Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
in Golden Posts

 Share

Recommended Posts

Appy

Appy

Posted
Posted
With figures like these, you can understand why WHU will probably be the next team down the toilet .... Boa Morte on £70 a week :rolleyes:

 

 

WEST HAM UNITED - FIRST TEAM SQUAD 2009-2010 - CONTRACTS & SALARIES

No Player Position Weekly Yearly Joined Fee Notes

Gianfranco Zola Manager £36,300 £1,887,600 Sep 2008 N/A Contract Sep 2008 - June 2011; Ext Jun 2013 (@Apr 2009)

Steve Clark Assist Man £24,200 £1,258,400 Sep 2008 N/A Contract Sep 2008 - June 2011; Ext Jun 2013 (@Apr 2009)

Kevin Keen Head Coach £12,100 £629,200 Jul 2002 N/A Contract Oct 2006 - June 2009; Ext Jun 2011 (@Sep 2008)

Kevin Hitch**** Coach (GK) £3,000 £156,000 Mar 2010 N/A Contract March - June 2010 (Mar 2010)

 

1 Robert Green Goalkeeper £30,000 £1,560,000 Aug 2006 £2,000,000 Contract Aug 2006 - Jun 2010; Ext Jun 2011 (@Aug 2008)

4 Danny Gabbidon Defender £50,000 £2,600,000 Jul 2005 £1,500,000 Contract Aug 2005 - Jun 2008; Ext Jun 2010 (@Aug 2007)

7 Kieron Dyer Midfield £70,000 £3,640,000 Aug 2007 £6,000,000 Contract Aug 2007 - Jun 2011

8 Scott Parker Midfield £70,000 £3,640,000 Jun 2007 £7,000,000 Contract Aug 2007 - Jun 2012

9 Mido (Ahmed Hossam) Forward £1,000 £52,000 Feb 2010 Loan Loan Feb 2010 - Jun 2010

10 Guillermo Franco Forward £20,000 £1,040,000 Sep 2009 Loan Contract Sep 2009 - Jun 2010

11 Ilan Araújo Dall'Igna Forward £19,231 £1,000,000 Feb 2010 Loan Loan Feb 2010 - Jun 2010

12 Carlton Cole Forward £50,000 £2,600,000 Jul 2006 £1,000,000 Contract Jul 2006 - Jun 2010; Ext Jun 2013 (Nov 2008)

13 Luís Boa Morte Midfield £70,000 £3,640,000 Jan 2007 £5,000,000 Contract Jan 2007 - Jun 2010

14 Radoslav Kovác Midfield £20,000 £1,040,000 Jan 2009 £3,250,000 Contract Aug 2009 - Jun 2012

15 Matthew Upson Defender £70,000 £3,640,000 Jan 2007 £7,500,000 Contract Jan 2007 - Jun 2011

16 Mark Noble Midfield £20,000 £1,040,000 Jul 2000 Academy (2000) Debut (Aug 2004) (Contract Jul 2009 - Jun 2013) (Apr 2009)

17 Benni McCarthy Forward £38,462 £2,000,000 Feb 2010 £2,500,000 Contract Feb 2010 - June 2012

18 Jonathan Spector Defender £20,000 £1,040,000 Jun 2006 £500,000 Contract Aug 2006 - Jun 2010

20 Julien Faubert Midfield £30,000 £1,560,000 Jun 2007 £6,100,000 Contract Jul 2007 - Jun 2012

21 Valon Behrami Midfield £30,000 £1,560,000 Jul 2008 £5,000,000 Contract Jul 2008 - Jul 2013

22 Manuel da Costa Defender £20,000 £1,040,000 Aug 2009 £2,000,000 Contract Aug 2008 - Jun 2012

23 Hérita Ilunga Defender £20,000 £1,040,000 Sep 2008 Loan / Fee Loan Aug 2008 - Jun 2009; Contract Jul 2009 - Jun 2013

28 Péter Kurucz Goalkeeper £5,000 £260,000 Feb 2009 Loan / Fee Loan Jul 2008 - Jun 2009; Contract Jul 2009 - Jun 2014

29 Marek Stech Goalkeeper £3,000 £156,000 Jul 2006 Academy (2006) Debut (Sub only) (Contract Jul 2006 - Jun 2010)

30 James Tomkins Defender £4,000 £208,000 Jul 2005 Academy (2005) Debut (Mar 2008) (Contract Jul 2009 - Jun 2013) (@Apr 2009)

31 Jack Collison Midfield £2,000 £104,000 Jul 2005 Academy (2005) Debut (Jan 2008) (Contract Jul 2008 - Jun 2013)

32 Alessandro Diamanti Forward £30,000 £1,560,000 Aug 2009 £6,000,000 Contract Aug 2009 - Jun 2014

33 Fabio Daprelà Defender £10,000 £520,000 Jul 2009 £500,000 Contract Jul 2009 - Jun 2014

34 Oliver Lee Midfield £400 £20,800 Jul 2009 Academy (2009) Debut (Sub only) (Contract Jul 2009 - Jun 2010) (Apr 2009)

36 Anthony Edgar Midfield £400 £20,800 Jul 2004 Academy (2004) Debut (Jan 2010) (Contract Jul 2009 - Jun 2010) (Apr 2009)

41 Zavon Hines Forward £400 £20,800 Jul 2006 Academy (2006) Debut (Aug 2008) (Contract Jul 2009 - Jun 2010) (Apr 2009)

45 Jordan Spence Defender £400 £20,800 Jul 2004 Academy (2004) Debut (N/A) (Contract Jul 2006 - Jun 2010)

46 Junior Stanislas Midfield £1,500 £78,000 Jul 2000 Academy (2000) Debut (Mar 2009) (Contract Jul 2009 - Jun 2014) (Apr 2009)

 

 

£705,792 £36,701,200 £55,850,000

£187,831 £9,767,200

£182,100 £9,469,200 Released (March): 35 Josh Payne, 44 Bondz N’Gala, Nick Barrett, Davide Ferrari,

£178,462 £9,280,000 Peter Loveday, Danny Kearns, Conor Okus, Jack Lampe.

 

 

PLAYERS ON LOAN

19 Freddie Sears Forward £4,000 £208,000 Jul 2000 Academy (2000) Debut (Mar 2008) (Contract Jul 2008 - Jun 2013) (@Feb 2008)

24 Frank Nouble Forward £10,000 £520,000 Jul 2009 £500,000 Contract Jul 2009 - Jun 2014

Hólmar Örn Eyjólfsson Defender £400 £20,800 Jul 2008 Academy (2008) Debut (N/A) ~ On loan to Roeselare, Belguim (to May 2010)

Matt Fry Defender £400 £20,800 Jul 2001 Academy (2001) Debut (N/A) ~ On loan to Gillingham (to May 2010)

 

Danny Gabbidon on 50K ****ing hell!

Link to comment
Share on other sites
GenevaSaint

GenevaSaint

Posted
Posted
It's got beyond a joke. The % for the CVA must have been tight - up goes the debt by another 18 million. Time for the authorties to step in, this is just plain stupid.

 

I was cynically thinking the same thing myself. It's no longer an issue of it being pompey, this is a disgrace.

Link to comment
Share on other sites
Gemmel

Gemmel

Posted
Posted
Forgetting the Admin side of things for one moment, another very clear issue is coming very clear.

 

It has now taken an age for AA to reach a set of figures that shows the financial situation at the PCFC Ltd.

 

This is a legal entity and is subject to Corporate Compliance legislation beyond the Admin mess we are currently focused upon.

 

It is extremely clear that the Officers of The Company (ie the Directors) had no control over nor Governance over the internal Business Processes.

 

There are pages and pages of Company Law which detail the legal responsibilities of the Officers of a Company, and not withstanding the mess of the current PCFC (in Admin), the DTI (or this month's name) has a legal duty to pursue the former Directors for Gross Negligence and incompetence.

 

Again, being negligent becomes a new issue for the smaller creditors and could lead to personal liability issues.

 

The mess isn't done yet, other Criminal & Civil cases could yet join the queue at the Laughing Stock

 

Absolutely. Think back to our own situation. We effectively pulled the plug due to a 4k bounced cheque? Do people really think rupes walked because of 4k??? Of course not. Once he had lost the support of the bank, the company was effectively insolvent and he walked to protect himself and the other Directors (Quite rightly to - it's not a dig at him) from becoming personally liable for some of the debts, which they could have been if they carried on regardless.

I'm not sure of any differences with regard to this law between a PLC and a Ltd. company but as i said many many pages ago, I think someone will do time over all of this and my guess is Mr storrie (For negligence)

Link to comment
Share on other sites
GenevaSaint

GenevaSaint

Posted
Posted
how can they keep comming up with these increases in the total debt? weren't Vantis doing there job properly or did they not receive the correct accounts/books?

 

CHEATS!

 

Surely they were in contempt of court in the last winding up hearing if the true debt has doubled. Some of the figures supplied before were just plan LIES.

Link to comment
Share on other sites
slickmick

slickmick

Posted
Posted
just said on sky sports news that the figure could still go up when full audit has been completed ???? WTF ???

 

 

So what exactly have the administrators been doing for the last few months apart from lining their pockets ?

Link to comment
Share on other sites
Minsk

Minsk

Posted
Posted

To my mind, surely the question(s) should be:

 

What was the level of debt at the time the WUO was issued? (Aren't directors responsible for debt accrued after this date?)

 

Or

 

What was the debt at the time PCFC entered administation? (Aren't the administrators responsible for debt after this time?)

 

As you can see, I have no idea as to the correct legal implications of the above. Yet I still feel that the full £138m (yet another increase of around £17m) shouldn't be the actual figure being worked on for the CVA. I hope the HMRC get many of these debts removed from the overall figure and thus ensure their 25%.

Link to comment
Share on other sites
suewhistle

suewhistle

Posted
Posted

So February £60m-£70m of debt, April £120m in debt, now (let's be specific - 6th May) £138m. Let's do a sweepstake of what it will be when the final creditor's meeting takes place.

 

Can Android prove the validity of these figures? They seem to have gone up an awful lot on his watch....

Link to comment
Share on other sites
Crab Lungs

Crab Lungs

Posted
Posted

In a just and fair world, the order of creditors would be reversed and the smaller companies, businesses and schools who traded with Portsmouth in good faith would get the full amount and the football creditors would be left to pick over the carcass.

 

In a just and fair world, those c()nts would be liquidated immediately and held up as an example.

 

But oh no...

Link to comment
Share on other sites
Doctoroncall

Doctoroncall

Posted
Posted
My understanding is that value will be proposed, ie 20p in the £1, a 75% vote supporting a CVA is needed today to move towards a vote in 28 days time where 50% is required.

the tax man is 18% of the objectors.

Where will the other objectors come from? When it comes to money you need people who would rather write off money than let them get away with it.

 

No, they are voting to say AA can carry on with his CVA, which he has drafted and is available.

 

If that is turned down, he either needs to start again or liquidated (most likely) the company. If given a go-ahead today, it's a mandate to proceed with the CVA.

 

The actually vote for approval on the CVA will be within 28 days from today.

Link to comment
Share on other sites
krissyboy31

krissyboy31

Posted
Posted
So February £60m-£70m of debt, April £120m in debt, now (let's be specific - 6th May) £138m. Let's do a sweepstake of what it will be when the final creditor's meeting takes place.

 

Can Android prove the validity of these figures? They seem to have gone up an awful lot on his watch....

 

Would laugh if the DTI/Company house ring fenced the debt at time of Administration at £70 Million (the amount they stated in court, defending the WUP) and Hacker Young were responsible for the rest.

Link to comment
Share on other sites
Crab Lungs

Crab Lungs

Posted
Posted

So what is the truth? They were insolvent when they quoted £70m and they are most definitely insolvent now they've quoted £140m.

 

Irrespective of the true figure, they've been cheating and they are getting away with it.

Link to comment
Share on other sites
Gemmel

Gemmel

Posted
Posted
So what is the truth? They were insolvent when they quoted £70m and they are most definitely insolvent now they've quoted £140m.

 

Irrespective of the true figure, they've been cheating and they are getting away with it.

 

Kinda makes our 4k (The figure that made us insolvent) look a bit pathetic

Link to comment
Share on other sites
angelman

angelman

Posted
Posted

Come on guys the sum of debt isn't important to anyone interested in taking over the club. AA said that so it must be true.

 

But I am really confused about the debt and how quickly it is mounting. Has AA come out with any explanation as to why it is now £16m more than it was 2 weeks ago?

Link to comment
Share on other sites
Gorgiesaint

Gorgiesaint

Posted
Posted
What happens if the Statement of Affairs was deliberately misleading?

 

Surely a company can't just make up numbers to avoid being wound up.

 

A question many people would like an answer to, although Vantis were only given a short amount of time to produce the SOA so i don't think the numbers were made up.

 

Can the HMRC refer this back to court given the new numbers?

Link to comment
Share on other sites
PaulSaint

PaulSaint

Posted
Posted

Sinking in slowly

 

Taken from the BBC Blog:

 

At 12:07pm on 06 May 2010, ItsOnlyMyOpinion wrote:

ChocolateBoxKid something really stinks is a bit of an understatement!

 

Everything that has happened off the pitch at Fratton Park is truly horrific.

 

If the owners and CEO are allowed to run a company in this way and simply walk away from it there is something terribly wrong with the financial laws of this country. It is incredible that the Premier League have stood back and allowed a club to compete in their league with all of this going on behind the scenes.

 

As a Portsmouth fan I hang my head in shame that this has happened at my club. I don't know if we will receive a further points deduction, but if we were sent to the Conference or a league below that I don't think we could complain. We are lucky that businesses that are run in this way are not shut down and banished for ever.

Link to comment
Share on other sites
saint1977

saint1977

Posted
Posted

Skates still cheating I see. HMRC have to go for them now, as a message to other clubs. AA is just as bad as the rest of them that caused the mess, what on earth is he doing to justify his salary?

 

Hopefully the story in the one of the broadsheets - may have been the Indy - about a Premier League investigation into corruption and who knew what about the various takeovers is true. Firstly, it'll guarantee justice via a hefty points deduction and secondly, I think it would be appalling if Storrie is allowed to sit watching the sea in his newly extended big house scot free.

 

Whoever the Skates are playing in the CCC next year, they are my second team for the weekend. The very least they should suffer is -17 and a team full of talentless kids, just like we had to watch last year. Actually, they can have James, Wotton, Pulis and Molyneux on frees so that they cost the skates wages (probably be their top earners) and points, not us.

Link to comment
Share on other sites
rpb

rpb

Posted
Posted (edited)

 

Hopefully the story in the one of the broadsheets - may have been the Indy - about a Premier League investigation into corruption and who knew what about the various takeovers is true. Firstly, it'll guarantee justice via a hefty points deduction and secondly, I think it would be appalling if Storrie is allowed to sit watching the sea in his newly extended big house scot free.

 

This one?

http://www.independent.co.uk/sport/football/premier-league/league-called-in-investigators-to-scrutinise-pompey-owners-1964286.html

Edited by rpb
Link to comment
Share on other sites
stevegrant

stevegrant

Posted
Posted
radio solent news, vote hase taken place on CVA

Not quite accurate, they won't be voting on the actual CVA today, they'll simply be voting as to whether they agree in principle to allow the administrators to prepare a CVA.

Link to comment
Share on other sites
buctootim

buctootim

Posted
Posted
Lend me a grand, Ill give you £40 this year and If I dont go bust £40 the next 4 years

You would tell me to go jump!

 

If owed money by PFC and was offered that deal, I would genuinely vote to reject the CVA and have then liquidated. Its like those pop up companies that regularly go into admin, wipe out their debts and start up again as Anglian Windows (2010) ltd.

Link to comment
Share on other sites
Chez

Chez

Posted
Posted
Lend me a grand, Ill give you £40 this year and If I dont go bust £40 the next 4 years

You would tell me to go jump!

 

if I had already lent you the grand and then was faced with either nothing or £40 a year then I might consider it.

Link to comment
Share on other sites
Kingsbridge Saint

Kingsbridge Saint

Posted
Posted
20% over 5 years is 4 % a year!

 

That almost certainly wouldn't even cover the interest on the finance required by the creditors to plug the hole in the finances caused by the debt due from Pompey. Laughable. The creditors should hang the bastards out to dry - liquidate them, lose the parachute money and let the football creditors stand in line too. The end result would be much the same I reckon. Over to you HMRC.....

Link to comment
Share on other sites
Chez

Chez

Posted
Posted

has the rise from £119m to £138m come about simply because of fluctations in exchange rates or have companies actually come forward with new invoices? I wonder if additional player bonuses incurred over the last month or two have forced this figure up?

Link to comment
Share on other sites
slickmick

slickmick

Posted
Posted
They are hinting at 20p in the £ to be paid back over FIVE YEARS.

I'm sure a fair few companies would be at serious risk of going to the wall with proposals like that. So why would they agree to a CVA ?

 

Lend me a grand, Ill give you £40 this year and If I dont go bust £40 the next 4 years

You would tell me to go jump!

 

 

As I was saying, except Matthew Le God decided to edit only part of my post.

All this just so that Chainrai can get his money them leave them to die.

Link to comment
Share on other sites
angelman

angelman

Posted
Posted

Can HMRC levy a fine on their bill for PFC submitting an incorrect return and being late? If so the punishment on this is up to 100% of the amount outstanding so this could take their slice up from £17.1m to £34.2m, which puts a different perspective on their importance to the CVA.

Link to comment
Share on other sites
Bobbyboy

Bobbyboy

Posted
Posted

They might be able to but you just have to have this feeling that they won't.. despite all the promises in this thread about what can and should happen, HMRC have appeared pretty toothless so far, as have the High Court, and Baloo, Android and Co are all quite happily getting away with it. Why is nothing like this being done to get them before they take the money and run?

Link to comment
Share on other sites
Islander

Islander

Posted
Posted
Can HMRC levy a fine on their bill for PFC submitting an incorrect return and being late? If so the punishment on this is up to 100% of the amount outstanding so this could take their slice up from £17.1m to £34.2m, which puts a different perspective on their importance to the CVA.

 

Maybe they already have - this would explain the increase!

(wishful thinking probably but wouldn't it be good?)

Link to comment
Share on other sites
Gorgiesaint

Gorgiesaint

Posted
Posted

Right - some basic maths here but how are they going to make this happen?

 

Total debts £138.6m

 

Football creditors - clubs £17m

- wages £5m

 

Secured Debts £14.2m

 

So thats a total of £36.2m which has to be paid in full, which leaves £102.4m for the CVA.

 

Now at 20p in the £ - that's still £20.48m

 

So the total to be paid is £36.2m + £20.48m = £56.68m

 

Where are they going to get £56.68m to pay the CVA from?

 

Parachute payments are £48m - but they still need to run a football club in the meantime. That basically means they have to run a Championship team based on gate money alone & still contribute nearly £2m a year towards their past debts - so what happens to a club trading insolvently under an existing CVA?

Link to comment
Share on other sites
 Share
Go to topic listing
×
×
  • Create New...