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Case adjourned until March 15th

Well guys we were back in court today - this how it went basically...

Justice Alastair Norris was overlooking events today.

HMRC's Gregory Mitchell questioned the validity of our administration with them wanting proof of transactions between owners to ensure that Balram Chainrai was our owner and able to put us into this? They were also asking if the administrator, Admin Andy was 'independent', or is he working on behalf of someone within the club?

Basically they were questioning our whole admin process but ultimately is admin something that we have a chance of coming out of? We need to find 7m before end of month, another 14m by the end of May - where is money coming from?

Admin Andy said that the club will sell Fratton Park to Chainrai for 10m and then rent it back from him for 1.2m per season.

Customs said that everything about the club is 'shrouded in mystery'... And HMRC wants a FULL INVESTIGATION into the clubs transfers - something that I think we will ALL welcome.

Our debt stands at 65m, which includes the value of the players. Without them it would be 86m - players were valued at 21m, despite Peter Storrie valuing them at 38m!

Customs pushed for a fresh winding-up date on 8th March but in the clubs defence, from Simon Barker QC, he said that was too soon. He also 'claimed' that Portpin Ltd were making 15m available to Admin Andy for the running of the club - which should be enough.

If the appointment of the administrator in place was challenged then there would be an application for a court appointed administrator - would this not have been better anyway?

Barker questioned the claims from customs over Admin Andy's 'independence' and feels that he should basically be allowed to just 'get on with his job' and not hindered as he is - then again I guess if Chainrai's company Portpin Ltd are funding him how 'independent' is he?

HMRC did not think that the money provided to fund our administration was enough but ultimately said there was no proof of this funding being there anyway, this is merely being done on what is basically a 'promise'...

All in all this IS something that the Judge basically agreed with! He said 'there is a shadow over the administration that must be removed.'

The Judge did was not happy that the 'promise' of money being there for the costs of administration etc. as this was not good enough, and was not confident enough in this at this time.

So, a new hearing will take place on March 15th, but in the meantime Portpin Ltd MUST provide documents of the money they have lent Pompey and the money Pompey has paid Portpin Ltd and/or Chainrai - this documentation MUST be with him by March 12th.

PLAY UP POMPEY!


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Tuesday March 2 2010

Time: 1:18PM

Your Comments

Good summary from our Court reporter Rug. There appears to be a great deal of mistrust between the revenue and the club's owners both past and present and the Administrator. Nevertheless figures are worrying and HUGE to say the least. All back to the court again in two weeks then this just drags on and on.
eastneydave
it drags on but this case in 2-weeks time will bring an end to it, right? if we are being done we will be done - if not we move on...well to our next admin fight!
pompeyrug
As Dave said, a good summary Rug. Rug, if we lose in 2 weeks time wouldn't this mean that HMRC will get their way and wind us up rather than a further admin fight?
PFCblue
Anyone got Cattermole's number, he allegedly has 180M which should satisfy the judge?
bluedr
Good interview with Terry Clark on Sky News.
PFCblue
The shadow of dooms still hangs then. Oh well what's next, ahh yes the cup game with Brum. Time to focus on that lads.
storagematt
They said the winding-up petition would be heard on the 15th after the initial hearing if that goes against the club/administrator.
NorfolknBlue
Admin Andy on sky saying they are content that the info they have supports the case and "he says "HMRC are entitled to ask as part of the process and he would expect to provide information in advance of the 15th March". The Ad man says "it is as you were, and they are happy that Mr Chanrai will continue to support the cost of the administration". Seems a confident man, if not cocky. He might not be completely independant but if he gets us through and we come out of it in good shape- IDGAFk
russellm
The rumbling shambles continues to roll ! If PS thinks he can get 38M for our squad he too is living in cloud cuckoo land FFS!! This is really getting me quite mad now as it is obvious that Admin Andy is nothing but a puppet put in front to try and appease a court that he is independent...........It stinks to me.....and therefore I can understand the HMRC postition. Hate to say it, but we really do need a clean broom to shoot through the whole set up at Pompey, 2 more weeks and even more Bull**** will be spouted!!! How on earth did we accrue debt of 86M with our player sales, prem league income, ticket & merchandising, sponsorship, fa cup & european run?? There is simply something rotten to the core about the whole place. If Admin Andy is independent and transparent, then he needs to come out within the next 2 weeks and show US the fans, where the money has all gone......WHO HAS POCKETED !!!??? At the minute, I don't think the PFC appointed Administrator even has the support of the fans, so how on earth does he expect to get any support from the Courts, HMRC and other creditors...................IT FECKIN STINKS ! oh......PUP!
BarneyArmy
Rug, be clear we need a pro survival administrator to survive, given HMRC stance; do you really think a court approved administrator would be pro survival? Please be carefull what you wish for or it could be Havant & Waterlooville for me next season! Noting your other question, HMRC asseses Pompey need 7 million, not the HKY. We need to keep in mind it is in HMRC interests to reduce the value of the club assets, and increase the debt problem to be able to wind our club up to change a law. We should be under no illusion rightly or wrongly they might support the principal of administration bur they do not want Pompey to survive.
russellm
I think if we are insolvent to the tune of 65m that a couple of million a month is neither here nor there. I'm absolutely gob smacked at the level of debt, we were being told a month or two back that it had been brought down to one of the lowest in the premier league, 30-40m then we find that it's more than double that. I really hope someone swings for this. There has obviously been a huge amount of misinformation coming out of the club or something has fundamentally changed in the last few months (like someone swiping 30 odd million).
stooH
I think if we are insolvent to the tune of 65m that a couple of million a month is neither here nor there. I'm absolutely gob smacked at the level of debt, we were being told a month or two back that it had been brought down to one of the lowest in the premier league, 30-40m then we find that it's more than double that. I really hope someone swings for this. There has obviously been a huge amount of misinformation coming out of the club or something has fundamentally changed in the last few months (like someone swiping 30 odd million).
stooH
you know what russ part of me WOULD rather see us fold and have to start again at havant and waterloovile than 'limp on' and then probably see this happen anyway - i would be more in support of this is the taxman can unravel enough to then start making others fall with us...we have been *****ed over by conman after conman, crook after crook and they CANNOT get away with it anymore - HMRC might not want us to survive, their stance seems to have changed slightly tho, but do those in power currently ultimately want this?
pompeyrug
People keep asking where the money has gone - here is an example from West Ham in todays Telegraph 'West Ham's decision to award injury-plagued striker Dean Ashton a new contract in December 2008 backfired, leaving them liable for a 5.81million payment when he was forced to retire in December. Freddie Ljungberg and Kieron Dyer will have cost the club 34 million over the terms of their contracts, having only started a combined total of 32 matches for West Ham since the summer of 2007.' 34M for two very 'bit part' players, it's unbelievable. I think when this all comes out we're going to be staggered by the amounts paid to agents (both those acting for the club and those for the player). I doubt we've received anythink like the figures quoted for player sales, we were/are still paying for most of the players at the time of sale, most seem to have at least one sell-on clause, and then there is the agents fees on top. With our reduced wage bill this year/season being widely quoted as 3M a month including tax (?!), and SG basically ceasing to fund the club from the begining of last season you can see that what came in couldn't begin to cover what was going out on a monthly basis - hence the hole.
NorfolknBlue
Rug, i hope that is only a tiny emotional part of you. I think anybody who thinks HMRC are the good guys, the ones doing this "to bring clarity to the fans" because they care for you, or because it stinks is stunningly naive. HMRC are doing this because they hate the fact that the law that puts football creditors first. The HMRC QC couldnt even find portsmouth on a map; be clear they want to kill our club. more naivety im down in pompey today and im hearing stupid people saying stupid things like fratton park being handed over to a new conference sth team AFC pompey- ffs get with the program.
russellm
Oh I wish I could say something positive, but we've heard enough spin and lies already! Its true that this law that puts HRMC down the pecking order as creditors is what has done for us. I just can't see a happy outcome out of all of this at all. There's been so much mismanagement (if not fraud, who knows) but what I want to know is HOW - WHO - WHY DID NOBODY PAY THE F'ING TAXMAN! It's not rocket science, if you don't pay the taxman he will get you - and if you don't know that you shouldn't be anywhere near any kind of business whatsoever. Someone has to have been responsible.
tracyc
And . . . if Chanrai is willing to pay 14million in administration costs, then just pay it to HRMC instead FFS!
tracyc
STOOH, i think you say alot of truth, i am absolutely sick of Storries liesand everyone elses..from "we dont owe any more money to english clubs" to the ones mentioned above and others...I believe hand on heart that we have been used as a money laundering vehicle, and it would make sence to have the administrator in your pocket..i do not think he is, but apparently some swindon fans have been expressing some concern about AA. I have not read these comments. HMRC are looking for a scalp and a prem club would be perfect, rather than the small northern working class team between two big cities...i am sick of it all.
plymouth graham
the more i read the more i cant get away from the the idea that money laundering is at the root of all this and our club has been done by it..i cant see it surviving in its curent form. I do think it will go bust and have to be reformed.. a new Portmouth Football club..maybe in the conferance
plymouth graham
 

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