Pompey Takeover Saga

[Picard]

With all the excitement of the HC verdict people might have missed reading this post:

 

Well, back to Tuesday and my trip to London. As I mentioned earlier I was up in the smoke to visit my nephew and gf and instead of visiting the British Museum (I knew it would still be there the day after..) I went to the courts.. Well, bit of a shame as I didn't get in: I'm sure the next Pompey case they'll have in one of the big show courts, but for the first time in many seasons a Pompey performance was sold out. Still, I hung around for a chat with the Pompey fans in the lounge for the entertainment. There was a mixture of Mero types and News contributor types outside, a former Pompey employee who'd been shafted the previous time went into admin. I kept quiet for a bit about being a Saints fan but ultimately it came out.:-) The first couple I spoke to we had a bit of banter, but they were the types to say Johnstone's Paints have 40,000 employees which is why there were so many at Wembley. One said that there were a lot of Southampton supporters in the gallery; they looked like Chanrai's family/associates "and we don't have any of those in Portsmouth..."

 

Somebody came out of the court to pass on that HMRC's barrister was not performing particularly well, but I didn't manage to take notes. Then just before midday who should grease into the lounge but AA himself who then proceeded to chat with the Pompey fans whilst I kept quiet and tried not to snig ger. I could have interrupted a number of times but didn't think it worthwhile, but a sensible Portsmouth lass whispered to me "what do you think of him?". I scribbled on my pad 'DODGY', and she agreed "he's very over-confident, isn't he". She could recognise a bull-****ter when she saw one. According to AA Gaydamak wants to get as much money out as possible, and commented that his initial revenue stream into the country had been dubious (I didn't scribble the exact words). He commented that the wage bill was £56m, now down to £14m and it needed to go down further. Steve Cotterill was calling the shots on players [really?] and they'd had an offer of £1.5 from the Baggies for Mark W.

 

Other scribbles from my notes 'Pompey Fan' "Do you think it's a good investment" [me snorting...]. AA: "football isn't a good investment" [First time I agreed with him!]. He apparently supports Arsenal. He did say they should have built a new stadium which would have improved crowds, they had 1200 unsold tickets for the cup semi.

 

Most of my other notes I can't read except these. re HMRC: "It's beeen a shambles from their POV. They keep moving the goalposts..." "We're pretty confident"..

 

When they adjourned I wandered off for a liquid lunch. I chatted with the BBC cameraman (Villa) on the way out and told him that although AA had arrived he hadn't entered court - a bit surprised by that. I popped in briefly after lunch and only listened briefly at the door before I was told to go away (still a full house). Couldn't hear very well but heard a barrister talking about the assessment for tax on image rights is protected as a liability but that this would be appealed? The FCR was argued at some length and he stated that they were not asking for a ruling but to point out that it created a prejudicial environment. The judge asked why it hadn't been raised before.

 

Oh yes, AA mentioned that the HMRC had wanted to give a long preamble at the start of proceedings to outline events since 2005 but the judge hadn't allowed it, not sure of the significance of that.

 

Not too much meat in my post, I'm afraid, but thought you'd like a little atmosphere..

[St Jim]

Maybe HMRC didn't try as hard as they could of because they have other plans and losing this case just plays right into their hands for other avenues that they are persuing...

 

I am wondering why they are not appealing the decission.

[Picard]

Afraid thats It for this installment.

 

They won on a technicality and because of an incompetent HMRC brief..

 

What was the technicality?

[Picard]

Mr Justice Mann said: 'I find that none of the five heads of attack by HMRC amount to unfiar prejudice nor have they been materially affected.

 

'In my view, HMRC will not be worse off by the situation left by the CVA bearing in mind what the alternatives could be for the club.

 

'Those alternatives are liquidation, or expulsion from the Football League or worse, bearing in mind the loss of a lot of their assets.'

 

The judge saidc that without the Company Voluntary Agreement, there was no hope of keeping the club afloat.

 

He said: 'There is no worthwhile way of money coming into the club other than by the CVA.'

 

He said that in his opinion Balram Chainrai was the only possible new owner.

 

He said: 'Mr Chainrai was the owner of the club at the time of its demise and he is the only possible new owner now.

 

'There is no reason to suppose there is anyone else interested at all that would keep the club's status in the Championship.'

 

http://www.portsmouth.co.uk/newshome/BREAKING-NEWS-POMPEY-WIN.6459349.jp

 

I don't see where justice comes into this judgement.

[Kingsbridge Saint]

The timing of the announcement by the PL to monitor clubs tax payments was probably not a coincidence and influenced the Revenue's approach in court and the decision not to appeal - at the commencement of proceedings you will recall they indicated that they would. The PL are in this up to their necks as well and desperate to hide something. Can't understand how the judge was bought off though. Haven't seen the detailed judgment yet, but it seems like he's said 'to hell with the figures and whether AA froze out the Revenue on the CVA vote, I personally think it's more commercial to stick with the CVA so the creditors get something in the short term and bugger the longer term implications, and what the law actually says'. The whole thing stinks worse than a fish factory.

[Red and White Army]

This is a stunning judgment. It seems Mann has set aside the breaches of the law to achieve (in his view) better deal for creditors. If he had found in HMRC's favour it is possible that the smaller creditors could have been adversely affected if Chanrai followed through on his threat to liquidate the club. However, it seems very unlikely they will ever get any money anyway - not even the yearly 4p in the pound given the poor response to Pompey trying to flog their "stars".

 

The breaches of the law seem clear, so it seems a judge has discretion to overlook these if he feels it is better? (for the creditors?)

[Faz]

http://www.portsmouth.co.uk/newshome/BREAKING-NEWS-POMPEY-WIN.6459349.jp

 

I don't see where justice comes into this judgement.

 

HMRCs claim was that the CVA was prejudicial. Mann J says that it wasn't because the alternative is liquidation and nothing for the HMRC or any other unsecured creditor. That's not to say they haven't got away with it, or that in his written summation he won't have a pop at AA.

 

So far AA has played a blinder for Chennery. There are lots of other issues though. Will BC put funds in if they can't meet their obligations? Will other irregularities yet bite them in the bum?

[Red and White Army]

HMRCs claim was that the CVA was prejudicial. Mann J says that it wasn't because the alternative is liquidation and nothing for the HMRC or any other unsecured creditor. That's not to say they haven't got away with it, or that in his written summation he won't have a pop at AA.

 

The alternative CVA shows that is not the case though. That showed Pompey slashing the salary budget, playing a bunch of kids and quite possibly getting relegated.. however, more of the money would have been returned to creditors. It quite elegantly made the point that the money provided by the current creditors should be returned to them, rather than being at the disposal of the new owners to keep the club competitive.

 

The decision stinks.

[Saint in Paradise]

This is a stunning judgment. It seems Mann has set aside the breaches of the law to achieve (in his view) better deal for creditors. If he had found in HMRC's favour it is possible that the smaller creditors could have been adversely affected if Chanrai followed through on his threat to liquidate the club. However, it seems very unlikely they will ever get any money anyway - not even the yearly 4p in the pound given the poor response to Pompey trying to flog their "stars".

 

The breaches of the law seem clear, so it seems a judge has discretion to overlook these if he feels it is better? (for the creditors?)

 

IF this judge has technically gone against the law what will his position be IF the creditors end up with nothing anyway because Pompey fail to deliver the CVA ?

[tony13579]

This country has gone to the dogs. You can spend, spend spend and all your debts will be written off and passed on to higher prices for those who are prudent. That is why the bank base rate is 0.5% and the approved overdraft rate is more like 18%. It dosent matter if you are a do-as-you-likey skate spend thrift, a bank , a football club. Your debts loans and credit cards are realy free money.

 

Tax paying is for mugs! If you are a football club ,player,manager, a builder, super rich or a non-Dom lord you don't have to pay

[tony13579]

The timing of the announcement by the PL to monitor clubs tax payments was probably not a coincidence and influenced the Revenue's approach in court and the decision not to appeal - at the commencement of proceedings you will recall they indicated that they would. The PL are in this up to their necks as well and desperate to hide something. Can't understand how the judge was bought off though. Haven't seen the detailed judgment yet, but it seems like he's said 'to hell with the figures and whether AA froze out the Revenue on the CVA vote, I personally think it's more commercial to stick with the CVA so the creditors get something in the short term and bugger the longer term implications, and what the law actually says'. The whole thing stinks worse than a fish factory.

I have to agree that there seams to have been a deal done. CVA's are meant to save jobs, yet they have turned into a cheats charter. There has to be a penalty for poor financial management. This judgement sends the wrong message. I can't help feel the long term lesson has been lost. 7am next morning and the tv & press is simple. Pompey beat the taxman. There was no coverage I saw of any opponents reaction. Only radio and forums allow decent.

[trousers]

How will the football league satisfy itself that the CVA obligations are being met? (and thus not dock any points for exiting admin without a viable CVA)

 

Do they simply go on PFC/AA's words that creditors are being paid back at the agreed rate or will they be much more forensic about it than that?

 

Or perhaps they (the football league) don't even have that juristriction. Is the 'pass' criteria for football league purposes simply having an agreed CVA rather than having a CVA that is actually being adhered to?

[trousers]

Just watch the amount owed to unsecured creditors drop as quickly as a pair of knickers in Portsmouth now that AA has succeeded in stopping HMRC getting the required 25%. That, plus 4p in the £ this year (minus costs, apparently), could encourage BC to push for a quick return and PL riches. It's almost like they have a pact with the devil. First time going up they had Mad Milan and the Digital ITV collapse on their side, and this time increased parachute payments, Scudamore helping them out, McWhiney leaving just in time and a much more spineless FL (embargo not properly enforced), HMRC screwing up, the list goes on. I reckon it's more likely they'll go up this year than go down. Hope I'm wrong.

 

CHEATING, LYING BASTARDS.

 

Surely 'someone' will be checking bank accounts to make sure what they said they owe is actually paid out in the agreed timescales...

 

Yours with too much faith in our legal system,

Trousers

[warsash saint]

 

Smug tw*t

[rallyboy]

now the dust is settling on an astonishing judgement I look forward to the detailed version explaining how the cva isn't flawed, there must be some criticism of the business in there, surely?

 

The points penalty was irrelevant, that loophole needs to be closed and I reckon they have written off £40M-50M of debt without any penalty affecting their league position.

Here's some more guesswork -

No one believes the £138M figure, it's made up, you know it, they know it, everyone but Mr Mann knows it - I would imagine it's nearer £100M?

They have to pay £22M (?) to football creditors, that will take the parachute money out of the equation - thank god HMRC didn't win that one because they would have bumped them for 3p in the £ as well.

Chanrai who continually slips between owner, debt collector, secured, unsecured, I presume he wants about £25M asap - taken in dribs and drabs when the taxman isn't looking?

 

Wages must still be £25M a year, debt repayments will be a laughable £2M.

Tickets and sponsorship income could be £8M, but the vital Sky money is gone for the moment so we will either see Chanrai getting nothing and sticking more debt into the carcass, wages late again, or the cva falling at the first hurdle.

Let's not forget that the FL want to see filed accounts as well, that was their little gem they threw in at the last meeting - watch that space as I seem to recall it could affect embargoes and even bring charges if not adhered to, and we still have the ownership issue - so there are more laughs here!

 

AA is right again, they do need to raise £15M in transfers - or his court-approved cva is unworkable and doomed to fail.

 

So in the cold light of day this great escape in court looks like a brief bid for freedom, a run along the hardshoulder before getting dragged back in the van - BUT no one is making any claims about the legal system anymore, we've seen two very odd judgements thus far, perhaps we'll stick to guessing football results.

[ericofarabia]

FOR SALE >>>>>>>

 

1 LOAF OF BREAD

 

1 TOASTER

 

:x

[Wes Tender]

How long does HMRC have before their right to an appeal expires?

 

Whereas they have indicated that they will not appeal, IMO what they have said allows them a let out clause to reconsider, to say that they have changed their minds.

 

In a statement, HMRC said: 'HMRC is naturally disappointed not to have won this appeal and we can confirm that we do not intend to appeal.

 

'Our aim when pursuing debt of any kind is to achieve a fair outcome for the taxpayer and we will take this forward in the wider context of the football industry through separate and outstanding legal proceedings over the status of the so called "Football Creditors Rule.

 

'This is an important and complex judgment and until we have had the opportunity to study it in detail we can't comment further.'

 

What if they had a contingency policy to cause maximum embarassment to the Skates and to the Football Authorities? That they delay their appeal, having found sufficient grounds to challenge the learned (not) Judge's ruling and appeal when the season is well under way?

 

Vindictive action by them, but sending out a clear message that they are not to be messed with.

 

Failing that, I will just have to content myself with the possibilities of further collateral damage through the trials of Storrie, Mandaric and Redcrapp and to console myself that although able to fight another day, their situation otherwise is still mighty precarious.

[Gingeletiss]

Well, I'm so f'd offwith all the authorities, they have allowed these bunch of c unts to flick two fingers up at everyone. I hope now, beyond all hopes, that they get promotion straight back into the PL, that will send shockwaves through the halls of those old t wats, and their inability to have acted when they should of done I will laugh my c ock off, if that were to happen.

 

Poopey for champion, Poopey for the FA cup.bring it on.

[Clapham Saint]

Surely 'someone' will be checking bank accounts to make sure what they said they owe is actually paid out in the agreed timescales...

 

Yours with too much faith in our legal system,

Trousers

 

Yep.

 

[Saint in Paradise]

Sorry Wes but I feel you are giving HMRC far too much credit. IMHO they have proved that

their legal team is League 1 standard rather than Premier League.

 

Oh yes and the 2 Judges are also below the standard required for such a case, both appear

to me to be mesmerised by the fact they were dealing with a football team whereas they should

have treated PFC like a normal company.

[warsash saint]

http://www.portsmouth.co.uk/newshome/Pompey-win--and-taxman.6459349.jp

 

Explains somewhat how unJustice Mann came to his ridiculous decision

[OldNick]

Can someone post a link to the News Obituary pages to cheer me up a bit?

 

Lollage

[dubai_phil]

Chill people, this has a long way to run yet.

 

The wisest post I've seen on the many pages about yesterday.

 

HMRC losing may be bad news for the taxpayer (pah as if I care about that ), BUT it means that as we all saw a year or so ago, it's not the despair, it's the Hope that kills you.

 

There will be many more problems for the few to cope with, where is the 15mil for transfers that funds the CVA coming from, not the least of them.

 

But also, there has been a great deal of statements and reports in the media that may open up new problems. One simple one we came up with last night (OK it was at the beer festival)

 

Scudamore states that he was misled. The SoA has been shown to have been highly improbable. Poorsmuff signed players they were not allowed to sign. A number of football clubs lost important cup matches.

 

Simple - find a Saints supporting ambulance chasing lawyer and launch a class action for damages for emotional distress caused by their televised (possibly illegal) cup victory over us.

 

There will be many many more.

 

The statement in the CVA of payments to an unlicenced agent is just one that springs to mind.

 

For those of us who believed they deserve to suffer (and the officers deserve to go to jail) then this is likely to be a good day as it means the infection in the FL will still be there and it won't have been dead and buried.

 

Another 20,000 posts to come and then MAYBE the majority of their fans will, like Mero, accept they HAVE cheated and it will be time for their pain to end

[once_bitterne]

What a travesty of justice...

[dubai_phil]

FOR SALE >>>>>>>

 

1 LOAF OF BREAD

 

1 TOASTER

 

:x

 

Drop it down when you pick up your motor mate. REALLY need something to take away the blinding pain from yesterday.

 

No not from the court result, from the fecking 8,972 gallons of beer we drunk yesterday.

 

For our regular posters, you guys really missed out last night while on here. You could have seen EoA out on the town in his "Pulling Socks". Photos will HAVE to follow to cheer you all up

[OldNick]

I watched Lampitt being interviewed and expecting him to be crowing. It was interesting that he said they still had some difficult hoops to jump through.

The football share has to transferred to a new company (VFTT your moment may come) and that the FL had to be happy.

It is an interesting situation as in his own admission the new owner may not be in place until the end of the month.

The FL need to know before saturday whether Pompey can fulfill their fixtures, if not they will be drawn into the situation the PL faced last season where they had to bail Pompey out to keep the PL's integrity and not have the mess of everything being screwed by results being expunged.

Also on Talksport the judge heard that Chanrai was charging 28% and pocketed £4 for the sale of Kaboul.

[saint lard]

Hi St L, I have sent a P.M. to Steve Grant for you S.I.P.

Thankyou very much S.I.P,much appreciated.

 

For my sins i have just been listening to the brekkie show on Talksport,Alan Brazil is almost wetting himself that the tax man lost and that PFC won the case

it almost made me vomit.

I hate that bloke with a passion..

[rooney]

They have to generate enough cash flow to pay the creditors albeit 20p in £ over 4 years and continue to trade. On top of that Chanrai will need a return on his investment. If they languish at the foot of the Championship, which is likely, that "amazing" fan base will disappear and Gaydamak will still control the car park. Can still see difficulties ahead.

[Glasgow_Saint]

Also on Talksport the judge heard that Chanrai was charging 28% and pocketed £4 for the sale of Kaboul.

 

Can you explain this?

[OldNick]

can someone PM steve for me as i didnt realise that my subscription was up. I always pay by cheque so steve can you contact me as well

Ta Nick

[dubai_phil]

can someone PM steve for me as i didnt realise that my subscription was up. I always pay by cheque so steve can you contact me as well

Ta Nick

 

hehehe

 

Phew TFTF - means you can now only tell us twice today that they got away with it :-)

 

Had same problem on Wednesday tried to log in at Heathrow and meh amazingly Paypal did it automatically woo hoo - only second time I've used it

 

Will PM granty if he hasn't read this

[OldNick]

hehehe

 

Phew TFTF - means you can now only tell us twice today that they got away with it :-)

 

Had same problem on Wednesday tried to log in at Heathrow and meh amazingly Paypal did it automatically woo hoo - only second time I've used it

 

Will PM granty if he hasn't read this

My last post today and will waste it on you Lol

Thanks for PM'ing Granty . he may trust me to send the cheque and refresh my memebership. Im using Storrie postal service.

 

Glasgow Saint, regarding the Kaboul and 28% interest was stated by the Pompey fan on Talksport last night (he was well connected in a fan grouop, and seemed a decent sort)

he said that these two things were told during the evidence in court

 

You will be glad to know that is my last post today, so you can abuse me all you like with no reply lol

[angelman]

Mr Justice Mann said: 'I find that none of the five heads of attack by HMRC amount to unfiar prejudice nor have they been materially affected.

 

'In my view, HMRC will not be worse off by the situation left by the CVA bearing in mind what the alternatives could be for the club.

 

'Those alternatives are liquidation, or expulsion from the Football League or worse, bearing in mind the loss of a lot of their assets.'

 

The judge saidc that without the Company Voluntary Agreement, there was no hope of keeping the club afloat.

 

He said: 'There is no worthwhile way of money coming into the club other than by the CVA.'

 

He said that in his opinion Balram Chainrai was the only possible new owner.

 

He said: 'Mr Chainrai was the owner of the club at the time of its demise and he is the only possible new owner now.

 

'There is no reason to suppose there is anyone else interested at all that would keep the club's status in the Championship.'

 

The Judge seems to be getting confused in what his role is. He isn't there to make sure that a company survives, but he is there to uphold the law of the land. The law of the land is quite clearly on the side of HMRC and whether the company survives or not is really rather immaterial. I also think that whether HMRC is better off or not taking the legal route, rather than the spurious CVA one, is also immaterial.

 

It looks to me like the judge has looked at the company through some rose tinted glasses and thought that because it is a football club that it somehow doesn't have to abide by the same laws as every other company in the country does. High profile? Who gives a monkey. If you want an example of a high profile company going to the wall, that both employed a lot more people (30,000 or so), had a **** load more customers, and whose turnover (at it's peak) was far and above that of PCFC and had an impact in many more communities than just Pooey, you just have to look at Woolworths.

[angelman]

PS - have to give the slimey turd Android some credit.

[warsash saint]

http://www.bbc.co.uk/blogs/mattslater/2010/08/pompey_1_hmrc_0.html#comments

 

Interesting article

[trousers]

http://www.bbc.co.uk/blogs/mattslater/2010/08/pompey_1_hmrc_0.html#comments

 

Interesting article

 

In order to proceed, a CVA needs the backing of 75% of the debt, not 75% of the people owed money. Plainly put, if the total debt is £100m and you are owed £25m of it, you get 25% of the votes. And anything more than 25% is a blocking vote.

 

That is crucial as HMRC argues it is owed £37m out of a total Pompey debt of £130m-ish (the number is hard to pin down) - more than enough voting power to block the CVA.

 

But when the vote came to be taken two months ago, Andronikou only gave HMRC £24m-worth of votes. This meant the CVA was approved by a healthy 81% majority.

 

Hold on a minute, that's cheating, isn't it?

 

Well, not according to the insolvency rule book or Mann.

 

You see, HMRC waited until two days before the vote to increase its claim from £24m to £37m. The additional £13m was for tax avoided by the club when it paid significant sums to its players, usually to offshore tax havens, for their image rights.

 

A recent phenomenon in British football, clubs make image rights payments so they can use their players' likenesses or names to sell tickets, shirts and other merchandise. It has quickly become common for 15% of a player's remuneration to come in this form, which is handy as these payments are taxed at a much lower rate than income tax.

 

HMRC, unsurprisingly, is not convinced every player at every club has an image that generates the kind of business 15% of a typical Premier League salary would warrant. This is probably a fair point and one the taxman intends to pursue in these days of austerity.

 

But returning to the matter in hand, Andronikou was within his rights to say, "Woah, where did that £13m come from?". Or words to that effect.

 

He could not be expected to verify that amount in the time available - as is his duty - so HMRC could not be given the additional votes. The rest is history.

 

So, bottom line, HMRC screwed up with their timing? Brilliant.

 

Although Matt Slater is making one huge assumption.....that all the non-HMRC debt was "genuine".....No?

[trousers]

So, bottom line, HMRC screwed up with their timing? Brilliant.

 

Although Matt Slater is making one huge assumption.....that all the non-HMRC debt was "genuine".....No?

 

Ah, someone beat me to it in the comments section of the BBC blog:

 

"' But returning to the matter in hand, Andronikou was within his rights to say, "Woah, where did that £13m come from?". Or words to that effect.' "

 

But vice versa surely we all had a right to an explanation on how AA managed to 'massage' the total dept figure ! Independently verified at around £70 mil then AA managed to increase it to over £100 mil & finally finishing at £137 million !! & funnily enough this reduced the HMRC voting percentage allowing the CVA to be passed.

 

UnJustice Mann has well & truely been duped !!

[FMPR]

Pompey expect to have sealed the departures of eight of their squad by the start of next week.

Danijel Subotic, Gael Nlundulu and Jordan Hughes are close to having their contracts cancelled by mutual consent.

 

Gautier Mahoto, who had joined SC Bastia in January only for the switch to be scrapped later in the season over red tape, is also expected to go.

 

Meanwhile, Marlon Pack and Nadir Ciftci are pencilled in to continue their footballing education at Cheltenham.

 

Steve Cotterill anticipates their loan deals being finalised by the start of next week.

 

Completing the eight are Perry Ryan and Ellis Martin, who are lined up for loan spells at Southern League premier division side Salisbury City.

 

The exits – both permanent and temporary – will give boss Cotterill room for manoeuvre with regards to new additions, with the Football League ready to grant special dispensation to help him fill the minimum squad number of 20.

 

Cotterill said: 'There is a compromise agreement sorted and Subotic will be leaving the club.

 

'Subotic, Hughes, Nlundulu and Mahoto are hopefully signing those agreements before the end of the week and they are all on our squad list.

 

'It doesn't matter whether you've got Subotic, Pele or whoever down, the Football League just see a name and number.

 

'There could also be another four of the young boys going out on loan.

 

'Pack and Ciftci could be going to Cheltenham, while Perry Ryan and Ellis Martin could be going to Salisbury.

 

'We have got to create more than one space

[Red and White Army]

Pompey expect to have sealed the departures of eight of their squad by the start of next week.

Danijel Subotic, Gael Nlundulu and Jordan Hughes are close to having their contracts cancelled by mutual consent.

 

Gautier Mahoto, who had joined SC Bastia in January only for the switch to be scrapped later in the season over red tape, is also expected to go.

 

Meanwhile, Marlon Pack and Nadir Ciftci are pencilled in to continue their footballing education at Cheltenham.

 

Steve Cotterill anticipates their loan deals being finalised by the start of next week.

 

Completing the eight are Perry Ryan and Ellis Martin, who are lined up for loan spells at Southern League premier division side Salisbury City.

 

The exits – both permanent and temporary – will give boss Cotterill room for manoeuvre with regards to new additions, with the Football League ready to grant special dispensation to help him fill the minimum squad number of 20.

 

Cotterill said: 'There is a compromise agreement sorted and Subotic will be leaving the club.

 

'Subotic, Hughes, Nlundulu and Mahoto are hopefully signing those agreements before the end of the week and they are all on our squad list.

 

'It doesn't matter whether you've got Subotic, Pele or whoever down, the Football League just see a name and number.

 

'There could also be another four of the young boys going out on loan.

 

'Pack and Ciftci could be going to Cheltenham, while Perry Ryan and Ellis Martin could be going to Salisbury.

 

'We have got to create more than one space

 

Un ****ing believable.

 

This festering turd of a club is continuing to wave two fingers at the rest of the world. Doubtless the newer player will be on a higher salary than the "young boys" and the money that could have and should have been used to pay back the creditors will be spent to enhance the team and benefit the new owner of the club.

 

Utterly ****ing disgraceful and I can't believe this ends here. Someone - hopefully the Football League - is going to stamp on their caravan and crush them.

[daveygwyatt]

It's not over by a long shot. Tax man may have lost but so much more to come. All this does is prolong their agony.. It would have been better for them if the club died yesterday . Then they could have started afresh.. Now they will continue their downwards spiral with no sign of an upturn... Death will come but it may take another season or two.

[stevegrant]

Pompey expect to have sealed the departures of eight of their squad by the start of next week.

Danijel Subotic, Gael Nlundulu and Jordan Hughes are close to having their contracts cancelled by mutual consent.

 

Gautier Mahoto, who had joined SC Bastia in January only for the switch to be scrapped later in the season over red tape, is also expected to go.

 

Meanwhile, Marlon Pack and Nadir Ciftci are pencilled in to continue their footballing education at Cheltenham.

 

Steve Cotterill anticipates their loan deals being finalised by the start of next week.

 

Completing the eight are Perry Ryan and Ellis Martin, who are lined up for loan spells at Southern League premier division side Salisbury City.

 

The exits – both permanent and temporary – will give boss Cotterill room for manoeuvre with regards to new additions, with the Football League ready to grant special dispensation to help him fill the minimum squad number of 20.

 

Cotterill said: 'There is a compromise agreement sorted and Subotic will be leaving the club.

 

'Subotic, Hughes, Nlundulu and Mahoto are hopefully signing those agreements before the end of the week and they are all on our squad list.

 

'It doesn't matter whether you've got Subotic, Pele or whoever down, the Football League just see a name and number.

 

'There could also be another four of the young boys going out on loan.

 

'Pack and Ciftci could be going to Cheltenham, while Perry Ryan and Ellis Martin could be going to Salisbury.

 

'We have got to create more than one space

For the second time in 24 hours, words genuinely fail me.

[Wes Tender]

So, bottom line, HMRC screwed up with their timing? Brilliant.

 

Although Matt Slater is making one huge assumption.....that all the non-HMRC debt was "genuine".....No?

 

So Mr Injustice Mann threw it out on the technicality that the Android was within his rights to dismiss the increase in the debt owed to HMRC because he could not be expected to verify that amount in the time available? And that ignores the case that I thought was pertinent, that if HMRC say that sum of money is owed as tax, then that has to be paid and then disputed afterwards, perhaps through an appeal by the Skates. Otherwise, surely on that basis, if that is the point on which the case swung against HMRC, then they should allow time for the Android to verify that amount and then go back to court, having removed the grounds for the case to be dismissed.

 

But as you say, Matt Slater is being rather disingenuous to accept that the Android's debt figure was correct whilst HMRC's was not. Let's have some objectivity, Matt.

[benjii]

The key seems to be not that the figures were approved or not but that there was no unfair or material prejudice to HMRC. In other words, there were two limbs they had to satisfy. If that's the case then the judgment makes sense, as the alternative to the CVA seems, in this case, materially worse for HMRC. The bigger question around football creditors and image rights is still open. HMRC seem to have been inviting the judge to look to the future and consider hypothetical insolvencies in light of any present ruling on FCR and image rights in order to assess the extent to which HMRC have been materially prejudiced. I'm not surprised he wouldn't do that. What will be interesting us what the judgment says about the administration and what the consequences of that are.

[angelman]

Benjii, as I said earlier, is it really the role of a judge to decide whether an action brought before him will result in that party being materially worse off?

[suewhistle]

Benjii, as I said earlier, is it really the role of a judge to decide whether an action brought before him will result in that party being materially worse off?

 

But the whole point of a CVA is to get creditors the best deal possible (really!), so in that sense it is relevant.

[EastleighSoulBoy]

Pompey expect to have sealed the departures of eight of their squad by the start of next week.

Danijel Subotic, Gael Nlundulu and Jordan Hughes are close to having their contracts cancelled by mutual consent.

 

Gautier Mahoto, who had joined SC Bastia in January only for the switch to be scrapped later in the season over red tape, is also expected to go.

 

Meanwhile, Marlon Pack and Nadir Ciftci are pencilled in to continue their footballing education at Cheltenham.

 

Steve Cotterill anticipates their loan deals being finalised by the start of next week.

 

Completing the eight are Perry Ryan and Ellis Martin, who are lined up for loan spells at Southern League premier division side Salisbury City.

 

The exits – both permanent and temporary – will give boss Cotterill room for manoeuvre with regards to new additions, with the Football League ready to grant special dispensation to help him fill the minimum squad number of 20.

 

Cotterill said: 'There is a compromise agreement sorted and Subotic will be leaving the club.

 

'Subotic, Hughes, Nlundulu and Mahoto are hopefully signing those agreements before the end of the week and they are all on our squad list.

 

'It doesn't matter whether you've got Subotic, Pele or whoever down, the Football League just see a name and number.

 

'There could also be another four of the young boys going out on loan.

 

'Pack and Ciftci could be going to Cheltenham, while Perry Ryan and Ellis Martin could be going to Salisbury.

 

'We have got to create more than one space

 

With yesterday's high court decision proving them right, the Skates are now confident in taking anything on.

 

Are the FL pussies? We didn't think they were, the Skates think different.

 

STILL CHEATS

[warsash saint]

http://www.portsmouth.co.uk/sport/Pompey-boss-pleads-for-League.6460942.jp

 

Staggering !

[Shrek]

The ruling yesterday has given every single club the green light to totally take the ****** now, and this is the least I expect from teh skates. The next few weeks are critical for the Football League...will they show some balls or roll over? I suspect they may show some balls, but the skates are clearly going to carry on trying to take the ******...why wouldn't they?

[Joey-deacons-left-nut]

Un ****ing believable.

 

This festering turd of a club is continuing to wave two fingers at the rest of the world. Doubtless the newer player will be on a higher salary than the "young boys" and the money that could have and should have been used to pay back the creditors will be spent to enhance the team and benefit the new owner of the club.

 

Utterly ****ing disgraceful and I can't believe this ends here. Someone - hopefully the Football League - is going to stamp on their caravan and crush them.

 

It's not that bad.... They've got to attract players first of all... which isn't goign to be easy... then they have to gel and play as a team...

 

Just slapping in 10 new players of questionable quality and expecting them too create a winning team is an impossible task.

[OldNick]

It's not that bad.... They've got to attract players first of all... which isn't goign to be easy... then they have to gel and play as a team...

 

Just slapping in 10 new players of questionable quality and expecting them too create a winning team is an impossible task.

 

They have the nucleus, and a good manager add a few faces and they could be a force in a league that is quite average.

If Chanrai feels like a gamble and throws a few million at it , he could get back to PL riches. masterstroke or what