Vital Football

Will we accept an owner?

Will we accept an owner?

It has been such a traumatic year or so for us, it is amazing that it has been a whole year since 'it' all started, but hopefully we are finally starting to actually get onto a track that is leading us to somewhere?

Although the next steps, all of which a quite literally out of our hands, can ultimately be made harder, or easier, for ourselves by ourselves in many ways...

The CVA proposal, which many might see 20p in the £ as being 'poor', whilst in reality for the creditors it is compared to what they 'should' have got had they been paid in full as they should have, is actually a solid proposal and has a good chance of being accepted in a few weeks time - this is a 'good' repayment amount and structure. Then we can of course come out of administration, hopefully, by the end on this month, not that I want to raise hopes too much mind!

Even when, well I should say if, the CVA is approved what we must do, as I and others keep stressing, is prepare for what will still be a monster journey ahead of us to get back onto an even playing field - yet time, effort and most importantly of all 'sensible' business management of this club CAN see us find this breakeven point, and then we take it from there...

It will be a start though.

The next step, hopefully in 3-weeks or so will be to get that new owner - this is when it really starts to become 'tricky!'

Admin Andy has always said that Balram Chainrai was his 'Plan B' bit to many, myself included, he was always viewed as being the 'Plan A' and maybe as he, or they, wanted as well. Whilst I cannot, hand on heart, say that I have not thought that this was not something that Chainrai wanted and with an ulterior motive - I have voiced the opinion that I thought it was - I am now not so sure that this has been Admin Andy's 'plan' all along to be fair. What I think has been his, his administrative partners and of course UHY's plan is obviously for us to come out of this situation with a positive result, as lets face it this is a huge case for these administrators to take on and this is a real 'career maker' for the admin team personally, and would be a real feather in the cap of UHY, both financially and what it will do in terms of a positive impact on their business in the future, so it is 'probably' more likely that they have actually been putting increasing pressure on Chainrai to act as that 'fall back' to step in as the new owner if needed.

Lets face it, as far as ownership of Portsmouth Football Club now goes we only realistically have 2 options.

1 - Rob Lloyd and his merry men, including his 'mysterious' backer - some 'wild rumours', although with Pompey what is wild these days, had actually said that a Gaydamak was this back. This group does not seem to have that much basis for credibility and has previously, and my serious worry is, could again, see an involvement from Storrieteller, PLEASE someone boot him out, and fast!
2 - The other option is, of course, Chainrai as there 'probably' is not anyone else that is seriously interested, right?

Well documented links between Chainrai and Gaydamak Snr, and business and personal links at that with many previous Fratton Towers inhabitants, that have brought us to our knees, are frightening - then again are these previous links from way back, or are they more recent, even ongoing? If, as has also been the suggestion, Chainrai was merely looking to 'get to the Gaydamak's' if we were merely caught in the crossfire does he really have a beef with us? The fact that he has also well documented, and by his very own words, that he has NO interest in the ownership of PFC, or any other football club, will also be remembered and is of concern. How, or even why, would he go from having no interest to suddenly wanting ownership? Would he have a motive other than genuinely wanted this club to live on so he can then sell up and move on?

Clearly Chainrai, like any other owner, would want a return on his investment - that is modern day football for you, these owners are businessmen that are looking for a profit, not that there is much of this to really be made in football these days. Does he purely want his money back that he has 'invested', or does he want this money back and more, much, much more? These are further concerns...

To be fair he has gained some credibility back recently by agreeing to foot the bill to all local unsecured businesses creditors to the value of £2,500, it is also believed that, assuming he does have to step in and regain control, that he will put the shortfall needed for the cost of the CVA, which is why players a predominantly being sold off, and trying to be sold fast. Then again is this being done as a loan, or is he actually doing this?

As previously touched upon any owner will want a return on their investment, and few actually do put money into clubs - what we do need from an owner is someone that WILL have a sound business plan in mind and ensure that we live within our means, use these parachute payments over the years to pay-off our creditors and use the other income generate from gate receipts wisely. 'If' we can bring the wage bill down to a respectable level, and can bring some 12,500-15,000 through the turnstiles on a regular basis for the next 4-5-years, at realistic prices of around £20, on average, if the incomings can start matching, ideally better the outgoings, we 'could' just about break even on this time scale and find ourselves on that level playing field again, and seriously look to turn things around and be a 'company', as that what football clubs are, that can operate successfully, on and off-the-field.

To help us be more self-sufficient this new owner, whoever it is, needs to put focus on the youth development area. If any speculating to accumulate is being done, and this is common place in business, it would be better to put this into the funding of youth development to guard against the criminally high interest rates that can be charged on monies owed and most of all the ludicrously high money that is paid to agents in fees - this has been an area that has caused us such financial concern.

Also, this new owner needs to show 'they mean business', and by this I mean they have to get the community involved in the club again. They need to make us - the fans - and the community, so often damaged by the clubs actions of the past, part of it again. Sending players out to do work in the community, and for them to want to do it not seem like it is a 'chore', will help as will no more 'stupid' and 'needless' publicity errors, such as the non-payment of monies to charities, this is just unacceptable.

All in all it looks as though Chainrai will become the owner again but then again this would only be the case if he passes fit and proper tests, for what they are worth - but with them tighter, at all levels now apparently, he would not pass if he is not up to it, right?

More importantly though SURELY with the new CEO, David Lampitt, in place, a man of honour and honesty, remember he is a former 'head of integrity' at the FA, this 'should' help alleviate concerns that whatever owner comes in is just coming in to screw us over again?

A man of his background would not allow this - you are then just really going into further 'conspiracy theories' if he is 'part of this' as well!

It is almost time to try and start putting some trust in people again, I know this is hard for us but we cannot constantly keep banging our heads against the wall and automatically be looking for faults or shady backgrounds with everyone all the time. The appointment of Lampitt has restored some belief for me that we are taking some forward moves, and with him overlooking things I am a little more at ease with whatever happens next and think that we have to start trying to restore some faith...


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Date:Thursday June 3 2010
Time: 3:34PM


An owner that supports his Chief Exec and has a plan that involves a youth policy, training facilities and eventually a stadium. Not the 35 thou plus some have called for; normally people who won't be watching Pompey v QPR on a wet afternoon. A man with a plan and a bank toback him up. END OF STORRIE no matter what his local media mates say.
03/06/2010 16:04:00
At the end of the day, it's out of our hands who takes over so why start crying about it before it's even happened? I would twist Russell's words and say that I hope the new CEO does have the integrity and is prepared to stand up against any new owner if necessary, and not act a la Storrie. I'm prepared to support any new owner, and hate these 'conspiracy theories. I know our fingers have been burnt through trusting the various takeovers, but I'm convinced that things are moving in the right direction. Why would anybody of Lampitt's stature join us if he wasn't also convinced that the phoenix is about to rise from the ashes. My sunglasses out here make everything look rosy ;-)
03/06/2010 16:39:00
I like Lampitts opening gambit and I pray he is given time before being shot or called a liar or being discredited by some 'supporters' .. I just wish Uncle Tom Cobley and all from SOS Pompey, the Supporters Trust or whatever they are called today weren't wheeled out for their opinion - Like PFCBlue I am prepared to support anybody I just wish every piece of good news wasn't greeted with doom and gloom and a 'conspiracy theory' to match
03/06/2010 17:40:00
I also have a "conspiracy theory" but it's a positive one: What if Chainrai said he had no interest in running a football club but only a football club with circa £130m debts? What if he IS interested in running and developing a football club with "only" £30-£40m debts? What if he sees a good long term return on his money by employing the right CEO, investing in the facilities, management and players to build the club into a "proper" self-sufficient Premiership team over a period of time? What if, despite the protestations, that was the plan from day one?
03/06/2010 19:35:00
I agree with Chix comments. Far too often Pompey fans have quickly written somebody off before giving them a chance. We are now definitely in the 'beggars' category and, to an extent, can't be 'choosers' over who we get. Of course we need to get the best deal for the club in each and every respect possible but the way we (including me at times) have written off managers, owners, players, coaches etc before they've properly stepped through the door has been more destructive than constructive in the past.
03/06/2010 20:14:00
that is the point i am making chixy, i DO want a fresh beginning with people given that chance - and the appointment of lampitt has really given me renewed optimism that whatever happens now with this guy overlooking things we 'should' be able to sit alittle more comfy...
i have not been keen on chainrai, but if he becomes the owner again, so be it and i will let him get on with it and with lampitt overlooking him i will be much more content with his appointment.
you know that i am sick and tired of all the 'fighting', 'protesting' etc. HIS appointment should calm people's fears, and if it does not then i cannot see that anything will.
04/06/2010 12:45:00
I agree PFC and excellent earlier twisting of my words. You have my sentiments exactly.
04/06/2010 16:19:00
I'm with Chix - yet AGAIN ; omg what's happening to me? Pastyman is being subversively positive; stop ruining our self serving morose attitudes- just stop it or you won't be a real fan!
04/06/2010 16:22:00
What "Fit and Proper Persons Test" would this be that Chanrai would have to pass then? I thought that only applied to the PL.
05/06/2010 04:42:00
We desperately do need a new owner. Its just that having never realised that you could have 'bad' owners who come in and bring the club to its knees, from having it happen twice in succession, it can make you very very suspicious. And I am still way of Rob Lloyd. I do agree that Lampitt seems a good appointment, and I do have confidence in him. But if we do get a new owner in, and I really really hope we do, then I will cross my fingers and hope they are the real deal for a change. Also I'm starting to think that the Chanrai option may not be nightmare scenario it may have appeared to be at first. If we don't get a valid new owner come forward as we exit administration, we will need somebody. Chanrai could be that somebody in the short term, while a longer term option is found, and that could secure the clubs survival couldn't it? After all there's still no guarantees about that.
05/06/2010 07:49:00
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