If P*mpey get wound-up on Friday :Poll:

[saintjay77]

Thanks saintjay77

 

Agree with all that you say TBH. My concern is that the Prem are going to be their fairy godmother in some form or other - the richest league in the world with a club going insolvent is not good PR for the Prem.

 

On one hand I cant see how the prem can do anything as due to the Winding Up order it is firmly in the hands of the tax man and the courts, but I also wouldnt be suprised if the prem or the FA manage to help them wriggle out of the mess that they put them selves in.

 

I think if anything the Prem should make an example of them and show the rest of the clubs what will happen if any club manages its business as much as Poopy has. Doubt they will do that though and I think they only said no to the transfer request due to a few manager speaking up saying its a bad idea. They knew it would be fought and they would come out of it worse so dropped it before they lose face.

 

It doesnt really matter to me if its Poopy or anyone else. Any club that runs up debts on the back of dodgy owners deserves to fall hard. To be part of the English leagues clubs should do things the right way and competition should be as fair as possible. It would be nice for other countrys to look at our leagues and think thats the way it should be done.

[saintjay77]

I heard the figure of £22m needed to keep then going till end of the season, not sure how true that is but where the hell is that going to come from if true.

 

Would be interesting to know if thats just there running costs till the end of the season or if that includes the bil to the Tax man and co. If its aditional then I cant see them getting past March 1st at all.

[kpturner]

Its all gone wrong....they are beating Stoke and they will be bought by the South Africans next week :-(

[Dazza82]

Its all gone wrong....they are beating Stoke and they will be bought by the South Africans next week :-(

 

We will see about this deal with south africans we know they like to tell a few storries ;-) and they also just had a former player score past them in the 90th min to lose 2-1 lol

[saintjay77]

Its all gone wrong....they are beating Stoke and they will be bought by the South Africans next week :-(

 

not all bad. 2-1 Stoke

 

The South Africans you speak of are probably no more than George Agdgdgwngo and is just asking for Poopy FC's baaaank details.

[scally]

Its all gone wrong....they are beating Stoke and they will be bought by the South Africans next week :-(

 

Keep the Faith.

[derry]

What if- The judge considers Chanrai's freehold for £10m illegal and reverses the deal. As the major (90%) shareholder/owner he has sold the freehold to himself.

 

I'm no insolvency expert so I'd be interested to know in the light of the ajournment and the forthcoming winding up hearing, whether the company can act without referring to the judge. Also why should Chanrai settle £10m of his debt whilst disposing of an asset that would go against the debt to the winding up applicants already sub judice.

[up and away]

What if- The judge considers Chanrai's freehold for £10m illegal and reverses the deal. As the major (90%) shareholder/owner he has sold the freehold to himself.

 

I'm no insolvency expert so I'd be interested to know in the light of the ajournment and the forthcoming winding up hearing, whether the company can act without referring to the judge. Also why should Chanrai settle £10m of his debt whilst disposing of an asset that would go against the debt to the winding up applicants already sub judice.

 

I would imagine the loan was secured against the ground, otherwise it would never happen. The only question would be the value and to be on the safe side I would imagine that figure is generous.

 

The only way Chanrai and Gaydamak can realise anything on the debts is to find some sucker to take over the club and get something back. They may even have first rights over any of the other assets, such as players. Something they could realise if the club is kept afloat.

 

What does that leave for anyone buying the club? just mountains of trouble and something difficult to see happening. It makes sense what Chanrai and Gaydamak are doing, but how do you make it attractive to an investor when you are asking them to pay for the privilege of a mountain of debt in contract salaries remaining and a short term rental agreement on the stadium?

[benjii]

If Chanrai has bought the ground from PFC then it is a decision of PFC's directors to sell the ground to Chanrai - they are the people who control the disposition, or otherwise, of PFC's assets.

 

Whilst the practical reality is that he has "sold it to himself", the legal reality is that PCFC Ltd has sold it to Balram Chanrai (if that is indeed the case).

 

No judge can reverse that transaction when hearing a winding-up petition. Any investigation into transactions during the relevant period preceding insolvency will be conducted by an official receiver who will then apply for court orders in respect of certain transactions if he wants to do so.

[Arizona]

Fulham would complain (assumng they could play in Europa)

 

They have no grounds for complaint, it's perfectly legal. The players wouldn't be cup tied, but I'm pretty sure you have to register players for European competitions by a certain date.

 

All irrelevant of course. No Pompey players would come close to Shakhtar's first team.

[Bucks Saint]

We will see about this deal with south africans we know they like to tell a few storries ;-) and they also just had a former player score past them in the 90th min to lose 2-1 lol

 

Just seen highlights. Pompey had a valid goal disallowed (tho Stoke sending off was wrong).

 

Grant came on afterwards saying they didn't deserve to lose but that's football. Oh, diddums. What goes around comes around you fat t#*t...

[shurlock]

Also fantastic to see the skates get suckerpunched on the break.

[PaulSaint]

If they decide admin is the only route to survival, and they can somehow find an administrator brave enough to take it on, their final points total could be a negative number (new record ladies & gents):

 

Current Points +16

Admin penalty -9

CVA not agreed -15

 

Now that would be very funny however it seems ridiculous that they start next year on zero when theyve done so much wrong and owed so much :(

[Donny Saint]

Now that would be very funny however it seems ridiculous that they start next year on zero when they've done so much wrong and owed so much :(

 

... to so many!

 

(with apologies to Sir Winston Churchill)

[The9]

If they decide admin is the only route to survival, and they can somehow find an administrator brave enough to take it on, their final points total could be a negative number (new record ladies & gents):

 

Current Points +16

Admin penalty -9

CVA not agreed -15

 

Now that would be very funny however it seems ridiculous that they start next year on zero when theyve done so much wrong and owed so much :(

 

I'd be impressed if they managed to 1) go into Admin when they're not able to take that option once the winding up order is in place and 2) get punished -15 for not having a CVA THIS SEASON, when that punishment necessitates them going into AND coming back out of admin before the end of the season - and I'm not sure the PL even has a punishment for exiting Admin the wrong way like the FL does.

 

They can't end up on minus points unless they get deductions for ineligible players.

[Dalek2003]

No news today, so far. Is this calm before the storm or will they simply fade away ?

[Saint 76er]

No news today, so far. Is this calm before the storm or will they simply fade away ?

 

Anyone know the Swahili word for mirage... ?

 

[PaulSaint]

"I'd be impressed if they managed to:

 

1) go into Admin when they're not able to take that option once the winding up order is in place and"

 

I understood that (even with a WUO in place) a creditor could still place them into admin and even a court official can do this to them?

[saintjay77]

"I'd be impressed if they managed to:

 

1) go into Admin when they're not able to take that option once the winding up order is in place and"

 

I understood that (even with a WUO in place) a creditor could still place them into admin and even a court official can do this to them?

 

I think by whats been suggested on here that Creditors can add them selves the the WU order and only the courts can put them into admin now.

 

They had there chance to do it before the WU orderbut chose to spend instead.

 

However I think that if they pay the tax bill (and I would have thought the others attached to the WU order) they then put themselves back into the position of putting themselves into Admin if they wish too.

 

They basically need to cough up around 11 mill for the tax bill and what ever else is owed right before they are due to pay there wages. Going by previous months even including the month they could sell players to have money in the bank, they have had trouble paying the wages so the tax bill looks pretty slim also.

 

These South Africans Storrie teller keeps talking about need to be completly stupid and unable to count past the poopey fans 6 fingers if they are ready to come in and bail them out. It wouldnt surprise me if they dont know about how much debt there realy is and just prolong poopeys death.

[alpine_saint]

Are the South Africans actually Saints fans on a wind-up.

 

Delicious...

[PaulSaint]

Yep, its Terry Paine!

[Window Cleaner]

I think by whats been suggested on here that Creditors can add them selves the the WU order and only the courts can put them into admin now.

 

They had there chance to do it before the WU orderbut chose to spend instead.

 

However I think that if they pay the tax bill (and I would have thought the others attached to the WU order) they then put themselves back into the position of putting themselves into Admin if they wish too.

 

They basically need to cough up around 11 mill for the tax bill and what ever else is owed right before they are due to pay there wages. Going by previous months even including the month they could sell players to have money in the bank, they have had trouble paying the wages so the tax bill looks pretty slim also.

 

These South Africans Storrie teller keeps talking about need to be completly stupid and unable to count past the poopey fans 6 fingers if they are ready to come in and bail them out. It wouldnt surprise me if they dont know about how much debt there realy is and just prolong poopeys death.

 

As I understand it the "tax bill" mentioned in the WU order is for 7.4 million

only, there's a separate PAYE/NH contribution bill for 4.7 million but it isn't attached to the other one. Apparently Chainrai is said to have paid a 4 million tax bill out of his own pocket...like that happened

[The9]

As I understand it the "tax bill" mentioned in the WU order is for 7.4 million

only, there's a separate PAYE/NH contribution bill for 4.7 million but it isn't attached to the other one. Apparently Chainrai is said to have paid a 4 million tax bill out of his own pocket...like that happened

 

Gosh he's a benevolent one, first he gives away £20m and accidentally acquires a football club, now he's chucking money into a big hole to see if he can stop it being worth absolutely nothing rather than just "next to nothing" ?!?!? Erm, surely not.

 

Incidentally, given last week's furore, why haven't the Skates sold loads of players ? They're still allowed to, they just won't be able to play for anyone else until next season... I mean surely that hasn't put anyone off purchasing any of their quality players like, umm... oh, hang on, they do own Belhadj and James, don't they ? Both of whom will want to go to the World Cup and be playing beforehand... oops...

[saintjay77]

As I understand it the "tax bill" mentioned in the WU order is for 7.4 million

only, there's a separate PAYE/NH contribution bill for 4.7 million but it isn't attached to the other one. Apparently Chainrai is said to have paid a 4 million tax bill out of his own pocket...like that happened

 

I thought the Tax man wanted the 11.5 mil but Poopy were claiming that it was just 7.5 mil. I thought they were suggesting that they had apealed the 4 mill or so?

 

Either way the total tax bill as of last month was around 11 mil and if chainrai has paid 4 mill then there is still the original 7 mil that is defo attached to the WU order. You would think if he wanted to save the club that would have been his 1st priority and not the 4 mil that they are possibly disputing.

 

Since then there must be more charges but I dont know how the tax bill's and so on would normally be paid in any business let alone a run down football club. Would that 7 mil have been a collection of missed monthly payments or an anual missed payment? If its monthly I wonder how many months were missed to get to that much?

 

I think the Tax man is argueing that there costs are so high they dont have enough income to pay there running costs let alone there debt which is why they want them shut down and sold off.

 

Will have to wait and see but its allot more interesting watching from a safe distance than it was last year thinking we could be up the shiiiter.

[St.Patrik]

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7292588/Portsmouth-heading-into-administration.html

[lordswoodsaints]

There is nothing to buy.

[Saint Fan CaM]

And this...

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7290747/Sulaiman-al-Fahim-exit-plan-reports-surprise-Portsmouth.html

 

Fahim's resignation as Chairman was accepted today. His (10%) share in PFC has been offered to the supporters trust, however they are (sensibly) taking a lot of time over whether to accept his 'kind' offer as there could be legal ramifications.

 

The rats are hastily exiting the sinking ship. They will be in administration by the end of the week I reckon (that is, if they are able to do that while under a WUO). If not, then it would appear they are royally screwed and there will be an almighty battle between Chanrai, Gaymark and HMRC over who gets to pick off the carcass. The players will be left free to walk and find other clubs. There will be nothing left - not even Farton Park will be accessible for AFC Pimpley to ply their trade in the Blue Square.

[bluejob]

Still bitter, twisted and obssesed then people?

[Saint Fan CaM]

Still bitter, twisted and obssesed then people?

 

 

Looking for a proper club to support or just trolling? :cool:

[St.Thomas7]

Still bitter, twisted and obssesed then people?

 

Nah, just love a good comedy...

[bluejob]

Nah, just love a good comedy...

 

You have starred in a few...

[Popester]

I must say , the P*ompey fan crying on ESPN after the game Saturday was very , very funny . Anyone see that ?

[Saint Fan CaM]

You have starred in a few...

 

 

I wonder who'll be having the last laugh come this Friday?

 

Now, if I was you I wouldn't be on our main forum trying to wind us up (pun intended - lol)...you should be out on the streets with a collection bucket to try and stave off the death of your horrible little club.

[bluejob]

I must say , the P*ompey fan crying on ESPN after the game Saturday was very , very funny . Anyone see that ?

 

What will you do without us?

[Popester]

So if they go into admin , why would they get a points deduction this year insetad of -9 next year starting in the Championship. It would hardly be a punishment because the f*ckers are down already. The -9 should apply next season regardless of division. So if in the uinlikely event that they stay up then they are still penalised

[NickG]

who? Sorry forgotten already.

[Popester]

What will you do without us?

 

Laugh and laugh and f*cking laugh for the rest of my life until I die a very happy man

[Dalek2003]

Still bitter, twisted and obssesed then people?

 

 

Not at all. Feeling very sorry for you all, just as you did to us when we were in trouble.

Chin up old bean !

[St.Thomas7]

You have starred in a few...

 

I think you have me confused with Adam Sandler.

[hackedoff]

Still bitter, twisted and obssesed then people?

 

Fore fux sayke lern two sphell !

[Glasgow_Saint]

Team unity.....

 

http://www.dailymail.co.uk/sport/football/article-1253019/Punch-Portsmouth-Jamie-OHara-KOs-team-mate-Michael-Brown-training-ground-melee.html?ITO=1490

[Armitage Shanks]

Team unity.....

 

http://www.dailymail.co.uk/sport/football/article-1253019/Punch-Portsmouth-Jamie-OHara-KOs-team-mate-Michael-Brown-training-ground-melee.html?ITO=1490

 

It's like the last few moments on the decks of the titanic. It's all starting to fall apart.

[The9]

The only downside to all this is that the Skates' parachute payments will get spread around the teams in the CCC instead, making it a little more difficult for Saints to outspend everyone when we get there.

[Ken Tone]

Team unity.....

 

http://www.dailymail.co.uk/sport/football/article-1253019/Punch-Portsmouth-Jamie-OHara-KOs-team-mate-Michael-Brown-training-ground-melee.html?ITO=1490

 

Amazed to see myself writing this about the Daily Mail, but they seem to have a pretty good summary later in that article.

 

Chainrai's move to sell himself the ground and lease it back for £1 million a year is clearly a ruse to protect himself as they go into administration. Otherwise he'd just be another creditor/shareholder and would lose most of his money.

 

Admin very soon IMO, then the question becomes will the premiership help them find a compromise with HMRC? If not, even if they avoid actual winding up, pompey could find themselves still in admin at the start of next season, with no agreement with creditors and maybe facing a further points deduction from the league on top of the, surely now inevitable, -9 from the premiership this season.

 

The administrator might then say that the lease on fratton park is too dear, and threaten to move them elsewhere, eg to Havant and Waterlooville's ground.

 

There's months of fun in this still!

 

K.

[SaintRichmond]

So if they go into admin , why would they get a points deduction this year insetad of -9 next year starting in the Championship. It would hardly be a punishment because the f*ckers are down already. The -9 should apply next season regardless of division. So if in the uinlikely event that they stay up then they are still penalised

 

As I recall ................ that happened to us:D:)

[Frank's cousin]

TBH whatever happens on Monday they wont dissappear - the vultures are already circulating - those 'in discussions' will wait until the club is in admin before making a decision - does anyone know what happens if the diectors/owners place teh club in admin before monday? will this offer them a stay of execution as its more likely a buyer will be found when in admin who will then guarrantee the HMRC their cash, take the -9 points now as relegation is a certainty anyway and then rebuild with the parachute payment next season...

 

I know there is a huge amount of schardenfreude about all this, and on the service I am not sympathetic because their directors/owners and Harry all have themselves to blame in their total incompetence in attempting to buy success, but the real fans do deserve better - not the moronic lot whose hatred for us outways their love of their own team, but real fans who have been there throughout their turmoils of the past and will stick by them in the future...

 

I do not want them given a helping hand by the PL, as that would go against the principles and integrity of the game - admin , points deduction and a new owner who lives up to their responsibilities to the fans would be the best outcome for all. Afterall, do we want them to go tits up without the opportunity for revenge of the 4-1? These rivalries are what makes the game in this country - not the PL and the CL, but the history of clubs like us and pompey and a huge number of others...

[Griffo]

Please survive Pompey. Want to play you ****ers week in week out.

[SaintRichmond]

TBH whatever happens on Monday they wont dissappear - the vultures are already circulating - those 'in discussions' will wait until the club is in admin before making a decision - does anyone know what happens if the diectors/owners place teh club in admin before monday? will this offer them a stay of execution as its more likely a buyer will be found when in admin who will then guarrantee the HMRC their cash, take the -9 points now as relegation is a certainty anyway and then rebuild with the parachute payment next season...

 

I know there is a huge amount of schardenfreude about all this, and on the service I am not sympathetic because their directors/owners and Harry all have themselves to blame in their total incompetence in attempting to buy success, but the real fans do deserve better - not the moronic lot whose hatred for us outways their love of their own team, but real fans who have been there throughout their turmoils of the past and will stick by them in the future...

 

I do not want them given a helping hand by the PL, as that would go against the principles and integrity of the game - admin , points deduction and a new owner who lives up to their responsibilities to the fans would be the best outcome for all. Afterall, do we want them to go tits up without the opportunity for revenge of the 4-1? These rivalries are what makes the game in this country - not the PL and the CL, but the history of clubs like us and pompey and a huge number of others...

 

 

What has/is happening to Portsmouth should serve as a WARNING to the Stupid people that run Football in this country

 

They should (at last) realise that Each and Every Club should not be allowed to run up so much "credit" as to make it look like Monopoly for Big Boys

 

All this £5 down and £1 per week for the next 100 years i crazy

 

Every Club has the right to buy who they wish, but let it be for MONEY and NOT HP

 

That has led Portsmouth to where they find themselves now, and don't forget, they are ONLY circa £70M in debt

 

The likes of Man Utd and Liverpool show accounts with debts far in excess of £70M, but the difference between them and Portsmouth is "cash flow", ie they still have lots of money coming IN

 

BUT, it does not, or should not, detract fom the fact that they are carrying LOADS of debt

 

Football is the only type of Business that is allowed to operate like that, which is stupid IMHO:cool:

[Window Cleaner]

The only downside to all this is that the Skates' parachute payments will get spread around the teams in the CCC instead, making it a little more difficult for Saints to outspend everyone when we get there.

 

And as there will also be Newcastle's payment and perhaps that of WBA there will be a stack of money sloshing about in the CCC next year, perhaps that's why NC is in such a hurry to get there.

[Ken Tone]

What has/is happening to Portsmouth should serve as a WARNING to the Stupid people that run Football in this country

 

They should (at last) realise that Each and Every Club should not be allowed to run up so much "credit" as to make it look like Monopoly for Big Boys

 

All this £5 down and £1 per week for the next 100 years i crazy

 

Every Club has the right to buy who they wish, but let it be for MONEY and NOT HP

 

That has led Portsmouth to where they find themselves now, and don't forget, they are ONLY circa £70M in debt

 

The likes of Man Utd and Liverpool show accounts with debts far in excess of £70M, but the difference between them and Portsmouth is "cash flow", ie they still have lots of money coming IN

 

BUT, it does not, or should not, detract fom the fact that they are carrying LOADS of debt

 

Football is the only type of Business that is allowed to operate like that, which is stupid IMHO:cool:

 

Agree in principle with what you say, but it's the wages that have crippled pompey not long term transfer fees on the never never. Have you seen David James saying that the players' bonuses for winning the Cup were bigger than the money the club made from winning it? Crazy.

 

The FA has to introduce some sort of wage cap. Can't be on individual wages legally ,but could be a rule for membership of league that your total wage bill did not exceed say 60% of total income.

 

K.