Portsmouth - Time to do what we have to do...
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Time to do what we have to do...

'Talks' are continuing with 'prospective buyers', yet the word is there are no 'credible buyers' out there, and those that 'claim' they would be the real deal say they would not be able to do a deal before deadlines being set...

At the end of the day people can do ALL the talking they want but if the 'simple' question is being asked 'prove to us that you have funds', and do this by getting banks to verify this, but this is not forthcoming does that not say it all?

Extend deadlines, talk until you are blue in the face if you cannot 'SHOW ME THE MONEY' it is nothing but hot air!

Lets face it, lets be logically rational here, WHO in their right mind is going to take on the club as it is at this point in time?

I find it increasingly hard to see why, logically and with a head ruling the heart thought process why, anyone would when they would have to toss away a shed load of cash JUST to break even when they could pick up a club that 'could' have a large amount of its debt expunged by going into administration!

In all honesty I still do not know how this admin proposal would go, and am not entirely sure if we would even be able to do this but surely admin is a batter option than liquidation!

As said so many times my heart goes out to these 'decent creditors' that would stand to lose so much, and also to so many people that work at the club who could come under threat, and I know for a FACT that there ARE a lot of very, very decent people working for PFC who do not deserve this kind of thing at all, but given a choice between having a club or not I know what option I would feel we would have to take...

Balram Chainrai comes out of this laughing either way, basically unless we go into liquidation he CANNOT lose!

Admin, and he will get something back from what else he is owed plus the 'rent' on Fratton Park for the next 15-years - all of this alone would see him recoup, and I would still think possibly more, on what he put in. A 'takeover' and he gets what he is currently owed, having 'written off' some already, in full plus the 15-years worth of rent, meaning he comes out of this £17m 'investment' with a tidy profit, and I mean VERY tidy profit, we could be talking several millions worth of profit!

The guy has ONLY 'written off' money if we are liquidated - something he will not allow, anything other than that and he has merely 'deferred' getting his money back, and more, money that was - lets face it - won in a legal battle with Gaydamak Snr anyway. Not that I am really having too much of a pop at him.

I am 'fairly' confident, just about, that this club will live on as the 'real' Portsmouth Football Club, and do not think we will be put out of business next week (UNLESS we crazily think we can walk in their bold as brass having not taken the admin route - in which case I would think the 'charity' we were extended would run out) but as much as it is 'the cheats way out' for me it is time, again a heart felt sorry to those - most of them - that will lose out, that we do what perhaps we should have done long ago?

In all honesty the initials B and S, it should not be too hard to work out what I am getting at here, would belong to the only people I see looking to invest in Pompey BEFORE admin happened, as would anyone really be willing to toss away as much money as they would have to...

I am almost 100% convinced that admin, assuming admin is still a possible option and something that we can take - which I would think it is, is going to happen and then I suspect that Endeavor Plan will be the ones that bring us out of this, we would then have to PRAY that they are the ones that we have been waiting for to finally give us a stable future and things like what we have gone through become a thing of the past! And we will one day be able to look back and think 'this was a good thing' in a funny kind of way.

All in all none of us know what is what, and it seems a game of cat and mouse is going on but logically I cannot see any other way out than what I 'think' will happen - OF COURSE I would love to be wrong, and seriously hope that my thoughts can be proven wrong in the days ahead, but I just cannot see it happening...


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Tuesday February 23 2010

Time: 3:50PM

Your Comments (oldest first)

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Good stuff Rug!! Their is too much hot air and rumour and NO action!!
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23/02/2010 16:02:00

Just announced on Talksport it's Administration if no Buyer by Friday as quoted by Balram Chainrai
Report Abuse
23/02/2010 16:07:00

We Don't Want Talk, We Want ACTION!
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23/02/2010 16:08:00

Think you are wrong about nobody in their right mind would want to buy us ... Clearly FOUR parties do .. other than....Agree.. disagree.. agree.. agree... disagree... disagree... disagree... disagree.. agree.. agree... disagree... disagree... disagree... agree.. agree... disagree... And although I agree 'money talks' I still don't think we'll go into Admin..
Report Abuse
23/02/2010 16:08:00

Been on SKY as well - admin on Friday if no buyer found. That apparently will stop Monday's hearing.
Report Abuse
23/02/2010 16:23:00

One thing puzzles me (or actually a lot of things do, but I mention this). If Chainrai now owns the club, is it really legal for him to take its only tangible asset, i.e. Fratton Park and some of the surrounding land, and keep it for himself, while allowing the rest of the "business" to go into administration, with the result that the other creditors get nothing. Surely that cannot be legal? If I were a creditor, I would certainly object and demand that FP and land should remain part of the assets from which creditors could be compensated. This would mean of course that FP would be sold to a 3rd party, but, as others have said, it has limited value as a low grade football stadium and no alternative use as long as the planners maintain their current stance. I would have thought it could be leased back to a successor football club for much less than a million pounds per year - who else would rent it? It would be nice if the Council could buy it - although they presumably haven't got a budget for it. Ironically, I understand that the Council DID own it until the 1930s but donated it to the club!
erithacus rubecula
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23/02/2010 16:24:00

And anyone reckon the players WILL get paid this Friday too!!?? Nah. Thought not. I want a time machine!!! To take me forward to August 2010. I don't care what division we're in. How many points have been deducted. Or what the name of the team is either to be honest. As long as it's Pompey. They play at Fratton Park. And we can get on with supporting 'our' team with no **** going on in the background. Just football. Nothing else. Please.
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23/02/2010 16:24:00

No real surprise, always admin was our best bet. Club's value will drop & buyer if found can pick us up cheaply if we are what they want.
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23/02/2010 16:38:00

as said i hope you are right chixy and i am wrong and someone comes in before admin - logically though WHY would someone want to take on all the debt if they did not have to, it just does not makes sense? had we won on saturday i think there would have been alittle more logic to it as our chances of premier league survival would have been greater and we know premier league means BIG money...
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23/02/2010 16:40:00

Could be a red herring guys. I agree with Chix dont see admin happening. As Chainrai has stated that If a buyer is not found, in proncipal, we will go into admin on Friday, this has triggered a clause in the law, that any club declaring this, can not be prosecuted, therefore the court case on March 1st has now been cancelled/postponed. Therefore, should the New Zealand guy say Yes i am interested and agree in principal to buy, subject to due diligence, and with the March 1st deadline removed, I suspect he will buy the club, and he will complete his 30 days due dilligence, before a new date is confirmed. Maybe blue tinted specs, but i still believe this is a plan to give the New Zealnd guy (Sorry forgot his name) and his consortium more time.
Report Abuse
23/02/2010 16:46:00

Vicyor Cattemol says he would but the club but not before friday..i suspect that will be the case...some days ago i light heartedly wrote on this site about various new negative news releases about Pompey playing home games at the new Brighton stadium...well VC has now statedthatthe ground is too small and that should he take the club on he will look at playing home games away from FP until a new stadium can be accessed.... I think that administration is the only real way forward..and in the event of that happening someone might purchase the club...my only problem with this is that we are still a poor purchase prosptect. No Ground, no Training facilities, no squad as such and a small fanbase-think about this dont react, we are not Leeds or Newcastle...or even Norwich at the moment.. On a positive note..as long as we have a club thats all that matters
plymouth graham
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23/02/2010 16:48:00

I believe that once the club goes into administration it is still the big creditors - ie. Gaydamak, Chanrai and HM Revenue that still have the say over what happens to the assets such as the Stadium etc. It will also obviously mean relegation but I wonder whether the points deduction might apply next season instead if relegation would have happened anyway?
Jam shoes
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23/02/2010 16:51:00

i thought that the taxman was 'assured' their money whatever happened, yet apparently i have been told that not even they assured of their money - only clubs owed money and the players wages are secured...
as for the points penalty, this applies to this season as it is before the march 3rd, or is it 9th, deadline - they, as i understand it, cannot punish us for next season UNLESS we have not come out of admin...
Report Abuse
23/02/2010 16:57:00

It appears that if Balram had not insisted on seeing proof of the South African finances, Storrie could have sold us down the river again. Yes I am bias I know.
Report Abuse
23/02/2010 16:58:00

I think Chanrai is behaving in a totally responsible manner, he doesn't have to do anything and is likely to risk even more money, I find it difficult to see what to criticise the man for tbh. This man leant some 17m of his money for a short term, was not interested in the club, got stuffed by ALF and ended up lumbered with a bankrupt football club. History shows us that most would just walk away, but he hasn't. Quite frankly I wish he was interested cos he's the first to have been sensible and I would trust him more than some dodgy Kiwi. I'm surprised people are so critical, I'm also now not quite convinced he's laughing, having to pay a fortune, it costs money to restart and put us in a position to be sold.
Report Abuse
23/02/2010 17:04:00

I reckon the players will get paid on Friday or Monday, because chanrai loves each and every one of em; also cos the administrator needs them to fullfil their contracts, which failure to pay could technically void them.
Report Abuse
23/02/2010 17:12:00

Thank god for the Gurkha settlement recently. Perhaps that's why Chainrai is bending over backwards to help us.
Report Abuse
23/02/2010 19:55:00


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