Pompey Takeover Saga

[JackFrost]

just seen the highlights - very dodgy red card, stupid penalty, comedy defending, nice finish from Kitson, a deflected free kick, Nugent needed two attempts to hit a cow's arse - not sure that Pompey have turned a corner, but it certainly looks like Leicester have - spineless and unlucky, not a good combination.

Cotterill's plucky crew are now the second worst team in the division - fire up the open-topped bus and pop the champagne!

 

The Leicester City defending was the worst I've seen for a very long time, and the ref appeared to give Pompey a lot and Leicester very little.

 

Next few weeks are crucial for Pompey, to truly kick start their season they have to beat Bristol City

[eurosaint]

It was 'Stick yer Carling Cup up yer a*se'.

 

My mistake then, probably just wishful thinking, eh ?

[Gorgiesaint]

Bastards,,,just knew as soon as i posted that it would bite my arse,

 

It always happens Mack - it's like dissing your mate on the first tee before you've hit your tee shot! Fair play to you for coming back on though.

[rallyboy]

yeah, fair play to Mack.

 

Interesting to see in the paper today that Liverpool could face administration over £282M bank debts but they wouldn't suffer a points penalty because it's their parent company, a company that only has one asset, the club, and the club is trading solvently - apparently!

 

Are we to see the red and blue of Hampshire united in attacking a league that makes up it's rules as it goes along and looks after the big clubs?

If they do go into administration and no points penalty is levied it will be scandalous.

 

Then again the americans should get an award for managing to drive a huge and previously successful business into the ground in such a short space of time, makes Storrie look sharp.

[holepuncture]

http://www.twohundredpercent.net/?p=9026

 

Nice piece on AA, Milan and the gang.

 

Sulamin will be disappointed not to get a mention, though hes probably too busy doing land flipping deals to fund the pompey dream to notice

[mack rill]

It always happens Mack - it's like dissing your mate on the first tee before you've hit your tee shot! Fair play to you for coming back on though.

 

I really fancied the Bet this weekend on Pompey,Saints,cherries,and Brighton to win,,,,,,,If only i had the Balls to stick it on!

[Dark Munster]

Ok loads and loads of stuff to comment on, but the highlight is that gaydamak has gone for secured creditor status and dispute is ongoing.

 

Changes everything if he wins. How ironic would that be HMRC lose gay boy wins

 

So Gayboy gets to vote for the CVA, but then later gets his 100%? And no doubt HMRC will bend over again and take it without a fight.

 

Why am I not surprised?

 

Cheating, lying bastards.

[rallyboy]

They really should consider getting a new owner!

 

Living in the Nomansland of semi-administration with a creditor who is convinced that he is the owner isn't a healthy place to be.

 

They can't start the cva, they can't get FL approval, they can't meet the overheads, tis a slippery slope to Bankruptshire.

 

It doesn't matter how many goals you bang past the worst ten players in the division, AA should be out there earning his money and selling the club, even if he doesn't care about the creditors.

 

How long before creditors start complaining about lack of activity?

My money is on the taxman to take action first, if his bottom has recovered from the last court trip.

[suewhistle]

How long before creditors start complaining about lack of activity?

 

Remind us, when is the first CVA payment due, ta. (This is one thread that's so big I feel justified in asking knowing that somebody will know off the top of their head)..

[saint si]

Remind us, when is the first CVA payment due, ta. (This is one thread that's so big I feel justified in asking knowing that somebody will know off the top of their head)..

 

During the CVA and the Liquidation the Newco or Administrators will make

payments out of income to the Joint Supervisor/ Liquidators as follows:

(i) £3 million year one from player sales;

(ii) £13.5 million payable in 8 half yearly instalments of £1.687 million

commencing September 2011;

 

According to the CVA the first payments are due at some point during the 9 month period when the club is in admin, and before it is liquidated. But when does the clock start on the 9 months? May... when the CVA was initially voted for? Or August, when the HMRC challenge was lost in court?

 

The language is very conditional on contributions from player sales though... such as...

 

The only anticipated contribution into the CVA would be a sum of

£3 million from the sale of a number of player registrations.

 

Accordingly, if £3 million is paid during the first nine months, whilst the

Club is in CVA, then Newco will be obliged to pay the balance of

£13.5 million over the remaining four year and three month period.

[rallyboy]

from AA's latest report my understanding is that the cva only commences when they exit admin, and that will only happen when an owner buys the club.

So I think they are a long way off having to pay a penny.

 

I'm sure there are experts who can correct me - and AA!

[Gemmel]

from AA's latest report my understanding is that the cva only commences when they exit admin, and that will only happen when an owner buys the club.

So I think they are a long way off having to pay a penny.

 

I'm sure there are experts who can correct me - and AA!

 

First payments are due 9 months after the club exit administration. However in a moment of weakness,aa anounced that they would technically remain in admin until the company is dissolved and the new one takes over the debt.

 

By my calculations the delay will now force them over the cut off point and potentially a points deduction this season.....depends how many friend they have at the FL

 

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."

Edited 27 September, 2010 by Gemmel

[suewhistle]

Thanks guys, I wonder how many creditors wish they'd voted a different way?!

[OldNick]

Your a funny Character Nick, it's clear you try to be fair minded but always just fall a bit short as you battle your blinkering disgust for your naughty neighbours.

 

you are right PES, I want to be fair but that nagging dislike of the clubs disregard for decency pulls me back. Im sure if it was not your beloved team you would be damning.

Selfishly I wish saints had cheated and broken the rules and enjoyed 5 years of having top stars wembley appearances and FA cup wins. Those experiences can never be taken away and that is what i dont understand with the pundits when they say 'the poor suffering supporters'. Those poor suffering supporters were the ones before the crooks came into town, and all the clubs fans who were cheated out of their own days in the sun by your club

[stevegrant]

So from that report, the only interesting things I can ascertain are:

 

1. They continue to make a loss on fairly simple profit-making areas of the club - the matchday programme has lost £4k, and the megastore lost £13k.

2. Without a massive injection of cash, either from Chainrai or the Premier League, during administration, they continue to make a massive loss overall, despite the player sales. For the 6 months from 26th February, they made an overall profit of £184k, but received a massive £6.9m as "contributions to costs of Administration". That means that they are still losing more than £1m per month

[rallyboy]

I can see how the delay Could leave them facing a penalty next season but surely they have escaped this season? (tax evasion aside)

Remaining in administation is probably different to going into it after the cut off - isn't it August they need to worry about....?

 

Not sure how the FL can be happy with what looks like an immediate change of plan.

Wasn't it meant to be - exit admin with cva asap as the new owner was waiting in the wings clutching his cheque book, 9 month delay, liquidation of old company.

I'm sure they didn't mislead the court and FL, maybe they both misunderstood AA's claims of a new owner?

 

Is it the £3M initial payment to exit admin they can't afford??

AA's invoice will match that by March - it will cost a new owner £6M just to sign the contract, and their four top earners will have cost the club another £3M by then as well.

As Gwen Guthrie sang, there ain't nothing going on but the overheads.

 

Expensive business, in every way - can't see the dim creditors waiting that long for their first 3p.

[Gemmel]

I can see how the delay Could leave them facing a penalty next season but surely they have escaped this season? (tax evasion aside)

Remaining in administation is probably different to going into it after the cut off - isn't it August they need to worry about....?

 

 

Is it the £3M initial payment to exit admin they can't afford??

AA's invoice will match that by March - it will cost a new owner £6M just to sign the contract, and their four top earners will have cost the club another £3M by then as well.

As Gwen Guthrie sang, there ain't nothing going on but the overheads.

 

Expensive business, in every way - can't see the dim creditors waiting that long for their first 3p.

 

 

 

I think your first bit is right rallyboy and i jumped the gun thinking it could be this season.

 

Steves post touches on a another part of the financials. I read it as total figures, income and outlay since aa was appointed, (income early parachute payments, player sales and ticket sales) 18.5 million against outgoings of 18.2 mill, so 300k to the good, but with most of their bankable players sold and all other parchute payements, going to footballing debts and secured creditors, that's a big hole for the future.

 

Don't forget that gaydamak is now listed as a secured creditor (With counsel looking into the validity of both charges). Unless i am missing something this changes everything. It also strikes me that gaydamak and chanarai, BOTH have charges over the same assets

 

Could this be the reason for the delay in chanarais takeover, that is now being renegociated....

[benjii]

So from that report, the only interesting things I can ascertain are:

 

1. They continue to make a loss on fairly simple profit-making areas of the club - the matchday programme has lost £4k, and the megastore lost £13k.

2. Without a massive injection of cash, either from Chainrai or the Premier League, during administration, they continue to make a massive loss overall, despite the player sales. For the 6 months from 26th February, they made an overall profit of £184k, but received a massive £6.9m as "contributions to costs of Administration". That means that they are still losing more than £1m per month

 

Indeedy.

 

So, with all of this year's parachute money spoken for, with losses of around £1m per month, with a recently engorged wage bill and with no credible purchaser, the question that must be in the FL's minds is:

 

"How can they fulfil their fixtures?"

 

given that the question that must be in AA's mind is:

 

"Who's going to give me the next £6m?"

 

Chanrai's sudden cold feet seem a bit odd if he has already blown £6m on the admin process. It's still a very nebulous state of affairs and there will be more funny twists to come I reckon!

[saintjay77]

So from that report, the only interesting things I can ascertain are:

 

1. They continue to make a loss on fairly simple profit-making areas of the club - the matchday programme has lost £4k, and the megastore lost £13k.

2. Without a massive injection of cash, either from Chainrai or the Premier League, during administration, they continue to make a massive loss overall, despite the player sales. For the 6 months from 26th February, they made an overall profit of £184k, but received a massive £6.9m as "contributions to costs of Administration". That means that they are still losing more than £1m per month

 

That might be all the "Black Holes" AA was talking about when he submitted the BP to the FL.

 

When is it that they make a decission on that extra paper work anyway? Pompey had to wait for them to have a meating to ask for their golden shower, then were told to give more paper work which they seemed to take an age to do, then what? Do they wait till the next standard FL meating or are the FL working on getting things sorted ASAP?

[anothersaintinsouthsea]

So from that report, the only interesting things I can ascertain are:

 

1. They continue to make a loss on fairly simple profit-making areas of the club - the matchday programme has lost £4k, and the megastore lost £13k.

2. Without a massive injection of cash, either from Chainrai or the Premier League, during administration, they continue to make a massive loss overall, despite the player sales. For the 6 months from 26th February, they made an overall profit of £184k, but received a massive £6.9m as "contributions to costs of Administration". That means that they are still losing more than £1m per month

 

F'ing hilarious, with any luck they'll be back in administration not long after they eventually leave it. Anyone brave enough to make some predictions?

[stevegrant]

"Who's going to give me the next £6m?"

 

Chanrai's sudden cold feet seem a bit odd if he has already blown £6m on the admin process. It's still a very nebulous state of affairs and there will be more funny twists to come I reckon!

The reason I put "either from Chainrai or the Premier League" is that, don't forget, Pompey received an early payment from the Premier League at some point earlier this year - can't remember if it was before or after they entered administration - so I'm not 100% sure if that £6.9m has come from that payment or from Chainrai's loans.

[Chez]

So from that report, the only interesting things I can ascertain are:

 

1. They continue to make a loss on fairly simple profit-making areas of the club - the matchday programme has lost £4k, and the megastore lost £13k.

2. Without a massive injection of cash, either from Chainrai or the Premier League, during administration, they continue to make a massive loss overall, despite the player sales. For the 6 months from 26th February, they made an overall profit of £184k, but received a massive £6.9m as "contributions to costs of Administration". That means that they are still losing more than £1m per month

Most of the big earners have now left so I would think they won't be now be losing £1m a month.

Edited 28 September, 2010 by Chez

[benjii]

The reason I put "either from Chainrai or the Premier League" is that, don't forget, Pompey received an early payment from the Premier League at some point earlier this year - can't remember if it was before or after they entered administration - so I'm not 100% sure if that £6.9m has come from that payment or from Chainrai's loans.

 

Ah, right - forgot about that. Well, if it's from the PL I would suggest that worsens their position as it means Chanrai has less to lose on a liquidation.

[sidthesquid]

I just get the feeling that the policy at Poopey is basically sh1t or bust. If there was a genuine desire to learn to live within their straightened means people like Nugent & Utaka would have been loaned out at the very least, even if it meant paying some of their wages. (Eg Nugent set to go to Blackpool on loan, then mystyeriously becoming unavailabe & the deal falls through - satisfying FL etc that they are trying whilst doing eff all.)

Signing/resigning Lawrence, Kitson, Rocha, Kanu, Mokoena, + the Spud lad if he comes, Dickinson, Sonko etc on loan - who are/were all Prem players on Prem wages is all about a desperate attempt to get back to the Prem. They are tied to a max of twenty players which is a limitation but on paper at least their first fifteen players must make their squad the most highly paid, experienced and strong in the division.

If by some fluke they do go back up (unlikely at present, but you never know) Chainrai can sell up for a decent price or milk the PL for another %50 million quid. If it all goes t1ts up again, well what the hell, sell all the players and walk away with what he can get as a secured creditor and let the unsecured creditors fight for the last few pennies

[pedg]

Anyone brave enough to make some predictions?

 

I predict this thread, even at its now slow growth rate, will reach 40,000 before they either finally get taken over or go pop.

[stevegrant]

Most of the big earners have now left so I would think they won't be now be losing £1m a month.

It'll be interesting to see how that goes in reality... of course, we now have a rough idea of what each player is "earning" (based on their claims in the CVA vote), although that obviously only extends as far as those who were there last season as well, and the duration of their contract (as per the most recent document).

 

The budget in the CVA proposal only allows for £495,000 per month on player wages, dropping to £453,000 next season, then £316,000 in 2012/13, eventually plateauing at £275,000 a month. Good luck...

[stevegrant]

I just get the feeling that the policy at Poopey is basically sh1t or bust.

As opposed to their previous policy...

 

If there was a genuine desire to learn to live within their straightened means people like Nugent & Utaka would have been loaned out at the very least, even if it meant paying some of their wages. (Eg Nugent set to go to Blackpool on loan, then mystyeriously becoming unavailabe & the deal falls through - satisfying FL etc that they are trying whilst doing eff all.)

A Blackpool fan I know reckoned Pompey were only willing to loan him out if a) Blackpool paid a loan fee (Burnley paid £1m for him last season), and b) they paid his wages in full.

[Gemmel]

It'll be interesting to see how that goes in reality... of course, we now have a rough idea of what each player is "earning" (based on their claims in the CVA vote), although that obviously only extends as far as those who were there last season as well, and the duration of their contract (as per the most recent document).

 

The budget in the CVA proposal only allows for £495,000 per month on player wages, dropping to £453,000 next season, then £316,000 in 2012/13, eventually plateauing at £275,000 a month. Good luck...

 

Steve, i still think the most significant thing in that report is gaydamak having secured creditor status, although they say there lawyers are reviewing it, doesnt that change things by 20 million odd quid, or am i reading it wrong.

[stevegrant]

OK, I've just done some basic sums, using the figures the players were allowed to claim in the CVA vote (I am assuming for this purpose that that figure represents the monetary value of the remainder of their contract at the club), so here is what they are still paying out every year:

 

Michael Brown: £2,138,050

Richard Hughes: £1,841,250

Hayden Mullins: £1,764,291

David Nugent: £1,777,333

John Utaka: £2,605,980

Danny Webber: £766,800

 

Some seriously scary figures there

 

Even just taking those six players into account, that's £10,893,704, which works out at £907,808.67 per month. The CVA budget allows for a wage bill of £495,000 per month, so they've already nearly doubled that budgeted wage bill with just six players. Then add on the £160k a month for the combined salaries of Liam Lawrence and Dave Kitson, plus however much Kanu's managed to negotiate for himself, and then of course the chances are that West Ham won't be paying all of Tal Ben-Haim's £2,210,533 a year, and it looks like a bit of a shambles. Which comes as a complete surprise...

[stevegrant]

Steve, i still think the most significant thing in that report is gaydamak having secured creditor status, although they say there lawyers are reviewing it, doesnt that change things by 20 million odd quid, or am i reading it wrong.

I don't know, really. The one thing I'm sure AA will (rightly, on this occasion) ask is why Gaydamak didn't (appear to) claim to be a secured creditor when the CVA was being proposed and voted on. Now it's been approved, and he voted in favour of it, remember, I'm not sure he'll have any claim to that security now.

[JackFrost]

It'll be interesting to see how that goes in reality... of course, we now have a rough idea of what each player is "earning" (based on their claims in the CVA vote), although that obviously only extends as far as those who were there last season as well, and the duration of their contract (as per the most recent document).

 

The budget in the CVA proposal only allows for £495,000 per month on player wages, dropping to £453,000 next season, then £316,000 in 2012/13, eventually plateauing at £275,000 a month. Good luck...

 

Kitson and Lawrence alone are on one third of that

[saintjay77]

I don't know, really. The one thing I'm sure AA will (rightly, on this occasion) ask is why Gaydamak didn't (appear to) claim to be a secured creditor when the CVA was being proposed and voted on. Now it's been approved, and he voted in favour of it, remember, I'm not sure he'll have any claim to that security now.

 

If he somehow manages to gain secured creditor status then that would in turn swing the HMRC vote to be above that 25% figure that they were after. I wonder if they have enough fight left in them to drag things back to court at there next opertunity or if they will just carry on taking on the simpletons that cant afford to fight them?

[OldNick]

OK, I've just done some basic sums, using the figures the players were allowed to claim in the CVA vote (I am assuming for this purpose that that figure represents the monetary value of the remainder of their contract at the club), so here is what they are still paying out every year:

 

Michael Brown: £2,138,050

Richard Hughes: £1,841,250

Hayden Mullins: £1,764,291

David Nugent: £1,777,333

John Utaka: £2,605,980

Danny Webber: £766,800

 

Some seriously scary figures there

 

Even just taking those six players into account, that's £10,893,704, which works out at £907,808.67 per month. The CVA budget allows for a wage bill of £495,000 per month, so they've already nearly doubled that budgeted wage bill with just six players. Then add on the £160k a month for the combined salaries of Liam Lawrence and Dave Kitson, plus however much Kanu's managed to negotiate for himself, and then of course the chances are that West Ham won't be paying all of Tal Ben-Haim's £2,210,533 a year, and it looks like a bit of a shambles. Which comes as a complete surprise...

Steve reading that makes you wonder why they took on Lawrence and Kitson. Thats 40k a week alone. I can't see any other business taking this route, perhaps they have got away with it for so long they really do feel they are immune.

And Hughes on more than Nugent FFS

[mack rill]

Oh my, Nealy a full page of straw grasping, A wing and a prayer, Hoping some arsewipe will extinguish the light at the end of our tunnel

Hears hoping for a huge anticlimax just like the court Fred,,,,,,,,Its the hope that kills, LolZ.

[Jimmy_D]

Oh my, Nealy a full page of straw grasping, A wing and a prayer, Hoping some arsewipe will extinguish the light at the end of our tunnel

Hears hoping for a huge anticlimax just like the court Fred,,,,,,,,Its the hope that kills, LolZ.

 

Is it us clutching at straws or you burying your head in the sand?

 

These are public figures that are in direct conflict with what your administrator has been saying is required.

 

Added to the fact you're not out of admin yet, and it's not unreasonable to assume that the roses haven't started growing yet and all that's there is a pile of...

[Dark Munster]

I don't know, really. The one thing I'm sure AA will (rightly, on this occasion) ask is why Gaydamak didn't (appear to) claim to be a secured creditor when the CVA was being proposed and voted on. Now it's been approved, and he voted in favour of it, remember, I'm not sure he'll have any claim to that security now.

That's assuming AA, BC and Gayboy aren't in collusion on a CVA voting scam.

[Dark Munster]

I just get the feeling that the policy at Poopey is basically sh1t or bust. If there was a genuine desire to learn to live within their straightened means people like Nugent & Utaka would have been loaned out at the very least, even if it meant paying some of their wages. (Eg Nugent set to go to Blackpool on loan, then mystyeriously becoming unavailabe & the deal falls through - satisfying FL etc that they are trying whilst doing eff all.)

Signing/resigning Lawrence, Kitson, Rocha, Kanu, Mokoena, + the Spud lad if he comes, Dickinson, Sonko etc on loan - who are/were all Prem players on Prem wages is all about a desperate attempt to get back to the Prem. They are tied to a max of twenty players which is a limitation but on paper at least their first fifteen players must make their squad the most highly paid, experienced and strong in the division.

If by some fluke they do go back up (unlikely at present, but you never know) Chainrai can sell up for a decent price or milk the PL for another %50 million quid. If it all goes t1ts up again, well what the hell, sell all the players and walk away with what he can get as a secured creditor and let the unsecured creditors fight for the last few pennies

That's basically the way I see it. We don't need them to get relegated this season (although that would be the icing on the cake). Simply not going up should be enough to see BC pulling the plug, running off with whatever's left of value, and leaving the club to implode.

 

Fingers crossed.

[EastleighSoulBoy]

Oh my, Nealy a full page of straw grasping, A wing and a prayer, Hoping some arsewipe will extinguish the light at the end of our tunnel

Hears hoping for a huge anticlimax just like the court Fred,,,,,,,,Its the hope that kills, LolZ.

 

Lolz! No shortage of arsewipes down that particular end of the M27 in Turd Town, so go ahead, make your choice.

[rallyboy]

AA's cva plans for the wages are hilarious!

 

It looks like between AA, Chanrai and the money launderer they may well have cooked up a 'special' relationship.

 

Arms dealer supports the cva knowing it is irrelevant to him, that shafts the taxman and a few others, he then produces his secured creditor status stay out of jail free card.

Between them they've seen off a lot of the debt, a benefit to them all, but it leaves AA with a club that suddenly owes £25M-30M more than it did.

 

Meanwhile the child-maimer still controls the land, Chanrai owns the players, they both have security on anything that isn't nailed down so they will always get something back.

 

If the landmine-peddler proves secured status the business is unviable in the extreme.

 

A new owner would need to find approx

£25M for daddy

£15M for Chanrai

£10m for balance of cva

£3M for AA

£24M a year overheads?

£50 for someone to burn the accounts dept down to avoid further charges

£100 a week for dirty sex behind a skip on an industrial estate

 

The parachute payments will clear the football creditors.

Income? Not a lot.

 

The cost of running a post-admin, debt-dodging Championship club in need of a new ground and training facility - approx £100M over the next two years?

Only after you have paid for the honour of owning said 'business'.

 

 

Bet they're glad they cleared all that debt and have a fresh start.

[benjii]

I can't be arsed to read it again but from the skim I did the other day, I don't think Gaydamak is claiming to be a secured creditor in respect of his ~£30m. He is, I think, claiming subrogated rights of security. This relates to the charges which the bank has over the club but in respect of which the liabilities have been satisfied. If I recall correctly, he claimed that he personally paid off the overdraft to [barclays?] - I suspect his claim relates to subrogated rights in respect of that payment only, which I think was circa £3-4m, rather than £30m.

 

I'm not sure if the claim would have had a bearing on voting entitlements under the CVA though.

[JackFrost]

After a 6-1 win 14,000 fans turn up for the Bristol City game.

[Jonnyboy]

david james you d ick

[eurosaint]

AA's cva plans for the wages are hilarious!

 

It looks like between AA, Chanrai and the money launderer they may well have cooked up a 'special' relationship.

 

Arms dealer supports the cva knowing it is irrelevant to him, that shafts the taxman and a few others, he then produces his secured creditor status stay out of jail free card.

Between them they've seen off a lot of the debt, a benefit to them all, but it leaves AA with a club that suddenly owes £25M-30M more than it did.

 

Meanwhile the child-maimer still controls the land, Chanrai owns the players, they both have security on anything that isn't nailed down so they will always get something back.

 

If the landmine-peddler proves secured status the business is unviable in the extreme.

 

A new owner would need to find approx

£25M for daddy

£15M for Chanrai

£10m for balance of cva

£3M for AA

£24M a year overheads?

£50 for someone to burn the accounts dept down to avoid further charges

£100 a week for dirty sex behind a skip on an industrial estate

 

The parachute payments will clear the football creditors.

Income? Not a lot.

 

The cost of running a post-admin, debt-dodging Championship club in need of a new ground and training facility - approx £100M over the next two years?

Only after you have paid for the honour of owning said 'business'.

 

 

Bet they're glad they cleared all that debt and have a fresh start.

 

Nothing slanderous there then

[Sevvy]

Ive have just speed read through the report for the first 6 month's. (which can be found on the newsnow site under pompey in admin, i think its the second one down).

 

It dosent make good reading does it.

[Kingsbridge Saint]

A couple of wins for the DFCSB's then - both dodgy. Mandaric obviously did a deal on the Carling Cup so his players laid down for the League game and of course Bristol City's goalie was always up for a bit of help for Plucky Pompey. Sadly they will be playing some proper sides again soon so the positive window of opportunity for a potential buyer is going to be firmly slammed shut again shortly.

[The Cat]

http://www.guardian.co.uk/sport/2010/sep/29/portsmouth-administrator-earnings-digger

[stevegrant]

Andrew Andronikou tells BBC Radio Solent that the resumption of #pompey ownership by Balram Chainrai is set to be delayed

Now there's news we didn't expect...

[Matthew Le God]

Now there's news we didn't expect...

 

But welcome none the less

[saint lard]

Apologies if already posted......

 

Ouch!.......http://www.portsmouth.co.uk/sport/Cash-controversy-is-continuing-for.6556142.jp

 

'Former Pompey chief executive Peter Storrie earned more than £87,000 for just five months' consultancy work following his departure from the club'

 

'Mr Storrie was paid a total of £87,635.38 from the end of February to the end of July.

 

'The fee equates to roughly £17,500 per month - or the entire catering cost for Fratton Park during the five months'

Edited 29 September, 2010 by saint lard

[andysstuff]

Apologies if already posted......

 

Ouch!.......http://www.portsmouth.co.uk/sport/Cash-controversy-is-continuing-for.6556142.jp

 

'Former Pompey chief executive Peter Storrie earned more than £87,000 for just five months' consultancy work following his departure from the club'

 

'Mr Storrie was paid a total of £87,635.38 from the end of February to the end of July.

 

'The fee equates to roughly £17,500 per month - or the entire catering cost for Fratton Park during the five months'

 

So how come income has exceeded expenditure by £300K since February??

 

Presumably something to do with who has put what in and no CVA payments made yet?

 

And they had a 'fire sale' too - guess I've answered my own question.

 

In all honesty a profit of only £300K over the last 9 months is probably a real worry for them. LOL

Edited 29 September, 2010 by andysstuff
Answered my own question