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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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saintjay77

saintjay77

Posted
Posted
Unless the big clubs agree to a wage cap it isn't going to change. Whether a wage cap is a restriction of trade and against EU law is another problem. And then why would the likes of Man City agree to one if they can afford to pay more than anyone else? They get an advantage over their rivals. Therefore can never see it happening.

 

If a wage cap is based as a certain percentage of income then it could work. If man city bring in 100 million a year and the wage cap is 50% = 50 mil compared to a club that takes 100k then man city would still have an advantage due to being a bigger club. I can understand a club wanted the best players and often teams like real Madrid make much of there outlay on players back due to shirt sales and sponsorship. Ronaldo might have cost allot but was probably halved by the time they have milked his name for sponsorship and so on. Can't see ya ya having the same impact on the club though as he is not that big a name surely?

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Thorpe-le-Saint

Thorpe-le-Saint

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Can't believe this thread is a year old!! I can remember reading the opening post last year and thinking "Hopefully Pompey will cease to exist by July 8th 2010"...

 

They are in good company I suppose, I heard this morning that Barcelona need a loan of £125m to pay their players' wages.

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redkeith

redkeith

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On South Today last night, there was a breif one liner about the withdrawl from the reserve League "as they are restricted to a squad of 20 players next season"

 

Strange that this wasn't mentioned on the Skates own website. Also, news today that Ben Haim still gets paid his £40K per week by Pompey until he finds a new club willing to meet his demands. Mr Story is a great negotiator!

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dubai_phil

dubai_phil

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The whole Spanish league is in trouble. Not as bad as PL I don't think but still pretty bad.

 

http://arsenal-mania.com/forum/viewtopic.php?t=78201

 

also I thought there gov, either national or local, was going to help bail out some clubs.

 

Haven't you read a newspaper or watched TV in the past 2 years? Spanish Government bailing out Football Clubs - lol they're more broke than the Skates

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Gorgiesaint

Gorgiesaint

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Haven't you read a newspaper or watched TV in the past 2 years? Spanish Government bailing out Football Clubs - lol they're more broke than the Skates

 

Didn't Real Madrid sell their old training ground to the local govt a few years back for a vastly inflated fee when they desparately needed funds?

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Islander

Islander

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Well, what a year it's been! While we have been enjoying the rise of SFC, it's been fun to come over here and see how the other half are living. It seems that every week, sometimes daily we have had another twist to this thread. As has been said many times - you couldn't make it up! I'm sure there is at least another year in it. Their demise is nowhere near complete, in some ways its hardly started. We have HMRC to (hopefully) throw a spanner in the works, trying to survive with no players and very little income, court cases and who knows what else! Thanks to all the informative posters on here who have made the effort to find the gossip, unearth dodgy dealings and educate us all in financial and legal matters. And of course thanks to FF who started the whole thing!

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Chez

Chez

Posted
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is he any better than De Jong...? really..?

will he stand head and shoulders above barry..?

 

I hate man city now..just seem to be going for every player possible...what is the point

 

well Barca obviously don't think he is as good as the 21 year Busquets. I bet he's not on £200k a week

 

As for hating City, cut them a littleslack. Supporting them with Manure winning trophies left right and centre must have been bloody a nightmare. For their fans loyalty if nothing else I hope they will knock Manure off their perch so to speak.

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Doctoroncall

Doctoroncall

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There wage bill is rocketing down. Wont be long till they are running within a nice small budget and competing fairly with those around them ;)

 

...and they are chipping away at that £15m transfer sales figure. It must be about £14.65m to go after this second sale.

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Chez

Chez

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There wage bill is rocketing down. Wont be long till they are running within a nice small budget and competing fairly with those around them ;)
Nice. I wonder how long Andriod will keep paying Diop his £30k a week whilst telling AEK that he's worth a million Euros ?
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saintjay77

saintjay77

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...and they are chipping away at that £15m transfer sales figure. It must be about £14.65m to go after this second sale.

 

At this rate they will be fine well in time for the new season and the bestest fans in the whole wide world will still get to see some world class football week in week out. lol

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saintjay77

saintjay77

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Nice. I wonder how long Andriod will keep paying Diop his £30k a week whilst telling AEK that he's worth a million Euros ?

 

Im sure AA has a plan and no doubt when they finally get into Europe the extra they have spent will be covered in full. ;)

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stevegrant

stevegrant

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Their chairman has been likened to a modern-day Robert Maxwell by the local paper :uhoh:

 

His businesses are £22m in debt, and they continue to get bailed out by Sainsburys, who have already agreed a deal to buy Roots Hall when they eventually move to their new ground at Fossett's Farm.

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EastleighSoulBoy

EastleighSoulBoy

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A proposed takeover on the anniversary of the takeover thread!!!

 

http://www.guardian.co.uk/football/2010/jul/08/portsmouth-balram-chainrai-andrew-andronikou

 

Now why doesn't that surprise me in the least?

 

It's something that I think most of us, in a more level headed moment, have foretold.

 

So, they may be in shallower waters by the time they play in America.

 

I do wonder what they think of it?

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sidthesquid

sidthesquid

Posted
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In other news...

 

http://www.portsmouth.co.uk/frattonlatest/Cotterill-keen-to-convince-The.6407838.jp?CommentPage=2&CommentPageLength=10

 

Handy Andy's mate Steve wants to keep Nugent, James & Mokoena for next season. That wont be much change from £100k/week, or £5 mill a year. Doesn't leave much for the rest of the squad to earn, does it? Or is this and other tales just to keep those season tickets selling to the deluded few?

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Gorgiesaint

Gorgiesaint

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A proposed takeover on the anniversary of the takeover thread!!!

 

http://www.guardian.co.uk/football/2010/jul/08/portsmouth-balram-chainrai-andrew-andronikou

 

Andronikou hopes to reduce the wage bill of the Championship club over the next two seasons. "In the first year to £13m, the second to £10m. It would help if one or two players would move on," he said.

 

Well thats the first change of figures from those quoted in the CVA then - struggling to reach your target of selling players or just can't be bothered?

 

CHEATS

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Gorgiesaint

Gorgiesaint

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Could somebody please remind me of the date by which HMRC must challenge the proposed CVA? Can't be long now, surely.....

 

I've always understood that the last date was the 15th July - but the Guardian article states the 16th. I would say we probably know better than some journo hack so 15th.

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stevegrant

stevegrant

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Andronikou hopes to reduce the wage bill of the Championship club over the next two seasons. "In the first year to £13m, the second to £10m. It would help if one or two players would move on," he said.

 

Well thats the first change of figures from those quoted in the CVA then - struggling to reach your target of selling players or just can't be bothered?

Just checked the CVA proposal, the first year's wage budget is £13.6m, so to be fair to him he's alright on that one.

 

That said, he then goes on to say that they're on the verge of selling Belhadj for £3.75m... only a few months ago, they were touting him around for £5m. Lenny Sowah was also valued at a fair bit more than £165,000. Not quite so easy, this selling players malarkey, is it, Android?

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Smirking_Saint

Smirking_Saint

Posted
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F*cking cheating c*nts, that will be disgusting if that happens.

 

Buy a company, run up loads of debt, force it into admin, fund your own 'bent' administrator, wipe out 80% of the debt, pick it up for a pittance.

 

I fully expect this to go through in the hope of taking them to the prem and making a quick buck.

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trousers

trousers

Posted
Posted
F*cking cheating c*nts, that will be disgusting if that happens.

 

Buy a company, run up loads of debt, force it into admin, fund your own 'bent' administrator, wipe out 80% of the debt, pick it up for a pittance.

 

.

 

If someone buying back a company that they previously steered into administration to avoid paying 80% of a huge debt is a legal activity in this country then I really do despair.

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Jonnyboy

Jonnyboy

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Posted
F*cking cheating c*nts, that will be disgusting if that happens.

 

Buy a company, run up loads of debt, force it into admin, fund your own 'bent' administrator, wipe out 80% of the debt, pick it up for a pittance.

 

I fully expect this to go through in the hope of taking them to the prem and making a quick buck.

 

sounds like something the global banking system would be totally cool with :rolleyes:

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St Jim

St Jim

Posted
Posted
A proposed takeover on the anniversary of the takeover thread!!!

 

http://www.guardian.co.uk/football/2010/jul/08/portsmouth-balram-chainrai-andrew-andronikou

 

typical quote we have come to love from AA -

 

Andronikou questioned why HMRC is considering a challenge. He said: "By challenging the CVA, HMRC could prevent Portsmouth exiting administration by the process and so avoid a further points penalty. Why would HMRC want to damage an asset they are a creditor of?"

 

hmmmmm! I wonder Mr Android

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JustMike

JustMike

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Just checked the CVA proposal, the first year's wage budget is £13.6m, so to be fair to him he's alright on that one.

 

That said, he then goes on to say that they're on the verge of selling Belhadj for £3.75m... only a few months ago, they were touting him around for £5m. Lenny Sowah was also valued at a fair bit more than £165,000. Not quite so easy, this selling players malarkey, is it, Android?

 

yeah especially when said players are total ****e :-)

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rallyboy

rallyboy

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So they've pulled back the curtain and AA was just a puppet being operated all along, polite applause.....

 

 

How much does Chanrai want to risk before he gives up on any return?

 

It owes him maybe £30M in loans with interest payments PLUS the cost of running the club through admin.

He'd have to find another £15M immediately?

 

£45M for a business in that state with pending 'issues', and with the initial parachute payments destined elsewhere?? Even Noel Edmonds couldn't get you to deal for that.

 

It's a long wait for a return, and during that time you wouldn't want to put anything in, it would just be a case of keeping it trading on life support until the final tv money appears.

 

No, the figures still don't add up.

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JackFrost

JackFrost

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If someone buying back a company that they previously steered into administration to avoid paying 80% of a huge debt is a legal activity in this country then I really do despair.

 

and it'll be a guide to every other club in the land on how to live beyond your means and escape with minimal punishment if it does go wrong

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angelman

angelman

Posted
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Interesting reading the skates on their footymad forum. Most seem unhappy and are being realistic about HMRC's position and the fact that if Chainrai takes over that a lot of people will have been shafted and effectively they will have cheated. They also feel that this would mean Storrie would be hanging around for longer.

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Scummer

Scummer

Posted
Posted
If someone buying back a company that they previously steered into administration to avoid paying 80% of a huge debt is a legal activity in this country then I really do despair.

 

Isn't that pretty much what bates did at Leeds?

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Gorgiesaint

Gorgiesaint

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Just checked the CVA proposal, the first year's wage budget is £13.6m, so to be fair to him he's alright on that one.

 

That said, he then goes on to say that they're on the verge of selling Belhadj for £3.75m... only a few months ago, they were touting him around for £5m. Lenny Sowah was also valued at a fair bit more than £165,000. Not quite so easy, this selling players malarkey, is it, Android?

 

Fair enough then.

 

Well Belhadj has gone for an undisclosed fee... hmm

 

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8802874.stm

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Gemmel

Gemmel

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Last week aa met with HMRC..... And then it went very quiet.

Now he's back and talking questioning the reasoning behind why they would challenge....Oh and portpin will buy it even if they do.

The reality is that aa already knows whether a challenge is likely (Based on their meeting) so for me this is all just part of the performance.

 

HMRC have 4 options

 

1) They do nothing, take it on the chin and move on (Unlikely)

2) They do not challenge the CVA and wait for the investigation into what went wrong (Part of the CVA proposal) and then go after the executives /gaydamak for the shortfall (Likely)

3) (Likely) They challenge the CVA on the grounds of the amount of debt taken into consideration against the CVA, the real debt figure and the fact that secured creditors voted, towards the CVA (I'm sure aa has a way around that one) The real debt figue is the interesting one. When the creditors list first came out, there were a numer of stories that the creditors list included debts that had been settled a long time ago. AA himself has that in his offical document that he expects the total debt to be DRAMATICALLY reduced, when proof of the debt is required, meaning that debt that didnt exist, still got a vote in the CVA (The administrator acted on behalf of everybody else (Voted on their behalf) other than 1/2 a dozen creditors)....if the debt wasnt real, then that sqews the % HMC would have acheived.

4 (Unlikely) HMRC have been working with the authorities and have got to bottom of any criminal activity, blow the whole thing open, seize the assets and arrest any wrongdoers.

 

So for me it's 2 or 3 ...... we'll find out next week

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hutch

hutch

Posted
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IMO this latest statement from AA is part of preparing the ground for fending off HMRC's challenge to the CVA, which we all suspect is coming.

 

Remember, last time they were in Court the buyers were forming a queue at the door.

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