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Sacha to take a big loss?

According to The News of the World, with what they claim is an 'exclusive', Pompey will be sold 'next month', and when this happens - to an 'American' or 'Far East' bidder - Sacha Gaydamak will take a 30m loss?

Apparently Gaydamak paid Milan Mandaric 60m for the club, although, and the memory is a little hazy now, I thought it was 30m? Or was is 30m for a initial stake, then another 30m to buy him out... Anyway, like I say they say he paid 60m and then has invested a further 30m to take the overall investment to 90 - he will sell up for 60m?

This reports also 'claims' that Gaydamak will write off a 16m personal loan he is owed by the club along with 14m that he put into the club over the years - would he really do this? 30m is a hell of a lot to 'write off', we are not talking small money at all! New buyers would have to pay 60m though, 30m of which is to repay, or refinance the loan with the South African Bank, Standard Bank, with the other 30m to seize control from his Devondale Investments company...

Peter Storrie is quoted as saying, some of which is along the lines of what we have seen recently, that he 'hopes' the sale goes through by July: 'that's when the transfer window opens and that's when we will need to know what money we have to prepare for next season So I am optimistic about the club's future.

'I have heard all the doom and gloom stories about us being loaded with a mountain of debt which will mean we have to have a fire-sale of players in the summer. But I am telling you that's absolute rubbish.

'Sasha has been very open and honest about this. He made it clear earlier in the season that he would not continue to invest in the club and that he wanted to sell.

'And I can tell you he will lose a lot of money when he does complete the sale of the club - money that would make most people wince. But he is prepared to do that because he is so concerned about the long-term future of this club.

'My role for most of the season has been trying to cut costs and I have managed to do that, from facing a 16m loss to a point where I believe we will now break even.

'That is some achievement in itself and, obviously, makes Portsmouth a more attractive proposition to potential investors. The other advantage is that all the debt is the personal debt of the owner Sasha Gaydamak, not the club.

'And Sasha is very generously and courageously dealing with that debt himself.'

Hmm, who knows what to think, as always I guess it is best to work on the 'lets wait and see what happens' principle.

But, with our premier league status confirmed for another year if anyone was going to buy us then there is not a better time than now! 'If' this is happening lets get this done before the transfer window opens and 'hopefully' this can mean those 'top player departures' that we expect do not actually have to take place...

All in all though, this 'exclusive' report in The News of the World - read it in full here - seems too positive for me, and that worries me - I do not like it when the papers are 'nice' to Pompey! Also, it seems to be littered with, how can I put it, what I see as 'inaccuracies?'

PLAY UP POMPEY!

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Sunday May 17 2009

Time: 8:26AM

Your Comments

Fair play to him, hes a very honourable man, sacha. thanks for everything.
ruffcider
sashca has been a great owner - and I am confident he will pass on the reigns to some-one who will do there best fir the club.
pompeycarpet
Well it is the News of the World so probably pinch of salt time but .. The official site had stated in the last week that Sasha does hold 'peronal debts' with the club and will not expect them paid back -It never mentioned amounts though.. Also the club never, either at the first payment to Milan or subsequent 'take-over' payment quoted any figures so who really knows how much Sasha paid .. only Sasha & Milan I guess. A couple of things I will say on this though are a new buyer might not be mega-rich so whatever happens we should not expect too much just in case. Also when this comes off the person we should thank is Peter Storrie it has been his job to keep us afloat, it has been his job to find a buyer, it has been his job to ensure we are an attractive proposition - If he pulls it off we should name a stand after him.. well maybe not but.. he comes in for a lot of unnecessary stick from ill-informed supporters (luckily not on here) who just read snippets of info in the red-tops and seem to think they are experts on the finances of PFC It really annoys me.. In truth, none of us really know the true situation but at least some of us have a balanced perspective..
Chix
I agree with Chix, it is a very complex situation, last week one of the papers mentioned twice, that the financial situation at Pompey was under review from the Premier league, as they weren't happy with how it was structured. There are certainly more questions than answers at the moment. The best thing is to get a buyer sooner rather than later and lets have some transparency so everyone knows what our future will entail. Then move on to next season with some optimism. We can all concentrate on whats going on the pitch rather than off it.
Mike1954
So thanks to Pete the man who was frequently called an unproffessional by clubs from here to Celtic, but no thank you to Sasha then chix eh? the man that invested, the man that brought new levels of proffessionalism and rigour to Pompey; do you really think old Pete was saying anything he wasn't told to say. If debt reductionhas taken place chix the collateral wasn't Pete's house.
russellm
Be glad when the season is over to be honest, one thing for sure we will be a whole lot weaker both on and off the pitch next season and given the anticipated departures and contract ends would expect us to be odds on for relegation with the bookies next season.
bluedr
didn't they say the same about Fulham last year, bluedr?
hammersmithblue
Believe nothing until it happens & then check it over. Anything in the rags thatg suggest they know, you take with a pinch of salt. Whatever, Sasha is the chairman & was when we had the best of times. He took us to another level, short as it was, I wouldn't have changed a thing.
storagematt
Our premiership survival will certainly open the door to a takeover and i'm much more optomistic of a favourable resolution for us than i am for that lot down the road. Ok i know that none of us has any love for that lot but at the risk of being shouted down i hope they find a way to survive albeit in the lower leagues. I don't want to see any team go out of business, that sort of thing can only be bad for the game.
Steve C
Yes, hammersmith I think you are correct. There are a few players who are not high profile who might be available in the summer, Brunt and Koren (WBA), Warnock (Blackburn). These players could do a job for us.
bluedr
There are definaltey some good players who are going into the championship, plus now that Coppel has left Reading i rekon we raid them. They got some quality too
nodster
 

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