Portpin was Chainrai's vehicle when he first bought Portsmouth after the previous administration (allegedly) and reports suggest he was always a reluctant owner whose main concern was to recover the £17m or so that he originally lent to a previous owner which had been secured over the shares. If any of that is correct I struggle to see how a sale to Portpin can lead to funding for signings or how it won't all end in yet another administration if Mr C wants control in order to recover his dosh. The only asset worth anywhere near that would be the site of the ground for development - not that it's in a prime location. Unless some other mug comes in and parts with a huge wedge for the privilege of owning a loss-making League 1 footy club. or perhaps Mr C has had a road to Damascus moment and fallen in love with Pompey FC!
Interestingly the supporters trust has access to a Council loan (which would need repaying as it's taxpayers money - oh, sorry I was forgetting this is football after all) but still it's not enough even to become preferred bidder, still less provide working capital.
One possibility is that Mr C sells the playing side to the Trust and leases back the stadium. Then when the Trust runs out of cash as it will, he takes the ground back and Pompey groundshare at St Mary's or the Withdean.
Let this be a warning to us all. When secretive owners borrow large sums the security is all important.
I agree that Portsmouth is a stark warning to us all and justifies the vigilance, and some would say borderline paranoia at Charlton. In our favour we do have some players we could sell. I want to take a very mild issue tho Bryan when you say the ground is the only asset, I know you mean the only asset that could raise a large wedge quickish in one lump sum. However one asset that Portsmouth and that we have is the level of support. There is an annual income generated by the supporters of both clubs that is refreshed regularly, a definite asset. When the sums are done, and 'owners' work out what they have or have not, they should always bear in mind the support that buys ownership on a yearly or a match by match basis because without that they're stuffed. One reason why we should persue a trust is that it becomes a flag for support to rally round if need be, as the Portsmouth trust has been for them.
Fair point Seth. Problem is that receipts from support don't pay Championship wages. I don't even think they cover League one winning wages. The support is an asset but one that it's hard to turn to account. A supermarket on the ground will get you a fair bit back.
But STs will eventually become more common higher up the pyramid when football comes to it's financial senses.
Bryan, yes receipts from support don't pay Championship wages...well maybe it's about time that wages for football clubs stop exceeding income. I reckon that long term at Charlton we should try very very hard to balance the books or we will always be at the mercy of some rich person with goodness knows what motives. I realise that for a while we would have to suffer on the playing side if we balanced the books, but it can be done (WBA? Swansea?), but long term it is better to have a modestly placed club than no club at all.
I agree with this Seth. I am just afraid we are already on a quite different road. And as Barnsley show, balanced books and high expectations are not currently compatible. Plenty of our fans wouldn't be satisfied with a modestly placed club.
Hmmm. £61m in debt..... Ground owned by Chanrai who is owed £18m and won't play ball on a £2.75m sale of FP to the ST......
If they come through this I can see them playing at a new ground on Hayling Island.
Why should he? If the ground is worth more when sold for development why should he sell it cheap when the club owe him £18m.
In truth those that managed the last Administration should be held accountable. This outcome was always going to happen with the loan repayments that were agreed to save the club the last time.
I'm sorry, but they need to go. If not they will be back in this position again as they can't hope to service any debt that they agree to unless the vast majority of the current debts are wiped off.
Honorable mention for my home island there! Eeeeeeee
Poor old Pompey.... Will be sad to see fratton park go... My first game pompey v liverpool in 80s... Robert lee and David whyte ripping them apart in 90s... Amady Faye scoring a goal!
Hmmm. £61m in debt..... Ground owned by Chanrai who is owed £18m and won't play ball on a £2.75m sale of FP to the ST......
If they come through this I can see them playing at a new ground on Hayling Island.
Why should he? If the ground is worth more when sold for development why should he sell it cheap when the club owe him £18m.
In truth those that managed the last Administration should be held accountable. This outcome was always going to happen with the loan repayments that were agreed to save the club the last time.
I'm sorry, but they need to go. If not they will be back in this position again as they can't hope to service any debt that they agree to unless the vast majority of the current debts are wiped off.
The problem (as far as Chanrai is concerned is that Portsmouth Council have designated that the stadium and the surrounding land is only to be used as a sporting arena and nothing else - therefore it has no value for development.
Hmmm. £61m in debt..... Ground owned by Chanrai who is owed £18m and won't play ball on a £2.75m sale of FP to the ST......
If they come through this I can see them playing at a new ground on Hayling Island.
Why should he? If the ground is worth more when sold for development why should he sell it cheap when the club owe him £18m.
In truth those that managed the last Administration should be held accountable. This outcome was always going to happen with the loan repayments that were agreed to save the club the last time.
I'm sorry, but they need to go. If not they will be back in this position again as they can't hope to service any debt that they agree to unless the vast majority of the current debts are wiped off.
The problem (as far as Chanrai is concerned is that Portsmouth Council have designated that the stadium and the surrounding land is only to be used as a sporting arena and nothing else - therefore it has no value for development.
I suspect that that could be overturned. Even if it needs to be taken to appeal and the Home Secretary.
Hmmm. £61m in debt..... Ground owned by Chanrai who is owed £18m and won't play ball on a £2.75m sale of FP to the ST......
If they come through this I can see them playing at a new ground on Hayling Island.
Why should he? If the ground is worth more when sold for development why should he sell it cheap when the club owe him £18m.
In truth those that managed the last Administration should be held accountable. This outcome was always going to happen with the loan repayments that were agreed to save the club the last time.
I'm sorry, but they need to go. If not they will be back in this position again as they can't hope to service any debt that they agree to unless the vast majority of the current debts are wiped off.
The problem (as far as Chanrai is concerned is that Portsmouth Council have designated that the stadium and the surrounding land is only to be used as a sporting arena and nothing else - therefore it has no value for development.
I suspect that that could be overturned. Even if it needs to be taken to appeal and the Home Secretary.
Of course it will be over turned - particularly when it could be nothing but an old football stadium turned into dumping ground by any flytipper in the area or overrun with caravans and travellers. The locals would be begging for redevelopment.
Hmmm. £61m in debt..... Ground owned by Chanrai who is owed £18m and won't play ball on a £2.75m sale of FP to the ST......
If they come through this I can see them playing at a new ground on Hayling Island.
Why should he? If the ground is worth more when sold for development why should he sell it cheap when the club owe him £18m.
In truth those that managed the last Administration should be held accountable. This outcome was always going to happen with the loan repayments that were agreed to save the club the last time.
I'm sorry, but they need to go. If not they will be back in this position again as they can't hope to service any debt that they agree to unless the vast majority of the current debts are wiped off.
The problem (as far as Chanrai is concerned is that Portsmouth Council have designated that the stadium and the surrounding land is only to be used as a sporting arena and nothing else - therefore it has no value for development.
I suspect that that could be overturned. Even if it needs to be taken to appeal and the Home Secretary.
Of course it will be over turned - particularly when it could be nothing but an old football stadium turned into dumping ground by any flytipper in the area or overrun with caravans and travellers. The locals would be begging for redevelopment.
Nah, wont be overturned. Council have stipulated this over and over again. All these mystery men thought they could pull a fast one over the council, but none have succeeeded. Pompey council know the value of having a LEague club in their borough, and will always keep FP (or Krap Nott Arf as the locals call it) for Sport - and football in particular. Portsmouth is , alongside London one of the highest density populated in the UK, and land is at a premium, thats why a few years ago, when Pompey wanted to build a new ground they were looking at reclaimed land from the Harbour. It wont ever be anyhting other that a Sports venue.
Cool Dude's confidence in the integrity of the Council is rather quaint. I'd be surprised if there was no way to "influence" the decision makers when large sums are involved.
Cool Dude's confidence in the integrity of the Council is rather quaint. I'd be surprised if there was no way to "influence" the decision makers when large sums are involved.
It was the same with that club from SE7...
Ok a different council, but generally Local Councils have been reluctant to allow grounds to be sold for re-development unless another plot of suitable land is found within the borough. There are too many local jobs/businesses connected with football and the adverse publicity tends to wreck political careers - just ask Simon Oelman. The Councillors who allowed Brighton's Goldstone Ground to be grubbed up suffered a similar fate.
Hmmm. £61m in debt..... Ground owned by Chanrai who is owed £18m and won't play ball on a £2.75m sale of FP to the ST......
If they come through this I can see them playing at a new ground on Hayling Island.
Why should he? If the ground is worth more when sold for development why should he sell it cheap when the club owe him £18m.
In truth those that managed the last Administration should be held accountable. This outcome was always going to happen with the loan repayments that were agreed to save the club the last time.
I'm sorry, but they need to go. If not they will be back in this position again as they can't hope to service any debt that they agree to unless the vast majority of the current debts are wiped off.
The problem (as far as Chanrai is concerned is that Portsmouth Council have designated that the stadium and the surrounding land is only to be used as a sporting arena and nothing else - therefore it has no value for development.
I suspect that that could be overturned. Even if it needs to be taken to appeal and the Home Secretary.
Of course it will be over turned - particularly when it could be nothing but an old football stadium turned into dumping ground by any flytipper in the area or overrun with caravans and travellers. The locals would be begging for redevelopment.
Nah, wont be overturned. Council have stipulated this over and over again. All these mystery men thought they could pull a fast one over the council, but none have succeeeded. Pompey council know the value of having a LEague club in their borough, and will always keep FP (or Krap Nott Arf as the locals call it) for Sport - and football in particular. Portsmouth is , alongside London one of the highest density populated in the UK, and land is at a premium, thats why a few years ago, when Pompey wanted to build a new ground they were looking at reclaimed land from the Harbour. It wont ever be anyhting other that a Sports venue.
The Local Authority have no input whatsoever on a planning appeal - it's highly likely it would happen in Bristol anyway.
Comments
Interestingly the supporters trust has access to a Council loan (which would need repaying as it's taxpayers money - oh, sorry I was forgetting this is football after all) but still it's not enough even to become preferred bidder, still less provide working capital.
One possibility is that Mr C sells the playing side to the Trust and leases back the stadium. Then when the Trust runs out of cash as it will, he takes the ground back and Pompey groundshare at St Mary's or the Withdean.
Let this be a warning to us all. When secretive owners borrow large sums the security is all important.
I want to take a very mild issue tho Bryan when you say the ground is the only asset, I know you mean the only asset that could raise a large wedge quickish in one lump sum. However one asset that Portsmouth and that we have is the level of support. There is an annual income generated by the supporters of both clubs that is refreshed regularly, a definite asset.
When the sums are done, and 'owners' work out what they have or have not, they should always bear in mind the support that buys ownership on a yearly or a match by match basis because without that they're stuffed.
One reason why we should persue a trust is that it becomes a flag for support to rally round if need be, as the Portsmouth trust has been for them.
But STs will eventually become more common higher up the pyramid when football comes to it's financial senses.
I realise that for a while we would have to suffer on the playing side if we balanced the books, but it can be done (WBA? Swansea?), but long term it is better to have a modestly placed club than no club at all.
If they come through this I can see them playing at a new ground on Hayling Island.
In truth those that managed the last Administration should be held accountable. This outcome was always going to happen with the loan repayments that were agreed to save the club the last time.
I'm sorry, but they need to go. If not they will be back in this position again as they can't hope to service any debt that they agree to unless the vast majority of the current debts are wiped off.
Poor old Pompey.... Will be sad to see fratton park go... My first game pompey v liverpool in 80s... Robert lee and David whyte ripping them apart in 90s... Amady Faye scoring a goal!
But still... The club must go on somehow...
Ok a different council, but generally Local Councils have been reluctant to allow grounds to be sold for re-development unless another plot of suitable land is found within the borough. There are too many local jobs/businesses connected with football and the adverse publicity tends to wreck political careers - just ask Simon Oelman. The Councillors who allowed Brighton's Goldstone Ground to be grubbed up suffered a similar fate.