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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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bolo

bolo

Posted
Posted
Like Steve said - it's only the unsecured creditors. So you need to deduct Baloo's 14m.

 

34.2/124 or so = 27.5% approx.

 

err what about football related debts? Its not as if they are gonna vote in the CVA!

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badgerx16

badgerx16

Posted
Posted
Greetings,

 

Have just been reading some of the posts on here and was wondering whether any of you might care to offer some words of comfort to distraught Pompey fans?

My head says I hope you "do" a Luton, my heart says at least you'll still have a club.:smt058

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doubleonothing

doubleonothing

Posted
Posted
Greetings,

 

Have just been reading some of the posts on here and was wondering whether any of you might care to offer some words of comfort to distraught Pompey fans? I seem to detect a small amount of schadenfreude but am sure, deep down, you have some sympathy and your hearts go out to the fans? Surely? After all, they've done nothing wrong - just supported their team, as do you.

 

Anyway, good luck for next season - I'm sure had you reached the play-offs, you would have been promoted. Hopefully we can have some more local derbies in the near future.

 

Feel sorry for those fans who realise that the club has done wrong, the club has for want of a better word "cheated". But for those who are still claiming that they are hard done by and that the club is innocent no. No sympathy for them. Sympathy for the charities and the schools who have been swindled instead!

 

I accept that the fans have done nothing wrong, but they like all the other clubs who have had points deducted have to accept it and hope that the future will bring better times.

 

 

OOO

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anothersaintinsouthsea

anothersaintinsouthsea

Posted
Posted
Greetings,

 

Have just been reading some of the posts on here and was wondering whether any of you might care to offer some words of comfort to distraught Pompey fans? I seem to detect a small amount of schadenfreude but am sure, deep down, you have some sympathy and your hearts go out to the fans? Surely? After all, they've done nothing wrong - just supported their team, as do you.

 

Anyway, good luck for next season - I'm sure had you reached the play-offs, you would have been promoted. Hopefully we can have some more local derbies in the near future.

 

Rest in Peace

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Kingsbridge Saint

Kingsbridge Saint

Posted
Posted
err what about football related debts? Its not as if they are gonna vote in the CVA!

 

football debts are unsecured for the purposes of this exercise. So they are part of the total. Whether they would vote for or against it is irrelevant. Though they would be crazy to oppose it of course.

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buctootim

buctootim

Posted
Posted
Greetings,

 

Have just been reading some of the posts on here and was wondering whether any of you might care to offer some words of comfort to distraught Pompey fans? I seem to detect a small amount of schadenfreude but am sure, deep down, you have some sympathy and your hearts go out to the fans? Surely? After all, they've done nothing wrong - just supported their team, as do you.

 

Anyway, good luck for next season - I'm sure had you reached the play-offs, you would have been promoted. Hopefully we can have some more local derbies in the near future.

 

Ive got sympathy for the fans. But to be honest I think the feeling of most on here is that the sheer extent of the clubs cheating, lying and basic defrauding of other club and creditors, even up till January this year is such that people are sick of PFC. The whining by Grant and Andronikou has just added to that feeling. I used to want PFC to survive. Now I think they should disappear as an example to anyone else thinking of doing the same.

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badgerx16

badgerx16

Posted
Posted
Solent have reported that part of Astrological's plan is to liquidate the current club if the CVA is agreed, and commence another club.

 

C H E A T I N G BARSTEWARDS

But what would the Football League do with PFC's 'Golden Share' ?

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doubleonothing

doubleonothing

Posted
Posted
Solent have reported that part of Astrological's plan is to liquidate the current club if the CVA is agreed, and commence another club.

 

C H E A T I N G BARSTEWARDS

 

Would they be able to do an MK Dons and take the existing clusb league position or would they have to do an Aldershot and start off in the lower leagues?

 

OOO

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bolo

bolo

Posted
Posted
Greetings,

 

Have just been reading some of the posts on here and was wondering whether any of you might care to offer some words of comfort to distraught Pompey fans? I seem to detect a small amount of schadenfreude but am sure, deep down, you have some sympathy and your hearts go out to the fans? Surely? After all, they've done nothing wrong - just supported their team, as do you.

 

Anyway, good luck for next season - I'm sure had you reached the play-offs, you would have been promoted. Hopefully we can have some more local derbies in the near future.

 

I honestly would have had some sympathy, even for pompey, if it wasn't for the fact that the club have basically carried on cheating and spending money they didn't have when it was blatantly obvious. Add that to the fact that most of your fans and your stupid manager seem to blame everyone else (the fa, the pl, refs, me etc) and i hope you will forgive me if i don't have much sympathy. The year before we went into admin we at least tried to reduce the debt. WE reduced our overdraft by 2 mil and barclays put us into admin over 40K!!!!!! bloody rediculous your club hasn't been put out of its misery yet.

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Milkins

Milkins

Posted
Posted
I honestly would have had some sympathy, even for pompey, if it wasn't for the fact that the club have basically carried on cheating and spending money they didn't have when it was blatantly obvious. Add that to the fact that most of your fans and your stupid manager seem to blame everyone else (the fa, the pl, refs, me etc) and i hope you will forgive me if i don't have much sympathy. The year before we went into admin we at least tried to reduce the debt. WE reduced our overdraft by 2 mil and barclays put us into admin over 40K!!!!!! bloody rediculous your club hasn't been put out of its misery yet.

 

 

Don't think it matters whether you stab someone once or twenty times, it's still murder. My point is more to do with the fans. They are the only constant but have no say in the running of the club. It's obvious we're going to slide a long way down the ladder but none of it was my or any other fans doing - we simply turn up and support the team.

 

For some to wish it all out of existence does seem a little harsh.

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Colinjb

Colinjb

Posted
Posted (edited)
Greetings,

 

Have just been reading some of the posts on here and was wondering whether any of you might care to offer some words of comfort to distraught Pompey fans? I seem to detect a small amount of schadenfreude but am sure, deep down, you have some sympathy and your hearts go out to the fans? Surely? After all, they've done nothing wrong - just supported their team, as do you.

 

Anyway, good luck for next season - I'm sure had you reached the play-offs, you would have been promoted. Hopefully we can have some more local derbies in the near future.

 

Sorry, but I feel no sympathy for a group of fans who still on the whole think they are so hard done by, yet they have lapped up and continue to enjoy the rewards of the overspending policies (The FA Cup final run funded by spending money you didn't have on loan fees in Jan and the existing squad, previous FA Cup win and UEFA cup run.)

 

I have no problem towards any fan of yours that can understand the true scale of the sh*t you are in, but the line needs to be drawn somewhere. May your disgusting cheating entity die. There will be a new club born from the ashes i'm sure, down in the lower leagues, so I have no guilt over my standpoint.

Edited by Colinjb
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bolo

bolo

Posted
Posted
Don't think it matters whether you stab someone once or twenty times, it's still murder. My point is more to do with the fans. They are the only constant but have no say in the running of the club. It's obvious we're going to slide a long way down the ladder but none of it was my or any other fans doing - we simply turn up and support the team.

 

For some to wish it all out of existence does seem a little harsh.

 

There you go, showing no remorse at all.... Plus this is the second time you will have shafted local companies in the past 10 years....

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aintforever

aintforever

Posted
Posted
Don't think it matters whether you stab someone once or twenty times, it's still murder. My point is more to do with the fans. They are the only constant but have no say in the running of the club. It's obvious we're going to slide a long way down the ladder but none of it was my or any other fans doing - we simply turn up and support the team.

 

For some to wish it all out of existence does seem a little harsh.

 

You have to take the rough with the smooth. You were more than happy to boast about your success, and mock our lack of it whilst being financed by blood money.

 

Going out of business and starting again non-league is fair for what Portsmouth have done, just like our punishment was fair.

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Draino76

Draino76

Posted
Posted

The tards have been limping on; cheating here, lying there; enraging the footballing world, and indeed Europe with their continued disgusting existance. Everyone knows this has gone far enough, probably apart from those ****ing tards down the road.

 

This IS the end of their world as they know it. Take a bow HMRC.

 

F U C K absolutely every person associated with that club, they all deserve it.

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anothersaintinsouthsea

anothersaintinsouthsea

Posted
Posted (edited)
Loz on Solent just saying the liquidation of the old company is a way of starting next season (having satisfied creditors with the CVA) WITHOUT FURTHER PENALTIES

 

******* CHEATING BASTARDS

 

From bitter experience we know that even if there is a clever dodge around the rules the football authorities will ignore the technicalities and apply punishment anyway. If they want to apply a punishment they will no matter what Android does.

 

Who is Loz anyway? With only a couple of exceptions, journalist have consistently shown a poor understanding of the Pompey trainwreck.

Edited by anothersaintinsouthsea
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Justin C

Justin C

Posted
Posted
HMRC might have agreed to the CVA in exchange for a guarantee the club is liquidated.

 

 

 

I still dont understand how this process works. But if they get a CVA then surely they won't be liquidated. Is that true?

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
HMRC might have agreed to the CVA in exchange for a guarantee the club is liquidated.

 

But it comes back to the same old question.

 

Seeing as the 'new owner' is more than likely to be the 'old owner' - how the ******* hell can this be allowed to happen?

 

Shafting everyone left, right and centre.

 

Wrong, just wrong.

 

And why is Chinnery paying off the creditors under £2500? Vested interest anyone???

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
From bitter experience we know that even if there is a clever dodge around the rules the football authorities will ignore the technicalities and apply punishment anyway. If they want to apply a punishment they will no matter what Android does.

 

Solent has just reiterated that the current company WILL be liquidated, a new one formed which will commence in the Championship with no points penalties.

 

THAT'S THEIR PLAN.

 

STILL CHEATING.

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redkeith

redkeith

Posted
Posted

Agreeing to the CVA proposal is the alternative to liquidation,which would result in the loss of the Parachute payments, without which the creditors would only get a cut of the sale of all remaining assets at FP.

 

Approving the CVA is another thing altogether.

 

Also, as the additional charge by HRMC has been made after they went into admin, is it outside the CVA, like Sol Cambell and so has to be payed up once they come out of admin ?

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
From bitter experience we know that even if there is a clever dodge around the rules the football authorities will ignore the technicalities and apply punishment anyway. If they want to apply a punishment they will no matter what Android does.

 

Who is Loz anyway? With only a couple of exceptions, journalist have consistently shown a poor understanding of the Pompey trainwreck.

 

Laurence Herdman.

 

Regardless of the history of the reporting....you just know this is what is happening.

 

It's got fish guts all over it.

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anothersaintinsouthsea

anothersaintinsouthsea

Posted
Posted
Solent has just reiterated that the current company WILL be liquidated, a new one formed which will commence in the Championship with no points penalties.

 

THAT'S THEIR PLAN.

 

STILL CHEATING.

 

Oooooh how cunning but the League, if they want, will say "new company? no worries but if you want your golden share you'll have to start on -x points"

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Bobbyboy

Bobbyboy

Posted
Posted
there is no way that the fl will let them liquidate the club and start again with no points penalty. Not a chance

 

Be nice to hear that from the football league though. They're already got away with much more than you'd have thought (eg trading while insolvent BUT just allowed to carry on), nothing would surprise me now. Maybe they'll be debt-free, get all parachute payments, compete in the Europa Cup thing and win the Championship.

 

It's just hard to have faith in the football authorities... until we hear from them, I'm expecting them to be on zero points in championship come august. I hope I'm wrong, cheating skates.

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miserableoldgit

miserableoldgit

Posted
Posted
Agreeing to the CVA proposal is the alternative to liquidation,which would result in the loss of the Parachute payments, without which the creditors would only get a cut of the sale of all remaining assets at FP.

 

Approving the CVA is another thing altogether.

 

Also, as the additional charge by HRMC has been made after they went into admin, is it outside the CVA, like Sol Cambell and so has to be payed up once they come out of admin ?

If a "new" club is set up, will they qualify for parachute payments??

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Frank's cousin

Frank's cousin

Posted
Posted

Sympathy?

 

Well yes and no... firstly I dont want ANY club to go out of usiness completely - clubs whoever they are are at the heart of the community and we do have a long and fine tradition in the Country about what clubs mean to the towns from which they come.

 

I have every sympathy in some respects for fans becasue yes, its true that they had no influence on what was happening off the field - so taken in isolation I can be sympathetic to those claims.

 

Hoevere a few points;

 

1. The level of advantage gained by the financila incompetance and downright stupity in spending on players and wages that was possibly criminally stupid, led to teh club achieving success that was way beyond the expectations of teh a club of Pompey's size - in effect this advantage was unsporting, unfair and is cheating.

 

2. The fans NEED to acknowledge this, they need to now show some humilty and agree that tehir success was based on nothing more thanfinancial mismanagement - for example, would saints have been relegated from th prem had we between 2003 (FA cup run) and 2005 racked up in excess of 100mil of debt on players and wages? I dont think so, we may even have qualified for Europe ona coupel more occasions - yet as soon as you can no longer manage the repayments it in effect becomes cheating - its why teh rules are there for all to see and why Granmt and fans should shut teh feck up about being hard done by and accept that this is the case, accept the punishment and get on with it... instead we have this hard luck story as if somehow Pompey dont deserve what happened to other clubs such as Leeds, Luton, Saints yet from the figures its seems like your club have been the worst possible example of all....

 

3. Hang your heads in shame at Wembley - partying and gloating win or lose is not something to celebrate considering the cheating that has got you there - players that have played in the run, that were bought whilst insolvent -there is no other word fo this.

 

4. Acknowledge that fans ignored the signs 12 months ago, when debts were reported at 40 mil + - Fans should have been protesting and been up in arms to show their concern for what was in effect apalling managment

 

5. Redknapp - the darling once again of teh media tripe today after 'his attacking courage' and vastly supier brain (in his own mind) took Spurs to the CL - jeez is there no end to teh slippery nature of this man as once again he professes to be blameless by having no involvement in the 'finance' - yet HE won teh cup for pompey with players you could not afford... acknowledge that.

 

Finally, have I been too harsh? Why am I saying this? Am i bitter and twisted? NO... I am just so angry that we have a football system in this country that is governed by greed, ignorance, stupity fuelled by a media obssessed only with the prem's 'value' as the 'best league in the world' which has fuelled the stupity of clubs within it... no lessons learned from Leeds, da nada, diddly squat, lapped up once again by the fans who claim ignorance when simple comon sense suggests that a club with pompeys revenue has no business buying players fro 10 mil plus and on 40-50k a week - unbelieveable.

 

The worst of this is that they still have not learnt, the prem that is... and they will eb glad when they can cast pompey back to the lower leagues and remove bad smell undermining the 'best league in the word' BS that Pompeys situation brings to their glutonous table.

 

Had Pompey been in the CCC or league below, they wouodl have been forgotton by now, ignored and blamed for their own mess... but because its the prem its all the owners fault, or the prems fit and proper failure.

 

Fans? No one likes to criticise their own club, or admit that they cheated and dont deserve tehior recent success because it was built on a foundations of sand - but if you want any sympathy at all from the Just footbal world, that humilty and acceptance is what its going to take...

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saintjay77

saintjay77

Posted
Posted
Oooooh how cunning but the League, if they want, will say "new company? no worries but if you want your golden share you'll have to start on -x points"

 

Lord Malw***er has stepped down so its up to the new guy.

 

Will he be as tough?

 

Kin hope so!!!!!

 

Cant see how the club can keep up with a CVA if it has been liquidated though and the only reason I can see HMRC agreeing to anything today is if they agree that Android should get on with creating a CVA. Cant see them to agreeing to what it says but mearly agreeing to the club creating one (which is what this meeting is all about i think) should be a yes vote from everyone.

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sperm_john

sperm_john

Posted
Posted
The tards have been limping on; cheating here, lying there; enraging the footballing world, and indeed Europe with their continued disgusting existance. Everyone knows this has gone far enough, probably apart from those ****ing tards down the road.

 

This IS the end of their world as they know it. Take a bow HMRC.

 

F U C K absolutely every person associated with that club, they all deserve it.

 

what he said

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View From The Top

View From The Top

Posted
Posted
Shouldn't think so. The parachute payments are there to help smooth out any problems from dropping down (ie players wages etc)

 

 

If all your debts have been wiped out and all assets sold then you don't need your parachute payment.

 

The parachute payments are going to pay off the fottbaling debts anyway. The club isn't going to get a penny.

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Frank's cousin

Frank's cousin

Posted
Posted

Ok summary time... someone please help me out because there are conflicting messages:

 

1. As i undersatnd, the club CANNOT be liquidated yet take up its position in the CCC as a new club would need to be formed, which would need to start in lower leagues? Or at the very least as no CVA was agreed they could start on -27 as with Luton etc.. What is reported on Solent seems utter tosh...

 

2. The club will only be liquidated if a CVA is not aggreed/approved.

 

3. If a CVA is agreed, then they will enter the CCC with no futher points deduction (as unfair as that may seem)

 

4. They will struggle in the CCC because: IN effect they will be using teh guarranteed 32 mil (+16 mil proposed) a parachute payments to pay off the footballing debt in full, the secured cretitors and the 20p in the £ to all unsecured creditors. Player sales will be necessary to bring wage contracts down and pay off further debt, but this will mean they will be trying to survive on virtually their gate.... reall chance of debts incresing again if they dabble in the transfer market, or cant get playesr off the books

 

5. HMRC - the potential spanner if they choose to fine pompey and thus increase their share of the debt and increase the CVA voting rights ...COULD vote against and this could lead to Liquidation and point number 1.

 

6. The club is sold after a CVA is agreed - to someone willing to inject cash and support a CCC promotion campaign - unlikely as no assets only 50mil of debts to be paid off over 5 years as set out in the CVA...

 

7. What happens if the club then defaults on the payments for the CVA during the next 2-3 years?

 

8.Seems to me they are fecked whatever happens unless someone very risch and very stupid buys them

 

9.

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