Date:Thursday August 2 2012
The press conference called by The PST today has outlined who the major money backers will be, has again stressed the importance of an inability to foot the 'football creditors' bill in full - by them or others - as well as called upon the council to, basically, 'show them the money!'
The local council have been very supportive of The PST's bid to gain control at Fratton but without a loan actually being given to enable to purchase of Fratton Park to go ahead this bid cannot really progress. A long-term business plan is not reliant on the input from the council although as far as 'cash flow' goes this would be needed to kick-start the bid.
Four high net worth individuals have deposited six figure sums to the bid, among these are lifelong Pompey fans Iain McInnes, who would become chairman should The PST takeover prove successful.
Portpin's charge over Fratton Park has seen them offered £2.75m to take Fratton Park from them in return for Chainrai wiping out his £17.5m debt. As yet no response has been given despite this made a couple of months ago, an acknowledgment has been made though. I would not think Chainrai would accept this?
An £850,000 amount has been offered as far as the CVA goes. Basically the offered made by Portpin with their CVA has been matched.
As far as the 'football creditors' go, football clubs that are owed money by Pompey will be paid off in full over time with all pay owed to non-playing staff to be paid in full over short-period of time.
The major sticking point is again the players as secured creditors! They are owed significant amounts of money, as we know but these cannot be met in league one, arguably most levels I guess! £2m compensation in compensation to players owed money has been offered, which would of course be significantly less than they are owed but MORE than local businesses owed money will get when they deserve more.
No more money is possible than this and the long-term survival depends on that being enough, although add-ons will be given if club returns to, as unlikely as it seems, to the premier league within a certain number of years.
Balram Chainrai has been called upon to 'work with and not against the bid' and also agree to a compromise to enable to the club to live on.
As far as money raised goes £1m is in escrow account, with pledges totalling £3m coming in from 'local people', I assume that this is not just 'local people' alone and is fans in general! The PST is applying for a 'bridging loan' of £1.45m from the council to be repaid the financial year after next, I think it was the financial year after next.
Then of course there are the remaining parachute payments to be made that will also boost the funds available to foot specific bills.
Plenty of 'scepticism' has been shown towards The PST's bid, and the ability of the fans to actually pull off this takeover bid, but it is now hoped that with more details given and some 'high net investors' revealed more belief will be shown and those tempted to add their backing, but as yet not doing this, will now do so.
It was said that some £300m comes into the city each year due to Portsmouth Football Club, whilst you have to appreciate the local tax payers views, it is surely in the councils best interests for a short-term loan to be given to help the club live on?
Without a Portsmouth Football Club the impact on the city of Portsmouth would be HUGE, in a negative way!
Not much else can now be done, hats off to The PST for the time and effort put in - acceptance of certain terms offered, and the agreement of help from those that need to give it, will make or break this bid now, and this will be far from easy but also not impossible...
PLAY UP POMPEY!
Vital Pompey on: Vital Pompey on:
Date:Thursday August 2 2012
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