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Pay up Pompey

vicky-27

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CumbrianRam

CumbrianRam

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Portsmouth have signed 10 players on one-month deals, subject to Football League and FA approval.

Kieran Djilali, Mustapha Dumbuya, Jon Harley, Brian Howard, Izale McLeod, Lee Williamson and Simon Eastwood have all agreed to join Michael Appleton's side.

Who are Pompey's new men?

Kieran Djilali - 21-year-old winger, most recently at AFC Wimbledon

Mustapha Dumbuya - 25-year-old right-back, left Doncaster in summer

Jon Harley - 32-year-old former Chelsea left-back, left Notts County in summer

Brian Howard - 29-year-old midfielder most recently at Reading. Will be Pompey captain

Izale McLeod - 27-year-old striker who left Barnet this summer

Lee Williamson - 30-year-old midfielder, formerly of Sheffield United

Simon Eastwood - 23-year-old goalkeeper who played in the Plymouth defeat

Jack Compton - 23-year-old midfielder who left Falkirk in the summer

Luke Rodgers - 30-year-old former Lillestrom striker

Liam Walker - 24-year-old midfielder who played for Spanish side San Roque last season

Jack Compton, Luke Rodgers and Liam Walker all join the League One side subject to international clearance.

The administration-hit club have had to build a new squad after jettisoning all their players this summer.

On Tuesday they fielded a near-youth team at Plymouth in the League Cup. They lost 3-0, with goalkeeper Eastwood, who signed on non-contract terms before the game and 35-year-old assistant coach Ashley Westwood the only players over 21.

Appleton has been working hard throughout the summer to rebuild his squad, but has been frustrated in his attempts to offer players contracts as the club search for new owners.

He confirmed to BBC Radio Solent on Thursday he intended to make Howard club captain, while Crystal Palace player Tom Soares was also on trial at the club.

Reading keeper Mikkel Anderson is also expected to come in on loan this week as is West Ham goalkeeper Peter Kurucz, Chelsea midfielder Connor Clifford and Celtic defender Josh Thompson.

"They are just one-month contracts, that is all we can do because of the risk to both parties at the minute," Appleton said.

"But it's fantastic for the players, many of which have been training with us for four weeks, but there is still a fantastic spirit and they can't wait to play."

The Pompey Supporters Trust (PST) is currently in talks with administrator Trevor Birch as it attempts to take control of the stricken club, who are £58m in debt.

Former owner Balram Chainrai withdrew his bid on Wednesday, leaving the PST in pole position to take over.

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

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Pearl Ram

Pearl Ram

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[size=6]Chainrai withdraws Pompey bid[/size]

[size=6]League One club now in danger of liquidation[/size]

[url=http://www1.skysports.com/football/news/11674/7990365/Chainrai-withdraws-Pompey-bid]http://www1.skysport...raws-Pompey-bid

Heard it all before and quite frankly I'm up to the back teeth with the constant "Woe is us" stories coming out of Portsmouth. Furthermore I'm fed up with the authorities bending over backwards to accomodate this shoddily run football club. The Portsmouth saga will run and run because it will be allowed to as though they are a special case, they are not and should be put out of their misery at the earliest opportunity. They will not be missed.
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CumbrianRam

CumbrianRam

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On, off, on, off and it is back on now!

The chances of Portsmouth becoming a community-owned club appeared to suffer a setback on Wednesdaynight when the former owner, Balram Chainrai, announced he still hoped to finalise a takeover of the club.

Chainrai's claim comes just a week after his Portpin group released a statement saying it was withdrawing its offer for the club. Wednesday night's U-turn is a blow to the aspirations of the Portsmouth Supporters Trust, which had welcomed last week's news, believing it opened the way for the administrator to accept its proposed bid, which had been backed by close to £2m in pledges from Pompey supporters. The Trust remains defiant, however, that it can still deflect Chainrai's offer and secure the club's future.

Portpin have revived their interest in the League One club following talks with the administrator and other interested parties. "After many discussions with the related parties, including amongst others, the administrator, the Football League, the PFA, and officials from Portsmouth City Council, Portpin Ltd announces that it has decided to take action in order to avoid the imminent liquidation of Portsmouth FC," read a Portpin statement.

"Portpin's offer will be in much the same form as previously, with the club's current CVA being honoured and football creditors being settled in accordance with current agreements. Under Football League rules, the satisfactory treatment of football-creditor obligations is critical to the financial eco-system of all members of the Football League."

In response, the Supporters Trust issued a statement which read: "The Portsmouth Supporters Trust's bid remains on track. Trevor Birch [the administrator] has described our bid as credible and there is nothing to suggest that anything has happened to change his view.

"Our bid has been on the table for months and we have been consistent and unstinting in our efforts to buy Pompey and give the club a fresh start." The Trust will seek talks with Birchon Thursday for further clarity on the matter.

http://www.guardian.co.uk/football/2012/aug/23/balram-chainrai-takeover-portsmouth-trust

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CumbrianRam

CumbrianRam

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Pompey Supporters' Trust has made a revised offer for the League One club.

The move comes a day after former Portsmouth owner Balram Chainrai submitted a new bid.

Administrator Trevor Birch said: "We have received a revised offer and will study the documents in detail.

"There will be aspects that need further clarification and we will work with the trust to achieve that clarity before deciding how best to proceed with the trust and Portpin offers."

http://www.bbc.co.uk/sport/0/football/19376104

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CumbrianRam

CumbrianRam

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Former Portsmouth owner Balram Chainrai has called a halt to his attempt to buy the League One club.

Hong Kong businessman Chainrai has been trying to assume control at Portsmouth via his company Portpin for a third time in less than three years.

The financially-troubled club have been in administration since February and are said to be around £61m in debt.

Last month the administrators granted "preferred bidder" status to the Pompey Supporters' Trust.

The fans group, however, is still to satisfy the Football League of its suitability.

Chainrai is owed around £17m by the club and holds Fratton Park as security. And in a statement released to the BBC, Chainrai says there is little point continuing his pursuit to take control of the club.

"We believe that the Football League has been put in an invidious position by the administrators - PKF," said Chainrai.

"It is the administrators' job to manage the administration to a successful conclusion to the benefit of all creditors and yet PKF has off-loaded this responsibility to the Football League.

"First, Trevor Birch (administrator) named Portpin as preferred bidder, then, before the Football League was given any time to actually assess our bid, Trevor Birch decided to suddenly withdraw our preferred bidder status the same day, without any credible reasoning.

"The PST was then named by Trevor Birch as the preferred bidder even though our bid remains with the Football League as they continued the process of evaluating our offer.

Chainrai added: "And Pompey fans should be in no doubt that in my opinion they are being manipulated here.

"Behind the PST bid are a number of property developers who now appear to be becoming the majority stakeholders rather than the PST themselves.

"I believe their interest in buying the club is to secure the land. The illusion of the Trust owning Fratton Park is just that: an illusion.

"In reality, property developers will own the land, but they are using the veil of the Trust's bid as a vehicle to obtain and develop land around the ground without having to spend any money on much needed improvements to Fratton Park.

"I also firmly believe that Michael Appleton's departure is a direct result of his frustration at the protracted state of affairs."

However, PST spokesman, Colin Farmery, said Chainrai's comments were designed to de-rail their bid and "worry supporters".

Farmery also defended the Trust's decision to work with a property developer saying it was essential to the future development of the club.

"We've been transparent in that we are working with a strategic property developer," Farmery told BBC Radio Solent.

"As everyone knows the long-term future of Portsmouth Football Club depends on doing a deal on the land around the ground in order to create a stadium that is fit for the 21st century.

"You are not going to do that on your own, you are going to have to work with a property developer or developers in order to do that.

"It's ridiculous from Portpin to suggest that this is underhand - it is a necessity to work with a property developer."

Portpin's statement added that it would also seek clarification from HM Revenue and Customs as to their decision to appoint PKF as administrators.

When contacted by BBC Sport, administrators PKF declined to comment on Chainrai's allegations and statement.

[url=http://www.bbc.co.uk/sport/0/football/20268344]http://www.bbc.co.uk...otball/20268344

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Duracell

Duracell

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Still the fans that suffer. English football needs to sort out a way of punishing the people that do the crime, not the scene of the crime.

Any old geezer can buy a football club, run up absurd debts, leave, and get the club (and fans) punished.

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CumbrianRam

CumbrianRam

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The Pompey Supporters' Trust hope to take over Portsmouth before Christmas after signing a conditional agreement with the club's administrators PKF.

PKF must first gain permission to sell Fratton Park, after Balram Chainrai's company Portpin, who hold the ground as security, refused the PST's offer.

"Portpin has rejected the offer for Fratton Park," said PKF's Trevor Birch.

"So the sale has to be conditional on receiving the Court's permission to sell the ground."

The PST have offered Chainrai £2.75m for the ground but following his refusal to sell, Birch will now go to the High Court of Justice and ask for Chainrai's fixed charge to be released forcing him to sell at the market rate.

"We are therefore in the process of submitting an application to the Court," continued Birch

Who are the Pompey Supporters Trust?

Chairman: Ashley Brown

Several high net worth individuals including: Iain McInnes, Christopher Moth, Stuart Robinson, John Kirk, Ken Terry, John Partridge.

Supporters: Hundreds of Pompey fans who have pledged a minimum of £1000 to buy a stake in the club.

But he said: "We can confirm that we have signed a sale agreement with the PST to acquire the business of Portsmouth Football Club."

The financially-troubled club have been in administration since February and are said to be around £61m in debt.

Former owner Chainrai, who is owed around £17m by Portsmouth, called a halt to his attempt to buy the League One club in November, after trying to assume control via his company Portpin for a third time in less than three years.

Last month the administrators granted "preferred bidder" status to the Pompey Supporters' Trust.

"I'm sure every member of staff, every player and every supporter will join with me in wishing to see a speedy resolution of what has been a protracted administration," Birch added.

"Everyone involved in the transaction has worked incredibly hard to get the deal to this stage and, although there is still much that needs to be done, today's announcement marks what is hopefully the beginning of the end of the process."

The news was welcomed by the PST chairman Ashley Brown who called the moment "a special day for the club".

"This truly is fantastic news and the start of a new chapter for Portsmouth Football Club," said Brown.

"We hope to finalise the sale by Christmas, and go into 2013 with a fresh start for our great club.

"The hard work will continue during the court application process to ensure that we are in the best position possible to drive the club forward and build for the future ahead of the important January transfer window."

However, in a statement issued to BBC Sport, Chainrai said he still believed his offer for the club was the best offer for creditors and Portsmouth Football Club.

"We remain ready to complete the deal in a matter of days, should the Trust be unsuccessful," said the statement.

"That is our intention and, despite ill-informed gossip to the contrary, the Football League have not rejected our application.

"We have satisfied the Football League regarding our business plan and cash requirements and we have answered all other questions regarding the Owners and Directors' test."

The statement also criticised the decision by the PST to work with property developers.

"The Trust's bid is conditional on securing a deal to flip Fratton Park and sell it to property developers.

"The money raised from that sale is vital to fund their bid and yet the rental agreement will ratchet up costs and put the club under more pressure every year that goes by.

"We believe that keeping Fratton Park under the ownership of the club - which our bid guarantees - is of paramount importance to the future of Portsmouth Football Club if it is to remain at the heart of the community."

[url=http://www.bbc.co.uk/sport/0/football/20338754]http://www.bbc.co.uk...otball/20338754

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CumbrianRam

CumbrianRam

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Property developer Stuart Robinson, who is part of the Pompey Supporters' Trust, has agreed a deal for the land surrounding the Fratton Park stadium.

Administrators David Rubin & Partners confirmed they have entered into an "exclusivity agreement" with Robinson.

"I hope that this will ultimately lead to the exchange and completion of the sale in due course," administrator Paul Appleton told BBC Sport.

Robinson is one of several major investors involved with the PST.

On Thursday, administrators of the club PKF confirmed they had agreed the "conditional sale" of the club to the PST.

That sale is conditional on PKF first gaining permission to sell Fratton Park - owned by former owner Balram Chainrai.

Potential new chairman Iain McInnes later added they hoped to do a joint deal for both the land and stadium as they continue their quest to take full control of the club.

That land had been owned by Miland Development 2004 Ltd but was put up for sale after it went into administration.

The land is almost 10 acres of car park and office space to the north and west of the stadium and is seen as pivotal to the club's future as it would finally allow Fratton Park to be developed.

It was initially bought by former owner Milan Mandaric in 2004 and 2005, and then passed to the club's next proprietor, Sacha Gaydamak.

Who is who in Pompey saga

PST - The supporters trust hoping to buy Portsmouth Football Club.

PKF - The administrators dealing with the sale of Pompey.

Portpin - Former owners of the club led by Balram Chainrai who are also vying for control of Pompey.

Sacha Gaydamak - Proprietor of land around Fratton Park owned through Miland Developments.

David Rubin & Partners LLP - Administrators of Miland Developments.

The London-based French-Israeli businessman held on to the land as security for money he claims he was owed by the club until he also placed Miland into administration last year.

But the land is deemed to be practically worthless without control of Fratton Park, as Portsmouth City Council will not grant planning permission for anything on the site unless Pompey's existing stadium is upgraded or they get a new arena elsewhere.

And if the Miland acres can be reunited with Fratton Park, it would enable a new owner of the club to forge ahead with a complete redevelopment of the site.

Fratton Park is owned by Chainrai who is owed around £17m by the club and holds the stadium as security.

Chainrai recently suspended his bid to take control of the club - who are £61m in debt and have been in administration since February.

The PST have offered him £2.75m for the ground but he has refused to sell so administrator Birch will now go to the High Court of Justice and ask for Chainrai's fixed charge to be released - forcing him to sell at the market rate.

Chainrai and a group of Scottish investors led by businessman Harry Kerr called Portco Ltd had also hoped to buy the land.

http://www.bbc.co.uk/sport/0/football/20033754

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CumbrianRam

CumbrianRam

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The High Court case to determine the future of Portsmouth Football Club has been adjourned until 15 January 2013.

Pompey Supporters' Trust is still hopeful it will take control of the stricken League One club.

Administrators PKF have agreed to sell Portsmouth to the PST but it is conditional on the Trust also taking control of Fratton Park.

Former club owner Balram Chainrai, who has also tabled a takeover bid, has a charge over the stadium.

Who is who in Pompey saga

PST - The Supporters' Trust hoping to buy Portsmouth Football Club.

PKF - The administrators dealing with the sale of Pompey.

Portpin - Former owners of the club led by Balram Chainrai who are also vying for control of Pompey.

Walker Morris - Law firm representing Portpin/Chainrai.

Sacha Gaydamak - Proprietor of land around Fratton Park owned through Miland Developments.

David Rubin & Partners LLP - Administrators of Miland Developments.

REL - Robinson Estates Limited

The PST has offered Chainrai, who claims he is owed £12m by the club, £2.75m for the ground but he has refused to sell.

PKF had hoped to force the sale of the stadium through the court.

But the hearing began on Thursday with PKF asking for an adjournment because of "a significant change in the terms of the transaction relating to REL".

REL (Robinson Estates Limited) is connected to property developer Stuart Robinson, one of a number of 'high net worth' individuals working alongside ordinary supporters in the Pompey Supporters' Trust.

Robinson had been scheduled to buy Fratton Park and land surrounding the ground once the PST took control of the club.

On resumption of the case, PKF's counsel Katherine Holland admitted they had not been able to resolve certain issues and made an application for a further adjournment until 15 January at the latest - although the case could be heard before then if either party applies for a hearing at short notice.

During the case Chainrai's company Portpin claimed PKF had overlooked a "general floating charge" which meant they would be due any money left over from the administration - thought to be around £2m, made up of parachute payments from the Premier League,

But PST chairman Ashley Brown says the Trust's bid is viable without that money even if it is awarded to Portpin.

"We are absolutely certain we can save the club," Brown told BBC South Sport.

"We're very pleased with today's outcome, it is exactly the result we wanted.

"We had some last-minute complications because of some unforeseen circumstances that were out of our control and we needed some more time.

"We already have a plan of action to resolve the problems we have encountered and needed longer than 24 hours, and we are confident we will be back in this court within the next few weeks with a successful application."

Brown added: "We knew about the floating charge, that was part of the evidence submission and that's an issue for PKF to deal with.

"Portpin do have concerns about the way that is being dealt with and as PKF's barristers said in court they refute those concerns.

"Yes we can go forward without that money. Our business plan is very strong over the next four or five years.

"We have always worked on a very conservative business model and we are comfortable we have enough money to help the club survive."

Portpin had asked Mr Justice Sales to appoint a joint administrator, Brendan Guilfoyle, to work alongside PKF's Trevor Birch to find a new buyer for the club and fund Pompey until the end of the season.

Portpin's QC Richard Sheldon said his client had lost faith in the current administrators.

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PST chairman Ashley Brown said: "We are absolutely certain we can save the club"

But the request was not granted and PKF will continue in their attempts to save the club, said to be £61m in debt.

Brown said it was unclear whether Robinson would continue to work with the PST, but said they had other options if not.

"That is something we will look at over the coming days," said Brown.

"Stuart was always our main option but we would be silly not to have alternative options.

"Complications between Stuart and PKF are why we find ourselves having to do the adjournment. Whether we fix things by resolving those issues or whether we come back in with a secondary plan we are not sure yet. We are confident that the secondary plan will work at the very least.

"We are continuing to talk to Stuart but whether he ends up being part of this deal or not I couldn't tell you right now."

A statement from Portpin said: "There was a fundamental flaw at the heart of the administrators' case, even before the issue regarding the valuation of Fratton Park came up in court.

"The proposed purchaser of the stadium was simply not in a position to fund the purchase even at the minimum price PST offered. This has been a huge waste of time and money.

"In what has already been the most expensive and longest running administration in the history of English football, there can be no further delays if this club is to survive."

http://www.bbc.co.uk/sport/0/football/20728701

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