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Pompey Takeover Saga


Fitzhugh Fella

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Baker Tilly are a reputable firm and will do the liquidation properly in the interests of creditors.

 

(No I don't work for them)

 

Then you had better act sharpish!

 

Send them your CV first thing tomorrow!!

 

I want YOU on this case!!!!!!

 

;)

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The deal is on perhaps......

 

 

'If all goes to plan, in a fortnight's time Balram Chainrai will not be running English Championship side Portsmouth, but the Russian consortium Convers Sport Initiative (CSI) will be.

 

The Hong Kong businessman has been in talks with CSI and hopes to finalise a deal within the next two weeks. CSI is one of the backers for Ferrari Russia and the Spartak Moscow ice hockey team. It also made a failed bid to buy English League One side Bournemouth last year.

 

Last night, Chainrai (pictured) reiterated that he had never wanted to take over the club for the long term and was optimistic that a deal could be done with CSI.

 

"From the very beginning all I've wanted to do is get a suitable buyer for Portsmouth who can rebuild the club." he said. "Talks are going well with CSI and negotiations are progressing. Other parties are interested and we are still listening to all offers.

 

"It's too early to confirm anything, but the talks we're having with CSI are very positive. I hope for a decision to be made in the next two weeks."

 

Chainrai briefly owned the English side before they went into administration nearly 12 months ago, and when the club won their battle against the British tax authorities in August, it left him free to buy back the club with his Israeli business partner, Levi Kushnir, and save them from liquidation.

 

However, fans are angry that Chainrai and Kushnir are failing to invest in the club, who have not won since before Christmas and are hovering dangerously above the relegation zone. This led to the first organised fans' demonstration, which took place last Saturday before Pompey's home game against Derby County. About 100 fans turned out to protest.

 

Bob Beech, the chairman of protest group SOS Pompey, said more protests were planned for the rest of the season and that within a week, their SOS Pompey page on Facebook had 1,200 members.

 

Chainrai hoped the latest news would calm the supporters' fears and prove that he had the club's best interests at heart.

 

"I want to let Portsmouth fans know we are doing our best to find the right buyer who will inject the needed capital into the club," he said. "It's encouraging news for everyone and I hope it shows fans that we're doing our best for Portsmouth."

 

Beech, who is not only SOS Pompey chairman but has been a Portsmouth season ticket-holder since 1985, said he was "cautiously optimistic" about the news.

 

"The way things have gone for us over the years, we've got every right to be sceptical about it, so I'll believe it when I see it. But anyone that is willing to invest money in the club will be welcomed," he said.

 

Beech also made it clear that Pompey fans had nothing against Chainrai personally, but that the lack of investment in the club had meant they had to show how they felt.

 

"Actions speak louder than words. We genuinely hope that this deal goes through and everyone gets what they want. Only time will tell," he said.

 

Last month, the club's chief executive, David Lampitt, said Portsmouth were looking to make three permanent signings in the transfer window to bolster an already threadbare squad - the reserve side has been scrapped. He also insisted that there was no pressure to sell players to balance the books.

 

But Pompey failed to bring in a single player on a permanent contract and sold Nigerian striker John Utaka, bought in 2007 for £7 million (HK$87.67 million) by former manager Harry Redknapp, to Montpellier for £430,000'

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it looks like the least plausible of all the takeovers thus far, but I guess we need to wait and see.

I'd like to know what Lampitt and the FL make of their backgrounds.

 

Experience suggests this is nothing more than a distraction from the lack of emergency loan cover that was promised.

 

If they are rich and interested why didn't they come in when there was something worth buying?

Why didn't they act even a month ago when the team could be strengthened?

Or does Chanrai need to do a desperate deal before payday?......no legitimate business will be rushed (!), due diligence will take ages, if the next wages have a 'banking error', we know the game is up.

 

It has got to the point where you can't blame the few for being thick.

With so many different parties trying to settle old business vendettas via pompey it's difficult to keep up with the plot - though anyone who got confused in chapter one and thought Storrie was a hero is thick.

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another lot with apparent dodgy links. I still cant see why anyone would want to buy them

 

Putting natural bias and rivalry aside, you really have to wonder why anybody would pay big money to take on such a shambolic situation with debt commitmnts running for the next 4 years and all manner of skeletons in cupboards ?

There are many other clubs (at all levels) available without the complexities that this deal offers so why on earth would you choose this one ??

Honestly, no respectable business person would touch it with a bargepole !!!

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Putting natural bias and rivalry aside, you really have to wonder why anybody would pay big money to take on such a shambolic situation with debt commitmnts running for the next 4 years and all manner of skeletons in cupboards ?

There are many other clubs (at all levels) available without the complexities that this deal offers so why on earth would you choose this one ??

Honestly, no respectable business person would touch it with a bargepole !!!

 

Who said anything about respectable business people? ;)

Edited by Ken Tone
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Putting natural bias and rivalry aside, you really have to wonder why anybody would pay big money to take on such a shambolic situation with debt commitmnts running for the next 4 years and all manner of skeletons in cupboards ?

There are many other clubs (at all levels) available without the complexities that this deal offers so why on earth would you choose this one ??

Honestly, no respectable business person would touch it with a bargepole !!!

 

Some key words here imo. Question, how can you 'buy' a company, that has a legal obligation to be liquidated? All answers below...thank you ;)

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Baker Tilly are a reputable firm and will do the liquidation properly in the interests of creditors.

 

(No I don't work for them)

 

Is it standard practice for the administrators to become the liquidators? From day one I thought it was dodgy for AA and Co to be able to cover their's and their's masters tracks but it seemed like there was no other option.

 

Now someone else is taking care of business at least there is a good chance that AA and Co's work can be either verified or found out and the creditors can get a fair result.

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Interesting little insight in the Skate News into the 'quality/quantity' thing with Cotterill. I've been wondering why all these Prem teams wanted to loan people out to Poopey & now we know......

 

‘We are thankful to everyone for the loans we have now.

 

‘Without them we would be struggling. That’s a credit to those managers.

 

There are obstacles because people might not want to loan players to Portsmouth because they think they won’t get paid.

 

We’ve done that and proved that so hopefully going forward people will think we are trustworthy because that’s definitely an issue.

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pompey_highlander Posted on 10/02/2011 09:31

PFC Potential

Report Message | Email Message To A Friend | Reply To Message Thinking outside the box, is our lack of infrastructure an advantage? FP has one basic, decent stand: the rest needs redevelopment. So build a new stadium outside the city and make money from all the add-ons? No training ground - so develop one linked to a leisure development in the countryside? The Coalition government wants to ecourage private sector jobs so will want to facilitate developments of this kind. Just a thought.

 

 

I thought education was compulsory in this country.

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pompey_highlander Posted on 10/02/2011 09:31

PFC Potential

Report Message | Email Message To A Friend | Reply To Message Thinking outside the box, is our lack of infrastructure an advantage? FP has one basic, decent stand: the rest needs redevelopment. So build a new stadium outside the city and make money from all the add-ons? No training ground - so develop one linked to a leisure development in the countryside? The Coalition government wants to ecourage private sector jobs so will want to facilitate developments of this kind. Just a thought.

 

 

I thought education was compulsory in this country.

 

Lol

 

How are the Russians getting on? Are they dodgy enough? Or is it all just a scam to get Bompey to drop their demands? Oh dear that would upset the Skates.

 

Tiger was average today until the very last hole. You won't care as it is too early when he tees off at 4am but rest assured there will be two Sash shirts following him round tomorrow one inside the ropes and one looking cute in the crowd.

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Lol

 

How are the Russians getting on? Are they dodgy enough? Or is it all just a scam to get Bompey to drop their demands? Oh dear that would upset the Skates.

 

Tiger was average today until the very last hole. You won't care as it is too early when he tees off at 4am but rest assured there will be two Sash shirts following him round tomorrow one inside the ropes and one looking cute in the crowd.

 

 

Who said you were cute

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Who said you were cute

 

Ah that was a different story....

 

No, OK for accuracy, one sweaty stressed bloke trying to keep 140 Press people out of the way of the players out on the grass, the GF will be the cute one behind the ropes in amongst the masses. But she holds her own very well, she was explaining this thread to about 5 Caddies in the bar when I found her after I finished working, who were all hooting with laughter and trying to get onto here to view it with their gooseberries & Iphones...

 

Well, that was her excuse anyway

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Back to Southwark Crown Court tomorrow "for Judgement" on whether there is going to be a trial or not - Court 7 before Judge Testar.

http://www.courtserve.net/courtlists/current/crown/sthwk_T110211.01.htm

 

SITTING AT 02:00 PM

For Judgment

T20097808 STORRIE Peter J 48C23015506

Order made under Contempt of Court Act 1981,LINKED TO:

T20107415 STORRIE Peter J 48C60134910

Order made under Contempt of Court Act 1981, LINKED TO:

T20107134 REDKNAPP Henry J 48C21000020

MANDARIC Milan 48C21000210

Order made under Contempt of Court Act 1981, LINKED TO:

T20107431 MANDARIC Milan 48C23003310

DEFENDANTS NEED NOT ATTEND

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Minor problem in the grand scale of things but their club captain cant get back into the country !!!

http://www.portsmouth.co.uk/sport/pompey/pompey-past/bygone-blues/defender_ruled_out_for_doncaster_clash_1_2399307

You couldn't make it up. P*ss poor preparation and all that

 

Every day without fail, there is always something to bring a smile to your face. And they wonder why we love this thread so.

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Is it standard practice for the administrators to become the liquidators? From day one I thought it was dodgy for AA and Co to be able to cover their's and their's masters tracks but it seemed like there was no other option.

 

Now someone else is taking care of business at least there is a good chance that AA and Co's work can be either verified or found out and the creditors can get a fair result.

 

The liquidation process is often just the formal closure process for the company at the end of the administration and so it is common (usual) for the administrator to become the administrator. Above anything else it is cheaper for the creditors as a new liquidator will need to spend time (and therefore run up costs) getting up to speed with the details of the case.

 

As for "covering their master's tracks" don't forget that an Administrator is an officer of the court. He is acting in the in the interests of all creditors in accordance with the insolvency legislation. Your opinion of AA is obviously your own to amke though.

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Minor problem in the grand scale of things but their club captain cant get back into the country !!!http://www.portsmouth.co.uk/sport/pompey/pompey-past/bygone-blues/defender_ruled_out_for_doncaster_clash_1_2399307

You couldn't make it up. P*ss poor preparation and all that

:)

Bl**dy good job they never got into Europe this year, somebody would have had to check their passports !

With a squad of nearly 15, that surely would have been too big a task, eh ??

:)

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Minor problem in the grand scale of things but their club captain cant get back into the country !!!

http://www.portsmouth.co.uk/sport/pompey/pompey-past/bygone-blues/defender_ruled_out_for_doncaster_clash_1_2399307

You couldn't make it up. P*ss poor preparation and all that

 

If I was really cynical, I'd guess it's not been renewed in order that they can claim breach of contract ("the Player must be eligible for employment in the UK" etc.) and thereby remove him from the wage bill...

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Ah that was a different story....

 

No, OK for accuracy, one sweaty stressed bloke trying to keep 140 Press people out of the way of the players out on the grass, the GF will be the cute one behind the ropes in amongst the masses. But she holds her own very well, she was explaining this thread to about 5 Caddies in the bar when I found her after I finished working, who were all hooting with laughter and trying to get onto here to view it with their gooseberries & Iphones...

 

Well, that was her excuse anyway

 

Oh come on, Rule 1!

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I notice that Poopey claim to have beaten off competition from, among others, Leeds to sign Hogg from Villa. Was it the promotion push, was it the 25k crowds crowds that won him over? Or did the DCFSBs simply, yet again, outbid their rivals?

Cheats

 

After 3 games they reckon that the boy is a star !

http://www.portsmouth.co.uk/sport/pompey/pompey-past/bygone-blues/cotterill_backs_starlet_to_keep_on_causing_a_pompey_commotion_1_2399588

TBF they managed 1 point from 9 so he must be making a difference !

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After 3 games they reckon that the boy is a star !

http://www.portsmouth.co.uk/sport/pompey/pompey-past/bygone-blues/cotterill_backs_starlet_to_keep_on_causing_a_pompey_commotion_1_2399588

TBF they managed 1 point from 9 so he must be making a difference !

 

That's not what Andy Awful was saying about him during the match commentary. He was saying how poor Hogg was on his debut and the new commentators haven't said anything different

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That's not what Andy Awful was saying about him during the match commentary. He was saying how poor Hogg was on his debut and the new commentators haven't said anything different

How do you know that? Are you deep under cover :suspicious:, or just a closet skate?

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Good or bad, it's weird he'd choose Pompey over Leeds. I know Pompey fans just try to divert from the topics in hand and write it off as rivalry etc., but can someone please explain how they can outbid clubs and offer big wages when they haven't paid for their previous signings and don't have any money?

 

I must be missing something. Perhap's I'll receive 20% of the answer in a few years.

 

I expect it's because Chainrai's loaning them money with massive interest charges.

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