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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Clapham Saint

Clapham Saint

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Posted

http://www.portsmouth.co.uk/newshome/Peter-Storrie-The-cash-has.5695394.jp

 

He (Storrie) said: "All the money from all the player transfers and the Sky TV money, all of the £35 million from January, has gone straight to the Standard Bank," adding, "There is no money left.

 

All of the money from January too! (I presume next given that it is hardly necessary to point out if it were last January)

 

They really are fooked.

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View From The Top

View From The Top

Posted
Posted
http://www.portsmouth.co.uk/newshome/Peter-Storrie-The-cash-has.5695394.jp

 

 

 

All of the money from January too! (I presume next given that it is hardly necessary to point out if it were last January)

 

They really are fooked.

 

I didn't say this some weeks ago, also about the deal to raise finanace being against Sky money and no UK institution being willing to do a deal.

 

The skates, of course, said it was ******s. :D

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Gemmel

Gemmel

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I Just can't see how this makes any sense, Unless al fahim, really is Dr Saints.

Even if he (al fahim) paid a minimal amount for the club, or as is thought - nothing, the loans are now secured against him and not gaymark, so it would fook him up as much as pompey. Not to mention the loss of face, which would further dent his diminishing reputation.

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Clapham Saint

Clapham Saint

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I Just can't see how this makes any sense, Unless al fahim, really is Dr Saints.

Even if he (al fahim) paid a minimal amount for the club, or as is thought - nothing, the loans are now secured against him and not gaymark, so it would fook him up as much as pompey. Not to mention the loss of face, which would further dent his diminishing reputation.

 

The only way it is even slightly comprehendable (although it still doesn't "make sense") is if Dr. Al is either Dr. Saints or a complete d**k who is trying to wing it day to day.

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S-Clarke

S-Clarke

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Managed to speak to a Pompey fan a little earlier, not sure how true it is, but apparently the good old Dr is struggling to bring in the 50m, he may still manage it, but it's not going to be a cash investment - it's just a loan. Not surprised people are reluctant to give out loans to them at the mo tbf...

 

I did wonder why it hadn't happen last week, when the dr himself told fans it would be within ''this week'' that the refinance would appear.

 

](*,)

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Clapham Saint

Clapham Saint

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Managed to speak to a Pompey fan a little earlier, not sure how true it is, but apparently the good old Dr is struggling to bring in the 50m, he may still manage it, but it's not going to be a cash investment - it's just a loan. Not surprised people are reluctant to give out loans to them at the mo tbf...

 

I did wonder why it hadn't happen last week, when the dr himself told fans it would be within ''this week'' that the refinance would appear.

 

](*,)

 

(If I actually had an money to speak of) I wouln't lend any business with which that clown was involved a penny!

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View From The Top

View From The Top

Posted
Posted
Managed to speak to a Pompey fan a little earlier, not sure how true it is, but apparently the good old Dr is struggling to bring in the 50m, he may still manage it, but it's not going to be a cash investment - it's just a loan. Not surprised people are reluctant to give out loans to them at the mo tbf...

 

I did wonder why it hadn't happen last week, when the dr himself told fans it would be within ''this week'' that the refinance would appear.

 

](*,)

 

It always was a case of getting a loan to pay off the loan.

 

He tried in the UK markets using Sky money as his guarantee but was told no.

 

Rumour has it that any finance he has secured is at around 20% interest and with immediate repayment required if relegated!

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Evil Monkey

Evil Monkey

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It always was a case of getting a loan to pay off the loan.

 

He tried in the UK markets using Sky money as his guarantee but was told no.

 

Rumour has it that any finance he has secured is at around 20% interest and with immediate repayment required if relegated!

 

But surely relegation will mean administration. Meaning the lenders will be lucky to re-coup half that. So why take the risk?

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bridge too far

bridge too far

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Posted
It always was a case of getting a loan to pay off the loan.

 

He tried in the UK markets using Sky money as his guarantee but was told no.

 

Rumour has it that any finance he has secured is at around 20% interest and with immediate repayment required if relegated!

 

How on earth will he service that loan?

 

Oh hang on - from gate money, right :rolleyes:

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aintforever

aintforever

Posted
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There is definitely something fishy going on. According to the skate message boards Gaydamak is still involved, Portsmouth Football Club Ltd doesn't own Fratton Park, ownership was transferred to a company called Miland Ltd (Gaydamack).

 

Some reckon that Gaydamak could put the 'club' into administration at a probable loss but still retain ownership of Fratton Park and all the land surrounding it. I havn't a clue wether that could happen or not.

 

The fantastic thing is it looks like they are being screwed by Gaydamak. Someone who's money comes from selling dodgy Russian arms to third world dictators is not going to be worried about ruining the lives of a few inbred football fans.

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stevegrant

stevegrant

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From what I remember, Miland Development Ltd is the company Milan Mandaric set up to buy the club when they were in administration a decade or so ago, and because Portsmouth Football Club Limited officially went bust, a new company was set up - Portsmouth City Football Club Limited - to run the football club, in much the same way as SLH was a holding company for SFC until recently.

 

When Mandaric sold the club to Gaydamak, he initially sold 50% of the shares in Miland Ltd for about £20m, with the remaining 50% sold a year or so later.

 

According to their June 2007 accounts (not the most recent, but the one before), Fratton Park was valued at £10m on the PCFC Ltd balance sheet, so it's fair to assume that at that point, the ground was owned by the club, not the holding company.

 

Whether that's changed in all the various shenanigans in the last 18 months or so as security for the various loans that were taken out to fund Redknapp's spending spree, I don't know, and I suspect we may never know if they do end up in administration - the annual accounts for SLH/SFC for last season may never be made public, so it's possible Pompey's accounts may go the same way.

 

Miland Development Ltd is still owned by Gaydamak, and that company won't be transferred to the fake doctor until a final payment is made in January to Gaydamak for whatever it is he's still owed money. I suspect the doc will never actually "own" the club and that they'll be in administration before he gets the chance. Being appointed chairman essentially means bugger all in the grand scheme of things, he owns nothing at the moment. Or at least that's my interpretation of it.

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Merovingian

Merovingian

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Posted

we have one chance and this is it, and seeing as your believing all the rest of the papers today then there ought to be some merit in this

 

http://www.dailymail.co.uk/sport/football/article-1217576/Portsmouth-broke-Rival-consortium-pay-players-wages-beleaguered-club.html

 

Al Faraj does have a significant amount of money, if SAF steps aside we may survive. Its a long shot though. And after all whats happened its really quite funny in a macabre sort of way

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Doctoroncall

Doctoroncall

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Posted
we have one chance and this is it, and seeing as your believing all the rest of the papers today then there ought to be some merit in this

 

http://www.dailymail.co.uk/sport/football/article-1217576/Portsmouth-broke-Rival-consortium-pay-players-wages-beleaguered-club.html

 

Al Faraj does have a significant amount of money, if SAF steps aside we may survive. Its a long shot though. And after all whats happened its really quite funny in a macabre sort of way

 

I don't get it, why would they ride into town to save the club? Bottom of the EPL, money needed to sustain the team, investment required for infrastructure. How much would they need to do all that so day by day PFC can be clawing some of it back?

 

Newcastle seem to be a safer bet right now.

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hypochondriac

hypochondriac

Posted
Posted
we have one chance and this is it, and seeing as your believing all the rest of the papers today then there ought to be some merit in this

 

http://www.dailymail.co.uk/sport/football/article-1217576/Portsmouth-broke-Rival-consortium-pay-players-wages-beleaguered-club.html

 

Al Faraj does have a significant amount of money, if SAF steps aside we may survive. Its a long shot though. And after all whats happened its really quite funny in a macabre sort of way

 

Why would Al Faraj do that though? What's in it for him?

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Joey-deacons-left-nut

Joey-deacons-left-nut

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The closer they get to going down the less likely outside investment would become available becomes a reality. Seriously, the ONLY thing they have going for them is their Premiership status as that's where the money is. It's not the fans, not the potential, nothing but that status.

 

 

 

In the championship they'd still have one of the smaller stadium's, revenue would still be low. There would be much better purchases for any potential investors out there, getting a squad up from the Championship and keeping it in the Premiership costs mulah. If you don't have the accompanying stadium/training grounds etc to help fund that you really have little to no hope of anyone coming in and buying you as the outlay just isn't worth the risk.

 

The best Pompey can hope for if it all goes pear shaped is that a rich local benefactor can be found who's in it for the love of the team, as that's pretty much going to be the only available option to them.

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Clapham Saint

Clapham Saint

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The joke down the road gets better, this guy cannot be for real surely.

 

http://www.arabianbusiness.com/569145-exclusive-uae-tycoon-in-hospital-amid-pompey-wages-crisis

 

 

Lol

 

"We have lots of photos of the chap (who is fine and sitting up having his photo taken) but the only one we have decided to publish is this one of a name tag on an unidentifiable arm.

 

This financial difficulty is just short term and if you just hold off appointing administrators for a couple more days Dr Al will deal with it as soon as he is out of hospital.

 

Honestly there is nothing to worry about. We'll pay you soon.

 

Honest.:smt059"

 

 

Yeah right.

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Clapham Saint

Clapham Saint

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Seriously, the ONLY thing they have going for them is their Premiership status as that's where the money is. It's not the fans, not the potential, nothing but that status.

 

Not for long...

 

 

The best Pompey can hope for if it all goes pear shaped is that a rich local benefactor can be found who's in it for the love of the team, as that's pretty much going to be the only available option to them.

 

A very very very long shot.:D

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aintforever

aintforever

Posted
Posted
Premier league ready to step in to stop Pompey going into admin...

 

http://www.independent.co.uk/sport/football/premier-league/premier-league-ready-to-take-control-as-penniless-pompey-crash-1796230.html

 

what a load of ****, why do they get favours? just let them get the punishments they deserve for overpsending.

 

I can't see them getting any favours, all the other Prem teams at risk of relegation will make sure of that. If anything I expect the PL to make an example of them.

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Weston Super Saint

Weston Super Saint

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I can't see them getting any favours, all the other Prem teams at risk of relegation will make sure of that. If anything I expect the PL to make an example of them.

 

You must have missed the bit that stated the Premier League made up a new rule - just last month, fancy that! - that states they can take control of Premiership Team's finances to stop them going into administration!

 

Not that they want to try and protect their over inflated league or anything, and Heaven forbid a Premier team go into admin and have points docked :shock:

 

Still, pretty soon the Premier League will control half of the teams in the league, nothing wrong with that eh?

 

What happens to the teams they control [like Pompey!], when they inevitably get relegated? Maybe they'll just make up a new rule or two which gives the teams they control more points to avoid relegation!

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Clapham Saint

Clapham Saint

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You must have missed the bit that stated the Premier League made up a new rule - just last month, fancy that! - that states they can take control of Premiership Team's finances to stop them going into administration!

 

Not that they want to try and protect their over inflated league or anything, and Heaven forbid a Premier team go into admin and have points docked :shock:

 

Still, pretty soon the Premier League will control half of the teams in the league, nothing wrong with that eh?

 

What happens to the teams they control [like Pompey!], when they inevitably get relegated? Maybe they'll just make up a new rule or two which gives the teams they control more points to avoid relegation!

 

Unless the Premier league are going to pump in cash to meet the clubs financial commitments, or use their time machine to go back and prevent the club from incurring the liabilities in the first place I don't see how that is possible.

 

If there was a different way that the club's current finances could be run in order to prevent administration I'm sure they would already be doing it.

 

Sounds like a rule "for show".

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hypochondriac

hypochondriac

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Posted
Unless the Premier league are going to pump in cash to meet the clubs financial commitments, or use their time machine to go back and prevent the club from incurring the liabilities in the first place I don't see how that is possible.

 

If there was a different way that the club's current finances could be run in order to prevent administration I'm sure they would already be doing it.

 

Sounds like a rule "for show".

 

Well for a start they could sell off all their players in January and play the youth team.

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Clapham Saint

Clapham Saint

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That is sickening... so they **** up and the Premier League is readying itself to bail them out?

 

Ah well, they'll still go down.

 

Unless the clubs who managed their finances better (and didn't win an F.A. cup in doing so) are prepared to gift cash to a club that didn't then where is the money for this going to come from?

 

Another organisation taking over a club's finances doesn't all of a sudden make them profitable.

 

Can't see it happening.

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hypochondriac

hypochondriac

Posted
Posted
Barclays prem league

 

Peter Storrie has opened up the secrets of the Fratton Park boardroom and given ESPN Soccernet the inside story on the extent of the financial mess engulfing the first Premier League club to be threatened with going bust since Leeds United's near-demise during 2003-4.

 

Sulaiman Al-Fahim must pay 30% of his pledged £50m cash injection by Oct 15, and any default would put Pompey on the brink of financial meltdown.

 

• An interim loan from a rival consortium, associated with present chief executive Peter Storrie, from Ali al-Faray to pay the £1.8m September wage bill, is securitised and Storrie confesses that he does not know what has been used as collateral - and admits it might be the actual club. Pompey are, therefore, on the brink of a second takeover within months of Sacha Gaydamack selling out to Al-Fahim, which would cause more financial complications.

 

• Two of the world's most high-profile agents, Pini Zahavi and Jonathan Barnett of the Stella Group, are owed close to £3m on their commissions for eight players, including Sulley Muntari, Jermain Defoe and Peter Crouch, and only Storrie's friendship with them have meant they are not knocking on the door to get their money straight away. Other agents are also owed commissions.

 

• Pompey have a series of clubs they owe money to, and non-footballing creditors, having already told ESPN Soccernet that the money had run out, until the £5m loan deal he pulled off. That loan will be eaten up by the £1.8 million September wage bill and pressing debts. The October wage bill won't be paid unless Al-Fahim comes up with the promised £15m by mid-October.

 

• Pompey are in direct contact with the Premier League but assured them that they have yet to reach the stage of financial collapse.

 

Storrie told ESPN Soccernet: "I have to be truthful and tell you that I don't know if the 30% of the £50m refinancing package will arrive with us in mid-October. I would say that you have the date around about correct, around October 15.

 

"So the bottom line is the middle to end of October. I really don't know what will happen if that money doesn't come through. All I can tell you, is what I have seen. The documentation is in place, but the proof of whether it is all genuine will be if it turns up. Suliman says that it will, so I have to believe that it will. He believes it, so let's wait and see.

 

"We have a loan to pay the players' wages for last month, but what has been used as security, I cannot tell you because it has been handled by the lawyers between the two parties, while I have just been the guy doing the introduction.

 

"If we are talking about the club being used as security, then all I can say is that I genuinely don't know, but it wouldn't surprise me. I persuaded them to help the club. There are people willing to help this club because it is worth saving.

 

"It is true that we owe a couple of top agents a great deal of money, and if you say it is £3m I can confirm it is not far short of that figure. But there are other agents owed their commissions as well. The two agents you talk about have been incredibly helpful. It is through my friendship with them that they are not banging on the door. Rather they have been really understanding.

 

"But we have owed money on transfers to a number of clubs, and those clubs have also been extremely helpful. So, it all depends on the refinancing and I don't see it as a deadline necessarily in mid October, but if cannot go on any longer than the end of October, to be realistic. I have been asking people to be patient, but they cannot be expected to be patient for ever.

 

"The Premier League have been helpful, we've been in touch with them and work closely with them, they are keeping an eye on the situation, but I am keeping them informed. They are aware of all the facts."

 

With such complexities surrounding so much of their finances and the ownership of the club, Pompey are clearly a Premier League club in danger of going under.

 

...

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