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Search Results for: Pompey

Pompey: The £800,000 Question

The perils of administration. A cautionary tale. Since October 2012 the Pompey Trust’s bid business partners have committed £800,000 of their own money to the club. If the Trust bid succeeds they will convert this sum to equity in the club. If the Trust bid fails they lose the lot, some individuals to the tune of six figures.  As an article of faith in the Trust bid that is quite something. The bid partners, collectively referred to as the High Net Worth Individuals (HNWI), and some of the members of the Trust presidents’ club, have been keeping PFC running since October  by making up the shortfall in the club’s running costs. If the bid fails to get control of the club they stand to lose the lot. They will get nothing back in liquidation and nothing if someone else takes control of the club. The question that many erudite Pompey fans have been asking is; ‘Why have they had to do it?’ Indeed, why has the club been running at a loss month to month whilst in administration? The HNWI began subbing the running costs at the end of October 2012, when the Trust became the preferred bidder of the club, after the previous preferred bidders Portpin failed to satisfy the Football League’s questions and were deemed ‘unlikely’ to pass the Owners and Directors’ Test. Since then the HNWI...

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Pompey – One Step From Home

Thursday 15 November 2012. Mark the date. On this day Pompey’s administrators PKF announced they had reached a conditional agreement to sell the club to the Pompey Supporters Trust. The completed deal will be unique in English football.  Its success will be a landmark victory for fan power, an endorsement of the supporters trust movement and a direct challenge to those responsible for the ills of modern football. It has been a hard won battle. A year ago, the collapse of Bank Snoras and subsequent warrant for the arrest of Pompey owner Vladimir Antonov for fraud set off a chain of events that ended with Pompey in administration and back in the control of Portpin. Portpin who had already put the club in administration in 2010. Reporting these events on 200% at the time I said, ‘This is our club and there is a ‘diabolical collection of demons’ determined to make that clear to anyone who threatens its existence.’ The ‘diabolical demons’ are now one step away from winning the day. The Trust has issued its community share prospectus which gives greater detail of the bid, calling in the 2,000 £1000 pledges made already by fans and opening the offer to any one who cares to contribute more. Fans can pledge as individuals or syndicates, the current number of pledges representing a far larger number of fans than 2,000 as many clubs,...

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Who Values Pompey?

The battle for the soul of football took one step in the right direction yesterday. The nomination of Pompey Supporters Trust as the preferred bidder for the club is a stunning volte-face in the negotiations to bring the club out of administration. It appears to have been done in the teeth of a vigorous campaign by three-time previous owner Portpin to gain control of the club for a fourth time. Portpin’s directors, Balram Chainrai and Levi Kushnir have been involved in the causes behind both of Pompey’s administrations in the last three years. They are seeking a fourth term of ownership in order to protect their financial involvement in the club. The Supporters Trust have put together a community bid based on community shares and the involvement of local businessmen and wealthy Pompey fans. In the biggest fan community-based bid in the history of the Trust movement, the Trust have matched Portpin in every respect except one, the valuation of Fratton Park as an asset of the club. Despite the preferred bidder status conferred on the Trust by the administrators, Portpin do not appear to be ready to concede gracefully. But then, there has been nothing graceful about their campaign preceding this announcement either. There really could be no more diametrically opposed opponents in the battle for ownership. Value, values and valuation have truly been the weapons of choice....

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Pompey Fans Reveal the Shadows behind the ‘Invisible’ Owner: Update

Today, Pompey fans’ research reveals that Ali Al Faraj, Pompey’s well-known invisible owner, does exist. However, the same  research also suggests that Ali Al Faraj played no part in the running of Portsmouth Football Club despite being the designated ‘Fit and Proper’ owner between October 2009 and February 2010. Instead the club was in the control of shadow directors who took it into administration in February 2010. Some of those shadow directors are seeking to regain control of the club for the FOURTH time. Blaram Chainrai and Leivi Kushnir’s company Portpin are one of the two bidders being considered by administrators PKF and the Football League this week. The same people appear to have had control of the club now on three occasions – Between October 2009 and February 2010, between October 2010 and June 2011 and between November 2011 and February 2012 – two of which ended in administration. The other bidder is the Pompey Supporters Trust. The question in front of the Football League now is, ‘Are these people really Fit and Proper owners of a Football League Club?’ For the full evidence of how Pompey was run by shadow directors in October 2009 to February 2010 see here: UPDATE 10/10/12 More from Micha Hall on the ‘Al Faraj’ period of ownership at PFC. Detailing the financial manoeuvres inside the club from October 2009 to February 2010,...

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What Constitutes a ‘Director’? Part 2: The Pompey Angle

The Football League’s Owners’ and Directors’ Test Rule Book must be looking a bit battered by now, what with the role of those called Chairman and those not called Directors being called into question. Yesterday Peter Ridsdale, despite being chairman in name, is claimed not to be one with any influence. The niceties of this position, keenly highlighted by news of his disqualification from directorship in court, have been discussed in detail by Ian King. The reverse is more often the truth, with clubs being somewhat more covert about who is and is not the powerhouse in their affairs. Undeclared owners (a la Leeds until recently) and faceless corporations (Coventry), BVI registered companies (many and legion) and layers of holding companies obfuscate and confuse the League’s rules in their complexity. When Southampton went into administration in 2009 long and febrile were the debates as to whether it was really the club or their parent company, Southampton Leisure Holdings plc, that was actually insolvent. There are those who still feel the 10 point deduction in this case was against the rules as they stood. After the first Premier League case of insolvency with Portsmouth’s 2010 period of Administration there was some revision of the Premier League ‘Fit and Proper Persons’ Test. Such was the complexity of the intertwining ownership connections at Pompey that in February 2010 it was taken over...

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