Portsmouth fc

[Isaac Hunt]

Closer to survival.....

http://www.bbc.co.uk/sport/0/football/19192252

[Pepe the Horseman]

Closer to survival.....

http://www.bbc.co.uk/sport/0/football/19192252

[Geekins]

^ Why does he take his t-shirt off first?

[Geekins]

http://www.portsmouth.co.uk/sport/pompe ... -1-4147199
City Council agree to loan Pompey Supporters’ Trust £1.45m to save the club

PORTSMOUTH City councillors have unanimous agreed in providing a £1.45m loan to the Pompey Supporters Trust.



In a vote, the city’s elected members agreed to the trust’s bid for the cash which will allow them to move forward with their proposal to buy the club.

In the chamber the councillors stood to vote and there was a huge cheer when everyone voted in favour of providing the loan to the supporters’ trust.

Mick Williams, board member of the Pompey Supoporters’ Trust said he was absolutely over the moon.

He said: ‘I really thought it was going to be a tight vote and I’m so happy it was unanimous.

‘This was real community support for a community club.

‘Now Portpin know that we’ve got what it takes and they can’t ignore us.

‘The ball is in their court now. We’ve made an offer and we just have to wait and see.’

Summing up the debate, council leader Gerald Vernon-Jackson said he was glad all three parties had united behind the trust.

He said: ‘There is no blank cheque but there is a lifeline we are prepared to offer to the club.

‘This has not been an easy decision and I make no apologies for asking some difficult questions but this is the right decision to safe guard the club.’

[TFF]

There are some pretty onerous conditions to that loan though - notably, and iirc, that 2013 parachute money is diverted to the council should the club default on the debt and also that player costs remain within budget (see my last post)

Unanimous agreement to extend the loan offer doesn't mean they'll ever see the cash. But it makes the Portsmouth councillors look like good guys in their constituencies.

[Friday's Legacy]

I hope the supporters trust get ownership of the club, but if they do, they will struggle to keep the club going without additional investment. But they'd be better off with that than let BC get his grubby little mitts on the club again.

[Jackson Corner]

They won't see that money again. The same council that gave Harry Rednap the freedom of Portsmouth after spending millions that got them in to the mess thay are in.

[Rax]

They won't see that money again. The same council that gave Harry Rednap the freedom of Portsmouth after spending millions that got them in to the mess thay are in.

Surely, "lending" the PST public money to buy a white elephant has got to be misappropriation of funds???

How many proper services could they provide with that cash!?!

[Barry the bird boggler]

One wonders how many Southampton fans live in the Portsmouth council tax payers area..... not to mention the number of important services that have been cut in the current financial climate that would see this as a frivolous waste of money at best.

[buzzby]

Well I live in Portsmouth so not to impressed my money is going to help this club. Anyone want to help me write a letter?

[Who Moved The Goalposts?]

Having a good relationshiop with the local council is very important if you're trying to build a community club. RFC are a prime example: the council were instrumental in securing the move to the Mad Stad, and they managed to get £6m towards the building of the IDR into the bargain.

But even I would have drawn the line at any money going in the other direction, be it a loan or a grant. Portsmouth City council's decision to advance over £1m to save a club that has been ripping the piss out of true football fans everywhere - whilst no doubt defending the cuts to essential services elsewhere - must have a few council tax payers more than a little seething at the moment.

[PieEater]

It's the 10th, are they dead yet?

I'm not dead, I'm getting better

[Pepe the Horseman]

Nabil Hassan ‏@NabilHassan79
Liam Lawrence becomes the final player to leave #pompey. The club have now cleared their wage bill and can come out of administration.

[cmonurz]

So over the coming weeks, the club is going to start shelling out thousands of pounds in player salaries and overheads, money that should be in the hands of creditors.

It's disgusting.

[Alexander Litvinenko]

Local Councils all over the country regularly make loans to community organisations - there's nothing particular new in this idea.

[cmonurz]

Admittedly I haven't read all the terms of the deal, but, giving this is public money, what sort of assurances do the council have that they will ever get this money back? Do they count as 'football creditors'?

[Alexander Litvinenko]

There are some pretty onerous conditions to that loan though - notably, and iirc, that 2013 parachute money is diverted to the council should the club default on the debt and also that player costs remain within budget (see my last post)

Unanimous agreement to extend the loan offer doesn't mean they'll ever see the cash. But it makes the Portsmouth councillors look like good guys in their constituencies.

[cmonurz]

Ta, just wonder how the football creditors rule will work in conjunction with that.

[TFF]

Found it http://www.portsmouth.co.uk/sport/pompe ... -1-4138381

FEARS have been raised over the fans’ bid for Pompey after a list of demands was drawn up over its request for council backing.

Pompey Supporters’ Trust has asked for a £1.4m loan from Portsmouth City Council as part of its proposals to take over the club.

Last week it said its business plan was based on having £3m of pledges.

But council leader Gerald Vernon Jackson sent a letter to trust representatives this week outlining conditions to be met before the authority considers the loan request.

The conditions are:

· A written agreement by the Premier League, Pompey and the trust that the loan will be paid from parachute payments in August 2013.

· The trust’s business plan is approved by the Football League.

· All players must have agreed terms within the finance available in the trust’s business plan.

· The trust has received £3m on deposit from supporters pledges, associate directors and high net work individuals – plus £500,000 additional contingency.

· Trust directors should take a personal charge upon their assets to a council loan to guarantee repayment, or an investor guarantee to the value of the loan.

Councillors are due to meet tomorrow to discuss the loan.

[handbags_harris]

A written agreement by the Premier League, Pompey and the trust that the loan will be paid from parachute payments in August 2013.

Straightforward, but ties the finances a little. Nothing to worry about there because the parachute payments are significantly higher than the value of the loan.

The trust’s business plan is approved by the Football League.

Should be straightforward providing it is sensible and sustainable.

All players must have agreed terms within the finance available in the trust’s business plan.

Not an unfair condition and it nullifies their ability to purchase players like they did last time around, and the time before that. Pompey would still have a decent revenue streams with the size of gates they should be able to pull in at League 1 level and the current parachute payments which have two seasons to run so they should be able to attract reasonable League 1 players. Like Brian Howard.

The trust has received £3m on deposit from supporters pledges, associate directors and high net work individuals – plus £500,000 additional contingency.

Now we get to the nitty gritty - does the trust have £3.5 million raised? I haven't seen any figures so cannot comment with certainty but I very much doubt the 10,000 regular supporters, the local painters & decorators, chimney sweeps, Asda employees and Bookshop owners of Portsmouth (ok, Petersfield in the latter case) will collectively be able to raise £3 million deposits and £500k contingency.

Trust directors should take a personal charge upon their assets to a council loan to guarantee repayment, or an investor guarantee to the value of the loan.

If the Trust directors are the regular man on the street, then good luck with that. Not a chance, which is BRILLIANT because it means they all get f*cked over and Chainrai is the sole bidder ready to pile the misery on them even more. And it's all those mockney c*nts deserve.