Will Pompey fold? (merged threads)

[severnside gull]

funniest article I've read in ages

http://www.portsmouth.co.uk/sport/pompey/pompey-past/chainrai-threatens-to-walk-away-from-pompey-

talk about the administrator "hoist by his own petard" - after conducting all negotiations in the press and insisting the players walk away with nothing, Birch is now stuffed!

Tomorrow's game at Plymouth in the COC looks like being a youth squad with no budget to buy players or sign triallists and hopes for Saturday's League 1 opener are not much brighter

 

[Ernest]

funniest article I've read in ages

http://www.portsmouth.co.uk/sport/pompey/pompey-past/chainrai-threatens-to-walk-away-from-pompey-

talk about the administrator "hoist by his own petard" - after conducting all negotiations in the press and insisting the players walk away with nothing, Birch is now stuffed!

Tomorrow's game at Plymouth in the COC looks like being a youth squad with no budget to buy players or sign triallists and hopes for Saturday's League 1 opener are not much brighter

Page not available

 

[Acker79]

funniest article I've read in ages

http://www.portsmouth.co.uk/sport/pompey/pompey-past/chainrai-threatens-to-walk-away-from-pompey-

talk about the administrator "hoist by his own petard" - after conducting all negotiations in the press and insisting the players walk away with nothing, Birch is now stuffed!

Tomorrow's game at Plymouth in the COC looks like being a youth squad with no budget to buy players or sign triallists and hopes for Saturday's League 1 opener are not much brighter

Your link doesn't work, I think you missed the end of the url
Chainrai threatens to walk away from Pompey over administrator-fee dispute - Pompey Past - Portsmouth News

 

[Ernest]

BALRAM Chainrai has threatened to walk away from Pompey in a dispute over administration fees.



Mr Chainrai’s firm Portpin has been poised to take on Portsmouth Football Club again after the sale of Liam Lawrence was confirmed yesterday.

Discussions have been ongoing between Portpin and administrators PKF to finalise arrangements.

But the takeover is now in jeopardy because a deal on PKF fees – believed to be £1.8million – cannot be met.

Speaking to The News, Mr Chainrai said: ‘Me and my business partner Levi Kushnir are very depressed with the situation over the fact PKF have refused to do a compromise deal over their fees.

‘Because they are failing to do a compromise with fees, there’s no way to move forward and take the club out of administration.

‘We are waiting for them to follow through on this.

‘We will be waiting, but we won’t be waiting for long.’

Administrator Trevor Birch has not confirmed the amount, but said negotiations are taking place.

He said: ‘Over the past six weeks or so I have been striving – in very difficult circumstances – to fulfil the terms of the CVA with Portpin.

‘This is so the club can come out of administration before the new season starts and have the best opportunity to move forward in a positive manner – as all the fans and employees of the club want to see.

‘At such a critical stage it is inappropriate to conduct confidential negotiations through the media and therefore until matters are finalised, one way or another, I do not intend to make any comments.’

As reported previously in The News, that between February 17 – when PKF took over as administrators – to June, it had amassed fees of more than £700,000.

A creditors’ committee meeting gave the authority for PKF to take the first £425,000 out of the club in its current state, of which the firm has taken £200,000.

 

[severnside gull]

Your link doesn't work, I think you missed the end of the url
Chainrai threatens to walk away from Pompey over administrator-fee dispute - Pompey Past - Portsmouth News

Thanks Acker - must have been laughing too much!

 

[Stumpy Tim]

I don't know why people want to see the administrators lose out. The job of an administrator is actually pretty horrible and they're just as much victims here as the local businesses. A friend of mine worked for an administrator once and he told me about his firsr job... he uncovered a fraud by a director, and had the job of telling the board. Within 24 hours that director had shot himself in the head, and 300 people lost their jobs.

Administrators are highly qualified people and do a horrendous job. They deserve to get paid like you and I do. They're a victim of the shambles that is Portsmouth Football Club

 

[Pantani]

From reading the comments after that article it appears some Pompey fans have finally realised that their best option is liquidation. It is one of the things that has confused me most about this whole situation. Why are PST trying to buy the club in it's current form? They will be hamstrung by debts from day one, and if they decide to deal honestly and fairly with the problem (unlike Chanrai, Gaydamak, Mandaric, Storrie etc) it will take them decades to clear. PST should be running around the Wessex, Isthmian and Southern leagues begging to be allowed to operate a team this season and putting in to place a team and club structure to do so.

 

[Lady Whistledown]

Tomorrow could see the lamest Fans Reunited event yet, as hardly anyone turns up.

Portsmouth - Argyle fans show football cares about Pompey

 

[hans kraay fan club]

‘At such a critical stage it is inappropriate to conduct confidential negotiations through the media and therefore until matters are finalised, one way or another, I do not intend to make any comments.’

.

I don't know why people want to see the administrators lose out.

I think the hypocrisy in his statement above, is why, in this particular case.

 

[Gary Leeds]

I don't know why people want to see the administrators lose out. The job of an administrator is actually pretty horrible and they're just as much victims here as the local businesses. A friend of mine worked for an administrator once and he told me about his firsr job... he uncovered a fraud by a director, and had the job of telling the board. Within 24 hours that director had shot himself in the head, and 300 people lost their jobs.

Administrators are highly qualified people and do a horrendous job. They deserve to get paid like you and I do. They're a victim of the shambles that is Portsmouth Football Club

How are they a victim as much as the local business? They took the job of administrating Portsmouth on by choice, they jump straight to the head of the queue when the money is given out and they are not subject to the same 2p in the pound that they negotiate with the other people owed money. And be honest, how can they justify a bill of nearly 2 million quid for 8 months work. That works out to earning 1k an hour based on an 8 hour day

 

[hans kraay fan club]

And be honest, how can they justify a bill of nearly 2 million quid for 8 months work. That works out to earning 1k an hour based on an 8 hour day

I think they might have more than ONE person working on it, to be fair.

 

[Gullflyinghigh]

Presumably someone had an idea of how much the adminstrators would be charging before they were appointed?

Maybe they wouldn't have factored in the time fixing the monumental cock-up that is the Pompey finances but even then...well...they've done a job, they deserve to get paid. Without them, I imagine Pompey would be in bigger trouble than they are now (if actually possible...).

 

[Mileoakman]

I see the latest bit of bad news to hit Pompey is that manager Appleton has been told today that Chainrai is slashing the playing budget, which was £5m, then £4m down to a modest £1.5m.

Looks like all the players he had lined up to sign won't now be coming. With a 20 man squad thats barely £1k pw per player. Wouldn't be suprised if he walked soon because all he has got are the youth team, who got beaten 2-1 by Salisbury on Saturday. Expect a cricket score at Plymouth in the cup tomorrow, assuming they can afford to get there.

 

[RM-Taylor]

Portsmouth's League Cup game tomorrow (Tuesday)

Wonder how they'll be able to compete, considering they only have three players contracted who've ever played competitively.

Appears they can now at least sign some players as Jack Compton (former development squad player) has posted on Twitter that he's signed for the club.

 

[Ernest]

Would have been better if they had folded and had a fresh start than to cling onto this mess

 

[RM-Taylor]

Didn't see the massive thread already on the first page, this can be merged by mods.

 

[Stumpy Tim]

How are they a victim as much as the local business? They took the job of administrating Portsmouth on by choice, they jump straight to the head of the queue when the money is given out and they are not subject to the same 2p in the pound that they negotiate with the other people owed money. And be honest, how can they justify a bill of nearly 2 million quid for 8 months work. That works out to earning 1k an hour based on an 8 hour day

Someone has to do it! Administrators come in knowing they're going to struggle getting paid, but more often that not they save companies. Why would they take the job knowing they're going to be paid 2p in the pound?

People need to be realistic about what their role is. They're being touted as the bad guys here, but Pompey FC are 100% to blame

 

[hans kraay fan club]

People need to be realistic about what their role is. They're being touted as the bad guys here, but Pompey FC are 100% to blame

Disagree. Andronikou definitely has to take a share.

 

[Ernest]

Be interesting to see what squad they end up with on September 1st unless they claim to be a special case and deadline doesn't apply ? Isn't there a further points deduction due if they haven't exited administration by Saturday ?

 

[Westdene Seagull]

Isn't there a further points deduction due if they haven't exited administration by Saturday ?

Oh please, please, please let this be the case !!!! Although I bet they exit admin at 5pm on Friday !