Portsmouth - No more 'in principle' talks!
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No more 'in principle' talks!

'Agreed in principle' seems to be the in word for Pompey and SAF - his takeover was agreed 'in principle' and now he has secured some financial backing 'in principle'...

So long as this money becomes confirmed in the weeks and months ahead, as is claimed, and this is his money being put into the club, and not more 'borrowed money' that is offset against it, play on!

Now comes the matter of redeeming himself and getting back onside with the fans, something he has the chance to do in a couple of weeks with words anyway, words that then need actions to follow.

For me, as said, actions and not words will be needed. Peter Storrie says we 'haven't got the finance to start the training ground as it stands, or to start work on turning the ground. We have a fantastic new design for the ground and this can be moved quickly with finance,' so lets do this, lets start giving the club some structure.

'If' this money does indeed become available, and again is not secured by more loans putting us into more debt, lets start putting some of this into these projects so we can start actually seeing some progress being made... 'If' this is just more 'borrowed money', forget about it, we are frantically trying to dig ourselves out of a hole not make it deeper, right?


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Wednesday September 16 2009

Time: 8:25AM

Your Comments (oldest first)

Change to most recent first
In principle, Al fahim agreed to buy the club in may... I'm not getting my hopes up that anything will happen quickly here either.
Report Abuse
16/09/2009 09:14:00

I've agreed to win the lottery in principle. I have bought a ticket and am just waiting for confirmation on Saturday...
Report Abuse
16/09/2009 09:15:00

Of course it's borrowed money. No one is goign to put money into the club for absolutely no return. Every club - Chelsea and Man City apart have to borrow from banks, it's just about being sensible with the money that you do borrow
Report Abuse
16/09/2009 09:30:00

It'll be a massive loan with a horrendous return rate. I would almost be temped to tell SAF to not bother. I'd rather we kept pottering around as we are now than be temporarily financially well-off, then suffer for it in a year's time. We've only just sorted ourselves out from the first time, ffs.
Report Abuse
16/09/2009 10:21:00

granted no one, not even chelski or citeh, gets 'something for nothing' but 'if' SAF really does have funds, which he does but they are all tied up in properties, if he can free up some of his own funds then i am happy for him to use this, borrowing it - and stupid amounts at sky high rates - will only see us go round in circles...
Report Abuse
16/09/2009 10:28:00

Pros7 I think what Rug was reffering to say was as ling as it is not increasing the debt gearing of the club. Chelski and Man City have seperate guarantors. I agree with the article, it's either : no funding yet but discussions are going on with finance lines or funding is secured. Either way it's too late to get a solid defence before January. But at least we could start the training ground for the team and youth we have; given his positive input I always thought we should make that a PH project
Report Abuse
16/09/2009 10:53:00

As PS has stated the previous owners didn't put their own money into the club; why should AF be any different? However it comes into the clubs coffers, it will have to be paid back some day. I don't think AF is a philanthropist.
Report Abuse
16/09/2009 13:43:00

the dbt thing... Chelsea (definatly) and man city (possibly) are both indebted to there owners, who could recall the debt at any time (presumably). Chelseas debt to abramovic is (aparantly) in the region of 700million (intrest free). If Al Fahim can put money into the club, from his own savings, intrest free, then that may be acceptable. If he beleives that by putting the money in, we'll be able to get a bigger stadium, better youth system, therefore increasing revenue, which could then be used to (slowly) pay off the debt. The problem is though, from the clubs point of view, he could still recall the debt. what he may be able to do, is build the stadium and training pitch with his own money, and sell it back to the club over a longer period of time. That way, it'd be harder for him to pull out. (possibly).
Report Abuse
16/09/2009 16:04:00

All 'ifs' and 'buts' carpet - until AF comes and speaks to the club and fans we're going to continue to be in the dark.
Report Abuse
16/09/2009 17:02:00

I do not think that we should do major changes in the squad come January. By that time the team would have settled well and got some decent points. The only problem is the African Cup: we will lose some good players there. However, if we gel up by that time, I am sure that we have a good amount of players in our squad that will do us a good job in January to help us get through that month. I would only look forward for "above the average signings", which is something that we surely wouldn't be doing. So, in my opinion, no worries about reassuring Hart with finances as we will probably won't be needing that.
Pompey Malta
Report Abuse
16/09/2009 23:23:00


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