Pompey Takeover Saga

[Chin Strain]

Exactly...

 

...and as I said earlier to Barbie, this is what they face:

 

 

 

Goldstone Ground

 

 

Retail Outlets

 

The Goldstone Ground (or The Goldstone) was the home ground of Brighton and Hove Albion between 1902 and 1997. After the sale of the ground to private developers, the area was changed to a row of warehouse style retail shops, along with a "drive-thru" Burger King outlet.

 

Completely agree....it has never been about the land / ground being a footballing asset. Chinny couldn't care less whether it's football or not, it's whatever makes him the most amount of money.

[pedg]

Completely agree....it has never been about the land / ground being a footballing asset. Chinny couldn't care less whether it's football or not, it's whatever makes him the most amount of money.

 

As others have said we may have moved from a situation where its what makes him the most money as to how he can get out with a small a loss as possible.

[Chin Strain]

As others have said we may have moved from a situation where its what makes him the most money as to how he can get out with a small a loss as possible.

 

Agree - I meant the highest possible sale price (he may or may not have made money up until now...didn't they sell players when he was owner last time?)

[alehouseboys]

so Chinny holds the cards here

 

Does it look like this one by any chance?

 

[EastleighSoulBoy]

Sorry girls but I think Chinny has miscalculated this time.

 

For the first time since the **** got involved with us I think he's on the backfoot and any potential buyer now has the upper hand.

 

Next few days will be interesting. Watch any interested parties negotiate that asking price down and down

 

But while they're negotiating, and Cahcerai is playing for time, not much money is coming your way. A new version of the old saying. The crooks are fiddling while pompeii burns.

 

I'd raise a glass to that.

[Merovingian]

Just close them down already!

 

They're finished as a club and will probably benift from starting again at a lower league with no baggage.

 

my preferred option. There is no affinity with the club left and has not been for a long time.

[positivepete]

Frankly I'll take them being liquidated and us losing just the one point

 

And for West Ham to lose six points!

[Wibble]

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

 

@PN_MatthewBrown Just heard some really shocking news about #Pompey's future from @pn_Rory_McKeown - it'll be in @portsmouthnews tomorrow in print and online

2 hours ago via web

 

MatthewBrown Portsmouth, United Kingdom

Digital Editor of The News, Portsmouth.

[rooney]

Come on folks....someone on here must have a debt they can call in that will push them over the administration precipice....they don't still owe SFC any ticket revenue do they...?

 

I see that another CCJ for £259 has been levied against them in December, so if they do not pay up that might do the trick. The company also has its credit limit reduced from £500 to "cash transactions preferred" and Chris Akers has left the board.

[ooh it's a corner]

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

 

@PN_MatthewBrown Just heard some really shocking news about #Pompey's future from @pn_Rory_McKeown - it'll be in @portsmouthnews tomorrow in print and online

2 hours ago via web

 

MatthewBrown Portsmouth, United Kingdom

Digital Editor of The News, Portsmouth.

 

please, please, please can it be liquidation....

 

The absolute joy of WHU losing 6 points to our 1 would make these past few years all worthwhile...

[dubai_phil]

Sorry girls but I think Chinny has miscalculated this time.

 

For the first time since the **** got involved with us I think he's on the backfoot and any potential buyer now has the upper hand.

 

Next few days will be interesting. Watch any interested parties negotiate that asking price down and down

 

Actually agree with that. Posted similar in my usual oblique fashion couple of pages ago.

 

IF I was advising a buyer now it would be here's a pound coin and your parachute payments take it or leave it

[trousers]

@pn_neil_allen: Favourite Cala moment #2. Repeatedly calling #Pompey 'Pompeii' every time he spoke to @pn_Rory_McKeown on the phone.Know what you're buying!

[ooh it's a corner]

Actually agree with that. Posted similar in my usual oblique fashion couple of pages ago.

 

IF I was advising a buyer now it would be here's a pound coin and your parachute payments take it or leave it

 

This only makes sense if there are numerous creditors who happen to be owed as much as Chanrai.

 

But, if the club owes £30m and Chanrai's owed £20m of it, then the liquidation process is going to return to him 2/3rds of the liquidation proceeds, less AA's fees.

 

I would expect AA to negotiate player registration sales as part of any liquidation, so you've got to fancy liquidation would result in a pretty easy £10-£20m.

 

Of course, I could be miles out with how much of a creditor Chanrai is, but if I was Chanrai and someone offered me £1, I would liquidate the club.

 

Unless I am missing something?

Edited 20 January, 2012 by ooh it's a corner
made no sense....

[buctootim]

Think the article will say they need a buyer by middle of next week otherwise will have to sell players. Need £700k at end of month.

Edited 20 January, 2012 by buctootim

[andysstuff]

Actually agree with that. Posted similar in my usual oblique fashion couple of pages ago.

 

IF I was advising a buyer now it would be here's a pound coin and your parachute payments take it or leave it

 

To be honest Phil, it's not even worth that. Without the ground and Car Park and the sort of wage payments Cala mentioned added to the gates they are getting there's nothing to turn around.

 

That is unless they walk away from Nottarf Krap and play somewhere else. Which may well be the solution that pleases everyone - Poopey get a brand new start, in whatever league, Chinny and Gaydamak get to sell their real estate for a tidy profit to Tescos with some sort of sports facility of needs be somewhere in the development.

[dubai_phil]

To be honest Phil, it's not even worth that. Without the ground and Car Park and the sort of wage payments Cala mentioned added to the gates they are getting there's nothing to turn around.

 

That is unless they walk away from Nottarf Krap and play somewhere else. Which may well be the solution that pleases everyone - Poopey get a brand new start, in whatever league, Chinny and Gaydamak get to sell their real estate for a tidy profit to Tescos with some sort of sports facility of needs be somewhere in the development.

 

Which is why I said - here is a pound and move to The Withdean.

 

Cannot see any other way out for them now and think Chinny has got himself stuck in a fight with Sacha over who gets what for Tescos

[Kingsland Red]

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

 

@PN_MatthewBrown Just heard some really shocking news about #Pompey's future from @pn_Rory_McKeown - it'll be in @portsmouthnews tomorrow in print and online

2 hours ago via web

 

MatthewBrown Portsmouth, United Kingdom

Digital Editor of The News, Portsmouth.

 

If JoCa has seen the books etc and as we know,has been in regular communication with Rory McKeown, then I think it is fair to assume Rory has been advised by JoCa of details of the short term financial predicament.

I'm sure JoCa has no real interest in confidentiality agreements in a country he has probably never been to.

[dubai_phil]

This only makes sense if there are numerous creditors who happen to be owed as much as Chanrai.

 

But, if the club owes £30m and Chanrai's owed £20m of it, then the liquidation process is going to return to him 2/3rds of the liquidation proceeds, less AA's fees.

 

I would expect AA to negotiate player registration sales as part of any liquidation, so you've got to fancy liquidation would result in a pretty easy £10-£20m.

 

Of course, I could be miles out with how much of a creditor Chanrai is, but if I was Chanrai and someone offered me £1, I would liquidate the club.

 

Unless I am missing something?

 

No The club for a pound but Chinny owns the ground Sacha the car park - so do what Charlton did - move for a few years while you rebuild. Chinny Liquidates what exactly? Part of the 1 pound deal is he gets SOME of the parachute and the CVA gets the rest as a "gesture" club gets 10 20 or 30 point penalty - so what. They HAVE to rebuild.

 

May explain why Cala mentioned talking direct to Chinny

[ooh it's a corner]

They need a buyer by middle of next week otherwise need to sell players. Need £700k at end of month.

 

This is just so frustrating.

 

The club is trading without the means to pay their obligations due in the next two weeks.....

 

Trying to find a buyer is not a reason to keep trading. They are freeking insolvent.

 

Appoint an adminstrator, immediately, or the Directors are failing in their fiduciary duties.

 

If AA is in charge, then I think he is dicing way too close to the edge of the lake this time around. He has an obligation given his role and his knowledge to pull the plug as well.

 

I can't believe Lampitt is letting this continue.

 

Just get it over with.

[Chin Strain]

Actually agree with that. Posted similar in my usual oblique fashion couple of pages ago.

 

IF I was advising a buyer now it would be here's a pound coin and your parachute payments take it or leave it

 

I actually think he'd be more than happy to let the club die so it gave him leverage to use the land for other purposes - it's more valuable with no football club. Even if the club go and play at H&W, they still have a monster wage bill, shortfall in CVA payment and £10.8m to find for CSI (or points deduction). Maybe this is their only real option.

Edited 20 January, 2012 by Chin Strain

[sidthesquid]

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

 

@PN_MatthewBrown Just heard some really shocking news about #Pompey's future from @pn_Rory_McKeown - it'll be in @portsmouthnews tomorrow in print and online

2 hours ago via web

 

MatthewBrown Portsmouth, United Kingdom

Digital Editor of The News, Portsmouth.

 

I hate these teasers. It's probably shock/horror, Paul Allen's boat really is in Port Solent.

[manji]

I hate these teasers. It's probably shock/horror, Paul Allen's boat really is in Port Solent.

Its Peter Storrie coming back.

[Noodles34]

i hate these teasers. It's probably shock/horror, paul allen's boat really is in port solent.

 

he'd have to be like one of those dead pirates in the jonny depp films then!

[andysstuff]

Which is why I said - here is a pound and move to The Withdean.

 

Cannot see any other way out for them now and think Chinny has got himself stuck in a fight with Sacha over who gets what for Tescos

 

I still think he may need to kiss goodbye to the parachute payments to make it tempting. There's still a matter of a CVA debt to service. Or some funding for the next few years if they choose another administration.

 

Don't forget there's still the possibility of penalties coming out of next weeks court case.

 

Whichever way as someone put it a few pages ago, grab the popcorn and take a seat, this is going to be fun for some of us.

[Matthew Le God]

I seem to recall the last time Pompey went into admin in 2010, Southampton chairman Nicola Cortese said he would take issue if they didn't get a points deduction when Southampton did. What about this time?

 

i) 2nd April 2009 Southampton FC's parent company Southampton Leisure Holdings enters administration.

 

 

 

Mark Fry, Southampton Leisure Holdings Administrator

 

"I'm not administrator of the football club, I'm administrator of the holding company".

 

"Distinct separate legal entities".

 

Sound familiar? Similar to what the CSI administrator's have been saying.

 

Accountancy firm sent into the club.

 

21 days later...

 

Football League announce 10 points deducted

 

 

 

ii) 29th November 2011 Portsmouth FC's parent company CSI enter administration.

 

Accountancy firm sent into the club.

 

52 days later...

 

Nothing! (yet)

 

.................................................

 

Exhibit A

 

"Akers told the Guardian that Antonov has invested around £10.5m into Portsmouth to pay for transfer fees and underwrite players' wages since CSI bought the club."

 

http://www.guardian.co.uk/football/2011/nov/29/portsmouth-parent-company-administration

 

So the club was given £10.5m which it then spent on improving the squad in the summer of 2011 buying Varney, Huseklupp, Norris, Pearce etc. CEO David Lampitt even boasted on the Pompey website that they had been the Championship's "second highest net spenders in the summer".

 

The administrator now admits the club doesn't have funding for the rest of the season. It was clearly dependant on more external money being put into it in order to pay wages and debts for the rest of the season. "Inextricably linked"?

 

Exhibit B

 

30th November 2011- CSI Administrator Andrew Andronikou - "I can't see how the club can be deducted points."

 

http://news.bbc.co.uk/sport1/hi/football/15963854.stm

 

Exhibit C

 

17th December 2011 -CSI Administrator Andrew Andronikou - "Hopefully, next week we will have sold one of the companies owned by CSI to allow us to invest some capital into the club."

 

http://www.mirrorfootball.co.uk/news/Portsmouth-face-administration-and-points-deduction-again-article844184.html

 

Why does the club need money from another of CSI's businesses? Does that not make CSI and Portsmouth FC "inextricably linked"?

 

Exhibit D

 

19th January 2012 - Joseph Cala former prospective owner who would have seen the books - “Portsmouth have eight players who earn £1.1 million a month between them. That is in a league with an average budget of £8 million a year,” he said. “Without these eight players the club is healthy, in fact it would be profitable."

 

http://www.telegraph.co.uk/sport/football/teams/portsmouth/9021385/Joseph-Cala-the-Man-from-Atlantis-confident-of-Portsmouth-deal.html

 

If what he says is true, then the club isn't healthy and isn't profitable and is reliant on external cash to keep going.

 

Exhibit E

 

Those connected at Portsmouth have attempted to make out the situations are different. Both Southampton Leisure holdings and CSI had other none football related businesses. The other main CSI company was North One which has now lost the World Rally rights....

 

http://motorsport.nextgen-auto.com/North-One-Sport-loses-WRC-commercial-rights,35337.html

 

Why are no journalists questioning this? If not national ones, then at least the Daily Echo or BBC Radio Solent should dig into it.

[View From The Top]

Its Peter Storrie coming back.

 

Now that would be funny.

[Amesbury Saint]

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

 

@PN_MatthewBrown Just heard some really shocking news about #Pompey's future from @pn_Rory_McKeown - it'll be in @portsmouthnews tomorrow in print and online

2 hours ago via web

 

MatthewBrown Portsmouth, United Kingdom

Digital Editor of The News, Portsmouth.

 

if it is going in print tomorrow, we would know about it now on the internet!

[dubai_phil]

Unrelated request - where the hell was that Dalek Cartoon of a few days back? - been trying to find it but been so busy on here...

[Channon's Sideburns]

Got to love this. There are some skates who are beyond belief. Some deserve the worst to happen to the club as they're sleepwalking into it.

 

From Twitter:

 

dermot o'dwyer

So Cala the Con Man had ****ed off, good riddance you knobhead , Andronikou & co are great judges of character , tossers .# Pompey

[sussexsaint]

Was it the one I posted on the Gary hooper thread with the newspaper Phil?

[The Majestic Channon]

The dream scenario for me would be for bagpuss to go down, and the skates to fold in the very near future

[bpsaint]

The dream scenario for me would be for bagpuss to go down, and the skates to fold in the very near future

 

Now THAT would be ****ing brilliant.

[JonnyLove]

if it is going in print tomorrow, we would know about it now on the internet!

 

Print normally starts about 6-9am tomorrow

[carljack]

I keep asking myself Why did Lampitt take the job at PFC ? the longer this farce continues it looks as if a lot of people not connected to the Club have a vested interest in them staying afloat,the stench is overpowering!.

[Channon's Sideburns]

Brilliant...come on, own up.

 

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

[Dark Munster]

The dream scenario for me would be for bagpuss to go down, and the skates to fold in the very near future

 

How about on the very same day? Or is that too much to ask?

 

I must say I am quite sad at the recent developments at Krap Nottarf. Things are looking quite bleak for Cheats FC. I was really looking forward to Mr. Cala saving them.

 

Mind you, I'm sure Handy Andy's second, third (and possibly fourth) choices won't disappoint us.

[trousers]

If JoCa has seen the books etc and as we know,has been in regular communication with Rory McKeown, then I think it is fair to assume Rory has been advised by JoCa of details of the short term financial predicament.

 

It's a damn good job we're not a bunch of deranged conspiracy theorists on here otherwise some bright spark would have already come up with the wacky notion that the best way for a local newspaper to get an inside scoop on Pompey finances would be to engage a 'Trojan-horse' investor to have a look at the books and report back to the paper.

 

As I say, bloomin' good job none of us are daft enough to think such a thing...

[trousers]

Brilliant...come on, own up.

 

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

 

Brilliant :-)

[gaz]

Brilliant...come on, own up.

 

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

 

@AndyAndron

Football Club Saviour, Accountant Demi-god, Financial Savant, Economic Oracle, Reluctant Celebrity, Gifted Wordsmith and Savvy Philanthropist.

 

I literally cannot tell if this is real or fake.

[trousers]

I see that another CCJ for £259 has been levied against them in December, so if they do not pay up that might do the trick. The company also has its credit limit reduced from £500 to "cash transactions preferred" and Chris Akers has left the board.

 

Usual question alert....

 

Source?

 

Cheers

[Katalinic]

Usual question alert....

 

Source?

 

Cheers

 

Yep this is correct, all on creditsafe - Akers left the board on 12th Jan.

[BigShadow]

This is just so frustrating.

 

The club is trading without the means to pay their obligations due in the next two weeks.....

 

Trying to find a buyer is not a reason to keep trading. They are freeking insolvent.

 

Appoint an adminstrator, immediately, or the Directors are failing in their fiduciary duties.

 

If AA is in charge, then I think he is dicing way too close to the edge of the lake this time around. He has an obligation given his role and his knowledge to pull the plug as well.

 

I can't believe Lampitt is letting this continue.

 

Just get it over with.

 

Not only are they continuing to trade - they continue to sign players and add more liabilities - ETUHU won't be playing for nothing. Mattock and Thorne apparently free to return whenever WBA agree.

 

WTF is the FL playing at - good financial governance??? The bloody administrator has come out and said they have no money past the end of the month - on what basis does the FL think it makes good financial sense to add any more players to their payroll?

 

Oh hang on - they'll be football creditors so that's OK then. Let's increase the amount of football creditors so there is less to go all the small businesses and charities when it all goes tits up again. Maybe some of those smaller creditors should group together and take the FL to court for allowing pompey to add to their playing staff AGAIN when they cannot afford the staff they have already.

 

Bloody Disgrace. Rant Over.

[Son of Dave]

The dream scenario for me would be for bagpuss to go down, and the skates to fold in the very near future

 

He might end up doing more than just that in the showers...

[View From The Top]

Brilliant...come on, own up.

 

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

 

[trousers]

I seem to recall the last time Pompey went into admin in 2010, Southampton chairman Nicola Cortese said he would take issue if they didn't get a points deduction when Southampton did. What about this time?

 

i) 2nd April 2009 Southampton FC's parent company Southampton Leisure Holdings enters administration.

 

 

 

Mark Fry, Southampton Leisure Holdings Administrator

 

"I'm not administrator of the football club, I'm administrator of the holding company".

 

"Distinct separate legal entities".

 

Sound familiar? Similar to what the CSI administrator's have been saying.

 

Accountancy firm sent into the club.

 

21 days later...

 

Football League announce 10 points deducted

 

 

 

ii) 29th November 2011 Portsmouth FC's parent company CSI enter administration.

 

Accountancy firm sent into the club.

 

52 days later...

 

Nothing! (yet)

 

.................................................

 

Exhibit A

 

"Akers told the Guardian that Antonov has invested around £10.5m into Portsmouth to pay for transfer fees and underwrite players' wages since CSI bought the club."

 

http://www.guardian.co.uk/football/2011/nov/29/portsmouth-parent-company-administration

 

So the club was given £10.5m which it then spent on improving the squad in the summer of 2011 buying Varney, Huseklupp, Norris, Pearce etc. CEO David Lampitt even boasted on the Pompey website that they had been the Championship's "second highest net spenders in the summer".

 

The administrator now admits the club doesn't have funding for the rest of the season. It was clearly dependant on more external money being put into it in order to pay wages and debts for the rest of the season. "Inextricably linked"?

 

Exhibit B

 

30th November 2011- CSI Administrator Andrew Andronikou - "I can't see how the club can be deducted points."

 

http://news.bbc.co.uk/sport1/hi/football/15963854.stm

 

Exhibit C

 

17th December 2011 -CSI Administrator Andrew Andronikou - "Hopefully, next week we will have sold one of the companies owned by CSI to allow us to invest some capital into the club."

 

http://www.mirrorfootball.co.uk/news/Portsmouth-face-administration-and-points-deduction-again-article844184.html

 

Why does the club need money from another of CSI's businesses? Does that not make CSI and Portsmouth FC "inextricably linked"?

 

Exhibit D

 

19th January 2012 - Joseph Cala former prospective owner who would have seen the books - “Portsmouth have eight players who earn £1.1 million a month between them. That is in a league with an average budget of £8 million a year,” he said. “Without these eight players the club is healthy, in fact it would be profitable."

 

http://www.telegraph.co.uk/sport/football/teams/portsmouth/9021385/Joseph-Cala-the-Man-from-Atlantis-confident-of-Portsmouth-deal.html

 

If what he says is true, then the club isn't healthy and isn't profitable and is reliant on external cash to keep going.

 

Exhibit E

 

Those connected at Portsmouth have attempted to make out the situations are different. Both Southampton Leisure holdings and CSI had other none football related businesses. The other main CSI company was North One which has now lost the World Rally rights....

 

http://motorsport.nextgen-auto.com/North-One-Sport-loses-WRC-commercial-rights,35337.html

 

Why are no journalists questioning this? If not national ones, then at least the Daily Echo or BBC Radio Solent should dig into it.

 

Exactly the same logic I've been trying to articulate for weeks.

 

It's a simple mathematical equation.

 

If....

 

CSI = PFC + NOS

 

and in November 2011....

 

CSI = Insolvent and PFC = solvent

 

Then, once CSI is relinquished of NOS the equation becomes: CSI = Pompey

 

Thus, either CSI becomes as solvent as Pompey OR Pompey becomes as insolvent as CSI.

 

I.e. They can't remain mutually exclusive the moment CSI relinquish NOS.

 

MLG = nail on head

[trousers]

Yep this is correct, all on creditsafe - Akers left the board on 12th Jan.

 

Thanks. Surprised that didn't get more 'airplay' at the time

[carljack]

He might end up doing more than just that in the showers...

 

That twitchy head will be much in demand!

[trousers]

That twitchy head will be much in demand!

 

I've just wretched

[saint_jas]

Brilliant...come on, own up.

 

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

 

hehe, that has made me laugh.

[ooh it's a corner]

That twitchy head will be much in demand!

 

And so their work was done.

Bagpuss gave a big yawn and settled down to sleep

And, of course, when Bagpuss goes to sleep,

All his friends go to sleep too.

The blue few were figments of our imagination.

Sacha and Balram were just dolls.

Administrator Andrew was a carved, wooden bellend in the shape of a wooden pecker.

Even Bagpuss himself, once he was asleep, was just an old, saggy skate ****,

Baggy, and a bit loose at the seams,

But Milan loved him