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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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rallyboy

rallyboy

Posted
Posted

they must be a long way from safe.

Many debts are still there and all these new loans will need repayments already (unless they have gone for the DFS interest free credit option) so the crippling overheads have been increased.

If they have delayed repayments then come the summer they will have significant amounts to pay back to the arms dealer, his loans have to be cleared in about two years (?) and they will have millions to pay back on these new short term loans.

Over the next six months they could need to find maybe £20M lump sum for loans plus

£10M wages, £5M general overheads (?), £10M for tax, £3M old transfers, £5M for new players in Jan (?).

Other clubs know their predicament and won't want to stagger payments too much.

 

That's over £50M needed by May - while projected income for that period from Sky -

£12M?, and through the turnstiles, sponsorship etc - £3to4M? = a little bit of a shortfall....

A new long term owner they would need to pour £100M into the black hole by 10am on day one to start turning the club round - two hopes on that one.

 

On the pitch the team is poor and they have a difficult run coming up, followed by a loss of players in January they could be 6pts from safety by then (a small gap on paper but huge on grass), assuming that there is no further investigation into financial irregularities that spawns a penalty.

After Christmas the real state of affairs will be exposed.

Teams at the bottom will need to sort problems, if Pompey go and get a couple of cheap additions (Finnan-style) we will know that there is no money there - and what player with ambition will want to go there anyway? They will be looking at Prem and Championship rejects who will want long contracts.

'fancy a six month contract to join the Titanic?'....

 

If they are in good financial health they will spend in the first few days of Jan - personally I don't think they will be able to unless this elusive miracle billionaire appears.

They are just delaying the inevitable hoping that something comes up.

 

If they stay up they could ride the storm by continually delaying repayments until the Sky money comes in.

 

But if they go down they are doomed, it's a big gamble but they are in far too deep and have no choice but to keep on gambling with the club's future, when not in court Storrie is in the last chance saloon with a handful of $hit.

And a final note on these generous financial institutions, they aren't lending out of generosity, they are circling like vultures.

If I had a spare £5M I would be straight down there to lend it to them.

I would secure it on my very demanding terms against anything that wasn't nailed down knowing that they would default and I could then asset strip the business and eventually make a killing on the land.

It's a tough world and they are swimming with sharks.

 

IMO if they go on a bad run of five or six consecutive defeats and slip further adrift it's over - it will be time to cut the playing squad and prepare for a survival battle in the Championship, possibly with a ten point penalty.

 

Could be an interesting few months.

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saint lard

saint lard

Posted
Posted (edited)
Has it been lifted?

 

I don't see anything on the beeb except for SAF saying it will be soon, will be soon, will be soon and he is giving the club rights to the land he doesn't own!

 

 

Looks like it will be......

 

http://www.portsmouth.co.uk/newshome/10m-loan-will-secure-Pompey.5829771.jp

 

Well,maybe not just yet......

http://www.thesun.co.uk/sol/homepage/sport/football/2734748/Pompey-stuck-with-buying-ban.html

Edited by saint lard
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rallyboy

rallyboy

Posted
Posted

this modest loan will sort the old transfers and the wages until February-ish.

The taxman can have the Sky money in Jan, the plan must be to try and make it to the summer when the big payments are due and to pull the plug if relegated.

 

Just another £35-40M to find and they will have turned a corner, as long as no one imposes too much interest on the loans or calls them in.

I hope Barclays don't get twitchy when they see the additional repayments going out of an overdrawn account, they have history.

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stevegrant

stevegrant

Posted
Posted
"Al Fahim also said work to transform Fratton Park into a 32,000-seater stadium was due to begin in March."

 

Oh for goodness sake.

 

When will this guy learn to shut up with the idle promises?

Do they still have planning permission based on the original plans or did that expire?

 

If the latter, they'll need to reapply for PP, which clearly won't be ready for a March start :rolleyes:

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Clapham Saint

Clapham Saint

Posted
Posted
Do they still have planning permission based on the original plans or did that expire?

 

If the latter, they'll need to reapply for PP, which clearly won't be ready for a March start :rolleyes:

 

It astounds me that he makes these statements (seemingly) without any regard for his ability to actually deliver.

 

That any poopey fan listens to a word he says is farcical.

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slickmick

slickmick

Posted
Posted
"Al Fahim also said work to transform Fratton Park into a 32,000-seater stadium was due to begin in March."

 

Oh for goodness sake.

 

When will this guy learn to shut up with the idle promises?

 

 

If they are to host world cup games in 2018, wont the stadium require a minimum of 40,000 capacity ?

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mack rill

mack rill

Posted
Posted
"Al Fahim also said work to transform Fratton Park into a 32,000-seater stadium was due to begin in March."

 

Oh for goodness sake.

 

When will this guy learn to shut up with the idle promises?

 

O come on Clappy! Sheik-yer-tonsils may of said March, BUT! he didnee say wot year,;)

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Under Weststand

Under Weststand

Posted
Posted

Am I missing something here, they have yet another 10-million loan to go with last months 5-million loan + the month before 5 million loan. plus the initial debt which they said had reduced to 10 million. plus the 9-million that Fahim owes Gydermack as the short term loan to secure his short term takeover (and that is just what we know). not forgetting the 10 million they owe HMRC. As the two 5 million loans were to pay off wages & incidentals, you have to assume that the wage bill is probably in excess of 3.5 million per month. How the hell will this new 10 million loan possibly stabilise the situation.

10

+5

+5

+10

+9

=39 million

So at a conservative estimate they are 39/40 million in the hole as of now. So Jan to April another 4 months wages another 12 million plus to find before they can get any season ticket income in April. The only income is the small amount of gate receipts, and their Jan sky money (which seems to be spoken for already) How can they possibly be in a position to buy players in Jan.

Pure fantasy to suggest they can start on there much vaunted training facility's & rebuilding Farton Carp. All they seem to be doing is buying time, to get deeper into debt.

Or am I missing something here?

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rallyboy

rallyboy

Posted
Posted

that's how I see it, though I think they have got the wage bill down to one and a half-ish.

see my lengthy and boring post 3455 for a similar bit of maths.

The ground and training ground are the least of their problems, as are the results if we are guessing correctly.

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Tamesaint

Tamesaint

Posted
Posted
that's how I see it, though I think they have got the wage bill down to one and a half-ish.

see my lengthy and boring post 3455 for a similar bit of maths.

The ground and training ground are the least of their problems, as are the results if we are guessing correctly.

 

Don't do yourself down mate. Post 3455 was a classic. Definitely not lengthy nor boring.

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ribbo

ribbo

Posted
Posted
Am I missing something here, they have yet another 10-million loan to go with last months 5-million loan + the month before 5 million loan. plus the initial debt which they said had reduced to 10 million. plus the 9-million that Fahim owes Gydermack as the short term loan to secure his short term takeover (and that is just what we know). not forgetting the 10 million they owe HMRC. As the two 5 million loans were to pay off wages & incidentals, you have to assume that the wage bill is probably in excess of 3.5 million per month. How the hell will this new 10 million loan possibly stabilise the situation.

10

+5

+5

+10

+9

=39 million

So at a conservative estimate they are 39/40 million in the hole as of now. So Jan to April another 4 months wages another 12 million plus to find before they can get any season ticket income in April. The only income is the small amount of gate receipts, and their Jan sky money (which seems to be spoken for already) How can they possibly be in a position to buy players in Jan.

Pure fantasy to suggest they can start on there much vaunted training facility's & rebuilding Farton Carp. All they seem to be doing is buying time, to get deeper into debt.

Or am I missing something here?

 

did you leave out the money they owe pini zahivi + other agents?

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Under Weststand

Under Weststand

Posted
Posted
did you leave out the money they owe pini zahivi + other agents?

 

Yes I did good spot. Probably missed out a hell of a lot more we don't know about Ribbo. Truth be known they are probably a lot deeper in the hole than I or rallyboy have suggested. The worst thing for Poopey is that they don't even seem to know who owns the real estate around the Shed & who owns the Shed. If Gydermack still owns the real estate then they are truly F**ked

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rallyboy

rallyboy

Posted
Posted

last suggestion was that Fahim has an agreement with the arms dealer to buy the land for a small sum should he pay him back the amounts agreed at that 1st change of ownership - they are hefty debts (£25-30M?) that are due over the next two years.

 

If Fahim or the club struggle to repay what the former owner is owed, landmine boy will have full control over the adjacent land and any development of the ground, and therefore control of assets that must be securing other loans.

This web of confusion further discourages the chances of getting a new owner, the last two have done due diligence and still seemed to have no grasp of the debt situation until they were in.

 

We were a failed business with a good ground, some simple debt and a fanbase - and that didn't sell too easily.

 

If a loan secured against the ground was called in they could become a broke business with no home, no land, and no Prem income (the only assets).

The arms dealer would have no qualms about stripping the last useful bits out of a failed business, so he still holds the cards by having money owed to him, and Fahim is vital to the current owners if they want to use the land - he is more shrewd than we thought as he owns 10% of the business but is key to redevelopment and has to be kept happy.

 

All assets must now be vulnerable to failed loan repayments - they must be in a very precarious position.

The only answer is huge investment, not loans, cash - and it has to be enough to see off Laurel and Hardy and the gun runner.

They need £50M, maybe £75M, and I reckon they need it within three months.

 

Mr Fry, fire up your Bentley, Portsmouth is calling......well, reversing the charges actually.

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Fitzhugh Fella

Fitzhugh Fella

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Posted
last suggestion was that Fahim has an agreement with the arms dealer to buy the land for a small sum should he pay him back the amounts agreed at that 1st change of ownership - they are hefty debts (£25-30M?) that are due over the next two years.

 

If Fahim or the club struggle to repay what the former owner is owed, landmine boy will have full control over the adjacent land and any development of the ground, and therefore control of assets that must be securing other loans.

This web of confusion further discourages the chances of getting a new owner, the last two have done due diligence and still seemed to have no grasp of the debt situation until they were in.

 

We were a failed business with a good ground, some simple debt and a fanbase - and that didn't sell too easily.

 

If a loan secured against the ground was called in they could become a broke business with no home, no land, and no Prem income (the only assets).

The arms dealer would have no qualms about stripping the last useful bits out of a failed business, so he still holds the cards by having money owed to him, and Fahim is vital to the current owners if they want to use the land - he is more shrewd than we thought as he owns 10% of the business but is key to redevelopment and has to be kept happy.

 

All assets must now be vulnerable to failed loan repayments - they must be in a very precarious position.

The only answer is huge investment, not loans, cash - and it has to be enough to see off Laurel and Hardy and the gun runner.

They need £50M, maybe £75M, and I reckon they need it within three months.

 

Mr Fry, fire up your Bentley, Portsmouth is calling......well, reversing the charges actually.

 

rallyboy - please keep up your daily progress reports on the health of the ailing Poopey - they are becoming compulsive reading. They always start my day off so well!

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aintforever

aintforever

Posted
Posted

My guess is that Gaydamak knows that it is inevitable that PFC will go into admin at some point, even if they stay up this year they are just buying time. Without serious investment by someone willing to chuck millions down a black hole or a footballing miracle it will only end in administration in the Championship. By keeping fartton park or just the land around it he keeps the only thing that will have any value, if a Leibherr type wants to pick them up for a snip after admin they will want to buy the land of Gaydamack.

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Clapham Saint

Clapham Saint

Posted
Posted
My guess is that Gaydamak knows that it is inevitable that PFC will go into admin at some point, even if they stay up this year they are just buying time. Without serious investment by someone willing to chuck millions down a black hole or a footballing miracle it will only end in administration in the Championship. By keeping fartton park or just the land around it he keeps the only thing that will have any value, if a Leibherr type wants to pick them up for a snip after admin they will want to buy the land of Gaydamack.

 

Spot on IMO

 

so the club goes tits up and wipes out any debt the fella owes (the new owners have guranteed his debt?), but because he no longer owns the club, but still owns the land he gets to keep it.....perhaps recouping the money he's invested?

 

When PFC goes into admin the administrator will try to sell the company's assets.

 

Unfortunately for the blue few it doesn't appear that the stadium and surrounding land belong to PFC.

 

Anybody wanting to buy the club would have to negotiate to buy the club from the administrator and then separately with Gaydamac to buy the stadium.

 

They could of course continue to rent the stadium from Gaydamack but that leaves them in the same position with a stadium generating enough revenue to sustain them in L1 but not much higher.

 

Gaydamak has played this brilliantly IMO. He would never have got away with keeping the stadium and land if he hadn't been selling to SAF.

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Weston Saint

Weston Saint

Posted
Posted

Old joke but worth repeating

 

A new Primary Teacher at a school near Fratton Park explains to her class that she is an ardent Pompey fan.

 

She asks her kids to raise their hands if they too are Pompey fans. Everyone in the class raises their hand except one little girl. The teacher looks at the girl with surprise and says, 'Mary, why didn't you raise your hand?'

 

'Because I'm not a Pompey fan' she replied.

 

The teacher, still shocked, asked 'Well, if you are not a Pompey fan, then who are you a fan of?'

 

'I am a Saints fan and proud of it' Mary replied.

 

The teacher could not believe her ears. 'Mary, why are you a Saints fan?'

 

'Because my mum is a Saints fan and my dad is a Saints fan, so I'm a Saints fan too!'

 

'Well' said the teacher in an obviously annoyed tone 'that is no reason for you to be a Saints fan. You don't have to be just like your parents all of the time. What if your mum was a prostitute and your dad was an out-of-work drug addict, what would you be then?'

 

Mary smiled, 'Then I'd be a Pompey fan!'

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Master Bates

Master Bates

Posted
Posted

Conversation with a skate, via text:

 

Cough, cough, 'DOWN COZ YOU'RE POMPEY, YOU'RE GOING DOWN COZ YOU'RE POMPEY, DOWN COZ YOU'RE POMPEY, YOU'RE GOING DOWN COZ YOU'RE POMPEY' 'Oh Fuller Fuller, he used to be a Skate, but he's alright now'.

 

Remind me, how many pints are the SCUM on!!

 

 

More than you.

 

 

How many????

 

 

13, that's 2 more wins than you, plus quarter finals of the mickey mouse painters club cup. Remember, we'd be 23 by now if not the minus 10. But hey, sure you'll be experiencing the minus ten syndrome soon

 

 

That took u a while to come back. How many Southampton supporters did it take to count to 13!!!

 

 

Do apologise for taking a while but I was replying to Andy, please don't think I was dumb and had to think about the point situation because trust me, I know the points.

 

 

I just thought you were struggling past 10 as you only have two hands with 5 fingers on each!! I know you scummers can't multi task and do two things at once so I accept your apology!!

 

 

Ok I did struggle, I used my 10 toes too. Where as you lot are lucky. You can count to 24, 5 fingers, 2 thumbs and 12 toes.

 

 

Ha ha. How you doing anyway?....

 

ok? :rolleyes:

 

And by the way, it's 2 hands with 4 fingers on each and one thumb on each.

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rallyboy

rallyboy

Posted
Posted

funny stat from today - they've only scored ten league goals all season - but their former strikers scored seven in one match this afternoon!.....which also put Pompey's four goal haul against Wigan into perspective.

 

Delap kicks one of them in the head and they miss the penalty, and then one of the poorest strikers to ever pull on both a Saints and Pompey shirt pockets the points, very funny.

In fact stop, this comedy has gone on far too long...it's TOO funny, I'm going to wet myself....who have they got next?....No!...don't joke, stop it!!

 

If only they had a tenner to pay off Hart....might be time for a new loan?

 

We had five years of misery, they have consolidated their misery with one simple phone call and are trying to cram it all into one season.

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Thedelldays

Thedelldays

Posted
Posted
funny stat from today - they've only scored ten league goals all season - but their former strikers scored seven in one match this afternoon!.....which also put Pompey's four goal haul against Wigan into perspective.

 

Delap kicks one of them in the head and they miss the penalty, and then one of the poorest strikers to ever pull on both a Saints and Pompey shirt pockets the points, very funny.

In fact stop, this comedy has gone on far too long...it's TOO funny, I'm going to wet myself....who have they got next?....No!...don't joke, stop it!!

 

If only they had a tenner to pay off Hart....might be time for a new loan?

 

We had five years of misery, they have consolidated their misery with one simple phone call and are trying to cram it all into one season.

 

 

haha great post..

 

just when things could not get any worse, they have the easy talk on playing man yoo next hahaha

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