Will Pompey fold? (merged threads)

[severnside gull]

with Chanrai back at the helm another administration is inevitable and there is nothing the authorities can realistically do except, hopefully, hammer the club when it happens

 

[ferring seagull]

This is already their third administration. f***ing shameless club. They don't pass the fit and proper test.

Well sorry for that as I thought there had only been two previously. The post on 'Vital' talks about the possibility of yet another.

 

[queens park pete]

This is already their third administration. f***ing shameless club. They don't pass the fit and proper test.

Quite why they haven't had the Luton 30 points treatment (worse than a straight relegation?) or the Darlo 4 relegations at once does not seem clear!

 

[seagullsovergrimsby]

with Chanrai back at the helm another administration is inevitable and there is nothing the authorities can realistically do except, hopefully, hammer the club when it happens

He is only doing it for the parachute payments which will reduce the amount of money he is owed , if he doesn't take over then his £16M investment becomes worthless when Pompey are liquidated.

 

[Barnham Seagull]

Published on Tuesday 29 May 2012 07:07

POMPEY will not be docked any points next season for remaining in administration.

The football club’s administrator, Trevor Birch of PKF, has been discussing the issue with the Football League ahead of its annual summer conference meeting this week.

There were fears that if Pompey were not able to get out of administration by the time the meeting was held, the Football League could decide to dock as many as 17 points from Pompey next season.

But while the Football League is publicly staying silent on the issue, Mr Birch and his team have been told that they will begin their season in League One without any deductions.

Andy Konieczko, PKF’s spokesman, said: ‘Trevor has been in constant contact with the Football League and letting them know what is likely to happen at the club.

‘He knows there will not be any further points deduction for Pompey, so that’s some good news.’

The summer conference, which will take place from Thursday morning to Friday lunchtime, officially marks the end of the old season and the beginning of the new.

It has been seen as the deadline for Pompey to get a new owner in place or risk being thrown out of the Football League and, just three seasons after being relegated from the Premiership, being forced to play non-league football.

As previously reported in The News, former Pompey owner Balram Chainrai has come forward with a proposal to buy back the club.

That bid was today still being finalised by his lawyers.

The bid was presented to PKF more than a week ago, and outlines how much money the club’s creditors can expect to get back if Mr Chainrai’s company, Portpin, buys the club.

Once the lawyers have finished thrashing out the details, the bid documents will be sent out to all Pompey’s creditors.

They will then get the chance to vote on whether to accept his proposals or not.

A second bid to buy the club may come from the Pompey Supporters’ Trust.

Members of the trust held a crunch meeting last night with an insolvency specialist in order to get their bid up and running.

Trevor Birch was not involved in the meeting.

But The News understands some of Pompey’s richer fans, who have pledged sums of five-figures or more to the trust’s cause, were in attendance.

There are fears that without a successful takeover bid, the club will run out of money entirely before the end of May.

If no buyer is accepted and the cash runs out, the administrators would have no option other than to liquidate the club and sell of its assets to the highest bidders.

 

[Barrel of Fun]

How many times has Trevor Birch been involved? He must be doing pretty well. Almost worth him favouring the wrong owner to pick up some more work in a few months time.

 

[cyrilthesinik]

I can't help but find this whole business hilarious Couldn't have happened to a nicer club!

 

[Hamilton]

They need a successful takeover bid. Not just a takeover bid.

Success means stability and I am sure Chainrai doesn't reflect that. With him, Pompey will find themselves facing administration again in 12 month's time.

At least under the Trust they might survive. They might get relegated again, but they can build back from some sort of position of strength.

I know many of us have little sympathy for them given the behaviour of their supporters, but these 'deals' set dangerous precedents of corporate behaviour.

 

[Bold Seagull]

I see Kanu is refusing to budge with regard to his contract. Are these players a bit dense? If the club is liquidated, it is likely they'll get nothing. At 35, does Kanu really want his footballing legacy to be that he helped contribute to the folding of a club?

I'm with most in not giving a flying fig about Pompey, but some of these players equally f*ck me off. There are charities and many local businesses going under because of this excuse for a club, and twats like Kanu and Ben Haim are not helping...

http://www.portsmouth.co.uk/sport/pompey/pompey-past/kanu-wants-full-pay-off-to-leave-pompey-1-3907765

 

[the wanderbus]

does Kanu really want his footballing legacy to be that he helped contribute to the folding of a club?

We live in hope


Anyway what are they still doing here? They weren't supposed to be able to survive beyond the end of may.

 

[severnside gull]

I see Kanu is refusing to budge with regard to his contract. Are these players a bit dense? If the club is liquidated, it is likely they'll get nothing. At 35, does Kanu really want his footballing legacy to be that he helped contribute to the folding of a club?

I'm with most in not giving a flying fig about Pompey, but some of these players equally f*ck me off. There are charities and many local businesses going under because of this excuse for a club, and twats like Kanu and Ben Haim are not helping...

http://www.portsmouth.co.uk/sport/pompey/pompey-past/kanu-wants-full-pay-off-to-leave-pompey-1-3907765

Chanrai is back involved because he wants ALL of his money and he will bleed the club until he gets it. Why should Kanu or anyone else owed money by the club act any differently than the administrators' preferred buyer? Giving up his claim just means putting the money straight into Chanrai's pocket. I'm right behind him tbf

 

[seagullsovergrimsby]

Respect for Kanu and Ben Haim They wont let Pompey screw them over.

 

[cjd]

I presume that the joint administrator Trevor Birch, (who is doing all the whinging about Kanu & Ben Haim wanting their money) is working voluntarily....you know...to help the club in its dire financial situation...?

 

[seagullsovergrimsby]

I presume that the joint administrator Trevor Birch, (who is doing all the whinging about Kanu & Ben Haim wanting their money) is working voluntarily....you know...to help the club in its dire financial situation...?

Getting Kanu and Ben Haim off the wage bill means the administrators , PKF , can justify charging £300+ per hour for Mr Birch to do his job.

 

[Bold Seagull]

Points taken, but are you really suggesting a company that takes on administration work does it for free? You'd have no administrations and company's would be simply liquidated on the spot. The cost per hour is presumably only chargeable on work completed, Mr Chanrai is after money owed, Kanu and Ben Haim are actually after money they've not yet earned - i.e. their salary for the next 12 months.

I can understand Kanu, 35 (yeh right...) is at his last club probably, and when he signed his contract maybe financially committed to receiving that contract sum. Ben Haim on the other hand is only 30 and should be at the pinnacle of his career. He could surely walk out of Fratton Park and get a decent enough signing on fee with a Championship club tomorrow. Unless of course, his wages are so ridiculously high that no Championship club would pay it.....oh I'm starting to get it now.....I need some single malt.....

 

[hans kraay fan club]

Ben Haim on the other hand is only 30 and should be at the pinnacle of his career. He could surely walk out of Fratton Park and get a decent enough signing on fee with a Championship club tomorrow. Unless of course, his wages are so ridiculously high that no Championship club would pay it.....oh I'm starting to get it now.....I need some single malt.....

£35k/ wk plus an additional £15k in 'image rights'.

 

[severnside gull]

Portsmouth did the deals and under football rules they must live with them. Remember that if they did forego their contractual rights the money would go, not to the club, but direct to Balram Chanrai. I would rather they had it than him any day of the week. What intrigues me rather more is the suggestion that they can enter next season still in administration but not suffer a further points deduction. That seems to contravene the leagues rules on admins and to flout precedent. Of course they are not currently able to sign players (as they are in administration) and assuming that rule is adhered to they will start next season with a very "interesting" squad made up of the likes of ben Haim and Kanu supplemented by 16 and 17 year olds. That will certinly hasten their decline towards non-league and their next administration

 

[hans kraay fan club]

Of course they are not currently able to sign players (as they are in administration) and assuming that rule is adhered to they will start next season with a very "interesting" squad made up of the likes of ben Haim and Kanu supplemented by 16 and 17 year olds.

and half a dozen Premiership reserves, fully funded by their parent clubs, suckered by the PFC lies and sob stories.

 

[severnside gull]

and half a dozen Premiership reserves, fully funded by their parent clubs, suckered by the PFC lies and sob stories.

ah yes........ there is that


and with no points deduction? Now that would go down well with opponents

 

[northstandnorth]

About time the "Football creditors Rule" was given the elbow by Parliment,the courts seem reluctant to end it.All it does is stuff real people and enrich administrators.