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SAF to move on

SAF had said he was thinking over a decision but looks as though he has decided to stand down from his 'non-executive chairman' position at Pompey, and in doing so will give his 10% stake in the club to The Supporters' Trust.

All in all, despite having his 'moments' the guy has been likable enough and 'had' he had the funds to back him from the off - or had those backing him not pulled out, which is more likely I suspect, they saw the chaos and buckled but as 'most' Arabians are the honourable type I suspect that he could not really pull out, as perhaps he could/should have - I reckon he would have made a decent owner though to be fair.

The 10% stake going to The Trust is a major plus though without a doubt.

Other 'news' today is continuing to see talk about a possible 'takeover' from the South Africans, most of which we ALL saw on Sunday - we just play the waiting game, that is all we are left with! Oh, and of course do this with fingers, toes and whatever crossed it is the real deal if it comes off...

There is more on the 'AWOL' Kevin-Prince Boateng, the club are 'aware' of what is going on and where he is but need to talk to him. and I suspect he will be suitably punished for his unprofessional, and basically unneeded at this time, conduct and actions.

Then we hear more from Peter Storrie with him saying that so much of the money we have brought in from players sales, and where debt has come from, has been down to the massive wage bill so it has not been 'siphoned off' anywhere...

I think we already knew this on the whole that so much of this was going on wages and bonuses that were outrageous, but he says this has been 131m in total for the past 3-years!

That is crazy, absolutely crazy.

Continuing to 'point the finger' gets us nowhere but come on you cannot expect me to let this pass without saying you cannot say he cannot be blamed for this! I am fed up, as said, with 'blaming' people, it gets us nowhere but when all is said and done he is the guy that was negotiating these deals - ok, people might have been telling him 'it is ok we can afford this' but he must have had doubts, at times he said he had not but at other since he said he had, so then you ask WHY was he not pushing the point more? If you felt that strongly about something you would keep pushing the point, if it still gets you nowhere you go 'public' with this as 'a source' or maybe even resign out of principle? Well I would anyway.

I think that we are all very, very tired of everything now, but - and even though there will no doubt be further 'twists and turns' over the next week - we are in the home straight and if nothing else this time next week we will at least know what is what, and knowing one way or the other what is going to happen is ALL that I know I want now...

Oh, 'should' we pull through, and should this be without taking the admin route, even though it is very, very, very unlikely that we can do this now and our survival as a club has become the priority for a long time, but the bookies could well take a hammering should 'the greatest escape in all time' be pulled off, as some are already paying out on bets placed on Pompey to go down. I seem to recall someone paying out on Manyoo a few years ago - was it to win the league? - and being burnt!

I think Quincy sums it up best though saying it will take 'a miracle', although he still believes. First things first, lets see the club is safe - in its future - then work on that miracle...

PLAY UP POMPEY!


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Monday February 22 2010

Time: 10:45AM

Your Comments

Good article rug, this surely is a week straight from the gates of doom huh mate, its been quite an emotional rollercoaster of late, Ive kept telling myself im not going to think about it, but inevitably I do, I see my Pompey tattoo everyday and I wonder, if its not going to be consigned to history along with my club and all its great fans, i truly truly hope not, It will be an extremely sad day if this occurs, I can take the greif that I get from people, I can even take going down a division, or loosing another 9 points, but I dont know if I can take loosing the whole shooting match, I would be beyond gutted, inconsoleable, I really hope there is a spark this week, fingers and toes crossed! PUP
NZ_Portsmuff
Ive even just been positive and answered yes to Pompeyjoes poll..........
NZ_Portsmuff
The Guy has just written off 5m. That shows he has/had the right intentions for us. He may not have had fluid funds, but no one writes off that sort of money wothout having great wealth. I wish him well and thank him, and part of me still thinks if Storrie had not tarnished his name with promises of Faraj's Mega plans then Fahim would not have been looked down on by as many or as quickly. Storrie is to blame for a lot of Fahim's demise in my eyes
Midge
I hope he keeps the hat and the away shirt...you never know, we might need him in central defence next season
hammersmithblue
Those that are calling for a full revamp of the board will be pleased.. Also as the trust now own 10% of the club.. are they liable for 6m debt ?
Chix
And last summer we were printing t-shirts in honour of our new arab billionaire owner!!!
storagematt
Are you sure you would resign Rug if you were on 2mil a year, 'On Principle'?
moley2
Well it was me that christened him Dr SAF way back and have met him twice. I think if he had had the cash available he could have suceeded as owner but he did not and we have gone downhill fast since then. 10% for the Trust though is great news and will be used to good effect I have no doubt.
eastneydave
moley, YEP i can honestly hand on heart - and those that know me well enough would tell you how much of a hard time i give myself if i do something 'minor' that is wrong - i would resign if i had made as many mistakes as storrie...
pompeyrug
Does that mean that the Supporters Trust take on 10% of the debt!!
bluedr
According to the BBC website the Trust is prudently taking legal advice before accepting the offer of the 10% share. The two questions presumably are (a) whether the Trust then becomes liable for the debt, and (b) whether any capital gains tax would be payable. My layman's guess would be (a) yes, they would theoretically be liable, (b) there would probably be no CGT since the shares are worthless anyway. If the club goes into administration, presumably the Trust would then lose control of its shareholding, so there doesn't seem to be much point in the exercise. (I assume SAF has resigned in order to safeguard his own position in the event of a prosecution for trading while insolvent). Probably best to sit it out for now, and if anything emerges from the wreckage next Monday, perhaps the Trust may be able to buy into it later. If there was a genuine chance of gaining some real influence, I might be prepared to make a small contribution myself (pathetically small in the light of the sums being talked about). Bit this is only a layman's uninformed opinion. Does anybody know different?
erithacus rubecula
what is 10% of 70million of debt...nice one your trust is now 7million in debt
weloveyoucharlton
 

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