Pompey 09/10 - Champions(hip) League here we come!
- Thread starter Balbi
- Start date
iROBOT
CURRENTLY RE-BOOTING
the redknapp trail of destruction continues.
Indeed, but lets just hope that his presence alone is the kiss of death (wouldn't that be amusing?)
tommers
Currently in investor / advisor mode.
given money the club couldn't afford at bournemouth, west ham, southampton and portsmouth.
or every club he's ever been at.
Actually, that's probably not fair. He's spent money that has then put the club in a perilous situation... usually once they're relegated after he jumps ship.
At West Ham the blame has to go mainly to Brown, but Redknapp's spunking of the Rio cash certainly didn't help.
strung out
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as someone said up there, this isn't a new thing. been going on for years at lots of league clubs.
mattie
missing in inaction
I must admit I wasn't aware of the distinction between winding-up and adminstration, this is the first time it's been made clear to me - anyone have any ideas how many clubs have been through this process?
I know a lot have gone through administration, which in a number of cases has resulted in them going out of business.
Lo Siento.
Second As Farce
so can someone explain what exactly happened with pompey? Who owns it currently?
More outgoings than incoming funds for years, shortfall funded by rich idiots
Sold to people who don't actually have any money, suddenly shortfall not being covered any more
That's about it
iROBOT
CURRENTLY RE-BOOTING
given money the club couldn't afford at bournemouth, west ham, southampton and portsmouth.
or every club he's ever been at.
Actually, that's probably not fair. He's spent money that has then put the club in a perilous situation... usually once they're relegated after he jumps ship.
At West Ham the blame has to go mainly to Brown, but Redknapp's spunking of the Rio cash certainly didn't help.
Well, seems to be working with the Spuds (as it normally does for a while). He certainly spent massive amounts buying back players. However, with the stadium (and all the financial commitment that involves) he'll not have the same level of spending power once this particular crop of players need to be replaced.
He's in a most interesting position.
tommers
Currently in investor / advisor mode.
I think Levy is probably a bit wiser to old harry than the others have been but fingers crossed.
Lo Siento.
Second As Farce
who are the people with no money?
Unfortunately this is part of the position for clubs like Portsmouth. Even with premier league money, they've got to spend beyond their means to stay in the division, to avoid the even more perilous financial situation resulting from relegation.
This whole episode (and Hull look likely to be following shortly, even the big boys could pull it off if they drop out the CL *coughliverpoolcough*) illustrates nicely how the idea of sharing TV money does not result in equality. It just results in average players getting paid a lot more. The bottom clubs are just as skint as anywhere else.
strung out
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but the telly money isn't shared out equally though
Wrong conclusion
Hmm? I didn't draw a conclusion, I said evidence such as this disputes the conclusion some draw - that more evenly distributed TV money results in greater equality.
More equally
Since it's actually distributed, unlike in Spain etc.
Lo Siento.
Second As Farce
Hmm? I didn't draw a conclusion, I said evidence such as this disputes the conclusion some draw - that more evenly distributed TV money results in greater equality.
More equally
well, are you saying the reverse? that things would be better if clubs in the bottom half of the league were competing with even less resources?
tommers
Currently in investor / advisor mode.
No, I'm not. Disputing commonly held ideas is not concluding something. And it is simplistic because it is a simple idea. Some assert that distributed TV money helps the league. Given that they're still shit and still skint (see: Pompey, Hull, Burnley etc), I dispute that.
No, I think it's neutral in terms of league strength. All it does is cause the lower tiers of players to get paid more. Maybe that's a good thing, maybe not, but it doesn't matter WRT quality of football.
agricola
a genuine importer of owls
TBH the problems at Pompey, Hull, Luton etc are not down to the distribution of tv monies, its because the FA have spectacularly and repeatedly failed to prevent extremely dodgy people getting hold of and destroying football clubs.
We need a much stronger fit and proper persons test, an independent financial examination before any sale of a club / large parts of a club of the bid to ensure that the money exists, and finally a method whereby a club can be taken off owners who are risking its existence.
We need a much stronger fit and proper persons test, an independent financial examination before any sale of a club / large parts of a club of the bid to ensure that the money exists, and finally a method whereby a club can be taken off owners who are risking its existence.
Lo Siento.
Second As Farce
well, firstly I've no idea how Pompey's demise proves that. But more than that, the vast majority of players in the premier league now are bought in from foreign leagues. They wouldn't be here if there wasn't more money in playing for the likes of Pompey, rather than the Old Firm or Serie A.
There should be rules to force a balanced budget, with a couple of exceptions (loans for new stadiums, sensible stuff that's for the future of the club), yes.
But then the EPL would have to admit that its strength is built on a cloud of debt, and we can't have that!
*talking only about the players "lesser" clubs buy here.
But then the EPL would have to admit that its strength is built on a cloud of debt, and we can't have that!
Well it proves that TV money doesn't help clubs be financially stable. Pompey prove that they're shit every time they play, that isn't a new development!
Yeah, but those players aren't actually good*. I would say this phenomenon is primarily the poor quality of English players.
*talking only about the players "lesser" clubs buy here.
Lo Siento.
Second As Farce
people have been saying this for years. Sadly the real problem is the fans. Most of whom will happily have a dodgy gangster own their club if they think he'll invest some money in players. They want the team to win and don't really give a shit about everything else.
strung out
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how much is owed? someone will save them. someone always does, it's the clubs lower down who get properly fucked
Lo Siento.
Second As Farce
definitely. Should be made part of the rules for competing. Along with contingencies for possible relegations.
Fucking hell.
I'm sorry, Bambi. I'm so, so so sorry
That was my misreading actually. This application is to wind up (ie. liquidate) Portsmouth FC. If a court approves, Pompey will sell its assets and cease to exist.
Balbi
Hey, Dean Yager!
Here's the deal.
Sasha Gaydamak, whose dad Arcadi used to be well in the money, bought our club despite not really having any money of his own. But he insisted that there was no involvement from his dad, despite the fact that there was - all the money. We won the cup 18 months after he bought the club - after which Sasha told Peter Storrie, our CEO, he was unwilling to put any more finance into the club. We sold a shedload of players that summer, but brought in Crouch - which only reduced the wage budget a tiny bit and our debt an even tinier bit. And money had to be found to pay off the loans that Gaydamak had taken out to buy the club (all the transfer cash came from Dad) - Storrie was on the lookout for a new owner.
We rumble through the season, flogging Diarra and Defoe to ensure the club stayed afloat and then Storrie brought forward Arab 'billionaire' 'Dr' Sulemain Al-Fahim (who is neither a billionaire or a Doctor of anything) who spent about five months nearly completing the deal for the club, with some seriously shady background involvement possibly including 'Dr' Thaksin Shinawatra. Al Fahim's fuckwittery led Storrie to 'seek' another investor, which led him to Ali Al Faraj. However before he could get the Al Faraj deal done, Gaydamak sold the club onto Al Fahim who proceded to invest zero funds into the club.
Storrie was fuming and explained to a supporters club meeting that Al Faraj would have 'taken us to a new level' in terms of investment. Which was fucking lucky because after three months of Al Fahim not putting money in and requesting that our debtors 'just wait for a bit' on repaayments, and not paying wages - he put the club up for sale. Al Faraj bought it.
Now Ali Al Faraj is a fucking ghost. The man is like Kyser Soze. As is his apparent money, none of which has bee invested. Mark Jacob, his lawyer and executive appointed to the Portsmouth F.C board, insisted that investment would occur and that fans should 'wait and see' with regards to definitive plans. As yet Al Faraj has not attended a Portsmouth match or made a statement.
But wait, we are forgetting Al Fahim. He remained with a 10% stake in the club, and apparent ownership of the land around Fratton Park. Except he doesn't, because he never paid Sasha Gaydamak for it. So the Club is owned by Al Faraj and Al Fahim, but the land that F.P sits on and surrounding is owned by our former owner. Our former owner the property developer. Did I mention that Al Fahim is also a property developer. Shit.
So, we're saved. But we're not. Because for the second month wages don't get paid, oh and then a third month. These wages are covered by shady Hong Kong businessman Balraim Chanrai, whose investment is secured against future television income and possibly land around Fratton Park. Except, doesn't Gaydamak own that land? Fucknuggets. So, three £15 million pound loans have been taken out so far to meet wages and staff at Fratton Park have been laid off in the account department as a way of reducing costs. Oh and we're transfer embargo'd in mid November because we haven't paid; Arsenal, Chelsea, Lens, Liverpool, Tottenham and a few others for players going back to 2007. Mark Jacob, who if you're keeping up is the lawyer for Al Faraj, says the ban will be lifted by the end of the week. It's now over a month later and the ban is still in place.
About this time Storrie is indited for tax evasion, relating to Harry Redknapp, and fucks off to Australia on holiday while complaining he's both innocent and being kept out of the loop at Fratton Park. Arriving at Fratton Park is another lawyer, joy of joys, as Financial Director to replace our accounts Department. Daniel Azougi is an Israeli lawyer, and that's significant because he has had ties with ... Arcadi Gaydamak, Sashas dad. Azougi was employed to liquidate one of Arcadi's other holdings in Israel, and now apparently independently has been employed by the mysteriously absent Al Faraj.
So we're owned by about four people, none of whom have put any investment in that isn't secured against the land, future revenue or the sale of players. We're being issued with a winding up order over unpaid tax because HMRC don't trust us to pay our bills properly. There's a likelihood that with the upheld transfer ban we will offload our best performing players in January to meet our repayments on transfers and loans and be unable to sign any replacements.
Sasha Gaydamak, whose dad Arcadi used to be well in the money, bought our club despite not really having any money of his own. But he insisted that there was no involvement from his dad, despite the fact that there was - all the money. We won the cup 18 months after he bought the club - after which Sasha told Peter Storrie, our CEO, he was unwilling to put any more finance into the club. We sold a shedload of players that summer, but brought in Crouch - which only reduced the wage budget a tiny bit and our debt an even tinier bit. And money had to be found to pay off the loans that Gaydamak had taken out to buy the club (all the transfer cash came from Dad) - Storrie was on the lookout for a new owner.
We rumble through the season, flogging Diarra and Defoe to ensure the club stayed afloat and then Storrie brought forward Arab 'billionaire' 'Dr' Sulemain Al-Fahim (who is neither a billionaire or a Doctor of anything) who spent about five months nearly completing the deal for the club, with some seriously shady background involvement possibly including 'Dr' Thaksin Shinawatra. Al Fahim's fuckwittery led Storrie to 'seek' another investor, which led him to Ali Al Faraj. However before he could get the Al Faraj deal done, Gaydamak sold the club onto Al Fahim who proceded to invest zero funds into the club.
Storrie was fuming and explained to a supporters club meeting that Al Faraj would have 'taken us to a new level' in terms of investment. Which was fucking lucky because after three months of Al Fahim not putting money in and requesting that our debtors 'just wait for a bit' on repaayments, and not paying wages - he put the club up for sale. Al Faraj bought it.
Now Ali Al Faraj is a fucking ghost. The man is like Kyser Soze. As is his apparent money, none of which has bee invested. Mark Jacob, his lawyer and executive appointed to the Portsmouth F.C board, insisted that investment would occur and that fans should 'wait and see' with regards to definitive plans. As yet Al Faraj has not attended a Portsmouth match or made a statement.
But wait, we are forgetting Al Fahim. He remained with a 10% stake in the club, and apparent ownership of the land around Fratton Park. Except he doesn't, because he never paid Sasha Gaydamak for it. So the Club is owned by Al Faraj and Al Fahim, but the land that F.P sits on and surrounding is owned by our former owner. Our former owner the property developer. Did I mention that Al Fahim is also a property developer. Shit.
So, we're saved. But we're not. Because for the second month wages don't get paid, oh and then a third month. These wages are covered by shady Hong Kong businessman Balraim Chanrai, whose investment is secured against future television income and possibly land around Fratton Park. Except, doesn't Gaydamak own that land? Fucknuggets. So, three £15 million pound loans have been taken out so far to meet wages and staff at Fratton Park have been laid off in the account department as a way of reducing costs. Oh and we're transfer embargo'd in mid November because we haven't paid; Arsenal, Chelsea, Lens, Liverpool, Tottenham and a few others for players going back to 2007. Mark Jacob, who if you're keeping up is the lawyer for Al Faraj, says the ban will be lifted by the end of the week. It's now over a month later and the ban is still in place.
About this time Storrie is indited for tax evasion, relating to Harry Redknapp, and fucks off to Australia on holiday while complaining he's both innocent and being kept out of the loop at Fratton Park. Arriving at Fratton Park is another lawyer, joy of joys, as Financial Director to replace our accounts Department. Daniel Azougi is an Israeli lawyer, and that's significant because he has had ties with ... Arcadi Gaydamak, Sashas dad. Azougi was employed to liquidate one of Arcadi's other holdings in Israel, and now apparently independently has been employed by the mysteriously absent Al Faraj.
So we're owned by about four people, none of whom have put any investment in that isn't secured against the land, future revenue or the sale of players. We're being issued with a winding up order over unpaid tax because HMRC don't trust us to pay our bills properly. There's a likelihood that with the upheld transfer ban we will offload our best performing players in January to meet our repayments on transfers and loans and be unable to sign any replacements.
