Vital Football

The battle is on

The battle is on

Within a week it is 'hoped' that The PST will be able to 'table' its bid to take control of Portsmouth Football Club.

Balram Chainrai has played his hand, Portpin offered the creditors 2p in the pound last week, although PST spokesman Scott McLachlan - as he told BBC South Today - is hopeful that The PST's rival bid can be presented to creditors to vote on when they meet at Fratton on June 25th.

The continuing major issue is the high wage bill that Pompey has but with Chainrai's CVA offer 'less than expected' The PST is ready to strike: 'we saw the offer and it was less than we expected.

'We now have a platform to work from and we hope we can offer better than 2p in the pound.

'But the major issue is still how to sustain the £10m wage bill the club will currently have in League One.'

How do you cut a wage bill like we have, that is the major question?

It is also one that I am not sure how to answer as far too many will be happy to continue to ride that gravy train for another season!

A couple more players, at least, will move on I am sure but will it be enough?

Some of the bigger earners, who I cannot see attracting much interest - especially on the money they are on! - will be happy to see out the final year of their contracts.

Is a plan that is proposed taking into account such a scenario?

You would hope the answer to that is yes but how this is sustainable, like I say, I have no idea but I think we just have to have faith that The PST's proposal is a realistically sustainable one.

The key thing to remember is this is NOT just a small group sitting around a table deciding things, they have painstakingly involved professional people to help and advice them. Nor will it be these PST board members making the decisions in the PFC boardroom, again professional people with the qualifications needed will be put in place to do this!

If you have not 'backed the bid' yet you still can...

A target of 1000 pledges since the start of last month was targeted, sadly this has fallen short but 'around 800' have still come in. Also pledged are some pledges from 'high net worth individuals' who, it is said, have - between 5 of them - pledged over £1m.

Another factor to take into account is that not necessarily each pledge put forward is just for £1,000, maybe a number will not be rivalling the amounts put forward by those 5 to make up £1m but a good few 'probably' have pledged more than a grand each...

McLachlan added: 'it's been difficult to attract 'high net worth individuals', but people will not fritter their money away.

'Portpin want to take money out of the club, we want to reinvest it back in.'

Getting that wage bill down remains a key issue for whatever bid can come in though...

I continue to maintain my views that the club has a better chance of a sustainable future under a fan backed ownership, so fingers crossed this can come off - my initial £100 has long since been pledged, if the takeover bid goes in so long as it is a definite long-term 'viable' option then the other £900 will be put down.

It saddens, and amazes me, that people continue to think that Chainrai is a 'better' and 'preferred' option to run this club over a fan driven one, remember it might be a fan driven one but it is done with 'professional people' put in place...

PLAY UP POMPEY!

Join the Vital Pompey Debate

Vital Pompey on: facebook Vital Pompey on: twitter

Join the Vital Pompey Forum Debate

Win FREE pizza with Vital Football!
Select your team and get 50% off if they score twice.
www.papajohns.co.uk/football



Click here to join in the debate on the club forum.

Writer:pompeyrug
Date:Tuesday June 12 2012
Time: 9:23AM

Comments

0
I am really in two minds over the future ownership of Pompey: One side there is the possible take over by BC I do not trust him and am not entirely convinced his intentions are honourable, however he does have considerable financial backing and as we all know any football club takes quite a bit of initial investment especially when there is no team to speak of. The other side is the PST which my heart loves the thought of! a true community club with none of the big business men trying to make a fast buck whilst shafting the club and us supporters, however I am yet to be convinced that if PST won the bid for the club they could maintain the day to day running of the club without getting into serious financial trouble. I believe the only way the PST could succeed is if a major player with the financial backing of seven or eight figure sums would join. Whatever the outcome I will continue to attend FP and support whatever Pompey team is presented. PUP I heard a bit of a rumour that there is another buyer in waiting, to purchase the club from Chanrai after it comes out of admin.
khodgkins
12/06/2012 10:19:00
0
I too would like to see the Trust take control but feel that their Financial backing is not going to suffice to keep the club going long term. HMRC have today rejected the CVA proposals for Rangers and will do for Pompey as well. What is the percentage of takers needed at the creditors meeting for a proposal to be accepted?
bluedr
12/06/2012 13:18:00
0
I too would like to see the Trust take control but feel that their Financial backing is not going to suffice to keep the club going long term. HMRC have today rejected the CVA proposals for Rangers and will do for Pompey as well. What is the percentage of takers needed at the creditors meeting for a proposal to be accepted?
bluedr
12/06/2012 13:19:00
0
Firstly I must state that the PST bid is Professional, not a group of cloth capped fans with a few pennies to throw away. If the Trust needed help they went out and got it from the right sources - locallly based experts, legal, accounting and insolvency. The fans bid grew more credible when Portpin announced 2p in the pound and now we must all back it in some way either monetary or otherwise.

Not surprised that Chainrai would take us out of Admin and then sell at a profit!!
eastneydave
12/06/2012 13:48:00
0
I share the concerns about whether the Trust have enough financial backing to make the club work, but I feel that its the only real chance the club has - and it reflects the desperate straits we are in. So good luck to the Trust's bid and lets jump in at the deep end and hope we can all swim!
tracyc
12/06/2012 19:35:00
Page 1/1
  1. 1

Login to post a comment

Recent Portsmouth Articles

Wimbledon (not Plymouth) celebrating success

Who would have thunk it! Having come down to Pompey, Plymouth, Accrington & Wimbledon the Dons came through the play-offs and will now be in league one next season.

How Much Have Portsmouth Earned Since 1992?

With the £100million television ceiling being broken this season and handed to one club, where do Portsmouth fall in all time Premier League payments table?

Who Will Pompey Face In 2016/17 (31/5/16)

All promotions and relegations for the season of 2015/16 have been confirmed, so the full make up of League Two for 2016/17 is now known.

On this day in history...31st May

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 31st May.

Archived Vital Pompey Articles

Vital Pompey articles from

Site Journalists

pompeyrug
Editor email
Profile
eastneydave
Editor email
Profile
paultsmouth
no email
Profile
Chix
no email
Profile

Current Poll (see more polls)

PO - Plymouth MotM
Suggested By: Site Staff
Allsop9%
Davies3%
Burgess19%
Barton53%
Stevens0%
Evans0%
Hollands3%
Doyle7%
Bennett0%
McNulty3%
Roberts0%
Sub - McGurk1%
Sub - Close1%
Sub - Chaplin1%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
C Northampton 46 29 12 5 99 36
P Oxford 46 24 14 8 86 43
P Bristol Rovers 46 26 7 13 85 31
4 Accrington 46 24 13 9 85 26
5 Plymouth 46 24 9 13 81 26
6 Portsmouth 46 21 15 10 78 31
7 Wimbledon 46 21 12 13 75 14
8 Leyton Orient 46 19 12 15 69 -1
9 Cambridge 46 18 14 14 68 11
10 Carlisle 46 17 16 13 67 5
11 Luton 46 19 9 18 66 2
12 Mansfield 46 17 13 16 64 8
13 Wycombe 46 17 13 16 64 1
14 Exeter 46 17 13 16 64 -2
15 Barnet 46 17 11 18 62 -1
16 Hartlepool 46 15 6 25 51 -23
17 Notts County 46 14 9 23 51 -29
18 Stevenage 46 11 15 20 48 -15
19 Yeovil 46 11 15 20 48 -16
20 Crawley 46 13 8 25 47 -33
21 Morecambe 46 12 10 24 46 -22
22 Newport 46 10 13 23 43 -21
R Dag & Red 46 8 10 28 34 -35
R York 46 7 13 26 34 -36
Latest F1 News
Latest Vital Boxing News

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)