Pompey Takeover Saga

[rallyboy]

the few never really grasped that 'investing' in wages wasn't good use of the income, it was Sky money pouring straight through the club and out of football.

 

This was so obvious I can't see how anyone thought this lunatic business plan could take them anywhere other than bankruptcy.

And that's not with hindsight, they bought their way out of the championship, big wages, no tax paid, and the train crash has stumbled on since then - it just happened to run over Cardiff en route.

Now we just need a reality check about this ridiculous talk of a European campaign and to see them putting out their strongest team against Wigan in respect to the other clubs down the bottom.

If Grant rests players again (forget AA, it's pervy's decision to pick his own team or walk away from the job) it will be another clear breach of Prem rules to add to the lengthy list.

[bridge too far]

Just been reported on BBC News that they CAN play in Europe next season but only if they're out of admin by 31 May and if they meet the terms of the licence. Not sure what that means ATM - only just come up.

[OldNick]

the few never really grasped that 'investing' in wages wasn't good use of the income, it was Sky money pouring straight through the club and out of football.

 

This was so obvious I can't see how anyone thought this lunatic business plan could take them anywhere other than bankruptcy.

And that's not with hindsight, they bought their way out of the championship, big wages, no tax paid, and the train crash has stumbled on since then - it just happened to run over Cardiff en route.

Now we just need a reality check about this ridiculous talk of a European campaign and to see them putting out their strongest team against Wigan in respect to the other clubs down the bottom.

If Grant rests players again (forget AA, it's pervy's decision to pick his own team or walk away from the job) it will be another clear breach of Prem rules to add to the lengthy list.

Boatang Dindane etc will suddenly develop back ache and not be fit to play any games until the final.

I was surprised that on sunday that the players who had come back from injury were able to play 120 minutes.

I think Spurs turned up expecting to win and when I saw Crouchie laughing as he missed another chance, showed they didnt care. HR did not get off his seat and changed the team to its detriemnt IMO.

After saying that Pompey did what they needed to do, and I was very disappointied how poor Spurs were. Luck has been following Pompey for quite a few years now and sooner or later it will run out...when? who knows

[stevegrant]

Catch 22 though Steve, you need decent players to stay in the Prem. So do you spend on players to get the Prem money as a return or do you spend on a stadium and risk relegation as you cannot afford decent players to survive?

 

Both ways are right and both ways wrong. Just at the end of it the team that invested in the stadium has something solid other than trophys and memories.

Yes, you need decent players to stay there, but as Nick says, you went beyond that by buying half the England team and paying them more money than they knew what to do with. Jermaine Defoe and Peter Crouch both took pay cuts when they joined Spurs last year

 

The money you spent when you bought Mendes, Davis and Pamarot (I think) when Gaydamak first took over was money well spent as those three played a significant part in you staying up, and signings along those lines were the ones the club should really have been looking at to keep things realistic, while making heavy progress on the stadium plans.

 

Unfortunately for you, with a serial fantastist as CEO and a serial transfer enthusiast as manager, that was never likely to happen.

[miserableoldgit]

Catch 22 though Steve, you need decent players to stay in the Prem. So do you spend on players to get the Prem money as a return or do you spend on a stadium and risk relegation as you cannot afford decent players to survive?

 

Both ways are right and both ways wrong. Just at the end of it the team that invested in the stadium has something solid other than trophys and memories.

Agreed but what your club did was buy lot players that were way above your (and our) level that you could quite blatantly not afford. Signing Champions League players (11M for Crouch??) on BIG wages on gates of less than 20,000 just doesn`t stack up. Why are you on gates of less than 20,000? Because your stadium`s not big enough. Chicken and egg I know, but eeryman and his dog could see that what you did was completely unsustainable even in the mad world of football. We can leel a lot of critism at Lowe and the board, but we did get a good stadium which increased our capacity from 15000 to 32500 for £40M with a managable mortgage. and as previously stated, we went into admin for £40K. What do you owe? £100M? Our two cases are not even remotely comparable.

[miserableoldgit]

Hold on, it was not a case of buying players for survival though was it? You bought a team of all stars and some were on 90k a week. That is not what Saints or any other club with small means did. Dont try and make out that little old Pompey tried to skrimp and save and used a load of hardened journeymen.

The fact is you bought the success you had and now are crying like girls because you should pay up. Blaming everyone but yourselves.

Get some b#### and take any penalties you get, at the moment you have got away with murder and the authorities seem to be unable to do anything about it

Yep. Just about sums it up.

[Channon's Sideburns]

The ironic thing of it all is this.

 

The organisations that the Blue Few blame (Premier League conspiracy etc) are actually the organisations still saving them from meltdown....

 

It's all about embarrassment...they're only saving the skates so they save themselves.

[Gingeletiss]

If you want to know why I changed from indifference to Poopey, to Hatred, then please read the reply's to this sanctimonious piece in the News

 

 

http://www.portsmouth.co.uk/sport/Wh...th=10#comments

 

They truly are a stupid stupid bunch of so called football fans:mad:

[benjii]

But what if Gaydamak's debt is just smoke and mirrors, just an excuse to extract money from the p**p*y carcass? He'll be happy to get 30% of this imaginary "debt".

 

 

I agree with that but the land is a different matter and, as far as I know, has nothing to do with the debt owed to him by PFC. He bought it from Mandaric several years ago.

 

I suppose the fundamental point is that he needs to be kept sweet or he can stymie the future prospects of the club in a way that the other unsecured creditors cannot.

[benjii]

Catch 22 though Steve, you need decent players to stay in the Prem. So do you spend on players to get the Prem money as a return or do you spend on a stadium and risk relegation as you cannot afford decent players to survive?

 

Both ways are right and both ways wrong. Just at the end of it the team that invested in the stadium has something solid other than trophys and memories.

 

Not really. Look at Wolves.

[benjii]

I hope they get into the Europa League. It will put pressure on their threadbare squad and result in embarrassing losses.

 

Mind you, if I was Everton (or whoever would otherwise get in) I'd be doing everything I could to protest this.

[Saint_clark]

http://www.portsmouth.co.uk/sport/Why-Pompey-should-be-granted.6224543.jp?CommentPage=2&CommentPageLength=10#comments

 

10 delusional reasons why they should be allowed to play in Europe

 

"7 The football world believes it's fair

Managers like Roberto Martinez are speaking out in favour of the Blues being given the berth."

 

PA HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

[benjii]

Don't think David Moyes agrees.

[Whitey Grandad]

This overspending on the stadium one is really pathetic. It probably goes down well on Mongo Skateland forums, but it is simply not correct. We NEVER defaulted on the stadium debt, we NEVER defaulted on our taxes, but we slightly overreached ourselves just as the banks got the jitters and withdrew our modest £4 million - not £40million, like you - overdraft facility. We then hired a dirt cheap coach, loaned out and sold everyone we could as we battled relegation with a team of untested youngsters until the bank bounced a cheque for £4thousand, whereupon the board decided the only proper thing to was resign and put the club into administration. I don't see much cheating there.

I really can't be Rsed to even start the list of things you have cheated on. But it's a fecking long list

Wasn't that brought down from £8m over the season?

[miserableoldgit]

I hope they get into the Europa League. It will put pressure on their threadbare squad and result in embarrassing losses.

 

Mind you, if I was Everton (or whoever would otherwise get in) I'd be doing everything I could to protest this.

 

http://www.dailymail.co.uk/sport/football/article-1265798/Portsmouths-Europa-League-bid-unfair-insists-Everton-manager-David-Moyes.html

 

http://www.dailymail.co.uk/sport/football/article-1263139/Portsmouth-good-company--Premier-Leagues-pointless-clubs.html

[stevegrant]

Wasn't that brought down from £8m over the season?

£6.5m, I believe.

[Whitey Grandad]

The reply was "yes, but it's not the players or fans fault is it?"

 

Which players would that be? The expensive, talented, ones that they bought with taxpayers' subsidy? This is the essence of the complaints, that if they only had players that they could afford, then they would not have distorted the competitions in which they have played.

[Whitey Grandad]

£6.5m, I believe.

Thanks. That is still a considerable reduction.

[Micky]

And presumably, you do, although you couldnt quite bring yourself to explain it.

 

So go on then, why is overspending on a stadium any different to overspending on players?

 

I know one thing though I have never been as bitter to you as you seem to be to us and I can assure you there are no long, long threads about your team on our boards.

 

I had you down as a tad more intelligent than that tbh. If you really think that there is any direct correlation between our circumstances and yours then you really are blind to what is, and has, taken place at your club in front of your own eyes.

 

If you believe for one minute that our business strategy was in any way, shape or form similar to yours, then you are deluded.

 

If the more intellegent contributor cannot appreciate why people are annoyed because PFC have avoided payment of substantial tax, taken points from teams in the Premier League and removed teams from cup competitions whilst employing staff that they patently cannot afford, then I can understand why the mong in the street, stands there with his thumb up his ass, shouting play up pompey.

 

FFS - have some good grace at least, I dispair, really I do. I hope you win the cup, beat Chelsea 5 nil on the day. The FA cup, greatest cup competition in the world - tarnished for life by a bunch of cheats. That's how I and many others will remember your 'achievement'.

[Matthew Le God]

Catch 22 though Steve, you need decent players to stay in the Prem. So do you spend on players to get the Prem money as a return or do you spend on a stadium and risk relegation as you cannot afford decent players to survive?

 

Both ways are right and both ways wrong. Just at the end of it the team that invested in the stadium has something solid other than trophys and memories.

 

You don't need to be in the Premiership to be able to build a Premiership standard stadium, nor do you need a big backer.

 

Swansea, MK Dons and Hull all built quality stadiums whilst in the lower Leagues. A number of others could be added to the list.

 

Also Plymouth, Bristol and Nottingham Forest all have plans for large stadiums. Yes, it is for the World Cup but the Plymouth and Bristol ones are happening regardless of a successful 2018 bid and will just be made bigger if England do win.

 

Also Pompey's spending in the Premiership wasn't at a level to get 17th place. They were spending huge sums on wages and transfers far in excess of a bottom 6 side.

 

Pompey could easily have rebuilt Fratton Park and stayed in the Premiership during those 7 years. They may not have had top half finishes or an FA Cup win but it would have secured the future of the club and still remained in the Premiership.

 

Thus not in anyway a catch 22.

Edited 14 April, 2010 by Matthew Le God

[Saints foreva]

Just heard on South Today that they will be able to play in Europe next season.

[Matthew Le God]

Just heard on South Today that they will be able to play in Europe next season.

 

Would be conditional on a number of factors which they haven't yet met.

[bridge too far]

Actually reported yesterday:

 

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8558580.stm

 

But confirmed today.

[sidthesquid]

Time and again they twist and crawl, appealing this, complaining about that, they really are a bunch of CHEATS.

[aintforever]

Actually reported yesterday:

 

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8558580.stm

 

But confirmed today.

 

That just says it's up to the FA, IF pompey meet the right criteria.

[gaz]

Fine, let them play. Let them get hammered by Randers, Honka, Interblock Ljubljana or some other obscure team, while taking approx 37 away fans.

 

Humiliation on a grand scale for the CHEATS please.

[Arizona]

It would be so, so wrong if they were allowed to compete in the EL. I don't think it would be all that much of a benefit to them either. I can't see an average CCC squad getting past the first round. They will get f**k all prize money or TV money from that. Probably barely enough to cover the costs of travel and bonuses for their squad.

 

I think it would be better for all concerned if they just let Everton have the place. They deserve it and are a much better representation for English football.

[Red and White Army]

It really does look like these cheats are going to get away with this.

 

CHEATS.

[Gemmel]

When you compare Mark Fry to android, this is either a stark contrast in terms of style / the way that they administrate or everything is done and dusted.

 

Fry spoke of caution and the perils of the situation from the start of the process to the very end (Even when ML stepped in)

 

android, Delayed the redundancies, didn't start the forensic accounting until after a month, has taken on some new ceo type bloke, the debt has increased to 100 million............ but everything is hunky dory and in place to be sorted, by the end of May (6 weeks), complete with a CVA. Theres no rallying call for interested buyers and the one that has shown any interest, he has distanced himself from (Probably quite rightly).

 

Whatever happens, I will join the people who believed that Administration was nothing more than an orchastrated performance, that will see gadamak, baloo etc getting their cash out of the club...... I must admit though, I still can't see the circumstances / plays as to how that they will ultimately acheive that, but am resigned to the fact that they will and this was all just part of the plan from the outset.

[aintforever]

I would be amazed if the FA let that scummy little cheating club in ahead of Everton.

[FMPR]

You don't need to be in the Premiership to be able to build a Premiership standard stadium, nor do you need a big backer.

 

Swansea, MK Dons and Hull all built quality stadiums whilst in the lower Leagues. A number of others could be added to the list.

 

Also Plymouth, Bristol and Nottingham Forest all have plans for large stadiums. Yes, it is for the World Cup but the Plymouth and Bristol ones are happening regardless of a successful 2018 bid and will just be made bigger if England do win.

 

Also Pompey's spending in the Premiership wasn't at a level to get 17th place. They were spending huge sums on wages and transfers far in excess of a bottom 6 side.

 

Pompey could easily have rebuilt Fratton Park and stayed in the Premiership during those 7 years. They may not have had top half finishes or an FA Cup win but it would have secured the future of the club and still remained in the Premiership.

 

Thus not in anyway a catch 22.

 

So are you saying Hull have not got themselves into debt whilst trying to remain in the Prem despite investing in and having a shiny new stadium.

 

Forest have only just got themselves out of trouble from overspending whilst in the Prem as well.

 

Its nigh on impossible to play Prem football and make a profit year on year without running up huge debt

[Channon's Sideburns]

When you compare Mark Fry to android, this is either a stark contrast in terms of style / the way that they administrate or everything is done and dusted.

 

Fry spoke of caution and the perils of the situation from the start of the process to the very end (Even when ML stepped in)

 

android, Delayed the redundancies, didn't start the forensic accounting until after a month, has taken on some new ceo type bloke, the debt has increased to 100 million............ but everything is hunky dory and in place to be sorted, by the end of May (6 weeks), complete with a CVA. Theres no rallying call for interested buyers and the one that has shown any interest, he has distanced himself from (Probably quite rightly).

 

Whatever happens, I will join the people who believed that Administration was nothing more than an orchastrated performance, that will see gadamak, baloo etc getting their cash out of the club...... I must admit though, I still can't see the circumstances / plays as to how that they will ultimately acheive that, but am resigned to the fact that they will and this was all just part of the plan from the outset.

 

...and you can hazard a guess that HMRC was aware of this..hence their challenging of Android's appointment.

[Channon's Sideburns]

So are you saying Hull have not got themselves into debt whilst trying to remain in the Prem despite investing in and having a shiny new stadium.

 

Forest have only just got themselves out of trouble from overspending whilst in the Prem as well.

 

Its nigh on impossible to play Prem football and make a profit year on year without running up huge debt

 

Debt is fine. Bad Debt is not.

 

Debt is fine when you can maintain payments, Debt is a noose around your neck when you can't.

 

Pompey CONTINUED to increase their debt when they knew FULL WELL they were trading insolvently.

 

If Dave Richards wasn't in bed with Storrie over Al Mirage you'd be toast already.

 

Vantis were lying were they??? Of course they were, as they were independent.

 

Your wonderful CEO (yes that one whose name your lot sang with gusto) was still handing out contracts to Rocha etc that paid bonuses for FA Cup wins... THIS YEAR.

 

Didn't learn much did he?

[Channon's Sideburns]

I would be amazed if the FA let that scummy little cheating club in ahead of Everton.

 

Amazed?

 

I reckon it's a nailed on certainty.

 

FA and FAPL are just sh1t scared of the fall-out.

[FMPR]

Debt is fine. Bad Debt is not.

 

Debt is fine when you can maintain payments, Debt is a noose around your neck when you can't.

 

Pompey CONTINUED to increase their debt when they knew FULL WELL they were trading insolvently.

 

If Dave Richards wasn't in bed with Storrie over Al Mirage you'd be toast already.

 

Vantis were lying were they??? Of course they were, as they were independent.

 

Your wonderful CEO (yes that one whose name your lot sang with gusto) was still handing out contracts to Rocha etc that paid bonuses for FA Cup wins... THIS YEAR.

 

Didn't learn much did he?

 

I agree, but when debt cross over the line and become bad debt?

 

Man Utd with £650m in debt is good debt, Man Utd with £800m in debt is bad debt? How do you draw the line saying what is good and what is bad?

 

Man Utds business model for instance obviously relies on top 2 in the Prem and the money that confers as well as going very far in the Champions league. Take one of them away and it becomes bad.

 

Pompeys debt was manageable all the whilst they had an overdraft they were paying. The bank then decided they wanted the money back which is entirely there right but that made our level of debt hugely unmanageable.

 

Now not saying I agree with how Pompey did it as in hindsight its been mismanaged to extreme proportions but I dont think its as easy as you make out to survive in the Prem and not rack up debt now

[Channon's Sideburns]

BY signing this contract you are agreeing to playing with your full committment to Portsmuff City Football Club.

 

You hereby agree to the following conditions:

 

1. Thou shalt not be fit for weeks before important cup games;

2. Thou shall become miraculously fit 48 hours before said match;

3. Thou shall agree to 'defer' not 'give up' bonuses for appearing in said games;

4. Thou shalt plead poverty in all radio, TV and newspaper interviews;

5. Thou shall ensure you perpetuate the myth of 'gratest fans in the world' TM.

6. Thou shall 'kiss the badge' after disappearing AWOL as the medical staff are useless;

7. Thou shall distribute free tickets so we can fill the ground.

 

Any more?

[Channon's Sideburns]

I agree, but when debt cross over the line and become bad debt?

 

Man Utd with £650m in debt is good debt, Man Utd with £800m in debt is bad debt? How do you draw the line saying what is good and what is bad?

 

Man Utds business model for instance obviously relies on top 2 in the Prem and the money that confers as well as going very far in the Champions league. Take one of them away and it becomes bad.

 

Pompeys debt was manageable all the whilst they had an overdraft they were paying. The bank then decided they wanted the money back which is entirely there right but that made our level of debt hugely unmanageable.

 

Now not saying I agree with how Pompey did it as in hindsight its been mismanaged to extreme proportions but I dont think its as easy as you make out to survive in the Prem and not rack up debt now

 

But even so, there's debt and 'reckless' debt.

 

What Storrie et al did was reckless.

 

They KNEW they couldn't support the wages with a 20k stadium.

 

Even when they KNEW Gaydamak wanted out, they still went out and spent.

 

That's what most of us have a big problem with - it's not just a one-off, it's continual recklessness.

 

Add to that the use of players 'acquired' during January (who may have not cost millions, but 500k for a player - (Quincy) - who you could not afford) to progress in a Cup Competition IS cheating.

 

It's like us or anyone else, buying Messi, playing him for six weeks then handing him back after he's scored 10 goals that have won games.

 

IT'S STILL CHEATING.

 

I personally have no problem with any Pompey fans who come on here, however I find it hard to believe why any Pompey fans think they've been hard done by.

[miserableoldgit]

I agree, but when debt cross over the line and become bad debt?

 

Man Utd with £650m in debt is good debt, Man Utd with £800m in debt is bad debt? How do you draw the line saying what is good and what is bad?

 

Man Utds business model for instance obviously relies on top 2 in the Prem and the money that confers as well as going very far in the Champions league. Take one of them away and it becomes bad.

 

Pompeys debt was manageable all the whilst they had an overdraft they were paying. The bank then decided they wanted the money back which is entirely there right but that made our level of debt hugely unmanageable.

 

Now not saying I agree with how Pompey did it as in hindsight its been mismanaged to extreme proportions but I dont think its as easy as you make out to survive in the Prem and not rack up debt now

Quite simple. When you can`t afford the repayments and you still keep borrowing.

[RonManager]

Quite simple. When you can`t afford the repayments and you still keep borrowing.

 

And you just decide to stop paying your Income Tax!

[bridge too far]

So are you saying Hull have not got themselves into debt whilst trying to remain in the Prem despite investing in and having a shiny new stadium.

 

Forest have only just got themselves out of trouble from overspending whilst in the Prem as well.

 

Its nigh on impossible to play Prem football and make a profit year on year without running up huge debt

 

The KC is owned by the city council, not by the club.

 

HTH

[sidthesquid]

I agree, but when debt cross over the line and become bad debt?

 

Man Utd with £650m in debt is good debt, Man Utd with £800m in debt is bad debt? How do you draw the line saying what is good and what is bad?

 

Man Utds business model for instance obviously relies on top 2 in the Prem and the money that confers as well as going very far in the Champions league. Take one of them away and it becomes bad.

 

Pompeys debt was manageable all the whilst they had an overdraft they were paying. The bank then decided they wanted the money back which is entirely there right but that made our level of debt hugely unmanageable.

 

Now not saying I agree with how Pompey did it as in hindsight its been mismanaged to extreme proportions but I dont think its as easy as you make out to survive in the Prem and not rack up debt now

 

Two issues - firstly, at no point was your debt manageable - didn't your last

accounts show something like 90% of income going on wages, and it was very obvious that the accounts were out of control and that churning cash was the only concern.

Secondly, I acknowledge that surviving in the Prem is a grim business, and falling out of it is disastrous (I think our turnover dropped by 60% in our first season and that is a hell of a lot for any business to survive - hence our plight and that of clubs like Norwich, Charlton & Palace). But just going bonkers and outbidding the top clubs for England internationals was never a long term solution.

What p1sses is off is that you took all that as your due and now cry foul when it goes wrong

[Quickfire Double]

I think it would be better for all concerned if they just let Everton have the place. They deserve it and are a much better representation for English football.

 

Too true. That Pompey might feature in the EL and they won't is an embarrassment to English football.

[Micky]

So are you saying Hull have not got themselves into debt whilst trying to remain in the Prem despite investing in and having a shiny new stadium.

 

Forest have only just got themselves out of trouble from overspending whilst in the Prem as well.

 

Its nigh on impossible to play Prem football and make a profit year on year without running up huge debt

 

FFS - Yes. We agree. But the difference is they have not run up massive bills to the taxman, agents, other clubs and (dare I say it) thier own staff that they have not paid.

 

One of your own ex players is sueing you.

 

Simply - pay all of your running costs before you pay your wages. You can the decide how much you wish to pay the staff and how much profit you wish to make.

 

In business - this is generally deemed to be rule one - stick by it and you won't go far wrong.

[SOTONS EAST SIDE]

Their guillable and blinkered view on how badly and unfairly they have been treated by all in football is reposive and sickening.FFS open your eyes you thick mongs!!

And how the FECK have they got away with trading while INSOLVENT!!! HOW!!

 

And yeah they are "the gratest fans in the world TM", but that world is "PORTSEA" lol :smt080

Edited 14 April, 2010 by SOTONS EAST SIDE

[krissyboy31]

The KC is owned by the city council, not by the club.

 

HTH

 

Correct!

 

http://www.kcstadium.co.uk/kc-stadium/stadium-facts

[Doctoroncall]

I agree, but when debt cross over the line and become bad debt?

 

Man Utd with £650m in debt is good debt, Man Utd with £800m in debt is bad debt? How do you draw the line saying what is good and what is bad?

 

Man Utds business model for instance obviously relies on top 2 in the Prem and the money that confers as well as going very far in the Champions league. Take one of them away and it becomes bad.

 

Pompeys debt was manageable all the whilst they had an overdraft they were paying. The bank then decided they wanted the money back which is entirely there right but that made our level of debt hugely unmanageable.

 

Now not saying I agree with how Pompey did it as in hindsight its been mismanaged to extreme proportions but I dont think its as easy as you make out to survive in the Prem and not rack up debt now

 

 

So where were the protests from the fans when the Gaydamaks bought into the football club? You know the ones, the gunner runner and his son using his inheritence, turning good businesses into bad.

 

How come the fans were not worried that:

 

the debt was being levied to the club and not taken up by the owner?

the accounts showed an unsustainable level of spending?

wages were the sixth highest in the league?

 

 

You were too busy enjoying being bought off with star players and dreams of a new stadium... ahh the good times.

[dubai_phil]

Debt can be secured and payable in a fixed time frame such as a Mortgage

Debt can be unsecured and you simply pay large amounts of interest such as a Bank Overdraft.

 

Man Utd & Liverpool have excessive amounts of debt on fixed terms, incurred by people buying those clubs without any of their own money - ie they borrowed money which they secured against their shares in the club and created a Fixed Secured Debt.

 

These debts are repaid by money being taken out of PROFITS. That money has weakened BOTH teams.

 

Southampton had debt that was a MORTGAGE, secured with fixed repayments paid for out of PROFITS.

 

In the case of Liverpool & Man Utd, the fans have rebelled and have campaigned against the unjust takeover regulations that have allowed their club to be damaged.

 

In Southampton's case the fans rebelled protested and boycotted the club against the lack of ambition shown by a sensible management plan of making profit FIRST not football first.

 

Portsmouth accrued Unsecured Debt, they never had ANY Profits giving them ANY chance of repaying to a fixed schedule. At the HEIGHT of the World's BIGGEST ever credit bubble they made not ONE effort to convert their debt into Manageable Proper Secured debt.

 

They made NO effort at ANY time to build a sustainable business model to make ANY type of profits to SERVICE that debt.

 

And what did the Few do? They sang the names of the idiots who have destroyed their club.

 

One Brain Cell, that was all it needed, just ONE thought for your future but no it was all p*ssed away by GREED.

 

PFC's debt position is not about cheating, it is about GREED. Their Management and their fans are no better than the idiots who created the Sub Prime mess, Lehmans or Greece.

 

You are in the SH1T because of Greed, and ALL that money is sitting in OTHER PEOPLE'S pockets, not one DROP remained in your club.

 

Stop trying to defend the Greedy sods who have screwed you over and stop trying to compare your mess to others. Get off your asses and start fighting the REAL Villains or you will be sitting there going "What Happened?"

 

They are not Cheats, they are just simply REALLY thick. You have been CONNED you idiots along with the rest of the Media & The football family.

 

There is a HELL of a difference between being the victims of a Con-man and getting relegated through imbecilic management decisions.

[bridge too far]

Wasn't 'arry's hearing today? Anyone know what happened? I've searched but can't find anything.

[Johnny Shearer]

I reckon PFC have looked up M&M theories and thought yes, we'll ramp up the gearing to take advantage of the tax shield effect and increase the company's value. Thereby the risk of repayments would be less than the expected rewards of shareholders.

 

Obviously they still haven't found the optimal gearing point yet..............

Edited 14 April, 2010 by Johnny Shearer

[Corporate Ho]

All along i have mentioned that the PL chairman Dave Richards introduced one of the arabs to Pompey. He will do any thing IMO to keep out of the flak and so do what is required to help them whilst he is under their remit.

 

And all along you've been wrong. Dave Richards was at the Champs League final when Gaydamak met Fahim to discuss selling him the club but Richards didn't introduce them. They were introduced by Shinawatra's right hand man. This has been so well documented that it's hard to believe even you have failed to notice it Nick Nack. The Sun ran a sensational story that Richards "was there" when they were introduced. PL chairman present at European final involving PL teams shock. There is no conspiracy to help Pompey by the PL or anyone else. Just what are they have supposed to have done to help us?

 

And that's not with hindsight, they bought their way out of the championship, big wages, no tax paid, and the train crash has stumbled on since then - it just happened to run over Cardiff en route.

 

Er, the only time we got behind on tax was when Gaydamak stopped funding the club and the bank demanded £40m back overnight. The 18m we owe is approx 4 months worth. Not right I know but the club did offer to pay HMRC between £4 - £5m back but HMRC declined saying they wanted the full amount in one go.

 

As for buying our way out of the Championship, just what are you trying to do now? (and also tried when Wilde was in charge)

 

Boatang Dindane etc will suddenly develop back ache and not be fit to play any games until the final.

I was surprised that on sunday that the players who had come back from injury were able to play 120 minutes.

 

Team in resting players before a big game shock. Are you seriously trying to tell me that Saints have never rested players for a big game? That's not cheating, that's professional football.

 

The ironic thing of it all is this.

 

The organisations that the Blue Few blame (Premier League conspiracy etc) are actually the organisations still saving them from meltdown

 

See above. How are they saving us? And very few Pompey fans are blaming the PL. Most are blaming the unholy alliance of Fahim/ Faraj/ Chainrai for using the club to wring as much cash out of to line their own pockets.

 

I hope they get into the Europa League. It will put pressure on their threadbare squad and result in embarrassing losses.

 

Mind you, if I was Everton (or whoever would otherwise get in) I'd be doing everything I could to protest this.

 

I hope we don't get the Europa League place, pretty much for the reasons you state. But if Saints were in the same position you'd be trying to get the go ahead to play and defending your stance. 90% of posters on here were adamant you shouldn't have been put into admin because it was your "parent company" that went bust. I know some said you should take your punishment but the majority wanted you to wriggle out of it on a technicality. So please don't try and behave as if you lot are some paragon of virtue.

 

It really does look like these cheats are going to get away with this.

 

We've been docked 9 points as per the rules and if we don't exit admin with a CVA we'll be docked more points, again as per the rules. What exactly are we "getting away with". What is a suitable punishment? This is solely because it's Pompey and you hate us being above you. If it was another club you'd have barely mentioned it

 

 

When you compare Mark Fry to android, this is either a stark contrast in terms of style / the way that they administrate or everything is done and dusted.

 

Fry spoke of caution and the perils of the situation from the start of the process to the very end (Even when ML stepped in)

 

android, Delayed the redundancies, didn't start the forensic accounting until after a month, has taken on some new ceo type bloke, the debt has increased to 100 million............ but everything is hunky dory and in place to be sorted, by the end of May (6 weeks), complete with a CVA. Theres no rallying call for interested buyers and the one that has shown any interest, he has distanced himself from (Probably quite rightly).

 

Whatever happens, I will join the people who believed that Administration was nothing more than an orchastrated performance, that will see gadamak, baloo etc getting their cash out of the club...... I must admit though, I still can't see the circumstances / plays as to how that they will ultimately acheive that, but am resigned to the fact that they will and this was all just part of the plan from the outset.

 

Which is exactly the concerns most Pompey fans have. Especially when Andronikou is coming out with his "Chainrai is the only credible option" ********. Whatever Chainrai says about not wanting the club is rubbish. His plan is to rape us for all he can then liquidate us and hope to sell the land on top of that. He's not put a penny into the club, has already secured £14m for nothing for a non existent "loan" that never happened and appointed an administrator who shares the same legal firm as him to carry on the stripping.

 

Yet somehow we're "getting away with it".