Gordon the Gopher
Active member
The belotti thread got me thinkingTook this from the news. Bit highlighted is very worrying for them. reminds me of when Archer slyly changed our constitution so he could profit from the sale of the ground!
'Where's the money going to come from?
By Neil Allen
They were chanting 'Where's the money gone?' as Mark Jacob emerged. It was an uncomfortable reception from a group of Pompey supporters gathered at the Frogmore Road entrance.
Meeting the symbolic 12th man for the handing over of an open letter addressed to Ali Al Faraj on Saturday afternoon, Jacob rose his head above the parapet for the first time to meet the fans.
And he was promptly gunned down by a torrent of dissenting voices.
Still the question should be 'Where's the money going to come from?'.
Unfortunately, the question of identifying future investment is one the Al Faraj regime cannot confidently answer. Not even in these times of new-found openness and honesty.
Unless that solution can be discovered, the Blues' short-term future will remain very, very bleak.
Simply put, there is not one single guarantee in place that precious investment is on the way.
And that is the biggest concern.
Undoubtedly, when Al Faraj stepped in on October 5 he saved the football club from administration.
Since then, we have been assured by Jacob they haven't come close to once again tottering on that crumbling precipice.
That is largely due to this oft-spoken £40m being generated and then spent in keeping Pompey afloat.
According to club accounts leaked anonymously to The News, this appears to be true.
The authenticity of these accounts – dated December 3 – have subsequently been verified by Jacob.
Among its information is proof the club paid £3.3m to the Inland Revenue in December and planned to pay £8.14m last month.
Interestingly, it also backs up Sulaiman Al Fahim's claims he put £5m into the club in August while owner.
Back to the £40m figure and the club accounts show £16.75m has come from Balram Chainrai via a loan through Al Faraj's company Falcondrone over three months.
In addition, £2.5m arrived last month from Barclays Bank concerning an overdraft facility they acknowledged should be paid back to the club.
Then there is the £2.24m the club will this month receive from instalments in the transfers of Niko Kranjcar (Spurs) among others.
Finally, there is £11m of Sky money, a sum which was first distributed in December.
All four income streams total approaching £40m. All have arrived from sources other than Al Faraj, and all have been ploughed back into the club.
Obviously, at this moment in time, investment is the key.
Ahmed Al Faraj last week told The News he was hopeful that investment can be found within the next 'two to three months'. The worry is that will be too late.
As for Chainrai, the Hong Kong money lender who continues to bail Pompey out, he stepped forward once again this month with a £2m loan to bridge another wages shortfall.
In recognition of his contribution, his company Portpin now has the mortgage on Fratton Park.
However, Jacob insists it is still the property of Portsmouth City Football Club.
The likelihood remains he will be turned to once again on January 31 should investment not materialise soon.
Of course, the required cash injection does not necessarily have to come from other institutions.
Selling players this month is a realistic proposition and surely the most inevitable at this moment in time.
Pompey have repeated they will review the situation should they receive a 'substantial' offer for one of their players.
According to accounts, they have projected £11.75m to be made from the future sales of players this month.
Interestingly, they have already turned down a 12m euros bid (£10.6m) from Lens for prize asset Younes Kaboul in the hope of holding out for more.
The prospect of selling any player who can help keep the Blues in the Premier League is an unpalatable one for the majority of fans.
It was also a point doggedly made by John Westwood during Saturday's Chimes Bar meeting with Jacob.
Then again, can they really afford to decline the opportunity to clinch around £12m worth of investment a transfer would bring?
Similarly, the possibility of £65,000-a-week David James ripping up his Fratton Park contract to switch to Stoke was a lucrative one in respect of slashing the wage bill.
Of course, there remain the issues with the Inland Revenue bill at present, in addition to the transfer embargo.
The Blues were today hoping to win their High Court appeal on a £5.5m HM Revenue & Customs bill which has led to a winding-up petition being served.
Pompey are also pursuing their fight with the Premier League to lift the embargo having paid £5m owed to Chelsea, Spurs and West Ham, via
their Sky money.
They have also come to an agreement with Lens and Rennes over the
structure of future repayments. Negotiations are continuing with final
creditor Udinese.
In addition, the Premier League have withheld £2m of the remaining Sky money.
Yet these are nothing more than distractions from the main problem – the distinct absence of new investment.
There could be moral victories over the next month and the odd million shaved off the debt.
Admittedly, the current regime have seized control of the purse strings and slowly but surely are helping the club back on its feet.
Credit where credit is due, there are people behind those Fratton Park scenes working extremely hard to add vital stability and restore equilibrium following so much financial uncertainty.
But without the hard fact of a substantial cash injection into this football club, it is very, very difficult to feel confident over its future.
'Where's the money going to come from?
By Neil Allen
They were chanting 'Where's the money gone?' as Mark Jacob emerged. It was an uncomfortable reception from a group of Pompey supporters gathered at the Frogmore Road entrance.
Meeting the symbolic 12th man for the handing over of an open letter addressed to Ali Al Faraj on Saturday afternoon, Jacob rose his head above the parapet for the first time to meet the fans.
And he was promptly gunned down by a torrent of dissenting voices.
Still the question should be 'Where's the money going to come from?'.
Unfortunately, the question of identifying future investment is one the Al Faraj regime cannot confidently answer. Not even in these times of new-found openness and honesty.
Unless that solution can be discovered, the Blues' short-term future will remain very, very bleak.
Simply put, there is not one single guarantee in place that precious investment is on the way.
And that is the biggest concern.
Undoubtedly, when Al Faraj stepped in on October 5 he saved the football club from administration.
Since then, we have been assured by Jacob they haven't come close to once again tottering on that crumbling precipice.
That is largely due to this oft-spoken £40m being generated and then spent in keeping Pompey afloat.
According to club accounts leaked anonymously to The News, this appears to be true.
The authenticity of these accounts – dated December 3 – have subsequently been verified by Jacob.
Among its information is proof the club paid £3.3m to the Inland Revenue in December and planned to pay £8.14m last month.
Interestingly, it also backs up Sulaiman Al Fahim's claims he put £5m into the club in August while owner.
Back to the £40m figure and the club accounts show £16.75m has come from Balram Chainrai via a loan through Al Faraj's company Falcondrone over three months.
In addition, £2.5m arrived last month from Barclays Bank concerning an overdraft facility they acknowledged should be paid back to the club.
Then there is the £2.24m the club will this month receive from instalments in the transfers of Niko Kranjcar (Spurs) among others.
Finally, there is £11m of Sky money, a sum which was first distributed in December.
All four income streams total approaching £40m. All have arrived from sources other than Al Faraj, and all have been ploughed back into the club.
Obviously, at this moment in time, investment is the key.
Ahmed Al Faraj last week told The News he was hopeful that investment can be found within the next 'two to three months'. The worry is that will be too late.
As for Chainrai, the Hong Kong money lender who continues to bail Pompey out, he stepped forward once again this month with a £2m loan to bridge another wages shortfall.
In recognition of his contribution, his company Portpin now has the mortgage on Fratton Park.
However, Jacob insists it is still the property of Portsmouth City Football Club.
The likelihood remains he will be turned to once again on January 31 should investment not materialise soon.
Of course, the required cash injection does not necessarily have to come from other institutions.
Selling players this month is a realistic proposition and surely the most inevitable at this moment in time.
Pompey have repeated they will review the situation should they receive a 'substantial' offer for one of their players.
According to accounts, they have projected £11.75m to be made from the future sales of players this month.
Interestingly, they have already turned down a 12m euros bid (£10.6m) from Lens for prize asset Younes Kaboul in the hope of holding out for more.
The prospect of selling any player who can help keep the Blues in the Premier League is an unpalatable one for the majority of fans.
It was also a point doggedly made by John Westwood during Saturday's Chimes Bar meeting with Jacob.
Then again, can they really afford to decline the opportunity to clinch around £12m worth of investment a transfer would bring?
Similarly, the possibility of £65,000-a-week David James ripping up his Fratton Park contract to switch to Stoke was a lucrative one in respect of slashing the wage bill.
Of course, there remain the issues with the Inland Revenue bill at present, in addition to the transfer embargo.
The Blues were today hoping to win their High Court appeal on a £5.5m HM Revenue & Customs bill which has led to a winding-up petition being served.
Pompey are also pursuing their fight with the Premier League to lift the embargo having paid £5m owed to Chelsea, Spurs and West Ham, via
their Sky money.
They have also come to an agreement with Lens and Rennes over the
structure of future repayments. Negotiations are continuing with final
creditor Udinese.
In addition, the Premier League have withheld £2m of the remaining Sky money.
Yet these are nothing more than distractions from the main problem – the distinct absence of new investment.
There could be moral victories over the next month and the odd million shaved off the debt.
Admittedly, the current regime have seized control of the purse strings and slowly but surely are helping the club back on its feet.
Credit where credit is due, there are people behind those Fratton Park scenes working extremely hard to add vital stability and restore equilibrium following so much financial uncertainty.
But without the hard fact of a substantial cash injection into this football club, it is very, very difficult to feel confident over its future.
You couldn't make it up.
