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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Dark Munster

Dark Munster

Posted
Posted
I guess they have submitted there business plan to the football league and they will then decide at there next meeting which is the beginning of october? Wonder what they are making of the "Black Holes" in the accounts AA spoke of.

 

Hypothetically, certain people in the FL may find nothing wrong with the "black holes" provided they are "filled" with brown envelopes.

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Dark Munster

Dark Munster

Posted
Posted
A buyer? Mwah, hah, hah. Serious head back on; what would they be buying?[/QUOTE]

 

Probably a shell, but there will be a buyer and it will be Chanrai's, last payment from pfcbroken ltd.....but not just yet.

 

Chanarai has 18 million pounds of secured debt ( Which will be funded by the 55 milllion pounds worth of parachute payments), plus the 4 million already paid back in January against a loan of what we can work out to be about 16 million quid (Im guessing the gap equates to high interest rates), on top of that he owns the club, the stadium and has a denbenture against the entire squad (Net worth 10 million ??)

 

The CVA also (very cleverly IMO) allowed for 15 million pounds of working capital. With little or no investment in the playing squad, that figure is more than capable of seeing them through to the final parachute payment in 2 and half years time (Any shortfall could be met with the odd player sale and to all intents and purposes it is irrelevant what league they are in unless they get promoted and then its double bubble) and then the club is ready to sell. Someone somewhere will pay 10 million for a league one pompey - That goes straight to Chanarai.

 

So assumming Chanarai, doesn't cash in on the squad and fratton park (The land) isnt worth more as an indidvidual assett, then chanarai, just needs to sit tight for 30 months and his 16 million loan is repaid at 22 million + whatever he sells the club for (Pure guess) 10 million. A very nice double your money deal in 48 months

 

Of course that is pure conjecture and the option to sell the squad, Or decent ones - (Do not kid yourselves they have nothing left, they actually have a strong 11, regardless what the league table says) leaves the door open for Chanarai to do some real damage, but my guess is that they will be a league one side within 20 months, possibly 8 depending on any points deductions from the tax cases and Chanari will bide his time, collect his money and have a final payday, when he sells out to someone like dyer or lifelongpompeymarc for 10 million quid.

I think you may be very close to the mark with that conjecture. His plan A probably is to have a gamble in trying to go up with a limited investment. Hopefully his plan B is to strip them bare, and drop them in the shit, as soon as he sees plan A is going to fail.

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Dark Munster

Dark Munster

Posted
Posted
I can't believe the creditors vote on one thing which includes a wage cap put in place to make sure they get there money. Then watch the club find loads of extra money to completely blow away the wage cap.

 

The creditors must be thinking there money is well and truly gone now as liquidation must be looking more and more likely everyday. Now they are thinking of shipping out more of there lower players so they can bring in yet more bigger players on no doubt wages that break there cap again.

 

All it will take is for the FL to grow some balls to put an end to this. Can't see it happening though. Think they have caught the cold for the prem and will wait for Pompey to pull the plug and put up with anything they do in the mean time.

Is that a euphemism for receiving brown envelopes from Cheats FC? :)

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alehouseboys

alehouseboys

Posted
Posted
A novel way to boost attendances;

 

 

http://www.portsmouth.co.uk/sport/Pompey-make-shorts-work-of.6547295.jp

 

And Pompey will be giving 1,000 tickets away for home matches this season to the marines and navy personnel to say thank you for the work they do.

 

Not that novel actually, they let in thousands of servicemen based in the area for nothing back in their 'golden era' of the 40s/50s, it was the only way they could boost their crowds (although they never filled fartton to capacity even back then)...not to mention the generous attendance of their neighbourly Saints fans who they liked in them days!

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rallyboy

rallyboy

Posted
Posted

perhaps Genoa have forwarded the money to the likes of Udinese and some of the other ripped off creditors, or is offering them 3p in the pound this year?

 

A business that kept a taxbill for £25M on the desk unpaid for a year, moaning about late payers.....a new comedy avenue opens up.

 

Luckily AA'a cashflow preditictions are realistic and not in any way the work of a fantasist, so I can't see that a wait for a million quid will cause problems, his business model isn't that fragile is it?....

 

 

Poor plucky pompey.

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holepuncture

holepuncture

Posted
Posted

Didnt it get to threats from FIFA and the skates still wouldnt cough up and pay there various tabs!

 

What goes around skates... you put so many clubs in such a **** position over the last couple of seasons, refusing to honour your obligations, leaving a legacy of debt floating around whilst Storrie would reassure everyone all is cushty.

 

I remeber when Ali Al Farajs floppy disc was corrupted, caused chaos, meltdown for a week.

 

Then it was the incorrect bank codes were sent over from Arabia, then the wrong account details from Milan and Chanrais tax havens!

 

Really unlucky that the skates are now on the recieving end, eh.

 

so wheres this interim report then? I could do with a chuckle!

 

I want to hear how much it costs to mug off the authorities to the tune of £25m, cant be cheap.

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Kingsbridge Saint

Kingsbridge Saint

Posted
Posted
I wonder whether Poopey still owe Genoa money for Van Den Borre,s loan last season !!

 

Interesting angle. Shaft Pompey by signing one of their players and immediately loaning him on but refusing to pay Pompey. Possibly means Genoa get their cash, Milan get their player and Pompey get royally shafted the same way they shafted Genoa. It would be a work of beauty by the Italians.

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OldNick

OldNick

Posted
Posted
Interesting angle. Shaft Pompey by signing one of their players and immediately loaning him on but refusing to pay Pompey. Possibly means Genoa get their cash, Milan get their player and Pompey get royally shafted the same way they shafted Genoa. It would be a work of beauty by the Italians.

it would be justice in a strange kind of way. The buying and immediate loan out was always odd

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Interesting angle. Shaft Pompey by signing one of their players and immediately loaning him on but refusing to pay Pompey. Possibly means Genoa get their cash, Milan get their player and Pompey get royally shafted the same way they shafted Genoa. It would be a work of beauty by the Italians.

 

it would be justice in a strange kind of way. The buying and immediate loan out was always odd

 

What goes around comes around and I couldn't think of more fitting recipients of this kind of karma. Recipients being more operative than 'victims' which is a card the DFCSBs have played infinitely more than necessary.

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Lets B Avenue

Lets B Avenue

Posted
Posted
Just noticed there keeper Flavahan or what ever his name is, has signed a new 1 month contract. How come its just 1 month? Or did I read it wrong on the SSN ticker bar?

 

It must mean that they've got Shay Given lined up once they come out of admin. on Sep 15/Oct 1/ Oct 15/Nov 1 (Delete where necessary.)

 

Solent announced at 1.00pm that the time set for Chanrai's takeover had expired and would have to be re-negotiated????? The cost of Admin was put at £1.5 million and on a lighter note. The investigation into the actions of former directors had already begun.

 

Luckily, I had just parked up when this was read out or I could well have caused a serious road accident.

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stevegrant

stevegrant

Posted
Posted
http://www.portsmouth.co.uk/sport/Milan39s-back-and-he39ll-do.6548614.jp

Mr Mandaric met with administrator Andrew Andronikou earlier this week to go over the Pompey books to see for himself what state the club was in.

 

But even so, Mr Mandaric said he could not quite see 'what's going on'.

I'm sure there's some sort of competition-related conflict of interest where a chairman of a rival club is allowed full access to a club's books... :uhoh:

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rallyboy

rallyboy

Posted
Posted

The man from the FA at the helm, Spurs and Leicester City given full access to the books, third party clubs getting payments from transfers - they really are a community club, everyone gets involved!

 

Solent also reported the little gem that Chanrai's agreement to buy has expired....

 

Does this mean he's had a closer look and decided that the bargain doesn't look as attractive as it did when the parachute money wasn't being diverted?

 

If he's going off the whole idea it leaves the way open for that bankrupt northern child to have another crack at whacking even more debt into the black hole.

 

Why else would he allow his hold on the club purchase to expire, he's either haggling very hard. or walking away.

 

We weren't far out on the admin costs so far, AA is looking to get that up to about £3M by the time the club is finished, I mean, he's finished.

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Lord Duckhunter

Lord Duckhunter

Posted
Posted

 

WOW, MM's really pushing the boat out.

 

"That didn't stop him taking around a dozen of his former employees for dinner at the Pizza House in Hilsea, to say thank you to them for the work they did while he called himself their boss".

 

Pizza Hut, what a tight wad...................

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TUS

TUS

Posted
Posted
WOW, MM's really pushing the boat out.

 

"That didn't stop him taking around a dozen of his former employees for dinner at the Pizza House in Hilsea, to say thank you to them for the work they did while he called himself their boss".

 

Pizza Hut, what a tight wad...................

 

http://www.pizzahouserestaurant.co.uk/

Not quite a pizza hut, but even so ...

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pedg

pedg

Posted
Posted
I'm sure there's some sort of competition-related conflict of interest where a chairman of a rival club is allowed full access to a club's books... :uhoh:

 

I expect after going over the books there was probably a strong smell of tippex in the room...

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Saint_John

Saint_John

Posted
Posted

News of the 6 monthly report from UHY as per R2.47

http://www.uhy-uk.com/pages/posts/portsmouth-city-football-club--six-month-progress-report-to-creditors764.php

 

and the 67 page report

http://www.uhy-uk.com/media/download/portsmouth%20reports/Six%20month%20report%20-%20final%20(version%20for%20website).pdf

 

p2 - Meeting on 13 October

p5 - PL & TV Money withheld until all Creditor paid.

p7 - 500k received for wages for Nugent + a.n.other out on loan

- 85k received for outstanding transfer on LuaLua.

- 29k spent to employ new scout.

- £3M for Belhadj minus 90k for Agent

- 5.5M euros for Boateng (Sept 1.5, Oct 1.5, Jan 2011 1.2, July 1.2) nothing received.

p8 - £1.1 for Smith + 0.4M if QPR promoted

- Wilson £4M minus Kinson (£1.25M) and Lawrence (1.25M).

- £100k + a futher £126k paid for compromise agreements to release 6 players.

- £239k received for the cancellation of the cheat who should not have played in the Cup game (Quincy).

p9 - 3 players have Accommodation clauses, total todate = £95k

- £98k spent on Food.

- Software £16k

- Doctor £15k

p10- £4.5M in total ticket sales of which £2.9M is ST sales.

- BMS holding back CC sales £2.5M if unable to complete season. being release at £112k per home game.

- £2.25M for CHEATING there way to the final.

- £30k for program sales but programs cost £35k to produce.

p11- £5k for meals for Home games.

- £198k for Away games.

- £7.5 for Ambulance

- £100k for Police

- £6k per month to son of Arms Dealer for Car Park

.......

I hope to list more later on.

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andysstuff

andysstuff

Posted
Posted
News of the 6 monthly report from UHY as per R2.47

http://www.uhy-uk.com/pages/posts/portsmouth-city-football-club--six-month-progress-report-to-creditors764.php

 

and the 67 page report

http://www.uhy-uk.com/media/download/portsmouth%20reports/Six%20month%20report%20-%20final%20(version%20for%20website).pdf

 

p2 - Meeting on 13 October

p5 - PL & TV Money withheld until all Creditor paid.

p7 - 500k received for wages for Nugent + a.n.other out on loan

- 85k received for outstanding transfer on LuaLua.

- 29k spent to employ new scout.

- £3M for Belhadj minus 90k for Agent

- 5.5M euros for Boateng (Sept 1.5, Oct 1.5, Jan 2011 1.2, July 1.2) nothing received.

p8 - £1.1 for Smith + 0.4M if QPR promoted

- Wilson £4M minus Kinson (£1.25M) and Lawrence (1.25M).

- £100k + a futher £126k paid for compromise agreements to release 6 players.

- £239k received for the cancellation of the cheat who should not have played in the Cup game (Quincy).

p9 - 3 players have Accommodation clauses, total todate = £95k

- £98k spent on Food.

- Software £16k

- Doctor £15k

p10- £4.5M in total ticket sales of which £2.9M is ST sales.

- BMS holding back CC sales £2.5M if unable to complete season. being release at £112k per home game.

- £2.25M for CHEATING there way to the final.

- £30k for program sales but programs cost £35k to produce.

p11- £5k for meals for Home games.

- £198k for Away games.

- £7.5 for Ambulance

- £100k for Police

- £6k per month to son of Arms Dealer for Car Park

.......

I hope to list more later on.

 

£29K spent on a scout.......to scout for what????

 

There's a TRANSFER EMBARGO FFS!

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rallyboy

rallyboy

Posted
Posted

few notes from a quick read through - better people than me can analyse in detail later!

 

page 23 - nine and a half million owed to agents??

 

I note the story of Chanrai having paid off the creditors owed £2.5K and less and the charities has turned into, 'he will if the sale goes through'.

Kept them off the vote though.

 

And to clarify, the cva hasn't started as it relies on a new owner coming in, it's nine months from there that they go for liquidation, those dim creditors are still waiting for their first 3p.

They are still deep in administration.

 

 

squad of 30 listed

27 owned, 3 in on loan, 4 out on loan.

There's some lengthy expensive looking contracts on there.

 

Has he tried to hide the £2.4M accrued bonuses away from the salaries for potential buyers trying to see overheads?!

 

 

 

 

reading this is very boring, someone else can take over, which funnily enough is what Chanrai said when he let his right to buy agreement expire!

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saintjay77

saintjay77

Posted
Posted
few notes from a quick read through - better people than me can analyse in detail later!

 

page 23 - nine and a half million owed to agents??

 

I note the story of Chanrai having paid off the creditors owed £2.5K and less and the charities has turned into, 'he will if the sale goes through'.

Kept them off the vote though.

 

And to clarify, the cva hasn't started as it relies on a new owner coming in, it's nine months from there that they go for liquidation, those dim creditors are still waiting for their first 3p.

They are still deep in administration.

 

 

squad of 30 listed

27 owned, 3 in on loan, 4 out on loan.

There's some lengthy expensive looking contracts on there.

 

Has he tried to hide the £2.4M accrued bonuses away from the salaries for potential buyers trying to see overheads?!

 

 

 

 

reading this is very boring, someone else can take over, which funnily enough is what Chanrai said when he let his right to buy agreement expire!

 

Some pretty slick extracting urine it seems.

 

Wonder how many of those under the £2.5k mark would have voted against had they been aware it was going to be dependent on chainrai taking over? Would that deal have stood had someone else been foolish enough to take over?

 

Glad to see like it's a long way from being over. There is still hope that they will be held accountable somehow and maybe the future will bring a new Pompey to become our rivals.

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marc_saint

marc_saint

Posted
Posted (edited)

squad of 30 listed

27 owned, 3 in on loan, 4 out on loan.

There's some lengthy expensive looking contracts on there.

 

Also 19 of them are out of contract at the end of this season or before. So not much scope to raise transfer funds.

 

Also, didn't i read somewhere at the end of the last transfer window that you cannot have more than two players on loan from any one club? Yet they have three from Stoke.

 

Ashdown 30/06/2011

Ben-Haim 30/06/2013 Out on loan

Brown 30/06/2011

Ciftci 30/06/2011

Dickinson 30/06/2011 On loan from Stoke

Flahavan 26/10/2010

Goddard 30/06/2011

Gregory 30/06/2011

Hughes 30/06/2011

Kanu 30/06/2013

Kilbey 30/06/2011

Kitson 30/06/2013

Lawrence 30/06/2014 On loan from Stoke

Martin 30/06/2011

Mokoena 30/06/2012

Mullins 30/06/2012

Nugent 30/06/2011

O'Brien 30/06/2011 Out on loan

Pack 30/06/2011 Out on loan

Rocha 30/06/2012

Ritchie 30/06/2011

Ryan 30/06/2011

Smith Tommy 30/06/2013 Out on loan

Sonko 30/06/2011 On loan from Stoke

Tsovolos 30/06/2012

Utaka 30/06/2011

Walshe 30/06/2012

Ward 30/06/2012

Webber 30/06/2011

Gazet Weekly

Edited by marc_saint
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andysstuff

andysstuff

Posted
Posted
few notes from a quick read through - better people than me can analyse in detail later!

 

page 23 - nine and a half million owed to agents??

 

I note the story of Chanrai having paid off the creditors owed £2.5K and less and the charities has turned into, 'he will if the sale goes through'.

Kept them off the vote though.

 

And to clarify, the cva hasn't started as it relies on a new owner coming in, it's nine months from there that they go for liquidation, those dim creditors are still waiting for their first 3p.

They are still deep in administration.

 

 

squad of 30 listed

27 owned, 3 in on loan, 4 out on loan.

There's some lengthy expensive looking contracts on there.

 

Has he tried to hide the £2.4M accrued bonuses away from the salaries for potential buyers trying to see overheads?!

 

 

 

 

reading this is very boring, someone else can take over, which funnily enough is what Chanrai said when he let his right to buy agreement expire!

 

It's all falling apart isn't it. Presumably the plan was for a quick sale of the club following agreement of the CVA to some rich mug.

 

With no plan B toast still looks a distinct possibility.

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Doctoroncall

Doctoroncall

Posted
Posted
Also 19 of them are out of contract at the end of this season or before. So not much scope to raise transfer funds.

 

Also, didn't i read somewhere at the end of the last transfer window that you cannot have more than two players on loan from any one club? Yet they have three from Stoke.

 

One of the Stoke players is under 24 (I think), so makes it OK... apparently!

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