Portsmouth FC issued a winding up petition

leninbenjamin

bayviewclose wrote: »

That panorama doc was hit and miss to be honest. Think big sam's son was involved if Im right and impression i got was he was playing to the camera.

I think the problem with the Panorama is that they oversold their evidence. They started accusing people of criminal activity when they didn't have the evidence, but there was quite a lot of circumstantial evidence in that doc. over how and why payments are made to certain "in the knows" that has never fully been addressed since, even if the actions may not have been strictly illegal.

Fratton Fred

There are a considerable amount of "Other Factors" in all this as well.

For starters, Gaydamak still owns all the land around Fratton Park, whereas Al faraj owns the club and the ground.

The land is important in all this though, as it is earmarked for the ground expansion.

Sacha wants £33m for it, but I believe Al faraj is saying that if the club goes bust, then it is worht nothing, so the club is being starved of cash until Gaydamak drops his asking price.

That is only one issue, there is also another one around one of the guys who has lent money to the club, the Hong Kong based business man, owes money to, or is owed money by, Gaydamak senior. unfortunately all his money is frozen by interpol, who have an arrest warrant out for him if he ever lkeaves Israel. This however is unlikely in the near future, as the Israeli police are holding his passport.

this entire debacle (and the Notts County one as well) is a warning to all those who welcome billionaire businessmen owning their club.

A lot of the monies owed by the way, are (I believe) sell on fees for the likes of johnson and Diarra. I think we also owe for Boetang.

as far as i am aware, the clubs themselves are not pushing for the money, it is more a case of the PL not wanting to set any precedents or give Pompey any more special treatment than they have already.

As far as Redknapp goes, he wasn't involved in the negotiations with players, but our current most expensive player john utaka, was a redknapp signing who cost us £7m, has scored about three goals and earns £80k per week.

I don't see Arry chomping at the bit to sign him for Spurs.

Chardee MacDennis

pompey failed to pay their players as promised, doesnt look good for them...

http://news.bbc.co.uk/sport2/hi/football/teams/p/portsmouth/8439545.stm

I hope Pompy survive this crisis.

A good club with great fans.

Fratton Fred

Guardian Latest Musings - Today, 09:41 PM

---

"Never think it's a conspiracy when a cock-up cannot be ruled out," was one comment offered yesterday from a source connected to the tangle at Portsmouth.

The speaker was offering a potential explanation for decisions taken since Ali al-Faraj's investment firm Falcondrone Ltd bought 90% of the club on 5 October, bringing in a myriad of advisers. Since the Saudi businessman took over, Faraj's regime has failed to pay the players' salaries on time on three occasions. On 23 December it received a winding-up petition from Her Majesty's Revenue and Customs. And it has presented no clear strategy for clearing Portsmouth's debts, which could amount to £60m.

This last point is what has so infuriated supporters, and provoked them into gathering outside the directors' entrance at Fratton Park following the FA Cup tie against Coventry City to ask what has become the prevailing question asked of the regime: "What is going on?"

The lack of clear information means the answer to this is, as the source quoted above alludes to, difficult to establish.

Among supporters' groups much has been made of a conspiracy theory regarding the reported links between some of Faraj's advisers and Arcadi Gaydamak, the father of the former owner Sacha who is wanted in Israel to answer money-laundering charges. These include Roni Maneh, a businessman, Yoram Yosepov, a lawyer, and Levi Kushnir, a business partner of Balram Chainrai who has loaned the club £18m.

In September Chainrai and Kushnir sued Arcadi for £16.5m. According to the Israeli newspaper Haaretz, Gaydamak Sr has also fallen out with Maneh over a failed business deal. The Jewish Chronicle has since stated that Maneh claimed he told Faraj in October to appoint Avram Grant as manager, although Pini Zahavi, who is Grant's adviser – and who introduced Faraj's regime to Gaydamak – may also have had an influence.

Sources close to Gaydamak Jr claimed to the Guardian that any links are a coincidence, and that they are puzzled by the strategy of Faraj's regime.

While any conspiracy theory seems unlikely, then, it has also been pointed out by some Fratton Park insiders that though the former owner Sulaiman al‑Fahim employed Ernst & Young to carry out forensic due diligence on the club ahead of his summer buyout, Falcondrone's financial strategy appears to rely on Daniel Azougy. He is a disbarred Israeli solicitor and convicted fraudster, who drove Faraj's takeover and is charged with restructuring the current debts while raising fresh finance.

Portsmouth fans are unlikely to have been reassured by Azougy's statement on Tuesday that he had believed Portsmouth's debt to be only "£5m or £10m". They might have hoped that the accounts would have revealed to him the full scale of the amount, which has been available in the public domain for some months.

Azougy also stated that Portsmouth have no facility with any bank, after Standard Bank was paid off with £35m by the summer's sale of players. Yet this has actually proved a problem for Portsmouth as football clubs – like all businesses – require credit to operate. Sources also claim that an individual investor who was lined up in November to inject sizeable finance pulled out, though this option may not be completely dead.

Who else, then, may currently have an influence over the chaotic operation on the south coast? While the chief executive, Peter Storrie, was instantly sidelined by Falcondrone in favour of Mark Jacob, Faraj's lawyer who became executive director, it seems he is as close to a public face as can be found at the club. Fahim, meanwhile, is non-executive chairman and owner of 10% of the club, but appears to have no clear communication with Faraj and his advisers.

Yet the paradox is that while Fahim was widely derided for his tortuous buyout of Portsmouth last summer and subsequent 42-day ownership, fans are now glancing back at his tenure with fondness compared to what has developed since.

At least Fahim, Pompey supporters say, was a visible presence, however farcical. The 32-year-old attended games and fans forums, struck up a relationship with the local newspaper, and supporters were confident they could identify him.

Faraj, in contrast, has never been to the club while his public image is based only on a single, widely-circulated photograph. His brother Ahmed, a London-based property developer who sits on the board and has attended games, has also never spoken publicly.

Fundamentally, the key to the Portsmouth puzzle lies with Falcondrone Ltd, but as a British Virgin Islands-based company it is impossible to view its accounts. The Premier League is powerless to force disclosure, yet if it could it might provide all the answers to the Fratton Park conundrum

therokerroar

OhNoYouDidn't wrote: »

Bookmarked for next time a barstooler smugly criticises the LoI for financial mismanagement.....

Why?

It's one Premier League club as opposed to every second LoI club in fairness.

MementoMori

This thread needs chunes.

https://www.youtube.com/watch?v=oJzGyBTEzfg

MementoMori

On a more serious note {C Sharp} Fred what is the general feeling among the Portsmouth fans think? besides anger/frustration/scorn
i.e who are they laying the blame at?

what are they hoping for in the short/medium/long term?

homerjay2005

news about to break that portsmouth fc maybe about to fold...

5starpool

For the usual source questions, it is Dan Roan of BBC on twitter. On SSN now as well.

Mitch Connor

how has this happened? weren't they talking about coming out of admin last week? I thought they were on the long road to recovery.

FlawedGenius

PORTSMOUTH GONE:eek: Wheres Liam Lawrence gona go now??

monkey9

Lads, what's happened? Have they actually gone??

Mitch Connor

really puts all the crap about Rooney over the last few days in to perspective.

Horrible thing to happen, and nothing will happen to the people that caused this situation. Truly horrible stuff.

Jax Teller

FlawedGenius wrote: »

PORTSMOUTH GONE:eek: Wheres Liam Lawrence gona go now??

Stoke still own him don't they ?

abouttobebanned

How can a fan just support someone else?

Sad news.

Mitch Connor

http://www.portsmouthfc.co.uk/LatestNews/news/Sacha-Gaydamak-Puts-Future-Of-Portsmouth-In-Jeopardy-1522.aspx

Portsmouth Football Club is extremely disappointed to report that it has not yet managed to achieve the exit from Administration, despite the extensive efforts of the Football League, NewCo, the Administrators and their various legal advisors.

The process has been extremely complicated and there has been a team of people working night and day to get the deal done. The most difficult aspect has been trying to achieve agreement with Alexandre Gaydamak after the remaining parties have agreed the deal and executed the necessary documents, namely the new owners, the Administrators, the Football League and the creditors.

Unfortunately, despite the new owners fulfilling all the requirements of the Football League and the creditors, and agreeing and signing up to the required terms of the purchase of the club, at the 11th hour the goalposts have been moved by Mr Gaydamak and this has now made the deal impossible to complete.

Put simply, despite being offered full payment for the secured part of his debt in accordance with the financial plan approved by the Football League, this morning Mr Gaydamak has demanded a very significant upfront cash payment in order to allow the deal to proceed by releasing his security.

All this is in spite of his lawyers going to Paris this morning specifically for the purpose of witnessing his signature to the document agreed yesterday.

It is neither in the interests of the club nor its unsecured creditors for such a ransom payment to be made, particularly where the payment is being demanded by one of the authors of the club’s current circumstances.

In addition, and equally importantly, all of the business plans submitted and approved by the Football League would be fundamentally damaged by such a requirement placed on the club by Mr Gaydamak.

We will provide further information as soon as possible.

However, it appears likely that the club will now be closed down and liquidated by the Administrators as they are unable to support the continued trading of the club.

We would like to thank the Football League in particular for their support and assistance through this difficult process.

All other parties had managed to reach agreement.

This has now been undermined by the self-interested actions of one individual. Mr Gaydamak has provided confirmation several times that terms were agreed. However, he has continually changed his position in an attempt to exploit the goodwill of the other parties to the transaction.

By now doing this he has shown complete disregard for the supporters, the club and the City of Portsmouth.

His earlier comments when the club went into Administration about doing everything possible to save the club’s future do not appear to reflect his current actions.

Chardee MacDennis

i'd imagine someone will buy the name and ground in the liquidation sale and work their way back up like fiorentina did...

Mitch Connor

by the sounds of it Gaydamak needs to be strung up.

SarahBM

very sad to hear. gutted for the fans and everyone at the club.

Mitch Connor

I suppose it isn't all done yet. they have not yet been wound up or liquidated, the Administrators have said it looks like it is going that way unless Gaydamak signs the deal he already agreed to. There is still a chance, it could be the Administrators trying to force Gaydamaks hand in a very public way, whether he cares about that at all.

monkey9

So what is Gaydamak playing at? I'd like to hear what he has to say!

This is terrible if it happens!!

Kiwi_knock

Hopefully it is not the end, would be horrible to see a club fall so badly.

jonnyfingers

Looks like Tony Soprano might need to pay Gaydamak a little visit.

x in the city

friggin joke if they go

http://www.youtube.com/watch?v=Kxcl0WXc3To

That_Guy

Ah FFS. Gutted if they go.

Mars Bar

Sad state of affairs.

Perfect opportunity for a huge Holloway rant!

MrStuffins

abouttobebanned wrote: »

How can a fan just support someone else?

Sad news.

You think THAT'S bad? How is this guy gonna feel.......................

steelcityblues

Talked before to people in Ireland about how the fans of the south coast teams, Southampton and Portsmouth in particular, are just as passionate and knowledgable as anywhere else in England.

This news will destroy a great footballing area and its loyal fans, and will also mean no banter or big derby days for Saints fans too!

M5

I truely hope that they get out of this. It would be a disgrace and a sad sad day for football fans everywhere. A sign of the times.

x in the city

M5 wrote: »

I truely hope that they get out of this. It would be a disgrace and a sad sad day for football fans everywhere. A sign of the times.

even more sickening on a week when some yanks pumped 300million into LFC...:rolleyes:

Thrill

'Frustrated' Portsmouth are not about to go under, says administrator

http://www.guardian.co.uk/football/2010/oct/22/portsmouth-administrator-claim

monkey9

x in the city wrote: »

even more sickening on a week when some yanks pumped 300million into LFC...:rolleyes:

The bitters still alive and well

M5

x in the city wrote: »

even more sickening on a week when some yanks pumped 300million into LFC...:rolleyes:

Not a pool fan but would be equally saddened to see the same happen to them or any club. This is far more important than rivalries! Its a reflection on where the game is at the moment. I think when great clubs are in danger of going out of business something is seriously rotten in the game. It stinks

M5

How can the Rooney story be the top story on SSN considering whats happening in Portsmouth????

x in the city

monkey9 wrote: »

The bitters still alive and well

Im anything but bitter, Id hate to see Everton FC sold to nameless yanks who cant understand the game and havent a clue whats going on 80% of the time.


and yanks who most certainly have no idea what play pay up pompey means...:rolleyes:

x in the city

M5 wrote: »

How can the Rooney story be the top story on SSN considering whats happening in Portsmouth????

SKY

therecklessone

x in the city wrote: »

even more sickening on a week when some yanks pumped 300million into LFC...:rolleyes:

I don't see how that has anything to do with the Pompey situation, unless you're suggesting NESV should have bought Pompey to save them from going bust?

applehunter

Unfortuntely I know how every Portsmouth fan feels.:(

population

Having worked in Pompey I know what this club means to the locals and this truly is a disaster. Never trusted Sasha and now it looks like he is paying back my mistrust with interest attached.

monkey9

x in the city wrote: »

Im anything but bitter, Id hate to see Everton FC sold to nameless yanks who cant understand the game and havent a clue whats going on 80% of the time.


and yanks who most certainly have no idea what play pay up pompey means...:rolleyes:

I disagree with this post. But feel free to take it up in the Liverpool thread. It's off topic and i don't know why you would feel the need to bring Liverpool's takeover into this thread.

I allude to the post before us, i would hate this to happen to any club, even Everton.

Football rivalry is one thing, but this is terrible. We all love football, we have the clubs who give us joy. What's gonna happen to the Pompey fans. It's going to be so so weird for them.

They'll never have the same enthusiasm for the game again. How could they??

I remember seeing footage from around 1980/81 of Liverpool fans being interviewed in a pub. It must have been for some documentary or something. But they were talking about what LFC meant to them. I'm paraphrasing, but it was along the lines of them being unemployed, finding life in general hard and the only thing that gave them joy, gave them something to look forward to was knowing that come the weekend, they would be watching Liverpool.

Liverpool were conquering Europe and that gave them a sense of pride. Of belonging. Something to look forward to. That's how important football can be in an individual's life.

So i feel so bad for the Portsmouth fans if this goes through. What an adjustment to have to make. What an emptiness!!

ItsAWindUp

How do you think I felt, I'm the one who had to break the news:(

monkey9

ItsAWindUp wrote: »

How do you think I felt, I'm the one who had to break the news:(

To who??

Who are you??

x in the city

therecklessone wrote: »

I don't see how that has anything to do with the Pompey situation, unless you're suggesting NESV should have bought Pompey to save them from going bust?

Portsmouth might not have all the CL trophies that LFC got (or none to be exact...!) but they have been around a long time and anyone who understands football and the game in England will now that that dont deserve to die into in-existance at a whimper.

Pompey deserve a lot of respect, I certainly respect them more than Stoke or Hull or several more teams....

x in the city

monkey9 wrote: »

I disagree with this post. But feel free to take it up in the Liverpool thread. It's off topic and i don't know why you would feel the need to bring Liverpool's takeover into this thread.

I allude to the post before us, i would hate this to happen to any club, even Everton.

Football rivalry is one thing, but this is terrible. We all love football, we have the clubs who give us joy. What's gonna happen to the Pompey fans. It's going to be so so weird for them.

They'll never have the same enthusiasm for the game again. How could they??

I remember seeing footage from around 1980/81 of Liverpool fans being interviewed in a pub. It must have been for some documentary or something. But they were talking about what LFC meant to them. I'm paraphrasing, but it was along the lines of them being unemployed, finding life in general hard and the only thing that gave them joy, gave them something to look forward to was knowing that come the weekend, they would be watching Liverpool.

Liverpool were conquering Europe and that gave them a sense of pride. Of belonging. Something to look forward to. That's how important football can be in an individual's life.

So i feel so bad for the Portsmouth fans if this goes through. What an adjustment to have to make. What an emptiness!!

I was responding to the comment that I was bitter about the LFC buyout, but in retorspective I doildnt give a toss. My point was that the new owners, whoever the hell they are clearly have no idea on the history of LFC or indeed the rules of the game.

anyway, it is a very sad day for football if Portsmouth go, several teams have went bust in the last few years but Pompemy takes the biscuit


ps: I have never once posted ( or even looked at) on the LFC forum and have no desire to either..:)

SantryRed

So if they go bust? Will Watford get the points back for the loss last week or will all remaining fixtures be given 3-0 wins?

x in the city

SantryRed wrote: »

So if they go bust? Will Watford get the points back for the loss last week or will all remaining fixtures be given 3-0 wins?

who cares....

M5

SantryRed wrote: »

So if they go bust? Will Watford get the points back for the loss last week or will all remaining fixtures be given 3-0 wins?

I think all points would be null and void.

homerjay2005

ya i think all scores would be wiped and table readjusted.

Princess Consuela Bananahammock

x in the city wrote: »

Im anything but bitter, Id hate to see Everton FC sold to nameless yanks who cant understand the game and havent a clue whats going on 80% of the time.

No, of course not...

x in the city wrote: »

even more sickening on a week when some yanks pumped 300million into LFC...:rolleyes:

... and yanks who most certainly have no idea what play pay up pompey means...:rolleyes:

Gaydamak, as far as I know, is Russian.

x in the city wrote: »

who cares....

You do, obviously, or you wouldn't be posting.

x in the city wrote: »

Pompey deserve a lot of respect, I certainly respect them more than Stoke or Hull or several more teams....

On another note, I would like how the FA "fit and proper owner" tests are being conducted when people like Hicks and Gaydamak are pissed trustworthy owners of football clubs.