Pompey 58m in debt!

[Paddy B]

Potential buyers must be put off by the ownership of the ground and surround land not being part of the deal. Gaydamak and Chanrai hold all of the cards and its difficult to see a way out that doesnt involve some form of benevolence on their part (yeah right!!)

Even if the club are liquidated, a phoenix club would have to negotiate with Chanrai to rent FP. Surely his (and Gaydamaks) ultimate motive is to see FP flattened and a money spinning development (prob mixed commercial/residential) to get their returns. Or am I too cynical?

 

[Triggaaar]

Even if the club are liquidated, a phoenix club would have to negotiate with Chanrai to rent FP. Surely his (and Gaydamaks) ultimate motive is to see FP flattened and a money spinning development (prob mixed commercial/residential) to get their returns. Or am I too cynical?

You are definitely not too cynical (I think that's an oxymoron anyway).

But I see it as the job of the fans to make sure the future of that land is a voting issue for local politicians. They should make it so that it is never used for anything but sports, so if the club start again, and can't afford the rent, then the ground remains empty until a fair rent is offered.

 

[cloud]

Yes, wasn't it some kind of underwater aquarium hotel that they actually wanted?

Even though the fish in the Solent are not exactly, er, exotic

 

[Paddy B]

You are definitely not too cynical (I think that's an oxymoron anyway).

But I see it as the job of the fans to make sure the future of that land is a voting issue for local politicians. They should make it so that it is never used for anything but sports, so if the club start again, and can't afford the rent, then the ground remains empty until a fair rent is offered.

Agreed, but there is too much apathy amongst their fanbase to get any concerted campain going .But does legislation exisit for the local council restrict the use of a privately owned facility?

 

[Triggaaar]

But does legislation exisit for the local council restrict the use of a privately owned facility?

The land is only to be used for sport (presumably just a covenant). It's not about the facility, it's really about planning permission. If the council can say no to houses and shops, then what else can the owners do with it.

This really should be the case for all grounds in the country. You cannot ever build anything else, unless the club has already moved to a suitable new home.

 

[Gritt23]

Agreed, but there is too much apathy amongst their fanbase to get any concerted campain going .But does legislation exisit for the local council restrict the use of a privately owned facility?

I do wonder whether that is partly driven by sheer embarrassment at the conduct of their club. Could you have the brass neck to walk around a community full of people who have seen their businesses and livlihoods suffer as a result of the club being unable to pay the bills, and ask for help for the club?

 

[Willy Dangle]

The previous (previous) owner.



They don't own the stadium.



They don't own the ground, or the land it stands on.



They don't own it!



They don't....



Its not their land. Even the oil wouldn't be theirs!

No they dont own the stadium but the stadium is just the fabric of the building. Everything that is inside the stadium is an asset of the club. That includes the wallpaper on the walls, light bulbs, tables, chairs, lawnmowers etc etc etc. If those assets are stripped then the shell is left and there is alot of value in the assets.

 

[Gritt23]

No they dont own the stadium but the stadium is just the fabric of the building. Everything that is inside the stadium is an asset of the club. That includes the wallpaper on the walls, light bulbs, tables, chairs, lawnmowers etc etc etc. If those assets are stripped then the shell is left and there is alot of value in the assets.

I'm not sure the resale value of the "wallpaper on the walls" is very much at all tbh. Even if you throw in the light bulbs, chairs and lawnmowers, it's not really going to make a dent in the £58m.

Just my opinion of course, I could be wrong.

 

[cloud]

I'm not sure the resale value of the "wallpaper on the walls" is very much at all tbh. Even if you throw in the light bulbs, chairs and lawnmowers, it's not really going to make a dent in the £58m.

 

[Acker79]

Are they 100w lightbulbs? They might fetch a bit...

 

[brightn'ove]

This thread makes me feel a bit ill, how could anybody support a club that has potentially destroyed people's businesses and livelihoods? And what are the fans doing about it? f*** all.

 

[driller]

From Insolvency Today Liquidation threat still looms large for Pompey


Liquidation threat still looms large for Pompey

11 April 2012

Portsmouth administrator Trevor Birch has admitted the club still faces the threat of liquidation.

Despite a number of interested parties displaying interest in the relegation-threatened club no “substantive offers” have yet been made for the south coast side.

The club has been advertised for sale in both the UK and Asia since falling into administration in February.

“As things stand, we cannot rule out the possibility of having to liquidate the company if our efforts aren’t successful,” explained Birch of PKF.

“It would be irresponsible to claim otherwise.

“We continue to believe that we can find a buyer for the club before the money runs out and are doing everything we can to achieve this.

“It’s what the club’s supporters, staff and players deserve after the turbulence and uncertainty of the past few years.

“It will also result in the best possible outcome for the creditors as whole, in our view.”

It comes as administrators, Birch, Bryan Jackson and Ian Gould issue their report to creditors summarising the work undertaken since their appointment on February 17.

The report confirms their post appointment time costs to March 30 are £524,262, consisting some 1,647.8 hours at an average hourly rate of £318.

According to the report, in terms of player transactions, the administrators secured a net reduction in payroll costs of c£205k per month following due to transfer market activity.

The club owes its primary group of unsecured creditors some £40.5m.

Birch added: “Since our appointment, my PKF colleagues and I have been focused on getting Portsmouth out of administration as soon as is practically possible through the sale of the club as a going concern and a subsequent CVA.

“With this in mind, we have stabilised the club to enable it to fulfil its remaining fixtures this season and restructured the operations to make the business as attractive as possible to potential buyers.”

By Andy Pearce

The club HAS RUN OUT OF MONEY YOU f***ing GIMP. That is why you are there for f*** sake. What chance do they have if you do not realise this.

I do not feel sorry for the players they are all asreholes especially the prick tosser kitson 20k a week - f*** off you tosser arse wipe.

Pompey die (after the season though).

God they make me angry.

 

[Willy Dangle]

I'm not sure the resale value of the "wallpaper on the walls" is very much at all tbh. Even if you throw in the light bulbs, chairs and lawnmowers, it's not really going to make a dent in the £58m.

Just my opinion of course, I could be wrong.

Ok I'll give you the wallpaper but the scrap value of all the copper electical cables, copper pipes, catering / kitchen equipment etc etc. You'll be surprised what the value of an asset strip is, it may not be the full valuation of the company but it would make a dent. Enough I'm sure to mean I would never have to work again, and that's the way insolvencie works when valuing what's left.

 

[Pinkie Brown]

The club HAS RUN OUT OF MONEY YOU f***ing GIMP. That is why you are there for f*** sake. What chance do they have if you do not realise this.

I do not feel sorry for the players they are all asreholes especially the prick tosser kitson 20k a week - f*** off you tosser arse wipe.

Pompey die (after the season though).
.

God they make me angry.

That piece of crap re: "its what the players deserve" had smoke coming from my ears! When a business outside football goes belly up, most workers get the minimum government entitlement.

Maybe those Portsmouth players who are trousering 20k a week plus Trevor Birch should bear that in mind.

 

[Lady Whistledown]

They'll be stripping the copper cables and lead flashing off Fratton Park next, at least that has some sort of value.

Look out for a man who closely resembles Trevor Birch turning up in the dead of night in a battered Transit van, wearing a balaclava.

 

[Pinkie Brown]

Ok I'll give you the wallpaper but the scrap value of all the copper electical cables, copper pipes, catering / kitchen equipment etc etc. You'll be surprised what the value of an asset strip is, it may not be the full valuation of the company but it would make a dent. Enough I'm sure to mean I would never have to work again, and that's the way insolvencie works when valuing what's left.

Its going to have to be a lot of copper & electrical cable to make a dent in 58 million!

My hunch? Trevor Birch will be pitching a couple of paste tables at the Sunday Boot Fair to make a few quid so as to top up his fee's. Like the Pompey players, he's struggling to make ends meet.

 

[Theatre of Trees]

Potential buyers must be put off by the ownership of the ground and surround land not being part of the deal. Gaydamak and Chanrai hold all of the cards and its difficult to see a way out that doesnt involve some form of benevolence on their part (yeah right!!)

Even if the club are liquidated, a phoenix club would have to negotiate with Chanrai to rent FP. Surely his (and Gaydamaks) ultimate motive is to see FP flattened and a money spinning development (prob mixed commercial/residential) to get their returns. Or am I too cynical?

Chanrai and Gaydamak cannot stand each other and I believe Chanrai is chasing a large debt he believes Gaydamak owes him.

 

[seagullsovergrimsby]

Its going to have to be a lot of copper & electrical cable to make a dent in 58 million!

My hunch? Trevor Birch will be pitching a couple of paste tables at the Sunday Boot Fair to make a few quid so as to top up his fee's. Like the Pompey players, he's struggling to make ends meet.

Looks very likely that he won't be getting a performance bonus this year

 

[Simster]

It's got to the point now that I'll say I'd be delighted when their winding up and reformation in the local bumpkin league is made official.

Delighted.

To think they had the front to sing "you've never won f*** all" at us last month. I know they have an illustrious past and all that, but given that they have gambled their future and that of local businesses on ONE FA cup win and three years in the Premiership, I thought it was a bit f***ing rich, quite frankly.

Who are the tin pot non leaguers now then, you absolute TWUNTS?

 

[seagullsovergrimsby]

The land is only to be used for sport (presumably just a covenant). It's not about the facility, it's really about planning permission. If the council can say no to houses and shops, then what else can the owners do with it.

This really should be the case for all grounds in the country. You cannot ever build anything else, unless the club has already moved to a suitable new home.

I think the council has hinted the covenant can be lifted to allow redevelopment.