Pompey Takeover Saga

[S-Clarke]

http://www.fansonline.net/portsmouth/mb/view.php?id=351916

 

http://twitter.com/#!/pn_jordan_cross

 

Now this I have to see

 

This just keeps on rolling and rolling...and rolling.

 

It's brilliant, this thread should be framed as one of the internets greatest.

[Gorgiesaint]

Extract from the Land Registry entry:

 

Proprietorship Register

 

Title Absolute

 

(10.01.2011) PROPRIETOR: PORTSMOUTH FOOTBALL CLUB (2010) LIMITED (Co. Regn. No. 07264768 ) of Fratton Park, Frogmore Road, Southsea, Hants PO4 8RA.

 

(05.11.2009) RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the charge dated 6 October 2009 in favour of Portpin Limited referred to in the Charges Register or without a certificate signed by each conveyancer of the Charge that the provisions of the Charge have been complied with or that they do not apply to the disposition.

 

(10.01.2011) The price stated to have been paid on 7 December 2010 was £7,042,000.

 

Charges Register

 

(03.06.2011) Proprietor: CONVERS SPORTS INITIATIVES PLC (Co. Regn. No. 07375628 ) of 2nd Floor, 159A Chase Side, Enfield, Middlesex EN2 0PW.

 

So, it looks to me as if the ground belongs to PFC, but has a mortgage against it; this mortgage being held by CSI. I'm not a property lawyer, so if anyone on here can interpret this further PM me and I'll send you the full LR copy.

 

Interesting, CSI have taken little time to get a charge registered on the property, and Gaydemak seems to have disappeared completely along with any previous mortgages - but interestingly if CSI (who presumbably own PFC 2010 now) want to do anything then they still have to get the ok from Portpin (Chainrai).So who is still in charge here?

 

and who valued the ground at £7m in December 2010 - that's a whole lot of scrap!!!

 

Ps Fowllyd - I'd be interested in seeing the original, if you can PM me that would be fantastic. I used to deal with this all the time a few years ago so will dust of the brain cells!

[trousers]

 

http://twitter.com/#!/pn_jordan_cross

 

 

I'm getting "Sorry, that page doesn’t exist" on that twitter link. What does/did it say? Cheers

[rooney]

Interesting, CSI have taken little time to get a charge registered on the property, and Gaydemak seems to have disappeared completely along with any previous mortgages - but interestingly if CSI (who presumbably own PFC 2010 now) want to do anything then they still have to get the ok from Portpin (Chainrai).So who is still in charge here?

 

and who valued the ground at £7m in December 2010 - that's a whole lot of scrap!!!

 

Ps Fowllyd - I'd be interested in seeing the original, if you can PM me that would be fantastic. I used to deal with this all the time a few years ago so will dust of the brain cells!

 

I expect the Russians as individuals own Portsmouth Football club now as shareholders as you cannot complete a mortgage over your own property. I expect to the encumberance listed by Baloo is probably no longer valid since the takeover and probably it is too early to show the lifting on the Land Register. I also seem to recall that the Football Stadium and the Car Park were owned by different individuals and it was Gaydamak who owned the car park. This is probably the reason why Gaydamak's name does not appear as the Mortgage by CSI is only on the Stadium.

[ericofarabia]

I expect the Russians as individuals own Portsmouth Football club now as shareholders as you cannot complete a mortgage over your own property. I expect to the encumberance listed by Baloo is probably no longer valid since the takeover and probably it is too early to show the lifting on the Land Register. I also seem to recall that the Football Stadium and the Car Park were owned by different individuals and it was Gaydamak who owned the car park. This is probably the reason why Gaydamak's name does not appear as the Mortgage by CSI is only on the Stadium.

 

Wow .... these guys are going to be mightily p!ssed off - they think they are getting an ARENA

[Fowllyd]

Interesting, CSI have taken little time to get a charge registered on the property, and Gaydemak seems to have disappeared completely along with any previous mortgages - but interestingly if CSI (who presumbably own PFC 2010 now) want to do anything then they still have to get the ok from Portpin (Chainrai).So who is still in charge here?

 

and who valued the ground at £7m in December 2010 - that's a whole lot of scrap!!!

 

Ps Fowllyd - I'd be interested in seeing the original, if you can PM me that would be fantastic. I used to deal with this all the time a few years ago so will dust of the brain cells!

 

One entry I missed putting in my previous post was this one, from the Charges Register:

 

(05.11.2009) REGISTERED CHARGE dated 6 October 2009.

 

That clearly relates to the Portpin charge. It must mean that it is still current, or it wouldn't still appear. But it may be that any further changes have not yet been entered into the Land Registry data. Maybe another download in a few weeks will tell us more.

[Mister Neil]

Ad from the top of the page, did anyone else see this one?

 

http://www.fishdating.co.uk/singlescatch?utm_source=google&utm_campaign=fish+dating+picture728x90-001&utm_term=dating%20uk&gclid=CNeUwOvlpakCFcod4QodJX_oug

 

I thought it was a wind-up but having clicked on the link, it seems genuine enough, even down to the picture of the *****r on the opening page.

 

I love this thread!

[hutch]

My guess, FWIW, is:

 

They've bought the club for Chainrai's debt plus the CVA. So that's around £30 - £35 million, payable roughly half now (BC) and half in 4 years time (CVA).

 

When Chainrai's been paid, his fixed and floating charges, which were transferred over to the new Co. by the administrator, will be removed. Chainrai's looking for £15 - £20 million, so that will either be cash up front, or some of Phil's magical "instruments" which may be either payable on demand or future-dated (irrevocable but payable on a date some time in the future). The charge over Fratton Park will stay until all of the instruments have been cashed.

 

Any deal over the adjacent land for redevelopment or expansion is nothing to do with Chainrai. They will need a separate deal with Gaydamak. There is no word on whether they have one or not.

 

All of that is done and dusted for the next few years. The current issue is how much more actual cash are they going to put in every month from now onwards.

 

They need around 15 new players. If they're happy to aim for another absolutely brilliant season by just avoiding relegation, then that's an average of, say, £5k a week each (£500k a month incl. PAYE/NI). If they want to be competitive, make that average £10k (£1 million a month incl. PAYE/NI). Conservatively the 8 players thay have on their books at the moment are probably costing them around £100k a week + PAYE/NI (£650k a month). So that's a (player) wage bill of somewhere between £1.1 and £1.6 million a month next season.

 

On the assumption that the parachute payments have already been spoken for, the UHY cash flow from last year shows that they generate around £1.3 million a month from normal operatons, and have expenses of around £550k a month. That leaves £750k for players wages & PAYE/NI. They appear to be short of somewhere between £350k and £850k a month, depending on the quality (cost) and quantity of their new signings.

 

I guess that's the conversation Mr. Lampitt will be having with CSI Portsmouth in Cyprus this week.

[Gemmel]

I'm getting "Sorry, that page doesn’t exist" on that twitter link. What does/did it say? Cheers

 

Try it again trousers, it still works for me.

 

Basically it says that Peter Storrie is making a return to football, suggesting pompey. He then qualifies it by stating he didn't say what club.

[JackFrost]

TBH I don't think Storrie ever left

 

But his return would be an odd one, if nothing else it would give the skates a reality check.

[rallyboy]

Saints hero Peter Storrie is back in football...ish - on the committee at Liss and currently on a campaign to become chairman.

Lucky Liss.

 

And there are murmourings once again about the safety certificate on the Fratton Pk arena - that's a couple of very wooden stands, and there's a limit to how many times you can chuck flameproof paint on them and get away with it.

They have two big ticking timebombs awaiting massive investment.

 

I know they can shut half the ground and still get everyone in but it's not an ideal scenario.

[JackFrost]

Saints hero Peter Storrie is back in football...ish - on the committee at Liss and currently on a campaign to become chairman.

Lucky Liss.

 

And there are murmourings once again about the safety certificate on the Fratton Pk arena - that's a couple of very wooden stands, and there's a limit to how many times you can chuck flameproof paint on them and get away with it.

They have two big ticking timebombs awaiting massive investment.

 

I know they can shut half the ground and still get everyone in but it's not an ideal scenario.

 

Funny you say that, I was driving on the motorway between Liss and Liphook the other day and could have sworn Carlos Tevez overtook me in a Bentley Continental

[sidthesquid]

Ad from the top of the page, did anyone else see this one?

 

http://www.fishdating.co.uk/singlescatch?utm_source=google&utm_campaign=fish+dating+picture728x90-001&utm_term=dating%20uk&gclid=CNeUwOvlpakCFcod4QodJX_oug

 

I thought it was a wind-up but having clicked on the link, it seems genuine enough, even down to the picture of the *****r on the opening page.

 

I love this thread!

 

My lad got dumped the other evening - his Poopey mate said, 'Don't worry there's plenty more fish in the sea.......' Sick b@st@rd

[trousers]

Try it again trousers, it still works for me.

 

Basically it says that Peter Storrie is making a return to football, suggesting pompey. He then qualifies it by stating he didn't say what club.

 

Cheers - yep, works on my laptop but not on my wonderous gadget they call the iPhone....

[trousers]

Christ is this thread still going?

I look forward to some summer entertainment.

I am meeting my original informer who gave me the info to start this thread tomorrow for a pint. I am sure he will have some more revelations.

 

Anything to report from your meeting last week FF? Cheers

[gaz]

Maybe the delay between taking over, and the press conference is VA trying to working what on earth he has actually bought...

[saintjay77]

So has anyone asked any decent questions on the Facebook page? I like the way they have already added the caveat to not answer the more difficult questions so I doubt the eventual press confirm will answer anything worth while

[saintjay77]

I see Storrie and Milan are up to witness 6 in their court case. It seems a bit drawn out and in depth seeing as they on several occasions tried to get the charges dropped and the case thrown out.

 

Any ideas on if they will be bricking it yet or not?

Edited 9 June, 2011 by saintjay77

[Minsk]

My guess, FWIW, is:

 

They've bought the club for Chainrai's debt plus the CVA. So that's around £30 - £35 million, payable roughly half now (BC) and half in 4 years time (CVA).

 

When Chainrai's been paid, his fixed and floating charges, which were transferred over to the new Co. by the administrator, will be removed. Chainrai's looking for £15 - £20 million, so that will either be cash up front, or some of Phil's magical "instruments" which may be either payable on demand or future-dated (irrevocable but payable on a date some time in the future). The charge over Fratton Park will stay until all of the instruments have been cashed.

 

Any deal over the adjacent land for redevelopment or expansion is nothing to do with Chainrai. They will need a separate deal with Gaydamak. There is no word on whether they have one or not.

 

All of that is done and dusted for the next few years. The current issue is how much more actual cash are they going to put in every month from now onwards.

 

They need around 15 new players. If they're happy to aim for another absolutely brilliant season by just avoiding relegation, then that's an average of, say, £5k a week each (£500k a month incl. PAYE/NI). If they want to be competitive, make that average £10k (£1 million a month incl. PAYE/NI). Conservatively the 8 players thay have on their books at the moment are probably costing them around £100k a week + PAYE/NI (£650k a month). So that's a (player) wage bill of somewhere between £1.1 and £1.6 million a month next season.

 

On the assumption that the parachute payments have already been spoken for, the UHY cash flow from last year shows that they generate around £1.3 million a month from normal operatons, and have expenses of around £550k a month. That leaves £750k for players wages & PAYE/NI. They appear to be short of somewhere between £350k and £850k a month, depending on the quality (cost) and quantity of their new signings.

 

I guess that's the conversation Mr. Lampitt will be having with CSI Portsmouth in Cyprus this week.

 

And on top of this there would be costs such as transfer fees, signing on fees, agent's fees, etc.

 

As rallyboy keeps teling us, the sums just don't add up!

[Micky]

So can anybody be arsed to answer post 50. I see Tissie76 is currently under moderation...

 

Post 106 is more worrying - looks like we are going down the pan fast.

[dubai_phil]

Post 106 is more worrying - looks like we are going down the pan fast.

 

106.At 13:20 8th Jun 2011, The _Real_Truth wrote: southampton built a new stadium on the back of them going into administration and are again doing into debt. At the current rate it will only be a matter of time before they do the same again.

 

 

 

Dear Lord how to these people manage to even type?

[Micky]

Dear Lord how to these people manage to even type?

 

106.At 13:20 8th Jun 2011, The _Real_Truth wrote: southampton built a new stadium on the back of them going into administration and are again doing into debt. At the current rate it will only be a matter of time before they do the same again.

 

He is right though, apparently it is only a matter of time before we build (yet another) new stadum...

[latter day saint]

Dear Lord how to these people manage to even type?

come on, be fair to the poor skates . must be tricky with the webbing restricting movement.

[Nexstar]

Storrie is not going back to Pompey any time soon. For starters, his court case is due to last 8 weeks.

[Nexstar]

Still going on in Southwark Crown Court 7 tomorrow.

http://www.courtserve.net/courtlists/current/crown/sthwk_T110608.01.htm

 

 

Monday (6th) there seemed to be some sort of issue with the servers (?) or something because the all the cases seem to start at exactly 13:28 whereas most had started earlier.

The only entry from "InCourts" was a repeat of the final entry from Friday

(http://incourts.co.uk/Daily/Monday/Southwark.html)

 

so I think that might be residual info from friday http://incourts.co.uk/Daily/Friday/Southwark.html

 

 

Today (7th) didn't start until 11:00 and "Lawpages" had something strange, it produced 2 entries for the same Court 7 case ?

Which at one stage this afternoon said something about Witness 4.

 

However there is another entry (with only PS) that just says Witness 6 has been sworn in this morning.

 

http://www.thelawpages.com/court-hearings-lists/Southwark-crown-court.php

 

So I am not sure what is going on.

? Some of those entries could be the missing ones from Monday??

? Why is there a entry for Storrieteller on his own (both were at court today I believe PS at 10:07 & MM at 11:08 ) ??? (MM changes sides ??, MM case dropped ??, Computer Error ??)

 

I am led to believe a jury member did not turn up on one of the days. On the other day a witness, who lives abroad, could not connect via their web-link, so their evidence has been thrown out (after various attempts to connect) and they have refused to come to England for the case.

[Matthew Le God]

A witness, who lives abroad, could not connect via their web-link, so their evidence has been thrown out (after various attempts to connect) and they have refused to come to England for the case.

 

A witness for the defence or prosecution?

[Nexstar]

A witness for the defence or prosecution?

 

Defence. Which part of this whole thing is he currently in court for?

[Crab Lungs]

Oh, how I've missed this thread! Just caught up now, fantastic.

[pedg]

Storrie is not going back to Pompey any time soon. For starters, his court case is due to last 8 weeks.

 

I thought this thread getting to 40K threads or 2M views might coincide with the result of that case but I suspect not now.

[saintjay77]

Lol Pompey will like this.

 

tinyurl.com/6ydljqo

 

Only spending what they earn might be tough seeing as fag packet maths suggests they need to earn around £750,000 per month more just to break even.

[Crab Lungs]

Well, I've found a few of my previous efforts that I thought I'd lost somewhere in the 796 pages of this thread. Still gives me a chuckle, and I hope it does you too - enjoy;

 

 

 

 

 

 

 

 

And of course, a couple of pics of the world's best fans travelling away;

 

Sunderland

 

 

Wigan

 

 

 

"Blue Army!"

[hypochondriac]

PMSL. A good year since I have read that!

[S-Clarke]

Great stuff there Crabs.

[Crab Lungs]

I found something else... :-o

 

Sheesh, I must have been bored in Spain.

 

 

 

 

 

 

 

 

 

[Gingeletiss]

I found something else... :-o

 

Sheesh, I must have been bored in Spain.

 

 

It will take the rest of the night, to stop laughing..........top post.

[Crab Lungs]

It will take the rest of the night, to stop laughing..........top post.

 

Thanks... I guess I had a lot of time on my hands! I know I intended to write more but I just got bored, I think. Still, it appears the material keeps coming so I may revisit it again in the future!

[Colinjb]

I found something else... :-o

 

Sheesh, I must have been bored in Spain.

 

No sh*t you were bored.

 

 

 

 

 

 

 

 

 

 

 

 

 

Good work!

[Dark Munster]

Lol Pompey will like this.

 

tinyurl.com/6ydljqo

 

Only spending what they earn might be tough seeing as fag packet maths suggests they need to earn around £750,000 per month more just to break even.

 

On paper, a disaster for the DFCSBs, since they could only spend what they earn. But unfortunately it won't affect Cheats FC. If history has taught us anything, they'll just fudge their books to make it look like they are spending what they earn. Or maybe they won't even bother doing that, and just flick the v's at the league.

 

And the FL won't do a thing about it.

[farawaysaint]

Thanks... I guess I had a lot of time on my hands! I know I intended to write more but I just got bored, I think. Still, it appears the material keeps coming so I may revisit it again in the future!

 

Crab Lungs? I didn't know you had a sense of humor, I'm sure many don't when you bury your talent in the thread equivalent of the Bermuda triangle

[rallyboy]

this is the best place to find comedy on this site, less of a thread, more of a gentleman's club for acidic and educated wit, ably supported by facts that regularly emerge and blur the line between jokes and reality.

We must have a meet up sometime, put faces to the names that have been a feature on here - maybe Ho will join us?

 

 

And while we are revisiting great comedy moments like Crab's fine efforts, can I do my Avram Grant gag again?

The one about him having a semi coming up....and I thought he was clothes shopping when they said he was splashing out on a new thai......

 

Anyway - what the hell are the Russians doing?

They've had ages to plan the takeover and hit the ground running, anyone would think they don't know what they're doing - and that can't be the case.

[Matthew Le God]

The Mirror seems to think they are "fallen giants" and will be making a £1m bid for a player soon...

 

http://www.mirrorfootball.co.uk/news/Portsmouth-plan-1m-raid-make-Barnsley-defender-Jason-Shackell-first-signing-under-new-owners-article745715.html

[Fowllyd]

this is the best place to find comedy on this site, less of a thread, more of a gentleman's club for acidic and educated wit, ably supported by facts that regularly emerge and blur the line between jokes and reality.

We must have a meet up sometime, put faces to the names that have been a feature on here - maybe Ho will join us?

 

 

And while we are revisiting great comedy moments like Crab's fine efforts, can I do my Avram Grant gag again?

The one about him having a semi coming up....and I thought he was clothes shopping when they said he was splashing out on a new thai......

 

Anyway - what the hell are the Russians doing?

They've had ages to plan the takeover and hit the ground running, anyone would think they don't know what they're doing - and that can't be the case.

 

Meeting Corpy face to face would be just too much for many I fear - not least Corpy himself.

 

On the subject of Avram Grant, his name is an anagram of Vagrant Ram. This may not be relevant, but it seems fitting somehow.

[Tamesaint]

We must have a meet up sometime, put faces to the names that have been a feature on here - maybe Ho will join us?

 

 

 

Corp may be too embarassed to post on here these days ..... but he still pays us visits.

 

He last logged on yesterday afternoon according to his profile. Clearly there are no decent Skate sites for him to look at.

[rooney]

A search on Portsmouth Football Club (2010)Ltd reveals that the 2 Chanrais & Kushir left the board on 6th June and replaced by Chris Akers, Vladimir Antonov & Roman Dubov. The current shareholders are not listed nor is Convers Initiatives charge mentioned in post 39759. Probably too early for this to be documented on the Companies Register. Portpin's Charge is still shown at present. It may be worth looking again in one month's time to see what the changes are.

[Channon's Sideburns]

I am led to believe a jury member did not turn up on one of the days. On the other day a witness, who lives abroad, could not connect via their web-link, so their evidence has been thrown out (after various attempts to connect) and they have refused to come to England for the case.

 

Where does that agent live linked to 'Arry? Monaco????

[sidthesquid]

Where does that agent live linked to 'Arry? Monaco????

 

I would say either Russia, Israel or somewhere without an extradition treaty

[sidthesquid]

The Mirror seems to think they are "fallen giants" and will be making a £1m bid for a player soon...

 

http://www.mirrorfootball.co.uk/news/Portsmouth-plan-1m-raid-make-Barnsley-defender-Jason-Shackell-first-signing-under-new-owners-article745715.html

 

Interesting line in there about Norris who, according to Pompey Pravda, is wetting himself in anticipation of is dream move....

 

Pompey are also negotiating with Ipswich midfielder David Norris about a free-agent move, but he wants to keep his options open for a few weeks.

Edited 9 June, 2011 by sidthesquid
neatness

[rallyboy]

Norris was a done deal, and that was before Cotterill had this massive transfer warchest to build his promotion team with.

Or perhaps there's a new problem...

Players regarded pompey as a poor club that would outbid anyone.

Now they have rich new owners, they can pay even more!

 

A bit like us when everyone thought we had Chamberlain money burning a hole in our pockets and upped prices for any potential signings.

 

pompey gave out long £20K a week contracts when they were trading insolvently, so no decent player will want to come for less now they are rich.

[Channon's Sideburns]

Norris was a done deal, and that was before Cotterill had this massive transfer warchest to build his promotion team with.

Or perhaps there's a new problem...

Players regarded pompey as a poor club that would outbid anyone.

Now they have rich new owners, they can pay even more!

 

A bit like us when everyone thought we had Chamberlain money burning a hole in our pockets and upped prices for any potential signings.

 

pompey gave out long £20K a week contracts when they were trading insolvently, so no decent player will want to come for less now they are rich.

 

Meanwhile, as the two boards of Saints and Portsmuff meet on a pre-season tour...

 

[EastleighSoulBoy]

Corp may be too embarassed to post on here these days ..... but he still pays us visits.

 

He last logged on yesterday afternoon according to his profile. Clearly there are no decent Skate sites for him to look at.

 

Apart from Mack and Mero are there any other decent skates?