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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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dubai_phil

dubai_phil

Posted
Posted
How our sights have dropped over the months. First toast then no CVA and now last chance that HMRC contest it.

Things may change very quickly but at present it looks as though Chanrai is going to own Pompey for nunpence and be able to push them forward to a PL return and get those riches.

Chanrai IMO has given AA a roadmap that has so far worked. If points for financial regularities come into play that may well be a factor that Chanrai cant do anything about though, but if at the end of today they have Cotterill installed and those loan players from HR and Wenger they certainly do look chipper.

 

:ninja:

 

That's as maybe (but very unlikely)

 

But the really positive outcome from a lot of this is the contempt now that other fans and the media will hold the CHEATS in over the coming years.

 

They will become as despised as Leeds, no matter what they try and do on the pitch.

 

But don't worry, this thread isn't even a year old yet. The instant trip to court that is odds on from the meeting today will take 3/4 weeks to get a date. That will freeze any activity regarding manager/player contracts etc. It will burn more holes in Chanrai's pocket and assuming the Court Hearing then takes a week for a decision (and possibly an appeal) they are likely to be unable to do anything about the Playing Side of the business much before the end of July.

 

And we ALL know what that means to a Football Club

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OldNick

OldNick

Posted
Posted
:ninja:

 

That's as maybe (but very unlikely)

 

But the really positive outcome from a lot of this is the contempt now that other fans and the media will hold the CHEATS in over the coming years.

 

They will become as despised as Leeds, no matter what they try and do on the pitch.

 

But don't worry, this thread isn't even a year old yet. The instant trip to court that is odds on from the meeting today will take 3/4 weeks to get a date. That will freeze any activity regarding manager/player contracts etc. It will burn more holes in Chanrai's pocket and assuming the Court Hearing then takes a week for a decision (and possibly an appeal) they are likely to be unable to do anything about the Playing Side of the business much before the end of July.

 

And we ALL know what that means to a Football Club

I do hope your optimism is rewarded. We dont know how far HMRC's will can be pushed. Their resources are thinly spread and with the state of the economy as it is i doubt they have money to throw about on this.Yes they are hoping to make a principle but Chanrai must have some brains to be so wealthy in the first place.

I so want to be wrong,but so far nothing seems to have gone as we expect, and Pompey seem to be a different case to any in normal business practice and law.

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Wes Tender

Wes Tender

Posted
Posted
How our sights have dropped over the months. First toast then no CVA and now last chance that HMRC contest it.

Things may change very quickly but at present it looks as though Chanrai is going to own Pompey for nunpence and be able to push them forward to a PL return and get those riches.

Chanrai IMO has given AA a roadmap that has so far worked. If points for financial regularities come into play that may well be a factor that Chanrai cant do anything about though, but if at the end of today they have Cotterill installed and those loan players from HR and Wenger they certainly do look chipper.

 

You will persist in believing that the Skates have got away with it. The CVA might well be passed today, but that doesn't mean for one minute that they will get away with it. Instead of lowering my sights, I'm a believer that they will in fact be more burnt toast than they were previously. It seems that you have been bamboozled by all the smoke and mirrors. It will go to court and not only will HMRC win, but the repercussions for the Skates will be more dire than if they had the CVA turned down today. Further implications are still up in the air as to what the FL league do about the transfer embargo if the CVA is contested in court. Do they lift it, allowing the Skates to make these high profile loans and signings and then have several other clubs taking legal action because the Skates have gained an unfair advantage in the event that the courts find in favour of HMRC? And do you also ignore the barrier that stands in the way of Chainrai's masterplan, the points deductions in the pipeline for the tax cheating of Messrs Redcrapp, Storrieteller and Mandaric?

 

As for Cotterill, is he really that idiotic that he would go to the Skates with all this sh*t yet to hit the fan, rather than Hull or anywhere else? If he does sign on as manager for them, then his tenure will not be very long. Perhaps he is that dumb, as he possibly isn't as well informed about their position as we are. ;)

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OldNick

OldNick

Posted
Posted
You will persist in believing that the Skates have got away with it. The CVA might well be passed today, but that doesn't mean for one minute that they will get away with it. Instead of lowering my sights, I'm a believer that they will in fact be more burnt toast than they were previously. It seems that you have been bamboozled by all the smoke and mirrors. It will go to court and not only will HMRC win, but the repercussions for the Skates will be more dire than if they had the CVA turned down today. Further implications are still up in the air as to what the FL league do about the transfer embargo if the CVA is contested in court. Do they lift it, allowing the Skates to make these high profile loans and signings and then have several other clubs taking legal action because the Skates have gained an unfair advantage in the event that the courts find in favour of HMRC? And do you also ignore the barrier that stands in the way of Chainrai's masterplan, the points deductions in the pipeline for the tax cheating of Messrs Redcrapp, Storrieteller and Mandaric?

 

As for Cotterill, is he really that idiotic that he would go to the Skates with all this sh*t yet to hit the fan, rather than Hull or anywhere else? If he does sign on as manager for them, then his tenure will not be very long. Perhaps he is that dumb, as he possibly isn't as well informed about their position as we are. ;)

Wes my post was not meant to be aimed at you per say but in general.

If they get the CVA and so Chanrai can then get a laundered business with no debt he can then go out as any other club owner and splash the cash. The creditors will have no comeback as they have taken their measly return and watch as Chanrai goes and makes a load more from a zero position.

The points deductions may come into play, but I suspect we all expected them to be on -10 + now.

Timing is everything and it all keeps falling into place for Pompey. Malwhinney retiring must have been a great bonus for them as i think he would have had much to say, (convieniently Leicesters man took over, and who owns them??? sweeping under carpet time perhaps)

I hope Im missing the point and they will get their comeuppance but as time goes by it looks that I may not be.

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Gemmel

Gemmel

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Posted
I do hope your optimism is rewarded. We dont know how far HMRC's will can be pushed. Their resources are thinly spread and with the state of the economy as it is i doubt they have money to throw about on this.Yes they are hoping to make a principle but Chanrai must have some brains to be so wealthy in the first place.

I so want to be wrong,but so far nothing seems to have gone as we expect, and Pompey seem to be a different case to any in normal business practice and law.

 

Out of everything that's gone on, the theories and guess work of possible outcomes and point deductions etc, the only thing i am completely convinced about is HMRC stance in all of this.

They want blood and they will get it.

They are not going to roll over and die, they are not going to ease up and they don't care a monkeys how much it costs them to get a result.

pompey took the ****, too many times, then they did it in court room with Vantis and they continue to do with aa. The world is watching and if for no other reason than to send a message of intent to every other club or business in the Country, HMRC will ultimately win.

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OldNick

OldNick

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Out of everything that's gone on, the theories and guess work of possible outcomes and point deductions etc, the only thing i am completely convinced about is HMRC stance in all of this.

They want blood and they will get it.

They are not going to roll over and die, they are not going to ease up and they don't care a monkeys how much it costs them to get a result.

pompey took the ****, too many times, then they did it in court room with Vantis and they continue to do with aa. The world is watching and if for no other reason than to send a message of intent to every other club or business in the Country, HMRC will ultimately win.

I think that is fair and they have time and again thrown in a grenade just when they look safe. May it carry on, but we dont know quite what political pressure may be used in the background to stop them.

The dirty world of dodgy business may have gone into many circles of hierarchy and power, and those transfer monies may have greased the palms of many in power not only in football and will not want it to come out.

Conspiracy theory perhaps, but!!!

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Trader

Trader

Posted
Posted
Out of everything that's gone on, the theories and guess work of possible outcomes and point deductions etc, the only thing i am completely convinced about is HMRC stance in all of this.

They want blood and they will get it.

They are not going to roll over and die, they are not going to ease up and they don't care a monkeys how much it costs them to get a result.

pompey took the ****, too many times, then they did it in court room with Vantis and they continue to do with aa. The world is watching and if for no other reason than to send a message of intent to every other club or business in the Country, HMRC will ultimately win.

 

I know from personal experience that HMRC (or Customs & Excise as it was then) do not let go once they have their teeth in.

 

Pompey will not get away with this - HMRC are effectively the law, and if they say the figure owed is 32m then that's it, whatever AA says.

 

He can appeal, but he won't win - he's effectively taking on the UK government.

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warsash saint

warsash saint

Posted
Posted

If the club remains in administration at the start of the next season it faces having further points deducted from it.

"That, and the large debts, would make it very hard to sell the club. And if we can't sell, then it would be a case of closing the club down. Thursday is a huge day, but I'm confident we'll do it," Andronikou added..[/url]

 

I like this bit :)

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pedg

pedg

Posted
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According to the Sportingintelligence site they have 80% on board to agree it, Watch this space

 

Given the minimum attributed to HMRC was 21% can't see hoe he has managed to get to the 80% figure?

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rallyboy

rallyboy

Posted
Posted

while footballers everywhere are putting in at least 110%, AA still short changes us by only getting his total vote to 101%.

 

 

I'm surprised he managed to get everyone to vote, I would have expected a few creditors to have more important things to do that support AA's effort to shaft them, he's obviously shrewder than we thought and the taxman will be no match for his superior skills.

 

Or there might be a different version of these events later and it might look like AA has been talking b0ll0cks all along.

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lumuah

lumuah

Posted
Posted

So they have indeed gotten away with it.

 

CHEATS.

 

We can only hope that HMRC appeals take so long that it completely ruins their season, so that we have at least some hope of beating them in the 2011/12 season

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OldNick

OldNick

Posted
Posted
nick, you really do have a short memory! Have you forgot about the last court appearance, and what was agreed. AA is p1ss1ng in the wind, HMRC will have their day, and Poopey will get their comeuppence, believe in that. They are almost x(

 

Ginge I have trouble remembering last week let alone that time ago.

Time will tell, but the world seems to let them do as they wish and nobody apart from us seem to balk at the way a 138m debt has been allowed to accrue.

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OldNick

OldNick

Posted
Posted
while footballers everywhere are putting in at least 110%, AA still short changes us by only getting his total vote to 101%.

 

 

I'm surprised he managed to get everyone to vote, I would have expected a few creditors to have more important things to do that support AA's effort to shaft them, he's obviously shrewder than we thought and the taxman will be no match for his superior skills.

 

Or there might be a different version of these events later and it might look like AA has been talking b0ll0cks all along.

I read that any creditors who did not reply are counted as a positive.Lets hope all the forms found all the creditors
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Katalinic

Katalinic

Posted
Posted

From a skate site:

 

From a source close to the club!

 

"CVA under threat. HMRC claim that it can only be approved if the club owes HMRC £21m but they claim to have paperwork proving that we owe £35 m. If AA declares the CVA approved HMRC will challenge it in court and officially lodge an appeal to have the club liquidated."

 

http://www.fansonline.net/portsmouth/mb/view.php?id=276977

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
Must be to do with image rights which at present is legal. HMRC are challenging this but as it stands are unable to claim it as part of current administration exercise. That's the understanding. How true at this juncture I am unsure

 

I always thought that the additional £14M was the fines attached by HMRC for late payment - which they were in the right to claim.

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Merovingian

Merovingian

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If that is the case am sure they are on dodgy ground as there is a submission date for all claims and when they heard they maybe less than 25% decided to try and add this one on. AFAIK the administrator does not have to accept late claims and the figure is in dispute anyway by the Administrator. I'm no expert though so unsure of how ground lies with this stuff

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stevegrant

stevegrant

Posted
Posted
If that is the case am sure they are on dodgy ground as there is a submission date for all claims and when they heard they maybe less than 25% decided to try and add this one on. AFAIK the administrator does not have to accept late claims and the figure is in dispute anyway by the Administrator. I'm no expert though so unsure of how ground lies with this stuff

It works both ways on that, though... don't forget AA said the debt would "bottom out at £78m", then all of a sudden this new load of debt turns up to reduce the HMRC percentage.

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tony13579

tony13579

Posted
Posted

http://www.portsmouth.co.uk/frattonlatest/Portsmouth-creditors-accept-CVA.6368898.jp#5318424

 

Pompey creditors have voted in favour of a deal to accept a minimum of 20p in the pound.

This means the club has formally moved out of administration.

 

However there is still a 28-day cooling off period for rejections to be raised.

 

A total of 81.3 per cent voted in favour of the deal, in which they will get back 20p for every pound they are owed over the next five years.

 

The CVA proposal means that within the next nine months the current business Portsmouth Football Club Ltd will be placed into liquidation and its assets and revenue moved into the new company.

 

That company will be responsible for paying creditors.

 

V-unhappy :(

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Chez

Chez

Posted
Posted

I assume by law that HMRC will now have to accept 20p in the pound, once the 28 day cooling off period passes? It just seems madness that players will get their £10m worth of wages next year but the state will get a pittance. Bazaar.

 

At least the derby games will continue sometime down the line and we can get our revenge.

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Gorgiesaint

Gorgiesaint

Posted
Posted

So nothing unexpected happened this morning then.

 

To those of you fretting, don't worry. At 81.3% apparently voting for, when AA acknowledged that HMRC had at least 21% of the vote, it shows that AA has massaged the figures. I actually wonder if this is the best result as it allows HMRC the quickest route back to court. We just have to hope that the transfer embargo stays in place pending the appeal.

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