Pompey Takeover Saga

[Gemmel]

Surely if this is ratified it would not be instant but come into play in a season or two's time.

 

Im not sure Nick, it is in line with the new Sky contract which applies from next season (I think)

[mack rill]

I can barely read this thread any more... that sh1tty little club just repulses me so much.

 

It should have been shut down, irrespective of whatever the official ruling of their situation. They were insolvent - they have been for probably 2-3 years.

 

They've pretty much 'escaped', haven't they?

 

Crabby all this bitterness is going to give you ass-Sid;) Look its not our fault that uncle Rooooooooopeees slipped up with the timing when taking you into Administration, We have now received our medicine, just like you did.

[Gingeletiss]

Yeh, but Poopey won't be part of the PL, when the new deal takes effect. So how will they be entitled to part of a deal. they they themselves are not part of?

[Wes Tender]

Crabby all this bitterness is going to give you ass-Sid;) Look its not our fault that uncle Rooooooooopeees slipped up with the timing when taking you into Administration, We have now received our medicine, just like you did.

 

So unlike your manager, you think that it is fair and deserved then? And you admit that you had an advantage over other more financially prudent clubs by fielding players that you could not afford?

[Gingeletiss]

Crabby all this bitterness is going to give you ass-Sid;) Look its not our fault that uncle Rooooooooopeees slipped up with the timing when taking you into Administration, We have now received our medicine, just like you did.

 

Not yet, not by a long chalk. We will be discussing your plight for many months to come. IMO

[70's Mike]

Crabby all this bitterness is going to give you ass-Sid;) Look its not our fault that uncle Rooooooooopeees slipped up with the timing when taking you into Administration, We have now received our medicine, just like you did.

 

AS fans yes

but uncle grant still does not get that you only stayed in the premier league by playing players you could not afford and even worst had no intention of paying for.

[Chin Strain]

I've raised this before, so it needs a bump. IF all the footballing debts are paid up in full, the the unsecured share of debt owed to HMRC will increase. There is no way if and when! they exit administration, that they will get their 'golden share' for next season, short of paying the tax man his dues, and he wants it all.

 

 

No, they'll get their golden share if they pay their football debts. If they can't agree a CVA (which they won't for the reasons you've mentioned) then they start on minus points. The only way they won't get their golden share is if they fail to pay football creditors (and even then I'd imagine the FL would let them in subject to further points and a transfer embargo)

[Chin Strain]

I did the maths about 10 pages back FC.

 

The only assumption was "They are toast"

 

Simply - 3 to 4mil per month MIN in running costs March & April (Then most of May June & July paying wages with no income)

8,000 max matchday tickets per home game

TV payment of 5mil

Parachute loan after interest of 10mil

"Prizemoney" for coming last in the PL

Season Ticket Sales in CCC

Player Sales in firesale

High earners on long contracts stuck with (see Saga, Rasiak, Thomas et al)

 

It really doesn't look good for them limping into the CCC without a buyer let alone worrying about the CVA.

 

Phil, I still reckon the best bit is AA getting the TV money in advance, meaning the creditors get a better deal, and the football club is more stuffed......yet the fans think he's doing them a favour:lol:

[aintforever]

Does anyone know what happens if they exit administration without a CVA before the end of the season? Will they get the -15 this season or next?

[dubai_phil]

Phil, I still reckon the best bit is AA getting the TV money in advance, meaning the creditors get a better deal, and the football club is more stuffed......yet the fans think he's doing them a favour:lol:

 

I am one ewho wants the rivalry to continue and don't want to see the club die - at the end of the day, our current rivalry and their cheating is but a blip in the reality of the history books.

 

BUT sometimes people advocate "Mercy Killings". I still think that though they will survive, many may wish they had been killed off when they had the chance

 

It's gonna be like having your wisdom teeth out without the meds. YOu know it's gonna hurt before, during and after. It's the how long after that is the key.

 

They are going to be raped and stripped bare to survive in the dream of finding a buyer. And we've done the maths.

 

To paraphrase Spock "It'll be life Jim, but not as we know it"

[teamsaint]

Chainrai is owed 12 million now – I’m guessing he would take 8

Gaydamak is owed 30 million - I’m guessing he would want nearly 10 or simply keep the land or some of it to remain in line with the other unsecured creditors

HMRC is owed 18, they want 18, but won’t get it and will take the same % in the pound as the rest of the unsecured creditors

Footballing debts remain at 10 Million including Sol and they will be paid in full

Other unsecured debts 5 million

Administration will cost 7 million including wages if a deal is struck within two months.

 

Secured Creditors and Footballing debts = 18 million

Unsecured is around 53… 20p in the pound pays 10.6 million (Assuming Sacha keeps some land and takes some cash)

Admin 7 million

Total just over 35 million, gets you ownership of a champisonship club, that is losing money and likely to have more points deducted, but that will have a minimum of 33 million in parachute payments (possibly up to 50 million if new plans are ratified) They will have the ability to sell players and could raise 10 to 15 million with players going out, plus any additional TV revenue etc.

So a 35 million investment, could return up to 65 million in less than two years. The squad would be threadbare, the additional points / no CVA would mean another relegation , but trust funds etc, wouldn’t care one bit.

 

Probably far too simple, but potentially a deal to be done

 

THink they would be very lucky indeed to raise that sort of sum from sales. As we found there are better cheaper alternatives once you have given a player a PL level contract. Some of them will be unsellable.

 

Maybe somebody will take a punt that the likes of Tommy Smith can get them out of the CCC first time, and back to the big money. But as we found that is a BIG gamble.

 

I would buy Palace if I had that sort of money, or put together a consortium to invest in the barcodes.

 

I personally think that even the most enthusiastic asset stripper is going to struggle on this one.

[Chin Strain]

Chainrai is owed 12 million now – I’m guessing he would take 8 He'll be after the full amount which I think os £13m now, if he's already had £4mGaydamak is owed 30 million - I’m guessing he would want nearly 10 or simply keep the land or some of it to remain in line with the other unsecured creditorsI reckon he's a bit irrelevant as, if he;s unsecured, he'll have to lump what he gets offered, or he can vote against the CVA

HMRC is owed 18, they want 18, but won’t get it and will take the same % in the pound as the rest of the unsecured creditorsAgreed - they'll just vote against the CVAFootballing debts remain at 10 Million including Sol and they will be paid in full£10.5m + Sole's £1.7m

Other unsecured debts 5 million

Administration will cost 7 million including wages if a deal is struck within two months.

 

Secured Creditors and Footballing debts = 18 million£25.2m

Unsecured is around 53… 20p in the pound pays 10.6 million (Assuming Sacha keeps some land and takes some cash)

Admin 7 million

Total just over 35 million, gets you ownership of a champisonship club, that is losing money and likely to have more points deducted, but that will have a minimum of 33 million in parachute payments (possibly up to 50 million if new plans are ratified) They will have the ability to sell players and could raise 10 to 15 million with players going out, plus any additional TV revenue etc.This is where it gets interesting. If they get tv money advanced (talking £20m according to the press, which I assume is 1 yr para + prizemoney), and are allowed to sell and leaseback, all that money will go to the creditors - secured first. That'll make selling harder, and recovery harder

So a 35 million investment, could return up to 65 million in less than two years. The squad would be threadbare, the additional points / no CVA would mean another relegation , but trust funds etc, wouldn’t care one bit.

 

Probably far too simple, but potentially a deal to be done

 

FWIW, some amendments based on my thoughts / knowledge. I reckon the tv money is key to any buyer. If it's sucked up in advance by AA, it'll go to creditors, and the chance of any deal will be even more remote

[dronskisaint]

Rather poor thinking by me but, is it in Poopeys interest to acrue more debt.

 

To get CVA 75% must vote in favour of acceptance. HMRC are not likely to agree less than 100% of what they are owed. At present their debt is about 18 million of 60 million owed, therefore about 30%. If Poopey could get more total debt, say to 80million, HMRC percentage drops to less than 25% so they on their own cant block CVA.

I know I've got a twisted mind, but its too long listening to you lot.

 

I suspect debts incurred by the administrator would be the responsibility of his company rather than an addition to the mountain - again I'm happy to be corrected.

[Chin Strain]

I am one ewho wants the rivalry to continue and don't want to see the club die - at the end of the day, our current rivalry and their cheating is but a blip in the reality of the history books.

 

BUT sometimes people advocate "Mercy Killings". I still think that though they will survive, many may wish they had been killed off when they had the chance

 

It's gonna be like having your wisdom teeth out without the meds. YOu know it's gonna hurt before, during and after. It's the how long after that is the key.

 

They are going to be raped and stripped bare to survive in the dream of finding a buyer. And we've done the maths.

 

To paraphrase Spock "It'll be life Jim, but not as we know it"

 

I'm probably 80/20 in favour of a mercy killing. Football needs a wake up call, and they need to understand the crassness of spending tens of millions you haven't got, and expect some billionaire to just bail them out. It's a disgusting attitude, and most of the fans seem to think it's ok to get into bed with a gunrunner, drug barron, mass murderer, or whoever steps up with cash, as longs as they can fund millions of pounds on prima donnas.

 

To hear them bleating about it not being fair makes my blood boil. If, as a club, they'd tried everything to stay out of admin, and accepted some sort of responsibility for their situation, I'd be more compassionate. Instead, the events of the last 9 months have turned my stomach.

 

Grrrr:mad:

 

P.S. This explains my current thought process amply!

http://www.saintsweb.co.uk/forum/showthread.php?p=655677#post655677

[Wopper]

Crabby all this bitterness is going to give you ass-Sid;) Look its not our fault that uncle Rooooooooopeees slipped up with the timing when taking you into Administration, We have now received our medicine, just like you did.

 

Thats a bit underhanded bringing that c*nt up.

[aintforever]

People forget that not only have they cheated us (as Saints fans) out of a place in the FA Cup, they have also cheated us (as tax payers) out of millions of pounds which could have been spent on hospitals or better kit for our troops.

 

Cheats shouldn't prosper, that's why any rational person should want that club to cease to exist.

[dubai_phil]

FWIW a small history lesson.

 

About 3 years ago, at the height of the boom years in the economic cycle and in the mad rush to buy Football Clubs, a highly desirable package with strong infrastructure, upside property opportunities came on the market.

 

It was actively marketed as a going concern by some of the best people in the business and attracted advice and support from some of the top names in the field of M&A's within the City.

 

The asking price at the TOP of the economic cycle was 30 million.

 

Add to that the funding requirement during the rebuidling phase (one/two years of high earning contracts being run down) brought the investment figure up to around the 40mil mark.

 

In almost 3 years with an asset book value for the infrastructure that exceeded the book debts, how many parties actively signed an NDA to begin discussions?

 

One. And where did he go to? Nowhere, he ran off screaming (allegedly) at the maths.

 

And that post by Gemmel is as near as damn it the same cost to buy them up the road, the burn rate will be the same or worse and the infrastructure, property upside? Is all owned by other people.

 

Nearly 3 years and never truly close to discussions to buy Saints. Poorsmuff have 6 weeks

[CB Saint]

I'm probably 80/20 in favour of a mercy killing. Football needs a wake up call, and they need to understand the crassness of spending tens of millions you haven't got, and expect some billionaire to just bail them out. It's a disgusting attitude, and most of the fans seem to think it's ok to get into bed with a gunrunner, drug barron, mass murderer, or whoever steps up with cash, as longs as they can fund millions of pounds on prima donnas.

 

To hear them bleating about it not being fair makes my blood boil. If, as a club, they'd tried everything to stay out of admin, and accepted some sort of responsibility for their situation, I'd be more compassionate. Instead, the events of the last 9 months have turned my stomach.

 

Grrrr:mad:

 

P.S. This explains my current thought process amply!

http://www.saintsweb.co.uk/forum/showthread.php?p=655677#post655677

 

Playing devil's advocate for a minute - isn't this what we did. Spent money that we didn't have trying to get back to the promised land and then rely on a billionaire to prevent us going out of existance. I wonder how fussy some of us would have been if the only option was a less savoury type.

 

I do agree that there seems to be a general inability to accept responsibility for the mess but then I can't recall Leon Crouch or Michael Wilde coming forward and saying sorry guys, got that wrong.

 

Getting back to how I really feel - I wish that Grant would STFU about the unfairness of of the points deduction. if he hadn't had O'hara (who he can't afford) in the side they would be relegated already.

[Clapham Saint]

I suspect debts incurred by the administrator would be the responsibility of his company rather than an addition to the mountain - again I'm happy to be corrected.

 

Technically they're his personal responsibility.

 

In reality his firm/insurers

[OldNick]

Technically they're his personal responsibility.

 

In reality his firm/insurers

Were you surprised that Vantis outpriced themselves for the job, as they had seen the SOA, or did it underline that it was not worth taking the risk of taking on?

[Chin Strain]

Playing devil's advocate for a minute - isn't this what we did. Spent money that we didn't have trying to get back to the promised land and then rely on a billionaire to prevent us going out of existance. I wonder how fussy some of us would have been if the only option was a less savoury type.

 

I do agree that there seems to be a general inability to accept responsibility for the mess but then I can't recall Leon Crouch or Michael Wilde coming forward and saying sorry guys, got that wrong.

 

Getting back to how I really feel - I wish that Grant would STFU about the unfairness of of the points deduction. if he hadn't had O'hara (who he can't afford) in the side they would be relegated already.

 

To be fair we spent maybe £5m that we were promised by Wilde, and it didn't materialise. Lowe (whether you like him or hate him) came back into the club in early summer 08 and cut out all the costs that he could, loaned out the big earners and played with kids. Result, we got relegated and went into admin 4 months after Barclays knocked £2m off our overdraft overnight, and when they bounced a cheque for £5k.

 

IIRC we owed to Barclays on an overdraft and NU as a mortgage for the ground.

 

Ultimately, we went into admin and so have Pompey, but at least we bust a gut to avoid it, and didn't go under owing a shed load to small business or UK plc (well, I'm pretty sure we didn't).

 

Pompey, on the other hand, have done none of the above.

[CB Saint]

To be fair we spent maybe £5m that we were promised by Wilde, and it didn't materialise. Lowe (whether you like him or hate him) came back into the club in early summer 08 and cut out all the costs that he could, loaned out the big earners and played with kids. Result, we got relegated and went into admin 4 months after Barclays knocked £2m off our overdraft overnight, and when they bounced a cheque for £5k.

 

IIRC we owed to Barclays on an overdraft and NU as a mortgage for the ground.

 

Ultimately, we went into admin and so have Pompey, but at least we bust a gut to avoid it, and didn't go under owing a shed load to small business or UK plc (well, I'm pretty sure we didn't).

 

Pompey, on the other hand, have done none of the above.

 

Fair point - although I am willing to bet if we were in the prem at the time of us going bust then the debt levels would have been far greater.

[hypochondriac]

I disagree that Gaydamak is irrelevant. He hold the keys to them being able to expand the stadium and as such is very relevant in this.

[sidthesquid]

Fair point - although I am willing to bet if we were in the prem at the time of us going bust then the debt levels would have been far greater.

 

The point is that we did over-reach ourselves, albeit only slightly, but took it upon ourselves to try to trade lawfully and get out of insolvency with all the total-football misery that went with it.

The skates did make some effort, but still took the p1ss by outbidding their rivals and signing relatively high-profile players whilst knowing they were beyond broke.

That is what rankles with me - we played a bunch of kids, they still have a bigger, more expensive squad than their rivals & then complain that football should be sorted out on the pitch. Cheating b*stards.

[ericofarabia]

How can Grant pay anyones wages when he's not being paid himself? Or was that another fiction Storrie?

 

He's paying 'in kind' ..... those visits to Unit 1 weren't for his pleasure ... they were instructional ..... it's BJ's all round on pay day

[NickG]

home game after we entered adminstration Saints - 27,228. (in CCC)

 

home game after skates confirm administration (in prem) advertising over 5,000 home tickets left with one day to go so on target for around 13,000?

[Saints foreva]

home game after we entered adminstration Saints - 27,228. (in CCC)

 

home game after skates confirm administration (in prem) advertising over 5,000 home tickets left with one day to go so on target for around 13,000?

 

They were cheap tickets though....

 

But even after that for the normal prices I think we got 24,000 in both Burnley and Palace.

[sidthesquid]

Yet another great quote from Skatey 606:

Should the administrator not just refuse to complete this seasons fixtures? Then he could sack everybody and have no more bills, making us more attractive to an investor and more financially viable next season...

 

What is the point in mortgaging the future to satisfy the premier league? What have they done for us? Correct nothing!

 

I really can't decide if this is another Saints wind-up or whether I am actually just laughing cruelly at the mentally disadavantaged

[NickG]

Playing devil's advocate for a minute - isn't this what we did. Spent money that we didn't have trying to get back to the promised land and then rely on a billionaire to prevent us going out of existance. I wonder how fussy some of us would have been if the only option was a less savoury type.

 

I do agree that there seems to be a general inability to accept responsibility for the mess but then I can't recall Leon Crouch or Michael Wilde coming forward and saying sorry guys, got that wrong.

 

Getting back to how I really feel - I wish that Grant would STFU about the unfairness of of the points deduction. if he hadn't had O'hara (who he can't afford) in the side they would be relegated already.

 

few differences:

are big debt was a stadium to improve income yes but also crowd safety and comfort - something the authorities were very keen on

 

when we were approaching adminstration we shipped out players (and long before) we loaned out if we couldn't sell them, we hired cheap managers and played trainees

[NickG]

home game after we entered adminstration Saints - 27,228. (in CCC)

 

home game after skates confirm administration (in prem) advertising over 5,000 home tickets left with one day to go so on target for around 13,000?

 

They were cheap tickets though....

 

But even after that for the normal prices I think we got 24,000 in both Burnley and Palace.

 

http://www.portsmouthfc.co.uk/LatestNews/latest-news/Cut-Price-Fratton-Tickets-56.aspx

 

theirs are currently £20 for prem

[NickG]

but they can't take cheques - cash please!

 

http://www.portsmouthfc.co.uk/LatestNews/home/Ticket-Payment-Information-735.aspx

[Gemmel]

FWIW, some amendments based on my thoughts / knowledge. I reckon the tv money is key to any buyer. If it's sucked up in advance by AA, it'll go to creditors, and the chance of any deal will be even more remote

 

Dont disagree with some of those comments Chin, but i do regarding Gaydamak. He is not irrelevant because he owns the land (THat is not what the debt is for) so he doesn't have to accept anything and can keep the land.......how much is it really worth to him? who knows

 

New owners will need the land (Which include the offices) and he can price it at what he wants.

 

The TV revenue as you say is where it gets interesting. The real killer would be if they (portsmouth & storrie) have ALREADY taken loans against that future revenue. Which if they have, would kill off most investors.

[Chin Strain]

I disagree that Gaydamak is irrelevant. He hold the keys to them being able to expand the stadium and as such is very relevant in this.

 

True, although I meant he was irrelevant by way of he'll have to take what he gets offered by the administrator. He remains pivotal to any prospective new owner if they wish to develop the stadium, but that's gotta be a zillion miles away at the moment, and they're going to have a £200m bedpan down in the harbour, don't you know!

[Chin Strain]

Dont disagree with some of those comments Chin, but i do regarding Gaydamak. He is not irrelevant because he owns the land (THat is not what the debt is for) so he doesn't have to accept anything and can keep the land.......how much is it really worth to him? who knows

 

New owners will need the land (Which include the offices) and he can price it at what he wants.

.

 

Agreed, he can keep the land but, as you say, the debt is for cash owed by the football club. This has got to be covered by the administration order and therefore he'll get x pence in the £. The land is his ransom strip, that he's hoping he can either flog to any new owner, or develop - either way he's hoping that'll be the key to getting back as much of daddys :smt067 money as possible.

Edited 18 March, 2010 by Chin Strain

[Chin Strain]

 

The TV revenue as you say is where it gets interesting. The real killer would be if they (portsmouth & storrie) have ALREADY taken loans against that future revenue. Which if they have, would kill off most investors.

 

I don't think it really matters whether they've already secured debts against it, or not. If the PL advance the monies, it's gonna go directly to creditors. The club will still cost someone at least the cost of the ground (if BC takes tv cash instead of FP) but there will be zero cash to pay the wages, buy players or move forward.

 

The only reason anyone is sniffing around at the moment is because they see a large carrot in the best part of £40m in tv money.They'll vanish as soon as they realise that cash doesn't exist.

[buctootim]

Read this in the Times the other day. Sums it all up really.

 

"What’s changed since the Premier League broke away from the Football League in 1992? Everything. If you won the First Division title, you were the best team in England. If you win the Premier League, you owe someone £500 million."

[Weston Super Saint]

I don't think it really matters whether they've already secured debts against it, or not. If the PL advance the monies, it's gonna go directly to creditors. The club will still cost someone at least the cost of the ground (if BC takes tv cash instead of FP) but there will be zero cash to pay the wages, buy players or move forward.

 

The only reason anyone is sniffing around at the moment is because they see a large carrot in the best part of £40m in tv money.They'll vanish as soon as they realise that cash doesn't exist.

 

Correction, it's going straight to Chainrai!

 

Hence his quotes in the paper about being able to 'see' his money, and how it was 'so close', but the club needed to remain alive for him to get it.

 

Hence, the next installment of TV money is going straight into the pockets of Chainrai, who incidentally has just had his status as a secured creditor confirmed by a high court judge. Happy as a pig in sh1t would be one expression to sum up his mood I would guess!

 

Meanwhile the administrator is trying to get his hands on the money to keep the company running until he finds a new buyer - yeah right! - as he's probably realised now that Chainrai isn't going to put in another penny to fund the administration, and he / his company will be responsible for the ever increasing debts

[Chin Strain]

Chainrai, who incidentally has just had his status as a secured creditor confirmed by a high court judge. Happy as a pig in sh1t would be one expression to sum up his mood I would guess!

 

No he hasn't! They have accepted he has the right to put the club into administration. They most certainly haven't accepted his secured creditor status, per the following quote from the below link:

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

 

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).

[Weston Super Saint]

No he hasn't! They have accepted he has the right to put the club into administration. They most certainly haven't accepted his secured creditor status, per the following quote from the below link:

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

 

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).

 

Not sure to be honest...

 

That blog 'may have to be decided at a later date', links to the original protest of HMRC against the administration.

 

Since the company was under a WUP, it could only be put into admin by a secured creditor.

 

It was put into admin by Chainrai - this was protested - and the judge said it was legal for him to do it... Ergo, he must be a secured creditor....

 

I'm no expert by any means, but this is my take on things, happy to be corrected [well, not too happy actually, because that would put Chainrai in the unsecured creditors camp, and making the HMRC debt percentage lower ]

[Chin Strain]

Not sure to be honest...

 

That blog 'may have to be decided at a later date', links to the original protest of HMRC against the administration.

 

Since the company was under a WUP, it could only be put into admin by a secured creditor.

 

It was put into admin by Chainrai - this was protested - and the judge said it was legal for him to do it... Ergo, he must be a secured creditor....

 

I'm no expert by any means, but this is my take on things, happy to be corrected [well, not too happy actually, because that would put Chainrai in the unsecured creditors camp, and making the HMRC debt percentage lower ]

 

I think he probably has security over the ground, but not 'every asset' which was put in place in January.

[pedg]

Not sure to be honest...

 

That blog 'may have to be decided at a later date', links to the original protest of HMRC against the administration.

 

Since the company was under a WUP, it could only be put into admin by a secured creditor.

 

It was put into admin by Chainrai - this was protested - and the judge said it was legal for him to do it... Ergo, he must be a secured creditor....

 

I'm no expert by any means, but this is my take on things, happy to be corrected [well, not too happy actually, because that would put Chainrai in the unsecured creditors camp, and making the HMRC debt percentage lower ]

 

I think the link is a mistake and if you read the comments further down the chap appears happy that he was the first to report the HMRC's position on Chainrai. One might guess that the position on whether Chainrai was a secured creditor or not might be open to a number of legal interpretations and that once they had the documents HMRC considered that it was possible he was not a secured creditor but that this could be hard to prove. So for now they play the waiting game.

[Yeovil Saint]

To be fair we spent maybe £5m that we were promised by Wilde, and it didn't materialise. Lowe (whether you like him or hate him) came back into the club in early summer 08 and cut out all the costs that he could, loaned out the big earners and played with kids. Result, we got relegated and went into admin 4 months after Barclays knocked £2m off our overdraft overnight, and when they bounced a cheque for £5k.

 

And even though we gave Rupert Lowe ten times the stick that Peter Storrie got (compare "Swing Lowe" to "You're having a laugh, mush") Lowe didn't whinge when it all went bad and got out.

[Colinjb]

And even though we gave Rupert Lowe ten times the stick that Peter Storrie got (compare "Swing Lowe" to "You're having a laugh, mush") Lowe didn't whinge when it all went bad and got out.

 

No matter how misguided and seemingly arrogant he was, at least in the end he was honourable.

 

Better to be misguided then (allegedly) criminal.

[Fowllyd]

Lowe (whether you like him or hate him) came back into the club in early summer 08 and cut out all the costs that he could, loaned out the big earners and played with kids.

 

So that's why he was so widely reviled. :shock:

[EastleighSoulBoy]

I've raised this before, so it needs a bump. IF all the footballing debts are paid up in full, the the unsecured share of debt owed to HMRC will increase. There is no way if and when! they exit administration, that they will get their 'golden share' for next season, short of paying the tax man his dues, and he wants it all.

 

In that scenario they will get the 'Golden share' but at the cost of ten or even fifteen points. I think that was part of the deal for Luton?

[skintsaint]

I see Grant is now threatening to play a weakened team for the rest of the PL season.

 

Thought he was already doing that looking at the results?

[FloridaMarlin]

I see Grant is now threatening to play a weakened team for the rest of the PL season.

 

Thought he was already doing that looking at the results?

 

Isn't that undermining the integrity of the PL?

 

PL rules state a club must put out their strongest team at all times. Didn't Wolves get hammered for the team they put out at Man Utd this season?

 

I would think that's just what Android needs, a manager who risks running up fines.

[ericofarabia]

I see Grant is now threatening to play a weakened team for the rest of the PL season.

 

Thought he was already doing that looking at the results?

 

http://www.sportinglife.com/football/news/story_get.cgi?STORY_NAME=soccer/10/03/18/SOCCER_Portsmouth_Nightlead.html&TEAMHD=soccer

 

Grant added: "Football needs to be decided on the pitch.

"You need to give all of the teams an equal chance, which we did not have in this case.

"The decision was taken a long time ago that Portsmouth would not stay in the Premier League, for one reason or another.

 

Is he blind or just feckin stupid? What equal chance do all the teams who are trying their best to operate within 'realistic' financial constraints have against a squad full of players who Skatesmuff should never have been allowed to buy? The tax dodging has been going on for several years .. it hasn't just started recently, and really should have come home to roost much earlier.

 

Indeed, Grant refused to rule out fielding weakened sides should he feel the players are not fully focused, perhaps contemplating their own futures away from the club next season.

 

Grant, though, insisted: "We do not have a duty to the other teams - the Premier League has a duty to the other teams. We have a duty for Portsmouth

 

Talk about bringing the game into disrepute .... any chance of more fines and even point deductions next year

[Saint in Paradise]

Just what the PL wanted to hear after AA pleading for money in advance, well done AG :D

[HK_Phoey]

Im not sure Nick, it is in line with the new Sky contract which applies from next season (I think)

 

I would tend to agree, prize money and parachute payments are determined when the competition starts. Any increases will come into effect from next season at the earliest