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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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GenevaSaint

GenevaSaint

Posted
Posted
13 players out of contract, redundancies of staff

 

13 players out of contract, is that it. I'm with Steve, looking at it logically without pompey or saints tinted glasses on, that's really not good enough is it. A company in administration, 130m in debt, must try harder, seriously.

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Matthew Le God

Matthew Le God

Posted
Posted
A long way to go before that happens fella!

 

The way i see it is thursday is judgement day. If the CVA is rejected (which obviously HMRC will) then they have to go back and come up with either a better offer or potentially start the shutting down process. If the CVA is accepted then i wonder if we will then see that whole financial iregularities thing happen.

 

Plus i doubt HMRC will just let it go. Pompey have been in admin since february, 4 months ago. In that time how have they scaled back costs? The admin team seem to be doing a very poor job of cutting costs by the looks of things.

 

85 (I think?) low-paid staff laid off, one (presumably) expensive CEO recruited - despite the CEO duties being what AA is supposed to do as administrator!

 

Name me one Pompey fan who wants him around?

 

He was referring to Lampitt, not Storrie or AA. I'm sure most Pompey fans don't mind Lampitt on paper. I've seen a number that think AA is doing a good job (although a minority). Of course none want Storrie at the club.

 

Even if he were referring to Storrie, the original question was about what the admin team have done to reduce costs, not what the fans want.

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FMPR

FMPR

Posted
Posted

How would you do it then Geneva?

 

Apply for permission to the Premier league to sell players outside the transfer window? How do you make teams buy your players?

 

I know how about cancelling contracts? Darn that means I have to pay compensation so not actually gaining anything there at all.

 

I know I will make staff redundant, done that (yes I know I have kept on Storrie but how do I know what termination clauses are in his contract).

 

So then any other bright ideas?

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Matthew Le God

Matthew Le God

Posted
Posted (edited)
How would you do it then Geneva?

 

Apply for permission to the Premier league to sell players outside the transfer window? How do you make teams buy your players?

 

I know how about cancelling contracts? Darn that means I have to pay compensation so not actually gaining anything there at all.

 

I know I will make staff redundant, done that (yes I know I have kept on Storrie but how do I know what termination clauses are in his contract).

 

So then any other bright ideas?

 

Apply for permission to the Premier league to sell players outside the transfer window? How do you make teams buy your players?

 

Reduce the asking price, some money is better than no money for the creditors you are meant to be representing

 

I know how about cancelling contracts? Darn that means I have to pay compensation so not actually gaining anything there at all.

 

You save money by not having to pay bonuses and may come to an agreement at a lower value than the contract. Also sending loan players back and not signing new ones with loan fees.

 

I know I will make staff redundant, done that (yes I know I have kept on Storrie but how do I know what termination clauses are in his contract).

 

I'm sure Peter Storrie wasn't needed to explain clauses, it would be written down on paper and surely AA can't he?

Edited by Matthew Le God
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Ken Tone

Ken Tone

Posted
Posted
How would you do it then Geneva?

 

Apply for permission to the Premier league to sell players outside the transfer window? How do you make teams buy your players?

 

I know how about cancelling contracts? Darn that means I have to pay compensation so not actually gaining anything there at all.

 

I know I will make staff redundant, done that (yes I know I have kept on Storrie but how do I know what termination clauses are in his contract).

 

So then any other bright ideas?

 

 

How about sending back to own clubs all those players you had on loan but couldn't afford to pay?

How about offering to cancel contracts of highly paid players thus enabling them to find other clubs on a free transfer?

 

AA could have done that weeks ago during the season, thus saving money that the creditors could have had.

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OldNick

OldNick

Posted
Posted (edited)

how about not arranging overseas tours, stop asking for large transfer fees. Not employing a CEO

IMO AA is not trying to address the 130m debt as he seems confident that will go away with his low offer. He knows that there will be a lot of fans who are creditors and would rather lose their money than the club folding. All cynical stuff IMO

The meeting is at FP, im awaiting the call for Pomepy fans to turn up and make lots of noise that may well intimidate as well

Edited by OldNick
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GenevaSaint

GenevaSaint

Posted
Posted
How would you do it then Geneva?

Apply for permission to the Premier league to sell players outside the transfer window? How do you make teams buy your players?

I know how about cancelling contracts? Darn that means I have to pay compensation so not actually gaining anything there at all.

I know I will make staff redundant, done that (yes I know I have kept on Storrie but how do I know what termination clauses are in his contract).

So then any other bright ideas?

 

I'm not saying I have all the ideas or answers FMPR, AA just doesn't seem to be taking the situation as seriously as he could do. Unless we had access to every piece of information it's hard to say, but I'm erring on the side that he's a dreamer.

 

85 redundancies out of a staff of how many? There was one point where the club had 550 ish employees, saw that is an annual report at somepoint. I realise that probably includes EVERYONE, stewards etc, but 550!

 

Then there are the loans, how much were they costing? In times of financial constraint, contract workers are the first to go in every organisation I know of, why not PFC? Are the loan contracts so poorly written that it would cost Pompey money to send the players back? And then you're actually signing more players on loan during the course of the season when you're financially fecked.

 

AA was giving it the billy big balls, we're not selling our prizes assets during the cup run, blah blah. Even if PFC had won the FA Cup how much money would they have made in the long term? What would the win bonuses have been, bearing in mind Storrie probably wrote the contract! Winning may have actually been quite a costly experience.

 

Like I say, not all the answers (in fact none!), without all the facts it's hard to tell 100%. I'd hazard a guess that there were other cuts that could and should have been made.

 

And as NickH says, planning a US tour, doesn't sound like a club taking the administration that seriously.

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70's Mike

70's Mike

Posted
Posted
There is no reason why "viable position" shouldn't mean leaving them in League 2 though.

 

They can easily pay back more than 20p in the pound and stlll be a viable business, it's not the administrators job to make sure they have a team good enough to challenge for promotion or even good enough to stay in the Championship.

 

Totally agree and gets to the nub of the issue.

AA is working for Chanrai and the quicker the creditors get this the better.

He is more interested in a viable CCC club than paying the creditors

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Gorgiesaint

Gorgiesaint

Posted
Posted

What would be interesting to track would be any offers for players that AA has refused - and then keep adding on that players weekly wage to find the break even value . Compare it what that player is eventually sold for - might start to show some of AA's liability in this mess.

 

Should be able to get the players wage (roughly) from the CVA doc, so can anyone remember any of the offers that AA has turned down?

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Matthew Le God

Matthew Le God

Posted
Posted

Well this didn't happen...

 

http://www.portsmouth.co.uk/frattonlatest/Pompey-vow-to-cash-in.6316836.jp

 

Could it possibly be clubs might think "why spend £2m on a Pompey player when in a few weeks if they go bust they will be free transfers"? And in doing so the club doesn't get the transfer money it needs to stop it going bust and show the creditors it can sell players. Catch 22.

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Dark Munster

Dark Munster

Posted
Posted
Is this post for real? ffs, the creditors should get all their money back.

 

Who's arguing with that? Of course they should. The creditors will be richer with 60-99p than if they get 20p in the pound (obviously). The point I was making is that it appears that Griffin would be working for the benefit of creditors, and not for the club (and quite rightly so). :rolleyes:

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Dark Munster

Dark Munster

Posted
Posted
There is no reason why "viable position" shouldn't mean leaving them in League 2 though.

 

They can easily pay back more than 20p in the pound and stlll be a viable business, it's not the administrators job to make sure they have a team good enough to challenge for promotion or even good enough to stay in the Championship.

Spot on.

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Saint J 77

Saint J 77

Posted
Posted
How do you work that out?

 

AA hoping to appoint new manager on Thursday says SSN

 

I was trying to reply to this statement. I also heard this report on Sky sport news earlier. If pompey can appoint a manager surely that means they have agreement in place to please everybody otherwise why would anyone take the Job? I heard SSN mention Steve Coterill is set to be unveiled and that they hoped to have an agreement sorted with all their creditor by Thursday. I know it could be bull but they seemed pretty certain.

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rallyboy

rallyboy

Posted
Posted

if we've learned anything in 555 pages it's take any statement coming out of Fratton with a pinch of salt - the promises of wealth, the denial of tax problems, the harbourside superdome, there will be no firesale, the taxman is with us - so many examples, very few have been true.

The current classics are that there will be no more points penalties, that they can afford Harewood's wages and the hint that the CVA will sail through unchallenged.

They may well turn a corner on Thursday, but it will require more than a press release from AA to make it happen.

 

He can deny it all he wants, he can announce new managers, he can sign autographs and plan big spending sprees - but until a billionaire slaps cash on the table, toast is still on the menu.

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saintjay77

saintjay77

Posted
Posted
I was trying to reply to this statement. I also heard this report on Sky sport news earlier. If pompey can appoint a manager surely that means they have agreement in place to please everybody otherwise why would anyone take the Job? I heard SSN mention Steve Coterill is set to be unveiled and that they hoped to have an agreement sorted with all their creditor by Thursday. I know it could be bull but they seemed pretty certain.

 

The CVA vote is Thursday and AA is basically saying that if the vote goes well they will be appointing there new manager later in the same day. Fat chance of it happening though as IMO the Tax man will vote against and a few others may well vote against too so allot more than the magical 25% will say NO.

 

They then have 21 days or something to come back with a better offer and if that fails then down the plug they go or they could out of admin without the cva and earn themselves a pot load of minus points. :D

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Wes Tender

Wes Tender

Posted
Posted
Did you learn that from Avram, or at Horton Heath Leisure Centre. Youung ladies should'nt speak with their mouths full.

 

Neither. I'm well travelled and have been to Thailand several times. But you show some old world courtesy describing the "operatives" at Horton Heath as ladies. ;)

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Saint_Ash

Saint_Ash

Posted
Posted

Android is just trying to put pressure on the Creditors with this new manager rubbish "Say yes to the CVA and we can appoint a new manager, say no and the club and fans will be disappointed and we look like a laughing stock"

 

I really hope they have to suspend naming their manager and look like fecking idiots!

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brightspark

brightspark

Posted
Posted

So am I right to think that the creditors meeting is taking place at Falling down Park?

 

In that case, the representitives from each creditor will enter a room/hall and they will be faced with Andronikou and probably his dirty boss Chainrai. Then these two c**ts will just talk bulls**t for about an hour, trying to come up with as many lies to "explain" why Griffins got it wrong, and how this is the "right thing" for the club and English football.

 

Then they will vote. Chainrai grabs the tally and frowns. "THIS IS NOT ENOUGH!" He angrily shouts, banging his fist on the table. He takes Android out of the room and threatens him with his life. Andronikou, scared for his life, claims that there was a clerical error in the vote and that there will be a re-vote. However, he goes around to everyone who said "rejected" and gives them a dirty talking to. He claims that if they do not vote yes, he will shoot them dead in the away dressing room.

 

The CVA is accepted, and Chainrai gets his dodgy mits on the club, before selling them to Al-Qaeda, under request from the FA and Mr Lampitt, who have paid them to bomb Russia and Spain ahead of the upcoming World Cup Bidding War and are giving them the skates as an award.

 

It's so clear now!

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TopGun

TopGun

Posted
Posted
Android is just trying to put pressure on the Creditors with this new manager rubbish "Say yes to the CVA and we can appoint a new manager, say no and the club and fans will be disappointed and we look like a laughing stock"

 

I really hope they have to suspend naming their manager and look like fecking idiots!

 

Yes, this is just spin coming from AA in an attempt to make wavering creditors back his plan. It's fairly desperate stuff too.

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Under Weststand

Under Weststand

Posted
Posted
Riquelme to West Ham(ssn) not Poopey :D Come on Ho why not your super club with the bestest fans in the world TM. lmfao!!!

Oh please SES get real, this is just a clever cover story for AA as he is about to announce to the creditors that if they agree the CVA on Thursday. Then on Friday they announce the new manager............ what price Riquelme as player manager? You know it makes sense WHO told us so many months ago. :lol:

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rallyboy

rallyboy

Posted
Posted

that means AA has realised that the time for words is over, it's time to deliver! - a cva, debt repayment, a genuine financial report, and perhaps apologies to the fans he's misled, and everyone they've screwed?

 

I expect him to score 0 out of 5.

 

 

Though he might have a different version of the result.

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