Pompey Takeover Saga

[hutch]

Who exactly should be pulling the strings??

Not sure, but it will have to be a long piece of string.

 

To stretch from Hampshire to Hong Kong...

 

... to British Virgin Islands...

 

... to Israel...

 

... to France...

 

... to Angola...

 

... to Russia...

 

and therein lies the recipe for success in the new world of English football.

[rallyboy]

yeah I recall all the skate facts about the bloke who was a tank driver three years before he was born who had bought the club on borrowing, not cleared any debt, didn't own the ground, only wanted a crane contract (?) and was just after a quick buck.

Desperate.

Presumably the Cortese sinsister plans myth is a spin off from those original works of fiction, along with the legendary dock strike that no one can quite pin down and the shirt under the pitch fairytale that is dragged out whenever a new ground is built anywhere in the world.

With Storrie teller on board it has always been a bit Brothers Grimm down there, these days it's just grim.

[Dark Munster]

they also introduced rules on clubs having to file accounts to avoid penalties and embargoes.

 

Pompey have historically steered clear of that whole side of things, and I certainly don't see AA committing all his stunts to paper where people can analyse it.

 

I guess that unlike the high court, the FL weren't impressed with the grubby shoebox of reciepts.

Well, that depends whether the said shoebox contains a brown envelope or two.

[Dark Munster]

I come on here occasionally and it's always good for a chuckle, especially when CH has been on with his particular brand of obtuseness. At least we allow postings from our rivals here, which is more than seems to happen on any Portsmouth related boards.

 

I think Dark Munster is right, based on some of the salaries they say they have been offering. How far adrift would you think they'll have to get before Chanrai starts to get twitchy?

If I were a dishonest, self-serving crook "owner" of a despicable, morally-bankrupt cesspit of a club, I would skirt around a transfer embargo (using brown envelopes as necessary), bring in players at unsustainable wages, make excuses why I couldn't pay them on time, and see if said mercenaries can miraculously get my club close to promotion. If half way through the season it appears that my club doesn't stand a chance of going up, I'd renege on the wages (as well as paying anything to the idiotic unsecured creditors who voted for my CVA), and let the club (which I detest, but don't tell that to their moronic fans) free fall to oblivion. I'd still hang around and delay winding up long enough to pocket the remaining parachute payments of course, as well as getting 80% of all transfer fees of the players I could sell, and not give a toss about the 500 point penalties the FL will impose for breaking every rule in the book.

 

All hypothetically, of course.

Edited 10 September, 2010 by Dark Munster

[OldNick]

Ok Nick if you say so. Storrie could well be proven to be a criminal in the not very near future, NC is a completely different kettle of fish (Excuse the choice of words here). I know my clubs short comings and if many Pompey fans didn't most recognise them now. Southampton are a well run club, certainly by comparison, but I would not be smug in the slightest about SFC's long term prospects with NC at the helm, ironically as a Pompey fan I'm party to the odd bit of ITK and heard the concerns regarding NC from the first day he showed up at SFC. I thought it was bais, but now I can clearly see the things I was told unfolding as predicted. Funny 'cos there's a bit of money (Never as much as some of the muppets on here seemed to think) at SFC but it amuses me no end that NC is pulling the strings, the fact that most of you lot can't see it makes me chuckle. It also amuses me to see the posters who maybe party to the same info I am regularly getting slaughtered on the Main board! If only you guys knew how right they are!......So is this the ramblings of a Bitter Skate? Yeah very probably.

 

PES you only have to have read about ML to know how the club was to be financed. After the initial ridding it of any debt it was to run on its own earnings. That is why NC is trying to squeeze every available penny from its resources. i do believe there will be some funds given regarding the staplewood but in the main the club has to stand on its own feet.

I dont believe we will be in the position to buy £20m players and the wages to go with it. You have been given by hook and lots of crook some wonderful memories on the back of bending cheating and scraping. They can't be taken away but please don't come on here all hurt as many resent how you got those. The expense of many young kids and devoted football fans of other clubs who were robbed of their day in the sun by your corrupt football club, who had cheated their way to get to the cup finals by fielding a team of stars 16-20k gates could not support.

When justice is eventually served then perhaps your club can get some honour and pride back

If only all football clubs did the same football would be a much more even playing field. Your club of course would be playing in Paulsgrove as it does not have anything to support it without major outside funding.

[Weston Super Saint]

PES you only have to have read about ML to know how the club was to be financed. After the initial ridding it of any debt it was to run on its own earnings. That is why NC is trying to squeeze every available penny from its resources. i do believe there will be some funds given regarding the staplewood but in the main the club has to stand on its own feet.

I dont believe we will be in the position to buy £20m players and the wages to go with it. You have been given by hook and lots of crook some wonderful memories on the back of bending cheating and scraping. They can't be taken away but please don't come on here all hurt as many resent how you got those. The expense of many young kids and devoted football fans of other clubs who were robbed of their day in the sun by your corrupt football club, who had cheated their way to get to the cup finals by fielding a team of stars 16-20k gates could not support.

When justice is eventually served then perhaps your club can get some honour and pride back

If only all football clubs did the same football would be a much more even playing field. Your club of course would be playing in Paulsgrove as it does not have anything to support it without major outside funding.

 

Is Nick finally seeing the light

[OldNick]

Is Nick finally seeing the light

Iam hoping but still hold little faith it will happen. Who is going to do the in depth investigation? The administrator. The new owners interests are not served by lots of penalties being applied to the club eg points penalties. Therefore i dont have faith that it really will be dealt with like it should. I hope AA proves me wrong and is like a bulldog trying to get to the bones, but who will pay for the turkeys voting for christmas?

We have seen a major event played out in front of our eyes and nothing has been done, as i still maintain Pompey will get away with it

[saintjay77]

Iam hoping but still hold little faith it will happen. Who is going to do the in depth investigation? The administrator. The new owners interests are not served by lots of penalties being applied to the club eg points penalties. Therefore i dont have faith that it really will be dealt with like it should. I hope AA proves me wrong and is like a bulldog trying to get to the bones, but who will pay for the turkeys voting for christmas?

We have seen a major event played out in front of our eyes and nothing has been done, as i still maintain Pompey will get away with it

 

AA wont battle and bend every rule to make sure Pompy get away without points penaltys, to later investigate the business finding financial irregularities resulting in points penaltys for pompy.

 

I just dont get how the company reponsible for trying to rescue a business can be the same company that should be looking for someone to blame later. Its like going to uni for a degree and being aloud to mark your own paper to give yourself a pass.

[mack rill]

AA wont battle and bend every rule to make sure Pompy get away without points penaltys, to later investigate the business finding financial irregularities resulting in points penaltys for pompy.

 

I just don't get how the company responsible for trying to rescue a business can be the same company that should be looking for someone to blame later. Its like going to UN for a degree and being aloud to mark your own paper to give yourself a pass.

 

You can bet your bottom dollar AA will bend every rule, Or are you forgetting its his Bestist buddy, Mucker, the sleazy lone shark Chinny, Who gets the club. for if the truth were known, (A big fat 0) Makes you wonder how they manèged to pull it off,,,,,,,, (folding stuff in Brow rappers even to the league!)

[CB Fry]

15,000 of the worlds greatest and most loyal football fans squeezed into Farton yesterday I see.

 

It's when you're down and up against it that true loyalty is really shown and it is inspirational to see so many ultra loyal Pompey megafans taking the time to wash the car yesterday afternoon.

[JackFrost]

15,000 of the worlds greatest and most loyal football fans squeezed into Farton yesterday I see.

 

It's when you're down and up against it that true loyalty is really shown and it is inspirational to see so many ultra loyal Pompey megafans taking the time to wash the car yesterday afternoon.

 

The Pompey vs Ipswich attendance was 15,445

 

And I'm sure a few of those would have been Ipswich fans.

[Channon's Sideburns]

Solent bottled it and missed out a text from me yesterday, asking how long Pompey can carry on paying £20k per week for players like Kitson - and how it fits in with their 'new budgetary constraints'..

[FloridaMarlin]

Info received, UHY Hacker's fees apparently £500 PER DAY (includes Saturdays, so six days a week).

 

Thay may be standard industry rate, for all I know, but I'm sure some bright spark with a good calculator can work out how much they have coined since Pompey went into administration on Friday 26 February.

 

I reckon around £86,000.

[sidthesquid]

Info received, UHY Hacker's fees apparently £500 PER DAY (includes Saturdays, so six days a week).

 

Thay may be standard industry rate, for all I know, but I'm sure some bright spark with a good calculator can work out how much they have coined since Pompey went into administration on Friday 26 February.

 

I reckon around £86,000.

 

Still a lot cheaper than John Utaka....

[dubai_phil]

Info received, UHY Hacker's fees apparently £500 PER DAY (includes Saturdays, so six days a week).

 

Thay may be standard industry rate, for all I know, but I'm sure some bright spark with a good calculator can work out how much they have coined since Pompey went into administration on Friday 26 February.

 

I reckon around £86,000.

 

Think you may find that is per "consultant" on contract. It also will not include any expenses for travel, entertainment, meal allowances etc. A law firm charging out at 500 a day would soon be out of business

 

IMHO

[rallyboy]

Hacker will get their fees up near a million by the time they get out - loads of all nighters preparing paperwork for european campaigns, transfer meetings in Greece and the US, detailed forensic accounting, pens for signing autographs, it's all going to stack up bigtime - plus the special bonus from the mystery new owner, whoever that turns out to be....

The only thing controlling the admin fees will be that they have to get it approved by, er, AA.

Mmmm.

 

Have they scored a second goal yet? I reckon they could have four by Christmas.

[Clapham Saint]

Think you may find that is per "consultant" on contract. It also will not include any expenses for travel, entertainment, meal allowances etc. A law firm charging out at 500 a day would soon be out of business

 

IMHO

 

I suspect AA is on up to £500 per hour.

 

He dooesn't work every hour of everyday on P********h but still, his fees will be a lot more than £86,000

[Foxstone]

Think you may find that is per "consultant" on contract. It also will not include any expenses for travel, entertainment, meal allowances etc. A law firm charging out at 500 a day would soon be out of business

 

IMHO

 

God it sounds worse than what we had to shell out for Tango man !

[Gemmel]

Info received, UHY Hacker's fees apparently £500 PER DAY (includes Saturdays, so six days a week).

 

Thay may be standard industry rate, for all I know, but I'm sure some bright spark with a good calculator can work out how much they have coined since Pompey went into administration on Friday 26 February.

 

I reckon around £86,000.

 

 

Think thats wrong, i charge Trainers out at 1000, per day and they are unqualified

[Torres]

Think thats wrong, i charge Trainers out at 1000, per day and they are unqualified

 

Different rates across different industries. Big 4 tax consultant senior managers ate about 750/hour.

 

UHY are tinpot though so expect rates to be much lower. I assume AA is a partner?

[FloridaMarlin]

Think thats wrong, i charge Trainers out at 1000, per day and they are unqualified

 

More than happy to be proved wrong on this.

 

That's the info I was given. I would't mind being paid £500 a day, but then as I said, I have no idea what accountancy firms charge.

[Saint_John]

Their rates were in the 1st document they produced dated 28 May 2010 (note they may have increased in July 2010).

 

 

 

LONDON OFFICE CHARGE OUT RATES (per hour)

Effective from 1 July 2009

GRADE RATE £/PER HOUR

 

Partners £350‐ £450

 

Directors £260

Managers £175

 

‐ £230

 

Assistant Managers £155

Senior Administrators £135

Administrators £80

 

‐ £100

 

Junior Administrators £75

These rates are subject to VAT and may change

CATEGORY 2 DISBURSEMENTS

Effective from 12 November 2008

Stationery / fax / postage / telephone One off cost of £10 per creditor

Stationery / fax / postage / telephone One off cost of £3 per debtor

Internal storage of Insolvency Practitioner’s £5 per annum for 10 years (£50)

working papers

Files and indices One off cost of £35

Photocopying (other than to creditors) 10p per sheet

Internal meeting room cost £65 per hour

Mileage (own car usage) 40p per mile

VAT will be charged on the above disbursements where applicable.

UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London, E1W 1YW

 

[OldNick]

The administrator may well also charge a commission on sales. i know that was the case when a colleague in my trade had an administrator working on his business. Stock that was sent to auction not only attracted the auction fees but also a percentage going to the administrator. Would that happen on any transfers? Perhaps Clapham or bucks saint can tell us.

[stevegrant]

Their rates were in the 1st document they produced dated 28 May 2010 (note they may have increased in July 2010).

Also worth bearing in mind there are officially three administrators appointed to the case, AA, Michael Kiely and Peter Kubik, all of whom are listed on the UHY website as partners.

 

If all three are working at the same time, that's a bill of up to £1350 + VAT per hour. For a 7-hour day, that's more than £11,000 including VAT. They went into administration on 26th February. They've been in administration for 140 weekdays (28 weeks) - I'd expect they've put in hours at weekends as well, the days will have been longer than 7 hours each and they'll have also enlisted the help of junior administrators to do a lot of the basic work. Not including expenses, I reckon they've racked up at least £1.5m in fees

[saintjay77]

You can bet your bottom dollar AA will bend every rule, Or are you forgetting its his Bestist buddy, Mucker, the sleazy lone shark Chinny, Who gets the club. for if the truth were known, (A big fat 0) Makes you wonder how they manèged to pull it off,,,,,,,, (folding stuff in Brow rappers even to the league!)

 

To be honest its hard to see how some of it has gone on without some proper dodgy stuff going on but I cant see it actually being the case.

 

Plenty of clubs and players will be happy to take tax free payments if they can get away with it but I cant see the league doing the same. I would have thought the League have tried to look at the black and white on each case so that they are not the ones to toast pompy.

 

It seems a club can slightly break the rules and get punnished for it. But when they break enough rules which would warrent a public pants down thrashing, no-one wants to show themselves as the hangman.

 

I guess that you will end up with some kind of penalty if Manderich or Storrie get done but it will be minor compared to what possibly should have happened. It just leaves the door open for someone elses to take things to this extreme.

[PES]

It's all over, move along, there is nothing to see here anymore. Pompey are now amongst the ranks of clubs in moderate debt, of which there are many. All that remains of this sorry fiasco are a few sad act scummers, squinnying about justice, blah blah blah.... Maybe you should draw a line under this now as even the most insensitive on here must recognize how undignified this sorry thread And the few Saints who frequent it have become.........

[rallyboy]

I can see there being such a time gap between the offences and the potential tax evasion convictions that the FL will bottle it.

 

They were quite happy to string Luton up a tree, crucify Leeds and keep Bournemouth under a ridiculous embargo yet I feel myself drifting into the Nick camp on this one - I reckon there will be convictions for tax evasion while at Pompey, but the club will escape unscathed.

 

They've beaten so many charges already that they look untouchable.

Mysteriously so.

[JackFrost]

It's all over, move along, there is nothing to see here anymore. Pompey are now amongst the ranks of clubs in moderate debt, of which there are many. All that remains of this sorry fiasco are a few sad act scummers, squinnying about justice, blah blah blah.... Maybe you should draw a line under this now as even the most insensitive on here must recognize how undignified this sorry thread And the few Saints who frequent it have become.........

 

And his head sinks even further in sand

[toofarnorth]

It's all over, move along, there is nothing to see here anymore. Pompey are now amongst the ranks of clubs in moderate debt, of which there are many. All that remains of this sorry fiasco are a few sad act scummers, squinnying about justice, blah blah blah.... Maybe you should draw a line under this now as even the most insensitive on here must recognize how undignified this sorry thread And the few Saints who frequent it have become.........

 

This is a takeover thread and as far as i'm aware you are still waiting for someone to purchase the club.

[Eastcowzer]

I suspect AA is on up to £500 per hour.

 

He dooesn't work every hour of everyday on P********h but still, his fees will be a lot more than £86,000

 

By my calculations the Illustrious Cheaters will have been in Admin' for 200 days tomorrow. Have'nt worked out how many Sundays that covers . So 'Sidthesquid' is not going to be very far out with his £86 grand estimate.

[OldNick]

By my calculations the Illustrious Cheaters will have been in Admin' for 200 days tomorrow. Have'nt worked out how many Sundays that covers . So 'Sidthesquid' is not going to be very far out with his £86 grand estimate.

 

the overall fee from UHY will be massive compared to the 86k mentioned already. I can't remember the figure but I recall Bournemouth's admin cost in excess of 200k

[Thedelldays]

if them getting away with is means them being bottom of the NPC...then GREAT

[OldNick]

if them getting away with is means them being bottom of the NPC...then GREAT

they shouldn't have been in any of the major football leagues. They are above us remember and closer to returning to the PL than we are

[RonManager]

they shouldn't have been in any of the major football leagues. They are above us remember and closer to returning to the PL than we are

 

Or you could say we are in L1 and they are trying their hardest to catch up with us, just not from below!

[Chopper71]

Also worth bearing in mind there are officially three administrators appointed to the case, AA, Michael Kiely and Peter Kubik, all of whom are listed on the UHY website as partners.

 

If all three are working at the same time, that's a bill of up to £1350 + VAT per hour. For a 7-hour day, that's more than £11,000 including VAT. They went into administration on 26th February. They've been in administration for 140 weekdays (28 weeks) - I'd expect they've put in hours at weekends as well, the days will have been longer than 7 hours each and they'll have also enlisted the help of junior administrators to do a lot of the basic work. Not including expenses, I reckon they've racked up at least £1.5m in fees

 

Pompey don't pay VAT!

[Foxstone]

It's all over, move along, there is nothing to see here anymore. Pompey are now amongst the ranks of clubs in moderate debt, of which there are many. All that remains of this sorry fiasco are a few sad act scummers, squinnying about justice, blah blah blah.... Maybe you should draw a line under this now as even the most insensitive on here must recognize how undignified this sorry thread And the few Saints who frequent it have become.........

 

Nothing more undignified than people who cheat the game, cheat the taxman, cheat charities and even cheat their own punters..

 

Think we will keep this going for a while yet if you dont mind !

[redkeith]

Looks like the skates may have to drop the "Best Fans in the World" tag .

 

http://www.portsmouthfc.co.uk/LatestNews/news/Supporters-Want-To-Get-Fratton-Rocking-Again-1364.aspx

 

Perhaps the 5,000 members of the Fratton Faithfless that have gone missing were the ones who sang ( still got TTWTB though ) .

[mack rill]

By my calculations the Illustrious Cheaters will have been in Admin' for 200 days tomorrow. Have'nt worked out how many Sundays that covers . So 'Sidthesquid' is not going to be very far out with his £86 grand estimate.

 

just put it on he Tab!

[mack rill]

It's all over, move along, there is nothing to see here anymore. Pompey are now amongst the ranks of clubs in moderate debt, of which there are many. All that remains of this sorry fiasco are a few sad act scummers, squinnying about justice, blah blah blah.... Maybe you should draw a line under this now as even the most insensitive on here must recognize how undignified this sorry thread And the few Saints who frequent it have become.........

 

Pessssssssssssssssssssss FFS! in the last few weeks we have had more to sniger about than them, Lets just let it run A!

[Weston Super Saint]

Pessssssssssssssssssssss FFS! in the last few weeks we have had more to sniger about than them, Lets just let it run A!

 

Yep, I agree. I mean we lost a manager, put in a caretaker [literally a caretaker!!] and lost a few games.

 

You on the other hand, managed to sign some new players, or did you? Managed to get your nailed on certainty of a new owner to NOT get ownership ratified by the FL, and failed once more to get more than 15k into your ground

 

But, carry on with your snigering[sic]

[Viking Warrior]

I may have missed a post put did the skates get a letter saying they had underpaid TAX by any chance?

[NickG]

Looks like the skates may have to drop the "Best Fans in the World" tag .

 

http://www.portsmouthfc.co.uk/LatestNews/news/Supporters-Want-To-Get-Fratton-Rocking-Again-1364.aspx

 

Perhaps the 5,000 members of the Fratton Faithfless that have gone missing were the ones who sang ( still got TTWTB though ) .

 

they do have good support (although down 12% on last year), nearly as good as Burnley, Reading, Crystal Palace, and to be fair there are 8 teams in top two divisions with less (therefore a lot with more!)

[Kingsbridge Saint]

I see Mokoena hurt his leg. It was broken originally but God gave him a dispensation.

[dubai_phil]

Posted elsewhere but

 

http://www.tribalfootball.com/portsmouth-admit-breaking-wage-cap-stoke-duo-1106451

[GenevaSaint]

Posted elsewhere but

 

http://www.tribalfootball.com/portsmouth-admit-breaking-wage-cap-stoke-duo-1106451

 

If I were a creditor I'd be seething with this news. So that's actually 1m extra that could be going back into the pot. Excluding win bonuses, ni etc on those wages. Fecking disgrace.

[Sevvy]

AA, Sorry creditors, but your 4p, minus deductions and the extra money we need to pay our players etc. so here that 1p then, we rounded it up for you,

[OldNick]

Posted elsewhere but

 

http://www.tribalfootball.com/portsmouth-admit-breaking-wage-cap-stoke-duo-1106451

Can the creditors do nothing about this? Surely it is breaking of a contract

[rallyboy]

The creditors gave him a big thumbs up (and a few extra fingers), he can do what he wants, idiots.

 

I did say 500 pages back but it's worth repeating -

as a businessman, if a random company ripped me off and owed me a few grand, then were forced into court and offered me a feeble 3p in the pound while living it up,

I would consider the loss of a a couple of hundred quid as a bargain price for the pleasure of dancing on their filthy corporate graves and watching the crooked directors lose their jobs, cars, expenses and reputations.

 

Sensible businessmen can see right through a dodgy CVA and would not accept such a deal that is so obviously unworkable.

 

On a completely different case - any creditor who voted for the Pompey CVA deserves the shafting they are getting, so they had better not whinge when it goes awry.

It was never viable.

[GenevaSaint]

On a completely different case - any creditor who voted for the Pompey CVA deserves the shafting they are getting, so they had better not whinge when it goes awry.

It was never viable.

 

I agree they deserve to be shafted given AA's previous unworkable CVAs. STILL DOESN'T MAKE IT RIGHT THOUGH! That's our taxes being ****ed up against the wall down the road.

[Channon's Sideburns]

Solent haven't mentioned about the breaking of the wage cap...