Vital Football

End of the line for PST Pompey bid?

End of the line for PST Pompey bid?

So, the proposal - or bid - to buy Portsmouth Football Club still has not come in from The PST and this is not expected to be put forward ahead of the creditors meeting on Monday.

The dream of a fan owned club looks to be fading...

Failure to do this does not 'stop the trust from making an offer afterwards' but it would seem as though the likelihood of this proving successful is unlikely.

Whilst you cannot categorically say this will not happen it does seem as though we have constantly been hearing for a number of weeks that a 'bid was coming soon' etc. but unfortunately this has not come, maybe it still will but I am now thinking that it is becoming less and less likely because the funds just simply are not there.

Of course I would happily like to be proven wrong, and hope I am!

Chances are that Balram Chainrai will soon be regaining control of PFC...

Will the creditors approve his 2p in the £ CVA proposal though?

Trevor Birch, quoted in The News today, seems to think that they will: 'I would have thought the CVA would go through given the alternative.'

This is something that we will find out for sure on Monday but I am far from convinced that the CVA will be accepted though, and this does NOT mean liquidation if it is not either...

Should the CVA be rejected then, and again I could be wrong, like I have said before I am convinced that Chainrai will take control of the club again and look to bring us out of administration without a CVA.

So, for me, the 'alternative' is not liquidation if there is a rejection of the 2p in the £ return on money owed to unsecured creditors. Although, if I am correct, it could still mean they get nothing, which is how I think it works if you reject a CVA proposal and exit admin without one - with Pompey of course collecting a points penalty for next season too...

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Writer:pompeyrug
Date:Wednesday June 20 2012
Time: 10:08AM

Comments

0
Can he can bring Pompey out of admin without a CVA ? Anyway as I've said continuously the formula is simple : BC = bid x fans / by PST = no bid the formulae hasn't changed. ....... All I've asked for is a publish buisness plan and a who's going to execute it - but maybe we have the response today. I buy tickets to see football matches not ownership matches. I also don't believe anybody is entitled to a free lunch or that BC should be forced to walk away from his money. I also think in a roundabout way this is a positive as the trust. Another tough year and a probable relegation coming but football will be played; so now has the time to go away and prepare a proper commercial offer plan to Chan with a demonstrable plan and backing.
russellm
20/06/2012 12:24:00
0
That was meant to say " the trust has the time to plan a proper commercial offer to Chan with demonstrable finance and backing " noting that there is not one trust out there which doesn't have a major buisness partner - unless you count real Madrid which has major buisness partner and organised crime and I think Pompey has already tried the crime route without success.
russellm
20/06/2012 12:30:00
0
Russ, the problem was the crime was not organised!! I do not think the Trust will give up knowing the people involved.
eastneydave
20/06/2012 13:33:00
0
is there anything to say that he cannot bring pompey out of admin without a CVA tho russ?
its been done before, if the 2p in the £ proposal is rejected then its liquidation as there isnt time to propose another one is there, hence he will takeover and exit admin without a CVA...
pompeyrug
20/06/2012 14:40:00
0
I think you can exit admin without a CVA but it incurs a hefty points deduction. don't know what happens about what creditors get. I hope the Trust do manage to get their act together, but its not looking promising is it?
tracyc
20/06/2012 19:01:00
0
I honestly don't know the CVA answer as within football different rules apply compated to our business recovery team. I note TB has confirmed my thoughts yesterday that the trust can still make a commercial offer- a considered view will get them credibility that they might currently lack. In terms of the bid i firmly believe they ( the trust) should keep quiet - go away get themselves properly together then and only then make a proper backed up offer- all the nearly there statements have only served to reduce credibility in the eyes of those of us who are business focused and whisky I accept that sounds arrogant surely the lesson is made to everyone now- football is a hard nosed business.
russellm
21/06/2012 11:14:00
0
Dave - good point well made !
russellm
21/06/2012 11:15:00
0
Tracy I think you are right about the CVA and the trust - which I am honest enough to say I never did trust the trust , not since I visited the Rifle Club ( oh how I wish I had one at the time) I expect / hope they will come out with some statement like " blah blah not objecting as want Appy to have a chance to build a team but will keep watching Chan to ensure pompeys safety etc and continue our bid preparation etc rtc etc blah blah"
russellm
21/06/2012 11:22:00
0
Thanks for having some confidence and patience Dave. It is not over yet by any means!
devonpup
22/06/2012 11:43:00
0
I'm so disappointed that so many of you gave up so soon; especially you Rug. The Trust's bid was submitted today. The details will not of course be publicly available for some time but I've seen a brief outline and have been impressed. This was never going to happen overnight - the finances at Fratton are far too complicated. Even with bids in, there could be several twists and turns yet BUT the Trust are determined but are doing nothing without seriously professional advice.
devonpup
22/06/2012 12:59:00
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