FMPR Posted 3 November, 2009 Share Posted 3 November, 2009 Hull who got promoted to the Prem only 18 months ago have already run up a £28m debt and they had no liabilities when they wer epromoted Link to comment Share on other sites More sharing options...
Fitzhugh Fella Posted 3 November, 2009 Author Share Posted 3 November, 2009 According to this http://www.guardian.co.uk/football/2009/nov/02/portsmouth-balram-chainrai-al-faraj? They are £75m in debt... It seems they have not yet learned the lesson that to keep borrowing borrowing borrowing is just insane. Such is the desperation to stay in the premiership, but it will be the death of them sooner or later. Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 3 November, 2009 Share Posted 3 November, 2009 "We're gradually sorting things out. We're working around the clock to do so. But its not going to happen overnight – we've been in charge [only] four weeks." But our owner sorted the money side out within days of taking over IIRC Link to comment Share on other sites More sharing options...
Verbal Posted 3 November, 2009 Share Posted 3 November, 2009 "We're gradually sorting things out. We're working around the clock to do so. But its not going to happen overnight – we've been in charge [only] four weeks." But our owner sorted the money side out within days of taking over IIRC YDRC. Link to comment Share on other sites More sharing options...
miserableoldgit Posted 3 November, 2009 Share Posted 3 November, 2009 Harry tapes are handed over in football probe City of London Police have won a court order against the News of the World forcing them to hand over taped interviews and documents relating to a football corruption investigation. The Sunday newspaper had refused when asked by the economic crime department, whose marathon football probe dates back to the start of the Premier League bung inquiry in January 2006. But the court order last week gave them no option but to co-operate. Tapes: Spurs boss Harry Redknapp The haul includes interviews with Spurs boss Harry Redknapp, Portsmouth chief executive Peter Storrie and Leicester chairman Milan Mandaric, all of whom have been on bail on suspicion of conspiracy to defraud and false accounting for nearly two years. Storrie has been told by the HM Revenue and Customs, who are the lead authority in the investigation, he will be charged. Storrie says it concerns unpaid tax for Amdy Faye’s signing-on fee he received on joining Portsmouth from Auxerre for £1.5million in 2003. Storrie, on honeymoon when the deal was negotiated, will ‘defend the allegations in the strongest possible terms’. Redknapp’s part allegedly relates to an off-shore Monaco account into which £100,000 was paid for his percentage entitlement from the £5m sale of Peter Crouch from Portsmouth to Aston Villa in 2005. Redknapp said: 'This is about a discrepancy of about £10,000 in income tax when I’ve paid £10m in tax over the past 10 years. This is what it’s come down to and I’m sick of it.’ Former Pompey chairman Mandaric has added to the confusion by claiming cash in the Redknapp offshore account was paid by him for a proposed US business Read more: http://www.dailymail.co.uk/sport/article-1224807/CHARLES-SALE-A-dozen-Premier-League-clubs-proud-poppies.html#ixzz0VmeBpTKQ Link to comment Share on other sites More sharing options...
benjii Posted 3 November, 2009 Share Posted 3 November, 2009 Is it common for managers to have an entitlement to a percentage of transfer fees or is this just Harry's peculiarity? I am astonished that this is allowed (well, maybe it isn't!) as it is clearly a massive conflict of interest when individuals who do not own the club/company can personally benefit from a sale of its assets on terms agreed by them! Complete madness. Link to comment Share on other sites More sharing options...
saintds Posted 3 November, 2009 Share Posted 3 November, 2009 According to this http://www.guardian.co.uk/football/2009/nov/02/portsmouth-balram-chainrai-al-faraj? They are £75m in debt... So, if this is all to be believed, they will successfully re-negotiate terms and repayments of the existing debt and this will enable them to start buying players again. In my mind, this will require funds to be provided by a 3rd party, since the projected future revenues will no doubt be "owned" by the creditors until monies owed are repaid. Using future revenues, how long will it take to manage down this debt before any investor can start taking some of that cash him/herself by way of a return on their investment? By that time, they will surely be a CCC team or worse and the TV income would have all but dried up. Would they be an attractive proposition to a new investor as a CCC team with substantially less debt, a dilapidated stadium and no training facilities? I'm trying to see this from a neutral's point of view and I always come to the same conclusion. In no way can this generate a return in the short to medium term for an investor, no matter how deep his pockets. Likewise, without the investment in the team, relegation is, at best, a mere certainty. They're stuffed. Link to comment Share on other sites More sharing options...
CB Fry Posted 3 November, 2009 Share Posted 3 November, 2009 Mark Jacob, the lawyer of Ali al-Faraj, who bought Portsmouth last month, said of the £15m: "It's a facility provided by a third party, that's all. Like you or I would go to a bank and borrow money on our property or whatever." Surely the more accurate analogy is to go to a loan shark to borrow money to pay off a credit card which is paying off another credit card which is paying off a Ocean Finance loan which is paying off another credit card which is paying off the mortgage which was 120% mortgage on a two bed semi that has lost 50% of its value and the roof leaks. But in five years time the house will be turned ninety degrees and will become a 500 bed luxury hotel. With Riquelme as head bell boy. Honest it will. Link to comment Share on other sites More sharing options...
bridge too far Posted 3 November, 2009 Share Posted 3 November, 2009 So, if this is all to be believed, they will successfully re-negotiate terms and repayments of the existing debt and this will enable them to start buying players again. In my mind, this will require funds to be provided by a 3rd party, since the projected future revenues will no doubt be "owned" by the creditors until monies owed are repaid. Using future revenues, how long will it take to manage down this debt before any investor can start taking some of that cash him/herself by way of a return on their investment? By that time, they will surely be a CCC team or worse and the TV income would have all but dried up. Would they be an attractive proposition to a new investor as a CCC team with substantially less debt, a dilapidated stadium and no training facilities? I'm trying to see this from a neutral's point of view and I always come to the same conclusion. In no way can this generate a return in the short to medium term for an investor, no matter how deep his pockets. Likewise, without the investment in the team, relegation is, at best, a mere certainty. They're stuffed. The way I see it, the ONLY way they can continue is if someone buys the debt and writes it off. Then, starting from zero, they can rely on their Sky money (for as long as they're in the Premiership) and their gates. I know that the Sky money at the start of the season was used to pay off some debt. Is any of the January Sky money ring-fenced in a similar fashion? Their gates are so low as to make no real impact on their income. It's difficult to see how, even if their debt is written off, they can continue to pay wages etc. Their business plan is doomed. Or am I missing something? Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 3 November, 2009 Share Posted 3 November, 2009 Mark Jacob, the lawyer of Ali al-Faraj, who bought Portsmouth last month, said of the £15m: "It's a facility provided by a third party, that's all. Like you or I would go to a bank and borrow money on our property or whatever." Surely the more accurate analogy is to go to a loan shark to borrow money to pay off a credit card which is paying off another credit card which is paying off a Ocean Finance loan which is paying off another credit card which is paying off the mortgage which was 120% mortgage on a two bed semi that has lost 50% of its value and the roof leaks. But in five years time the house will be turned ninety degrees and will become a 500 bed luxury hotel. With Riquelme as head bell boy. Honest it will. As Yul Bryner once said "etcetera, etcetera, etcetera". Love it! Link to comment Share on other sites More sharing options...
stevegrant Posted 3 November, 2009 Share Posted 3 November, 2009 I know that the Sky money at the start of the season was used to pay off some debt. Is any of the January Sky money ring-fenced in a similar fashion? Only 100% of it... Their business plan is doomed. Link to comment Share on other sites More sharing options...
aintforever Posted 3 November, 2009 Share Posted 3 November, 2009 The way I see it, the ONLY way they can continue is if someone buys the debt and writes it off. Then, starting from zero, they can rely on their Sky money (for as long as they're in the Premiership) and their gates. I know that the Sky money at the start of the season was used to pay off some debt. Is any of the January Sky money ring-fenced in a similar fashion? Their gates are so low as to make no real impact on their income. It's difficult to see how, even if their debt is written off, they can continue to pay wages etc. Their business plan is doomed. Or am I missing something? The way I see it their plan is not sustainable, they are just buying time hoping that if they stay in the prem someone will turn up. It's impossible to know what is going on but from bits in the press it is pretty clear Gaydamak still owns the property "assets" and either him or the bank have first dibs on January's Sky money. The latest money that has been loaned is secured against future income so I can only assume that is next year's Sky money, which if they are relegated would probably be all their parachute cash. If they go down they are ****ged, unless a backer turns up with serious cash I can see them going straight through the Championship. If they stay up they will just be fire fighting and delaying the inevitable relegation if they don't get a backer. Link to comment Share on other sites More sharing options...
dubai_phil Posted 3 November, 2009 Share Posted 3 November, 2009 Well, look on the bright side, Storyteller is pulling every trick that Rupert COULD have used to try to keep them afloat until he finds a real Arab with money... If only he knew why it isn't happening lol Link to comment Share on other sites More sharing options...
Saint_Jonny Posted 3 November, 2009 Share Posted 3 November, 2009 I love how corps posts have got gradually less polite and more hate filled as the blue fews situation has gotten worse and worse, keep it up corp, ull be as bitter and twisted as one poster I can think of on here soon enough. Link to comment Share on other sites More sharing options...
OldNick Posted 4 November, 2009 Share Posted 4 November, 2009 (edited) I love how corps posts have got gradually less polite and more hate filled as the blue fews situation has gotten worse and worse, keep it up corp, ull be as bitter and twisted as one poster I can think of on here soon enough. who? he hasnt been on for yonks.Lol another weak excuse for it he will come up with Edited 4 November, 2009 by OldNick Link to comment Share on other sites More sharing options...
chocco boxo Posted 4 November, 2009 Share Posted 4 November, 2009 Storrie Teller charged with Tax evasion ............laughing all the way to the pub! Link to comment Share on other sites More sharing options...
Thedelldays Posted 4 November, 2009 Share Posted 4 November, 2009 peter storrie going daaaaaarn Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 4 November, 2009 Share Posted 4 November, 2009 peter storrie going daaaaaarn They've stitched him up. Link to comment Share on other sites More sharing options...
marc_saint Posted 4 November, 2009 Share Posted 4 November, 2009 Great news!!! :-) http://www.portsmouth.co.uk/frattonlatest/Peter-Storrie-charged--court.5795106.jp Link to comment Share on other sites More sharing options...
Matthew Le God Posted 4 November, 2009 Share Posted 4 November, 2009 http://news.bbc.co.uk/1/hi/england/hampshire/8342992.stm Link to comment Share on other sites More sharing options...
rallyboy Posted 4 November, 2009 Share Posted 4 November, 2009 could be a good opportunity to thrash out a deal with Marlon King if Storrie gets to share a cell with him, though knowing Pompey's luck, Harry on the next landing will call in another favour, hijack the deal last minute and take him to Spurs... Anyway, hero Storrie must be innocent because for a week of that tax year he was away and he didn't know what was occurring at any point during the whole deal right up until the later annual tax return, and beyond. The blue house of cards is wobbling like an MFI wardrobe in a stiff breeze. Link to comment Share on other sites More sharing options...
mack rill Posted 4 November, 2009 Share Posted 4 November, 2009 So Mr inland revenue wastes many millions of our hard earned tax, Trying to recoup a few thow :walleyes: And thats providing they manage to make the shyt stick to one of the Teflon bruvers;) Just hope they have not used up all the moneys that they could of been wasting on the asylum seekers. Link to comment Share on other sites More sharing options...
warsash saint Posted 4 November, 2009 Share Posted 4 November, 2009 So is Twitchy still under investigation & can we expect similar charges in the near future ? Link to comment Share on other sites More sharing options...
mack rill Posted 4 November, 2009 Share Posted 4 November, 2009 So is Twitchy still under investigation & can we expect similar charges in the near future ? Last we heard Mr Plod is still trying to feel the Collier of old Twitches EEL skinned shirt! A better ? would of been. Whats the odds on them making it stick to Bag puss. Link to comment Share on other sites More sharing options...
aintforever Posted 4 November, 2009 Share Posted 4 November, 2009 Redknapp must be getting twitchier now because you can be sure Storrie will squeel like a pig at the prospect of being banged up. Link to comment Share on other sites More sharing options...
benjii Posted 4 November, 2009 Share Posted 4 November, 2009 It's just a disgusting, pathetic, stinking little **** of a club. Link to comment Share on other sites More sharing options...
mack rill Posted 4 November, 2009 Share Posted 4 November, 2009 It's just a disgusting, pathetic, stinking little Premier :smt029 of Hants club. :smt023 You tell em benjii; Link to comment Share on other sites More sharing options...
Fitzhugh Fella Posted 4 November, 2009 Author Share Posted 4 November, 2009 could be a good opportunity to thrash out a deal with Marlon King if Storrie gets to share a cell with him, though knowing Pompey's luck, Harry on the next landing will call in another favour, hijack the deal last minute and take him to Spurs... Anyway, hero Storrie must be innocent because for a week of that tax year he was away and he didn't know what was occurring at any point during the whole deal right up until the later annual tax return, and beyond. The blue house of cards is wobbling like an MFI wardrobe in a stiff breeze. That last sentence deserves another airing. Classic! Link to comment Share on other sites More sharing options...
benjii Posted 4 November, 2009 Share Posted 4 November, 2009 :smt023 You tell em benjii; To give you your dues, you seem to have a sense of perspective about this and underneath the humour are aware of the fact that Pompey's rightful level is mid-Championship to mid-League One. Not many sensible skates on here, so all credit. Link to comment Share on other sites More sharing options...
4737_carlin Posted 4 November, 2009 Share Posted 4 November, 2009 Taking everything into consideration i would imagine Storrie is looking at 12-18 month prison sentence. Link to comment Share on other sites More sharing options...
benjii Posted 4 November, 2009 Share Posted 4 November, 2009 Taking everything into consideration i would imagine Storrie is looking at 12-18 month prison sentence. Nah, cos he's innocent; he was on holiday. All will turn out 'triffic. Link to comment Share on other sites More sharing options...
rpb Posted 4 November, 2009 Share Posted 4 November, 2009 Nah, cos he's innocent; he was on holiday. All will turn out 'triffic. For sure! Link to comment Share on other sites More sharing options...
jawillwill Posted 5 November, 2009 Share Posted 5 November, 2009 Charging him is just standard police procedure. They have to charge you to speak to you. Link to comment Share on other sites More sharing options...
rallyboy Posted 5 November, 2009 Share Posted 5 November, 2009 yes that will be it Mr Loophole, the only place they are allowed to interview him is in court with a magistrate presiding in front of a public gallery. It's only on The Bill and the Sweeney that they tape interviews under caution in police stations and the like before presenting the evidence to the CPS, then await a decision on whether a prosecution is likely to be successful and then name a court date - which is where we appear to have rushed to in this case. It seems a bit unfair on him, I'm sure the agent earned the £500K on a £1.5M deal and that no one else would benefit from that HUGE fee, let alone the fee paid to the player illegally, I can't see any issues, what is wrong with the CPS, and the Premier League who must be hovering like vultures? - a guilty verdict would open the whole drum of worms and they would be squirming about all over Fratton goods yard inviting the attention of everyone from the fraud squad to Fifa. I'm sure it will be fine and no further charges will follow against the other members of the gang. Not that there was a gang. Or even a crime. Link to comment Share on other sites More sharing options...
slickmick Posted 5 November, 2009 Share Posted 5 November, 2009 So Mr inland revenue wastes many millions of our hard earned tax, Trying to recoup a few thow :walleyes: And thats providing they manage to make the shyt stick to one of the Teflon bruvers;) Just hope they have not used up all the moneys that they could of been wasting on the asylum seekers. Money well wasted if they can take arry down aswell. Link to comment Share on other sites More sharing options...
Sheaf Saint Posted 5 November, 2009 Share Posted 5 November, 2009 Charging him is just standard police procedure. They have to charge you to speak to you. Wrong. They have to arrest you to speak to you. They only charge people once they are pretty sure they have enough evidence to secure a successful conviction. Link to comment Share on other sites More sharing options...
Pancake Posted 5 November, 2009 Share Posted 5 November, 2009 Wrong. They have to arrest you to speak to you. They only charge people once they are pretty sure they have enough evidence to secure a successful conviction. Bexy - Dont feed the troll. Link to comment Share on other sites More sharing options...
Sheaf Saint Posted 5 November, 2009 Share Posted 5 November, 2009 Bexy - Dont feed the troll. Sorry. Link to comment Share on other sites More sharing options...
dubai_phil Posted 5 November, 2009 Share Posted 5 November, 2009 Let's get this straight then. Mr X works for a company with financial worries in a position where he has involvement in the decision making and managing of the finances. He is seeking a loan or a series of loans from people to ensure the survival of the company. The loans are risky to say the least. Then Said Mr X is charged by the Police, (note not accused, charged) with a statutory crime relating to financial impropriety. Let's just picture this in the real world shall we. Hello Mr Bank Manager I know my mortgage is in negative equity but I need to extend my overdraft, I'm a good guy and very trust worthy I'll pay you back.... But I can't make the meeting next week I have to go in for meetings with my lawyers about.... Hello, Ocean Finance..... Hello Mr Capone....... Not good, very not good Link to comment Share on other sites More sharing options...
GenevaSaint Posted 5 November, 2009 Share Posted 5 November, 2009 Not that there was a gang. Or even a crime. The last time I looked, I thought tax evasion was a crime! Link to comment Share on other sites More sharing options...
OldNick Posted 5 November, 2009 Share Posted 5 November, 2009 yes that will be it Mr Loophole, the only place they are allowed to interview him is in court with a magistrate presiding in front of a public gallery. It's only on The Bill and the Sweeney that they tape interviews under caution in police stations and the like before presenting the evidence to the CPS, then await a decision on whether a prosecution is likely to be successful and then name a court date - which is where we appear to have rushed to in this case. It seems a bit unfair on him, I'm sure the agent earned the £500K on a £1.5M deal and that no one else would benefit from that HUGE fee, let alone the fee paid to the player illegally, I can't see any issues, what is wrong with the CPS, and the Premier League who must be hovering like vultures? - a guilty verdict would open the whole drum of worms and they would be squirming about all over Fratton goods yard inviting the attention of everyone from the fraud squad to Fifa. I'm sure it will be fine and no further charges will follow against the other members of the gang. Not that there was a gang. Or even a crime. Anyone else notice the other person who was outed on Panorama, is now saying that Benni McCarthy can leave and is in line to go to Pompey who at the time of the Panorama prog also had a person/persons implicated. Surely not a 'you scratch my back and Ill scratch yours' type of gesture. Link to comment Share on other sites More sharing options...
Zurichsaint Posted 5 November, 2009 Share Posted 5 November, 2009 The last time I looked, I thought tax evasion was a crime! Depends on which country you are in! You of all people should know that - Geneva Saint! Link to comment Share on other sites More sharing options...
NickG Posted 5 November, 2009 Share Posted 5 November, 2009 Charging him is just standard police procedure. They have to charge you to speak to you. What? Totally wrong. To interview about an offence you have to be cautioned - thats it. You can be arrested - if its needed. charged means that the CPS have reviewed the case, post interview, and believe there is a reasonable chance of a successful prosecution, i.e. a court will find him guilty. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 5 November, 2009 Share Posted 5 November, 2009 What? Totally wrong. To interview about an offence you have to be cautioned - thats it. You can be arrested - if its needed. charged means that the CPS have reviewed the case, post interview, and believe there is a reasonable chance of a successful prosecution, i.e. a court will find him guilty. Pretty much as we have on here then? Link to comment Share on other sites More sharing options...
aintforever Posted 5 November, 2009 Share Posted 5 November, 2009 You would expect a case like this to be pretty water-tight if it's going to court. Link to comment Share on other sites More sharing options...
Draino76 Posted 5 November, 2009 Share Posted 5 November, 2009 Let's get this straight then. Mr X works for a company with financial worries in a position where he has involvement in the decision making and managing of the finances. He is seeking a loan or a series of loans from people to ensure the survival of the company. The loans are risky to say the least. Then Said Mr X is charged by the Police, (note not accused, charged) with a statutory crime relating to financial impropriety. Let's just picture this in the real world shall we. Hello Mr Bank Manager I know my mortgage is in negative equity but I need to extend my overdraft, I'm a good guy and very trust worthy I'll pay you back.... But I can't make the meeting next week I have to go in for meetings with my lawyers about.... Hello, Ocean Finance..... Hello Mr Capone....... Not good, very not good Not good at all. I want them out of existence and I think I'm gonna get my wish. I want red and white shirts worn by the kids in Portsmouth. I want a rivalry with Eastleigh. How do you like these apples **** Ho, how do you like it now you inbed paedos? SKATES ARE SOON TO BE NO MORE. I'm dancing and gobbing on your grave, already. HTH. Link to comment Share on other sites More sharing options...
Saints foreva Posted 5 November, 2009 Share Posted 5 November, 2009 As much as I hate the skates, I don't want them to go bust. Football would be boring without no rivals and we'd never get the chance to beat them again. Link to comment Share on other sites More sharing options...
Micky Posted 5 November, 2009 Share Posted 5 November, 2009 Not good at all. I want them out of existence and I think I'm gonna get my wish. I want red and white shirts worn by the kids in Portsmouth. I want a rivalry with Eastleigh. How do you like these apples **** Ho, how do you like it now you inbed paedos? SKATES ARE SOON TO BE NO MORE. I'm dancing and gobbing on your grave, already. HTH. No beating about the bush there then - although I totally disagree with the sentiment(s) of the post entirely. Contrary to being no more very soon, I actually think that they will get out of the mess that they are in and they will survive in the Premier League as well. There are probably a whole host of Premiership Managers who have been very happy for Pompey to take the heat in the first two months of the season. Because of thier start, no points in 7 games, Paul Harte took all of the media shyte, whilst other managers got away with it. Looking at the table now though - there are some woeful sides in the Premier League who have hardly made any better starts in reality. The likes of Hull, Blackburn etc have not 'cashed in' on Pompeys dismal performances so far. Given the poor sides in the Prem and the fact that one 'dark horse' (NUFC last year) will also normally fall into the mix (WHU maybe) - I think that the Blue Few will be ok. So bad is the Premier League another 6 points and they woud be mid table...! So whilst they lurch from one disaster to another, which I fully enjoy watching, I really don't think that they will cease to exist in the very near future, I really don't. Rivalry yes, but outright hatred - lifes too short - I'll pass if you don't mind. Link to comment Share on other sites More sharing options...
aintforever Posted 5 November, 2009 Share Posted 5 November, 2009 Why do people persist with this cease to exist crap, if pompey go bust they wont cease to exist just like Saint were never going to cease to exist. There will always be a football club in Portsmouth and Southampton regardless of whatever companies go bust - same applies to any other town. I would love portmouth to go bust and end up non-league though - that would be ideal. Link to comment Share on other sites More sharing options...
mack rill Posted 5 November, 2009 Share Posted 5 November, 2009 Not good at all. I want them out of existence and gonna get my wish .I want red and white shirts worn by the kids in Portsmouth. The kiddy's already wear red and white,,,,,just a dash of Blue as well;) HTH Link to comment Share on other sites More sharing options...
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