not sure if its been mentioned on here but the rules and amounts for the parachute payments have changed. In effect they (the teams relegated from the prem) get more dosh. That is just plain stupid in the scheme of things as far as that lot down the road are concerned - hey you mis managed your finances, tell you what here's £25 mil for the next two years. Outrageous - only in the Premier League.

[aintforever]

South Today said that the PL are going to advance them £16mill parachute money, just to keep them going to the end of the season!

 

So there's a very good chance of them starting on -17 in the Championship with one of the lowest incomes in the league. without a rich buyer they will be nailed on for relegation again IMO.

[sidthesquid]

From skatey 606: the end of season arrives,we've had our parachute payment early and the wages, ect are due,what happens next.

I think this is the calm before the storm.I just hope i'm wrong

 

It's like watching evolution unfold as you watch. What happens if I rub these two sticks together....

[OldNick]

From skatey 606: the end of season arrives,we've had our parachute payment early and the wages, ect are due,what happens next.

I think this is the calm before the storm.I just hope i'm wrong

 

It's like watching evolution unfold as you watch. What happens if I rub these two sticks together....

If you showed them a wheel they'd flatten the edges to make it a square

[OldNick]

South Today said that the PL are going to advance them £16mill parachute money, just to keep them going to the end of the season!

 

So there's a very good chance of them starting on -17 in the Championship with one of the lowest incomes in the league. without a rich buyer they will be nailed on for relegation again IMO.

Will they get charged interest for getting a loan early etc?

[miserableoldgit]

Lol!

 

Storrie said the Premier League's punishment was harsh.

 

Storrie told ESPN Soccernet: "I am not sure this should have been done - it is terribly unfair on the club, the players and their fans, and they are the innocent parties."

 

It may be harsh on some of the players and some of the fans but dem is da rules!! It's certainly not harsh on the club, you, your cronies and the various owners. Minus nine points are the least of your worries Mr Storrie!!

I don`t remember any sympathetic comments coming from him when other teams (including ourselves) got their points taken away.

[Fowllyd]

This quote from AA made it for me "I would also say that in the last few months that I believe he has exercised his judgement to try to save the club at all costs". I reckon you could well read that to mean "he has acted dodgily /illegally to get out of the mess he has helped create".

 

Yep, my reading of it too!

[Sylvia Saint]

South Today said that the PL are going to advance them £16mill parachute money, just to keep them going to the end of the season!

 

So there's a very good chance of them starting on -17 in the Championship with one of the lowest incomes in the league. without a rich buyer they will be nailed on for relegation again IMO.

 

Without a rich buyer they are nailed on for liquidation.....there wont be a next season.

[OldNick]

Without a rich buyer they are nailed on for liquidation.....there wont be a next season.

Well it is a shame we didn't sing to them 'You'll never play here again' during the cup match

[aintforever]

Will they get charged interest for getting a loan early etc?

 

I think the total parachute money they are due is £50mill, I think that's now over 4 years.

 

The PL are not a charity so I expect to advance £16mill they drove a pretty hard bargain, I doubt pompey will get anywhere near all 50. It wouldn't surprise me if they say; here's your 16mill, we will guarantee your football creditors, that's all you're getting now **** off to the Championship.

[sidthesquid]

I think the total parachute money they are due is £50mill, I think that's now over 4 years.

 

The PL are not a charity so I expect to advance £16mill they drove a pretty hard bargain, I doubt pompey will get anywhere near all 50. It wouldn't surprise me if they say; here's your 16mill, we will guarantee your football creditors, that's all you're getting now **** off to the Championship.

 

I thought it was £30 mill over two seasons

I see on tribal football it could be £50 million.

That would really hack me off except that they still owe £80 million so it will mean more for the creditors rather than more for the skates

Edited 17 March, 2010 by sidthesquid
keeping up at the back

[View From The Top]

It is the end of next season that the parachute payments go up due to the new worldwide rights package.

 

Pompey, as I understand it, will only be getting £32m over two seasons, of which one payment will be advanced.

Edited 17 March, 2010 by View From The Top

[Doctoroncall]

I thought it was £30 mill over two seasons

I see on tribal football it could be £50 million.

That would really hack me off except that they still owe £80 million so it will mean more for the creditors rather than more for the skates

 

I saw £32m (two payments of £16m) in a guardian article. There were plans to reschedule over another season or two but I haven't seen anything definite.

 

Link isn't well written as I thought a rule that was ratified in a season cannot be used in the same season:

http://www.tribalfootball.com/likes-portsmouth-gain-improved-parachute-payments-almost-%C2%A350m-700771

Edited 17 March, 2010 by Doctoroncall

[aintforever]

I heard it was £16mill a season for two years then £8mill a season for the next two.

 

Whatever it is, HRMC, Gaydamak and Chanrai will all have their eyes on it. I don't know how administration works with future income but I doubt it will end up being spent on players.

[Gemmel]

It's that well rounded numer of 33 million over two years

[Ponty]

It's that well rounded numer of 33 million over two years

 

I heard it was £16mill a season for two years then £8mill a season for the next two..

 

I saw £32m (two payments of £16m) in a guardian article. There were plans to reschedule over another season or two but I haven't seen anything definite.

 

Pompey, as I understand it, will only be getting £32m over two seasons, of which one payment will be advanced.

 

I thought it was £30 mill over two seasons

I see on tribal football it could be £50 million.

 

I think the total parachute money they are due is £50mill, I think that's now over 4 years.

Well, that's cleared that up....

[sidthesquid]

Well, that's cleared that up....

 

We've got our finger on the pulse here...

[View From The Top]

Well, that's cleared that up....

 

Pretty clear to me.

 

It currently stands at £32m over 2 seasons but the EPL are considering £50m over 4 seasons but that has yet to be confirmed.

[TopGun]

Very different tone from so much of what's been in the media up till now. Clearly the absence of Storrie makes a major difference, though they do have that priceless quote from him at the end. If you look at the main points it's far more realistic:

 

First, they're accepting the points deduction, just as we knew all along they would have to. Second, they've received nothing from Lloyd's mysterious consortium (compare that to reports at the start of this week that £3m had been paid and the group was about to enter a 14-day period of exclusivity. Third, Andronikou is clearly very dubious about Lloyd's group. Fourth, he's pointing the (fish) finger unequivocally in Storrie's direction - and is very clear about Storrie only being around for the very short term. To cap it all, he is very scathing about the way that Pompey have been run - an example of how not to conduct business.

 

I think that Andronikou is finding out more and more with each passing day and, as a result, liking his work there less and less.

 

As administrator AA has to walk a tight rope with a good face in public. He knows what he is doing and knows he faces a tough task. I think any other administrator would do the same. He can't pull the wool over people's eyes in the way Jacobs and Storrie tried to do.

[Guided Missile]

A recap is in order:

 

Today, 10:14 AM

 

http://www.bbc.co.uk/blogs/mattslater/2010/03/taxman_beats_tactical_retreat.html

In the interest of readability I will not dwell on the details, but HMRC is very interested to know exactly when Jacob was acting for his putative client Al Faraj, when he was acting for Chainrai and how this potential conflict of interest could be squared with his responsibilities as a director at Portsmouth.

Nobody is accusing Jacob of anything at this point - and he denies any wrongdoing - but he

no longer works for the law firm Fuglers

or Portsmouth.

Of special concern to HMRC are two significant bits of legal work Jacob did for Chainrai/Portsmouth: the first, a "charge" mortgaging Chainrai's £16.5m loan to Al Faraj against Fratton Park, and the second a "debenture" that broadened Chainrai's security to include all of the club's assets.

The importance of these documents is that they should make the Hong Kong-based investor a "secured" creditor, placing him at the front of the queue, alongside the players, for whatever cash Andronikou can squeeze out of the club.

I say "should" because buried in the subtext of Tuesday's deal between HMRC and Chainrai/Andronikou was some devilish detail:

the taxman is reserving the right to challenge Chainrai's secured status

("that may have to be decided by a court at a later date", as Gregory Mitchell QC so expensively put it).

25-02-2010, 02:42 PM Now, this is what I don't get. Chanrai lends Al Mirage £17M in October, 2009. Seemingly oblivious of the financial mess Pompey are in, he suddenly wakes up and smells the roses when the winding up petition is served on December 23rd, 2009.

 

Courtesy of the Companies House website and after spending the grand total of £1, I downloaded the particulars of the mortgage or charge, which was created on the 7th January, 2010. The mortgage form was completed and submitted by a Mr. Mark Jacob, then of Fuglers LLP, costing Chanrai all of £13 to register. The date of the registration is the 21st January, 2010 and is for "Any freehold or leasehold or other immovable property now vested in the Company including without limitation the property known as Fratton Park......all buildings, trade and other fixtures, fixed plant and machinery...by way of Floating Charge....by way of Legal Mortgage or fixed charge...."

 

So...Mark Jacobs, AFTER the winding up petition, slaps a charge on Fratton Park on behalf of Portpin Limited, Intershore Chambers, P.O. Box 4342, Road, Tortola, British Virgin Islands.

 

The observant reader may wonder about the timing of this and why the charge was not made, when the loan was made back in October.

 

There was an earlier charge deed on the assets dated 6th October, limited just to Fratton Park. The latest one was a debenture and sounds more wide ranging, but I'm not a lawyer...

25-02-2010, 03:30 PM I think Jacobs has tried to stick a floating charge on Portsmouth City Football Club, in addition to the fixed mortgage that was originally registered in October 6th, the date Al Mirage took over the cesspit.

 

So...if my memory serves me right, I can't remember Aviva marching into St. Mary's the minute we missed a mortgage payment and taking possession. They got what they could from Markus when Mark Fry negotiated the sale

 

My suspicion is that Mark Jacobs has attemped to strengthen Portpin's security, AFTER the date of the winding up order.

 

For those interested, he was a Director of Portsmouth City Football Club Limited at the time he registered the additional charge for Portpin Limited.

 

The term North London Yobbo springs to mind...

25-02-2010, 03:34 PM And if your suspicion is correct, would that not be illegal?

25-02-2010, 03:45 PM

I guess it depends on his contract with Portsmouth City Football Club and Fuglers, the former in the role as a Director and the latter as a Partner providing clients with legal advice(?).

 

I would not want on of my Directors working in the interest of a company who had lent me money, let's put it that way...

 

...and finally...

 

04-03-2010, 12:58 PM The game they (Pompey) are trying to play, is their game, not the one HMRC are playing. It's not really about who is the administrator but whether Chanrai/Portpin are secured creditors and rank ahead of HMRC, IMO. Any play by PCFC to avoid that question being answered by letting the administrator to fall on his sword, will fail. That question and the general ownership, creditor and movement of funds "mysteries" need solving in court...

 

This post is not about me, but about what a fertile website we have and the valuable resource it provides to bodies like HMRC, BBC and the courts...