Pompey Takeover Saga

[dubai_phil]

Gold also offered to give them a loan when they were in the PL. That was self interest of course as if Pompey went out of existance WHU were in danger of being relegated.

 

And before that Sullivan nearly......

 

Phew

[PES]

I see the cheating Bastards down the road have the Hermanator pledging his future with a twelve month deal, Players a still coming and going. Not bad this administration malarkey.

 

Not a bad player that Hermanator. Your right, Administration is not the 'nasty' beast it's made out to be. Don't get what all the fuss is about, didn't seem to do us too much harm last time around either mack?

[Gingeletiss]

Not a bad player that Hermanator. Your right, Administration is not the 'nasty' beast it's made out to be. Don't get what all the fuss is about, didn't seem to do us too much harm last time around either mack?

 

Or the time before, perhaps being good cheats, has it's fringe benefits!

Edited 9 October, 2010 by Gingeletiss

[Chin Strain]

Not a bad player that Hermanator. Your right, Administration is not the 'nasty' beast it's made out to be. Don't get what all the fuss is about, didn't seem to do us too much harm last time around either mack?

 

Yeah, you're both right, it's been sensational so far. Only sold all your best players, been relegated, gone from Wembley appearances and Europe to bottom 4 in the Championship, still stuck in the same cesspit ground, no training facilities, 'owned' (sorry, still in Admin, I forgot) by an asset stripping money lender (oddly, there seems to be no other alternative) and still haemorrhaging money every week. Chuck in the same **** or bust attitude, and all looks rosy.

 

Looks ok from where I'm sitting though

[PES]

Yeah, you're both right, it's been sensational so far. Only sold all your best players, been relegated, gone from Wembley appearances and Europe to bottom 4 in the Championship, still stuck in the same cesspit ground, no training facilities, 'owned' (sorry, still in Admin, I forgot) by an asset stripping money lender (oddly, there seems to be no other alternative) and still haemorrhaging money every week. Chuck in the same **** or bust attitude, and all looks rosy.

 

Looks ok from where I'm sitting though

 

lol, but most on here think we've escaped all punishment, I'm just keeping up appearances.

[Micky]

Not a bad player that Hermanator. Your right, Administration is not the 'nasty' beast it's made out to be. Don't get what all the fuss is about, didn't seem to do us too much harm last time around either mack?

 

Unfortunately, irrespective of whether a 'tongue in cheek' comment, this is exactly why you endear nobody whatsoever to your club or cause.

 

Administration may not seem that bad to you personally, but those that 'paid' were the investors, the back room staff, the local industries and companies, the charities - they are the people that lost. Yes you can laugh now, but you are not laughing at us - you are laughing at your own. Sad.

[PES]

Unfortunately, irrespective of whether a 'tongue in cheek' comment, this is exactly why you endear nobody whatsoever to your club or cause.

 

Administration may not seem that bad to you personally, but those that 'paid' were the investors, the back room staff, the local industries and companies, the charities - they are the people that lost. Yes you can laugh now, but you are not laughing at us - you are laughing at your own. Sad.

 

What sad for laughing at my own? Why? There's lots to laugh at! You're just being po-faced about it all because it suits your agenda. Worse things happen at sea, I have experience of losing employment through others mismanagement, I've lost money to florists that went bust (I like flowers, whats up with that?), yet despite the anger and initial angst caused I got on with it as have everyone else. The only people still publicly bleating on about it are a load of old sanctimonious windbags on a scum messageboard, not the actual people affected by it. Some people's mock indignation has I feel, this long after the event, become laughable. So yeah, I'm laughing. Sad innit.

[Crab Lungs]

Portsmouth fans still not showing any shame, then...

[Kingsbridge Saint]

Rumour has it that the CVA is unworkable and about to collapse and Chanrai about to walk away as the FL refuse to hand over the golden share.

[pallidcreatures]

Where did you hear this?

[suewhistle]

Yeah, you're both right, it's been sensational so far. Only sold all your best players, been relegated, gone from Wembley appearances and Europe to bottom 4 in the Championship, still stuck in the same cesspit ground, no training facilities, 'owned' (sorry, still in Admin, I forgot) by an asset stripping money lender (oddly, there seems to be no other alternative) and still haemorrhaging money every week. Chuck in the same **** or bust attitude, and all looks rosy.

 

Looks ok from where I'm sitting though

 

You forgot 'Still getting massive crowds in the championship', so obviously a lot rosier than you make out. Oh.

 

PS: PES, we aren't bleating, we're just chuckling to ourselves in fascinated amazement. The bleating, from what I've seen, comes from the Portsmouth message boards...

[JackFrost]

Rumour has it that the CVA is unworkable and about to collapse and Chanrai about to walk away as the FL refuse to hand over the golden share.

 

That what your mate down the pub said?

[benjii]

lol, but most on here think we've escaped all punishment, I'm just keeping up appearances.

 

Well, quite clearly you've escaped any meaningful punishment from the footballing authorities but you're still heading for a further fall and it is funny.

[benjii]

Rumour has it that the CVA is unworkable and about to collapse and Chanrai about to walk away as the FL refuse to hand over the golden share.

 

No way!!!!????

[andysstuff]

Rumour has it that the CVA is unworkable and about to collapse and Chanrai about to walk away as the FL refuse to hand over the golden share.

 

Certainly looks unworkable. They can't even make a profit on programme sales and despite player sales have only taken in £300k less than they've spent.

 

It doesn't look massively different from this time last year to me.

[EastleighSoulBoy]

lol, but most on here think we've escaped all punishment, I'm just keeping up appearances.

 

Yeh, I know what you mean.

 

Those DFCSBs have more front than Blackpool.

[EastleighSoulBoy]

What sad for laughing at my own? Why? There's lots to laugh at! You're just being po-faced about it all because it suits your agenda. Worse things happen at sea, I have experience of losing employment through others mismanagement, I've lost money to florists that went bust (I like flowers, whats up with that?), yet despite the anger and initial angst caused I got on with it as have everyone else. The only people still publicly bleating on about it are a load of old sanctimonious windbags on a scum messageboard, not the actual people affected by it. Some people's mock indignation has I feel, this long after the event, become laughable. So yeah, I'm laughing. Sad innit.

 

I'll go for this one.

 

While us scum laugh at your pathetic, but succesful, attempts to scam all and sundry, you'll notice that, slowly, us Scum are rising to the top.

 

You, the DFCSBs, are no more than bottom feeders and that is exactly where you belong.

 

I'd rather be a scummer than a skate.

[rallyboy]

just another Saturday at Fratton Park, empty ground, no points - business as usual.

[Matthew Le God]

Rumour has it that the CVA is unworkable and about to collapse and Chanrai about to walk away as the FL refuse to hand over the golden share.

 

Rumour from where?

[dubai_phil]

Rumour from where?

 

There are a lot of people in the "Insolvency Business" who would simply love it if AA failed very publicly. They already believed he had brought their business into disrepute before he started. Wonder how Aviva feel right now?

[Kingsbridge Saint]

There are a lot of people in the "Insolvency Business" who would simply love it if AA failed very publicly. They already believed he had brought their business into disrepute before he started. Wonder how Aviva feel right now?

 

I know people in the insolvency business who are telling me exactly that.

[Jimmy_D]

According to NotW, CVA would be unworkable except Chanrai is guaranteeing the shortfall to the tune of £7M.

 

http://www.newsoftheworld.co.uk/sport/football/1071699/South-Coast-club-finally-set-to-come-out-of-administration.html

 

Can't see the motivation here, unless he's making the gambler's mistake of chasing losses and gambling on promotion. Can't see any other way he'll be getting his money back if he's guaranteeing that sort of money.

[sidthesquid]

Mandaric in the Mirror, breakig a few fishy hearts -

 

http://www.mirrorfootball.co.uk/news/Former-Portsmouth-owner-Milan-Mandaric-rules-out-a-return-to-Fratton-Park-article598103.html

 

I also liked this little quote from the Skate News -

 

Pompey missed the deadline for paperwork to be submitted for September's meeting of the Football League board.

 

Mr Lampitt said the club's entire business plan had to be changed after players were bought and sold, and hence the deadline was missed

 

ie admitting that they are not on schedule as per the CVA because they couldn't shift the deadwood whilst signing/resigning half a dozen players on wages way in excess of what was agreed.

Same old Poopey, always CHEATING

[eurosaint]

According to NotW, CVA would be unworkable except Chanrai is guaranteeing the shortfall to the tune of £7M.

 

http://www.newsoftheworld.co.uk/sport/football/1071699/South-Coast-club-finally-set-to-come-out-of-administration.html

 

Can't see the motivation here, unless he's making the gambler's mistake of chasing losses and gambling on promotion. Can't see any other way he'll be getting his money back if he's guaranteeing that sort of money.

 

"The league would then lift the club's transfer embargo" !

Is it only us who realise that there has effectively been no embargo ???

[Weston Super Saint]

"The league would then lift the club's transfer embargo" !

Is it only us who realise that there has effectively been no embargo ???

 

To be fair, every single article written about them and their administration[sic] has always included the line 'lift the club's trnsfer embargo'.

 

It seems to be the one and only thing they want in the entire world, so they can continue to make unrealistic transfers, increase the salaries yet again, and continue making the mistakes of the last five years.

 

What is it they say about leopards and spots?

[Chez]

Mandaric in the Mirror, breakig a few fishy hearts -

 

http://www.mirrorfootball.co.uk/news/Former-Portsmouth-owner-Milan-Mandaric-rules-out-a-return-to-Fratton-Park-article598103.html

 

 

This hits home for me:

 

 

“You would have to commit financial suicide to take this club on in its current state. I not sure anyone appreciates the level of incompetence that has gone on at the club.

 

“You would have to find nearly £50million to pay off the two main creditors at the club and cover the CVA payments over the next five years.

 

“I’m incredibly sentimental when it comes to Portsmouth but I’m no fool either."

[saintjay77]

This hits home for me:

 

 

“You would have to commit financial suicide to take this club on in its current state. I not sure anyone appreciates the level of incompetence that has gone on at the club.

 

“You would have to find nearly £50million to pay off the two main creditors at the club and cover the CVA payments over the next five years.

 

“I’m incredibly sentimental when it comes to Portsmouth but I’m no fool either."

 

Could that mean he is just waiting for the fools to carry on throwing money at the club until it inevitably falls over and then stepping in when he can finally pick it up for peanuts and get rid of all the fools. The club might get booted down a couple of divisions but I think he would like the idea of getting them back up the leagues again on the cheap and making more money when he sells them on again.

[Saint in Paradise]

There are a lot of people in the "Insolvency Business" who would simply love it if AA failed very publicly. They already believed he had brought their business into disrepute before he started. Wonder how Aviva feel right now?

 

AA seems to get away with things all the time and must be thought of as sucessful

otherwise the company he works for would have let him go ages ago ?

Could these other financial people be a tiny bit jealous ?

Genuine questions, I am not trying to stir things.

[Crab Lungs]

This hits home for me:

 

 

“You would have to commit financial suicide to take this club on in its current state. I not sure anyone appreciates the level of incompetence that has gone on at the club.

 

“You would have to find nearly £50million to pay off the two main creditors at the club and cover the CVA payments over the next five years.

 

“I’m incredibly sentimental when it comes to Portsmouth but I’m no fool either."

 

I particularly like this comment...

 

“I would prefer to stop short of saying certain people have raped and pillaged the club but that is what it amounts to.

 

and additionally...

 

“When I took the decision to leave I did so believing the future of the club was in very good hands

 

Naughty, naughty - you should do your background on the incoming owners - especially if, like you say, you love the club so much.

 

I'm pretty sure he'll return, he's just lurking at the moment, waiting for the price to bottom out at the cheapest it can possibly be whilst building up a fanfare for his return by (rightfully) speaking out against the people who did "rape and pillage" the Skates. No doubt the Skates will lap it up - as always.

[Dark Munster]

"When I took the decision to leave I did so believing the future of the club was in very good hands."

 

You mean in the hands of a son of a gun-running child maimer?

Well, I suppose by Cheats FC's standards, those are very good hands.

[Dark Munster]

According to NotW, CVA would be unworkable except Chanrai is guaranteeing the shortfall to the tune of £7M.

 

http://www.newsoftheworld.co.uk/sport/football/1071699/South-Coast-club-finally-set-to-come-out-of-administration.html

 

Can't see the motivation here, unless he's making the gambler's mistake of chasing losses and gambling on promotion. Can't see any other way he'll be getting his money back if he's guaranteeing that sort of money.

 

They still have umpteen millions in parachute payments to come. I'm sure he can trouser quite a bit of that.

[Dark Munster]

According to NotW, CVA would be unworkable except Chanrai is guaranteeing the shortfall to the tune of £7M.

 

If I were an unsecured creditor I'm not sure how much confidence I would have with Chanrai's "guarantee".

 

Actually I do ... not any.

[tony13579]

When people have written to the leauge about points deductions for thier crimes the leauge have written back stating that the points wil be awarded when they come out of administration. can those who wrote those letters reply as remind the leauge that as they are coming out of administration that these points should all be awarded. The dire sh1t or bust policy fails more spectacularly with -25 or -17 points added.

[eurosaint]

League !

Hth

[Chez]

"When I took the decision to leave I did so believing the future of the club was in very good hands."

 

You mean in the hands of a son of a gun-running child maimer?

Well, I suppose by Cheats FC's standards, those are very good hands.

 

What he meant to say was "When I took the decision to leave I did so believing I had got the best price possible. I love the club, especially the way it made me lot of money"

[saintjay77]

When people have written to the leauge about points deductions for thier crimes the leauge have written back stating that the points wil be awarded when they come out of administration. can those who wrote those letters reply as remind the leauge that as they are coming out of administration that these points should all be awarded. The dire sh1t or bust policy fails more spectacularly with -25 or -17 points added.

 

The league said they would give a points deduction "IF" Pompey come out of admin without the CVA. If they come out with the CVA agreed (which they have) they will not get a deduction. If they try to start next season while still in Admin (not looking 100% that they can finish this one just yet) then they will be up for a points deduction.

 

If a bit of luck goes with them they will get there golden shower back and be out of admin with no penalty soonish. If MM, HR or PS's tax evasion cases go against them then the club will incure a points penalty if and when that happens.

 

It does look like the Admin process has been nothing more than a way for Chainrai to try and cream some cash back at the expense of about £100 mil of debt which maybe why the FL are not ratifying the CVA process as easy as Pompey would have liked. If Malwhinny chappy was still about I would have thought he would have changed every rule going to make sure they didnt "get away with it" but it seems the new Boss and the FL is not about changing rules to suit but making sure rules are followed.

 

All except the transfer embargo of course.

[JackFrost]

The league said they would give a points deduction "IF" Pompey come out of admin without the CVA. If they come out with the CVA agreed (which they have) they will not get a deduction. If they try to start next season while still in Admin (not looking 100% that they can finish this one just yet) then they will be up for a points deduction.

 

If a bit of luck goes with them they will get there golden shower back and be out of admin with no penalty soonish. If MM, HR or PS's tax evasion cases go against them then the club will incure a points penalty if and when that happens.

 

It does look like the Admin process has been nothing more than a way for Chainrai to try and cream some cash back at the expense of about £100 mil of debt which maybe why the FL are not ratifying the CVA process as easy as Pompey would have liked. If Malwhinny chappy was still about I would have thought he would have changed every rule going to make sure they didnt "get away with it" but it seems the new Boss and the FL is not about changing rules to suit but making sure rules are followed.

 

All except the transfer embargo of course.

 

I didn't think they would be, I thought they wouldn't be allowed to start next season full stop unless they came out of admin

[stevegrant]

I didn't think they would be, I thought they wouldn't be allowed to start next season full stop unless they came out of admin

Correct.

[seaempty]

The league said they would give a points deduction "IF" Pompey come out of admin without the CVA. If they come out with the CVA agreed (which they have) they will not get a deduction. If they try to start next season while still in Admin (not looking 100% that they can finish this one just yet) then they will be up for a points deduction.

Didn't the FL also say in their responses to emails, that they would look at possible further "offences" once Pompey have come out of administration, but they wanted to get that issue resolved first. Not that that would necessarily be a points deduction, but I'm sure I read that somewhere in this thread.

[holepuncture]

This hits home for me:

 

 

“You would have to commit financial suicide to take this club on in its current state. I not sure anyone appreciates the level of incompetence that has gone on at the club.

 

“You would have to find nearly £50million to pay off the two main creditors at the club and cover the CVA payments over the next five years.

 

“I’m incredibly sentimental when it comes to Portsmouth but I’m no fool either."

 

Amazing article, MM wants them post liquidation.

 

I guess that means Gadymack and daddy do hold security over the club, Chanrai must be in bed with them...

 

What a hillarious club, utterly fantastic, whoever continues to write this script is a genius!

[saintjay77]

I didn't think they would be, I thought they wouldn't be allowed to start next season full stop unless they came out of admin

 

I think it sums up to the same thing.

 

A club is not alloud to start 2 consecutive seasons in Administration.

 

Kind of forces there hand to come out with the CVA agreed or not before the 2nd season starts. With it and the FL happy, they get there golden share. Without it they have to bargain with the FL to get there golden share in exchange for points penalty's or brown envelopes or something.

[suewhistle]

Kind of forces there hand to come out with the CVA agreed or not before the 2nd season starts.

 

I thought that the CVA at 20p in the pound was agreed. Isn't the issue the danger of them not meeting the already agreed CVA? What would happen then, or if the next payment was made but the subsequent one wasn't? What further retrospective sanctions would be applied?

 

What makes this all so entertaining is that, unlike in mystery novels, you really can't guess the final outcome.

[SFC Forever]

According to some of their sites they are expecting to be out of administration by Friday.

[SFC Forever]

I see Pompey are getting ready for a possible life in the non-league as they have a friendly against Farnborough tonight. Same league as their nearest neighbours Havant & Waterlooville.

[saintjay77]

I thought that the CVA at 20p in the pound was agreed. Isn't the issue the danger of them not meeting the already agreed CVA? What would happen then, or if the next payment was made but the subsequent one wasn't? What further retrospective sanctions would be applied?

 

What makes this all so entertaining is that, unlike in mystery novels, you really can't guess the final outcome.

 

Yeah the CVA was agreed by the mental creditors so I guess in normal situations they would have come out of admin and be on route to re-building the club. The CVA was even ratified in court so the FL delay makes it even more amusing to watch.

 

I think the basics are that as they are still in Admin (CVA or not) the Admin rules apply and they will not be alloud to start next season still in admin. If the FL give them the green light and they come out of Admin then I think the only way the FL will be able to come back and punish them will be for the Tax evasion court cases if they go against the accused or maybe the liquidation process will show something that the FL can come back at them with.

 

I think if they fail to keep to the payments in the CVA then a creditor can issue another Winding up order and they all go back to court. I would have thought that the creditor will be pushing more for liquidation than anything else though. If that happens then the FL wont matter unless a new Pompey is born and the league want to slot them in a few leagues lower than the one they left.

 

IMO the entertaining bit is if the FL give them the green light (so far only Pompey people are suggesting its expected and they have given plenty of dates that they will be out of admin by so far) they will still be relying on Chainrai to throw more money away to just keep them in business. They are already spending more than they earn and sit nicley at the bottom of the Championship. How he thinks there is enough there to turn into a Promotion chasing club is beyond belieff!

 

Even with no debts or possible points deductions they are looking at best to survive a relegation season and stabalise next year. Somewhere along those lines should be spending less than they earn in order to build in the future and hope to get up the table at a later date. There plan so far seems to be one of a mentalist on a mission to bankrupt someone else to gain a bit more work later on!

[toofarnorth]

I thought that the CVA at 20p in the pound was agreed. Isn't the issue the danger of them not meeting the already agreed CVA? What would happen then, or if the next payment was made but the subsequent one wasn't? What further retrospective sanctions would be applied?

 

What makes this all so entertaining is that, unlike in mystery novels, you really can't guess the final outcome.

 

I think I read if CVA payments are missed then any creditor can apply for them to be liquidated or something to that effect.

[Wibble]

Didn't the FL also say in their responses to emails, that they would look at possible further "offences" once Pompey have come out of administration, but they wanted to get that issue resolved first. Not that that would necessarily be a points deduction, but I'm sure I read that somewhere in this thread.

 

I think the standard reply is

Many thanks for your email. The Football League appreciates your frustrations but due to the fact that Portsmouth FC is in administration, The League is currently monitoring many aspects of the club. As you can appreciate in the current situation we are therefore unable to comment or speculate on any resolution at this moment.

 

No decision will be taken relating to any Football League action until the administration exit process in place at the Club becomes clearer.

 

 

 

Your comments are noted and whilst this response may not be what you were hoping we do appreciate you taking the time to contact The League.

 

 

Kind Regards

 

That was mine a few weeks ago when I asked for them to explain a transfer embargo to me

 

Mr Clarke,

 

 

I would be grateful if you could clear up how a transfer embargo works please.

 

I merely ask because I am slightly confused by the fact that Portsmouth Football Club, despite supposedly being under a Transfer Embargo imposed by The Football League, seem to be carrying on regardless.

 

Only this week we have quotes from their manager, who, after revealing they are offering new contracts to 2 players, says;

 

"I need him in that 20, so if I have to sacrifice someone else it's what I've got to do.

 

'It might be a loan out or there might be other things you can do to vacate spaces.'

 

This was a direct quote from The Portsmouth News

 

Now this is not an isolated example of blatant flouting of said embargo as the Administrator, who incidently seems to be a hell of a lot more interested in football matters than he is in his job of administrator, has many times been reported as talking about new contracts and players they tried to buy.

 

I know you will probably reply about having a set amount of players to fulfil their fixtures but that is not what I am talking about here, they are sending players out on loan and then replacing them with others, surely even an idiot can see it's rule bending to suit.

 

Seems "special dispensation" gets around all the set rules.

 

Portsmouth Football Club are a perfect example of how to run up huge amounts of unserviceable debts and then wipe them out by playing the Administation card, it is a disgrace and they are making a mockery of your League.

 

Why should other clubs work within their budgets if nothing is done to punish the blatant cheating of PFC?

 

 

 

Regards

[saintjay77]

I think the standard reply is

 

That was mine a few weeks ago when I asked for them to explain a transfer embargo to me

 

I guess their reply was quick and covered all points raised in a fullfilling manner.

 

EDIT: Just realised that was your reply!!!!!

Edited 11 October, 2010 by saintjay77
im a ****!

[rallyboy]

many people don't realise that the CVA hasn't even started, I presumed it would kick in as soon as it was approved by a lunatic in a wig but the wait goes on for that first elusive 3p in the pound.

 

 

What's worse than being shafted by a football club that's stolen money from you?

Having to wait for them to shaft you.

[saintjay77]

many people don't realise that the CVA hasn't even started, I presumed it would kick in as soon as it was approved by a lunatic in a wig but the wait goes on for that first elusive 3p in the pound.

 

 

What's worse than being shafted by a football club that's stolen money from you?

Having to wait for them to shaft you.

 

I was thinking I had read it doesnt start until they actually exit Admin but wasnt sure. So when will the 1st payment be due if they were to come out of admin in this month?