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Pompey Takeover Saga


Fitzhugh Fella

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@pn_neil_allen: Andrew Andronikou claims #Pompey currently owe HMRC £1.6m after two missed payments. More in today's News. Here we go again....

 

FFS....just someone put them out of their misery! How can the football league not dock points after TWO missed tax payments?

 

FFS

 

This was one area where the FL were (I wonder if it has been postponed?) to tighten up insisting clubs were up to date with their tax payment otherwise a transfer embargo would be enforced. All part of getting HMRC of the clubs back in case of administration.

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‘Administration is not on the cards and it is the last thing we would consider.

‘I can say that the club has not got significant debts, it has significant cash flow issues.

 

Yours

 

AA'

 

Memo to Mr Andronicus

 

If you owe someone money you have a debt. If you can't pay them what you owe then you have a debt problem. Assets exceed liabilities OK. No money to pay your bills insolvent. Insolvent then stop trading to avoid making the debts worse, that is illegal. Correct procedure is to stop trading, liquidate assets and repay debts. It's quite simple really. You tried administration and that failed, there is nowhere else to go. Stop trading, PFC is insolvent, to continue is against the law.

 

Regards

 

Panda

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The football league has alot to answer for IMO. They should have properly punished them a long time a go, therefore they wouldn't still be repeating the same dirty tricks.

 

They're a truly busted club, now please...let us see some proper bloody justice and not these morons surviving again...because they do not deserve it, not a single bit. They deserve liquidation straight away, it's an horrendously run business.

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I love this 'Admin Andy' character and laugh as the Skates lap up all his b#llsh#t !

How the h#ll he was predicting a solution in 48 hours (3 times, no less!) is beyond me !

To say that he makes it up as he goes along is being generous to him as I reckon that it's calculated to keep the few onside and the FL at bay !!

No wonder the Swindon fans hate his guts !!

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How can the HMRC stand by and yet again allow the possibility of the taxpayer losing out? At present the club has some assets to pay the money owed. if they leave it too much longer yet again the taxpayer will lose out. PFC have taken the money in (our money) and spent it on new recruits and staff etc, it is scandalous

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‘Administration is not on the cards and it is the last thing we would consider.

‘I can say that the club has not got significant debts, it has significant cash flow issues.

 

Yours

 

AA'

 

Erm, so the £10.8m that their parent company loaned to them isn't a "significant debt"....?

 

Isn't the alternative that it wasn't a loan but that CSI and PFC were acting as one commercial entity...?

 

Cake and eat it anyone?

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Erm, so the £10.8m that their parent company loaned to them isn't a "significant debt"....?

 

Isn't the alternative that it wasn't a loan but that CSI and PFC were acting as one commercial entity...

 

Cake and eat it anyone?

 

Ridiculous, isn't it. I'm more embarrassed for the Football LEague as they sit by and let them sign up Etuhu and won't block the re-signing of the two WBA players (if WBA allow them to return). Surely, surely...as Ho has pointed out before.....the football league closely monitor their finances. They must know that HMRC aren't being paid, and that the money due to the tax payer is being used for funding wages.

 

I'm not sure if Pompey actually have to go into admin to suffer a points deduction anyway. Aren't the rules designed to stop a club gaining an unfair competitive advantage? If so, they owe £10.8m to CSI, and they spunked that on players and wages in the summer. Unless they pay up in full, they've gained an unfair competitive advantage - points deduction. Mind you, if the debt is called in, in full, they won't be able to pay, so must surely end up in admin anyway.

 

Good, isn't it!

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Ridiculous, isn't it. I'm more embarrassed for the Football LEague as they sit by and let them sign up Etuhu and won't block the re-signing of the two WBA players (if WBA allow them to return). Surely, surely...as Ho has pointed out before.....the football league closely monitor their finances. They must know that HMRC aren't being paid, and that the money due to the tax payer is being used for funding wages.

 

I'm not sure if Pompey actually have to go into admin to suffer a points deduction anyway. Aren't the rules designed to stop a club gaining an unfair competitive advantage? If so, they owe £10.8m to CSI, and they spunked that on players and wages in the summer. Unless they pay up in full, they've gained an unfair competitive advantage - points deduction. Mind you, if the debt is called in, in full, they won't be able to pay, so must surely end up in admin anyway.

 

Good, isn't it!

The FL must now be complicit in their new debt situation!!! FFS
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probably been mention, but Kelvin Etuhu plays for them today. What a classy club.

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/etuhu_set_for_central_role_1_3442828

 

http://www.dailymail.co.uk/news/article-1369544/Ex-Manchester-City-striker-Kelvin-Etuhu-jailed-drunken-street-attack.html

Former Premier League footballer Kelvin Etuhu was jailed for eight months today for his part in a drunken street brawl which left a man with a broken jaw.

The ex-Manchester City striker, 22, attacked Owen Fitzpatrick following a dispute in a casino cocktail bar, Warrington Crown Court heard.

The six-foot footballer was caught on camera kicking the victim three times on the ground after he floored him with a punch.

 

 

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Has anyone on here emailed all various media outlets to try and get more attention to what is going on down the road. They're clearly cheating their way through the season AGAIN and I've not seen it picked up anywhere but here. Need to pile on the pressure so the Football League have to act.

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How can the HMRC stand by and yet again allow the possibility of the taxpayer losing out? At present the club has some assets to pay the money owed. if they leave it too much longer yet again the taxpayer will lose out. PFC have taken the money in (our money) and spent it on new recruits and staff etc, it is scandalous

 

Yes, it is scandalous. Is their situation different in some way to the last episode, Nick? You see, I haven't seen you voicing the opinion that they will get away with it this time around.

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So £800k is say 40% of the staff wages, as higher rate taxpayers,and including NI for the purposes of this ball park exercise.

Therefore the monthly wage bill is c£2m.

 

However, no major repayments from the new club have yet to be paid to service previous debts ( the first due in April.)

 

Conclusion - a large city like Pompey is way out of it's depth attempting to field a football team at the championship level.

 

QED

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One massive problem for any buyer is that the ground is valued at £10m. Chinney will see it as a potential development site once there is no football club anymore, and the Local Authority will struggle not to give permission for alternative development if there is no PFC to frequent it.

 

But to any new buyer it is just a delapidated wreck, worth a fraction of that.

 

How can you persuade Chinney to sell it for what it is worth as football stadium?

Why would anyone consider buying PFC without it?

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One other thing has crossed my mind.

 

AA goes public on the £1.6M debt.

 

Now, this in my eyes is for two possible reasons - either to heap more pressure on the Football League NOT to deduct points (and make it even more difficult to get buyer) or to try and cover his arse if the FL go public on Monday with their decision (cue violins about 'not helping the situation' and 'regrettable' if they get docked points).

 

There's a third option - Cala's about to spill the beans....

 

For later, you can send messages to Solent on Twitter - @solentsport or text 81333 and start your text with Solent. They can't overlook this one...

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One massive problem for any buyer is that the ground is valued at £10m. Chinney will see it as a potential development site once there is no football club anymore, and the Local Authority will struggle not to give permission for alternative development if there is no PFC to frequent it.

 

But to any new buyer it is just a delapidated wreck, worth a fraction of that.

 

How can you persuade Chinney to sell it for what it is worth as football stadium?

Why would anyone consider buying PFC without it?

 

Chinney is hoist by his own petard. I can understand that, as he keeps saying, he never wanted to own any kind of football club (and certainly not the car crash that is pompey), but he will either have to put them into administration (which Comical Andy insists is not on the cards) or throw more of his hard-earned into the money pit

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So many funny posts on there, but I start with this one, oh how my sides are hurting!

 

56

piers657

Saturday, January 21, 2012 at 11:07 AM

Sack the board. Incomputant.

 

It could be a portmanteau word, of the type Lewis Carroll created (slithy being an example). Incompetent mutants - sounds about right! :D

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Falcon, now where have we heard that name before........Hahaha!

 

33

Mick2468

Saturday, January 21, 2012 at 10:11 AM

Apparently the Private Equity group is holger Heims heading up Falcon Equity with Al Fahim. http:fansonline.netportsmouthmbview.php?id=401439

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Heh, some fans complaining that Andronikou should have known what was going on with Pompey not paying tax...

 

The two companies might be so linked that the administrator uses 'CSI' and 'Pompey' interchangably, but Pompey the football club technically aren't in administration. Yet. So it was entirely down to them, and entirely their fault that they didn't pay the tax.

 

As for administration not being on the cards, of course it's not. They haven't even started paying the last CVA yet, no court in the land would grant the protection of a CVA under those conditions, it'll be liquidation.

 

Endgame now, barring a last minute billionaire coming to the rescue for them and immediately paying everything off.

Edited by Jimmy_D
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Falcon, now where have we heard that name before........Hahaha!

 

33

Mick2468

Saturday, January 21, 2012 at 10:11 AM

Apparently the Private Equity group is holger Heims heading up Falcon Equity with Al Fahim. http:fansonline.netportsmouthmbview.php?id=401439

 

All in the Pompey family!

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There's a third option - Cala's about to spill the beans....

 

I thought it was implied from some of the PN tweets from earlier that Cala had spilt the beans to the news? I assume the news took that info to AA so that he could give them his usual "Don't Panic Mr Mannering" quotes to go with it.

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They are a touchy lot, after tweeting them about unpaid tax, and the fact that they almost certainly took the tax 'off' their players and staff then clearly did something other than actually pay the taxman I have had many dm s of abuse telling me I know nothing.

 

Are they in denial or ignorant or arrogant enough to think they are untouchable or just plain thick?

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They are a touchy lot, after tweeting them about unpaid tax, and the fact that they almost certainly took the tax 'off' their players and staff then clearly did something other than actually pay the taxman I have had many dm s of abuse telling me I know nothing.

 

Are they in denial or ignorant or arrogant enough to think they are untouchable or just plain thick?

 

Sometimes its just that the truth hurts. Hark... could that thunderous flapping noise possibly be the sound of pigeons coming home to roost?

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One other thing has crossed my mind.

 

AA goes public on the £1.6M debt.

 

Now, this in my eyes is for two possible reasons - either to heap more pressure on the Football League NOT to deduct points (and make it even more difficult to get buyer) or to try and cover his arse if the FL go public on Monday with their decision (cue violins about 'not helping the situation' and 'regrettable' if they get docked points).

 

There's a third option - Cala's about to spill the beans....

 

For later, you can send messages to Solent on Twitter - @solentsport or text 81333 and start your text with Solent. They can't overlook this one...

 

Or a fourth....HMRC are about to issue a WUP.

 

Without doubt his hand has been forced - he's not known for fessing up without reason.

 

Option 1 isn't feasible in my view. Option 2 is a possibility, as is option 3 (the only sensible thing Cala has said is that £1.1m a month for 8 players is mental when income is only £8m a year.

 

Option 4 for me Bob :D

Edited by Chin Strain
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I'm just wondering about Android's timing. Why has he decided to make this information pubic?

 

Obviously, it had to come out at some point, but it's release is likely to have been provoked by some other event IMO (otherwise, I'd guess he'd stay stum for as long as he possibly could).

 

Having thought through the scenarios, I'd say there are several contenders which might be worth consideration:

 

1) AA is trying to protect his own career. Perhaps someone was threatening to leak the tax info, or perhaps AA didn't want the news to be broken externally (with the blame for witholding placed firmly at his (and Limpet's) doors. Perhaps he feared HMRC were about to inform the press?

 

2) Perhaps, the tax news has something to do with a potential buyer. Possibly, if there is some form of reluctant fan with a few million weighing up the pros and cons of a bid, possibly this news might have been released to try and demonstrate to them how critical the situation is (and force them to rush?). Obviously, this would be a high-risk gamble, and any half-sane business person would see the warning signs and run... but a fan with say, £25m in the bank... it's a long shot.

 

3) Perhaps AA has run out of any interested parties. Perhaps he thinks his best strategy is to drip-feed the situation to the media, so that the bad news doesn't come as a big suprise. If all of his soundbytes were upbeat, then out of the blue he puts the club into admin, or sells their best players (sic) there would be uproar amongst the phew. If this is the case, all hope is lost for the skates, and the only unknown is the speed of their death.

 

4) Baloo is up to something? Perhaps, by making the situation sound awful, Chainrai hopes to ride in as a hero infront of the celebrating blue hoards (all 250,000 of them! cough). [When's the next parachute due? And how much is left to weasle away?]

 

Any other ideas?

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Would someone care to explain the debts, secured and now including that to HMRC, that any buyer would now have to clear.

 

I've lost track!

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/andronikou_says_pompey_face_fight_with_the_taxman_over_1_6m_unpaid_bill_1_3443262?commentspage=0

 

Post 49 pretty much sums it up.(one of ours?) Except they left out the CVA that needs servicing from 1 April.

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I reckon AA has shown the books to a madman and that madman is now telling everyone what he's seen.

The lid is off and there are worms everywhere.

It even frightened the nutter into thinking that undersea casinos are a better investment than pompey.

 

Putting aside the insolvent signing of a convicted thug, unlike Fratton, this new tax story is a massive development, the immorality just goes on and on.

 

From a pompey fan point of view, just when you thought one of your old mates couldn't sink any lower after fiddling with kids, it's like he's just been arrested for ****ing a spaniel in a busy shopping centre.

 

It is a dirty and diseased club, someone please put them out of their misery.

It has to stop.

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still CSI and PFC are not linked, even though AAkeeps talking about PFC

Football League being taken for mugs[/quote

 

I'm confused as to whom Android is working for.

 

Apparently if I've got this right, Skatesmuff FC are not in administration, but CSI are - and Android is the admnistrator.

 

Why is Android trying to get a deal for Cheatsmuff when his role as admin for CSI is primarily to get a deal for them, remembering that their finances aren't linked, guffaw guffaw.

 

Also how come little old Bompey weren't allowed to even take players on loan let alone buy anybody for about 2 years but its okay for cheatsmuff to carry on regardless?

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I reckon AA has shown the books to a madman and that madman is now telling everyone what he's seen.

The lid is off and there are worms everywhere.

It even frightened the nutter into thinking that undersea casinos are a better investment than pompey.

 

Putting aside the insolvent signing of a convicted thug, unlike Fratton, this new tax story is a massive development, the immorality just goes on and on.

 

From a pompey fan point of view, just when you thought one of your old mates couldn't sink any lower after fiddling with kids, it's like he's just been arrested for ****ing a spaniel in a busy shopping centre.

 

It is a dirty and diseased club, someone please put them out of their misery.

It has to stop.

 

On that note perhaps Gary Glitter's involved in a consortium - perhaps the money comes from some well heeled Paedatricians.

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still CSI and PFC are not linked, even though AAkeeps talking about PFC

Football League being taken for mugs[/quote

 

I'm confused as to whom Android is working for.

 

Apparently if I've got this right, Skatesmuff FC are not in administration, but CSI are - and Android is the admnistrator.

 

Why is Android trying to get a deal for Cheatsmuff when his role as admin for CSI is primarily to get a deal for them, remembering that their finances aren't linked, guffaw guffaw.

Also how come little old Bompey weren't allowed to even take players on loan let alone buy anybody for about 2 years but its okay for cheatsmuff to carry on regardless?

 

Might it possibly be because Lumpitt knows where a lot of bodies are buried?

From the Grauniad April 2010

http://www.guardian.co.uk/football/2010/apr/09/portsmouth-fa-david-lampitt-chief-executive

"Portsmouth have appointed David Lampitt, the current head of integrity at the Football Association, as chief executive. There is perhaps deliberate irony in Lampitt's move at a time of continuing police inquiry into events at Fratton Park. The 35-year-old is more familiar with the details of the allegedly illegal transfer activity involving the former Portsmouth manager, Harry Redknapp, and the former club executives Milan Mandaric and Peter Storrie, than anyone else in football.

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Or a fourth....HMRC are about to issue a WUP.

 

Without doubt his hand has been forced - he's not known for fessing up without reason.

 

Option 1 isn't feasible in my view. Option 2 is a possibility, as is option 3 (the only sensible thing Cala has said is that £1.1m a month for 8 players is mental when income is only £8m a year.

 

Option 4 for me Bob :D

 

Option 5, preparing to liquidate the 'asset' before it burns more cash. Chinny and Gaydaboy have their security already. Why would Chinny pay £12m per annum to collect at most £8m for next two years minus football debt?

 

As it stands I truly believe the club is worth more to him dead than alive.

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