AIT76
The wisdom of a fool
- Jul 29, 2004
- 475
In excess of £50k in reality, as he gets £1M a year 'image rights' on top - all negotiated and sanctioned by Peter Storrie.
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Will Pompey fold? (merged threads)
- Thread starter Brighton TID
- Start date
In excess of £50k in reality, as he gets £1M a year 'image rights' on top - all negotiated and sanctioned by Peter Storrie.
Mileoakman
Well-known member
About a week ago it was 5500 but they are in the middle of an Early Bird scheme so they may sell a few more. Apparently all the money is ring fenced by the administrator and will only be released to the club a bit each month providing they survive.
seagullsovergrimsby
#cpfctinpotclub
It has to be ring fenced with the administrator charging £300 an hour for his services
D
Deleted member 2719
Guest
My neighbour has just got a Pompey ST.
He said his money is safe, i am not sure he was too convinced thou.
seagullsovergrimsby
#cpfctinpotclub
My neighbour has just got a Pompey ST.
He said his money is safe, i am not sure he was too convinced thou.
Tell him the good news , if Pompey fold he still gets to keep his season ticket instead of a refund
D
Deleted member 2719
Guest
Tell him the good news , if Pompey fold he still gets to keep his season ticket instead of a refund
I would call that a bargain not sure he would!
StonehamPark
#Brighton-Nil
What needs to happen from the start of the upcoming season for Pompey to fold?
As of a couple of months ago I thought they were finished?!
As of a couple of months ago I thought they were finished?!
- Jul 7, 2003
- 47,639
Hillian1
( . ) ( . )
At first I just wanted them to die, straight away just here one day and gone the next.
This however strikes me as much more appropriate, a long, drawn out, lingering, painful end to such a shitty club sort of appeals to me.
Many people suggested, about 15 pages back, that the best course of action for the Pompey fans, was to see the club woulnd up, and start a phoenix club in Conference South.
We were right. It would have been a great adventure for them. They'd have been viable and competitive. they'd have won games, and eventually built the club back up (with the size of their fanbase giving them a natural advantages over the other clubs at those levels).
Instead, they've taken the other route - of clinging on to the rotting shell of what they once were, with one depressing season after another, losing money hand over fist, and barely able to put a squad together.
We were right. It would have been a great adventure for them. They'd have been viable and competitive. they'd have won games, and eventually built the club back up (with the size of their fanbase giving them a natural advantages over the other clubs at those levels).
Instead, they've taken the other route - of clinging on to the rotting shell of what they once were, with one depressing season after another, losing money hand over fist, and barely able to put a squad together.
Ernest
Stupid IDIOT
And probably end up in the Blue Sq anyway the way things are going
seagullsovergrimsby
#cpfctinpotclub
Why is the Football League so inconsistent with points deductions ? 
This is Pompey's 3rd administration but they've only been given a slap on the wrist. Leeds got a 15 points deduction whilst Bournemouth and Rotherham both started a season on -17. Surely their antics should warrant a 25 or 30 points deduction which would also act as a deterrent to other clubs thinking of doing the same.
This is Pompey's 3rd administration but they've only been given a slap on the wrist. Leeds got a 15 points deduction whilst Bournemouth and Rotherham both started a season on -17. Surely their antics should warrant a 25 or 30 points deduction which would also act as a deterrent to other clubs thinking of doing the same.
By 2015 they'd be in L2 either way, but via the phoenix route they'd arrive there as an upwardly mobile vibrant club, rather than one dying on it's arse.
Mileoakman
Well-known member
Why is the Football League so inconsistent with points deductions ?
Correct me someone if I'm wrong but I think the Luton and Bournemouth deduction were also because of false accounting. In other words not only did they have no money and go bust but they lied about it too.
Gordon the Gopher
Active member
Things looking bleaker according to this below. Also sorry to be stupid but can someone explain to me what the bit in bold means?
Portsmouth: Balram Chainrai reeling says Trevor Birch
Portsmouth administrator Trevor Birch has admitted prospective buyers Portpin are reeling from the penalties inflicted by the Football League.
On Thursday the Football League docked Pompey 10 points and imposed other financial conditions that could mean Balram Chainrai's Portpin now pull out.
"They're debating the repercussions of this," Birch told BBC Radio Solent.
"The Company Voluntary Arrangement (CVA) is based around Mr Chainrai's offer so it's really how they view it."
On top of starting the new season on -10 points, Pompey's prospective new owners must agree that only a limited proportion of the secured debt can be carried forward into the new company.
Pompey's league record since winning the FA Cup in 2008
2008-09 - 14th in Premier League, 41 points
2009-10 - 20th in Premier League, 19 points (relegated)
2010-11 - 16th in Championship, 58 points
2011-12 - 22nd in Championship, 40 points (relegated)
They must also agree to pay all football creditors in full, unless an alternative agreement is reached.
And they must agree to restrictions on playing budgets, future borrowing and loan repayments for the next five seasons.
In a statement the Football League said the conditions of membership offered to Portsmouth "seek to ensure the sporting integrity of league football and the financial viability of the club going forward".
"Portpin are still reeling and reviewing the situation themselves," said Birch.
"The Football League have said Portpin are owed £18m and they don't want £18m rolled over into a new company.
"So what they are saying is, whatever the market value of the property is, that is the extent they can roll over debt.
"So if that is £5m for example, then it is only £5m of debt they can roll over into the new company. That has to be something that Portpin are comfortable with for them to proceed with the purchase.
"Otherwise we will still be waiting for someone to come forward to buy the club."
Birch admitted the penalties imposed by the Football League have come as a huge blow, adding he felt Pompey had been "punished twice for the same crime".
He said they would try to overturn the decision but admitted it would be difficult because the Football League will not tell them exactly what they have to do to reduce the penalty.
And Birch says until the latest uncertainty is dealt with manager Michael Appleton will still not be able to bring in any new players.
On the positive side he did say he expected more player exits, which will be helpful in reducing the club's crippling wage bill.
"Michael is not happy about it, he wants some certainty and to be in a position to bring in some players and at the moment he cannot as this has created further uncertainty," said Birch.
"Only when we know that we have a definite buyer there are you in a position to buy some players.
Birch added: "There are a number of deals that will happen in the next seven days so on the positive that's good news.
"I would expect them to move shortly and at least that will give us a base to work from next year."
Portsmouth: Balram Chainrai reeling says Trevor Birch
Portsmouth administrator Trevor Birch has admitted prospective buyers Portpin are reeling from the penalties inflicted by the Football League.
On Thursday the Football League docked Pompey 10 points and imposed other financial conditions that could mean Balram Chainrai's Portpin now pull out.
"They're debating the repercussions of this," Birch told BBC Radio Solent.
"The Company Voluntary Arrangement (CVA) is based around Mr Chainrai's offer so it's really how they view it."
On top of starting the new season on -10 points, Pompey's prospective new owners must agree that only a limited proportion of the secured debt can be carried forward into the new company.
Pompey's league record since winning the FA Cup in 2008
2008-09 - 14th in Premier League, 41 points
2009-10 - 20th in Premier League, 19 points (relegated)
2010-11 - 16th in Championship, 58 points
2011-12 - 22nd in Championship, 40 points (relegated)
They must also agree to pay all football creditors in full, unless an alternative agreement is reached.
And they must agree to restrictions on playing budgets, future borrowing and loan repayments for the next five seasons.
In a statement the Football League said the conditions of membership offered to Portsmouth "seek to ensure the sporting integrity of league football and the financial viability of the club going forward".
"Portpin are still reeling and reviewing the situation themselves," said Birch.
"The Football League have said Portpin are owed £18m and they don't want £18m rolled over into a new company.
"So what they are saying is, whatever the market value of the property is, that is the extent they can roll over debt.
"So if that is £5m for example, then it is only £5m of debt they can roll over into the new company. That has to be something that Portpin are comfortable with for them to proceed with the purchase.
"Otherwise we will still be waiting for someone to come forward to buy the club."
Birch admitted the penalties imposed by the Football League have come as a huge blow, adding he felt Pompey had been "punished twice for the same crime".
He said they would try to overturn the decision but admitted it would be difficult because the Football League will not tell them exactly what they have to do to reduce the penalty.
And Birch says until the latest uncertainty is dealt with manager Michael Appleton will still not be able to bring in any new players.
On the positive side he did say he expected more player exits, which will be helpful in reducing the club's crippling wage bill.
"Michael is not happy about it, he wants some certainty and to be in a position to bring in some players and at the moment he cannot as this has created further uncertainty," said Birch.
"Only when we know that we have a definite buyer there are you in a position to buy some players.
Birch added: "There are a number of deals that will happen in the next seven days so on the positive that's good news.
"I would expect them to move shortly and at least that will give us a base to work from next year."
cjd
Well-known member
A complete guess, but it could be the 'alleged' debt to Chanrai....?
I suspect the FA are aware that if Chanrai succeeds with his takeover again, the only thing he is interested in is the 'parachute' payments still due to Portsmouth FC.
Mileoakman
Well-known member
As I understand it Portpin which are the company owned by Chainrai are supposedly owed £18.6 million. The football league are saying you can only carry over a proportion of that debt and its believed that this will only be around £3 - £5 million. This means that if Chainrai takes over, (which most Pompey fans don't want), he will lose about £14 million plus what he has to pump in to keep the club going in the short term.
This makes it highly unattractive to him, (he only wants to keep control to get his money back), and therefore liquidation is now highly probable. The Portsmouth Trust owned by the fans are the only likely people who can assume control but there is some doubt as to whether they can raise sufficient dosh. At the moment they only have promises for a few million and its not likely to be enough.
Curious Orange
Punxsatawney Phil
The 18.6 million is secured against the value of Fratton Park - the Football League have basically said that if that secured debt is carried over only the actual value of the ground can be secured, ie they think that £18.6 million is a massive over-valuation.