Portsmouth - Jacob - we're gradually sorting things out
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Jacob - we're gradually sorting things out

Talk of a £15m loan coming into the club has been on the agenda for some time now - this loan coming from Hong Kong based businessman Balram Chainrai.

This talk has of course led to 'rumour' that he was set to become the third owner of the club in just about as many months but this has constantly been played down with Ali Al Faraj's right-hand man Mark Jacob often at the forefront of this.

Once again, talking to sky sports, Jacob has said this is nothing more than a loan: 'it's a facility provided by a third party, that's all.

'Like you or I would go to the bank and borrow money on our property or whatever.'

As sky sports pointed out quite what this loan has been offset against - with talk of future TV revenue money, among other things, being used to secure this - is not known. We just have to hope that this is not going to lead to more troubles down the line.

Sorting out the situation at Pompey is also something that Jacob says is happening, with people working hard to make this happen: 'we're gradually sorting things out.

'We're working around the clock to do so. But it's not going to happen overnight - we've been in charge (only) four weeks.'

Again, all we can do is hope that this is all going on and we will soon be in a 'decent' and 'stable(ish)' position.

What I do ask is?

Why are we still seeking loans from people though to keep us afloat, are these people not meant to have the means the likes of which 'we would not believe!'

I guess we need to have some trust, which I know is hard given what we have been witnessing for so long! For their sakes, as well as ours, do not make this trust misguided though, although by my own admission I am finding it increasingly hard to believe too much of what is said to us from those senior at the club to be honest...


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Tuesday November 3 2009

Time: 3:00PM

Your Comments (oldest first)

Change to most recent first
A loan???...Call me stupid, but why has "Our Fridge" bought this club and then immediately gone out and got a loan? We were in debt before he bought us; and now we're in even deeper...Well thanks for nothing you muppet, do you not have any money of your own? Do me a favour, sell up to someone who has got money and clear off you joker!
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03/11/2009 14:51:00

And then what....
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03/11/2009 15:22:00

Pentonpompey, these people don't get rich by using their own money, they work on the principal that what they are borrowing will have a lower interest rate then the earnings they hope to make; the risk is if they don't what is the money secured against? My concern about Jacob is after his no borrowing and no interview took place statements he is 0-2 down on accuracy so far.
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03/11/2009 15:39:00

From what is in the public domain at the present time, I can only draw the conclusion that PS is totally inept and incompetent - although I know this cannot possibly be true - can it? That aside, we now have a situation where we have swapped paying star footballers wages to pay interest on another 15m of debt. The money Sacha loaned the club was serviced at a whopping 17%, how much are we paying Chainrai? I don't know about re-structuring, we are just robbing Peter to pay Paul at the moment. Although I may be wrong, without all the info we cannot possibly know, but this is what it looks like, given what we know.
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03/11/2009 15:43:00

I would imagine This is the way most premier league clubs are run. As RusselM States, whilst they borrow 15 million, Al Frag can utilise his money to say dig for oil, making billions, thus payinh the debt off with his healthy profit. Good in theory!! But a risk. Wonder how man city is run, you cant just spedn 200 mill where does it come from??
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03/11/2009 16:01:00

There are very few clubs in the top two flights that are running in positive figures - Even the apparently 'brilliantly run' Tottenscum will have a few debts here or there. The world works on credit these days, and clubs like Man City just got incredibly lucky. I think it's safe to say, we will continue running up debts until the core infastructure is completely re-designed - I'm talking about a new stadium and training facilities. Once we have a boosted ground capacity, and can price the hardcore back in, only then will we be likely to see a boost in our earnings. We're shifting debts around - paying one off by lending from another - but, if Faraj's long-term plan is what I'm piecing it together as, then things should start taking shape, hopefully before the end of the season. This club was clearly horrifically run over the past few years, and there are people still working here that have to take some of the blame, but I agree with Jacobs, with what's been happening here, it can't just be sorted overnight, even if they have the money to do so.
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03/11/2009 16:22:00

The thing is that the new owners must be in it for the long term, say ten years to start with but longer would be better. Pompey will have to be in even more debt before it gets better and the revenue starts coming in its about turning Pompey into a worldwide name really this is where the money comes from ie merchandise etc. But we really need to put the infrastructure together with a new stadium and training facilites first on the list. Then when that happens the loans will need to be paid off. I am hoping by next summer the training ground and stadium will start to move forward. But in the meantime it is about investing in the january transfer window and bringing in some more quality players to boost the squad. About 4 quality signings would be good and maybe get rid of a few more deadwood players.
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03/11/2009 16:41:00

Lay off PS guys! I know he's no angel, but - these new owners will only tell him what they want to tell him (i.e. "you have THIS MUCH to spend"). I know he's the Cheif Exec, but that means he runs the club day to day with the money he has at his disposal. What concerns me is what they are securing the loan against!! TV Money !!! Have they not noticed, but there is no guarantee that we will be getting that for much longer. Never a dull day. PUP
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03/11/2009 16:53:00

What I don't get is the massive difference in the supposed amount the club are in debt for. In the more reliable journals the figure of 75mill is banded about. One of these being the Guardian who have been pretty accurate about the shenannigans at PFC over the past months. Others are talking of 10mill, and saying we are in a healthy position compared to most in the EPL. If the 75mill is right is this 15mill going to be tagged on to that?
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03/11/2009 16:54:00

Russellm, I appreciate Business people don't use their own money, they use others; but this is usually put up against something tangible...But unless Our Fridge has put up our Tv money or he has got the land from the Fake Doctor, then i struggle to see where got his collateral from. If he has borrowed 15 mill to pay debts and Octobers wages, then what is he going to borrow for November, Dec, Jan, Feb....Blah blah blah. That is what I mean by find a buyer with financial backing instead of this embarrassing scenario. My exFather in Law this year bought a Maserati and a Merc M class for himself and his wife. I asked him if things were that good, Fine he said, it wasn't his money, it's the banks. He put the 120k up against the business. At least he has a business to put it against. Pompey from where i'm stood don't, they have what I would call an existence at the moment.
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03/11/2009 17:51:00

Theres the old cliche of to "many cooks spoiling the broth". It seems to me that there is some "matrix management system" at work in the back offices of Fratton Park. The fridge says he is slowly turning things round, well he would say that wouldn't he. He buys the club from SAF who has raised a ficticious 50m to invest, then the fridge borrows 15m from Chainrai to pay the players and some oustanding debts. He then declares a long term view after allegedly saying he was going to sell up within 6 months. I have to say this is all b******s, you say leave JS alone, well he's the architect of all this, so no, he has to be accountable, last night he said it wasn't his consortium, well that takes the cake. He says he stayed and didn't resign because we chanted his name, I didn't! The guy is like Nero fiddling while Rome burns. At the moment the off the field management are like loose cannons, who are trying to herd cats. Someone get a grip and and declare who is doing what and when.
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03/11/2009 18:15:00

It's difficult to defend PS cos it was he who brought in SAF (with no money) and then AF (with no money) and then declared he was the saviour of Pompey despite the fact that he was as culpable as Harry for getting us into this state. And, as mentioned above, there was going to be money like you wouldn't believe statement. But still we're borrowing. Why? How're we going to have money to spend in January when we're still borrowing to pay of debts? Is this new loan short or long term? A few more honest statements re what and when future investments are going to made would be a welcome change.
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03/11/2009 19:24:00

when will we learn that credit only returns to bite u in the ass!
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03/11/2009 21:55:00

Probably never, nodster
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04/11/2009 08:14:00

The Biggest concern i have is - 2 owners? 2 owners? how many owners before we actually learn to NOT just believe they have money because they say they do. I Like Peter Storrie, BUT!!!! May 2009? I have found a mega rich Arab called SAF, he is to buy Pompey, we are never going to look back, its been a hard 9 months, but 1 month from now i hope i am not stood here still looking for another buyer. 4 months Later, Peter Storrie - I cant believe Sasha has sold to SAF, he could not find the promised money, but the Family i was bringing in are so rich, they had it covered on all fronts, Money for the Players, the stadium, the acadamy, this was the dream Pompey fans have been waiting for.. And now Peter Storrie says he is no longer involved in finance and is in the dark same as us... OK But thats 2 times now he has been hoodwinked, If we do sell on again, please look at a bank statement or something first?
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04/11/2009 11:20:00

tbh it sounds more like a way to get around the Fit and Proper Persons Test.. We get these 'loans' in until we have enough people willing to invest that we can give them all <9% share in the club, wipe the debt and viola.... Not a single one has had to take a F&PPT....
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04/11/2009 12:25:00

viola - then who pulls the strings? Sorry bowlsey, couldn't resist it :-) That's a horrible scenario though, a plethora of owners all with no money to spend :-(
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04/11/2009 14:36:00

I do not understand one thing; aren't these so called owners of ours suppose to be rich??? If not, I will contact Storrie myself and by the club. Then the first thing I would do is to go out and get a loan. Pretty simple eh??? Oh come on, let us get off these depts!
Pompey Malta
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04/11/2009 15:58:00

I love this bit "'Like you or I would go to the bank and borrow money on our property or whatever." Geezz... isn't that one of the main reasons so many people are up to their necks in debt in the UK. People were using their houses as ATM machines and then suddenly finding they couldn't pay it back. The word CREDIT should be named what it really is DEBT. Might make people think twice...about borrowing beyond their means, including football club owners.
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04/11/2009 17:38:00

Midge, I wonder why JS is not allowed to take any further interest in the finances? As for being in the dark like the rest of us, well what an admission that is. He is only the Chief Executive.(at the moment) I bet he knows all about finance when he goes to Court!!! If all our problems are financial, what is he doing, he didn't even tell Harty about the transfer embargo, so he isn't communicating either. I would like a job like that for 1m a year.
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04/11/2009 20:56:00


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