Pay up Pompey

[Day]

Portsmouth have been taken over for a third time this season after Balram Chainrai seized control, subject to passing the Premier League fit and proper person test.

Chainrai has taken over the 90 per cent shareholding in Pompey that was held by Ali Al-Faraj after the club continually defaulted on loan repayments.

The Hong Kong businessman had loaned at least £17m to Faraj to keep Portsmouth afloat through Portpin, the company he owns with his Israeli business partner, Levi Kushnir, and their associates. Those loans were secured against the stadium, the club's future television revenue and Faraj's 90 per cent share.

Angered by Portsmouth's failure to make the repayments, despite Portpin continually extending the deadlines, Chainrai's patience ran out on Wednesday.

Under the terms of the loan Faraj's 90 per cent shareholding in Portsmouth was frozen and passes to Chainrai, who has confirmed Portpin will now look after the club's best interests.

"Portpin have made substantial loans to Portsmouth to try and ensure the club's future," he told The Guardian. "Portpin will [now] continue to work for the best interests of the club."

Meanwhile, Portsmouth are due in court to appeal against the petition from from HM Revenue & Customs over an unpaid tax bill before the hearing next Wednesday.

Chainrai appealed to HMRC to understand the club's financial predicament, adding: "To help Portsmouth succeed we need the support and understanding of Her Majesty's Revenue to work out a solution."

http://www.skysports.com/story/0,19528,11661_5917142,00.html

[froggg]

any news on these nuggets yet today they're due at the high court:D

9 point deduction would put them on 7:D:D:D

[derbydan]

7 day reprieve

[MrOrdinary]

they have been given another 7days, as they seemed to of found some cash but some people still are not happy, due in court again 19th feb or something,

want beter info go here...

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8505321.stm

[bakeri666]

The full extent of Portsmouth's financial problems was revealed to the High Court on Wednesday.

Last week, the cash-strapped club survived a winding-up order on the condition that they provided a detailed statement of their finances.

Portsmouth said that statement was delivered to the court and Her Majesty's Revenue and Customs (HMRC) by the 1600 GMT deadline.

Pompey will return to court on 1 March over the winding-up petition.

The Premier League's bottom-placed club are understood to have debts of around £60m but are hoping to show they will be able to repay their debts.

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8519103.stm

[Day]

Bakeri's back!!!

[bakeri666]

sorry, i can go again if you like

[GboroRam]

We're a broad church here.

Its got a bit of a low roof though...

[CumbrianRam]

Oh dear, I see Portsmouth FC dead on March 1.

[derbydan]

Crisis club Portsmouth have confirmed they have asked the Premier League if they can sell players outside the transfer window.

However, the move will depend on their request being sanctioned by the Football Association and FIFA as well as the Premier League.

Pompey want to sell some of their players in a bid to pay their bills and have asked the Premier League for permission to do so.

A spokesman for the south coast club said: "I can confirm we have put in a request to the Premier League to sell players outside the transfer window. It is something we are exploring."

Pompey have not identified any specific players for sale but reports suggest Algeria World Cup star Nadir Belhadj, midfielder Kevin Prince-Boateng and young defender Mark Wilson could be made available.

But Pompey are facing a race against time to gain permission to sell anyone.

While the Premier League and the FA may make an exception for Pompey, it is unlikely FIFA will sanction the move.

The club are still understood to be in negotiations with two interested buyers but any deal will have to be done swiftly if either of the parties involved is to come to Pompey's rescue.

The club faces a winding-up petition from Her Majesty's Revenue and Customs over an unpaid £11.7million tax bill on March 1 and will require a major injection of cash if they are to avoid being wound up.

Portsmouth lodged their Statement of Affairs with the High Court on Thursday in a bid to prove they are still a solvent company.

The Statement of Affairs, a detailed look at the club's accounts, was prepared by accountants from Vantis and delivered in time for the 4pm deadline

Six members of the business recovery service worked tirelessly on the statement since last Wednesday when Pompey were given a week to hand the document to the High Court.

Pompey will return to the High Court on March 1 after HMRC officials have examined the document.

But there are a number of potential problems for Pompey even if they gain permission to sell players now.

Belhadj needs games as he is going to the World Cup while Boateng has already played for two clubs.

But if Pompey are wound up then it would present the Premier League with a massive headache.

Pompey would throw the competition into turmoil if they fail to fulfil their fixtures and that is something Premier League officials are desperate to avoid.

Simon Wilson, a partner with Zolfo Cooper the restructuring experts, warns that Pompey, despite handing in their Statement of Affairs, still face the very real threat of extinction and that going into administration is an unlikely salvation.

"Arguably, the level of debt associated with this case, will mean that it is unlikely that a suitable or willing benefactor will be found," said Wilson.

"Portsmouth therefore face the very real threat of liquidation because it is increasingly unlikely that an administration order will be sought or granted.

"In this eventuality, the players contracts are no longer assets of the club and it would lose its membership of the Premier League.

"The role of the liquidator would be to realise whatever free and available assets still remain.

"The value of these assets would be nominal. While the unsecured creditors, including HMRC, would likely see no return from such a process, it is not in their interests to continue to support a business that is simply not viable and has no financial substance.

"To continue to underwrite the club would most likely result in greater losses at a later date. This would be an unprecedented case in the realms of the Premier League and would throw light on the fact that clubs can no longer rely on 'white knights' to rescue them from financial ruin.

"Many football clubs have allowed their levels of debt to grow to immense proportions. These debts cannot be serviced and investors simply don't have the appetite or ability to take on such poor business propositions."

[Day]

As sad as the situation is for Portsmouth, tough. Who do they think they are asking for the Premier League to bend rules, **** em, they had all month to sell players. If they let Portsmouth do as they please, other clubs will want freedom to sell outside the windows in future.

[bakeri666]

As sad as the situation is for Portsmouth, tough. Who do they think they are asking for the Premier League to bend rules, **** em, they had all month to sell players. If they let Portsmouth do as they please, other clubs will want freedom to sell outside the windows in future.

FIFA won't sanction it... they are angry enough at the fa as it is, after the fa created a loophole to bypass the ruling on the number of clubs permitted to one player in one season

[MrOrdinary]

http://timesonline.typepad.com/thegame/2010/02/debate-should-the-premier-league-step-in-to-save-portsmouth-.html

hows about that for an idea?

ment to post this the other day and forgot, poses a good idea, im not sure if im in favour of it or not

on one hand, a club has got to go out of business, for the situation to really hit home, and that clubs have to live by there means, and not have millions of pound of debt, and not paying tax bills and what not.

i think the german model of football, is good, large attendences, all the clubs live by there means, and i could be wrong but im sure none of them in in debt like any of the english clubs

but then on the other hand, it does set a precedent if portsmouth ccease to exist, all there points are ment to get wiped of the table, including all teams who got points against them, come the end of the season, that 3 points could stop some one getting european football, which could lead to courtcases, of the like between sheff ntd and west ham, which shouldnt happen and would damage the premier league immensly

[Day]

Say the Premier League step in and pay Portsmouth's tax bill, we go up next season and Clough thinks we need a £6m striker, I know feck the tax bill, we'l tell the Premier League we can't pay it, they helped Portsmouth so why not us.

This thread goes back to 1st October 2009, Portsmouth knew they were in financial problems then, they had 3 months prior to the transfer window opening to offer players to clubs, they then had the whole of January. They shifted a couple out and bought a couple in.

Sorry but they should never of been allowed to bring any players in, even on loan. How can they if they can't pay the players they already have.

[bakeri666]

hate to say it but i'm with Davey boy on this one...

[MrOrdinary]

Say the Premier League step in and pay Portsmouth's tax bill, we go up next season and Clough thinks we need a £6m striker, I know feck the tax bill, we'l tell the Premier League we can't pay it, they helped Portsmouth so why not us.

This thread goes back to 1st October 2009, Portsmouth knew they were in financial problems then, they had 3 months prior to the transfer window opening to offer players to clubs, they then had the whole of January. They shifted a couple out and bought a couple in.

Sorry but they should never of been allowed to bring any players in, even on loan. How can they if they can't pay the players they already have.

your are right, if you have a transfer ban you have a transfer ban, but you can hardly blame grant for trying to save the club, they have a problem in they have to many players on wages which no club wants to pay, as the players are substandard, and im betting the majority of players there are not willing to take substanial drop in wages to help the situation

phil brown on footy focus the other day had a good point if anyone saw it, where he said he couldnt compete with pompey as they were offering higher wages, which hull couldnt compete with. im sure there is a blog on the beeb some where.

its a debate where there is arguements on both sides, of which anyway of saving the situation has long standing implications on both sides.

but at the same time the prem does have some responsibility for the situation, and i think greater levels of transparency need to exist at all football clubs, and the prem and football league have to work in association withthe fa to get this sorted. its wrong portsmouth had an unofficial overdraft, and people need to be held responsible for it, but there is an arguement that, the british publis shouldnt have to foot this bill, if portsmouth owners or the club cannot pay the bill.

i think it would be intresting to see how much involvement the league authoritys would have if one of the big 4 were to be in this situation

like i said im on the fence for the issue, as i think, the situation needs sorting and the only way this will happen, is if a clubs goes out of business. but i think the implications in the grand scheme of allowing a club like portsmouth to go out of business is bad, and hard done by for all the pompey fans who work hard like all other footy fans to go and watch there team everyweek.

[Day]

The thing is Grant needs to accept the club will be relegated, I'm sure they have an academy that they can dip into if needed, he shouldn't of been able to sign players.

He comes on SSN bleeting how much he cares about the club, but I'm sure he's there Monday morning at the cashpoint seeing if his wages have gone into his account.

What I want to know is why the club hasn't been put into administration, Crystal Palace have and accepted the points deduction, they haven't failed to pay their players, nor has their website been taken offline as they couldn't afford that either.

Had the club been put into admin, they would of come in and sorted the club out, yet 4 months on still no sign of going into administration.

[MrOrdinary]

The thing is Grant needs to accept the club will be relegated, I'm sure they have an academy that they can dip into if needed, he shouldn't of been able to sign players.

He comes on SSN bleeting how much he cares about the club, but I'm sure he's there Monday morning at the cashpoint seeing if his wages have gone into his account.

What I want to know is why the club hasn't been put into administration, Crystal Palace have and accepted the points deduction, they haven't failed to pay their players, nor has their website been taken offline as they couldn't afford that either.

Had the club been put into admin, they would of come in and sorted the club out, yet 4 months on still no sign of going into administration.

the palace situation is slightly different i think though, in that some of palaces invested put the club into adminsitration as it was a clause in there agreement in investing or something, i cant quite remeber the ins and outs

of course hes gonna say he cares about the clubs, what manager wouldnt in that situation. but the prem is where the money is, and i think there plan is to try and see through to the end of the season, eve if that is looking less and less likely.

im standing by my comment that the league authoritys need to take some responsibilty i the matter, im not saying they should bail them out, but they need to sort the matter out, as they are as much at fault as anyone else, letting dodgy businessmen buy the club.

[Day]

How can they help them without bailing them out or bending the rules?

The only way I can see is if the Premier League refuse to give Portsmouth parachute payment directly, instead paying off HMRC and who else money is owed to at the end of the season if Pompy go down. The Premier League would have to agree a deal with HMRC for this to happen tho I guess.

If they stay up, well don't even go there.

[MrOrdinary]

just saw this on the beeb website about why they wont go into admin

Meanwhile, a financial expert says Portsmouth face a very real threat of extinction because of their financial problems and he believes administration is an unlikely option.

"Arguably, the level of debt associated with this case will mean that it is unlikely that a suitable or willing benefactor will be found," said Simon Wilson, a partner with restructuring experts Zolfo Cooper.

"Portsmouth therefore face the very real threat of liquidation because it is increasingly unlikely that an administration order will be sought or granted.

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8522283.stm