Portsmouth fc

[floyd__streete]

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.

Does this mean they will now skip a -10 points penalty for the season?

BOOOOOOOOOOOOOOOOO.

[Alexander Litvinenko]

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.

I think the answer to all your questions is "Yes".

There are loads of pledges from high-value-worth supporters, and thousands of others have vested £100 each into the fund (returnable if the bid fails.)

The Trust is an Industrial & Provident Society (same as STAR) and so the directors are elected supporters - ordinary people. One of the great things about an IPS structure is that they're legally not allowed to run up debts in the form of overdrafts, etc. yes they can take secured loans, but that's about it - they can't just spend, spend, spend!

[PieEater]

I read somewhere that the trust had budgetted for £2m footballing debts when in reality it's nearer to £10m, so they are oxf*rd before they start.

The league have insisted on football debts being paid and Chainrai's secured debt not being carried over. I've not seen anything regarding what he's planning to do about that but it screws up his bid if he's lost more money and can't get his hands on the PP as it's gone to pay the footballing debt.

[Hoop Blah]

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

How many of those loans to community organisations are this big though, and how many of those organisations have left such a trail of mismagement and debt behind them in such a spectular way?

It might not be that unsual for loans to be given out but I'd hazard a guess that it's quite an extreme situation.

I can't imagine the local businesses struggling in the Portsmouth, partly due to the Pompey sized holes in their accounts, area are too happy about their taxes supporting this scheme.

[Bowman's Quiver]

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.

Does this mean they will now skip a -10 points penalty for the season?

BOOOOOOOOOOOOOOOOO.

Don't think so. The -10 points penalty was for defaulting on the terms of the last administration. Nothing's changed in that respect.

[WestCoast Life]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/chainrai-threatens-to-walk-away-from-pompey-over-administrator-fee-dispute-1-4154861

it gets better !

[Pseud O'Nym]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/chainrai-threatens-to-walk-away-from-pompey-over-administrator-fee-dispute-1-4154861

it gets better !

...it is inappropriate to conduct confidential negotiations through the media...

What a splendid piece of hypocrisy! It was fine for him to use the media to pressure players over their fees, but when it comes to his own...

[Royal Monk]

How can Chanrai ever pass the test for new owners with his track record ? It took us months to have our guy approved yet they are letting this clown walk straight back in !!!!

[AthleticoSpizz]

Why are we colluding and loaning to them?

[GreaterTorontoRoyal]

Why are we colluding and loaning to them?

We haven't officially loaned Andersen yet. Appleton said he was hopeful it could be done. At the moment he is a Reading player. Andersen may have rejected the loan move.

[AthleticoSpizz]

ok, so why are we considering colluding and loaning to them

[Ian Royal]

ok, so why are we considering colluding and loaning to them

What better way to ensure they go down, if the scroats manage to survive, than to send one of our 'keepers there on a mission.

[Wizard]

Well, he's likely to get a lot of shot-stopping practice.

[Dare to Dr£am]

Appleton moaning today that his promised £4m, yes £4m, budget wont be coming his way and he will instead get only £1.5m.

Even £1.5m is a joke because of the state they're in. What about everyone who has lose their job or will be getting 2p in the £?

[From Despair To Where?]

Does that budget include wages which would be a reasonable assumption for a club in Pompey's position. If so £1.5m would have to cover, say, 15 first teamers at a cost of £100,000 pa each. In football speak, thats less than £2,000pw per player which, even by League 1 standards, isn't a lot.

If, on the other hand, that's a transfer kitty, than that's pretty scandelous.

[buzzby]

If it's the transfer kitty, I would imagine thats more than some Premiership teams will have to spend.

[Friday's Legacy]

Pompey's budget cut means they wont be loaning Mikkel Andersen - http://www.portsmouth.co.uk/sport/pompe ... -1-4158147

[buzzby]

Awww it's one of the lowest 5 budgets in the league.

[WestCoast Life]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appleton-certain-of-relegation-after-budget-cut-1-4158095

[larry1971]

Awww it's one of the lowest 5 budgets in the league.

you just wonder how the hell they are going to survive with only a couple of week to go untill the transfer window closes they have not got a lot of time left to get in the experienced players they will need apart from out of contract players I can't honestly see why any player would want to sign for a cub who's future is still so uncertain .One things for sure with the 10pt deduction Portsmouth will start the season with it's going to take a miracle for them to avoid relegation.