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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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dronskisaint

dronskisaint

Posted
Posted
thank fuk we got mark fry

 

We got Mark Fry (& a reputable company) because there were tangible assets, a realistic prospect of the club being able to compete at a sensible level & be at least self-sustaining. Count the stadium (almost new) amongst the assets & we were a viable proposition. The administrator had something to sell & a prospect of being paid from the proceeds.

 

This took the time it did & history records that we attracted a well-funded businessman who saw genuine value but we know how long it took & the angst that went with it...not to mention that we had been looking for a buyer for at least two years before administration made it compulsory.

 

Against this I give you the train wreck down the road...the only reason they got even the discredited Android was that Chanrai has guaranteed to cover the cost of admin & he's what you get at the sh*t end of the market!

 

I still find it hard to believe that they will find a buyer & without one there is no next season...he chuckled!:D

Channon's Sideburns

Channon's Sideburns

Posted
Posted
We got Mark Fry (& a reputable company) because there were tangible assets, a realistic prospect of the club being able to compete at a sensible level & be at least self-sustaining. Count the stadium (almost new) amongst the assets & we were a viable proposition. The administrator had something to sell & a prospect of being paid from the proceeds.

 

This took the time it did & history records that we attracted a well-funded businessman who saw genuine value but we know how long it took & the angst that went with it...not to mention that we had been looking for a buyer for at least two years before administration made it compulsory.

 

Against this I give you the train wreck down the road...the only reason they got even the discredited Android was that Chanrai has guaranteed to cover the cost of admin & he's what you get at the sh*t end of the market!

 

I still find it hard to believe that they will find a buyer & without one there is no next season...he chuckled!:D

 

Let us not forget that Mark Fry was interviewed after Pompey's first High Court date and stated that HE was surprised they weren't wound up there and then.

 

TBH any business which cannot be sustained even in Admin without a large input of cash from an individual who has a VESTED INTEREST IN THE OUTCOME should not be allowed to go into Admin.

 

Likewise, token gestures towards reducing the ongoing liabilities show this administration to be the UTTER FARCE that it is.

 

If Mr Andronikou views this thread...well try Business Link for advice - that's another free Government resource you haven't tapped yet.

S-Clarke

S-Clarke

Posted
Posted (edited)

''I think it's a disgrace! If we were to agree a CVA and come out of administration before the set-up deadline, we would have won our european place fair and square.

But I agree its all about politics as liverpool could miss out and the fact that pompey being in europe would be an embarrasment to premier league brand!

 

I think it devalutes the spirit of the FA Cup.''

 

oh good - still as deluded as ever.

 

won your European place fair and square? you mean by paying 800k for O'hara and Quincy in january, who contributed to getting you through against us, when you couldn't pay local businesses?

 

yep, totally fair and square. ****ing dicks

 

''Money has taken over the game, instead of the game running the game.

Well done sky sports, well done andy gray, well done ****ing sepp blatter your all ****e!!!!!!!!!!!!!!!''

christ...they're a fine bunch to talk.

Edited by S-Clarke
gaz

gaz

Posted
Posted
This Andronikou is getting more and more like the Iraqi Information Minister every day.

 

Hmmm, new name for AA.....Comical Andy.

saintkiptanui

saintkiptanui

Posted
Posted
''I think it's a disgrace! If we were to agree a CVA and come out of administration before the set-up deadline, we would have won our european place fair and square.

But I agree its all about politics as liverpool could miss out and the fact that pompey being in europe would be an embarrasment to premier league brand!

 

I think it devalutes the spirit of the FA Cup.''

 

oh good - still as deluded as ever.

 

won your European place fair and square? you mean by paying 800k for O'hara and Quincy in january, who contributed to getting you through against us, when you couldn't pay local businesses?

 

yep, totally fair and square. ****ing dicks

 

''Money has taken over the game, instead of the game running the game.

Well done sky sports, well done andy gray, well done ****ing sepp blatter your all ****e!!!!!!!!!!!!!!!''

christ...they're a fine bunch to talk.

I despair, they are mad, f*ckin loopy weird people.
Dark Munster

Dark Munster

Posted
Posted
Aahhhhhhh cet fred is alive once more!

 

Quite the opposite of its subject.

 

Praise the lord.

You're back to try to nab the 25,000th post aren't you? :cool:

 

if Talksport got their way and Pompey were indeed thrown out of the league pre the play offs. Would that mean finishing 7th would be a playoff position. That would be a mouthwatering thought. If so id be happy if saints waived the 35k Lol

 

A delightful thought (although weren't you convinced they'd get away with it? Now entertaining more optimistic thoughts, I see :D)

Anyway, if P****y get liquidated or not get admitted into CCC, unfortunately the FL would probably take the easiest path by having one less team relegated in each of CCC-L2.

Crab Lungs

Crab Lungs

Posted
Posted (edited)
Where's the SWF photoshop whizz kids when we need them....?

 

... ;)

 

There will be something very interesting circulating the internet tomorrow.

Edited by Crab Lungs
Crab Lungs

Crab Lungs

Posted
Posted

Interesting quote on Wikipedia:

 

Portsmouth in popular culture

 

"In literature, Portsmouth is the chief location for Jonathan Meades' novel Pompey,[29] in which it is inhabited largely by vile, corrupt, flawed freaks."

 

How fitting.

so22saint

so22saint

Posted
Posted
Interesting quote on Wikipedia:

 

Portsmouth in popular culture

 

"In literature, Portsmouth is the chief location for Jonathan Meades' novel Pompey,[29] in which it is inhabited largely by vile, corrupt, flawed freaks."

 

How fitting.

 

Jonathan Meades is a Saints fan apparently. Fair play to him for that then!

saint_mears

saint_mears

Posted
Posted

http://www.thesun.co.uk/sol/homepage/sport/football/2944274/Pompey-560k-Diarra-probe.html

 

 

 

PORTSMOUTH administrator Andrew Andronikou is to investigate a £560,000 fee the club owe an unlicensed agent.

Chris Le Besque is one of Pompey's long line of creditors who are owed a staggering £119million.

 

Le Besque, from Renens in Switzerland, is listed under a heading 'agents and scouting fees' and the money is believed to be connected with the £20m sale of Lassana Diarra to Real Madrid last year.

 

But there is no trace of a Chris Le Besque among FIFA's official licensed agents, who are the only ones allowed to deal with transfers or contracts of players.

 

FIFA's rulebook states:

 

1. Players' agent: a natural person who, for a fee, introduces players to clubs with a view to negotiating or renegotiating an employment contract or introduces two clubs to one another with a view to concluding a transfer agreement, in compliance with the provisions set forth in these regulations.

 

2. Licence: an official certificate issued by the relevant association enabling a natural person to act as a players' agent.

 

Former Portsmouth chief Peter Storrie last night refused to discuss the payment to Le Besque or explain what the agent did to earn the money.

 

But Andronikou said: "I will be looking into it. He will need to send me an invoice to explain exactly what the £560,000 debt is all about.

 

"We will assess it and if it is an unauthorised payment then he won't be paid a penny, it's as simple as that."

 

Le Besque was unavailable for comment last night.

 

 

http://www.arabianbusiness.com/586664-dubai-law-firm-owed-355000-by-portsmouth-fc

 

A Dubai-based law firm is owed $355,000 in agent’s fees by Portsmouth FC, according to the English Premier League club’s administrators.

 

As revealed in a financial report to creditors released on Wednesday, Fichte & Co is one of more than 400 companies and individuals owed money by the troubled football club.

 

Fichte, which has an address on Dubai’s Sheikh Zayed Road, is owed £230,000 ($355,000) according to a section of the document headed ‘Agents and Scouting Fees’.

 

Axel Jacob, a legal consultant with the firm, told Arabian Business that the fee was owed for services offered on the transfer of Algerian midfielder Nadir Belhadj from RC Lens to Portsmouth in 2008.

 

“At first the player was taken on a loan basis and later the transfer was properly formalized,” said Jacob. “The agency fee agreed was altogether £330,000 ($508,000) payable in tranches of which £100,000 have been paid around February 2009. The remainder has not been paid.

 

“Negotiations had taken place which resulted in some agreement to delay instalments, however the recent appointment of an administrator obviously has rendered those attempts futile,” he added.

 

The contract was negotiated and concluded by licenced player agent Gunter M. Albert, who has a cooperation agreement with Fichte to work on transfer negotiations and image rights negotiations, among other things.

 

The same agent was at the centre of controversy in 2005 when it emerged that he had received an 18-month suspended sentence for being an accessory to the diversion of funds and concealing goods coming from a criminal act.

 

Albert helped his business partner Fabien Piveteau misappropriate funds during Chelsea midfielder Michael Essien’s move from the Corsican club Bastia to French club Lyon in 2003. It later emerged that the funds, unbeknownst to Albert, were to be used to finance a terrorist enterprise.

 

Jacob said that Fichte had been aware of Albert’s previous conviction, but said that this had not affected the firm’s decision to hire him.

 

“At the time of conclusion of our association with Mr. Albert roundabout in 2006 we had the opportunity to form our own opinion of the events around Mr Piveteau,” he said.

 

Portsmouth, who will be relegated from the Premier League at the end of the current season, have total debts of £119m ($184m). Other Middle East creditors include Abu Dhabi businessman Sulaiman Al Fahim, who is owed £5m ($7.7m) in unsecured loans to the club.

dubai_phil

dubai_phil

Posted
Posted

Sweet, an unlicenced Agent - doesn't matter that they will not pay him they just stated they USED him - there's another points deduction.

 

Ah, bless, the old "Pay this Company in Dubai" tax avoidance trick. A nice one of attempting to deceive the Revenue of whichever country Mr A is a taxpayer in.

 

 

(For those who don't understand that one - local company opens a bank account for Mr X. Money is paid to them (it is a tax free country) they then use an ATM card to pull out the cash or collect large lumps of it when they come here on vacation, OR use it to buy up property locally. The work was done in a tax deducting country but the method keeps it clear... (Allegedly of course) I do hope Mr A has a UAE residency visa, a local rent agreement and driving licence.

Frank's cousin

Frank's cousin

Posted
Posted
Anyone else rather unsurprised at the timing of that announcement, the day after the financial position of the club is published?

 

NOt surprizing - the FA were never going to back this - it would be an insult to UEFA rules o finance... and teh FA would rather like the UEFA backing for the 2018/22 bids....

Frank's cousin

Frank's cousin

Posted
Posted
I pondered this bit in David Conn's Guardian article:-

 

 

So it seems that the PAYE tax was deducted from the player's wages, but not paid on to HMRC.

Now I might be a little simple about this, but could the HMRC not take the position that as they have not received that money, that is still owed to them by the players? If they were able to adopt that position, then the PAYE would become monies owed to the players by the club and as such would be a football debt which would have to be settled if the Skates were to be able to continue playing football.

As the law has been changed so that the HMRC is no longer in the position of a secured creditor, perhaps the Courts might accept this premise as a way of redressing the balance and avoiding the situation unfolding before our eyes, whereby an unscrupulous administator like the Android deliberately inflates the debt to lessen the chances of an unsecured creditor blocking the CVA

 

This is interesting Wes... if you look on the HMRC web site and read up on PAYE, its always teh Employee (player) that is ultimately responsible for ensuring they have paid the correct amount of tax - eg even if teh employer deducts and pays some to HMRC you are still liable for the rest... Now I am not sure about the legals in this case as in effect the players have paid their tax as it was deducted at source by teh club in the normal PAYE way, but this was not paid to HMRC which is surely fraud? Why? Because the players wage slips will staete the deduction as Income TAX, yet this is in fact not the case... what is teh legal situation on this, any lawyers out their care to comment?

JackFrost

JackFrost

Posted
Posted (edited)
http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7620926/Portsmouth-suffer-Premier-League-parachute-payment-blow.html

 

Oops, PL won't give them the Parachute payment directly, it will be given to the players/football debts first.

 

Now THAT may make things VERY different for the circling vultures

 

Sounds like that's just a way of ensuring Pompey can clear their footballing debts before the start of next season, so their allowed to compete in the Championship, whilst St John's Ambulance etc. will have to wait. So their guaranteed an income next season.

 

Or am I getting the wrong end of the stick somewhere?

Edited by JackFrost
dubai_phil

dubai_phil

Posted
Posted
Sounds like that's just a way of ensuring Pompey can clear their footballing debts before the start of next season, so their allowed to compete in the Championship, whilst St John's Ambulance etc. will have to wait. So their guaranteed an income next season.

 

Or am I getting the wrong end of the stick somewhere?

 

Depends whether you subscribe to the "They really are trying to save the Football Club" theory or the "They will keep it on life support to drain every last drop of blood from it before discarding the husk and building flats at Nottarf".

 

If it is the latter it now means Chanrai has no chance of getting HIS hands on the payments until 2011. That may be enough to make him decide to say sod it before the new season starts (ie pull the plug)

 

It also makes it much harder for new "speculators" coming in, they really WILL have to stump up around 40mil to buy the shell - it can no longer be done as a pay in the CVA figure (20mil) pull out the parachute payment (30milish) type deal.

hutch

hutch

Posted
Posted

Does anybody know when Pompey will actually have earned the parachutes. Is it

 

a) when they are doomed to relegation (i.e. now), or

b) when they are actually relegated (i.e. after the last game of the season)

 

and if they are liquidated, will PCFC Limited (in liquidation) still be entitled to receive the payments as they become due, even if they are not competing in the league?

rallyboy

rallyboy

Posted
Posted

The only asset in the business is an ability to generate TV money, that looks like it's about to leave the building.

 

This development would make it more likely that they could start next season without penalties BUT as they have already waved goodbye to incoming transfer money it would leave the business with no income of any significance.

 

Matchday revenue would cover debt repayments and half a small wagebill - and that's it.

That sort of thing doesn't bother fans because they can't see it, until they find themselves in another relegation battle, but they wouldn't be able to compete with the likes of Bournemouth and Rochdale on wages and transfer fees.

 

Presumably AA could now be looking for an owner to pay £10-20M for a club with football debt accounted for, but creditor debt restructured, court cases pending, and no revenue for two years.

Those initially cheaper deals start to attract the chancer consortium element and you end up with more nutters trying to make a quick buck or local businessen trying to save the name.

 

 

They desperately need structure, facilities, academy etc, and that costs - I see them limping along for several seasons.

And if you then think 'they will get lucky with some players and a good manager and bounce back' - ask yourself, who would go there, and also agree to be paid less than they could get everywhere else?

And we all know they deserve more points penalties but if the authorities let them start on 0 and asset-strip the business instead, it could be more damaging.

positivepete

positivepete

Posted
Posted
The parachute payments are paid in August, I believe.

 

I seem to recall that the payments are August and January each year, so a team going down this season receives four payments: August 2010, January 2011, August 2011, and January 2012.

 

The new deal they EPL are voting on is for clubs relegated next season, not this season. So the position is worse than the article in the Telegraph suggests.

 

Anyone "in the know" on this?

stevegrant

stevegrant

Posted
Posted

One thing that has surprised me is that they (to my knowledge) haven't borrowed any money secured against season ticket sales - usually that's the first security for football clubs when they need cash.

dubai_phil

dubai_phil

Posted
Posted

http://www.telegraph.co.uk/sport/football/leagues/premierleague/hullcity/7621029/Hull-show-that-there-is-still-no-sign-of-foolish-football-climbing-out-of-recession.html

 

Great article and LOVED this

 

The Telegraph

While there is nothing to excuse the stinking cess pit that is Portsmouth’s financial mismanagement (a disaster so profound that only libel law prevents us from stating one obvious theory to explain how so much money went astray)

positivepete

positivepete

Posted
Posted

Understatement of the year award - my vote goes to:

 

St John's Ambulance – Owed £2,701.91

 

George Ringrow, CEO at St John's Ambulance Hampshire

 

St John's Ambulance provides cover for all Portsmouth home matches, up to 16 staff at a time. "We are committed to making sure that everyone who needs first aid receives it, but as a charity we can't provide first aid services without some contribution towards our costs. We understand that we aren't Portsmouth FC's only creditor and are in discussions with the administrator regarding monies owed and hope that we will be able to move forward."

trousers

trousers

Posted
Posted
One thing that has surprised me is that they (to my knowledge) haven't borrowed any money secured against season ticket sales - usually that's the first security for football clubs when they need cash.

 

Weren't there question on here this time last year asking why SFC wasn't doing something along the same lines? Can't recall any conclusions though

SOTONS EAST SIDE

SOTONS EAST SIDE

Posted
Posted (edited)
comical_andy.jpg?t=1272014033

 

Here's my attempt, add your own comedy speech bubbles.

comical_andy.jpg?t=1272014033All the extra cash i'm earning is making me lick my lips!! lol

So this cheating clubs debts will be when i add my wages £126m . HTH

Edited by SOTONS EAST SIDE
JackFrost

JackFrost

Posted
Posted
One thing that has surprised me is that they (to my knowledge) haven't borrowed any money secured against season ticket sales - usually that's the first security for football clubs when they need cash.

 

I don't think anyone in their right mind would dare lend them a penny.

Gorgiesaint

Gorgiesaint

Posted
Posted
Weren't there question on here this time last year asking why SFC wasn't doing something along the same lines? Can't recall any conclusions though

 

I seem to remember (might be wrong though) that we were discussing why season tickets hadn't gone on sale, and MF indicated that until there was some confidence of being able to fulfil our fixtures in the following season, we could not offer season tickets for sale.

 

I would imagine the same applies at Pompey - after all, they are even more likely to be unable to fulfil their fixtures next season.

dubai_phil

dubai_phil

Posted
Posted

The knives keep being stuck in

 

]The Telegraph[/b]

End of Storrie?

The presence of Peter Storrie, Portsmouth's former chief executive, at last week's Premier League shareholders meeting raised a few eyebrows from some of the other clubs present given his culpability in the fiasco at Fratton Park. Now that Portsmouth have appointed David Lampitt as their new chief executive, the Premier League are hoping Storrie's unwelcome appearance was his last.

[/QUOTE]

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/tottenham/7621064/Tottenham-should-be-cheered-on-by-the-neutral-fan.html

Gorgiesaint

Gorgiesaint

Posted
Posted
comical_andy.jpg?t=1272014033

 

Okay Okay I'm not really an administrator - Arkadi asked me to pop back & bury the evidence, so the real accounts are under the penalty spot at the Fratton End surrounded by some of Arkadi's finest landmines.

Weston Saint

Weston Saint

Posted
Posted (edited)

comical_andy.jpg?t=1272014033

 

 

There is no crisis at Portsmouth FC. We do not have any debts of mass destruction. It is a conspiracy set up by HMRC and the Premier League. We have FIFA on our side. Peter Storrie will take this club forward to new heights.

Edited by Weston Saint
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