Pompey: The New Boss Could Be the Old Boss.

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12 Responses

  1. Matt says:

    Problem:

    “Meeting that will be a problem without funds from CSI. It will be interesting to see if we can even keep paying our players up until then.”

    and

    “Pompey could easily be separated from CSI and stand alone as a going concern. ”

    are diametrically opposed statements. Either Pompey are self sufficient as a stand-alone company or they aren’t.

  2. dean says:

    gutted….but lets fight again …..what can I do….?

  3. Wurzel says:

    What Matt said above.
    I’m a Saints fan . I hope for the level headed genuine Pompey fans that they will always have a club to support, but surely that club is going to have to be a new one along the lines of UFCM or AFCWimbledon. The FL can not allow the club in it’s present form to continue making a mockery of it’s competition. Rules, and precedents, are there to be adhered to.

  4. David says:

    If you cannot show you are self sufficient by definition you’ll be insolvent and cease to exist.

  5. SJMaskell says:

    @Matt The two statements are separated in time and legal status.

    Currently Pompey is solvent and self-sufficient. There is sufficient cash for the short term we are told, although we don’t know what the length of the short term is.

    The problem will arise at the end of March when we have to meet a £5m CVA payment. If we can’t meet it then we could be insolvent unless it can be deferred – again. We have already deferred once under Chainrai’s ownership before so chances are we will have trouble doing so again. It does give time to raise the money and Pompey are seeking investment and/or a new owner to that end.

    Legally, unlike Saints but like WHam and the Icelandic Bank – the insolvency event has occurred at our parent company CSI which owns more than one company. It was not the finances at Pompey that caused that event but Mr Antonov’s ‘financial difficulties.’ As I explain above, Pompey are currently not in administration and should therefore be safe from a points deduction unless that situation changes. The Club could therefore be sold as a going concern at the moment which is what CSI’s administrators will seek to do.

    Simply put we are solvent for now. That situation may not continue.

    Hope that clarifies.

    @Dean Click the link and check out the Trust – please!

  6. KJ says:

    There’s a government select committee looking at football finances at present. Perhaps there may be some good to come out of the that, but don’t hold your breath!
    Football clubs depend on each other. You have to play other teams and it’s in your own interests to have competitive matches. But unfortunately the big clubs are only concerned about themselves and are short sightedly looking to the other big clubs in Europe for money spinning fixtures.
    I would like to see the bigger clubs forced to pay a levy on their turn-over until enough money has been raised to pay off all the debts of the smaller clubs in the football league.
    The money could only be spent on paying off debts to make the clubs solvent and it would be a one time deal. It would then be down to the clubs to live within their means and there would be no second chances.
    It could work and would be a wonderful opportunity to put struggling football clubs back on a sound financial footing but it will be a very very hard job convincing the big clubs to back such a plan.

  7. rhimjimmy says:

    Nothing against the fans, because it isn’t your fault – you just support your local team, but its fairly obvious to anyone who thinks about it that Portsmouth FC is a thoroughly crooked institution.

    It starts with David Deacon and his fellow co-owners. A nasty bunch of property barons (Deacon still owns a lot of the land around Fratton Park, including the Pompey Centre, over which he just put his company into administration, didn’t pay me & other contractors, then continued development with a new company and some new dupes).

    Then you get tax dodging Milan Mandaric and Harry Redknapp. Nice to see those two finally getting their comeuppance.

    Then Sacha Gaydamak, whose father is a well known (and wanted by some countries) international criminal specialising in smuggling and selling guns and drugs. Football clubs deal in large sums of cash – perfect for laundering money, and have the added bonus of being a pleasant accessory purchase for the modern billionaire.

    Then Balram Chanrai who was linked to Gaydamak Snr’s Israeli operations and his tax-evading (in Israel) chums.

    Now Antonov, who allegedly committed large scale bank fraud and forgery.

    I’d say that Portsmouth FC are in real trouble right now, but with David Lampitt “former head of regulation at the Football Association” at the helm I doubt it very much.

    Funny that Luton got crucified by the Football League’s sanctions during their financial trouble after their manager tried to highlight corruption in football. Your lot will be just fine though. Another friend of Gaydamak will come in and the FL will look the other way while you short change St John’s Ambulance and local small businesses again.

  8. SJMaskell says:

    Rhimjimmy: Much of recent owners’ history is detailed on here:

    Gaydamak http://www.twohundredpercent.net/?p=12761

    Al Fahim and his sale to Al Faraj http://www.twohundredpercent.net/?p=12764

    But for a polemic on our current plight aimed directly at the Football League see here: http://www.fansonline.net/pompey-fans/article.php?id=385

    Magnificent stuff.

  9. SJMaskell says:

    It is now clear that Mr Antonov’s input of £10.5m to the club was in the form of a loan. PFC now owes in the region of £45m if the CVA payments are included.

    Mr Chainrai holds a charge on CSI, CSI’s main asset is PFC, whose main asset in turn is the ground, Fratton Park.

  1. January 23, 2012

    [...] of fraud, money laundering, misappropriation, forgery and dodgy involvement with the Russian Mafia, I wrote of the difficulties into which the extradition case against owner Vladimir Antonov had left the [...]

  2. January 24, 2012

    [...] of the purchase price of PFC and Chainrai sought to secure his money. This opened up fears that Chainrai could seize PFC and become the reluctant owner yet again. That this hasn’t happened may be explained by the wish [...]

  3. March 20, 2013

    [...] November 29th 2011  “Pompey: The New Boss Could Be the Old Boss” Article by SJ Maskell Source: http://www.twohundredpercent.net/?p=16613 [...]

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