Pompey seem to be in a tad of bother

[Guy Fawkes]

Al Fahim resignation accepted
Pompey accept decision of non-executive chairman

Portsmouth have accepted the resignation of non-executive chairman and former owner Sulaiman al Fahim.

A club spokesman has confirmed that the Fratton Park outfit have accepted the decision by the Dubai businessman, who has been one of four people to own the cash-strapped club this season.

Al Fahim has opted to give his 10 per cent shareholding to the Pompey supporters' trust, as revealed by Sky Sports News earlier on Monday.

Portsmouth director of communications Gary Double confirmed: "We have received his resignation, which has been accepted by the board."

Nevertheless, the club are mystified as to why Al Fahim posted his resignation letter on a public website before informing the club of his intentions.

Al Fahim's resignation was published on an Arabian business site, with the former board member claiming he had not been made aware of the financial state of the club.

With Portsmouth currently rock-bottom of the Premier League and the threat of administration looming large over the South Coast club, this is just the latest twist in what has been a campaign to forget.

Chief executive Peter Storrie is currently in negotiations with a South African consortium who are reportedly interested in buying the club.

 

[little al]

Thats generous, now the supporters trust owe 10% of £70m.

 

[severnside gull]

Ha ha. The supporters trust look less than keen to accept this kind gift....they obviously have more sense than their board/management

 

[Barrel of Fun]

Thats an interesting view. People seem to have a go at The FA and League for not helping and now the Premiership is trying to help they get slaughterd for it

Which people? Did Dougal? Everyone has different opinoins.

The Premier League seem to be doing everything they can to avoid an administrations case. Their fit and proper tests have failed. Their clubs are overspending to avoid missing out on £40m+ for finishing 17th in the league.

The reason people tend to be more sympathetic with the lower league clubs is that because they are not making a great deal of money. They are not getting millions from a nation of armchair football fans.

 

[Kinky Gerbil]

Which people? Did Dougal? Everyone has different opinoins.

The Premier League seem to be doing everything they can to avoid an administrations case. Their fit and proper tests have failed. Their clubs are overspending to avoid missing out on £40m+ for finishing 17th in the league.

The reason people tend to be more sympathetic with the lower league clubs is that because they are not making a great deal of money. They are not getting millions from a nation of armchair football fans.

But they still overspend, it doesnt matter what league you are in if you over spend you deserve it.

I didnt say it was Dougal...

 

[Lady Whistledown]

I find myself wondering what will happen if they are liquidated next week.

I have visions of John Westwood sobbing on national TV and staging a Princess Diana style funeral

 

[Barrel of Fun]

But they still overspend, it doesnt matter what league you are in if you over spend you deserve it.

I didnt say it was Dougal...

Oh, I agree. But I would be more sympathetic of a club like Accrington who could have gone bust over an amount of £300k. Presumably built up over a few years. So possibly as little at £1k a week as opposed to a team ensuring they stay in the top flight by spending and owing £100m.

The Premiership is to blame. Sky is to blame. The various owners are to blame. Agents/Players are to blame.

The whole game is rotten.


Fair point, you didn't say Dougal, but you were generalising about how people view this sort of behaviour.

 

[Barrel of Fun]

I find myself wondering what will happen if they are liquidated next week.

I have visions of John Westwood sobbing on national TV and staging a Princess Diana style funeral

He is going to need some serious work on his paraphenalia and tattoos if Portsmouth are forced to change their name.

 

[Psychobilly freakout]

Cut & paste from the BBC

Portsmouth are locked in talks with three potential buyers as the financially troubled club battle for their future.

Chief executive Peter Storrie is speaking to a South African consortium, while co-owners Balram Chainrai and Levi Kushnir are talking to two groups.

Hong Kong businessman Chainrai has promised the club "will not close".

Pompey survived a winding-up order after numerous financial problems, but are set to return to court on 1 March.

Chainrai's spokesman was unable to provide any further details of the three parties.

Chainrai recently became the club's fourth owner of the season, taking 90% of the club shares after the previous owner Ali Al Faraj defaulted on loan payments due to him.

606: DEBATE
Give your views on Pompey's future
Her Majesty's Revenue and Customs (HMRC) had taken Portsmouth to court over an unpaid tax bill amounting to £7.4m.

As well as the VAT bill Portsmouth is disputing with HMRC, it also owes £4.7m in unpaid PAYE and National Insurance which were not part of the recent court petition.

Eight points from safety, the Premier League's basement club's financial woes have meant their players have been paid late on four occasions this season.

The club are also involved in a separate dispute with former owner Sacha Gaydamak over whether they have missed a deadline in paying a £9m chunk of the £28m they owe to him.

The Premier League recently withheld £2m of transfer payments and a £7m slice of television revenue to divert to Chelsea and Watford for the signings of Glen Johnson and Tommy Smith respectively.

The Fratton Park club are also being sued by former Pompey defender Sol Campbell for £1.7m for unpaid image rights.

Earlier on Monday, Sulaiman Al Fahim's quit as non-executive chairman at Fratton Park offering his 10% stake in the ailing club to the Pompey Supporters' Trust.

Meanwhile, Burnley defender Clarke Carlisle told BBC Radio 5 live that the Premier League must tread carefully in handling Portsmouth's perilous financial situation.

"If they dip into their own coffers now or something of that ilk to save Portsmouth, then what's to stop other clubs who are in poor financial situations trying to bag off their debts onto the Premier League or into others' hands, when really it's a direct result of mismanagement?" said Carlisle.
_________________________________________________________________

Portsmouth fans have given a cautious response to the offer of Sulaiman Al Fahim's 10% stake in the ailing club.

Al Fahim quit as non-executive chairman at Fratton Park on Monday and wants to hand his shareholding to the Pompey Supporters' Trust (PST) free of charge.

The PST said an informal offer has been made but said more details were needed.

"The Pompey Trust is doing the right thing in their response to this apparent offer from Al Fahim," said Supporters Direct spokesman Kevin Rye.

"They need to ensure they take the right advice about the risks attached to becoming involved in any football club in the current climate, particularly for a shareholding in a business wracked with such uncertainty."

Supporters Direct (SD), which was set up in 1999 to help fans' trusts buy shares and increase their influence in their clubs, is concerned the newly-formed PST could be unintentionally exposing itself to considerable financial risk as the heavily-indebted club faces a winding-up petition in the High Court on 1 March.

They (the South African consortium) have provided proof of funds through a lawyer, but we need to see it from a bank - we need to see it, the Premier League need to see it, everyone needs to see it

Peter Storrie
Portsmouth chief executive
Rye admitted SD would normally be all in favour of trusts accepting 10% stakes in clubs but said Portsmouth's dire finances made this a more problematic case.

Al Fahim, who bought Portsmouth in August only to sell 90% of it six weeks later, said he was making this offer in order to give fans "a bigger say in the future of the club".

The United Arab Emirates-based businessman first mooted his intention to hand over his shares in November and met the PST's working committee at the end of January.

He claimed his lawyers have been advising him to walk away from the club "for the last week or so" but his mind was made up when current owner Balram Chainrai and chief executive Peter Storrie emailed him to stand down.

When asked if he had any regrets about his time at the club, Al Fahim said: "Only that the way in which we managed things wasn't fair to the fans."

Club sources initially said they knew nothing of Al Fahim's plans but later confirmed they had received and accepted his resignation.

Storrie is currently in London meeting representatives from a South African consortium said to be interested in buying the Premier League's bottom club. He refused to give any further information on who these new potential owners are - they would be Portsmouth's fifth owners this season - but said talks were advanced and Chainrai now wanted to see "proof of funds".

Al Fahim, who last week had to deny claims he faces arrest in Dubai over a £1.4m business debt, told BBC Sport the South Africans "are genuine buyers" and assured fans Chainrai was wealthy enough to keep the club afloat, with or without fresh investment.

This will not reassure Pompey fans too much, though, as Al Fahim said something very similar about Ali Al Faraj, the Saudi businessman he sold the club to in October, and much the same was said of him last summer by the man he bought the club from, Sacha Gaydamak.

They will also be sceptical about talk of new investment as the last week alone has seen press reports about interested parties from Hampshire, Hong Kong, Monaco, Saudi Arabia and the United States.


606: DEBATE
About time too. Lets hope the South African takeover rumours are true as well

No stopping Zinedine Dindane now
So far none of these "white knights" has materialised and administration remains the most likely outcome, a scenario that would see Pompey deducted nine points. That would guarantee relegation to the Championship, but the club would at least be able to complete the season.

Hong Kong-based investor Chainrai became the 2008 FA Cup winner's fourth owner this season when Al Faraj defaulted on loan payments due to him (his £18m loan was secured against Fratton Park and the club).

Portsmouth, currently eight points adrift of safety, have lurched from one financial crisis to the next this season.

With debts understood to be around £60m and the very real threat of liquidation hanging over them, the 112-year-old club need to find £12.1m to appease HM Revenues and Customs by next Monday.

They will also be faced with February's £3m wage and tax bill on Friday. The club has been late in paying its staff in four of the last five months.

To make matters worse, on Saturday the Premier League turned down Pompey's plea for permission to sell players outside of the transfer window. It has already withheld TV and transfer payments from the club in order to settle debts owed to other clubs in the UK and abroad.

And to complete a thoroughly depressing picture, Storrie, former owner Milan Mandaric and ex-manager Harry Redknapp are all due in court to face their own tax-related charges, and Arsenal defender Sol Campbell is suing his old club for £1.7m in unpaid bonus and image rights payments.

 

[Simster]

Oh, I agree. But I would be more sympathetic of a club like Accrington who could have gone bust over an amount of £300k. Presumably built up over a few years. So possibly as little at £1k a week as opposed to a team ensuring they stay in the top flight by spending and owing £100m.

The Premiership is to blame. Sky is to blame. The various owners are to blame. Agents/Players are to blame.

The whole game is rotten.


Fair point, you didn't say Dougal, but you were generalising about how people view this sort of behaviour.

Sky are NOT to blame. The Premiership and the clubs themselves are to blame. You'd have thought they could have found a way to secure the future of professional football clubs with the small matter of a £1.3 billion windfall that Sky paid.

It astonishes me that they don't look at the Bundesliga to see how it should be done. Sure, they don't win the Champions league in Germany very often, but who cares? It's only FOUR English clubs who even enter!

 

[Couldn't Be Hyypia]

Sky is to blame.

Sorry, but that's crap. Sky have the funds to pay for football because subscribers pay for Sky so they can watch it. Sky pay a lot because football is one of the key motivators for people to subscribe. The money comes from armchair fans. Sky are not to blame in this case - the Sky users are.

Stop paying Sky (or anyone else) for sports channels and they will stop paying for football coverage. Hyper inflated funds for football clubs will dry up and things will eventually revert to a more balanced playing field (not at Wigan of course).

But of course this won't happen.

 

[Rowdey]

And now Talkssport/Sky reporting the south African deal is off.
By then pompey

Barry Hearn just on TS calling clubs like Pompey and Saints cheats for going into admin and should be two division drop penalty.

 

[SurreySeagulls]

The first sensible thing Barry hearn has said in a long time

 

[Easy 10]

Sorry, but that's crap. Sky have the funds to pay for football because subscribers pay for Sky so they can watch it. Sky pay a lot because football is one of the key motivators for people to subscribe. The money comes from armchair fans. Sky are not to blame in this case - the Sky users are.

Cobblers.
How are Sky users responsible for the likes of Pompey bankrupting themselves by committing to extortionate, idiotic, crippling wagebills which they have no way of financing ?

The money Sky pump into these clubs (via the subscribers and sponsors) SHOULD be plenty enough for clubs to run themselves responsibly. There's loads of money in the game, its just that some of these clubs get delusions of grandeur and end up completely overcommitting themselves.

Thats not Sky subscribers fault. Thats your Peter Storries, Peter Ridsdales and Rupert Lowes of this world. I wouldn't trust them to run a bath, let alone a football club with millions passing through the coffers.

 

[bhaexpress]

And now Talkssport/Sky reporting the south African deal is off.
By then pompey

Barry Hearn just on TS calling clubs like Pompey and Saints cheats for going into admin and should be two division drop penalty.

Sad to say I agree with him.

 

[Digweeds Trousers]

Sky users to blame?? How??

Sky take money from subscribers and pump huge amounts of money predominantly into the Premier League.

This has simply left half-witted crettins with access to huge credit lines due to massive cash flow on entrance to the Premier League.

Its about a sustainable business model - not Sky pumping too much money in.

If you are given tens of millions on getting into the Premier League certain financial insitutions will underwrite massive spending. Wages, agents fees, signing on fees etc.

the problem is that fucksplats like Ridsdale and Lowe - who frankly would fail the 11+ when it comes to basic maths - cannot comprehend (or even worse have no interest) in the longevity of the business that they are able to milk for huge salaries today.

If you ask the biggest toe-rag of the lot Ridsdale about where Cardiff or Leeds would be when he was invovled, 10 years down the line, the honest answer would have been:

'i care not one jot as I am earning massive money myself today and am jerking my tiny cock on a daily basis by vicariously living my little dreams of owning a football club through an unsustainable business model'

Sky's fault?

can';t see it.

 

[Easy 10]

fucksplats

TREMENDOUS wordcraft. Duley noted for future use.

 

[Easy 10]

Peter Storrie, the chief executive, has responded to questions about an apparent mismatch between the club’s debts and large amounts accrued in transfer fees. “The bulk of the money has gone to the players in wages,” he said. “The cost of the players’ wages this year is £37 million. Last season it was £52 million and the year before it was £42 million.”

On crowds of 20k, Peter.

Once Pompey go under, how can this man POSSIBLY get a job in a boardroom anywhere else inside or outside of football ever again ?
Mind you, Ridsdale seems to manage it somehow.

 

[Lady Whistledown]

Don't forget Pompey's wage bill includes the £1.4 million per year wages of, er, Peter Storrie

 

[Easy 10]

Christ up a stick, the sheer scale of mismanagement at that club almost defies belief. Maybe I've missed it, but has ANYONE actually brought Storrie to task over this, and asked him just what the hell he thought he was doing ? OK this has built up over a number of years with various owners, but Storrie has been there every step of the way as CEO, and therefore must bear a huge chunk of responsibilty for where that club finds itself now. Surely there should be some kind of corporate prosecution charge for him to answer ?