Will Pompey fold? (merged threads)

[making plans for nigel]

fair point and I wouldn't normally sink to such base humour but in an attempt to reclaim what is supposed to be a Brighton board for Brighton fans......................................

Wouldn't it be a bit boring with no away fans ? You'll be just arguing amongst yourselves about the amount of season tickets sold,and the best pies !

 

[severnside gull]

Wouldn't it be a bit boring with no away fans ? You'll be just arguing amongst yourselves about the amount of season tickets sold,and the best pies !

..............and those (especially the pies) are some of the better threads but at least they are ours



In truth there are a few of your lot that I enjoy having on here and they can add a lot (I would count you in but wouldn't want to embarrass you). The trouble is the homophobes and morons who devalue everything they touch. Their place is rightly the Holmesdale and I dearly wish they would stay there.

 

[Acker79]

Didn't you know that that if Bha don't pay back a penny of the loan, good old Tony going to convert it to shares. Sounds too good to be true doesn't it ?

Am I the only one reading this as a dig or a sort of knowing wink and nod that "if something sounds too good to be true it probably is" kind of sarcasm?

 

[Green Cross Code Man]

Am I the only one reading this as a dig or a sort of knowing wink and nod that "if something sounds too good to be true it probably is" kind of sarcasm?

No. Our replies were spoken in ironic approval.

 

[making plans for nigel]

Am I the only one reading this as a dig or a sort of knowing wink and nod that "if something sounds too good to be true it probably is" kind of sarcasm?

 

[Worthingite]

It makes me sad every time someone comments on this thread, because each time I look I'm hoping it's announcement that Pompey have been drop kicked out of the Football League

We can always hope...

 

[Rogero]

KANU has refused to leave Pompey unless he is paid the full amount owed to him for the remainder of his 12-month contract.

That is the claim from Blues administrator Trevor Birch, who insists the veteran striker’s agent is demanding the total worth of Kanu’s deal for him to leave Fratton Park early, despite the club still fighting to stay alive.

The sum is believed to be in the region of £300,000 for a player whose current deal has already been lowered by a relegation clause.

That has dealt another blow to Birch’s efforts to drive down the club’s current £9.5m wage bill, which is crucial in finding a new owner.

Kanu, the scorer of Pompey’s FA Cup-winning goal in 2008, is among several players who the Blues are seeking to reach compromise agreements with.

Now aged 35, a back problem contributed to restricting his availability to just 12 matches this season.

Tal Ben Haim is another refusing to lower his sights following talks with Birch last week. That will cost Pompey close to £2m for him to leave this summer.

Both players accepted wage deferrals towards the end of the campaign along with their team-mates to alleviate the club’s financial problems.

Now more money needs to be saved as the administrators strive to slash the club wage bill in half ahead of life in League One.

And Birch is growing ever-frustrated with their stance.

He said: ‘The club is in the players’ hands.

‘On one hand, them agreeing to defer wages gave the club a lifeline – but at the same time they need to take big cuts in the long term to enable it to survive.

‘Draconian wage cuts and deferrals among the players is the only way the club can go forward. That is why it is in everybody’s interests we get compromises or they sign reductions on what they are playing for.

‘The ones we are having problems with are Kanu and Ben Haim. You cannot strike a deal with them.

‘Kanu’s agent wants the full amount and at the moment he is going nowhere.

‘His agent is digging his heels in as well, making demands, and it is very difficult to solve.

‘As for our friend Ben Haim, he just won’t budge. The deal he wants is not achievable. We have not got the means to do it.

‘There are players at this club who are sat there. They are not coming to me and writing it all off saying they will leave straight away.

‘We have to get them off the wage bill and I cannot say any of them are making it easy for me to get them to leave.’

Deferrals agreed by players have meant that, since May, there has been a weekly wage cap of less than £10,000.

This agreement is open-ended and any player leaving will receive the money owed as part of any compromise.

And Birch stressed the players will not lose out.

He added: ‘The deferrals will be paid back.

‘As football creditors, the players have to be paid in full, albeit spread over a period of time. That could be four years but they will get the money back.

‘They are keeping the club afloat at the minute with those deferrals.

‘But when I come to talk to them about their future contract or future entitlements they will have to compromise to help the club going forwards.’

Kanu’s agent – Samuel Okoronkwo – was unavailable for comment when contacted by The News yesterday.

23
Email to a friend Print this page
TOP STORIES
Blues stars could walk away for free
Fans’ praise for new Pompey season ticket prices
Pompey season tickets announced
Football League to return to seven subs
Appleton expects lengthy wait for further Fratton exits
SPORT
Pompey
Football
Hampshire Cricket
Opinion
Other sport
National Sport
POMPEY
Fratton latest
Fixtures
Match reports
Player profiles
Player ratings
Pompey Live
Pompey Past
Pompey Talk
Webchats
Log in/sign up to post or report a comment.

 

[severnside gull]

"They are keeping the club afloat at the minute with those deferrals.

But when I come to talk to them about their future contract or future entitlements they will have to compromise to help the club going forwards"


Have cake............................eat cake.

Can't expect the best fans in the world who have, after all, had to endure cup success and years in the Premier League based on a spend, spend, spend policy and having now been bailed out by players deferring their wages, to have to suffer now because some greedy twat players want to actually be PAID WHAT THE CLUB PROMISED THEM.

"They (the players) will HAVE to compromise"................... disgraceful quote from a disgraceful club

 

[Vatican Citys No.2 Keeper]

Latest Update on BBC sport:

BBC Sport - Euro 2012 Sportsday

1236:
FOOTBALL
Portsmouth are a step closer to coming out of administration after former owner Balram Chainrai's offer to take over at Fratton Park again was accepted.



[YT]tSVeDx9fk60[/YT]

 

[Papa Lazarou]

Fit? &
Proper?

 

[Woodchip]

Latest Update on BBC sport:

BBC Sport - Euro 2012 Sportsday

1236:
FOOTBALL
Portsmouth are a step closer to coming out of administration after former owner Balram Chainrai's offer to take over at Fratton Park again was accepted.

I give it 6 months before they are back in administration.

 

[Shooting Star]

Arse.

 

[Ernest]

Round and round we go

 

[Barrel of Fun]

Well done to the fans for their countless marches, protests, demonstrations and forming their invaluable Supporters Trust. They should be very proud of themselves.

 

[Curious Orange]

Latest Update on BBC sport:

BBC Sport - Euro 2012 Sportsday

1236:
FOOTBALL
Portsmouth are a step closer to coming out of administration after former owner Balram Chainrai's offer to take over at Fratton Park again was accepted.

Is there anything left to rinse out of Portsmouth? How much more debt can this clown lay onto the club?

 

[CHAPPERS]

Dicks, the lot of em.

 

[Barnham Seagull]

Published on Friday 8 June 2012 10:59

Balram Chainrai today offered Pompey’s creditors 2p in the pound.

The proposal came as the Hong Kong-based businessman seeks the Company Voluntary Agreement he needs to take over at Fratton Park for the second time and release Pompey from administration.

He says he will settle in full debts owed the charities, businesses owed less than £2,500 and part-time employees of Pompey owed wages.

Unsecured creditors are owed a total of £40.2m by the club.

Pompey administrator Trevor Birch said he believed the offer was the best possible deal for creditors.

Mr Birch, a partner at PKF, and the joint administrator of Portsmouth Football Club (2010) Ltd, has sent proposals to the club’s creditors for a Company Voluntary Arrangement (CVA).

He said: ‘We have written to all of the club’s creditors to inform them of the CVA proposals, which are based on an offer made by Balram Chainrai’s Portpin.

‘We believe that these proposals are likely to give the best possible deal for creditors and provide the most realistic opportunity for protecting the club’s financial position going forward and avoid liquidation.

‘There has been a considerable amount of interest in the club over the past few months but nobody has been able to prove their ability and willingness to complete on a purchase other than Portpin.

‘Portpin proposes offering creditors £500,000 in cash as an up front payment. In addition, Portpin will settle in full the club’s debts to charities, small local businesses owed less than £2,500 and part-time club employees who are owed wages prior to the administration and who worked for the club during administration. A further £500,000 will be offered to creditors if Portsmouth returns to the Premier League within five years.

‘As a result, PKF estimates that unsecured creditors will initially receive approximately 2p in the pound under the terms of the CVA - although this may rise if Portpin and the administrators succeed in convincing the administrator of Convers Sports Initiatives to waive its claim.

‘The offer from Portpin is conditional on creditors voting in favour of the CVA and certain players agreeing to compromise their future contractual entitlements

‘PKF believes that unsecured creditors would not receive any payment if the club is forced into liquidation.’

Mr Birch added: ‘We have invited all creditors to a meeting at Fratton Park on Monday 25 June at which they will get an opportunity to vote on the proposals. If the CVA is accepted, it will pave the way for Portpin to acquire the club before the start of the next season.

‘PKF will continue to work with Portpin, the Football League and the Professional Footballers’ Association to finalise a long term and sustainable business plan for the club.

‘There is still much to do but Portsmouth Football Club is now a step closer to leaving administration and returning to stability.’

In a statement, PKF said Balram Chainrai had said of the proposal: ‘I am delighted that a CVA proposal has now been recommended to creditors.

‘This proposal has been designed to ensure that the club’s current financial position has as minimal an impact as possible by ensuring that charities, small local businesses and certain employees that have supported the club whilst in administration do not lose out and are paid in full.

‘If approved, the proposal will also ensure the club’s survival and give the club an opportunity to steady itself and get back on its feet after a troubled few years. Ultimately the CVA is conditional upon reducing the wage bill of the club and agreeing compromise agreements with certain players but we are confident that the administrators will be able to deliver this.

The club’s recent history has been well documented but we remain committed to seeing this through so as to get Portsmouth Football Club into a financially secure position off the field and to improve the club’s fortunes on it. The approval of the CVA is vital to this plan as it will ensure that the club does not start the new season with a further points deduction, which is obviously crucial to the club’s chances of returning to the Championship the following season.

‘I would therefore urge all creditors entitled to vote on the CVA to follow the recommendation of the club’s administrators and vote in favour of the CVA so as to help save the club and get it back to the position that it should be in.’

 

[Danny-Boy]

KANU has refused to leave Pompey unless he is paid the full amount owed to him for the remainder of his 12-month contract.

That is the claim from Blues administrator Trevor Birch, who insists the veteran striker’s agent is demanding the total worth of Kanu’s deal for him to leave Fratton Park early, despite the club still fighting to stay alive.

The sum is believed to be in the region of £300,000 for a player whose current deal has already been lowered by a relegation clause.

That has dealt another blow to Birch’s efforts to drive down the club’s current £9.5m wage bill, which is crucial in finding a new owner.

Kanu, the scorer of Pompey’s FA Cup-winning goal in 2008, is among several players who the Blues are seeking to reach compromise agreements with.

Now aged 35, a back problem contributed to restricting his availability to just 12 matches this season.

Tal Ben Haim is another refusing to lower his sights following talks with Birch last week. That will cost Pompey close to £2m for him to leave this summer.

Both players accepted wage deferrals towards the end of the campaign along with their team-mates to alleviate the club’s financial problems.

Now more money needs to be saved as the administrators strive to slash the club wage bill in half ahead of life in League One.

And Birch is growing ever-frustrated with their stance.

He said: ‘The club is in the players’ hands.

‘On one hand, them agreeing to defer wages gave the club a lifeline – but at the same time they need to take big cuts in the long term to enable it to survive.

‘Draconian wage cuts and deferrals among the players is the only way the club can go forward. That is why it is in everybody’s interests we get compromises or they sign reductions on what they are playing for.

‘The ones we are having problems with are Kanu and Ben Haim. You cannot strike a deal with them.

‘Kanu’s agent wants the full amount and at the moment he is going nowhere.

‘His agent is digging his heels in as well, making demands, and it is very difficult to solve.

‘As for our friend Ben Haim, he just won’t budge. The deal he wants is not achievable. We have not got the means to do it.

‘There are players at this club who are sat there. They are not coming to me and writing it all off saying they will leave straight away.

‘We have to get them off the wage bill and I cannot say any of them are making it easy for me to get them to leave.’

Deferrals agreed by players have meant that, since May, there has been a weekly wage cap of less than £10,000.

This agreement is open-ended and any player leaving will receive the money owed as part of any compromise.

And Birch stressed the players will not lose out.

He added: ‘The deferrals will be paid back.

‘As football creditors, the players have to be paid in full, albeit spread over a period of time. That could be four years but they will get the money back.

‘They are keeping the club afloat at the minute with those deferrals.

‘But when I come to talk to them about their future contract or future entitlements they will have to compromise to help the club going forwards.’

Kanu’s agent – Samuel Okoronkwo – was unavailable for comment when contacted by The News yesterday.

Slightly different than the old sad saga of Swansea about 25-odd years aqgo, when their players walked away from the club rather than see it bankrupted. But then of course they didn't have agents etc to pay out...

 

[severnside gull]

Slightly different than the old sad saga of Swansea about 25-odd years aqgo, when their players walked away from the club rather than see it bankrupted. But then of course they didn't have agents etc to pay out...

The club offered them contracts and the club must honour them and WHY NOT. The new owner who wants to take the club forward is the one who was party to their pay deals. He has only bought back-in to get what he is owed through the premier league parachute payments so why expect the players to do any differently?

2p in the pound for the millions that the taxpayer is owed is a f***ing disgrace.

 

[seagullsovergrimsby]

So does this mean the creditors from the previous administration who haven't been paid out yet will only get 2p in the £ ? So will HMRC who were owed £40M from 2010 now only get £800k ? Or is it now 2p in the £ on £800k which comes to £40k ?