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Pompey Takeover Saga


Fitzhugh Fella

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Given the season fill in the blanks...?

 

On the 12th day of christmas a ? bought pompey

 

12 point deduction

11 million loan

10 ?

9 ?

8 ?

7 ?

6 Dodgy Owners

5 Golden Contracts

4 New Toilets

3 People in Court

2 Million in AA fees

 

and a ? in a ? ?

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Given the season fill in the blanks...?

 

On the 12th day of christmas a Fake sheik bought pompey

 

12 point deduction..

11 million loan

10 ?

9 ?

8 ?

7 ?

6 Dodgy Owners

5 Golden Contracts

4 New Toilets

3 People in Court

2 Million in AA fees

 

and a ? in a ? ?

 

See above

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Given the season fill in the blanks...?

 

On the 12th day of christmas a ? bought pompey

 

12 point deduction

11 million loan

10 ?

9 ?

8 ?

7 ?

6 Dodgy Owners

5 Golden Contracts

4 New Toilets

3 People in Court

2 Million in AA fees

 

and a ? in a ? ?

 

And a new bulb for the lavatory.

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I know that if I ever need serious investment advice I turn to a badly-informed footballer who has no grasp of the commercial world.

 

Of course Liam, the club has cleared loads of debt and looks a really attractive proposition for anyone with £100M to spare...:scared:

 

That's what's been wrong with most of the staff down there from Avram to Cotterill - they open their mouths and ridiculous stuff keeps spilling out.

Gives us a laugh though I suppose.:p

 

Rather than improving things, in the cold light of day it looks like the russians have significantly damaged the business by loading it with more debt...

 

Total required to clear the debt and pay the wages over four years is now around £110M?

Projected income in that period if they stop giving away seats and food and retain championship status = £50M?

 

Shortfall = £60M, which doesn't sound much if you say it quickly.:o

 

Plus another £50M to sort the ground, and £100 for the toilet, maybe £300 to get the fat out of the system.

 

Cost of simply buying a midtable Prem club with no debt, no ongoing legal issues, and a ground = £60M.

 

We thought we might have got it wrong this time when we said no honest businessman would see pompey as a going concern, well the one that proved all of us pants-wetting drama queen nutjobs wrong is on bail - and the thread continues, and flourishes.

 

I can't see where they'll find another sucker, maybe coaching genius and model husband Avram can point them at one.

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If anyone listened to Radio Solent this evening they would have heard a portsmouth spokesman from one group or another saying that they were a good club to buy due to being the last great club in Britain to be fully developed.

 

So whoever did come in could build it up in many ways.......................................hmm as Rallyboy has pointed out above way go to all the trouble of developing the club when there are others already out there with infrastructure etc in place?! Madness.

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‘We are still monitored on a monthly basis by the Football League and they have sanctioned all of the transfer business we have done.

‘That’s part of the revised business plan we’ve put together which the new owners and the Football League have approved.

‘It’s different to the plan we were working to before and it does allow a greater level of investment.’

While there are still restrictions on Pompey’s transfer dealings, boss Steve Cotterill, Lampitt and the new owners have stuck rigidly to the task.

Lampitt said: ‘We still have our parameters based on what we have planned with the owners and what the Football League will allow us to do.

‘But we are absolutely within those parameters.’

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_are_back_in_control_of_wages_1_3019537

 

Not that it will make much difference now Granty but everything was going through the FL, including their approval for CSI to increase the investment that had been agreed before

 

All of which goes to show that your contention that Antonov couldn't possibly be using PFC to launder money, given the intense scrutiny of the Football League, was plain wrong. If what you've posted here is correct, then Antonov put in £10.8M with the full approval of the League - but did they show any interest in where that money came from? Apparently not; once they'd decided that Volodya was fit and proper that was pretty much that. Now, I'm sure it would be wrong to pre-judge Antonov's trial, but do you really think the money that went into Pompey from his pocket was come by honestly? If not, then it's a clear example of dirty money going in and nice clean money coming out - less of it, of course, but that's how these things work.

 

And, while we're on the subject of contentions you've made, how about the one regarding ownership of PFC and Fratton Park? What of the legal eagles' considered opinion that Portpin and Chainrai were now surgically removed from all things Pompey? I'd be most grateful if you could let me know which law firms these particular solicitors work for - I'll need to engage a solicitor if I move house, and it's always useful to know which firms to avoid.

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If anyone listened to Radio Solent this evening they would have heard a portsmouth spokesman from one group or another saying that they were a good club to buy due to being the last great club in Britain to be fully developed.

 

So whoever did come in could build it up in many ways.......................................hmm as Rallyboy has pointed out above way go to all the trouble of developing the club when there are others already out there with infrastructure etc in place?! Madness.

 

they really believe their own bull**** don't they?

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I really wonder about Lampitt's role in all of the recent shenanigans ?

When judging the reputation of an individual is it relevant to ask "what company does he keep" ?

In his case, he has spent so much time with 'shady characters' that it seems to be rubbing off (if it wasn't there already!)

All IMHO of course !

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If anyone listened to Radio Solent this evening they would have heard a portsmouth spokesman from one group or another saying that they were a good club to buy due to being the last great club in Britain to be fully developed.

 

.

 

I heard this and almost choked on my tea.

 

The person was called,I think,Colin Farmery. He claimed that if only someone would build a new stadium they are guaranteed 30,000 fans every week and in no time they would be in the Premier League :rolleyes:

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I would be amazed if anyone bought them, apart from being sh!t they are a hornets nest of debt and shady deals.

 

You have the CVA which needs servicing, the Thai money lender with a charge on the stadium, land owned by gun-runner and now it looks like a loan to Antonov that needs repaying. On top of that there is the over paid players, possible future points deductions and zero infistructure.

 

In the current climate I don't see a way out for them.

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I would be amazed if anyone bought them, apart from being sh!t they are a hornets nest of debt and shady deals.

 

You have the CVA which needs servicing, the Thai money lender with a charge on the stadium, land owned by gun-runner and now it looks like a loan to Antonov that needs repaying. On top of that there is the over paid players, possible future points deductions and zero infistructure.

 

In the current climate I don't see a way out for them.

 

It does remind me of a shop near to my house from which someone running a 'free' flights scam. They appeared on watchdog, the shop was empty the next day and remained empty for years despite a good location. Assumed it was the amount of paperwork and other sorting out of the mess left behind that contributed to that and one would assume the same applies to pompey and/or CSI.

Edited by pedg
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This: Investment into SFC included so many benefits, the ground, the training facility & one payment purchased the lot. Our Fishy neighbours have what exactly what ...that is going to excite any investor . A minefield of ownership of ground, surrounding land, a stadium that is a disgrace for all of the money that they have generated , no official training facility, no real youth policy and so much negative baggage... Oh yes they have the "Bestest Fans" in the world who would enjoy nothing more more than a night sucking up to Henry .. If PFC was on dragons den I know what I would be hearing

 

We all know that the 13-15mill that was paid to purchace SFC as a whole is what Jacksons farm will be worth Alone once the economy picks up.

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Oh and as a sidenote, in case Corp Ho tries to claim again that they uncovered the rumafia site months before us, a quick search on this thread finds that the word 'dubov' was first used on the 7th of February about the Russians potentially taking them over.

 

 

The rumafia site was posted that same day here:

 

http://www.saintsweb.co.uk/showthread.php?14620-Pompey-Takeover-Saga&p=960658#post960658

 

 

Seems Corp was totally wrong again. Congrats to Danish Saint for that.

Edited by hypochondriac
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It looks loke one of the members of "Bad Company" wants to rescue the blue few. You can imagine the headlines... After years of dubious owners mafia, drug dealers,gun runners, convicted fraudsters and tax dodgers....Pompey have now found their ideal buyer..........A BAD COMPANY

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As I remember,there is one big plus for them,didn't the clock go for repair ? So on the 18th we can all watch time running out for them,if it's back and working that is,if the repairer has been paid.........so many ifs for that upstanding,plucky little club down the road.

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the football league meet today to discuss pompey, I think they would have to prove themselves immediately insolvent to qualify for a points deduction so I'd be surprised if that happened today.

But I'm happy to be wrong!

 

The league are more likely to swerve a decision thus delaying any new ownership negotiations - unless of course the members of sos pompey who are going to stand outside their offices and abuse them over the FaPPT swing the vote.

 

While the test needs changing, its surely not the best time to have a pop at the people who have your club's future in their hands.

And of course they promised Lampitt that it's a multi-club demo so I look forward to seeing fans of all colour and creed gathered showing a united front....I do hope they haven't misled him, then again he does seem a bit gullible.

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As I remember,there is one big plus for them,didn't the clock go for repair ? So on the 18th we can all watch time running out for them,if it's back and working that is,if the repairer has been paid.........so many ifs for that upstanding,plucky little club down the road.

I am sure it has been repaired by some good honest company.... can they afford to pay the bill and have it reinstalled...... ???

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Where does this come from? I don't know of any other clubs that talk this way. Even we don't assume we're one of britain's great clubs, however ambitious our fans get. At worst we hope to become one, but their claims are just weird. You could handle it from Forest or Leeds given their history, but even then you'd have to say they're living in the past. With Pompey they're living in a mental institute.

 

The only one I can think of is Newcastle. At least they have managed to exceed 45k crowds in recent times.

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I guess one thing the league could do would be to send someone in to pompey to check the books to make sure they are self sufficient as they claim?

 

Not sure how they would treat the money that it appears Chainrai is lending them. If we ignore nefarious scenarios one assumes he is putting in some money now in the hopes that AA can sell pompey for enough to pay him back what he is owed compared to having to sell them in admin/sell off assets post liquidation?

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looking forward to todays meeting at the Football League to discuss Pompeys latest bout of shambolic behaviour and creating a competitive advantage through theft on an international scale.

 

They have taken on £10.8m of laundered cash over the last five months, and now Chinny is pumping more high interest loans in to keep the cesspit open - so they are clearly unsustainable.

 

When David Lampitt and Chris Akers publically state figures like this they are demonstrating their utter dependency on external funds, not to grow or develop - just to tread water.

 

That £7m VAT bill Q.C Mitchell is talking about - was that from the previous administration I assume? I cant imagine HMRC would give them a credit line to defraud them again, surely? If they did then they are criminally insane.

 

Come on you FL, get this club out of the league once and for all - they are clearly out of control and they have lost the plot

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Where does all this stuff about being self-sufficient come from? I've seen nothing in the FL rules that says that.

 

What the rules do say is that they are liable for a penalty if their parent company goes into administration, and it has. So they are liable, Lampitt himself admitted as much in his statement on their website.

 

HOWEVER, the FL have discretion over whether to apply a penalty, and if so how much, after reviewing the particular circumstances of the case (nothing about self-sufficiency there). I guess the pertinent question is have the Skates gained a competitive advantage through the insolvency of their owners?

 

Tough one that. Their owners gave them £10.8m that they didn't have to spend on "legacy issues", buy new players and pay the wages of those players that otherwise they wouldn't have been able to afford.

Edited by hutch
proper grammar
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Questions and discussion with David Lampitt

Update

• At this point of the meeting, David Lampitt and Nick Byram joined. Bob Beech had to leave the meeting.

• David gave an update on the situation at the club.

• CSI have gone into administration, the club itself are not in administration. Andrew Andronikou has been appointed as administrator for CSI, and has been tasked with finding buyers for the subsidiaries of CSI, which include Portsmouth FC. It is a matter of trying to find the best solution for all concerned.

• The charge against the club has reverted to Balram Chainrai.

• It is not expected that the club itself will go into administration.

• There are funds in the bank to finance the club for a time, but the sooner investment is achieved the better as it secures the future of the club.

• Nobody anticipated the events which have happened, there was great surprise with the events surrounding Vladimir Antonov and, as a result, CSI.

• The Football League have a decision to make as regards a potential points discussion, the club have to manage the relationship with the Football League and David is speaking to the Football League daily.

• It is preferred that any decisions made by the Football League is made as soon as possible as the decision could affect any bid and investment for the club. There have already been some expressions of interest in the club.

Response to questions from the Conference, and additional Q&A

• David answered, as far as he could, a series of questions which had been forwarded to him by the Conference.

• Who are the shareholders of Portsmouth FC (2010)? – The shareholding is now held by the administrators, beforehand the shareholding was totally held by CSI.

• What was the buy out arrangement when CSI took over the club from Chainrai and Kushnir? – There was a schedule of payments, a deferred consideration.

• Do Chainrai and Kushnir still have a charge on Fratton Park and the assets of the club? – The charge on the club reverted to Balram Chainrai because of the situation with CSI.

• It was pointed out that no money from the club has gone outwards to CSI, day to day financial operations stay totally within the club.

• Can the club provide guarantees that any ticket money or ½ ST money coming into the club is staying within the club and is ring-fenced and safeguarded? – A guarantee is given that all money from half season ticket sales will stay within the club, as do all funds generated by the club. Half season ticket monies bought on debit or credit cards are released to the club on a game by game basis.

• It was noted that CSI have provided top up money outside the standard club revenue streams.

• What does the club owe CSI and Antonov? – A sum of money was invested into the club by CSI, of approximately £10.8m. The debt was to CSI, so responsibility for payment of the loan will fall to any future owner. Discussion of debts and a deal for the club is possible, it is felt that some realism has to be reached as regards a price for the club.

• The money from Antonov went on a mixture of dealing with legacy issues, alongside summer transfer spending and associated wage commitments. CSI raised the ambition of the club.

• If we are one of Antonov’s frozen assets, how will the club be affected? – This is difficult to answer but there is always a possibility that the club could be affected in this way. The club has some protection though in that we are now under the office of the court due to CSI being put into administration.

• Does Vladimir Antonov remain chairman of the club? - No, he has stepped down and a replacement chairman has not been appointed. The four club directors remain as they were.

• Can we meet our day to day commitments? – Yes we can short term although, as mentioned earlier, the sooner investment is found the better all round. All parties involved are solely interested in keeping the club going and in existence. It is a difficult balance as the club are confident short term funds are available, but we will need investment into the club.

• The question was asked if this funding stream was Balram Chainrai, and this was thought to be an accurate assumption.

• It is noted that the club have no funding from banks at the current time.

• The club are up-to-date with all scheduled payments which have resulted from the summer transfer dealings and the books, in reality, are in a good state. The position of the club, and any potential sale, was compared to that of Nottingham Forest, where the owner has put in £70m into the club, which will need to be paid back, with Forest also not owning their ground.

• The club will continue to look at ticket pricing across the board following the success of the half season ticket sales.

• Whilst the situation at the club does not make David uncomfortable, obviously the sooner investment is found and confirmed, the sooner people can relax.

• A comment was made that, considering Antonov’s known background, that David and the club should not have been surprised at the turn of events. David stated that there was nothing in Antonov’s history to say that he definitely couldn’t invest in a football club, and the Football League have to act legally within their tests.

• It was noted that, at best case scenario, with due diligence to be carried out, it is optimistic to believe that an owner could be in place by the end of January.

• David stressed that it is important fans continue to support the club.

• It was noted that SOS Pompey will sit down with the club to discuss the planned protest at the beginning of the week, with David being assured that fans from other clubs apart from Portsmouth will be in attendance at the protest.

Date of next meeting

To be arranged

 

Thats actually a bit more open than I was expecting. Still seems to be a little head in the sand ish though

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I appreciate it is 'only' the Jewish Chronicle, but if there is any truth in the report (at all), then it provides further evidence (if any was needed) of the 'inextricable' financial link between CSI and Po**ey..

 

Tal Ben Haim looks set to quit Portsmouth next month because the financially troubled South Coast club cannot afford his wages.

 

The Israeli defender has confirmed that the Championship side want him out, saying that, "I've been through worse and I'll get through this, too."

 

Despite Ben Haim's being ever-present this season, new manager Michael Appleton was reportedly ordered to drop him after West Brom defender Joe Mattock was brought in on loan.

 

In the summer, Ben Haim compromised on his £38,000-a-week wages, which were negotiated while Portsmouth were in the Premier League.

 

But the recent bankruptcy of the Fratton Park side's parent company means the club does not have the resources to pay Ben Haim.

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The football league will hide this because they are being made to look like idiots by the goings on at fratton

 

But its like putting a false beard and glasses on an elephant and trying to hide it in a garden shed !!

 

Where before they could side step it to a degree, the allegations of international financial crime and the governments of Lithuania and Latvia on the warpath makes this far more difficult for them to brush aside...

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I appreciate it is 'only' the Jewish Chronicle, but if there is any truth in the report (at all), then it provides further evidence (if any was needed) of the 'inextricable' financial link between CSI and Po**ey..

 

ONLY The Jewish Chronicle?

 

Oy, Oy! What would my mommele say? She swore by it

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thats a good spot in the Jewish Chronicle!

Though no doubt one of Ho's mates posted that in pompey six months back and we are all playing catch up...:?

 

That piece supports the theory that it finally dawned on Lampitt about a month ago that they were still insolvent - and becoming more insolvent by the day.

Even Mr quality over quantity may be admitting that his masterplan last season, that was repeated this summer, was a huge mistake.

 

New manager brought in on a pittance, top earners being sidelined in time for January - this is starting to look like a club that has no money and more importantly has decided to stop spending.

 

So congratulations to Lampitt for that, it looks like a fresh start.

Sadly for him the damage has already been done.

 

Their only hope now is that the mistakes like the £40K a week double signing of Lawrence and Kitson can be passed on, and there is only one man in the country who pays those sort of wages - time to ring his former partner in crime Cotterill.

 

He might be their only hope of shifting some of the deadwood, but then again I recall being told by the few that he was a coaching genius who did a fantastic job steering the highest paid squad in the division to mediocrity, well he may be able to save them once again by paying over the odds for his former players.

 

But no one will pay Ben Haim anywhere near the amount they have ploughed into his bank account - was that a Storrie signing?

And remember kids, a Storrie signing isn't just for Christmas, it's the gift that keeps on giving!

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It takes two to tango as they say and I assume in the past Ben Haim has not moved due to not wanting to take a cut in wages rather than pompeys unwillingness to sell. What makes it different this time?

No parachute payments left to guarantee the football credtiors payments?

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No parachute payments left to guarantee the football credtiors payments?

 

Thinking about it they have used Ben Haim's wages as the first thing they don't pay from the time where they went several months without paying him. If he thinks they are going to do the same but this time they may end up going pop and not paying at all then he might consider a less well paid, but predictable, payment elsewhere as the best option.

 

--edit--

 

I would like to point out I am no deliberately trying to get the first post on each page...

Edited by pedg
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The more I think about this, the more I think they've got away with it yet again. After all the promises on here of them being toast 18 months + ago, we were beaten at St Marys by a team they couldn't afford and a team they couldn't pay for. Nearly two years later we're in exactly the same situation, lining up against £10.8 million worth of player's paid for by dodgy money that shouldn't have belonged to them.

 

And people laughed when some of us said they would get away with it all that time ago!

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