Portsmouth fc

[dizzynewheights]

yeah, how dare he not just swallow a £17m loss and walk away

[Who Moved The Goalposts?]

yeah, how dare he not just swallow a £17m loss and walk away

Usually, I'd agree with this stance, but as ever with anything connected with Pompey, everything is shrouded by mystery and murkiness.

1) Chainrai's "loan" to one of the previous buyers is seen as questionnable - people ITK (not me, I know nothing sadly) seem to believe it either never existed or was nowhere near as high as he was claiming. How this works is beyond my abilities to understand so it may be right or it may not.
2) His valuation of Fratton Park is considerably higher than the market rate. If another buyer comes in, under Insolvency Law this can be challenged in court with the decision being final and binding.

[Mr Angry]

yeah, how dare he not just swallow a £17m loss and walk away

Usually, I'd agree with this stance, but as ever with anything connected with Pompey, everything is shrouded by mystery and murkiness.

1) Chainrai's "loan" to one of the previous buyers is seen as questionnable - people ITK (not me, I know nothing sadly) seem to believe it either never existed or was nowhere near as high as he was claiming. How this works is beyond my abilities to understand so it may be right or it may not.
2) His valuation of Fratton Park is considerably higher than the market rate. If another buyer comes in, under Insolvency Law this can be challenged in court with the decision being final and binding.

1. As I understand it, the sum of £17M has never been seen in Pompey's books, and just happens (by a strange coincidence) to be the exactly same amount of money as that supposedly owed to Chanrai by the father of Gyadamak (the previous owner of Pompey) over some deal in Israel. Normally this would be a "so what?" situation, but his pet administrator gave him the same preffered creditor status as the players the last time Pompey were in administration, in order that regardless of what happens, he would always be guaranteed he would be getting his money; it is this charge that has been a key reason (together with the ridiculous player contracts - also instigated under Androniku's administration) why any companies who have looked to buy Pompey have walked away.

2. This is exactly what is now happening; Birch is going to Court to say that the value of Fratton Park is £2.75M in order to try and help the PST buy Pompey. It is this that has caused Chanrai to bail out of the process as he now realises that, should this be accepted by the Court (as it will) the most he can get out of the club is £2.75M. Strange that all of a sudden he then slashes the playing budget from the promised £4.5M to £1.6M......

[Alexander Litvinenko]

2. This is exactly what is now happening; Birch is going to Court to say that the value of Fratton Park is £2.75M in order to try and help the PST buy Pompey. It is this that has caused Chanrai to bail out of the process as he now realises that, should this be accepted by the Court (as it will) the most he can get out of the club is £2.75M. Strange that all of a sudden he then slashes the playing budget from the promised £4.5M to £1.6M......

How has he got any control over the playing budget? Birch should have control over that.

[MouldyRoyal]

I believe it was the budget proposed, i.e. what would be given to Appleton on take over and transfer embargo lifted.

[Tony Le Mesmer]

The whole value of the ground thing I can see going to court. The same issue arose with the sale of Valley Parade which i dealt with personally in my last job. In that instance, the ground was sold for about £5m, depsite them having just spent £10m on new stands. All a bit shadey really.

If being sold as a going conern, there is no way the ground is worth as little as £2.75m. I would imagine the Fratton End stand is worth more than that on it own. If you are valuing to sell to developers, then thats a different matter and the site is worth considerably less.

[Mr Angry]

2. This is exactly what is now happening; Birch is going to Court to say that the value of Fratton Park is £2.75M in order to try and help the PST buy Pompey. It is this that has caused Chanrai to bail out of the process as he now realises that, should this be accepted by the Court (as it will) the most he can get out of the club is £2.75M. Strange that all of a sudden he then slashes the playing budget from the promised £4.5M to £1.6M......

How has he got any control over the playing budget? Birch should have control over that.

Sorry Dirk - the PROPOSED playing budget, which led Appleton to say that Pompey would get relegated this season, which was another reason given by Chainrai for walking away.

[Tony Le Mesmer]

Portsmouth set to make 10 short term signings

http://www.portsmouth.co.uk/sport/pompe ... -1-4166058

[PieEater]

Aren't those the same players that were lined up for the £4m budget and then subsequently dropped in favour of the kids on Tuesday?

Where are they going to get the extra money to pay for their permanent contracts after the initial month, or is the PST backing enough to support this?

[floyd__streete]

If they sell all their Gold and Nike then the PST will be able to provide a budget for a Champions League-winning side, the hooped-earring wearing pikeys.

[Geekins]

It's all fake though.

[Friday's Legacy]

So they might yet get off scot free this season. Points deduction is suspended pending take-over, and TB hopes they will drop it altogether; and ten players rumoured to have signed short-term deals. Brian Howard is expected to be one of those players, as is Williamson who they wanted last season. Mikkel Andersen is also rumoured to be still on.

[Super_horns]

Some good players signed...

[Stranded]

So they might yet get off scot free this season. Points deduction is suspended pending take-over, and TB hopes they will drop it altogether; and ten players rumoured to have signed short-term deals. Brian Howard is expected to be one of those players, as is Williamson who they wanted last season. Mikkel Andersen is also rumoured to be still on.

It's not been suspended it was always due to be given to the club upon the completion of any takeover. They have 4 months left to agree a deal with Portpin on the ground so that the trust can take over. If not they hit the 12 month wall for admin and will be liquidated.

All 10 players have signed today.

[RockheadRumple]

Howard is the captain, too! I'm very happy for him and I'm quite excited in a way about how Portsmouth are doing things. It's a great opportunity for any young player already there and very attractive for other young players.

[Pseud O'Nym]

Anyone who thinks that this wouldn't cost a fortune in professional fees to sort out is incredibly naïve; Pompey have been cooking their books for Years!

They don't actually have too far back to look. The old Mandaric/Gaydamak shell was put into liquidation with accountants (Baker Tilly) appointed by HMRC. Last i heard, which was about a year ago, was they'd brought in forensic accountancy specialists to look for fraud.

[Jay o/]

Anyone who thinks that this wouldn't cost a fortune in professional fees to sort out is incredibly naïve; Pompey have been cooking their books for Years!

They don't actually have too far back to look. The old Mandaric/Gaydamak shell was put into liquidation with accountants (Baker Tilly) appointed by HMRC. Last i heard, which was about a year ago, was they'd brought in forensic accountancy specialists to look for fraud.

They were at it in the 80's as well. They've always been a dirty bunch of bastards.

[Alexander Litvinenko]

Anyone who thinks that this wouldn't cost a fortune in professional fees to sort out is incredibly naïve; Pompey have been cooking their books for Years!

They don't actually have too far back to look. The old Mandaric/Gaydamak shell was put into liquidation with accountants (Baker Tilly) appointed by HMRC. Last i heard, which was about a year ago, was they'd brought in forensic accountancy specialists to look for fraud.

They were at it in the 80's as well. They've always been a dirty bunch of bastards.

Them and everyone else - football is institutionally corrupt. It's only in recent years that it's become noteworthy and rules are being tightened up.

[reading_fan]

Some good players signed...

http://www.bbc.co.uk/sport/0/football/19284581

[Rev Algenon Stickleback H]

So they might yet get off scot free this season. Points deduction is suspended pending take-over, and TB hopes they will drop it altogether; and ten players rumoured to have signed short-term deals. Brian Howard is expected to be one of those players, as is Williamson who they wanted last season. Mikkel Andersen is also rumoured to be still on.

It's not been suspended it was always due to be given to the club upon the completion of any takeover. They have 4 months left to agree a deal with Portpin on the ground so that the trust can take over. If not they hit the 12 month wall for admin and will be liquidated.

All 10 players have signed today.

What are the odds they'll be moaning about how small their squad is, and how they can only field 3 subs etc before long?

Will they ever get the idea that the salary budget has to cover the whole squad, not just the first team?