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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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rallyboy

rallyboy

Posted
Posted

good to see the taxman chasing individuals who no fault of their own could owe £1,400.

 

Among those will be some Pompey creditors who have just been robbed by the CVA - I hope the 4p in the pound less expenses is enough to pay off the taxman.

 

And on tax, interesting to see that a football club seems to have been laundering money.

Who'd have thought it possible.

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fanimal

fanimal

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The fun has gone out of this thread in the last week due to our manager being sacked and losing two games at home to teams we should be stuffing - just shows how quickly fate can turn, we are not really on the moral high ground and quickly getting to th epoint where we replace them in the League above - I want that nice feeling back soon, please!!!

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gaz

gaz

Posted
Posted
...we are not really on the moral high ground....

 

Erm...why? We haven't robbed local businesses or charities of money? Nor ripped off fellow league clubs by levering them out of deals to sign players we couldn't afford?

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mack rill

mack rill

Posted
Posted
The fun has gone out of this thread in the last week due to our manager being sacked and losing two games at home to teams we should be stuffing - just shows how quickly fate can turn, we are not really on the moral high ground and quickly getting to th epoint where we replace them in the League above - I want that nice feeling back soon, please!!!

 

Oh come on, you have a slight Hiccup( Boss off to watch big game n the sky, Par-doo gets the bullet, Cortese auditions for Adolf, and takes up Duck Hunting,And you get ***** slapped in two games that you had enough chances to win by at least 5,) Don't fret my stripey Friend theres always light at the end of the tunnel. Take this Fred, thousands of posts on us the bloo few going pop!

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landford.saint

landford.saint

Posted
Posted
Oh come on, you have a slight Hiccup( Boss off to watch big game n the sky, Par-doo gets the bullet, Cortese auditions for Adolf, and takes up Duck Hunting,And you get ***** slapped in two games that you had enough chances to win by at least 5,) Don't fret my stripey Friend theres always light at the end of the tunnel. Take this Fred, thousands of posts on us the bloo few going pop!

 

I suppose you are right our fishy friend. As they keep telling us, when you feel low, think of people far worse off than you and it will make it seem not so bad..... So we dont have to look far to see a few people far worse off than us. We have no manager but you have Cotterill for a manager. Lets face it Hampshire police must be dreading you lot being relegated and us not getting promoted.

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saintjay77

saintjay77

Posted
Posted

After our latest distractions I think there will be a few more twists and turns to come down the road.

 

I dont see how getting a naff replacement in will do NC any good so I am trusting the decission will be a good one and we will quickly be moving back in the right direction.

 

The longer Pompy flick the V's the more chance there will be someone to put a stop to it. When that happens I think they will be hit hard and it could be really bad news for them. I cant imagine many other clubs in the Championship being happy at how Pompy are wrighting off so much debt while trying to build a side that most other clubs in that league would love to afford so I doubt they will get much in the way of support should the league look to its members for opinions on how the league is run.

 

So quiet for now but wont be long before the fun will return.

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JackFrost

JackFrost

Posted
Posted
ssshhhhhhhh......

 

 

as it's so quiet at the moment I can just hear the sound of a CVA remaining unpaid.....

 

Let's get our own little 'issue' sorted, then we'll be back, so don't get liquidated while we're gone!

I'd hate to miss it.

 

just a shame the person who is responsible for ensuring AA's CVA is kept to is AA. . .

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Gemmel

Gemmel

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With the exception of HMRC, who, if they don't get their enormous 20p in the pound - plus 100% of current NI and tax contributions - will no doubt be back in court slapping on another winding up order ;)

 

HMRC are not done yet. They have simply changed tact. They will now go after the individuals, gaydamak and probably Storrie. All they have to do is prove they were trading insolvently and the Directors become personally liable. That should be fairly straight forward, but I doubt they will ever see the money from Gaydamak. He will slink of to some non extradition country. They could of course seize his assets over here, nothing much of any value......except for a car park in a football club ;)

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pedg

pedg

Posted
Posted
HMRC are not done yet. They have simply changed tact. They will now go after the individuals, gaydamak and probably Storrie. All they have to do is prove they were trading insolvently and the Directors become personally liable. That should be fairly straight forward, but I doubt they will ever see the money from Gaydamak. He will slink of to some non extradition country. They could of course seize his assets over here, nothing much of any value......except for a car park in a football club ;)

 

I believe all Gady properties are mortgaged so I think HRMC might have difficulty with that?

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pedg

pedg

Posted
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Sod the other properties. He owns the car park. How funny would that be if HMRC became the new owners of it.

 

By properties I meant the everything including the area's around the ground. Find that image of that page from the mail or whatever it was which lists all the bits owned by who around FP and all the ones owned by Gady are down as being mortgaged.

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Gemmel

Gemmel

Posted
Posted (edited)

Oh dear, the owner of pompey online, seems to have stumbled over some bad news (Not sure whether it;'s him or someone who has lifted it from his site):

 

Rumour got through to me today (would put some reliability on this, but it isn't 100% confirmed as I haven't seen actual documantary proof with my own eyes, this has come from a financial contact) that during the month July-August (basically from the time Chainrai signed the paper to take over the club) the rate of interest which is being charged on the loans to the club has risen by 1000%! Staggering if true, will be trying to get some more info

Edited by Gemmel
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stevegrant

stevegrant

Posted
Posted
Oh dear, the owner of pompey online, seems to have stumbled over some bad news:

 

Rumour got through to me today (would put some reliability on this, but it isn't 100% confirmed as I haven't seen actual documantary proof with my own eyes, this has come from a financial contact) that during the month July-August (basically from the time Chainrai signed the paper to take over the club) the rate of interest which is being charged on the loans to the club has risen by 1000%! Staggering if true, will be trying to get some more info

This will end well :uhoh:

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solentstars

solentstars

Posted
Posted
Oh dear, the owner of pompey online, seems to have stumbled over some bad news:

 

Rumour got through to me today (would put some reliability on this, but it isn't 100% confirmed as I haven't seen actual documantary proof with my own eyes, this has come from a financial contact) that during the month July-August (basically from the time Chainrai signed the paper to take over the club) the rate of interest which is being charged on the loans to the club has risen by 1000%! Staggering if true, will be trying to get some more info

good old chainrai i ,m suprised he did not charge 2000%:D
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BigShadow

BigShadow

Posted
Posted
Oh dear, the owner of pompey online, seems to have stumbled over some bad news (Not sure whether it;'s him or someone who has lifted it from his site):

 

Rumour got through to me today (would put some reliability on this, but it isn't 100% confirmed as I haven't seen actual documantary proof with my own eyes, this has come from a financial contact) that during the month July-August (basically from the time Chainrai signed the paper to take over the club) the rate of interest which is being charged on the loans to the club has risen by 1000%! Staggering if true, will be trying to get some more info

 

Percentages.......

 

So if he was previously charging a token 0.5% interest while in administration, and he has now raised that to 5% - that would represent a 1000% increase. Seems reasonable to me.

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OldNick

OldNick

Posted
Posted
Percentages.......

 

So if he was previously charging a token 0.5% interest while in administration, and he has now raised that to 5% - that would represent a 1000% increase. Seems reasonable to me.

that falls in with something i was told, but i think you will find that the interest rate was likely to be a lot higher than that, over 20% apparently. Lol
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Weston Super Saint

Weston Super Saint

Posted
Posted
it seems that the self-proclaimed owner wants his pound back, plus an ironic 20p in every pound on top.

 

He must love the club to be helping it that much.

 

He he.

 

What are the odds that this interest hike wasn't in the figures used to calculate the CVA :)

 

Anyone got Chainrai's address so I can send him a red and white scarf :D

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Colinjb

Colinjb

Posted
Posted

Ha, Liam Lawrence's move to the skates is in doubt. - SSN

 

Reason - Portsmouth didn't get the paperwork to the league in time to register Liam Lawrence. The football league have not ratified his permanant move, the Skates are therefore trying to sort something out between them and Stoke to make the move a loan.

 

Transfer embargo, what transfer embargo?

 

F**king cheats.

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tony13579

tony13579

Posted
Posted
It is believed that Portsmouth lodged the paperwork for his transfer 15 minutes too late for it to be registered by the FA and Premier League.

 

Discussions are still taking place between Portsmouth and football's top brass to find a loophole.

It makes my blood boil...

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TopGun

TopGun

Posted
Posted
Ha, Liam Lawrence's move to the skates is in doubt. - SSN

 

Reason - Portsmouth didn't get the paperwork to the league in time to register Liam Lawrence. The football league have not ratified his permanant move, the Skates are therefore trying to sort something out between them and Stoke to make the move a loan.

 

Transfer embargo, what transfer embargo?

 

F**king cheats.

 

They're up in arms about it on the Portsmouth News site :-)

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rallyboy

rallyboy

Posted
Posted

presumably the mistake on timing saves the league having to address the embargo-breaking issue with regard to this particular player - how this affects the Wilson and Smith deals we have yet to find out.

 

one might suggest that AA is looking a little foolish today.

 

He's attacking the authorities that have the power to cause him great grief.

He's admitted that they have signed a player without doing a medical - an idiotic thing to do.

He's also ignorant of the rules over loans.

 

 

He needs to stick to his specialist areas, fooling judges, dancing to Chanrai's clicking fingers, signing autographs, and shafting charities.

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Sour Mash

Sour Mash

Posted
Posted
Poetry....maybe what goes round is starting to come around after all the loopholes, dispensations....keep kicking that corpse!

 

No, not really. Look at the quote of "Discussions are still taking place between Portsmouth and football's top brass to find a loophole." It'll "only" be 15mins late, they'll blatantly find someway around it.

 

Oh and by the way, are they toast yet?

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mightysaints

mightysaints

Posted
Posted

Club administrator Andrew Andrinikou is confident the matter will be resolved, but admits the club will move to land Lawrence on loan should a permanent deal fall through.

He told The News: '"The Lawrence deal has not been ratified by the Football League yet and we are still waiting to hear the outcome.

"Unfortunately, we are not Tottenham and are not allowed to have this issue sorted the next day as they did with Rafael van der Vaart.

"This sort of thing will only happen to us. There is proper brinkmanship going on just because we are Portsmouth Football Club.

 

PFC You get what you deserve now just die as a club

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OldNick

OldNick

Posted
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Club administrator Andrew Andrinikou is confident the matter will be resolved, but admits the club will move to land Lawrence on loan should a permanent deal fall through.

He told The News: '"The Lawrence deal has not been ratified by the Football League yet and we are still waiting to hear the outcome.

"Unfortunately, we are not Tottenham and are not allowed to have this issue sorted the next day as they did with Rafael van der Vaart.

"This sort of thing will only happen to us. There is proper brinkmanship going on just because we are Portsmouth Football Club.

 

PFC You get what you deserve now just die as a club

 

the blind cheek of it. Making out that they are treated badly!!!! Lawrence didn't want to join and im sure hasn't changed his m,ind yet

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Gemmel

Gemmel

Posted
Posted

Well they are certainly doing their nuts about it, pikey side.

I would hazard a guess that aa is being a little shy with the truth regarding the reasons. The fact the FL / Fa haven't ratified it, i can live with, i'm guessing the reason is more to do with being over 20 squad players than 5 minutes late on the fax machine.

The problem, is that leaves LL without a club through no fault of his own, so they will sort something out.

Intresting that there was no medical, which without being an expert would surely mean that he is not insured? Dangerous game to play.

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Gemmel

Gemmel

Posted
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Interesting angle, that hasn't come up before.

The club according to aa will remain in administration until March.

 

Andrew Andronikou, the Portsmouth administrator, believes the club will celebrate a "watershed" moment if Balram Chainrai's proposed takeover at Fratton Park is approved by the Football League next Thursday.

 

Chanrai, a Hong Kong-based businessman, could become Portsmouth's owner for the second time if the governing body accept his offer to take the club out of administration.

 

Andronikou said: "The board will sit to decide whether to approve Mr Chainrai's takeover and whether the club's golden share in the league should be transferred to his company or not.

 

"I hope they say yes. They absolutely should do. But everything about this club has been like pushing a cart up a hill. But if it goes through it will be watershed. I can see blue sky ahead, the club will effectively be out of administration and out of the clutches of the Football League. It will then be down to the management and current board and playing staff."

 

Andronikou believes Portsmouth will effectively be out of administration by the end of March: "That's when the first payment of £3m is due. If Mr Chainrai becomes the new owner he will have to pay the amount by then. Under the terms of the Company Voluntary Agreement, nine months after it was agreed, the current company that owns Portsmouth will be no more, the CVA ends, and Mr Chainrai's new company takes over under a sale-and-purchase-agreement, which states he must pay the balance of around £13m over the next four years."

 

Andronikou added that Portsmouth will look to add to a skeletal squad once Wednesday's loan-window opens.

 

"All non-Premier League clubs can take players on loan," he said. "We can only register 20 players under the terms of our embargo due to our financial situation. Ricardo Rocha [the Portuguese defender] should become Steve Cotterill's 20th, as we have agreed terms.

 

"But there will be loans. For example Kyle Naughton, the Tottenham right-back, should join once Wednesday's window opens."

 

 

Now the day it was first agreed was the 17th June, meaning due to the structure of the CVA, it exits administration on the 17th March 2011 and the company is liquidated.

What is the cut off point for the points deduction being applied this season? We went into Administration on the 1st April. My guess is that they missed it by a week (Jammy gits) but....... would the date be from when the CVA was agreed or when it was ratified, after the failed appeal?

Could be clutching at straws, but they should have had their points deduction by then for storries tax errors, so not all bad.

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rallyboy

rallyboy

Posted
Posted

Gemmel, how very polite of you to refer to Storrie's tax 'issues' as errors! You see the best in everyone.

 

 

Does that plan mean Chanrai will be able to ignore the CVA debt under a toothless agreement post-liquidation, or is the FL likely to impose all manner of conditions to accompany the golden share transfer?

 

I'm not sure that AA's little club will be 'out of their clutches' for a while, nice language to use about a governing body that is historically happy to impose penalties as it makes them up.

He needs to stop prodding the beast with a stick.

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