Portsmouth fc

[Barry the bird boggler]

I caught the local results on Meridian last night and Fred Dineage didn't read out the Pompey score, is he ashamed of them nowawdays?

More likely Portsmouth don't get in the region now. Whenever I tune into Meridian news all I get is a load crap about Kent and even Essex!

ITV = shocking news/sports coverage.

[SPARTA]

I caught the local results on Meridian last night and Fred Dineage didn't read out the Pompey score, is he ashamed of them nowawdays?

More likely Portsmouth don't get in the region now. Whenever I tune into Meridian news all I get is a load crap about Kent and even Essex!

ITV = shocking news/sports coverage.

It's a funny programme. They do still cover Portsmouth, so that was just poor form from their inadequate news room. Saints usually get the most attention, then us, then Pompey, Brighton, Bournemouth, Swindon, Crawley, Oxford... and then over to Kent. I remember when Meridian used to be just a couple of clubs.

[Barry the bird boggler]

Isn't it this week this sorry tale comes to it's latest head in court?

I also note that the team itself is 3 points from safety with 3 games left, they couldn't somehow wangle survival in Division 3 could they????

[Who Moved The Goalposts?]

Isn't it this week this sorry tale comes to it's latest head in court?

I also note that the team itself is 3 points from safety with 3 games left, they couldn't somehow wangle survival in Division 3 could they????

Well, Oldham is the key as they have 3 games in hand on Pompey and the next club up is already on 47, 8 ahead of the financial dopers. If they do survive, it'll be at the expense of Oldham.

Regardless, I cannot see how the penalty of 10pts can be applied this season now. Surely it's too late as if they are almost relegated anyway, won't it just be case of getting the deduction in before next season - which begs the question, are all the delays in court proceedings calculated just for this very reason?

[PieEater]

Wasn't there a date set for administration after Leeds did that? Either way they will go down, it's just whether they start next year with zero or -10.

[Who Moved The Goalposts?]

Wasn't there a date set for administration after Leeds did that? Either way they will go down, it's just whether they start next year with zero or -10.

I'm hoping it's the latter as it gives us the best of both worlds

[M Brook]

http://www.bbc.co.uk/sport/0/football/22043819

[Tony Le Mesmer]

Wasn't there a date set for administration after Leeds did that? Either way they will go down, it's just whether they start next year with zero or -10.

I'm hoping it's the latter as it gives us the best of both worlds

It was a date at the end of March, so yes they are down regardless.

[Barry the bird boggler]

http://www.bbc.co.uk/sport/0/football/22043819

Thanks for the link - the article says and answer by the end of the week...

The battle for the future of League One side Portsmouth will finally be heard at the High Court on 10 April.

The club has been in administration for 14 months and is subject to a takeover bid from the Pompey Supporters' Trust.

However that bid is dependent on taking ownership of the club's Fratton Park stadium which is currently controlled by Balram Chainrai's company Portpin.

Administrators BDO - formerly PKF - are attempting to force the sale of Fratton Park and seek an independent valuation.

Paragraph 71 of the 1986 Insolvency Act allows administrators to sell an asset which has a fixed charge on it if they can persuade a judge such a move is in the best interests of the company's creditors.

"The purpose of the hearing is to ask the Court to give the administrators permission to sell Fratton Park, which is currently subject to a mortgage in favour of Portpin," administrator Trevor Birch told BBC Sport.

"The Court will also, at the same hearing, determine the 'market value' of the property after listening to expert witnesses.

"If the Court agrees with the value that the PST has placed on the property, then a sale of the club to the PST can proceed very quickly.

"It is impossible at this stage to predict what will happen if we lose because there are so many variables."

The PST has offered Chainrai £3m for the ground, but the Hong Kong businessman has so far refused to sell.

Chainrai believes he is owed around £12m by the club and currently holds the stadium as security via a fixed charge.

The Trust has raised around £2m through shares, with fans investing £1,000 each, while the club has also raised funds through several 'High Net Worth' investors, such as Iain McInnes, who also support the club.

McInnes himself will become chairman of the club, if and when the takeover is completed.

In February the Trust were granted a £1.45m loan from Portsmouth City Council to help fund their proposed purchase of Fratton Park.

Their property partner Stuart Robinson has also recently purchased land surrounding the stadium meaning the area could finally be redeveloped.

Football financier Keith Harris is also interested in buying the club along with a consortium of businessmen, but the PST are BDO's preferred bidders and have Football League approval. If the judge does not rule in the favour of BDO/the PST then Harris and his consortium will return to the League and ask for a change in their stance.

The hearing at the Rolls Buildings in London on Fetter Lane is expected to last two days and will be heard by Mr Justice Peter Smith at 10.30 BST, in Court 31.

Administrators BDO will be represented by Katharine Holland QC from Landmark Chambers with Pinsent Masons their legal representatives. Portpin will be represented by Walker Morris with their QC expected to be Richard Sheldon.

Chainrai is not expected in court but his brother Deepak is likely to represent the family.

[Alexander Litvinenko]

Portsmouth Supporters Trust wins the case and cleared to purchase Fratton Park.

[Pepe the Horseman]

Yes, but what does this all mean?

[TFF]

Yes, but what does this all mean?

Chanrai's lost a shitload of money.

PST can buy the ground from the administrators and the club can be its own landlord.

In a shitty landlocked ground that can't be developed

[Wax Jacket]

I know we all love LOLing at Pompey but this is excellent news for football fans. it's also the best for the club, the only thing the land can be used for is playing football - so why not just play football on it.

[Tony Le Mesmer]

Kind of glad this will finally be resolved. As much as I want one big team to go to the wall just to make the League wake up and do something, I think its fair to say the club has been punished enough. I also doubt the punishment will stop here. They will still have a huge financial legacy to carry and i wouldnt expect to see them back in the top 2 divisions within a decade. Just take a look at Bradford for an example of just how hard it is to rebuild, from what was a far less severe state than Portsmouth.

[PieEater]

I don't know where you got that from Dirk, the judge is just delivering the verdict.

They did a deal beforehand, details not yet disclosed but the judge wants to talk to the FL about the Harris bid before he approves it. Just covering the creditors as the Harris bid of £6.5m is better for them.

[Alexander Litvinenko]

To confirm, the deal is now done and PST own Portsmouth.

[PieEater]

We need Rumpole to explain what a Tomlin order is, but it looks like good news for PST.

[Alexander Litvinenko]

I understand it's a court-permitted delays to an agreement already made. So they can now do what they agreed to, pending court action, without having to go back to square one.

[PieEater]

Any idea what the deal for the ground was? They had 5 valuations all less than the £3m they offered.

[Alexander Litvinenko]

Not yet, but I think their it was their offer that was accepted - the other valuations just showed that it was a fair and reasonable price to pay.