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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Islander

Islander

Posted
Posted
I wonder what options are open to AA if deep down he realised he is bang to rights on the court case and is almost certain to lose? Would it save his face if just before the court case he were to say "Due to the dragged out nature of the CVA and the difficulty in finding a buyer to minimise further loses to the creditors I have been left with no option but to put the club into voluntary liquidation"

I really believe this is what will happen. Assuming HMRC win the case or even if it goes to appeal, UHY or Chanrai will not risk losing further money by continuing. As Hutch (I think) pointed out, the costs are huge and the previous injection of cash to fund administration must have run out by now and I can't see Chanrai risking anymore without the CVA. I really believe if HMRC win that will be the end of them. I also believe that the FL may have pushed for an early court date so they can start the season knowing P****y's position. They won't want to get into a situation the PL nearly found themselves in whereby they may have had to delete their record midway though the season.

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saintjay77

saintjay77

Posted
Posted
http://www.portsmouth.co.uk/sport/Fitting-sendoff-assured-for-Primus.6448635.jp

 

LMAO at the Saints' fans' comment on the Linvoy love-in:

 

"It will be very emotional when the pompey legend walks out on the pitch in front of 3,000 of the 'greatest fans in the world'."

 

And PLEASE do read what they say about Le Tisser, lol.

 

So deluded. Hope they disappear.

 

Lol they don't like it when one of us post something do they?

 

I liked the comment that goes on about how we will never win a major trophy again to match there record. Will be nice to see us in a few years competing fairly for the fa cup and doing pretty well at trying. Can't see them lot having th same success for a while.

 

Also they were in the lower regions of the FL for some time, I am surprised (not really) to not find there name as winners of the football league trophy. If we ever win the fa cup again then that will not only match the blue few but our tin pot trophy will also put us back ahead of them. How something so small can make such a difference. Lol

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saint si

saint si

Posted
Posted
Lol they don't like it when one of us post something do they?

 

I liked the comment that goes on about how we will never win a major trophy again to match there record. Will be nice to see us in a few years competing fairly for the fa cup and doing pretty well at trying. Can't see them lot having th same success for a while.

 

Also they were in the lower regions of the FL for some time, I am surprised (not really) to not find there name as winners of the football league trophy. If we ever win the fa cup again then that will not only match the blue few but our tin pot trophy will also put us back ahead of them. How something so small can make such a difference. Lol

 

Don't forget, if they are liquidated, and subsequently reform, then whatever trophies the old club won by cheating/in the dark ages will be irrelevant as the new club starts from zero...

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Jimmy_D

Jimmy_D

Posted
Posted (edited)
I've suggested before that, IMO, the sideshows are great fun, but keep your eye on the cash (or lack of it).

 

It's FAR more important than the CVA appeal.

 

Indeed. A CVA saying they only have to pay 4p in the £ a year is useless if they can't afford even that, and to afford it, they need about another £14M from this transfer window, £8M in January, crowds of about 13k-14k, and to avoid relegation so that they don't get reduced parachute payments.

Edited by Jimmy_D
circa is for dates >_<
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pedg

pedg

Posted
Posted

Trying to think what the likely scenario would be if HMRC win their appeal.

 

I guess the judge would be probably send AA to create another CVA but he will know then that HMRC will have enough to block the CVA and will do so as he will not be able to offer the 100% the HMRC will settle for.

 

Selling the company outside of the CVA does not remove the debts so whoever bought it would be responsible for the debts still and the team would get a 17 point or so deduction. Those still owed money would probably sue to make sure they got as much as they could of the parachute payments. Given that I don't think anyone in their right mind would buy them so its hard to some anything but oblivion sooner or later as the money runs out.

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Dark Munster

Dark Munster

Posted
Posted
:toppa: :blush:

Bravo. We won't tell them. ;)

 

P.S. If anyone missed this gem:

 

I'm sure the s cummers are all really jealous of us. What with us being on the edge of liquidation and them having a billionaire owner. We beat them with a team we couldn't afford and won the cup with cash we didn't have and it could mean the end of pompey. It wasn't worth it.

 

As for sl*ging off Le Tissier, you're having a laugh. You'd have to be a moron not to see what a genius player he was despite him being a s cummer.

 

It's no wonder our club is in such a mess when such a large section of our support is so thick.

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Dark Munster

Dark Munster

Posted
Posted
I really believe this is what will happen. Assuming HMRC win the case or even if it goes to appeal, UHY or Chanrai will not risk losing further money by continuing. As Hutch (I think) pointed out, the costs are huge and the previous injection of cash to fund administration must have run out by now and I can't see Chanrai risking anymore without the CVA. I really believe if HMRC win that will be the end of them. I also believe that the FL may have pushed for an early court date so they can start the season knowing P****y's position. They won't want to get into a situation the PL nearly found themselves in whereby they may have had to delete their record midway though the season.

 

Wow, top post. :D

 

But surely too good to be true?

 

prayer1.jpg.w300h450.jpg

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Dark Munster

Dark Munster

Posted
Posted
Trying to think what the likely scenario would be if HMRC win their appeal.

 

I guess the judge would be probably send AA to create another CVA but he will know then that HMRC will have enough to block the CVA and will do so as he will not be able to offer the 100% the HMRC will settle for.

 

Selling the company outside of the CVA does not remove the debts so whoever bought it would be responsible for the debts still and the team would get a 17 point or so deduction. Those still owed money would probably sue to make sure they got as much as they could of the parachute payments. Given that I don't think anyone in their right mind would buy them so its hard to some anything but oblivion sooner or later as the money runs out.

The only thing keeping them on life support at the moment is the promise of £48 million parachute money over the next 4 years. If the shit really hits the fan, I wonder if BC may try to cut a deal with the PL to get part of this up front (half, maybe?) and agree to forgo the rest? If so, as a secured creditor he'll maybe be able to trouser his wedge, AA will put Cheats FC into voluntary liquidation, and the rotten corpse will be thrown out of the league.

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hutch

hutch

Posted
Posted
"We were slightly disappointed when the apparent completed transaction to Fulham FC was rejected in favour of a smaller bid from tottenham hotspurs. When the tall footballer in question found out Mr Redknapp esquire was interested in employing his services he informed aquantances of his desire to once again ply his sporting trade under Mr Redknapps direction. We however are of the opinion that Mr Storrie, ex of this parish, was in receipt of a currency containing manilla envelope that influences his decision"

 

or something like that..

That, Sir, is one of the posts of this thread. Sheer class.

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Dark Munster

Dark Munster

Posted
Posted (edited)
when you remember how long Bournemouth struggled for and how hard it was for them to get low level emergency short term loans in.

 

Sonko on radio today saying he had other offers.

 

Once again, something not quite right!

Yes, indeed. Not to mention Lampitt: a rat joining a sinking ship smells very fishy.

 

CHEATING, LYING BASTARDS.

Edited by Dark Munster
Forget the required description.
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suewhistle

suewhistle

Posted
Posted
Trying to think what the likely scenario would be if HMRC win their appeal.

 

I guess the judge would be probably send AA to create another CVA but he will know then that HMRC will have enough to block the CVA and will do so as he will not be able to offer the 100% the HMRC will settle for.

 

Selling the company outside of the CVA does not remove the debts so whoever bought it would be responsible for the debts still and the team would get a 17 point or so deduction. Those still owed money would probably sue to make sure they got as much as they could of the parachute payments. Given that I don't think anyone in their right mind would buy them so its hard to some anything but oblivion sooner or later as the money runs out.

 

So would anybody registered on any of the Pompey sites like to put that scenario to them (in whatever disguise you think fit!)? I'd love to hear the reactions...

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Wes Tender

Wes Tender

Posted
Posted
Errr, gee fanks for the patronising stuff, again. I know you inferred it was me who would buy a holiday etc, etc. I can read. Shame you are incapable of seeing beyond anything other than a clunking literal response. It's that lack of perspective again, I think. The point was no one would buy a holiday in your sixth form analogy, except maybe you as you are the wally that came up with it. Hence why I wished you luck. Did you read that bit? Did you comprehend it?

 

I am right, it is as simple as that - the football creditors rule will not make football more circumspect. Other things might make football more circumspect, but the abolition of the football creditors rule isn't one of them.

 

And you can call for the FCR to be abolished, it's fairer on everyone, esp the butcher/baker/builder. Fine by me. But it won't make football clubs, players or agents "more circumspect" in any meaningful way. That's pie in the sky.

 

You making up dopey analogies and getting all offended by name calling - like you've never had a pop at me - does not make you win the argument.

 

I know my limitations and I bow to you as the master patroniser of this entire forum. I couldn't hold a candle to you when it comes to smugness either, so better that I admit to recognising your infallability. I also accept that there is nobody better qualified to recognise pie in the sky when you see it too.

 

But surely you don't think that I was offended by the childish name calling? Why would I be offended by something so puerile? Water off a duck's back I'm afraid. Sorry to disappoint.

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hutch

hutch

Posted
Posted
The only thing keeping them on life support at the moment is the promise of £48 million parachute money over the next 4 years

Not quite. That was the only thing keeping them on life support 6 months ago. The only thing keeping them on life support now is the anticipation of around c.£10m from player sales in the next month (with more to come in January?)

 

If the shit really hits the fan, I wonder if BC may try to cut a deal with the PL to get part of this up front (half, maybe?) and agree to forgo the rest?

IMO, the PL/FL will want to ascertain whether the "football creditors" are £19.6m, £22.4m or £35m (all figures in Andy's "loose" CVA), before even considering that. Once they arrive at a "leftover" figure, I really can't see them paying that upfront. The "money from the sky" is, as it stands at the moment, payable over 4 years, not in one hit. They could, in theory, borrow against the future income, but what "legitimate" lender would lend money to a bankrupt Company? :rolleyes:

 

If so, as a secured creditor he'll maybe be able to trouser his wedge, AA will put Cheats FC into voluntary liquidation, and the rotten corpse will be thrown out of the league

But don't hang around. The longer he waits, the more money that goes out the door to pay mercenaries sitting on the beach.

 

As a businessman, it seems to me that it's becoming more and more clear that there is more flesh on the bones in liquidation than there is in suppporting the patient. Tough choice.

 

And no disrespect to DM, your post just seemed to encapsulate the relevant issues at the present time, IMO.

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tony13579

tony13579

Posted
Posted
http://www.guardian.co.uk/football/2010/jul/30/fulham-court-action-premier-league-dave-richards

 

"Though he accepts he did speak with Portsmouth's then chief executive, Peter Storrie – a personal friend – Richards denies he sought to assist Spurs over Fulham."

 

I not not sure that will help his case!!

Hang on! This is a private sale of players between football clubs, one is offering a full payment 9m and the other is offering 11m in installments. PFC was/is desperate for cash now. PFC can choose which offer is better for them. Speed is sometimes the game.

 

Also football is a compettitive sport on and off the pitch. you compete by building the best team, offering the best wages, facilities and you compete by networking an army of contacts scouts and agents and sell your deal to the player club and agent responsible for the player you want.

 

I see nothing wrong with this deal. It is for the PL to vote thier chairman out if they choose to , not go running to the courts. Mummy Mummy its SO not fair!

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Chin Strain

Chin Strain

Posted
Posted
Hang on! This is a private sale of players between football clubs, one is offering a full payment 9m and the other is offering 11m in installments. PFC was/is desperate for cash now. PFC can choose which offer is better for them. Speed is sometimes the game.

 

Also football is a compettitive sport on and off the pitch. you compete by building the best team, offering the best wages, facilities and you compete by networking an army of contacts scouts and agents and sell your deal to the player club and agent responsible for the player you want.

 

I see nothing wrong with this deal. It is for the PL to vote thier chairman out if they choose to , not go running to the courts. Mummy Mummy its SO not fair!

 

It's never that simple though. Dave Richards, a 'personal friend of Peter Storrie' seems to have been connected to Pompey rather a lot over the past 12-18 months. After all, he had his hands all over the Al Faim takeover, and the stories that Shinawatara was involved.

 

http://www.guardian.co.uk/football/blog/2009/jun/17/david-conn-portsmouth-takeover

 

Until details of the Fulham offer become public it's hard to say whether Spurs offer was better or not for Pompey. Ultimately the fact that Richards seems to have become involved in this at all would seem to be contrary to his position in the PL, and he has got previous with Pompey last summer.

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Red and White Army

Red and White Army

Posted
Posted
I'm quite surprised you take this view. Your above "not.. more circumspect" and "money up front" are a bit contradictory: isn't asking for more money up front being more circumspect. Plus you missed a point I made earlier: with what money are these unscrupulous clubs going to gamble? At the moment they are relying on paying by instalments using the promise of future revenue streams. If you think banks aren't more aware of football's wider problems now, particularly with the Poortsmouth example freshly in mind I really do question your views. We have our own 1 year old example of the withdrawal of an overdraft, haven't we? So if they have to pay up front more often, which I think you have accepted will happen, how are these unscupulous clubs going to fund the gamble?

 

CB Fry tried to take a position a few months ago, but he didn't think it through properly and I called him out on it. Since he is an internet warrior, he is unable to admit when he is wrong and is now firmly welded to this mistaken view....... the same theme has come up a few months later and he is still too immature to admit his error and move on.

 

You can debate this, but he will never change his mind..... don't say I didn't warn you!

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alehouseboys

alehouseboys

Posted
Posted
It's never that simple though. Dave Richards, a 'personal friend of Peter Storrie' seems to have been connected to Pompey rather a lot over the past 12-18 months. After all, he had his hands all over the Al Faim takeover, and the stories that Shinawatara was involved.

 

http://www.guardian.co.uk/football/blog/2009/jun/17/david-conn-portsmouth-takeover

 

Until details of the Fulham offer become public it's hard to say whether Spurs offer was better or not for Pompey. Ultimately the fact that Richards seems to have become involved in this at all would seem to be contrary to his position in the PL, and he has got previous with Pompey last summer.

 

...and as someone pointed out earlier if Fulham had already done a deal with the cheatingskates for £11m in instalments but then 'onest 'arry gazumps 'em with a £9m up front, the cheatingskates were in a very good negotiable situation and surely gone back to Fulham and see if they would match/beat it. They could have got themselves a even better deal f'sure...and, of course, that would have been the only decent thing to do...oh...

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Red and White Army

Red and White Army

Posted
Posted

Yeah sorry! Let's get back to the subject matter. Pompey are not yet toast but I think they're at least some pretty warm bread. The fat lady may not be singing but she is humming along to the music and voicing a few words!

 

I agree that the day in court is not the only one of Pompey's worries - one has to wonder how long the 6 million injection from Chanrai is going to last.... I doubt too many clubs or businesses are extending much in the way of credit to Pompey at the moment! I have not been through AA's figures in detail - I think it's not worth it given how unreliable they are likely to be..... however some back of the fag packet calculations shows a bit of a cash crunch is imminent.

 

Whoever made the argument about the Football League not wanting to be in the same situation as the Premier League has a very valid point indeed..... even if they limp on it has to be odds on they blow up sometime in the next 12 months and it would provoke a lot of embarrassment if the Football League did have to revoke all fixtures played... especially if it changed either business end of the table.

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rallyboy

rallyboy

Posted
Posted

If you look at the small print they are allowed to buy players under the embargo as long as they don't own cars.

And their latest medical involves being able to climb over glass-topped walls and outrun security dogs across open land - Kanu is missing the first game with rabies.

 

 

 

 

 

It's official now, AA is thick.

 

Running a business - question 142

You take over a business that has a serious dispute with someone who owns land vital to the day to day running of the business.

Do you

a. Come to an immediate arrangement.

b. Negotiate even though you don't want to.

c. Hide in the back office and pretend the problem doesn't exist.

d. Arrogantly flick the V's in their face until they inevitably close you down and then bleat about how you couldn't see this coming and it's everyone else's fault.

e. A combination of C and D.

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Wes Tender

Wes Tender

Posted
Posted
For a few posts I thought we had got back to the subject matter!

 

Well, this sidetrack discussion over player sales is loosely connected, as the Skates have brought about HMRC going back to court to have the FCR's rule overturned, amonst other things.

 

It's inevitable that side issues will be debated as stocking fillers before the metaphorical Christmas arrives for us on 3rd August.

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pedg

pedg

Posted
Posted
Yeah sorry! Let's get back to the subject matter. Pompey are not yet toast but I think they're at least some pretty warm bread. The fat lady may not be singing but she is humming along to the music and voicing a few words!

 

I agree that the day in court is not the only one of Pompey's worries - one has to wonder how long the 6 million injection from Chanrai is going to last.... I doubt too many clubs or businesses are extending much in the way of credit to Pompey at the moment! I have not been through AA's figures in detail - I think it's not worth it given how unreliable they are likely to be..... however some back of the fag packet calculations shows a bit of a cash crunch is imminent.

 

Whoever made the argument about the Football League not wanting to be in the same situation as the Premier League has a very valid point indeed..... even if they limp on it has to be odds on they blow up sometime in the next 12 months and it would provoke a lot of embarrassment if the Football League did have to revoke all fixtures played... especially if it changed either business end of the table.

 

Do clubs not have to make a commitment (financial?) to confirm they will play all their fixtures? If they do go pop could the other clubs try and compensation from the league for the loss of earnings, after all their supporters will have one less home game to attend (and one less on season tickets obviously).

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eurosaint

eurosaint

Posted
Posted

 

This article (if true?) would indicate that Gaydamak and Chanrai are NOT in cahoots together, which would surprise me, as all along there seemed to be a devious connection !!

Personally I don't see any great financial gain for Gaydamak taking this action, so it looks like he is being bloodyminded (if true, of course!).

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Wes Tender

Wes Tender

Posted
Posted
It's never that simple though. Dave Richards, a 'personal friend of Peter Storrie' seems to have been connected to Pompey rather a lot over the past 12-18 months. After all, he had his hands all over the Al Faim takeover, and the stories that Shinawatara was involved.

 

http://www.guardian.co.uk/football/blog/2009/jun/17/david-conn-portsmouth-takeover

 

Until details of the Fulham offer become public it's hard to say whether Spurs offer was better or not for Pompey. Ultimately the fact that Richards seems to have become involved in this at all would seem to be contrary to his position in the PL, and he has got previous with Pompey last summer.

 

A lot of emphasis has been placed on the position of the clubs, should the Skates have gone back to Fulham to have upped their offer, should Richards have got himself involved, etc. But surely another pertinent factor is what Crouch wished to do. He might have preferred to reunite himself with Redcrap, considered that his chances of playing for England or in Europe were better with Spurs, liked playing alongside Defoe, all sorts of reasons. So although the Skates desperation for money up front might have been a major factor, Crouch may have indicated his preference to go to Spurs regardless.

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carljack

carljack

Posted
Posted
This article (if true?) would indicate that Gaydamak and Chanrai are NOT in cahoots together, which would surprise me, as all along there seemed to be a devious connection !!

Personally I don't see any great financial gain for Gaydamak taking this action, so it looks like he is being bloodyminded (if true, of course!).

 

To be honest Euro I reckon Sherlock Holmes would struggle ,how the Football authorities ever let a wanted arms dealer anywhere near a Prem Club beggars belief and it did not stop there, the Cast that has followed are all as dodgy as fook even the "administrator" has previous,Storrie Redknapp Al Faraj................etc,as the great John Arlott once told me Football has and always been a "Bit Seedy" if only he knew just how Seedy.

 

SAINT TILL I DIE!

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St Chalet

St Chalet

Posted
Posted
This article (if true?) would indicate that Gaydamak and Chanrai are NOT in cahoots together, which would surprise me, as all along there seemed to be a devious connection !!

Personally I don't see any great financial gain for Gaydamak taking this action, so it looks like he is being bloodyminded (if true, of course!).

 

Unless AA has to buy the land at a commercial rate to continue trading by diverting player sale money....... "We had no option M'Lord"

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Shrek

Shrek

Posted
Posted
Pompey are like the last in line in a "Human Centipede", starting with Gaydamak at the front.

 

I'm not sure what is more unbelievable, that film or the hilarious situation the skates seem to have gotten themselves into! :D

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Minsk

Minsk

Posted
Posted
Do clubs not have to make a commitment (financial?) to confirm they will play all their fixtures? If they do go pop could the other clubs try and compensation from the league for the loss of earnings, after all their supporters will have one less home game to attend (and one less on season tickets obviously).

 

I'm pretty sure that's a new rule for the PL this year this year (obviously following what happened to Poorsmiff) but am not sure about the FL. One would have thought not, as clearly there is no guarantee of Poopy even starting the season let alone finishing it!

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mack rill

mack rill

Posted
Posted
A lot of emphasis has been placed on the position of the clubs, should the Skates have gone back to Fulham to have upped their offer, should Richards have got himself involved, etc. But surely another pertinent factor is what Crouch wished to do. He might have preferred to reunite himself with Redcrap, considered that his chances of playing for England or in Europe were better with Spurs, liked playing alongside Defoe, all sorts of reasons. So although the Skates desperation for money up front might have been a major factor, Crouch may have indicated his preference to go to Spurs regardless.

 

In one As soon as the freak found out (phone call from 'arry) that the yids wanted him, He stamped his feet and said (I ain't going nowhere if i cant play for 'arry),,,,,,,,,Foolem are wasting there time.

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hutch

hutch

Posted
Posted
This article (if true?) would indicate that Gaydamak and Chanrai are NOT in cahoots together, which would surprise me, as all along there seemed to be a devious connection !!

Personally I don't see any great financial gain for Gaydamak taking this action, so it looks like he is being bloodyminded (if true, of course!).

Q. The money from player sales is going to the bankrupt company. If the company is liquidated, is there any way to get that money back out before it has to be spread evenly between the creditors?

 

A. .....................

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Clapham Saint

Clapham Saint

Posted
Posted
Q. The money from player sales is going to the bankrupt company. If the company is liquidated, is there any way to get that money back out before it has to be spread evenly between the creditors?

 

A. .....................

 

Not directly. It could be argued that "new co" would not pay as much for the assets of "old co" as there are now fewer assets, however I'm not entirely sure the players could be accurately described as "assets"...

 

There's still the small matter of finding a buyer too of course.

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mack rill

mack rill

Posted
Posted

 

Hate to pizz on you pony boys cornflakes, (snooze) trying to sell papers again, The only punters to use that waste ground (car park) on match days are a few rich fat bastards who cant be bothered to walk a few 100 yards, and players , Oh and the sky trucks, But i don't think we will be seeing them again for a while, There are lodes of places to park within a two mile radius of FP so why pay. Its not the football ground thats locked,,,,sorry.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Hate to pizz on you pony boys cornflakes, (snooze) trying to sell papers again, The only punters to use that waste ground (car park) on match days are a few rich fat bastards who cant be bothered to walk a few 100 yards, and players , Oh and the sky trucks, But i don't think we will be seeing them again for a while, There are lodes of places to park within a two mile radius of FP so why pay. Its not the football ground thats locked,,,,sorry.

 

Which is why your fish fiddling brothers (sorry Dads) sisters (sorry Mums) etc have got a collective hair across their ar55es about it.

 

http://www.portsmouth.co.uk/newshome/Gaydamak-seizes-back-Pompey-car.6448524.jp

 

One bonfire, smouldering but looking to ignite on the 3rd.

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