Pompey Takeover Saga

[Um Bongo]

Tomorrow could be one Awesome birthday.

[Chin Strain]

I do have a few friends who are Pompey fans, and ST holders. I do feel for these guys but, I have to say, pretty much none of them were understanding of the fact that the club had cheated and were quite happy to rub my nose in it after the cup game...despite the simple facts that they were cheating against us. That said, it's hard for them to see their club going down the toilet, so hard for me to want them gone. The way I see it though is, hard as it may be for them, it's currently not their club. Until they get shot of all the bent businessmen, directors, hangers on, chancers sniffing around the tv money the club will never be theirs. I honestly think the fans would be better off for the club to be liquidated and for them to start again about 5 levels below the FL.

 

My feeling, excluding any thoughts of friends who are Pompey fans, is that they need to be liquidated and there to be a thorough investigation. The PL and FL rules need to be ripped up and started again with regards finances, and how transfer fees and wages are paid. It would be an absolute scandal if they came out of this with no further points deduction, £millions to rebuild the side and promotion back to the PL so they can start the whole process again.

 

So, in summary.....it's toast for me!

[Dark Munster]

just in

Mark:

Mr Sheldon painted a Domesday scenario for the judge if he fails to back the club in his verdict.

He said if the Revenue won the club 'in all likelihood would go into liquidation'.

He said it would prevent Mr Chainrai becoming the new owner.

'There is no other purchaser. The only other way in which this club can move forward is through this proposed sale.

'Of course, there may be problems ahead, I do not doubt that.'

Mr Sheldon said HMRC wanted Pompey to be placed in liquidation and that the taxman claimed if this happened 'the demise of the club was not inevitable'.

But Mr Sheldon told the judge this was exactly what would happen.

He added: 'If the club is not sold or very nearly sold by the start of the season it will clearly be relegated out of the football league.

'This will happen because the administrators cannot give the assurances needed that the season's fixtures can be completed.

'It will then go out of the Football League and into some distant league, but the reality is that it will probably go into liquidation because the administrators will not be able to fund the continued business.'

He continued: 'The evidence for this is quite clear. Mr Andronikou is quite clear about what the consequences would be if the CVA fails.' Wednesday August 4, 2010 16:31 Mark

[Gingeletiss]

Those of you, who are letting sentiment cloud their judgment, please remember 12 years ago, when the cheats had their rehearsal, laughing and giving two fingers to everyone, whilst they reformed as PCFC.

[saintjay77]

I do have a few friends who are Pompey fans, and ST holders. I do feel for these guys but, I have to say, pretty much none of them were understanding of the fact that the club had cheated and were quite happy to rub my nose in it after the cup game...despite the simple facts that they were cheating against us. That said, it's hard for them to see their club going down the toilet, so hard for me to want them gone. The way I see it though is, hard as it may be for them, it's currently not their club. Until they get shot of all the bent businessmen, directors, hangers on, chancers sniffing around the tv money the club will never be theirs. I honestly think the fans would be better off for the club to be liquidated and for them to start again about 5 levels below the FL.

 

My feeling, excluding any thoughts of friends who are Pompey fans, is that they need to be liquidated and there to be a thorough investigation. The PL and FL rules need to be ripped up and started again with regards finances, and how transfer fees and wages are paid. It would be an absolute scandal if they came out of this with no further points deduction, £millions to rebuild the side and promotion back to the PL so they can start the whole process again.

 

So, in summary.....it's toast for me!

 

I agree with you, if it were anyone other than Pompy I would feel very sorry for the supporters as its a few dodgy people at the top that would have ruined it for so many.

 

Ultimately I hope the judge sides with HMRC so proper messures can be taken against the previous owners and rules can be changed throughout football. I think the side with us or we are gone is a bit drastic as if the appeal fails Chainrai can take over, pull the club out of admin albeit with a points penalty and expect another WUP from HMRC. He might ultimatly have to pay out more as a result of that but he will have the club and be in a position much the same as we were, as in league 1 but with a way forward to push in the right direction.

 

To be honest, if that was the path they chose to take in the 1st place they might not have seen so much resistance from HMRC. The blatent trying to f*ck over every man and his dog approach has in the end put them into this position.

 

So right result for us tomorrow and Chainrai to still come to the rescue with a longer plan to get his money back than he hoped.

[Viking Warrior]

Well they were warned to be wary of greeks bearing gifts. seems like AA may be the grim reaper after all

 

And as seems fitting I have just had two slices of toast

[View From The Top]

F**k 'em.

 

Let them die.

[Trader]

Here's hoping

[Dark Munster]

i thought AA was taking calls from LLoyd , Russians and many other groups to buy them, not just Chanrai. the judge needs to recall those papers when they were put in front of the winding up court where Storrie told them they had lots of offers

Yes, but the lying cheats will merely say that all those hundreds of interested parties, willing to plough millions into the club, were scared off and left because of the CVA not going through, and so it's all the big bad HMRC's fault.

[hamster]

I have just had two slices of toast

 

TOAST! It's tea-time ffs.

[pedg]

Still wonder who paid for the 'alternative CVA'? It may well have been used by HMRC in their submission to show that the administrator had clearly more interesting in maintaining a competitive club for chainrai than getting the best deal for the creditors as he should have done.

[Draino76]

I'm having toast tomorrow morning. I don't usually but I think it will feel right.

[EastleighSoulBoy]

130,000,000+ slices of toast please.

[Chin Strain]

I agree with you, if it were anyone other than Pompy I would feel very sorry for the supporters as its a few dodgy people at the top that would have ruined it for so many.

 

Ultimately I hope the judge sides with HMRC so proper messures can be taken against the previous owners and rules can be changed throughout football. I think the side with us or we are gone is a bit drastic as if the appeal fails Chainrai can take over, pull the club out of admin albeit with a points penalty and expect another WUP from HMRC. He might ultimatly have to pay out more as a result of that but he will have the club and be in a position much the same as we were, as in league 1 but with a way forward to push in the right direction.

 

To be honest, if that was the path they chose to take in the 1st place they might not have seen so much resistance from HMRC. The blatent trying to f*ck over every man and his dog approach has in the end put them into this position.

 

So right result for us tomorrow and Chainrai to still come to the rescue with a longer plan to get his money back than he hoped.

 

I think, ultimately, this is the main reason I want them gone. The cheating, lying, manipulative attitude they decided to take when it was obvious in August they were struggling is nothing short of scandalous. That's the bit that really, really gets my goat. If I'm honest, it's not just because it's Pompey. If it was Arsenal, Hull, Birmingham or anyone else I'd have the same view (maybe I wouldn't have taken so much interest though....).

 

What I don't understand is why the PL and FL seem to be incapable of organising a straightforward system that regulates transfer fees etc better. The PL claim that without the FC rule Watford would have gone into admin last year. Er, no. If Pompey agree a deal whereby they pay £2m for a player, and that kicks in after 20 appearances (or whatever), then the buying club deposits £2m in an escrow account. Once the appearances are made, Watford get the cash. Likewise, how did they still owe Chelsea a sell on clause when Johnson went to Liverpool for £17m? Wouldn't it be simple if, for example, Pompey owed CHelsea £5m, then the minimum that Liverpool would have to pay up front would be £5m to cover the sell on. All transfer fees go through the FA (or PL), so they pay those funds directly to Chelsea. Meanwhile, the remaining funds go into an escrow for payment as they fall due. It shouldn't be that hard. What it might mean is that transfer fees become more realistic as clubs realise they have to stump the cash for players. Would that be such a bad thing?

[Under Weststand]

So how about this for a menu for tomorrow??

A little TOAST for Breakfast, then a light lunch of grilled sardines on TOAST, a couple of glasses of bubbly mid afternoon & raise a TOAST to the Mann. Followed of by a hearty helping of Well grilled SKATE over an open fire whilst listening to the concert from Montserrat Caballe

MMmmm mouth watering!

[Master Bates]

[RUN RABBIT, RUN RABBIT]:- Die Pompey, die Pompey, die, die, die, Deluded skate fans keep on asking why why why? Because you're tax dodging charity stealing cu.nts, so die Pompey, die Pompey, die, die, die.

[Dark Munster]

Mark: When the hearing resumed Mr Sheldon told the judge: 'The players clearly have an interest in the Company Voluntary Agreement.

'If the CVA was approved the players would be paid for the continuation of their contracts.

'That has a real benefit to the players because they are continued to be paid at Premier League levels [via Premiership cash made as parachute payments] whereas if they are paid by CVA funds the players become free agents, their contracts are terminated and they become unsecured creditors of the company for the unexpired portion of their existing contracts.

'This means they would lose the benefits of their existing contracts,'

he added.

Earlier Mr Sheldon said Pompey received an £11m parachute payment from the Premier League between December 24, 2009, and January 31 this year.

There was a further payment of £1.5m between February 1 and February

26 and another of £1.7m after the club went into administration.

 

Dirty, cheating....

.... lying bastard.

 

http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7025709.ece

 

February 13, 2010

Portsmouth’s plea for early delivery of parachute payment refused

 

Oliver Kay, Football Correspondent, Nick Szczepanik

 

Portsmouth were told by the Premier League last night that there is no way it can sanction an emergency payment of next season’s broadcast revenue to save the club from administration.

[Johnny Bognor]

So how about this for a menu for tomorrow??

A little TOAST for Breakfast, then a light lunch of grilled sardines on TOAST, a couple of glasses of bubbly mid afternoon & raise a TOAST to the Mann. Followed of by a hearty helping of Well grilled SKATE over an open fire whilst listening to the concert from Montserrat Caballe

MMmmm mouth watering!

 

Washed down with some liquid (ation) refreshment - I fancy a nice bottle of whine.

[Dark Munster]

so so far we have:

 

Players who were possibly not eligible to vote voting in the cva

including all parachute payments in cva when they had already had an advance

ignoring a hmrc assessment without having the appeal.

 

hmrc 3 cheats fc 0

[aintforever]

I don't think they will liquidate if the CVA fails, it's just Chanrai's scare tactics.

[revolution saint]

I'm no expert but surely the only question the judge needs to consider is "Is the CVA legal"? Morally I'm sure the football creditors rule is wrong but maybe not in law. the biggest thing seems to be the disputed difference in debt between HMRC's valuation and the administrator. I'd side with HMRC on this one and would hope the judge will too.

 

If Pompey's defence is to rely on some heart string pulling rhetoric then surely that's no defence at all? In fact if I were the judge I think that would strengthen my resolve - if it's that bad now then they really don't stand a chance of fulfilling their obligations even with the CVA.

 

If they do end up liquidated then I won't shed a tear. I know some Pompey fans - none of them are decent.

[Saint_John]

So they have had £14m of parachute money already and still have roughly £22m of outstanding football debt which the Football authorities plan to withhold so they can pay it off.

 

Leaves Pompey with only £12m of parachute payments over the next 4 years of the proposed CVA. Did it say that in the CVA? I don't think so....

 

What happened to the 2nd installment of money from the previous season ?

I believe the PL money from the 08/09 season was paid to clubs in August 09 and Jan 10 to clubs and should have been about that amount.

 

I know what was reported in court BUT COULD the £11M they received in Jan 10 in fact be the money from the previous season ? and we have yet another example of the CHEATS trying to pull the wool over the eyes of the Judge by making out it is advance payments for the 09/10 season ?

[stevegrant]

I'm no expert but surely the only question the judge needs to consider is "Is the CVA legal"? Morally I'm sure the football creditors rule is wrong but maybe not in law. the biggest thing seems to be the disputed difference in debt between HMRC's valuation and the administrator. I'd side with HMRC on this one and would hope the judge will too.

 

If Pompey's defence is to rely on some heart string pulling rhetoric then surely that's no defence at all? In fact if I were the judge I think that would strengthen my resolve - if it's that bad now then they really don't stand a chance of fulfilling their obligations even with the CVA.

 

If they do end up liquidated then I won't shed a tear. I know some Pompey fans - none of them are decent.

I actually think the biggest issue now is Android's inclusion of the current players in the list of creditors, claiming money that isn't actually due to them yet, but will become due over the course of the players' contracts. The salaries are up to date as far as I'm aware, albeit they've been late paying them quite a few times, obviously, so it's not money that's actually owed to the players yet. Just because they're on fixed-term contracts, I'm not sure that entitles them to that money if the club goes under.

[Under Weststand]

I'm no expert but surely the only question the judge needs to consider is "Is the CVA legal"? Morally I'm sure the football creditors rule is wrong but maybe not in law. the biggest thing seems to be the disputed difference in debt between HMRC's valuation and the administrator. I'd side with HMRC on this one and would hope the judge will too.

 

If Pompey's defence is to rely on some heart string pulling rhetoric then surely that's no defence at all? In fact if I were the judge I think that would strengthen my resolve - if it's that bad now then they really don't stand a chance of fulfilling their obligations even with the CVA.

 

If they do end up liquidated then I won't shed a tear. I know some Pompey fans - none of them are decent.

 

I tend to agree with that, At the end of the day that is what the judge is holding this hearing for. Does the CVA stand up to inspection & the questions that are being asked. The rhetoric they came out with at the end should be meaningless to the judge. He should be making a decision based on the facts. The worst FACT for Poorsmouth is with the revelation that they have had 11-million of the Parachute money already, & will have 22-million withheld for football creditors, he should then be asking himself how the hell are they going to service the CVA?? Just doesn't add up! But then I'm not using one of AA's calculators.

[benjii]

What happened to the 2nd installment of money from the previous season ?

I believe the PL money from the 08/09 season was paid to clubs in August 09 and Jan 10 to clubs and should have been about that amount.

 

I know what was reported in court BUT COULD the £11M they received in Jan 10 in fact be the money from the previous season ? and we have yet another example of the CHEATS trying to pull the wool over the eyes of the Judge by making out it is advance payments for the 09/10 season ?

 

I think you can rule out lying/being deceptive in court. This is a respected QC. He would not do that.

 

There is a big question mark over what this payment in January was though. At the start of the day they were talking about the parachute payments to come and it was agreed it was the publicised £48m. So what the hell was this January payment and the subsequent ones? Was it an advance of television money due to be paid at the end of the 2009/10 season?

 

I'm not too clued up on this area but I suspect the question before the judge goes beyond determining whether the CVA was procedurally correct or not. I think it is clear that it wasn't as there seems to have been no rebuttal of the point around AA summarily dismissing HMRC's assessment. But, I think the judge, to allow HMRC's appeal, needs to be convinced that any procedural irregularity was unfairly prejudicial to HMRC.

 

Anyway, I'm not really sure, like most of us!

 

F5's everywhere are going to get one hell of a thrashing tomorrow afternoon!

[buctootim]

There is a big question mark over what this payment in January was though. At the start of the day they were talking about the parachute payments to come and it was agreed it was the publicised £48m. So what the hell was this January payment and the subsequent ones? Was it an advance of television money due to be paid at the end of the 2009/10 season?

 

Its odd. Would have been strange to give an advance on parachute payments not yet earned (as they werent relegated at that time).

[revolution saint]

I actually think the biggest issue now is Android's inclusion of the current players in the list of creditors, claiming money that isn't actually due to them yet, but will become due over the course of the players' contracts. The salaries are up to date as far as I'm aware, albeit they've been late paying them quite a few times, obviously, so it's not money that's actually owed to the players yet. Just because they're on fixed-term contracts, I'm not sure that entitles them to that money if the club goes under.

 

Absolutely and it's such a crap excuse. It's like something a school kid would come up with. I'll be honest that I expected a lot of baffling legalese but if that's the best they can come up with? I just can't see how the CVA is legal, realistic or in the best interest of the creditors.

[Matthew Le God]

Its odd. Would have been strange to give an advance on parachute payments not yet earned (as they werent relegated at that time).

 

It doesn't matter if they stayed up or went down they would have been entitled to that money. The problem is they got it early.

[Gingeletiss]

It doesn't matter if they stayed up or went down they would have been entitled to that money. The problem is they got it early.

 

I suspect the papers will have a field day with this tomorrow!

[aintforever]

I'm glad the other premier league club's attitude is now out in the open:

 

"The other clubs wanted "to boot Pompey out there and then", Sheldon said.

He added: "The clubs wanted Portsmouth to go to the wall and divide all the TV money among themselves.""

 

Rest assured that's exactly how the other Football League clubs will be thinking, even if they escape this court case they will still be penalised IMO.

[Tractor_Saint]

Don't forget, even if Pompey win tomorrow

 

You sure you're not one of 'them'? You reckon they'll win anything from this point forwards?

 

However, I did say to the other half whilst reading a piece about Poopey in the paper at Legoland yesterday that it'd be just our fishy friends luck to beat the Sky Blues on the first game of the season. Specially as they have no real players...

[alpine_saint]

This club needs to die, and die fast.

 

I see the Chairman of the Premier League has now been accused of being in cahoots with them over the Crouch transfer.

 

They stink up everything they touch.

[Whitey Grandad]

I'm glad the other premier league club's attitude is now out in the open:

 

"The other clubs wanted "to boot Pompey out there and then", Sheldon said.

He added: "The clubs wanted Portsmouth to go to the wall and divide all the TV money among themselves.""

 

Rest assured that's exactly how the other Football League clubs will be thinking, even if they escape this court case they will still be penalised IMO.

 

How can it have been a fair competition if one club was allowed to receive extra money early? There must be several others who were not so profligate and who could have used advanced payments to strengthen their squad.

[Spudders]

Was supposed to be working away tomorrow but can work from home now. Happy days!!!!

[pedg]

Thinking about:

 

'The other clubs wanted Portsmouth Football Club to go to the wall and divide all the TV and other money among themselves,'

 

It may be true that the other clubs wanted rid of pompey for a number of reasons but I very much doubt their main desire was to get an extra share of the pie as this statement suggests. In fact if I was the PL I would be taking issue with this statement as it defames the PL and I very much suspect he has not proof that it is true.

[Gingeletiss]

Hey Ho, they're starting to kill themselves!!

 

my_pfc_dream Posted on 04/08/2010 20:42

Email Sent to CEO of HMRC - Short and Sweet

Report Message | Email Message To A Friend | Reply To Message

 

Portsmouth FC is the only thing I have left in my life! Take it away from me and my life will be gone forever! It's in your hands...

[swannymere]

You do know they're going to wriggle out of it, don't you? Everyone seems to be under the assumption that they're toast, i still can't see them losing the case. Hope i'm wrong.

[RedArmy]

You do know they're going to wriggle out of it, don't you? Everyone seems to be under the assumption that they're toast, i still can't see them losing the case. Hope i'm wrong.

Agreed.

[View From The Top]

No matter who wins it will go to appeal.

[merrimd]

Its odd. Would have been strange to give an advance on parachute payments not yet earned (as they werent relegated at that time).

 

I am sure I remember reading at the time they were after the money and it was said that if the money would be parachute money if they were relegated, or tv money if they stayed up. either way, it was due to them in august and they wanted it early.

 

Doesnt stop them being CHEATS though.

[Rebel]

its unbelievable really that they didn't sell all of their high earners back in the January transfer window - but nope they actually bought players in (Owusu and O'Hara) and played them against us in the FA cup when they couldn't even afford to pay them

 

I've had the 'you were cheating' argument with my Pompey brother in-law many times since then!

[saint J]

You do know they're going to wriggle out of it, don't you? Everyone seems to be under the assumption that they're toast, i still can't see them losing the case. Hope i'm wrong.

 

+ 1

[ericofarabia]

Did it earlier, about a million posts ago but this really deserves a listen ... just make the lyric to "They're toast" and join in.

 

http://www.youtube.com/watch?v=kAfOUnYrtPQ

 

and of course ....

 

 

Enjoy.

Edited 4 August, 2010 by ericofarabia

[brightspark]

To the doubters,

 

There is something seriously messed up if all of these facts are ignored and Pompey win this case, because "it would be sad if they went out of business" or "twas a mistake" or "we're not the ones you should be after" or "we've the bestest fans in the world and it aint their fault".

 

Yes, there is a track history of football clubs being treated preferentially over small business - an example of this is the constant adjournments of winding-up orders suffered by the likes of Cardiff, Southend and the skates last season. But you have to believe that if what is coming out in the open in court is true then Pompey have little chance of being able to win the judge over on every single misconduct.

 

On a crunchier note, just opted for toast to breakfast in honour of the blue fews predicament!

[Channon's Sideburns]

Hope the fookers die.

 

the club is a cesspit - from top to bottom.

 

Liquidate or Liquidise - they don't deserve to survive.

 

LYING CHEATING BASTARDS

 

For any Pompey reading this (apart from Mero, cause he gets what we're on about and seems a sound bloke) - go onto Google, and search on 'AFC Bournemouth embargo'

 

READ AND LEARN SOMETHING

[Amesbury Saint]

You do know they're going to wriggle out of it, don't you? Everyone seems to be under the assumption that they're toast, i still can't see them losing the case. Hope i'm wrong.

 

I think they will wriggle out of it.

 

plus I enjoy the banter with my Pompey mates.

Wound them but dont kill them Judge.

[Viking Warrior]

Im a bachelor Hamster. No food in the house apart from bread and butter which equals toast

 

if I had tea cakes then i would have had toasted tea cakes.

 

Tomorrow more toast and then to tescos

[bpsaint]

Agree with Swannymere unfortunately, as much I'd love their joke of a football club to die the fact remains they've cheated and pretty much got away with it so far,can't see that changing.

 

Please prove me wrong Judge!

[SOTONS EAST SIDE]

Hey these skates have forgotten about ALDERSHOT, didnt they get liquidated for tax debts. LET THEM DIE AND DO AN ALDERSHOT F_UCKIN CHEATS!!!

Edited 4 August, 2010 by SOTONS EAST SIDE

[tony13579]

1. Justice Mann is a taxpayer

 

2. Can someone find out how to get a first hand copy of this preliminary judgment on Thursday rather than The Snews's Interpretation of what it might say?

 

3. I love the way Pompey Online ignored virtually all the comments posted on the news feed.

 

4. They thought it was only Saint’s fans had it in for them. They now have 19 more enemies.. Its not just the wrong end of the M27 It’s the whole motorway net work now..... They might as well blow the three bridges and declare themselves independent