Pompey Takeover Saga

[S-Clarke]

A transfer embargo nearly all season?

 

It wasn't really a transfer embargo though was it?

 

You had it lifted for the January transfer window, so you could throw money at loans and free transfers that you still couldn't afford.

 

Take a look at Bournemouth to see the real definition of a transfer embargo.

[Hatch]

I felt sick reading The Sun this morning on the train ...

 

http://www.thesun.co.uk/sol/homepage/features/2929838/Why-supporting-Pompey-is-better-than-TV-soaps.html#mySunComments

[Weston Saint]

I have never subscribed to the “they are toast” comments.

 

PFC is near to the edge. They have no money other than that produced by the cup run and they still owe about £100m.

 

Lack of money has seen them have to sell their better players before the season started and Administration has resulted in a 9 points deduction. Both have contributed to their relegation.

 

Reports (Slater of BBC) now suggest that the Administrator will be able to secure a CVA of about 30% and that HMRC will not have the important 25% to enable them to influence the issue.

 

So what does that mean? I do not have the full figures but Chainrai is a secure creditor still owed about £13.4m. Football creditor debts are about £10m. That leaves about £75m unsecured.

 

A new owner must therefore find £22.5m for CVA plus say £23.5 secure creditors = £46M. On top of that money will be needed to invest in the playing side to avoid them imploding in the CCC.

 

Assuming the parachute payments remain in place (if they are used to pay off creditors it means a new buyer has to find less to purchase so that balances out) then that may be the working capital a new owner needs. However the squad needs to be drastically changed as they will not be able to afford the high wages.

 

Whoever buys PFC will not be doing it for love but as an investment in the long term. He or she will believe that it will be possible to return PFC to the Premier within the Parachute payment period. However, they have an unacceptable ground, no academy or training facilities and far too many employees still. All that will have to be dealt with to turn the club around, if it was ever going in a positive direction in the past!

 

So, not toast but a very barren period with a totally new squad of players and every possibility of dropping another tier in the football hierarchy.

 

Without the CVA there is the very real prospect of a further 15 points deduction next season and favouritism to drop further.

 

If financial irregularities are identified it could get even worse.

 

Would you invest your money in such an enterprise?

 

Saints supporters should be content that PFC has not just received a bloody nose but a fractured skull and the prognosis is doubtful. We can enjoy their struggle for years to come. Just like old times.

[Vershinin]

Am I 'last man standing', am I the only one who still thinks they will be wound up. I think there is a lot more to come out over this.

 

You and Benjii are keeping my hopes up m8. I hope that you guys are right and the dirty ****s get completely ****ed. dirty cheating ****s.

 

And on the seperate point of their fans singing, they only have one ****ing song, they only started singing it with any heart towards the end of the second half, when it was clear they had a chance and then when they were winning. Same at SMS, they were church mice, even when the fourth went in you would have thought it was blackpool there with 500 fans. My flatmate, a forest fan watched the game on the TV and raised that point before i did about how quiet they were compared with us. Yes they got louder when they were winning at Wembley, but you only sing when youre winning springs to mind. Hardly the greatest fans in the country. Dirty ****ing ****s.

[Channon's Sideburns]

Looking at those comments on the Guardian page...christ.

 

As for Phil Cavity...well, let's just say 'poor' little scummer is wrong on so many levels.

 

BTW, when did they sign Rocha? Whilst in Admin was it?

 

So, if they did, surely that offering a new player a somewhat generous add-on is another irresponsible move of a CEO?

 

No surprise there then.

 

What a putrid, infection on the arse of football they are.

 

C H E A T S

[dubai_phil]

Oh, another question.

 

Have the Fraud Squad been notified?

 

Submission to FA PL of their financial state in January

 

Submission to The High Court of their financial state in Feb

 

AA's statement of debt in the past week.

 

All of which were legally binding statements, and all totally and incomprehensibly different

 

That's the PL's fault as well of course

[Viking Warrior]

I see on BBC 606 site that the blue few have set up a campaign for Avran Grant to be given the freedom of of the city

 

Whatevr next Peter Storrie as chancellor or should that be android

[PaulSaint]

Talk Sport currently discussing Pompey now, can somebody on here with good oratory skills please set them straight!!!!

 

Three points of discussion this morning:

 

Should the council step in & publicly fund their rescue as Pompey are the city and the people of portsmouth are the fans. (surely the public purse and some other football clubs have already financed their FA Cup run already)

 

Pompey fans have had a better season than Man U', a place in the number one cup final is worth all the pain. Many clubs like Stoke, Blackburn, etc would swap places with Pompey now?

 

Relegation will be good for them, similar to colonic irragation, will rid them of the crap and get them welll again.

 

:mad: :mad: :mad:

[stevegrant]

Why do people listen to TalkSport?

 

Lowest common denominator broadcasting, let's shout into the mic and have a controversial opinion just so we get Angry Pete in his white van phone a premium rate number to rant at us for 30 seconds before we cut him off and then laugh at him once he's gone.

[dronskisaint]

Am I 'last man standing', am I the only one who still thinks they will be wound up. I think there is a lot more to come out over this.

 

No - I still think that it is possible.

 

There is nothing within the club or it's portfolio that a reputable or even sane businessman would throw any money at so the only escape route to getting out of administration would logically be blocked.

 

I don't know how long it is possible to spin out an administration period without a reasonable prospect of finding a buyer? The longer it goes on the more Chanrai must surely have to put in to support the day to day running of the club - there must come a point when it will just be adding to his debt without increasing the chance of recovering his investment...little has been said about the interest on this £15 million pounds. 'Toxic' loans are usually only offered at a considerable premium & I suspect that a few million could already have been added to that figure (this may be being used to inflate the figure to beyond the level at which HMRC can exercise their 25% block...I'd question the legality of this whilst in administration). In his position it would be a better business decision to walk away than to pay out further.

 

As the period goes on further facts will emerge as to criminal activities regarding the running of the company - it is already beyond doubt that they have been trading knowingly insolvently for a period that is beyond a short term funding issue. Within that period they have continued to add to their debt by investing in players that they knew they could not afford & have deliberately witheld statutory payment to the government whilst paying shareholders above all other creditors. You'll note that the criminal activities I have mentioned relate only to normal corporate governance - there may well be issues thrown up by an ongoing investigation in to their affairs that some of the conspiracy theories have suggested.

 

As forensic investigation in to the accounts continues I find it hard to believe that either Companies House (notwithstanding the HMRC) could find that PFC is a sustainable entity & in the absence of a buyer (see above) would issue a winding up order. Perhaps one of our posters within the administration industry could correct me if any of the above is factually incorrect - as I've said before I'm just a run of the mill businessman rather than qualified in any of the liquidation-related industries.

 

Hence I'm in agreement with you GLT - if the company is not & cannot be solvent it could & should be liquidated.

[Sour Mash]

A transfer embargo nearly all season?

 

Who got man of the match on Sunday? Ricardo Rocha, who was signed when exactly?

[Channon's Sideburns]

Why do people listen to TalkSport?

 

Lowest common denominator broadcasting, let's shout into the mic and have a controversial opinion just so we get Angry Pete in his white van phone a premium rate number to rant at us for 30 seconds before we cut him off and then laugh at him once he's gone.

 

+1 - I bet anyone from on here who can dissect those points raised by TalkSport wouldn't stand a cat in hell's chance of getting on.

 

Why? Because it's Jerry Springer radio.

 

Same with most media - Solent Vox Pops included, they always hunt out the idiots.

[OldNick]

well this is a surprise this morning to read that after all it seems they will come out of admin with a CVA. So relegation from the PL and 2 cup final visits, including at least 1 victory. Doiesnt seem to me they have had any real sanctions and I suspect every clubs fans in the country barring perhaps 4-5 would take that pain to have the memories. Add the fact they also have the majority of the countries fans sympathy lol.

The majority of Pompeys fans are fairweather, and so they will be Popey til they reach another final, but they will be there and will be more than happy with this season.They have beaten us and got to Wembley...toast I dont think so. The only toast will be to that registrar for not doing her job and fudging when she should have pulled the plug. very dark forces have been in play.

[Channon's Sideburns]

My fave conspiracy theory (based on a post on the Guardian article)...

 

Chinarai is Al-Mirage......

 

If anyone can, put a pic of Chinarai alongside one of Al-Mirage's brother....

 

 

 

 

Hmmm...wouldn't it be funny. I guess we'd best compare the ears. ;-)

Edited 13 April, 2010 by Channon's Sideburns
Adding the photos...

[Doctoroncall]

No - I still think that it is possible.

 

There is nothing within the club or it's portfolio that a reputable or even sane businessman would throw any money at so the only escape route to getting out of administration would logically be blocked.

 

I don't know how long it is possible to spin out an administration period without a reasonable prospect of finding a buyer? The longer it goes on the more Chanrai must surely have to put in to support the day to day running of the club - there must come a point when it will just be adding to his debt without increasing the chance of recovering his investment...little has been said about the interest on this £15 million pounds. 'Toxic' loans are usually only offered at a considerable premium & I suspect that a few million could already have been added to that figure (this may be being used to inflate the figure to beyond the level at which HMRC can exercise their 25% block...I'd question the legality of this whilst in administration). In his position it would be a better business decision to walk away than to pay out further.

 

AA has stated in the media that Chainrai is looking to get his investment back and will only be paid that amount and no more. Of course it's only talk, but at least it's been stated so if Chainrai is paid more, I'm sure that will add to the evidence (debt risen to £100m) against AA not being a competent administrator and lead to possible legal wranglings regarding the CVA (well it did happened with Leeds).

[Sour Mash]

It depends what you mean by "get away with it" I suppose. I would consider a further points penalty next year and years in the doldrums to be not "getting away with it". We shall see.

 

You still don't get it. I have no doubt that they have many years of struggle to come. However, for a club of Portsmouth's size, ground, resources and support, to have 7 consequtive years in the top-flight, make two FA Cup finals, winning one of them, qualifying for Europe, that is far more than the vast majority of clubs of similar size or even for plenty of bigger and better supported clubs have enjoyed. If you were to offer the majority of teams in the Championship/League One/League Two what the skates have had for the last 7 years in return for languishing in the lower reaches of the football league for lets say the next 10 years, I reckon the vast majority would bite your hand off.

 

We can speculate as to what might happen in the future, but as it currently stands the way I see it is the message that has been sent out is cheat your way to success for years, the worst that will happen when you get caught out is you'll be returned to your rightful place in the lower leagues.

 

The only way I would see them as having not "got away with it" is if their club ceased to exist or ended up non-league etc.

[Weston Saint]

well this is a surprise this morning to read that after all it seems they will come out of admin with a CVA. So relegation from the PL and 2 cup final visits, including at least 1 victory. Doiesnt seem to me they have had any real sanctions and I suspect every clubs fans in the country barring perhaps 4-5 would take that pain to have the memories. Add the fact they also have the majority of the countries fans sympathy lol.

The majority of Pompeys fans are fairweather, and so they will be Popey til they reach another final, but they will be there and will be more than happy with this season.They have beaten us and got to Wembley...toast I dont think so. The only toast will be to that registrar for not doing her job and fudging when she should have pulled the plug. very dark forces have been in play.

Nick, if you are blaming the Registrar you really do not understand how the legal system works. Stop being and old woman and enjoy the ride.

[sidthesquid]

Interesting snippet at the end of the comments bit in the guardian:

 

Lens, still owed ? 7.2 million by Portsmouth for the sale of Dindane and Belhadj, are now in trouble with the French football finance regulator, DNCG, and are threathened with administrative relegation if they don't collect some of that money from Portsmouth soon.

 

Admittedly, Lens are owed money by other clubs as well, so this situation is not entirely Portmouth's fault, but still....

[StuRomseySaint]

I see on BBC 606 site that the blue few have set up a campaign for Avran Grant to be given the freedom of of the city

 

Whatevr next Peter Storrie as chancellor or should that be android

 

LMFAO

 

Now THAT is funny... an easy run through to the Semi-Final and he is all of a sudden is god.

 

They obviously forget that P*mpey are rock bottom of the Premier League when if I am being honest, there are worse squads in that division.

[PaulSaint]

LMFAO

 

Now THAT is funny... an easy run through to the Semi-Final and he is all of a sudden is god.

 

They obviously forget that P*mpey are rock bottom of the Premier League when if I am being honest, there are worse squads in that division.

 

He'd be happy with the keys of a Fratton Br@thel?

[rallyboy]

We can now spread the word to football fans far and wide - a victory for Pompey is a victory for taxpayers everywhere as it's their money that is financing the cup run.

And that is how they can claim such a big fanbase, anyone with a NI number has a share in their success.

 

I still think they are in big trouble but I have to partially defend Nick on the registrar issue - a Pompey fan who is also an insolvency practioner told me a few weeks back that he was staggered when they survived the first day.

He stated that the taxman's legal team 'dropped the ball' and it was very clear that they should have been wound up with the evidence available.

But like last weekend's win over Spurs, that is now ancient history.

 

I too feel the balance is shifting and a second cup final starts to make the risks look worth it, though a hammering would change that.

 

 

I wonder if Spurs fans are pleased that their taxes financed their own cup exit, they didn't want that new hospital wing anyway, they would much rather pay Utaka's illegal image rights.

[Sour Mash]

We can now spread the word to football fans far and wide - a victory for Pompey is a victory for taxpayers everywhere as it's their money that is financing the cup run.

And that is how they can claim such a big fanbase, anyone with a NI number has a share in their success.

 

I still think they are in big trouble but I have to partially defend Nick on the registrar issue - a Pompey fan who is also an insolvency practioner told me a few weeks back that he was staggered when they survived the first day.

He stated that the taxman's legal team 'dropped the ball' and it was very clear that they should have been wound up with the evidence available.

But like last weekend's win over Spurs, that is now ancient history.

 

I too feel the balance is shifting and a second cup final starts to make the risks look worth it, though a hammering would change that.

 

 

I wonder if Spurs fans are pleased that their taxes financed their own cup exit, they didn't want that new hospital wing anyway, they would much rather pay Utaka's illegal image rights.

 

The problem is the vast majority of football fans are genuinely unaware of their situation and how in effect they have been funding their players. Even most of the more clued up Spurs fans that I know don't really know the background behind it and don't seem that interested.

[Joey-deacons-left-nut]

well this is a surprise this morning to read that after all it seems they will come out of admin with a CVA. So relegation from the PL and 2 cup final visits, including at least 1 victory. Doiesnt seem to me they have had any real sanctions and I suspect every clubs fans in the country barring perhaps 4-5 would take that pain to have the memories. Add the fact they also have the majority of the countries fans sympathy lol.

The majority of Pompeys fans are fairweather, and so they will be Popey til they reach another final, but they will be there and will be more than happy with this season.They have beaten us and got to Wembley...toast I dont think so. The only toast will be to that registrar for not doing her job and fudging when she should have pulled the plug. very dark forces have been in play.

 

Don't worry ... look... even if they get a CVA agreed, someone still has to pay for it.

 

So far, no one appears to ready to pump £30m+ into this club .

[NickG]

that's what I thought strange - is it normal to talk about a CVA with creditors before you don't know who, or how much is coming in to fund it?

[bridge too far]

that's what I thought strange - is it normal to talk about a CVA with creditors before you don't know who, or how much is coming in to fund it?

 

Nick - I voiced that view a few days ago and Phil has done so as well. No-one seems to know how this will work.

 

Unless, of course, Baloo has offered the money on the quiet :smt102

[dubai_phil]

that's what I thought strange - is it normal to talk about a CVA with creditors before you don't know who, or how much is coming in to fund it?

 

Perhaps because with a CVA agreed and Chanrai's money paid back (with interest) IF nobody comes forward to buy the club THEN the two of them can walk away fees paid.

 

This was hinted at by an IP mate of the family. All it required to see was to take away the "Emotive" Issue of the Dead Parrot being a Football Club and ASSUMING they were actually interested in anything OTHER than getting their loans and fees out.

[NickG]

sorry, not sure what you mean, am I being thick?

[View From The Top]

that's what I thought strange - is it normal to talk about a CVA with creditors before you don't know who, or how much is coming in to fund it?

 

Don't forget, they still have to pay their footballing debts in full, regardless of the CVA.

[warsash saint]

Why do people listen to TalkSport?

 

Lowest common denominator broadcasting, let's shout into the mic and have a controversial opinion just so we get Angry Pete in his white van phone a premium rate number to rant at us for 30 seconds before we cut him off and then laugh at him once he's gone.

 

Exactly...plus 2 mins chat - 10 mins of adverts

[NickG]

so if they pay next to nothing to other creditors and somehow get that agreed, to escape further penalties they have to pay football debts in full - how much are these?

 

So guess this is the minimum amount they need to find in someone's pocket?

[View From The Top]

so if they pay next to nothing to other creditors and somehow get that agreed, to escape further penalties they have to pay football debts in full - how much are these?

 

So guess this is the minimum amount they need to find in someone's pocket?

 

They have to find the £14m for Baloo and then the rest as a CVA, say 30% of £90mill but need the funds (player sales and parachute payments) to do that.

 

However, the footballing debts (wages and bonuses owed, fees owed and agents fees) have to be paid in full.

[benjii]

Assuming a 30% CVA, £85m unsecured debt including £15m football debt = a cost of £35m (15 + ((85-15)/3).

 

If football debts aren't paid off in full then it's bye-bye Golden Share or (more likely), a significant points penalty.

 

So, in order to avoid a points penalty in the Championship and assuming a 30% CVA is approved (and not subsequently challenged succesfully by HMRC), they will need to find someone who can commit at least £35m to the unsecured creditors.

 

Now, that doesn't even begin to address Chanrai's debt, consideration for buying the assets and Gaydamak's land. Without Gaydamak's land you need to finance a new stadium to ever be competitive at a higher level as Fratton Park is hamstrung.

 

Throw in to the mix continued uncertainty about what an investigation into their dealings might uncover and it's really not an attractive investment. Circa £50m for that?!

 

Phil's theory might have some legs IMO.

[Joey-deacons-left-nut]

They have to find the £14m for Baloo and then the rest as a CVA, say 30% of £90mill but need the funds (player sales and parachute payments) to do that.

 

However, the footballing debts (wages and bonuses owed, fees owed and agents fees) have to be paid in full.

 

If what Phil alludes to is happening the footballing debts and other creditors won't matter, Ballo will get his £14m or however much and walk, leaving them well up the creak..

[View From The Top]

If what Phil alludes to is happening the footballing debts and other creditors won't matter, Ballo will get his £14m or however much and walk, leaving them well up the creak..

 

Great isn't it!

[Joey-deacons-left-nut]

It's the only sensible and logical reason that I can think off that baloo is sticking around..

 

He gets two things out of it

 

1: His money

2: He fcks over the Gaydamak family.

[OldNick]

Nick, if you are blaming the Registrar you really do not understand how the legal system works. Stop being and old woman and enjoy the ride.

Well patently you dont know how it works either. We have a few who work in the administrator field on this site and they felt Pompey were goners (as well as Mark fry and other administrators in the media), not getting 2nd 3rd or 4th reprieves.

Chanrai was interviewed last night in a snippet walking form the ground. He is a very wealthy man and perhaps he is enjoying being in the limelight, and if AA gets a CVA ,Chanrai may like to play a little longer. There are good profits to be made short term if they pay off the debt cheaply and may be in position to bounce right back into the league.

I agree if they have to find 30+m then it is not likely. SourMash has summed up how I feel totally and explained Pompeys fans position brilliantly. They have robbed the bank spent a couple of years in monte Carlo spending the money only to get given community service picking up litter.

Pompey will and have got away with it, and you may think it's great, but i don't as fair play has not been served.

I maybe an old woman in your eyes but I have principles and like them to be observed

[NickG]

I still wonder if these debts, other than football and HMRC ones are real.

 

Therefore wonder if all they really need to find is:

 

30% of HMRC

football debts

 

total of less than £20m for a CCC club? Not bad

[redkeith]

AA has already talked of paying off the creditors over a number of years, which looks to me like the Parachute payments are being redirected.

 

So his attempt at a CVA would leave the club to survive on gate receipts alone, while the tax payer loses 70% or upwards of the monies owed to it ( us all) .

 

I think the taxmans best hope is the 'interested parties' vote.

 

Gaydmark, Fahim. Mirage and Chanrai are alll former owners, and so must be interested parties as should any football debts owed to players. Does that leave enough of a percentage of creditors to outvote HRMC ?

[Channon's Sideburns]

I still wonder if these debts, other than football and HMRC ones are real.

 

Therefore wonder if all they really need to find is:

 

30% of HMRC

football debts

 

total of less than £20m for a CCC club? Not bad

 

Thinking back a bit...

 

Gayda's land around the stadium has floating charges attached. So in theory he could have raised money against the land to put into the club...as loans. That *could* be where his club debt comes from.

 

I love a good conspiracy theory, in fact Pompey's like 'conspiracy-porn'. Which explains why this thread is so long. And it will get longer...

 

I really think the proverbial would be hitting the fan already had Redkrapp not fouled up....

[OldNick]

AA has already talked of paying off the creditors over a number of years, which looks to me like the Parachute payments are being redirected.

 

So his attempt at a CVA would leave the club to survive on gate receipts alone, while the tax payer loses 70% or upwards of the monies owed to it ( us all) .

 

I think the taxmans best hope is the 'interested parties' vote.

 

Gaydmark, Fahim. Mirage and Chanrai are alll former owners, and so must be interested parties as should any football debts owed to players. Does that leave enough of a percentage of creditors to outvote HRMC ?

Where does this leave Vantis and their SOA? They were put in to find the state of the club and now the debt has risen by 20m or more!!! If they had produced a SOA on the day of the High court judgement the registrar would have had to close them down. In theory their bad accounting if this really is the case , has cost us the taxpayer 10m +

Lots of questions to be answered IMo

[Channon's Sideburns]

Where does this leave Vantis and their SOA? They were put in to find the state of the club and now the debt has risen by 20m or more!!! If they had produced a SOA on the day of the High court judgement the registrar would have had to close them down. In theory their bad accounting if this really is the case , has cost us the taxpayer 10m +

Lots of questions to be answered IMo

 

I guess it comes down to this Nick.

 

Who do you believe?

 

Vantis or Andronikou?

 

Hmm.

 

(The funniest thing of all is the Blue Few, who believe ANYONE)

[bridge too far]

Where does this leave Vantis and their SOA? They were put in to find the state of the club and now the debt has risen by 20m or more!!! If they had produced a SOA on the day of the High court judgement the registrar would have had to close them down. In theory their bad accounting if this really is the case , has cost us the taxpayer 10m +

Lots of questions to be answered IMo

 

Isn't debt accruing since administration the responsibility of the administrator? If so, where will AA get this sort of money from?

 

Please note - this is a rhetorical question

[OldNick]

Isn't debt accruing since administration the responsibility of the administrator? If so, where will AA get this sort of money from?

 

Please note - this is a rhetorical question

It is a nonsense, and needs the people who know how these things work to explain it to us. I would have thought HMRC would have croied foul, but they just seem to be like little pussycats, and since Brown said what a great club Pompey are HRMC seem to have pulled back, all coincidence of course but they have lost their teeth it seems

[OldNick]

I guess it comes down to this Nick.

 

Who do you believe?

 

Vantis or Andronikou?

 

Hmm.

 

(The funniest thing of all is the Blue Few, who believe ANYONE)

At present I dont believe either!!!

[Guided Missile]

Although this thread has been diverting fun for those of us that sometimes have nothing better to do, does anyone else feel like I do?

 

I have zero feelings for Portsmouth Football Club. They disappeared during my trip to Fratton Park at the time of the famous riot, when I could see first hand where mindless, misdirected passion takes you. From middle aged men keeping hold of the ball for throw-ins, whilst screaming obscenities at our players to 10 year old "fans" throwing stones at the police and trashing their own neighbourhood, it didn't take a genius to see how close to the middle ages a "civilised" group could get.

 

Whether Portsmouth recover and rebound or sink and cease to exist, it will not affect in the slightest my life, with respect to football. Blind hatred usually takes you in one direction and not the direction that we find ourselves in. This thread is like a quick glance over to the other side of the M27, on the way out of Pompey, looking at a car crash. Morbidly interesting at first, but when arriving back in God's country, you find it involved a prison van full of peodophiles and any sympathy disappears, to be replaced by "Who gives a sh !t as long as no one else got badly hurt"...

Edited 13 April, 2010 by Guided Missile

[Give it to Ron]

This thread is like a quick glance over to the other side of the M27, on the way out of Pompey, looking at a car crash. Morbidly interesting at first, but when arriving back in God's country, you find it involved a prison van full of peodophiles and any sympathy disappears, to be replaced by "Who gives a sh !t as long as no one else got badly hurt"...

 

Was the prison van full of childrens doctors visiting Paulsgrove??

[badgerx16]

I still wonder if these debts, other than football and HMRC ones are real.

 

Therefore wonder if all they really need to find is:

 

30% of HMRC

football debts

 

total of less than £20m for a CCC club? Not bad

But if sufficient of the other unsecured debt is imaginary and discounted from the total, the HMRC share can get back to over 25%, at which point the CVA will need to be 100% as HMRC can block it otherwise.

[pedg]

http://www.thedailymash.co.uk/sport/sport-headlines/portsmouth-cup-final-spots-to-be-auctioned-201004122633/

 

Administrator Martin Bishop said: "This is a fantastic opportunity to take your place among a team that has for much of the season consisted mainly of amputated body parts and bruised fruit.

 

"I'm sure a Portsmouth-Chelsea cup final will be a thrilling, visceral occasion - much like watching a pack of hyenas devour the last remaining shreds of an elderly, bankrupt gazelle."

[sidthesquid]

Most of the debt is theoretical - Gaydy, Chainrai etc - which can grow or shrink to suit their own agendas. But regardless of who emerges owning the club there are two big nasties they can't hide from, namely footballing debt & HMRC.

They have to absolutely pay back the football debt to be allowed to compete, and if they fail to repay HMRC in full I am certain there will be big points deductions next season. (The FL remains a 'club' and there is no way they will let Pompey waltz into their club, cleared of debt and clutching a fistful of parachute payments without further sanctions.) And that is the bit that will discourage any prospective buyer trying to buy them out of admin on the cheap and get back to the promised land.

[landford.saint]

 

(The funniest thing of all is the Blue Few, who believe ANYONE)

 

Spoke to a skate today whom I just happened to chance upon at work (proudly wearing his Jobsh!te shirt). He had been at the semi and was going to the final and was a season ticket holder,... He said he knew of people GIVING semi tickets away and there were big gaps in their end. He was blissfully unaware of what was going on at Notarf Krap and left bemused and not as happy as before I tried to explain some of the intracacies and the desperate state they were in. Seemed to me he was not alone amongst the blue few in not knowing their predicament. He thought administration/pay off debts cheap/championship/back to premiership. But when he left he was fearing Championship on minus points/relegation and league 1 football.

I pointed him in the direction of this site. We might be getting a new watcher.