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Re-financing complete, according to SAF...

According to SAF and Arabianbusiness.com Pompey have 'completed a re-financing of the club through international institutions, which will bring it much needed stability'...

Portsmouth FC secures new finance from bankers - here.

So, it is 'said' that SAF and 'representatives' of Ali Al Faraj have met this weekend to 'finalise the new arrangements, which will see the club clear its debts' and this will mean that our transfer embargo is 'lifted' and funds will now be made available for 'the acquisition of new players' in January...

SAF is quoted as saying that this money has been 'secured against future television income.'

I am not so sure that this is actually a good thing, if it is true - of course 're-financing' I guess is, but doing it the right way more so. Is this a 'calculated risk' that could cause more trouble though? I guess time will tell.

Is this the 'loan' that was mentioned back along?

He is also being quoted as 'claiming' Al Faraj now wants him to increase his 10% stake in the club: 'they want me to play a wider role in developing the club, so it is something I am considering. I have always said I will be interested in increasing my shareholding because I believe in the future of the club, so will see.

'But that is secondary. What is important is we now have the financial stability needed to move forward.'

Financial stability of the club is important without a doubt, what I would say is more important is for the club to give us some news officially!

WHY is this kind of news, assuming it is even true, not being told to us through official channels?

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Writer: pompeyrug

Date:Sunday November 15 2009

Time: 12:40PM

Your Comments

rug you stole my angry response with your last sentence. Does it mean that we won't be able to spend from the TV income? And I thought that SAFs refinancing was going to be secured by him personally, not the club! Once again it looks as though we're bouncing from debt to debt :-(

PFCblue

Re-reading the article I see there will be some money left to buy players. It doesn't say, but it seems we've 'borrowed' money to pay off other clubs and agents so, apart from gaining time, I don't see that the club's any better off.

PFCblue

hmmm, well its being reports on Sky sports so there might be some truth to it, but like always these days i'll believe it when i see it! oh and you shouldn't be surprised SAF told the arabian press really should ya lol whens he ever told the OS anything...

pompeym@

AAhHHH we can finally afford Eugen Bopp's wages Yip eeeeee

tommo3146

After all the debacle of the last few months, how can you even begin to believe anything that comes out of SAF's mouth. The guy is an absolute joke, he hasn't delivered on anything yet, and he won't. The no.1 objective for whoever owns the Club should be to get rid of the biggest con-man outside of White Hart Lane.

Mike1954

I'm with you, Mike, I have no faith in the fake doc at all, and whilst I won't pretend I understand the world of business finance, it seems like much the same thing as when people get one big loan to pay off their credit cards and store cards which have got out of control. Is the money from Ocean Finance?

tracyc

Hear Hear Mike1954 I agree with your every word, we have gone from one bad deal to another........

Pompeyblue1949

i have little, or no faith in ANY of the people running this club - whilst SAF has failed to deliver what he said - hand over that £50m anytime!

whilst, as said, SAF has not delivered what he said, has anyone else? so, with that in mind is it really fair to lay the blame all at his feet - at least he is turning up to games still, so why is the majority owner not doing the same?

pompeyrug

Call me gullible, and I have been called it before, but I think SAF might come good for us one day. He does seem to be the only point of reference we have at the moment. Will al Mirage come to the Stoke game? Anyone?

gandor1

Will Al Mirage come to the Stoke game? If he did Gandor, could you be sure it was him and not a Mirage? SAF...who knows with that bloke, he pulls more stunts than Derren Brown. What's the betting the next guy who joins the management team will be called Aladdin. Without his bloody lamp too, I expect.....

cornypomp

Very funny Corny!

gandor1

Good news then if its true.

PompeyFcMad

well, is it? have we just built up more debt trying to sort out this debt? wasnt al faraj meant to have money that we WOULDNT believe...

pompeyrug

Storrie here http://soccernet.espn.go.com/news/story?id=698935&sec=england&cc=null

peter026

Wasn't MIRAGE meant to have money that we WOULDN'T believe... you got it right there RUG. We WOULDN'T believe it!!!!

cornypomp

same s#*te different day

russellm

Oh great!!! If we have secured our "New Debt" with the football money due in, in a couple of months - then you can bet your Chrimstmas Dinner that the football money will not be able to be used for anything else!! - this is backed up by Paul Harts recent comments that we shouldn't expect to see us buying anything in the transfer window. This just confirms that NO INVESTMENT is being made in the club whatsoever and we continue to be taken for a ride! Disappointing as usual, and the club is ominously loud in its silence - shhhhhhhhhhhhh! I don't know why they're making a fuss of not being able to work in the transfer window - we've got no money to spend PUP !

BarneyArmy

checked out that link and storrie says things will be sorted by 'the end of the week' - will this week be THIS week tho...
he also says that we will be left on a a more 'stable' footing when we sort this out. i am still very concerned that we have just shifted one debt to another and are not actually going to be in a better position?

pompeyrug

We have now sold all our expensive players who were paid lots of money for cheaper players to whom we don't have to pay so much. Hence more money to service our debts. Also, we have sacked loads of staff and have not replaced the backroom staff that 'arry took with him. So as I see it, we are just shifting things around. If the club is to move forward, then there is some serious investment needed. Where is it going to come from? Surely we are all equitied out by now?

gandor1

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