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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Saint Lindford

Saint Lindford

Posted
Posted

From one of their forums.

 

 

The £12m is proof of funds to weed out tyre kickers. That actually covers a large chunk of the investment you mention.

 

The £20m is just assurances. The club can actually pay those 2 debts using the remainder of the parachute payments (after paying the CVA).

 

Be interested to know what the actual purchase price is, if anything. Chainrai may be pulling the strings, if he is then he just wants his original arrangement with CSI covered.

 

Sorry but I thought the £12m was to ensure the club could pay its way (wages, running costs and outstanding debts on transfers in the summer) and the £20m was to pay the secured creditors (Chinny and the like. What is left of the parachute payments was to be used to pay off the CVA. Confused now!!

trousers

trousers

Posted
Posted
From one of their forums.

 

 

The £12m is proof of funds to weed out tyre kickers. That actually covers a large chunk of the investment you mention.

 

The £20m is just assurances. The club can actually pay those 2 debts using the remainder of the parachute payments (after paying the CVA).

 

Be interested to know what the actual purchase price is, if anything. Chainrai may be pulling the strings, if he is then he just wants his original arrangement with CSI covered.

 

Sorry but I thought the £12m was to ensure the club could pay its way (wages, running costs and outstanding debts on transfers in the summer) and the £20m was to pay the secured creditors (Chinny and the like. What is left of the parachute payments was to be used to pay off the CVA. Confused now!!

 

It's just another normal day in Pompey Land.....

 

caulfields_counter_groundhog_day_bill_murray_male_skin_care.jpg?w=266&h=200

Spudders

Spudders

Posted
Posted
Noooooooooooo!

 

Six Sigma training course tomorrow. Will have to save gutlaughs for the train home.

If ever there was a business that could do with some process improvements (other than our own ticket office), it's the skates football club!

trousers

trousers

Posted
Posted
http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/cala_says_he_ll_pull_out_of_pompey_takeover_if_not_done_this_week_1_3425747

 

Check out the comments, they have obviously forgotten the last 48 hour deadline and fall 'hook, line and sinker' for the next one :)

 

major raver

Tuesday, January 17, 2012 at 10:21 AM

 

Morning All. Update. AA met on Friday and Saturday morning with group number 1, didn't go to well by all accounts. They are meeting again this afternoon. AA is also meeting with a second group tomorrow, who he was with yesterday. Both parties want the deal sorted by Thursday morning, and in place for the weekend. My source has told me the preferred party will most likely pull out if not agreed by Thursday, and it isn't Cala either. Both groups passed fit and proper last week.

saint si

saint si

Posted
Posted
major raver

Tuesday, January 17, 2012 at 10:21 AM

 

Morning All. Update. AA met on Friday and Saturday morning with group number 1, didn't go to well by all accounts. They are meeting again this afternoon. AA is also meeting with a second group tomorrow, who he was with yesterday. Both parties want the deal sorted by Thursday morning, and in place for the weekend. My source has told me the preferred party will most likely pull out if not agreed by Thursday, and it isn't Cala either. Both groups passed fit and proper last week.

 

Wonder what the story will be when nothing happens on Thursday... "still negotiating, very close blah blah blah"

trousers

trousers

Posted
Posted (edited)

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/andronikou_says_preferred_bidder_could_complete_pompey_deal_this_week_1_3426120

 

Andronikou says preferred bidder could complete Pompey deal this week

 

3863309968.jpg

 

By Rory McKeown

Published on Tuesday 17 January 2012 10:23

 

THE administrator of Pompey’s parent company says a preferred bidder for the club has been identified.

Andrew Andronikou, administrator of Convers Sports Initiatives (CSI), told BBC South he hopes to complete the sale of the club by the middle of the week.

Mr Andronikou said contracts are in place, BBC South reports.

The News revealed last week American Sicilian businessman Joseph Cala was in the running to takeover Pompey after confirming his interest.

Pompey have been looking for new owners following CSI’s administration at the end of November.

 

 

Shouldn't that last sentence read: "Pompey have coincidently been looking for new owners following CSI’s administration at the end of November even though they are not fiscally dependent on the solvency of CSI." ?

Edited by trousers
Channon's Sideburns

Channon's Sideburns

Posted
Posted
http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/andronikou_says_preferred_bidder_could_complete_pompey_deal_this_week_1_3426120

 

Andronikou says preferred bidder could complete Pompey deal this week

 

3863309968.jpg

 

By Rory McKeown

Published on Tuesday 17 January 2012 10:23

 

THE administrator of Pompey’s parent company says a preferred bidder for the club has been identified.

Andrew Andronikou, administrator of Convers Sports Initiatives (CSI), told BBC South he hopes to complete the sale of the club by the middle of the week.

Mr Andronikou said contracts are in place, BBC South reports.

The News revealed last week American Sicilian businessman Joseph Cala was in the running to takeover Pompey after confirming his interest.

Pompey have been looking for new owners following CSI’s administration at the end of November.

 

 

Shouldn't that last sentence read: "Pompey have coincidently been looking for new owners following CSI’s administration at the end of November even though they are not fiscally dependent on the solvency of CSI." ?

 

It's ALMOST as if, should they repeat it enough times, it will become the truth... :lol:

ooh it's a corner

ooh it's a corner

Posted
Posted
Question - presuming no new owner comes in, when do Poopey begin to trade while insolvent? We hear on the one hand that they are self-sustaining, but then we also hear that there is only enough money for the short term. Chin's £1m loan seems to have staved off insolvency for the time being. AA is now in possibly a different situation than before. Before hand he didn't take Poopey into the situation of trading while insolvent, he picked up the reins when they were already there. This time round they are currently solvent, and knowingly trading while insolvent might well get him into trouble. With CSI's input, I presume that Poopey were trading OK, but now....?

 

Anyway, this seems to all be about Poopey being in administration, when we know that they aren't and it's just CSI!

 

Assuming that Chanrai's latest installment of £1m was to cover January wages, then they will be trading whilst insolvent as of 1st February, as they will be incurring payroll liabilities with no way of paying for them.

pfc123

pfc123

Posted
Posted
major raver

Tuesday, January 17, 2012 at 10:21 AM

 

Morning All. Update. AA met on Friday and Saturday morning with group

p number 1, didn't go to well by all accounts. They are meeting again this afternoon.

 

Hmmm, interesting. That's basically what I was told on Saturday. Two groups in negotiation, Cala being disregarded as a serious buyer....

dronskisaint

dronskisaint

Posted
Posted
Hmmm, interesting. That's basically what I was told on Saturday. Two groups in negotiation, Cala being disregarded as a serious buyer....

 

You only have to check here...it's where all your other ITKs get their information

Sevvy

Sevvy

Posted
Posted

Cant see why anybody would want to invest a large cash sum, when if they wait for a month and they go t1ts up they will be able to buy them on the cheap,

tony13579

tony13579

Posted
Posted
Assuming that Chanrai's latest installment of £1m was to cover January wages' date=' then they will be trading whilst insolvent as of 1st February, as they will be incurring payroll liabilities with no way of paying for them.[/quote']

The £1m from BC might have been to cover AA's outstanding fees.. or the HMRC's tax demand?

pfc123

pfc123

Posted
Posted
You only have to check here...it's where all your other ITKs get their information

 

No thanks, we know how to use Google. My info comes from elsewhere. Might be right, might be wrong...

Gemmel

Gemmel

Posted
Posted
Cant see why anybody would want to invest a large cash sum, when if they wait for a month and they go t1ts up they will be able to buy them on the cheap,

 

Doesn't quite work like that with this one. You can get them on the cheap now, you just have to take on the debt..........Even if the were properly in admin, you would still have to take on the debt which is secured.

 

The parachute payments will keep some parasites eyes twinkling, so it will be all about what the FL decide to do (In terms on cash in escrow accounts, direct payments to the CVA etc.

 

One thing is for sure........... if it is Cala, then this thread has a some legs on it yet :) :)

dronskisaint

dronskisaint

Posted
Posted
No thanks, we know how to use Google. My info comes from elsewhere. Might be right, might be wrong...

 

Let's go with the track record shall we...? I predict many more pages of fun here as your unprincipled new principals stack up the ammunition for us :lol:

fromdayone

fromdayone

Posted
Posted

If anyone is going on the pompey webchat 1pm, can you ask the question "are the FL waiting on any points decision to possibly include harry and milan tax evasion case due next week"?

Torres

Torres

Posted
Posted

Comment from that latest News article

 

"I have heard from a very good source that at least two parties have been " blocked " by the administrator and not given the necessary paper work needed to make an intelligent bid."

 

Surely an intelligent bid would be a bid for a different club and to go nowhere near the Skates :lol:

ooh it's a corner

ooh it's a corner

Posted
Posted
If anyone is going on the pompey webchat 1pm, can you ask the question "are the FL waiting on any points decision to possibly include harry and milan tax evasion case due next week"?

 

That's an interesting point. If they are found guilty of tax evasion, where does this sit in the league's rules regarding "irregular or illegal payments to players/agents/staff ?"

 

Presumably it doesn't get much more irregular than a Court finding your owner & Chairman guilty of paying people without paying due taxes?

Matthew Le God

Matthew Le God

Posted
Posted
That's an interesting point. If they are found guilty of tax evasion, where does this sit in the league's rules regarding "irregular or illegal payments to players/agents/staff ?"

 

Presumably it doesn't get much more irregular than a Court finding your owner & Chairman guilty of paying people without paying due taxes?

 

For paying players via a third party Luton Town had 10 points deducted by the Football League...

 

http://news.bbc.co.uk/sport1/hi/football/teams/l/luton_town/7500435.stm

 

-30 points in total for all their offences.

holepuncture

holepuncture

Posted
Posted

bit of a wait... but I got through:

 

Hi Steve, have you heard talk of Peter Storrie being involved in one of these consortiums (on Pompey Online forum)... how would you feel about him back at FP? PUP
Ampersound

Ampersound

Posted
Posted

My question about if they can make up the 12 points and compete in the play off cus they are a big club got a "absolutely. no. chance"

 

Sent a question if a woodchuck could chuck wood question.

Gemmel

Gemmel

Posted
Posted

So at least we know why this week is key for them. Football League meeting (In the context of the answer, could be suggested that this is when they will decide on pompey points deduction) on Friday.

 

If andriod can get it done and dusted by then, he could argue, no case to answer.

 

He was right this morning..........next 48 hours is pivitol.

Weston Saint

Weston Saint

Posted
Posted

Not getting anything through. Tried points deduction questions and poor away for due to lack of travelling fans but he has not bitten!

 

Might be something to do with my name!! Dan N'aught :)

trousers

trousers

Posted
Posted

They never answer any questions that allude to Pompey and CSI being financial dependancies.....can't think why. The lack of answer tells you all you need to know though....

holepuncture

holepuncture

Posted
Posted
Seems quite a delay. My CuriousOrange only just got published.

 

So at least we know why this week is key for them. Football League meeting (In the context of the answer, could be suggested that this is when they will decide on pompey points deduction) on Friday.

 

If andriod can get it done and dusted by then, he could argue, no case to answer.

 

He was right this morning..........next 48 hours is pivitol.

 

I still don't understand why there is a mad rush to find a new owner for Pompey when we were never financially dependant on CSI. It's the parent company that got into financial difficulty, not us! PUP

 

Nice, Buckland... however - Dodged!

 

In the news yesterday the council are going to spend £1billion on pompey in the coming years... can we finally build the harbourdrome down next to the victory, or maybe the arena on the old tip that was planned for the world cup bid PUPPPU

 

He is doing a fantastic job of avoiding questions, the man might as well have come in off the street to do the webchat... clueless and deluded like most skates!

trousers

trousers

Posted
Posted (edited)

I still don't understand why there is a mad rush to find a new owner for Pompey when we were never financially dependant on CSI. It's the parent company that got into financial difficulty, not us! PUP

 

Nice, Buckland... however - Dodged!

 

 

Ah! Didn't see that.....I take it back then....one of my "financial dependancy" questions did get through then...... ;-)

 

Shame this one didn't make it:

 

"If Antonov had bought us directly rather than through CSI would we now be in admin? Lucky escape if so!"

Edited by trousers
trousers

trousers

Posted
Posted

 

Brian Howe just made this comment on facebook: Looking ever more likely its Cala

 

Brian Howe

Portsmouth Football club update...Vince and I have been waiting since last week for paperwork we required to make an educated bid for the club.

From what I understand a deal has now been done with the preferred bidder. I might suggest that the person/people concerned were the only bidders as I don't think anyone else was sent the required paperwork either.

I am a Pompey fan first and foremost and I am worried that there never was a chance of anyone really buying the club unless Mr Chanrai was involved.

 

I hope I am wrong but I am looking into it...stay tuned.

Weston Super Saint

Weston Super Saint

Posted
Posted
Brian Howe just made this comment on facebook: Looking ever more likely its Cala

 

Brian Howe

Portsmouth Football club update...Vince and I have been waiting since last week for paperwork we required to make an educated bid for the club.

From what I understand a deal has now been done with the preferred bidder. I might suggest that the person/people concerned were the only bidders as I don't think anyone else was sent the required paperwork either.

I am a Pompey fan first and foremost and I am worried that there never was a chance of anyone really buying the club unless Mr Chanrai was involved.

 

I hope I am wrong but I am looking into it...stay tuned.

 

If a deal is done, then sadly, I don't think it will be with JoCa.

 

He stated in the snooze article linked earlier that he would be flying in to the country tomorrow or Thursday - lol, he doesn't even know when! - so doubt the deal would be sealed with him today.

 

Let's hope whoever it is, is just as clueless as JoCa :D

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