hypochondriac Posted 3 February, 2010 Share Posted 3 February, 2010 So interesting they've been removed (By Grauniad legal staff I guess). What was he saying? It's just a poster from Pompeyonline giving his opinion. Link to comment Share on other sites More sharing options...
channonball Posted 3 February, 2010 Share Posted 3 February, 2010 Just back from the game and sat directly in front of Farim and Storrie, I wish you could have seen their faces after the goal. Pompey fans were singing, "one team in hampshire" - you gotta laugh. Pompey actually played ok, but their strikers are poor. We'll have to be on top form to beat them! Link to comment Share on other sites More sharing options...
PaulSaint Posted 3 February, 2010 Share Posted 3 February, 2010 Pompey actually played ok, but their strikers are poor. We'll have to be on top form to beat them! Sometimes these matches just come down to who wants it more? I just hope Rickie, Lallana & co actually do on the 13th! Link to comment Share on other sites More sharing options...
SFC Forever Posted 3 February, 2010 Share Posted 3 February, 2010 I think a few on here are a bit premature going on about "what a tragedy" etc, they are still signing players, http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8495353.stm and Gaydamak is not going to call his debt in. Wouldn't mind betting they'll get something at Fulham tonight. Yeah beaten:D:D:D:D Link to comment Share on other sites More sharing options...
suewhistle Posted 3 February, 2010 Share Posted 3 February, 2010 Ta for that Kingsland. I did read it in the grauniad but wanted to re-read it at my leisure. Copied it now in case your post too gets deleted! Link to comment Share on other sites More sharing options...
Belgiansaint Posted 4 February, 2010 Share Posted 4 February, 2010 seems they have yet another new owner http://www.guardian.co.uk/football/2010/feb/03/balram-chainrai-portsmouth-owner Link to comment Share on other sites More sharing options...
suewhistle Posted 4 February, 2010 Share Posted 4 February, 2010 "Chainrai was unable to secure face-to-face talks. [with Faraj] Despite being Faraj's lawyer Jacob has also admitted he has never met his client. " Is this how top businessmen work then? You really couldn't make it up. Link to comment Share on other sites More sharing options...
inoffthepost Posted 4 February, 2010 Share Posted 4 February, 2010 I know this isn't all entirely relevant but it seems that Avram Grant WAS the Premier League manager in the brothel, @ Horton Heath, would you believe. http://www.thesun.co.uk/sol/homepage/news/2838279/Avram-Grant-is-the-Premier-League-manager-who-visited-a-brothel.html And the Hong Kong businessman isn't happy either. Also in the Sun Link to comment Share on other sites More sharing options...
dellgirl Posted 4 February, 2010 Share Posted 4 February, 2010 If they do escape and the match does get played and I am sure Marcus will be there,how can we be sure that we can show our supporters off in the best light and let Pompey look like the s**m they are. I know it will be hard but can we look fairly "saintly" or is that a hope too far. IF it really gets out of hand and ugly it will make us as supporters look bad,I have been to these matches since the 40's and loathe the skates,but I have a bad feeling about this one. Link to comment Share on other sites More sharing options...
Belgiansaint Posted 4 February, 2010 Share Posted 4 February, 2010 omfg! they have signed ricardo rocha! he was out of favour at spuds before moving to standard liege and didn't even manage to make it in belgium. they've loaded him off the wage bill after six months. no pace, poor positioning, a total waste of time. any pacey forward will kill him in a minute. hope he plays against saints on feb 13. Link to comment Share on other sites More sharing options...
Saint Fan CaM Posted 4 February, 2010 Share Posted 4 February, 2010 Solent reporting this morning that Chanrai is taking over the club with the specific aim of beating the winding up order. Can that be done now? Storrie will survive again, but a couple of other management bods are on their way. Link to comment Share on other sites More sharing options...
Boris Karloff Posted 4 February, 2010 Share Posted 4 February, 2010 omfg! they have signed ricardo rocha! he was out of favour at spuds before moving to standard liege and didn't even manage to make it in belgium. they've loaded him off the wage bill after six months. no pace, poor positioning, a total waste of time. any pacey forward will kill him in a minute. hope he plays against saints on feb 13. How many players have they got on loan? I thought there was a limit on loan players? Link to comment Share on other sites More sharing options...
darren1 Posted 4 February, 2010 Share Posted 4 February, 2010 Solent reporting this morning that Chanrai is taking over the club with the specific aim of beating the winding up order. Can that be done now? Storrie will survive again, but a couple of other management bods are on their way. Breaking news on GMTV (no I'm not a single mum, I'm working from home today): Portsmouth have been sold again to HK businessman (Chanrai). 4th owner in 8 months Link to comment Share on other sites More sharing options...
Andyb1 Posted 4 February, 2010 Share Posted 4 February, 2010 Was on skysports new this morning. Chanrai has taken possession of the club due to the fact the other geezer didn't pay him what he owes. Link to comment Share on other sites More sharing options...
JRM Posted 4 February, 2010 Share Posted 4 February, 2010 Has Chanrai got any history of owning football clubs? or publically expressed a desire to do so? Will be interesting to see what his motives are, it is one thing to loan the club money against the stadium and assets, but another thing althogether to take control of the club and the additional debt that comes with it. So is Al-Faraj completely out of it now? Chanrai clearly has access to funds, but I cannot see what he would gain from paying off debts for Pompey, I still don't really understand it. Link to comment Share on other sites More sharing options...
rooney Posted 4 February, 2010 Share Posted 4 February, 2010 (edited) When a club is in financial difficulties, there are always loads of other creditors which are not public knowledge Edited 4 February, 2010 by rooney unfinished Link to comment Share on other sites More sharing options...
waggy Posted 4 February, 2010 Share Posted 4 February, 2010 Was on skysports new this morning. Chanrai has taken possession of the club due to the fact the other geezer didn't pay him what he owes. Oh the irony of it all. Hypothetical situation, said HK buisnessman decides to develop kraP nottarF for housing/retail and its Liebherr cranes and plant that do the demolition. Absolute icing on the cake. Link to comment Share on other sites More sharing options...
SaintJackoInHurworth Posted 4 February, 2010 Share Posted 4 February, 2010 ESPN are saying that this latest takeover is disputed: http://www.espn.co.uk/football/sport/story/5173.html Link to comment Share on other sites More sharing options...
positivepete Posted 4 February, 2010 Share Posted 4 February, 2010 This may save them. Before this event they probably wouldn't have been able to go into voluntary administration (CVA) because they would not have been able to demonstrate they had the funds to be a going concern, and would have probably been wound up. This guy may be able to demonstrate funds to keep them going. Link to comment Share on other sites More sharing options...
SFC Forever Posted 4 February, 2010 Share Posted 4 February, 2010 Subject: Balram Chainrai Yesterday at 10:33 pm -------------------------------------------------------------------------------- You read it here first. I have a feeling that this is the man that could well end up as Pompeys saviour. Pompey owe him, I believe, £20m ish in loans. The club goes into administration and he could get it for peanuts. The loans have been arranged in a way that means he would end up owning the ground as far as we can tell. Even HMRC could end up with nothing as pompey as it stands has no stock for valuation. I posted that last night on my site. Unbelievable how I actually got it but he has arrived to early in my book unless he has only limited funds like the other two before him. Link to comment Share on other sites More sharing options...
SFC Forever Posted 4 February, 2010 Share Posted 4 February, 2010 he has said it is a short term fix so probably doesn't have much money either. makes little sense at all this move by him. Link to comment Share on other sites More sharing options...
Bucks Saint Posted 4 February, 2010 Share Posted 4 February, 2010 he has said it is a short term fix so probably doesn't have much money either. makes little sense at all this move by him. Agreed. I think he just wants to be in the driving seat over (some of) the decisions, so he has some chance of a controlling what happens to his debt. Doubt he has any interest in the future of the football club, just what happens to the land he has as security But then if the ESPN story above is correct, and his "takeover" is not even valid, then it just keeps on getting better! Link to comment Share on other sites More sharing options...
SFC Forever Posted 4 February, 2010 Share Posted 4 February, 2010 I haven't seen that but what surprised me is the fact that he has come in so early. According to him he owns the ground so why bother moving in. The club goes under he could surely bring it back to life under a new ownership as agreed with the creditors. This would have meant a small outlay i know but he would have had no debts and would surely have been able to sell. Makes no sense. Link to comment Share on other sites More sharing options...
Saint Fan CaM Posted 4 February, 2010 Share Posted 4 February, 2010 I thought Gaydamak owned the ground - or perhaps its the land the ground stands on? The only way he's going to sort the mess out is to take the club into administration before the winding up order surely? Link to comment Share on other sites More sharing options...
Bucks Saint Posted 4 February, 2010 Share Posted 4 February, 2010 Yep - the ESPN story says that Gaydamak has the first charge on the same land, if so then Chairnrai has to wait in line. It depends what the land is worth - it needs to be £50m to cover them both in full, and more than £30m before Chainrai gets anything Link to comment Share on other sites More sharing options...
Mr X Posted 4 February, 2010 Share Posted 4 February, 2010 Yep - the ESPN story says that Gaydamak has the first charge on the same land, if so then Chairnrai has to wait in line. It depends what the land is worth - it needs to be £50m to cover them both in full, and more than £30m before Chainrai gets anything its not much bigger than the dell site though is it surely? Link to comment Share on other sites More sharing options...
Al de Man Posted 4 February, 2010 Share Posted 4 February, 2010 Without trawling through the nine pages of this thread so far I don't know if it's already been mentioned, but the match will go ahead. You are confusing Administration with Liquidation. Lots of football clubs have gone into administration during the season and continue to fulfill their fixtures. Palace played on Tuesday despite going into administration the week before. An administrator is appointed who sells the assets to keep the business afloat whilst a new buyer is sought. Liquidation is the point at which a club ceases to exist and is quite some way after administration. Link to comment Share on other sites More sharing options...
Bucks Saint Posted 4 February, 2010 Share Posted 4 February, 2010 Without trawling through the nine pages of this thread so far I don't know if it's already been mentioned, but the match will go ahead. You are confusing Administration with Liquidation. Lots of football clubs have gone into administration during the season and continue to fulfill their fixtures. Palace played on Tuesday despite going into administration the week before. An administrator is appointed who sells the assets to keep the business afloat whilst a new buyer is sought. Liquidation is the point at which a club ceases to exist and is quite some way after administration. Yes correct except your last point - if the Winding Up order is made in SIX days time, with no one having applied for Administration before that date, then PFC will be in Liquidation. The full meaning of "Winding Up" is that the Court will order the company to be Compulsorily Wound Up, which means it will be in Liqiudation, with the Official Receiver appointed as Liquidator. PFC will cease trading immediately. I continue to believe that is highly unlikely - it makes no sense for any football club to do this as all players become free agents. But Administration needs (1) funding and (2) a buyer in the near future, as was the case with Saints Link to comment Share on other sites More sharing options...
Deanovski Posted 4 February, 2010 Share Posted 4 February, 2010 bloody better after today Link to comment Share on other sites More sharing options...
Saint Fan CaM Posted 4 February, 2010 Share Posted 4 February, 2010 Yes correct except your last point - if the Winding Up order is made in SIX days time, with no one having applied for Administration before that date, then PFC will be in Liquidation. The full meaning of "Winding Up" is that the Court will order the company to be Compulsorily Wound Up, which means it will be in Liqiudation, with the Official Receiver appointed as Liquidator. PFC will cease trading immediately. I continue to believe that is highly unlikely - it makes no sense for any football club to do this as all players become free agents. But Administration needs (1) funding and (2) a buyer in the near future, as was the case with Saints Some on here were claiming though that administration is not possible while a winding up order is in place? Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 4 February, 2010 Share Posted 4 February, 2010 Some on here were claiming though that administration is not possible while a winding up order is in place? I think the gist from those in the know on here was that the Directors of PFC cannot take the club into voluntary administration as the winding up petition has been booked. It has to be one of the creditors that does it - but only after consulting the HMRC - Gaydamak has already ruled that out..so I reckon the Chanrai 'takeover' is designed to hold power...and what's the bet he applies for admin through HMRC before next week? Link to comment Share on other sites More sharing options...
Bucks Saint Posted 4 February, 2010 Share Posted 4 February, 2010 Some on here were claiming though that administration is not possible while a winding up order is in place? Just to be clear - it is possible to put the company into Admin while a petition for Winding Up has been presented, but not yet heard - (i.e. before the 10th). Creditors can do this. Directors can ask the Court but could well be refused. Once (if) the Winding Up order is made, there is nothing left to be done. It is finished Link to comment Share on other sites More sharing options...
Ken Tone Posted 4 February, 2010 Share Posted 4 February, 2010 its not much bigger than the dell site though is it surely? What I heard was that Gaydamak kept ownership of the (quite large) areas of ground nearby that would be needed for any redevelopment but that he sold the stadium itself and the club to the joke arab. Chainrai presumably holds the stadum (and the football club as an entity) as security for his loan to al-faraj and is now calling in that security because they've defaulted on the re-payments. His motive now is presumably to protect his loan. If they went into administration as it was, he'd just be another creditor in the queue. He'll want to avoid admin or winding up, cut costs when he can and get out when he can. The real question is what on earth possessed him to lend the money in the first place? Don't think he can even plan to build on the stadium site since I'd have thought gaydamak owns too much of the adjoining land to make that viable fiancially Km Link to comment Share on other sites More sharing options...
Wes Tender Posted 4 February, 2010 Share Posted 4 February, 2010 I think the gist from those in the know on here was that the Directors of PFC cannot take the club into voluntary administration as the winding up petition has been booked. It has to be one of the creditors that does it - but only after consulting the HMRC - Gaydamak has already ruled that out..so I reckon the Chanrai 'takeover' is designed to hold power...and what's the bet he applies for admin through HMRC before next week? So would I be right in thinking that as a creditor, Chanrai would have been entitled to have applied for the club to go into administration, but as the owner he cannot do it? So what is he playing at? It almost smacks of him wanting the club to go down the pan so that his property development company can get the land for development. But what is the value of that land for development anyway? It is hardly in a salubrious area where high value housing could be built. It is a scabby part of Portsmouth surrounded with industrial warehousing, railway sidings and poor terraced housing. Furthermore, presumably the Council would have a say in what was put in there too and might not be happy to change the designated use of that land which is already the stadium, thus further devaluing the land surrounding it. Link to comment Share on other sites More sharing options...
St.Patrik Posted 4 February, 2010 Share Posted 4 February, 2010 Im sure this news isn´t helping they much either.... http://www.thesun.co.uk/sol/homepage/news/2838279/Avram-Grant-is-the-Premier-League-manager-who-visited-a-brothel.html Link to comment Share on other sites More sharing options...
Secret Site Agent Posted 4 February, 2010 Share Posted 4 February, 2010 bub bub balara, lub dub bala bub bub balara, lub dub bala Dub dub delubda dub dub delubda Welcome to the Pompey FC Circus. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 4 February, 2010 Share Posted 4 February, 2010 So would I be right in thinking that as a creditor, Chanrai would have been entitled to have applied for the club to go into administration, but as the owner he cannot do it? So what is he playing at? It almost smacks of him wanting the club to go down the pan so that his property development company can get the land for development. But what is the value of that land for development anyway? It is hardly in a salubrious area where high value housing could be built. It is a scabby part of Portsmouth surrounded with industrial warehousing, railway sidings and poor terraced housing. Furthermore, presumably the Council would have a say in what was put in there too and might not be happy to change the designated use of that land which is already the stadium, thus further devaluing the land surrounding it. I think to be honest there seems to be a perception that Chinarai and Gaydamak are working together on this. Could well be wide of the mark...but stranger things have happened. What's the betting some of the surrounding area is sold by Gaydamak for development in a joint project with Chinarai? It gets murkier by the day to be honest. You can bet your bottom dollar there's more to this Poopey episode than meets the eye. Also, why is Storrie 'safe' again? Surely he was the 'man' who brought in Al Mirage, so why then does he remain under Chinarai?? ..seeing that he oversaw the spending before? Or...he's there because they don't want him on the outside....and so the circle of Gaydamak, Storrie, Al Mirage, Al Fahim and Chinrai continues.... Link to comment Share on other sites More sharing options...
Gingeletiss Posted 4 February, 2010 Share Posted 4 February, 2010 Also, why is Storrie 'safe' again? Surely he was the 'man' who brought in Al Mirage, so why then does he remain under Chinarai?? ..seeing that he oversaw the spending before? The other way round...he was fronting the Chinarai takeover, when SG allowed in the Fake Sheiks Link to comment Share on other sites More sharing options...
hypochondriac Posted 4 February, 2010 Share Posted 4 February, 2010 Just to be clear - it is possible to put the company into Admin while a petition for Winding Up has been presented, but not yet heard - (i.e. before the 10th). Creditors can do this. Directors can ask the Court but could well be refused. Once (if) the Winding Up order is made, there is nothing left to be done. It is finished So if they risk trying to win and lose then it's all over? Surely you would take admin rather than risk it all. Unless of course you have loads to lose with admin (like Chanrai) so it's the last thing you want. Could be interesting. Maybe Al Faraj was planning admin and Chanrai stepped in to stop him. Could be interesting that. Link to comment Share on other sites More sharing options...
Wes Tender Posted 4 February, 2010 Share Posted 4 February, 2010 I think to be honest there seems to be a perception that Chinarai and Gaydamak are working together on this. Could well be wide of the mark...but stranger things have happened. What's the betting some of the surrounding area is sold by Gaydamak for development in a joint project with Chinarai? It gets murkier by the day to be honest. You can bet your bottom dollar there's more to this Poopey episode than meets the eye. Also, why is Storrie 'safe' again? Surely he was the 'man' who brought in Al Mirage, so why then does he remain under Chinarai?? ..seeing that he oversaw the spending before? Or...he's there because they don't want him on the outside....and so the circle of Gaydamak, Storrie, Al Mirage, Al Fahim and Chinrai continues.... Yes, I read a conspiracy theory written by a Skate fan on one of their forums that speculated on this. It appears that there are connections between some of these people involved in this fiasco, shared directors on boards of other companies, use of the same solicitors, etc. Also, the appointment of a convicted fraudster overseeing their finances can't exactly fill their fans with confidence either. It all looks very bleak for their future prospects. Chainrai was reported back in November to be only interested in putting them on an even keel before selling on. But it must be nerve-racking to see that amongst the vultures hovering overhead, there are those whose backgrounds involve property development. Link to comment Share on other sites More sharing options...
Bucks Saint Posted 4 February, 2010 Share Posted 4 February, 2010 So if they risk trying to win and lose then it's all over? Surely you would take admin rather than risk it all. Unless of course you have loads to lose with admin (like Chanrai) so it's the last thing you want. Could be interesting. Maybe Al Faraj was planning admin and Chanrai stepped in to stop him. Could be interesting that. If you are fully secured, and you dont think the value of your security is impacted by what happens on the football side - so if you have some land which is worth more than you are owed, and that will not change whatever happens on the 10th - then there is no need to do anything. If you have an ordinary unsecured debt, then the club will definitely be worth more in Admin than if it is wound up, so you have a better chance of getting some cash. That has to be the case for most creditors. But the problem remains that someone has to fund the trading costs while in Admin, and there has to be a good chance of a buyer out there. The Court will only grant Admin if these things can be demonstrated as realistic Link to comment Share on other sites More sharing options...
benjii Posted 4 February, 2010 Share Posted 4 February, 2010 I haven't seen that but what surprised me is the fact that he has come in so early. According to him he owns the ground so why bother moving in. The club goes under he could surely bring it back to life under a new ownership as agreed with the creditors. This would have meant a small outlay i know but he would have had no debts and would surely have been able to sell. Makes no sense. On the contrary, I don't know why he is so late! If you were going to make a move then surely you should do it during or at the start of the transfer window in order to actually raise some cash. Now all he can do is look to the debt market, put private money in or try to convince the other creditors to hold-fire. Mind you, it is hard to explain the goings on at PFC with any sort of rationality. Link to comment Share on other sites More sharing options...
hypochondriac Posted 4 February, 2010 Share Posted 4 February, 2010 If you are fully secured, and you dont think the value of your security is impacted by what happens on the football side - so if you have some land which is worth more than you are owed, and that will not change whatever happens on the 10th - then there is no need to do anything. If you have an ordinary unsecured debt, then the club will definitely be worth more in Admin than if it is wound up, so you have a better chance of getting some cash. That has to be the case for most creditors. But the problem remains that someone has to fund the trading costs while in Admin, and there has to be a good chance of a buyer out there. The Court will only grant Admin if these things can be demonstrated as realistic So if they lose their appeal will they be given the opportunity to prove that there is interest in a takeover and then be allowed to put themselves into admin? Or would the WUO take effect immediately? Link to comment Share on other sites More sharing options...
SaintRichmond Posted 4 February, 2010 Share Posted 4 February, 2010 I think to be honest there seems to be a perception that Chinarai and Gaydamak are working together on this. Could well be wide of the mark...but stranger things have happened. What's the betting some of the surrounding area is sold by Gaydamak for development in a joint project with Chinarai? It gets murkier by the day to be honest. You can bet your bottom dollar there's more to this Poopey episode than meets the eye. Also, why is Storrie 'safe' again? Surely he was the 'man' who brought in Al Mirage, so why then does he remain under Chinarai?? ..seeing that he oversaw the spending before? Or...he's there because they don't want him on the outside....and so the circle of Gaydamak, Storrie, Al Mirage, Al Fahim and Chinrai continues.... We must all be gratefull that the Sweet FA found all of the above to be Fit and Proper people to run a Football Club Thank God none of them are crooks, fraudsters, money launderers, profiteers, and that all have the Football Club as their No 1 priority The likes of Luton, Chester, Bournemouth etc etc must be seething, for what, in retrospect, were pitifuuly small transgressions by comparisons :cool: Link to comment Share on other sites More sharing options...
positivepete Posted 4 February, 2010 Share Posted 4 February, 2010 http://newsarse.com/2010/02/04/hong-kong-business-man-wins-portsmouth-fc-in-game-of-pass-the-parcel/ What more do you need to sum it up! Link to comment Share on other sites More sharing options...
Toadhall Saint Posted 4 February, 2010 Share Posted 4 February, 2010 It may have been asked but - has this new guy passed the fit and proper test (not tha its worth a **** mind)? Link to comment Share on other sites More sharing options...
Alanh Posted 4 February, 2010 Share Posted 4 February, 2010 I'd say that Chainrai made the loans initially with the intention of keeping Pompey going with the intention that he would get his money back from Sky money and would also have leverage over the Gaydamak clan with regard to getting the £17M that he sued Gaydamak Snr for last year. He didn't get the money in January so he's taken control in an effort to ensure that future Sky monies do go to him - even if they get relegated there are two season's worth of parachute payments which he could take, after running costs. He'll also be working to find a buyer which again will pay off his debts. I think his move today means that they will see out the season as he will fund the short term debts to ensure he gets the paraachute payments at least. I still think they will be relegated. History suggests that clubs on 15 points in February who have been on the bottom of the table all season just don't turn things around, even if 40 points doesn't end up being the target for survival. They have to pick up 6 points on their rivals to reach safety, however it's taken them since the 5th December to pick up their last 6 points - 9 league games. Link to comment Share on other sites More sharing options...
so22saint Posted 4 February, 2010 Share Posted 4 February, 2010 So if they lose their appeal will they be given the opportunity to prove that there is interest in a takeover and then be allowed to put themselves into admin? Or would the WUO take effect immediately? To quote the administrator on Solent last night: "if they lose on Wednesday, then that's it. They need to be in administration before next Wednesday and what worries me is that the word on the street amongst administrators is that they are not talking to anybody. They either believe 100% they will win next Wednesday or are heading down a track they shouldn't even consider" (something like that, at that point I was getting bored). cue much gnashing of teeth from the skate commentators and Andy Awful. Personally, it does sound more and more like it's in somebody's interest for them to go under to me... Link to comment Share on other sites More sharing options...
so22saint Posted 4 February, 2010 Share Posted 4 February, 2010 Though having said that, this Chanrai bloke can pay the remainder to the HMRC and other Winding Up Order claiments anytime before Wednesday and then they are fine. well, fineish Link to comment Share on other sites More sharing options...
Torres Posted 4 February, 2010 Share Posted 4 February, 2010 even if they get relegated there are two season's worth of parachute payments which he could take, after running costs. Haven't they sold this on already? Link to comment Share on other sites More sharing options...
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