Pompey taken over again **Update page 2**

[walmai]

We're presently reeling from the effects of a recession yet not one of the 92 League Clubs went out of business. I'm sure Pompey will somehow be saved - but Gold & Sullivan at West Ham have admitted that their purchase of the Club makes no business sense whatsoever. That's worrying.

I personally think that, to enhance saviour status, they've slightly over-exaggerated the amount of debt the club has/had.

We were in a bad way, but the figure they quoted was unmanageably large.

[btajim]

I personally think that, to enhance saviour status, they've slightly over-exaggerated the amount of debt the club has/had.

We were in a bad way, but the figure they quoted was unmanageably large.

I presumed they were running along the lines of "the only way to become a Millionaire in Football is to start out as a Billionaire." Most Clubs aren't particularly profitable Businesses and they've also got the worry of what to do with Upton Park if they want to increase the capacity.

Let's face it, Sullivan and Gold have bought West Ham because they're Fans. And that's not a bad thing.

[mr_nool]

I personally think that, to enhance saviour status, they've slightly over-exaggerated the amount of debt the club has/had.

We were in a bad way, but the figure they quoted was unmanageably large.

I presumed they were running along the lines of "the only way to become a Millionaire in Football is to start out as a Billionaire." Most Clubs aren't particularly profitable Businesses and they've also got the worry of what to do with Upton Park if they want to increase the capacity.

Let's face it, Sullivan and Gold have bought West Ham because they're Fans. And that's not a bad thing.

Unless you're a fat Geordie.

[btajim]

I presumed they were running along the lines of "the only way to become a Millionaire in Football is to start out as a Billionaire." Most Clubs aren't particularly profitable Businesses and they've also got the worry of what to do with Upton Park if they want to increase the capacity.

Let's face it, Sullivan and Gold have bought West Ham because they're Fans. And that's not a bad thing.

Unless you're a fat Geordie.

Who is? Mike Ashley? He's from London.

[mr_nool]

I presumed they were running along the lines of "the only way to become a Millionaire in Football is to start out as a Billionaire." Most Clubs aren't particularly profitable Businesses and they've also got the worry of what to do with Upton Park if they want to increase the capacity.

Let's face it, Sullivan and Gold have bought West Ham because they're Fans. And that's not a bad thing.

Unless you're a fat Geordie.

Who is? Mike Ashley? He's from London.

He is? That's me with my pants around my ankles in that case... Never the less, it doens't always work out when fans become owners, even though I'm certain that it has saved our club in the past.

[walmai]

I personally think that, to enhance saviour status, they've slightly over-exaggerated the amount of debt the club has/had.

We were in a bad way, but the figure they quoted was unmanageably large.

I presumed they were running along the lines of "the only way to become a Millionaire in Football is to start out as a Billionaire." Most Clubs aren't particularly profitable Businesses and they've also got the worry of what to do with Upton Park if they want to increase the capacity.

Let's face it, Sullivan and Gold have bought West Ham because they're Fans. And that's not a bad thing.

I agree with the sentiment, but reserve judgment for the time being.

Still nothing could have been worse than being under the control of an insolvent foreign bank.

[Burt]

I personally think that, to enhance saviour status, they've slightly over-exaggerated the amount of debt the club has/had.

We were in a bad way, but the figure they quoted was unmanageably large.

I presumed they were running along the lines of "the only way to become a Millionaire in Football is to start out as a Billionaire." Most Clubs aren't particularly profitable Businesses and they've also got the worry of what to do with Upton Park if they want to increase the capacity.

Let's face it, Sullivan and Gold have bought West Ham because they're Fans. And that's not a bad thing.

I agree with the sentiment, but reserve judgment for the time being.

Still nothing could have been worse than being under the control of an insolvent foreign bank.

Oh yes it could mate. Try being £750k in debt and your "bond issues" ave lost dough after only one week hahahahahahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!!!!

[walmai]

I'd swap challenging for the league for fighting relegation in a heartbeat.

They'll survive. Evil always will.

[Vhero]

Scousers would get three extra points if Pompey were to go bust before the end of the season as their 2-0 defeat at Fratton Park would become a 3-0 win

Are you sure about that? I thought that if one team goes under, its only points achieved against clubs still going that count. That would mean that each team had all records of their game(s) against PFC expunged from the record.

How can LFC get awarded 3 goals they never scored?

I think they won't I think everybody who is due to play them will get an auto win if that rule still applies. Old matches still count..

[Socrates]

Scousers would get three extra points if Pompey were to go bust before the end of the season as their 2-0 defeat at Fratton Park would become a 3-0 win

Are you sure about that? I thought that if one team goes under, its only points achieved against clubs still going that count. That would mean that each team had all records of their game(s) against PFC expunged from the record.

How can LFC get awarded 3 goals they never scored?

I think they won't I think everybody who is due to play them will get an auto win if that rule still applies. Old matches still count..

scoured the Premier League rule book for this earlier and all I could find was a rule saying that it was "at the discretion" of the EPL to decide what results to award if fixtures weren't completed and said nothing about expunging results from the record. So I guess they will use their discretion to help Liverpool in any way they can ;o)

[ronk]

I personally think that, to enhance saviour status, they've slightly over-exaggerated the amount of debt the club has/had.

We were in a bad way, but the figure they quoted was unmanageably large.

I presumed they were running along the lines of "the only way to become a Millionaire in Football is to start out as a Billionaire." Most Clubs aren't particularly profitable Businesses and they've also got the worry of what to do with Upton Park if they want to increase the capacity.

Let's face it, Sullivan and Gold have bought West Ham because they're Fans. And that's not a bad thing.

I agree with the sentiment, but reserve judgment for the time being.

Still nothing could have been worse than being under the control of an insolvent foreign bank.

Oh yes it could mate. Try being £750k in debt and your "bond issues" ave lost dough after only one week hahahahahahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!!!!

Try adding 3 zeros.

[Mark (Blue Army)]

Pompey taken over again

Portsmouth have been taken over for a third time this season after Balram Chainrai seized control, subject to passing the Premier League fit and proper person test.

Chainrai has taken over the 90 per cent shareholding in Pompey that was held by Ali Al-Faraj after the club continually defaulted on loan repayments.

The Hong Kong businessman had loaned at least £17m to Faraj to keep Portsmouth afloat through Portpin, the company he owns with his Israeli business partner, Levi Kushnir, and their associates. Those loans were secured against the stadium, the club's future television revenue and Faraj's 90 per cent share.

Angered by Portsmouth's failure to make the repayments, despite Portpin continually extending the deadlines, Chainrai's patience ran out on Wednesday.

Under the terms of the loan Faraj's 90 per cent shareholding in Portsmouth was frozen and passes to Chainrai, who has confirmed Portpin will now look after the club's best interests.

"Portpin have made substantial loans to Portsmouth to try and ensure the club's future," he told The Guardian. "Portpin will [now] continue to work for the best interests of the club."

Meanwhile, Portsmouth are due in court to appeal against the petition from HM Revenue & Customs over an unpaid tax bill.

Chainrai appealed to HMRC to understand the club's financial predicament, adding: "To help Portsmouth succeed we need the support and understanding of Her Majesty's Revenue to work out a solution."

from skysports.com

[Vhero]

Pompey taken over again

Portsmouth have been taken over for a third time this season after Balram Chainrai seized control, subject to passing the Premier League fit and proper person test.

Chainrai has taken over the 90 per cent shareholding in Pompey that was held by Ali Al-Faraj after the club continually defaulted on loan repayments.

The Hong Kong businessman had loaned at least £17m to Faraj to keep Portsmouth afloat through Portpin, the company he owns with his Israeli business partner, Levi Kushnir, and their associates. Those loans were secured against the stadium, the club's future television revenue and Faraj's 90 per cent share.

Angered by Portsmouth's failure to make the repayments, despite Portpin continually extending the deadlines, Chainrai's patience ran out on Wednesday.

Under the terms of the loan Faraj's 90 per cent shareholding in Portsmouth was frozen and passes to Chainrai, who has confirmed Portpin will now look after the club's best interests.

"Portpin have made substantial loans to Portsmouth to try and ensure the club's future," he told The Guardian. "Portpin will [now] continue to work for the best interests of the club."

Meanwhile, Portsmouth are due in court to appeal against the petition from HM Revenue & Customs over an unpaid tax bill.

Chainrai appealed to HMRC to understand the club's financial predicament, adding: "To help Portsmouth succeed we need the support and understanding of Her Majesty's Revenue to work out a solution."

from skysports.com

Hopefully they go bust in Summer just so they don't hand any points out to any of our rivals.

[btajim]

Who is? Mike Ashley? He's from London.

He is? That's me with my pants around my ankles in that case... Never the less, it doens't always work out when fans become owners, even though I'm certain that it has saved our club in the past.

Easy mistake to make. You don't get many Fat Cockneys in a Newcastle Shirt. I could never believe how utterly classless he was. Replica shirt on at the Match and swigging Beer in the stands. I'd expect that from 49,999 other people - but not the Chairman / Owner.

It sounds like Pompey's immediately future is assured - although this has happened before. Far too much money in the Game to allow any Club to go under without good reason.