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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Gingeletiss

Gingeletiss

Posted
Posted
Takeover will be agreed within 48 hours according to AA on SSN now. I.D. shall be unveiled in a day or two. AA been talking to them for a number of weeks, confident they will bring financial stability. Confident they'll pass the FAPPT.

 

I felt like phoning them...grrrrr! What input does the administrator of Poopey's parent company, have with the club, when the claim is that they are not fiscally linked? Surely his remit is to get the best deal for the creditors of CSI!

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Colinjb

Colinjb

Posted
Posted
Takeover will be agreed within 48 hours according to AA on SSN now. I.D. shall be unveiled in a day or two. AA been talking to them for a number of weeks, confident they will bring financial stability. Confident they'll pass the FAPPT.

 

His comments of 'we could never have foreseen the collapse of Converse' was very telling.

 

He doesn't care who they sell to... or at least doesn't want to scratch beneath the surface too heavily in case of seeing how flawed they are.

 

Also, he stated Balram Chainrai is keeping his hand in.... interesting! :D

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aintforever

aintforever

Posted
Posted
Wonder if the interview with solent was some sort of hurry up ploy as the timings for announcing something have shrunk dramatically between the solent interview and the one for SSN?

 

It could be that they want to rush it through before they get hit with any points penalty. I expect the FL were on the phone chasing the paper work....

 

"We are in middle of assisting the Football League with the information they require to make that call on a points deduction but I am fairly confident we should get the right result there."

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pedg

pedg

Posted
Posted
It could be that they want to rush it through before they get hit with any points penalty. I expect the FL were on the phone chasing the paper work....

 

"We are in middle of assisting the Football League with the information they require to make that call on a points deduction but I am fairly confident we should get the right result there."

 

More that talking to solent he was saying 7 to 10 days till some news and now talking to SSN only slightly later he is saying 48 hours till new owners announced. That's quite a large change in such a short time. Especially when in the solent interview he implied several things still in progress before an agreement could be reached.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Never confident - it's Pompey isn't it. According to the rumours there are two groups interested, one more advanced than the other but both taking the FAPPT. One's an Italian group and th other's English. Duffen's name has been mentioned and he's been linked before but it's allegedly the Italians who are further down the road. No inside info girls, it's all on POL

 

 

 

My God your spelling and grammar are bad, aren't they? Why do you smell bull****? If I'd wantd to "gloat" about potential new owners I'd have come on here last week when they started talking about it on POL. Which is where all the rumours are coming from. Anyway, enough of that, time for you to read your Janet and John 3c book and try and improve your English * . * (Period normally at end of sentence. See Miss after school for extra Literacy homework).

 

 

 

I only post on your funny website when I'm at work. It helps pass the time laughing at your conspiracy theories. Can anyone tell me what it is the football authorities who are "protecting" us are scared will come out? No-one wants to answer apparently and I'm intruiged

 

 

:facepalm: Open mouth, place foot gently into cavern.

 

Here's to another year, or what can be dragged out, of Lies, Deceit and Rumours. Entertainment for free.

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COMEONYOUREDS

COMEONYOUREDS

Posted
Posted
Never confident - it's Pompey isn't it. According to the rumours there are two groups interested, one more advanced than the other but both taking the FAPPT. One's an Italian group and th other's English. Duffen's name has been mentioned and he's been linked before but it's allegedly the Italians who are further down the road. No inside info girls, it's all on POL

 

 

 

My God your spelling and grammar are bad, aren't they? Why do you smell bull****? If I'd wantd to "gloat" about potential new owners I'd have come on here last week when they started talking about it on POL. Which is where all the rumours are coming from. Anyway, enough of that, time for you to read your Janet and John 3c book and try and improve your English

 

 

 

I only post on your funny website when I'm at work. It helps pass the time laughing at your conspiracy theories. Can anyone tell me what it is the football authorities who are "protecting" us are scared will come out? No-one wants to answer apparently and I'm intruiged

 

You are a sad pathetic loser

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JRM

JRM

Posted
Posted
I understand the boring bit but I also get boredof being told they are toast, is 2 or 3 years now? Each and every time (my hero apparently) AA has made rings around all the educated on here. I would love them to be toasted to a frazzle but you are dealing with people who know all the dodges and have been 3 steps ahead of all the predictions I have read on here. They havent even had a points deduction, even after all the conflicting quotes AA puts out!

I have been banging on about the FA and other wold football associations IMO desperately not wanting the true facts to come out.

When Pompey are toast I will be delighted to buy you a drink to celebrate but until then I expect to be frustrated again by some very clever operators.

 

YES absolutely spot on - the know it alls on here who seem to find it funny get shown up time and time again by the skates getting away with it, looking ok in the championship table now, i would love them to disappear completely but it won't happen. AA did the job before shedding a lot of debt from the business, i can see them getting away with it again

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SaintAndy14

SaintAndy14

Posted
Posted
It could be that they want to rush it through before they get hit with any points penalty. I expect the FL were on the phone chasing the paper work....

 

"We are in middle of assisting the Football League with the information they require to make that call on a points deduction but I am fairly confident we should get the right result there."

 

So he's fairly confident that they should get a points deduction? That is the right result after all!

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Winchester Red

Winchester Red

Posted
Posted

2 things.....

 

Nobody would agree to buy a club this quickly. Ever heard of due diligence? Oh, forgot, their type of buyer doesn't do that.

 

Also it would be quite amusing if they WERE fighting it out for promotion at the end of the season because the PL definately wouldn't want them back! I'd love to see the panic

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Micky

Micky

Posted
Posted (edited)
#Pompey could announce new owners in 'a day or so' according to administrator Andrew Andronikou

 

From Solent Twitter.

 

They will get away with it again....

 

Vital words, could, meaning may, but then again may not.

 

A day or so, maybe tomorrow, maybe never.

 

Personally I think it's time for:

 

http://uk.linkedin.com/pub/marc-jackson/6/168/467

 

Has all the attributes, connections and business nounce to sort PFC out. Does distressed business, does football clubs, does Russians - surprised nobody has checked him out.

Edited by Micky
They're f'in Russians, not Russions...!!
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aintforever

aintforever

Posted
Posted (edited)

I guess it will all depend on how the finances were structured. The FL won't give a sh!te if CSI own 1 or 100 companies, all they will care about is if PFC have gained an unfair advantage by blowing off their debt.

 

If their little summer spending spree is not fully paid off or taken care of by PFC then I cannot see how they can avoid a deduction.

Edited by aintforever
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Chez

Chez

Posted
Posted

I know they need a buyer in quickly to ensure they can pay next months wages, but is the speed of the sale also to enable the Football League to gloss over the need to deduct 10 points for their parent company being in admin?

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Gemmel

Gemmel

Posted
Posted (edited)
I know they need a buyer in quickly to ensure they can pay next months wages, but is the speed of the sale also to enable the Football League to gloss over the need to deduct 10 points for their parent company being in admin?

 

I don't think you are a million miles away, but suspect it has more to do with purchased players installments. If they miss one of those (Or our already late and getting pressure from the selling club) there would be no arguing any points deduction.

 

Something changed today for sure, less than 5 hours after it was 7 - 10 days before they processed the application it was down to 48 hours to complete the whole takeover. When things move thsi quickly, there is a reason...... they may well have gotten away from any points deduction at all.

 

Chinny is still on the scene...In my opinion

Edited by Gemmel
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benjii

benjii

Posted
Posted
This is what I don't get. They cannot operate without quick investment, that's clear. So they're insolvent. I don't see what further info is required by the FL there. Are they just waiting to clear up just how big the points deduction will be? Seems like 10 points would be the absolute minimum and getting away with it once again.

 

Absolutely right.

 

It's only since CSI went into admin that there has been any public admission by anyone connected with PFC that they can't pay their way through the season. It is obvious that funds from CSI were propping up the football operations. Furthermore, there must be serious question mark over whether those funds were the proceeds of crime in the first place.

 

Any failure to award a points deduction would be utterly obscene.

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pedg

pedg

Posted
Posted
I don't think you are a million miles away, but suspect it has more to do with purchased players installments. If they miss one of those (Or our already late and getting pressure from the selling club) there would be no arguing any points deduction.

 

But would those payments come out of their parachute payments like their other football debts or was that arrangement only for football debts from before they went into administration?

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Gemmel

Gemmel

Posted
Posted
But would those payments come out of their parachute payments like their other football debts or was that arrangement only for football debts from before they went into administration?

 

No these are for the players they bought in the summer, that Lumpitt said were done on installments during his last web chat.

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*Halo*

*Halo*

Posted
Posted

Think I'll just have a little excavation of this Andronikou gem:

 

 

"We are looking to negotiate a contract -- and subject to that being okay, we will put forward their application to the Football League who can conduct their own fit and proper person test and give us the thumbs up."

 

So, they haven't even begun negotiating a contract.

 

"Subject to that being ok..."

 

I can just see how this one might go:

 

AA: Hi there. Thanks for coming, and showing your interest in this *cough* - fantastic - *cough* football club. So, yes, basically, what we have here on offer to you, is an historic old club, with an, err, 'historic' old ground, (which we don't actually own anymore, so that's not part of the deal). We don't actually have a training ground of our own either, so you might want to invest some of your heard earned (or craftily embezzled - we don't really care which) cash into building one, if you felt so inclined.

 

I should also make you aware that this *cough*- fantastic - *cough* football club, does come with some not insubstantial, err, 'liabilities'. The fans, for starters. I mean, yes, actually they are the best in the world, and you also get your very own CWAB included.

 

"Interested Party": So, you were saying... the liabilities...???

 

AA: Ahh yes, those. Haha. Well, there is the small matter of a large (as yet unserviced) CVA to consider, amounting to somewhere in the region of £17M. Then there's another not insignificant amount owed in outstanding transfers. We don't actually know for sure exactly how much, as the paperwork accidentally fell into the shredder, but it's thought to be a 'few' million.

 

Then, there's another 3 or 4 million to Alex G, it might be more actually, but we, err...

 

"Interested Party": Lost it in the shredder?

 

AA: You catch on quick, I think you'll do well here! Anyway, we also owe around £20-30 Mill (including his generous interest rate) to Balram, you already know old Chinny, right? Then there's the unsecured creditors owed under £2500 each that we're still trying to get out of paying off.

 

Oh, and we also owe about £10.8 Million to the people of Lithuania, whom it appears we may have unintentionally stolen life savings from.

 

There are a few more liabilities too, y'know just little things like the massive wage bill that needs paying again soon, taxes, but we don't tend to worry about them...

probably another big points deduction on the way, which could lead to relegation, but perhaps we'll save all that for later, it can get quite confusing. So, is that all OK?

 

"Interested Party": No.

 

AA: Ohh.

 

 

And back to the last part of the original quote:

 

"we will put forward their application to the Football League who can conduct their own fit and proper person test and give us the thumbs up."

 

No question about it then. That is indeed after all, exactly the way the FAFPP test works.

 

As has been proven time and again, it really is a very simple process.

You put forward your application, and they give you the thumbs up! :thumbup:

 

Cheers for clearing that up Andy. ;)

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Gingeletiss

Gingeletiss

Posted
Posted
Think I'll just have a little excavation of this Andronikou gem:

 

 

 

 

So, they haven't even begun negotiating a contract.

 

"Subject to that being ok..."

 

I can just see how this one might go:

 

AA: Hi there. Thanks for coming, and showing your interest in this *cough* - fantastic - *cough* football club. So, yes, basically, what we have here on offer to you, is an historic old club, with an, err, 'historic' old ground, (which we don't actually own anymore, so that's not part of the deal). We don't actually have a training ground of our own either, so you might want to invest some of your heard earned (or craftily embezzled - we don't really care which) cash into building one, if you felt so inclined.

 

I should also make you aware that this *cough*- fantastic - *cough* football club, does come with some not insubstantial, err, 'liabilities'. The fans, for starters. I mean, yes, actually they are the best in the world, and you also get your very own CWAB included.

 

"Interested Party": So, you were saying... the liabilities...???

 

AA: Ahh yes, those. Haha. Well, there is the small matter of a large (as yet unserviced) CVA to consider, amounting to somewhere in the region of £17M. Then there's another not insignificant amount owed in outstanding transfers. We don't actually know for sure exactly how much, as the paperwork accidentally fell into the shredder, but it's thought to be a 'few' million.

 

Then, there's another 3 or 4 million to Alex G, it might be more actually, but we, err...

 

"Interested Party": Lost it in the shredder?

 

AA: You catch on quick, I think you'll do well here! Anyway, we also owe around £20-30 Mill (including his generous interest rate) to Balram, you already know old Chinny, right? Then there's the unsecured creditors owed under £2500 each that we're still trying to get out of paying off.

 

Oh, and we also owe about £10.8 Million to the people of Lithuania, whom it appears we may have unintentionally stolen life savings from.

 

There are a few more liabilities too, y'know just little things like the massive wage bill that needs paying again soon, taxes, but we don't tend to worry about them...

probably another big points deduction on the way, which could lead to relegation, but perhaps we'll save all that for later, it can get quite confusing. So, is that all OK?

 

"Interested Party": No.

 

AA: Ohh.

 

 

And back to the last part of the original quote:

 

 

 

No question about it then. That is indeed after all, exactly the way the FAFPP test works.

 

As has been proven time and again, it really is a very simple process.

You put forward your application, and they give you the thumbs up! :thumbup:

 

Cheers for clearing that up Andy. ;)

 

Fanbl00dytastic!!

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Dark Munster

Dark Munster

Posted
Posted
Perhaps it should apply a test of a prospective owner's business sense. I imagine it could work something like this...

 

Anyone looking to buy the loss-making, debt-riddled and tainted brand that is PFC can't be in their right mind and in possession of any sort of business acumen. If they were, they'd see there are much better investments. Ergo, they are not capable of being a fit and proper owner of a football club and should immediately fail the FAPPT.

 

Works for me.

 

Me too.

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Dark Munster

Dark Munster

Posted
Posted
I think Chanrai lives in HK, perhaps the new Chinese interest could be put down to him or 1 of his cohorts.It seems the posters on here are shouting into the wind, as time and again AA seems to find a new way of keeping the wolves at bay. The FL as usual do nothing and just let things roll along.

 

Don't worry Nick. Once Chinny has his hands on the last parachute payment, it'll be game over for Cheats FC, and the wolves will tear the rotten carcass to shreds.

 

Patience, my friend, patience. :D

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trousers

trousers

Posted
Posted

Ah, but SFC and SLH were effectively one financially troubled entity whereas PFC were/are able to trade solvently and separately from CSI...

 

Which is why AA is trying to find a buyer for CSI and not PFC as PFC were/are financially OK in their own right...

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dronskisaint

dronskisaint

Posted
Posted
Ah, but SFC and SLH were effectively one financially troubled entity whereas PFC were/are able to trade solvently and separately from CSI...

 

Which is why AA is trying to find a buyer for CSI and not PFC as PFC are OK in their own right...

 

Irony's difficult on paper isn't it...

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trousers

trousers

Posted
Posted
If I was a Pompey fan I would be very worried that AA is in charge of saving the club.

 

How many more times?! He's not in charge of "saving the club" as it's not the club that are in financial trouble. It's only the parent company that's in trouble FFS!

 

*wink*

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Gemmel

Gemmel

Posted
Posted

The whole thing that would make any normal takeover almost impossible, is the money owed to chinny, of which the little snippet that CSI hadn't paid anything to date, gives us an idea it is around 17 million (I actually think it's a bit more). If we generously accept that the parachute payments cover the CVA and gaydamaks money (Based on lumpitts "I remain confident we can meet our financial obligations (regarding the CVA) ) then they are looking for a buyer who will;

 

1) Clear off chinnys 17 million

2) Pay off the additional 10 milllion debt to CSI or at least a % (Regardless of whether it is stolen or not, it is on the books)

3) Pay off all creditors under 2.5k

4) Pay off outstanding purchased players installments

5) Take on a wage bill that exceeds dwindling ticket revenue.

 

So when you add all that up, throw in their chequered past, facillties and potential points deduction, it's not difficult to see that you would be better off buying another club. However, what if Chinny is the only CSI creditor? Most of their other companies don't amount to much, but they do have a fairly significant asset, in the WRC rights. So if chinny can get his money back through the sale of those, then you might be able to takeover pompey for a pound and take on their liabilities with parachute money to help out............... There are plenty of chancers, tyre kickers etc. that would go for that type of deal.

 

Thats a complete guess, but the only thing I can come up with as to why someone would buy them. Probably well wide of the mark and the only value I have on the WRC is from corpy at 30 million.

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pedg

pedg

Posted
Posted (edited)
The whole thing that would make any normal takeover almost impossible, is the money owed to chinny, of which the little snippet that CSI hadn't paid anything to date, gives us an idea it is around 17 million (I actually think it's a bit more).

 

With all the comings and going's I am not sure exactly how much pompey, not CSI, owe Chinny.

 

As I remember it when they went into admin they owed a lot to chinny who got in as a preferred creditor and ended up basically owning pompey. At that point as well as him owning them did new pompey plc owe chinny any money?

 

He then sold pompey to CSI. Admittedly on installments but the ownership changed to CSI and the money owed to chinny for the purchase was from CSI not PFC. That is why Chinny put the charge on CSI when it started to become apparent that the guarantee from Snoros might as well have had perforations. So at that point how much money was owed to Chinny by pompey?

 

Since then it appears he may have been lending pompey more money to keep going but its not going to be that much in the grand scheme of things.

 

It could be that you are overestimating the debt that new pompey plc, which is what is being sold, has to chinny.

Edited by pedg
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rallyboy

rallyboy

Posted
Posted

Ho is way out, for a change!

There's no way the WRC rights are worth that now Gemmel - maybe £5M tops?

The price previously paid was well over the top and was using stolen money so it didn't matter to Vlad how much he coughed up for a sport he loves, if in fact he paid the lot....

 

WRC isn't a significant CSI asset, and the value drops with every day that passes.

It's a buyer's market and the sport needs tv coverage to contractually satisfy the teams, they may even end up having to give the rights away this year just to meet their obligations.

That is more common than you would think, a niche sport employs a production company to produce series coverage, that show is packaged and given to broadcasters for free, It's financed by sponsorship - do you notice all those boring features about engines, tyres, golf clubs or whatever?

Those lingering shots on ad banners?....sorry if I've broken that illusion too harshly to some.:)

 

North One are the CSI-owned company that is contracted to provide WRC radio and tv coverage, they are very quiet at the moment, last season the coverage had further support from Abu Dhabi, this year that sponsorship has gone as well.

 

There's no indication in rallying that a new deal has been done and the first event is 12 days away.

 

Failure to secure a tv deal could be a clear breach of contract and withdrawal of the rights from CSI.

 

So that 'asset' without a deal is currently worthless.

A bit like owning a football club without the golden share.

 

 

And on Chinny, let's not forget that his loan of £17M was due back as approx £24M - even if some has been cleared, his interest stacks up all the time.

Didn't he help himself to £4M at some point?

Though if he didn't declare it, the debt is still due!

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ericofarabia

ericofarabia

Posted
Posted
The whole thing that would make any normal takeover almost impossible, is the money owed to chinny, of which the little snippet that CSI hadn't paid anything to date, gives us an idea it is around 17 million (I actually think it's a bit more). If we generously accept that the parachute payments cover the CVA and gaydamaks money (Based on lumpitts "I remain confident we can meet our financial obligations (regarding the CVA) ) then they are looking for a buyer who will;

 

1) Clear off chinnys 17 million

2) Pay off the additional 10 milllion debt to CSI or at least a % (Regardless of whether it is stolen or not, it is on the books)

3) Pay off all creditors under 2.5k

4) Pay off outstanding purchased players installments

5) Take on a wage bill that exceeds dwindling ticket revenue.

 

So when you add all that up, throw in their chequered past, facillties and potential points deduction, it's not difficult to see that you would be better off buying another club. However, what if Chinny is the only CSI creditor? Most of their other companies don't amount to much, but they do have a fairly significant asset, in the WRC rights. So if chinny can get his money back through the sale of those, then you might be able to takeover pompey for a pound and take on their liabilities with parachute money to help out............... There are plenty of chancers, tyre kickers etc. that would go for that type of deal.

 

Thats a complete guess, but the only thing I can come up with as to why someone would buy them. Probably well wide of the mark and the only value I have on the WRC is from corpy at 30 million.

 

Don't forget the leaking roof, new clock and the ladies toilets FFS..... absolute deal maker/breaker.

 

This could be the straw that broke the camels back.

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Goalie66

Goalie66

Posted
Posted

I really do think that AA is a load of b*****s. I cannot believe ANYONE could have done their due diligence and at Xmas time unless it was someone who already knows the **** they are in or someone who is inept and i am speaking as a M&A specialist

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