Generic clubs in financial crisis Thread

[exileinleeds]

Administrator plans to sell Fratton Park to Chaerai for 10m then to rent it back at £1.2m (3% increase per year) He is owed £13m

Actual debt if you take player contracts out is £86m.

Squad valued in last accounts at £21m. Storrie has told them the would raise (if all sold) £38.

HMRC= "BOLLOX"

[wolsey]

Interesting
http://www.portsmouth.co.uk/custompages/custompage.aspx?pageid=81796

Seems to be heading to the inference that Dirk made earlier

[Barry the bird boggler]

Administrator plans to sell Fratton Park to Chaerai for 10m then to rent it back at £1.2m (3% increase per year) He is owed £13m

Actual debt if you take player contracts out is £86m.

Squad valued in last accounts at £21m. Storrie has told them the would raise (if all sold) £38.

HMRC= "BOLLOX"

It'll be nearer £38 though.... and the HMRC are quite right as buying clubs aren't going to pay market value. they'll just wait until the contracts expire when Pompey go bust.

[Mr Optimist]

There's some deluded people on there!!

It appears to be all the fault of the evil HMRC and if they only turned up at Fratton Park they would see what sort of club they are etc....like it was the oxford Brady bunch movie and if they turned up for a match and fell in love with the passion of the whole occasion they would just tear up the proceedings in the centre circle while hugging John Portsmouth FC Westwood and everyone will live happily ever.

[PieEater]

Administrator plans to sell Fratton Park to Chaerai for 10m then to rent it back at £1.2m (3% increase per year) He is owed £13m

How that meant to work - he's already loaned them £13m secured on the ground, surely they'd need to sell it to someone else for more than £13m, and give that to Chanrai? The ground can't be worth £23m?

[exileinleeds]

Case has been adjourned to w/c 15/3/10 PFC told to provide proof of what has been paid to whom. Essentially, that Channarai loaned money to PFC, not the companies of the then owners. They have to prove what money will definitely be in the coffers to allow the club to trade.

Not a let off.

[Mr Optimist]

Just heard the Barron Knights have put a consortium together to try and buy out the Glazers at crisis club Man Yoo.

[6ft Kerplunk]

Indeed, anyone got an image of Man United fans holding up those 'Not For Sale' banners they liked so much.

[Dirk Gently]

Case has been adjourned to w/c 15/3/10 PFC told to provide proof of what has been paid to whom. Essentially, that Channarai loaned money to PFC, not the companies of the then owners. They have to prove what money will definitely be in the coffers to allow the club to trade.

Not a let off.

Sounds like HMRC took notice of what happened at Leeds, where Bates suddenly "found" lots of "debt" owed to one of his subsidiary companies which allowed him to swing the votes the way he wanted - giving him the new club and the creditors less!

[Silver Fox]

Just heard the Barron Knights have put a consortium together to try and buy out the Glazers at crisis club Man Yoo.

It's actually the Arabian Knights, they're going to make the debt the size of an ant

[exileinleeds]

Question- given that the PL postponed the meeting (during which player sales and points deduction are on the agenda) pending the outcome of todays case, what happens now?

Points are still on the board- until when? Until it no longer makes a difference to the outcome of the league?

[Dirk Gently]

Case has been adjourned to w/c 15/3/10 PFC told to provide proof of what has been paid to whom. Essentially, that Channarai loaned money to PFC, not the companies of the then owners. They have to prove what money will definitely be in the coffers to allow the club to trade.

Not a let off.

Sounds like HMRC took notice of what happened at Leeds, where Bates suddenly "found" lots of "debt" owed to one of his subsidiary companies which allowed him to swing the votes the way he wanted - giving him the new club and the creditors less!

This is exactly what this is, it is a debt designed only to ensure the HMRC will be way below 25% from what I understand??

Votes cast are proportional to how much each creditor is owed, and any agreement needs 75% of votes cast.

So yes, if HMRC (or anyone else) is owed over 25% of the total debt they can block any CVA.

[Mr Optimist]

That's an interesting point. Does teh club already have to be mathematically certain of relegation for the points deduction to be carried forward to the next season?

If Pompey are say 8 or points adrfit from safety in two weeks time with 9 games to go and virtually down anyway before the 9 points deduction, surely it is not going to make any real difference to take the points in March and would be more of a punishment for them to start in the CCC -10 in August with a further -10 if they are still in administration by the start of the season?

[Uke]

That's an interesting point. Does teh club already have to be mathematically certain of relegation for the points deduction to be carried forward to the next season?

If Pompey are say 8 or points adrfit from safety in two weeks time with 9 games to go and virtually down anyway before the 9 points deduction, surely it is not going to make any real difference to take the points in March and would be more of a punishment for them to start in the CCC -10 in August with a further -10 if they are still in administration by the start of the season?

That would be cruel as Pompey will have some hope of staying up and beating the drop, thus prolonging their pain...











Oh go on then!

[Silver Fox]

How will the whole "penalty carrying over if you're already down" thing work? As in the past any club affected has been going from a FL competition to another FL competition. Pompey would be going from PL to FL and as seems obvious the PL really don't care what happens once it's not their problem, will they just deduct the points even if they're down?

Hopefully none of this will matter as they'll be liquidaed before the end of the season but just in case

[Dirk Gently]

Beyond The Debt – Are You Going To Be A Part Of The Solution?

[Vision]

Beyond The Debt – Are You Going To Be A Part Of The Solution?

Walsh had already made reference to a letter in the Guardian from a Portsmouth supporter stating that the spirit of Portsmouth Football Club will survive even if the worst happens to the current incarnation of the company that runs the club. Barry Dewy from Pompey Trust spoke of the madness that has engulfed his club over the last twelve months and of the action that is now required to ensure that, even if the worst happens to the current incarnation. They are still treating the ten per cent offered to them by Sulaiman Al-Fahim with a degree of suspicion, but the high take up rate for membership of the trust indicates that, no matter what happens in the future to Portsmouth FC, football in the city will continue, somehow and somewhere

.

Thats the thing about the Pompey situation for me. A lot of the pleading on their behalf is about how the whole community and area of Portsmouth will be affected by liquidation. But as I said on the other thread, this Portsmouth FC has oxf*rd all in common with the average resident of the area. How many local businessess owed money will at the the back of the queue whilst the football creditors take priority?

Let the oxf*rd' thing fold and then the people that give a shit can form their own club in their own image which actually reflects the people of Portsmouth. Certainly preferable to the short term wet dreams gained from the likes of Madaric,Rednapp,Storrie,Gaydamak and all the others who (despite the bollox they spout) couldn't give a shiny shite about Pompey apart from what they can get out of it.

[Silver Fox]

the people that give a shit can form their own club in their own image which actually reflects the people of Portsmouth.

That's not pretty

[Arch]

Maybe JM should turn his attention away from the prospect of a rich buyer and start to explore options for shifting to community ownership and governance.

[exileinleeds]

Just a thought of a question. Surely HMRC will have no problem working out who owns/can appoint an administrator. They only have to trace the payment of stamp duty that surely has been paid on all the share transfers this season?...