Pompey Takeover Saga

[angelman]

....and would the club be paying rent to play at Fratton?

[benjii]

Everyone on here seems to be an expert on Pompey's finances (although the copious use of "could", "might", "maybes" etc never fails to make me laugh). Would anyone care to enlighten me as to Saints wages to turnover ratio? Or don't you actually know?

 

No idea. That's not what the thread is about.

 

I think we have what you might call "benefactors" owning us though. Like Abramovic, if you will, but without the all the oligarch baggage.

 

This is why Saints have one of the brightest futures of any club in England. It's great

[benjii]

You scumlettes seem to constantly refer to me as having said that Maradona would become Pompeys manager, that we'd sign lots of Argentinian stars etc. If anyone can post a link to a quote of me saying that Id love to see it. Away you go girls, find that quote. Or maybe find one where I said either the plans for a stadium at The Hard or at Tipner would definitely happen. How about posting a link to a quote from me saying that?

 

Happy hunting girls

 

Pretty sure you did say that someone from Germany was coming along with loads of cash though. There was some ******** about Chinese investment too.

 

Either way, you appear a ****.

[pfc123]

So you happily knock a couple of million off the wages, add a few million onto the turnover (the Carling Cup games that you played had a total attendance of 20,000 so you would have been pushed to have made £100k out of that lot !!) come up with a wages / turnover ratio of 110% ..... and then declare yourself happy!!! Unbelievable.

 

A Wages / Turnover ratio of more than 70% is normally considered to be pushing it. 110% is guaranteed to end in tears.

 

 

50

 

As if any of you lot know what's coming in and going out of PFC's accounts! You take a made up list of guessed at wages, then you add another guessed at list of costs and surprise surprise, you all conclude that we're about to go pop in a big way and it's just around the corner.

 

Well, keep dreaming. We are not being liquidated. We are not having any points deducted. Get used to it....

[NN2 Saint]

I think they certainly need to get promotion what with the wages some of the players are 'supposedly' on. Would hate to think they could go the same way as us a few years ago.

[the_barmy_saints_army]

At least someone at the BBC has a sense of humour

[Gemmel]

We are not having any points deducted. Get used to it....

 

Storries tax case will get you a points deduction if he loses it.

[ST Randy]

Our debts were incurred mainly by paying players more than we could afford were they? ...... So, please explain how our debts are mainly the fault of mainly paying ridiculous salaries we couldn't afford

 

I haven't got very far looking for Corpse's comments about Argentinians. This one from last week was a real classic .

[bridge too far]

http://www.bbc.co.uk/blogs/mattslater/2010/10/on_the_brink_of_death.html

[Chez]

You take a made up list of guessed at wages...

 

is that what you are calling UHY Hackers published list of outstanding player wages liabilities?

[pfc123]

Storries tax case will get you a points deduction if he loses it.

 

Serious question then: If the case is against Peter Storrie and not PFC, is it correct to assume they are alleging personal tax offences comitted by him? If so, are you saying there is a precedent where a club has been deducted points before in this scenario when an individual has been found guilty?

[pfc123]

is that what you are calling UHY Hackers published list of outstanding player wages liabilities?

 

Nope. The list guessed at earlier today....see above by about 12 hours or so...

[ST Randy]

As if any of you lot know what's coming in and going out of PFC's accounts! You take a made up list of guessed at wages, then you add another guessed at list of costs and surprise surprise, you all conclude that we're about to go pop in a big way and it's just around the corner.

 

Well, keep dreaming. We are not being liquidated. We are not having any points deducted. Get used to it....

 

Now now. You were debating so nicely a couple of hours ago. The error of your ways, the flaw in your logic gets pointed out and now the figures are "guessed at" and you storm off in a huff.

 

Mind you, I suppose that you get a better level of debate on this forum than you get with your fishy mates on Pompey On Line.

[Gemmel]

Serious question then: If the case is against Peter Storrie and not PFC, is it correct to assume they are alleging personal tax offences comitted by him? If so, are you saying there is a precedent where a club has been deducted points before in this scenario when an individual has been found guilty?

 

Yes. The storrie case is different to mandicks and arry's because their cases were for personal gain. Storries, case is against him in his capacity as CEO for the club and the precedent here, is Watford..... who were a new entity, new board and they took the evidence themselves to the FL..... who then whacked them with a points deduction.

 

The key here was the fact that it was club business and they will make you pay.

Edited 25 October, 2010 by Gemmel

[NickG]

Everyone on here seems to be an expert on Pompey's finances (although the copious use of "could", "might", "maybes" etc never fails to make me laugh). Would anyone care to enlighten me as to Saints wages to turnover ratio? Or don't you actually know?

 

no idea, doubt it is too bad as we are getting good crowds and are in league 1

[Colinjb]

no idea, doubt it is too bad as we are getting good crowds and are in league 1

 

Our highest earner is on at most 10k a week. We have no outstanding debt and bigger crowds. You don't need a calculator to work out that 'we're fine.'

[NickG]

The other key differences are:

 

we have a stadium with no mortgage - you need another one and will need to finance it.

 

we are debt free and our CEO has said it is intended to run the club with no debts - including to owners. - your new owner is already talking about obtaining further loans.

[NickG]

our average crowd is probably currently 5,000 plus higher, even if you only say they are spending £10 on a ticket for easy maths (will be a lot more) that is over £1m more we have coming in each year.

[Minsk]

http://www.bbc.co.uk/blogs/mattslater/2010/10/on_the_brink_of_death.html

 

Very good and an excellent picture!

[dubai_phil]

http://www.bbc.co.uk/blogs/mattslater/2010/10/on_the_brink_of_death.html

 

Good spot BTF and a good read that's been missed in the general dig at Ho & Co.

 

Spells it out very well.

 

Fat Lady - pah, she only just had her first truck load of Donughts delivered. Onwards with the thread until at least March it is

[spyinthesky]

I think its fair for the Pompey posters to state that the cost/revenue figures previously mentioned have a fair degree of guess work attached to them. I suppose you could say that there is little difference in this and the way PFC's accounts are presented!!

 

With regard to Corp's question, I understand our annual wage bill is one of, if not the largest, in Div 1 at approx £8m.

 

With an average crowd of 20,000 and using the same per head ticket revenue as Pompey, gives an income of £9.2m.

 

On this basis I guess we struggle to trade profitably given recent net transfer outgoings and Agents fees averaging £400k pa but, as has been pointed out, we do not have any real loans or other heavy outgoings to satisfy (as far as we are aware) and, hopefully, have paternalistic owners.

[Gingeletiss]

Well, keep dreaming. We are not being liquidated. We are not having any points deducted. Get used to it....

 

Lol....that is a bold statement, one that, I'm positive, will come back to haunt you. I'd say, that there is a very strong possibility that you will be liquidated still.

[JackFrost]

http://www.bbc.co.uk/blogs/mattslater/2010/10/on_the_brink_of_death.html

 

They reckon AA's + lawyer's fees total to around £2 million.

[Saint in Paradise]

To be fair to Corp ( I NEVER thought I would say that ) I think PFC123 is to blame mostly

 

Post 684 on 23rd July 2009 @ 09.35 by pfc123

 

"Argentine soccer legend Diego Maradona is offering to bring four international stars to newly owned Portsmouth, if the club appoints him as their global ambassador, his lawyer has claimed.

 

And in a further development, an advisor to new Pompey owner Sulaiman Al Fahim confirmed this morning that “discussions” have been held with Maradona’s cousin Remigio Maradona over a role for the former World Cup winner at the club.

 

Confidential emails sent by Maradona’s lawyer Angel Oscar Moyano claim the superstar is willing to act on behalf of Valencia striker David Villa and Barcelona hero Samuel Eto’o. The email also mentions his son-in-law Kun Aguero, who plays for Atletico Madrid and another Valencia striker, David Silva, as possible targets.

 

“Diego Armando Maradona has players “personal“ commitment [sic] to enter into exclusive talks with Dr Sulaiman Al Fahim”, writes Moyano.

 

Eto'o, Villa, Silva. Crap players or what? We'll be down this season for sure and in administration within a year. Yeah, looks like you guys were right all along. We've fuucking had it big style..........

[Saint in Paradise]

Also spotted this from pfc123:-

 

"Maradona's lawyer Angel Oscar Moyano claims his client has players lined up to join Al Fahim's Fratton Park revolution and that he is ready to quit the Argentina post he only accepted last October.

 

"He has got top players ready and he is even ready to leave the Argentine national team," Moyano told Arabian Business.

Support

 

"He wants to build a strong team for which he offers his mediation for signing players of top level, who with the support of Diego Maradona, will be ready to come to Portsmouth."

 

So then, actual quotes from the guys lawyer. And lawyers are very careful what they say aren't they? Still, nevermind- if he comes in I'm sure he'll look jealously at the third division team down the road

[Lord Duckhunter]

Did anyone hear Duffin on Talksport this morning. If I was a Skate I'd be worried about what he had to say. He said that Chanari was now out looking for finance, but also that he (Duffin) understands that next season's parachute money has already been spent on running the club this season.

[landford.saint]

I believe I am right in saying that the bank dont trust PFC with the season ticket money and are only releasing it in 'chunks' as and when specific stages in the season have been reached. This is prudent of course because it secures the ST holders money in case of liquidation. It also gaurantees PFC an income at certain known dates. But it also precludes PFC spending it when it comes to a particularily 'sticky' period. Of which there are a few coming up IF various posters on here are anywhere slighty accurate.

[suewhistle]

Just having a cup of tea and some entertainment here before off to post my tax form.

 

You take a made up list of guessed at wages, then you add another guessed at list of costs and surprise surprise, you all conclude that we're about to go pop in a big way and it's just around the corner.

 

The point is pfc123, that we are just trying to give some balance to your tripping-through-the-daisies view. I don't think anybody has denied making estimates but they are based on a degree of knowledge, even if it actually means believeing android occasionally.. A lot of our talk about % of turnover to wages etc is just plain business givens or knowns, as are the comments about our respective crowds. Personally I think our estimates are a _lot_ better than yours!

[pfc123]

Now now. You were debating so nicely a couple of hours ago. The error of your ways, the flaw in your logic gets pointed out and now the figures are "guessed at" and you storm off in a huff.

 

Mind you, I suppose that you get a better level of debate on this forum than you get with your fishy mates on Pompey On Line.

 

Yep, fair enough, (goes into naughty schoolboy mode) sorry. To be fair the fact that everyone on here has a different view is what makes it interesting, more of a debate. Also the format and layout of our main board is rubbish which doesn't help. Still it wouldn't be Pompey if it was all bright and shiney

[Gemmel]

Yep, fair enough, (goes into naughty schoolboy mode) sorry. To be fair the fact that everyone on here has a different view is what makes it interesting, more of a debate. Also the format and layout of our main board is rubbish which doesn't help. Still it wouldn't be Pompey if it was all bright and shiney

 

When would you want the tax points deduction to take place.... after the season finishes or for the following season.

[Eastcowzer]

I presume the administrators final report to the creditors will spell out how much Chanrai has 'paid' for the club. I would not be surprised if there is no new money. All that Baloo and Levi have done is agree a repayment plan on one credit card whilst taking out a new one with another limit to max out.

 

The parachute payments are the only reason he is still here. I presume they have now paid all their football creditors to get the golden share back?

 

The Football League have accepted the the exit from admin', on the understanding that Chanrai, et al, will not remove any monies from the club until ALL the creditors have been reimbursed.

Believe that and you'll believe anything. !

[Corporate Ho]

Our highest earner is on at most 10k a week. We have no outstanding debt and bigger crowds. You don't need a calculator to work out that 'we're fine.'

 

Now, a lot of you guys on here keep telling Pompey fans they should question things more but apparently that doesn't apply to yourselves. Highest earners on "at most" £10K a week. You don't know that. You have no idea how much they're earning. I was slagged off when I posted on here that a friend heard a football agent in a hotel bar telling Boateng what a soft touch you had become with wages and how you had players on £15K a week. And you may have bigger crowds but how much is the average price per ticket? I know of at least a couple of games when there have been offers for £5

 

our average crowd is probably currently 5,000 plus higher, even if you only say they are spending £10 on a ticket for easy maths (will be a lot more) that is over £1m more we have coming in each year.

 

Great maths there. Run that calculation by me again. Pompey's average ticket price is around £25 but you're claiming that even at £10 a ticket you'd have £1m more than us coming in from ticket sales each year? LOL

 

With regard to Corp's question, I understand our annual wage bill is one of, if not the largest, in Div 1 at approx £8m.

 

With an average crowd of 20,000 and using the same per head ticket revenue as Pompey, gives an income of £9.2m.

 

On this basis I guess we struggle to trade profitably given recent net transfer outgoings and Agents fees averaging £400k pa but, as has been pointed out, we do not have any real loans or other heavy outgoings to satisfy (as far as we are aware) and, hopefully, have paternalistic owners.

 

Thanks for the reasonable response. Even if we took your figures as correct that means your turnover to wages ratio is currently at 87%. And that doesn't take into account the fact that you've assumed an average ticket price for everyone in the ground of £20 which we know isn't true due to kids deals etc. So you're probably running at close to 100% wages/ turnover ratio. Add in other costs like player purchases, agents fees etc and my guess is you're trading at a loss.

 

So what you say. Billionaire family, agreed to bankroll us blah blah blah. But for how long? People change their minds. Look at the Jack Walker family money at Blackburn. And this is in league 1. What happens when you're promoted and wages become higher? Good luck to you for attracting Liebherr but please don't give it the large one that you're self sufficient

[OldNick]

When would you want the tax points deduction to take place.... after the season finishes or for the following season.

I would want it this season for them. If they dont get any until next season (if ever of course) thye could go up and get another load of parachute payments.

The FL clubs voting for an extra years para payments and Sullivan and Gold pushing for it makes me hope WHu go down. They were so desperate to stay up they did anything to support them and then when they get relegated they then accuse Pompey of cheating. Double standards me thinks

[Gemmel]

I would want it this season for them. If they dont get any until next season (if ever of course) thye could go up and get another load of parachute payments.

The FL clubs voting for an extra years para payments and Sullivan and Gold pushing for it makes me hope WHu go down. They were so desperate to stay up they did anything to support them and then when they get relegated they then accuse Pompey of cheating. Double standards me thinks

 

Given the date of the trial is the middle of may (Unless thath changes in the pleminary hearing in November) it's going to be hard to apply it this season. Of course as long as they are not in a play off place and the deduction wouldnt put them in a relegation place, they will obviosuoly want it for this year, but i think it will be for next season.

[pfc123]

To be fair to Corp ( I NEVER thought I would say that ) I think PFC123 is to blame mostly

 

Post 684 on 23rd July 2009 @ 09.35 by pfc123

 

"Argentine soccer legend Diego Maradona is offering to bring four international stars to newly owned Portsmouth, if the club appoints him as their global ambassador, his lawyer has claimed.

 

And in a further development, an advisor to new Pompey owner Sulaiman Al Fahim confirmed this morning that “discussions” have been held with Maradona’s cousin Remigio Maradona over a role for the former World Cup winner at the club.

 

Confidential emails sent by Maradona’s lawyer Angel Oscar Moyano claim the superstar is willing to act on behalf of Valencia striker David Villa and Barcelona hero Samuel Eto’o. The email also mentions his son-in-law Kun Aguero, who plays for Atletico Madrid and another Valencia striker, David Silva, as possible targets.

 

“Diego Armando Maradona has players “personal“ commitment [sic] to enter into exclusive talks with Dr Sulaiman Al Fahim”, writes Moyano.

 

Eto'o, Villa, Silva. Crap players or what? We'll be down this season for sure and in administration within a year. Yeah, looks like you guys were right all along. We've fuucking had it big style..........

 

Also spotted this from pfc123:-

 

"Maradona's lawyer Angel Oscar Moyano claims his client has players lined up to join Al Fahim's Fratton Park revolution and that he is ready to quit the Argentina post he only accepted last October.

 

"He has got top players ready and he is even ready to leave the Argentine national team," Moyano told Arabian Business.

Support

 

"He wants to build a strong team for which he offers his mediation for signing players of top level, who with the support of Diego Maradona, will be ready to come to Portsmouth."

 

So then, actual quotes from the guys lawyer. And lawyers are very careful what they say aren't they? Still, nevermind- if he comes in I'm sure he'll look jealously at the third division team down the road

 

Ok, hands up, I got it wrong on both counts....

[pfc123]

When would you want the tax points deduction to take place.... after the season finishes or for the following season.

 

Tricky isn't it? If it did come to that, I guess if we were well safe but not in a play off place then at the end of this season. If we were dead and buried at the bottom of the NPC then we might as well take it this season. If we were safe but -10 would take us down I'd rather take it next season and hope we could still stay up. Depends how we are doing on the pitch is the short answer....

[Wes Tender]

 

So what you say. Billionaire family, agreed to bankroll us blah blah blah. But for how long? People change their minds. Look at the Jack Walker family money at Blackburn. And this is in league 1. What happens when you're promoted and wages become higher? Good luck to you for attracting Liebherr but please don't give it the large one that you're self sufficient

 

How do you know we're not self sufficient? That was the basis of how Markus Liebherr ran his businesses and as he had learnt that frugality from his father, I doubt that the family will be operating in a different manner. There might be additional investment in the infrastructure, as in the training ground facilities, but that would produce a return. In any event, it is all very well comparing the costs of wages against ticket receipts, but we also have additional revenue from merchandising, advertising, television receipts, etc.

 

When we are promoted, then revenue will increase from ticket price increases, increased attendances, television and advertising revenue, merchandising, etc.

 

If the Liebherr family decide to sell up, we will be a very saleable commodity, with no debt, a decent stadium, good training facilities, Jackson's Farm, etc.

 

So thanks for the advice, but I think I'll ignore it and continue to give it large over your poxy small club in its delapidated stadium, your small fan base, your dodgey bent owners and your living beyond your means way of cheating.

[Wes Tender]

Pfc123

Eto'o, Villa, Silva. Crap players or what? We'll be down this season for sure and in administration within a year. Yeah, looks like you guys were right all along. We've fuucking had it big style..........

 

So you didn't get any of those players but still managed the relegation and the administration. Nice one.

[Frank's cousin]

What will be will be... Pompey live to fight another day... and from a true fans perspective, seeing clubs go out of business is never something any of us should want to see... even the Skates... but for me I would ask the question, of the Skates, are they truely happy with the ethics of the solution? Are they already planning the great return, based on further potential funds being raised through Chanrai, that may create the same scenario again, and will they be demanding transparancy of the finances, or simply turning a blind eye to the ethics if it means 'success' as they did last time around?

 

I did not want to see them get liquidated, but acknowledge that the financial maangement decisions that got them into that mess did create an 'unfair' competitive advantage; that given the subsequent inabilty to pay for that success, there was and something seriously wrong with the approach that tarnishes that success... the punsihment needed to be a proper deterent, not a slap on the wrist and have appropriate consequences. The excuse that MU or Liverpool or Citeh are in effect buying an unfair advantage through leveraged debt is simply not acceptable as these clubs also seem to have a suspect moral compass - although to be fair to MU, before the Glaziers leveraged buyout they were debt free and able to max their [purchases simply through a much larger revenue stream...

 

Pompey need to be realistic in their expectations - given their size, revenue and fan base - as all clubs should - the growth needs to be natural based on success, not a do or die financial tightrope that seems to cloud judgement - and that goes for ALL clubs. In our case, the majority of fans now accept that growth needs to be based on incremental success and self sustaining... I dont think most of pompey's fans share this view at present.

[pfc123]

How do you know we're not self sufficient? That was the basis of how Markus Liebherr ran his businesses and as he had learnt that frugality from his father, I doubt that the family will be operating in a different manner. There might be additional investment in the infrastructure, as in the training ground facilities, but that would produce a return. In any event, it is all very well comparing the costs of wages against ticket receipts, but we also have additional revenue from merchandising, advertising, television receipts, etc.

 

When we are promoted, then revenue will increase from ticket price increases, increased attendances, television and advertising revenue, merchandising, etc.

 

If the Liebherr family decide to sell up, we will be a very saleable commodity, with no debt, a decent stadium, good training facilities, Jackson's Farm, etc.

 

So thanks for the advice, but I think I'll ignore it and continue to give it large over your poxy small club in its delapidated stadium, your small fan base, your dodgey bent owners and your living beyond your means way of cheating.

 

Cheating eh? How much of the money you owed Aviva for the stadium was actually paid back?

[Whitey Grandad]

Cheating eh? How much of the money you owed Aviva for the stadium was actually paid back?

 

In total I believe they received more than it cost.

[Gingeletiss]

Cheating eh? How much of the money you owed Aviva for the stadium was actually paid back?

 

Excactly what they asked for, how much was actually paid back by your 'club', to the tax man?

[Colinjb]

Cheating eh? How much of the money you owed Aviva for the stadium was actually paid back?

 

The entire stadium mortgage was settled on Markus' takeover of the club. No CVA or slate wiping necessary.

[Gemmel]

The entire stadium mortgage was settled on Markus' takeover of the club. No CVA or slate wiping necessary.

 

colin this is not true and we dont need to exagerate our position. As detailed in the liquidation report at companies house, both Aviva and Barclays accepted deals significantly lower than the actual debt.

 

What has transpired is that the smaller creditors (And there really werent that many) were paid in full (Kudos to Marcus).

[saintjay77]

Cheating eh? How much of the money you owed Aviva for the stadium was actually paid back?

 

So are you thinking that the cheating is purly down to how much you or us owed?

 

Nothing to do with pricing competitors out of transfer dealings by offering money that simply wasnt available?

Or paying wages that were way over budget and beyond the bank ballance to players that were vital in getting your club through various stages of 2 successful FA cup runs?

Or even now, paying Prem players wages and bonus's that are again above the expected income to gain points over rivals who are attempting to live within their means?

 

I have sympathy for clubs who for various reasons have to take the admin route as a last chance to rescue their business IF they make every effort to reduce their debt and put together a solution that is in the best interest of the creditors.

 

Leeds took the P*** by shedding debt and offering the best part of naff all in return but at least they had the decency to drop all the high earners and play the youth and free bee's on pittance wages while they re-grouped and re-buillt.

 

What Leeds owed at the time was staggering and what Pompey are reported to owe is even more so but that isnt what the label of Cheats is for, and yours and our administrations cant be compared further than 2 clubs who were in trouble financially.

[Colinjb]

colin this is not true and we dont need to exagerate our position. As detailed in the liquidation report at companies house, both Aviva and Barclays accepted deals significantly lower than the actual debt.

 

What has transpired is that the smaller creditors (And there really werent that many) were paid in full (Kudos to Marcus).

 

 

In that case I stand corrected. Cheers chap.

[holepuncture]

What will be will be... Pompey live to fight another day... and from a true fans perspective, seeing clubs go out of business is never something any of us should want to see... even the Skates... but for me I would ask the question, of the Skates, are they truely happy with the ethics of the solution? Are they already planning the great return, based on further potential funds being raised through Chanrai, that may create the same scenario again, and will they be demanding transparancy of the finances, or simply turning a blind eye to the ethics if it means 'success' as they did last time around?

 

I did not want to see them get liquidated, but acknowledge that the financial maangement decisions that got them into that mess did create an 'unfair' competitive advantage; that given the subsequent inabilty to pay for that success, there was and something seriously wrong with the approach that tarnishes that success... the punsihment needed to be a proper deterent, not a slap on the wrist and have appropriate consequences. The excuse that MU or Liverpool or Citeh are in effect buying an unfair advantage through leveraged debt is simply not acceptable as these clubs also seem to have a suspect moral compass - although to be fair to MU, before the Glaziers leveraged buyout they were debt free and able to max their [purchases simply through a much larger revenue stream...

 

Pompey need to be realistic in their expectations - given their size, revenue and fan base - as all clubs should - the growth needs to be natural based on success, not a do or die financial tightrope that seems to cloud judgement - and that goes for ALL clubs. In our case, the majority of fans now accept that growth needs to be based on incremental success and self sustaining... I dont think most of pompey's fans share this view at present.

 

FC, an exceptional post.

 

Saints have been long suffering, and seeing the skates, along with there fans behave in the manner they have left a sour taste, illustrated through this enourmous thread...

 

As you have said, Saints fans now understand what it takes, the PL mentality is long gone (not a bad turnaround after 30 odd years up there), and we appreciate the values of genuine endeavour and sustainability.

 

Maybe the skates will 'get it' eventually as well, afterall they were only up there for a few years.

 

I remember as a kid, all I wanted was for the club to move into a bigger ground, and become a better club (i think I used to benchmark on Man U!). I wonder if the skate kids have a similar mentality?

 

I also had Matt Le Tissier, where as the skates have had?

 

It must be hard living so close to us, and all our superiority, its like that sketch on the Fast Show, 'i am much richer than yow'.

 

 

 

 

 

They are living in a third world compared to Saints.

[Matthew Le God]

Cheating eh? How much of the money you owed Aviva for the stadium was actually paid back?

 

They came to an agreement with Aviva. Aviva didn't have to agree, as it was a long term mortgage. A completely different type of debt. Unlike the CVA at Pompey, where some people(most importantly the public purse) opposed the 20p in the £ offered by the administrators.

[saintjay77]

They came to an agreement with Aviva. Aviva didn't have to agree, as it was a long term mortgage. A completely different type of debt. Unlike the CVA at Pompey, where some people(most importantly the public purse) opposed the 20p in the £ offered by the administrators.

 

And many of those that aggreed were already set to get 100p in the pound so they stitched up those that were due to get less!

[Frank's cousin]

The agreement was as I understand it reached between the Administrators and Aviva - which in effect set the purchase price - Given that the club had paid approximately 20 mil over 8 years in interesta nd repyaments + approximately a guess at 7mil in settlement - teh total repaid on this debt would not have been far off the the full extent of the loan without interest - which is why Aviva would have agreed a settlement at that level.

 

The issue though is entirely different in that Saints 'debt' was not a) relatively small (5 mil overdraft) and b) not as a result of excessive spending on players and wages to try and buy success... an investment in infrastructure for the future. Yes we had a moment of madness under one of many boards in which CASH we had in the bank (approx 7mil from the sale of players) was spent in a push to regain premiership status... wich meant we entered into contracts that would not be sustainable long term if we were not promoted - hense the subsequent sale of players in an effot to get us back to an even keel - it was not possible to terminate all contracts, and this meant teh need for overdraft - which was being reduced when Barclays got cold feet - that is completely different to pompey who when already 35 mil in debt - continued to spend like there was no tomorrow and managed to increase this to 100 mil plus! Even the most biassed fans must be able to see a moral, ethical and obvious difference between the two scenarios if they engage the neurons for a few minutes...