What another 'appy Harry club teeters on the brink just after he leaves?
Independent says if they do the premier league will take over running of the club. Personally anyone with a quart brain should steer clear of Pompey, the guy who bought is unsound and whoever bails out is doing it for what? Pompey are in for years of big debt required to develop land and build a new ground. In two years time is there really going to be huge swathes of cash to wash over second rate teams who are outside the Prem and debt ridden? Liverpool generate millions are still the most popular team in SE Asia and will fill a stadium build that could generate millions of opportunity for rub my back debt vehicles and securities. Apart from someone like Paul Hart who might struggle getting a third tier team anyone with a rep would have to lunatic to manage or buy.
Bookies William Hill have slashed the odds on Harry Redknapp leaving Spurs. a statement from their press office said:
“RUMOURS sweeping the football world that Harry Redknapp is about to quit his job as Spurs ‘ boss have seen the odds about him being the first Premiership boss to lose his job this season slashed from 40/1 to 5/1by William Hill. ‘It is probably a bandwagon effect as ususal, based on unsubstantiated gossip, but in volatile markets of this nature you can’t afford to take a chance and we are being inundated with calls from punters wanting to bet that Harry will be the first to go’ said Hill’s spokesman Graham Sharpe.
Hills make Paul Hart 11/10 to be the first out, with Phil Brown at 5/4 and Redknapp 5/1 third favourite.”
New Portsmouth owner is NOT a billionaire and plans to sell up in just six months --------------------------------------------------------------------------------
Portsmouth’s new owner Ali Al Faraj last night revealed he is NOT a billionaire and knows nothing about football.
He also plans to sell the Premier League's bottom club in six months time and said he was persuaded to buy the club when he was persuaded he could make a profit.
Al Faraj was billed as Pompey’s saviour when he bought them from fellow Middle East businessman Sulaiman Al Fahim earlier this month.
Manager Paul Hart believed he would get money to spend as he battled to lift them off the Premier League bottom spot.
But speaking for the first time since taking control, the Saudi Arabian property tycoon has admitted having to borrow £5 million to pay last month’s wages.
Al Faraj, who is looking for new investors to steer Pompey to financial stability, said: “We are going to purchase the remaining shares in the club by entry of additional partners, whether they are from the Gulf or Europe.
“Our plan is to stay at the club for a period of not less than six months, until the club stands again, benefiting the club as well as us.
“This is based on the fact that purchasing the club was purely investment and in the future we may sell it if we get additional gains.
“It’s not a secret to hide, we are investors and we have no relationship to sports, but at the same time we have an integrated team of legal and technical advisors.
“All are working at the club as executives and planners for more than five years and they know all the details and reasoning. This is natural in the business world.”
Portsmouth still owe £10 million to the Inland Revenue, agents and rival Premier League clubs despite wiping out £30 million worth of debts since the turn of the year.
This is ridiculous - make me glad we actually carry out a checking process on prospective buyers and also have due diligence rather than just selling to the first person with a doctorate or claiming to be a sheik!
Absolutely ridiculous.
Pompey are one of the dodgiest clubs in the english game FACT
What makes you think that the deals didn't break down because of their due diligence on us, and indeed whether we have been carrying out a checking process, Swis?
Normally it'd be the party parting with the cash that would be using DD to ascertain whether the deal stands up. Usually all the sellers would be concerned with is whether there actually is money to complete the deal.
[cite]Posted By: stilladdicted[/cite]This Ali al-Faraj - does he actually exist?
Maybe, but I'm not sure his money exists.
I'm sure his money DOESN'T exist. Someone, somewhere, has to look at this - it seems like they're just being passed from one moody arab to another - there has to be some sort of tax fiddle going on somewhere. No-one would buy a football club in this economic climate without being in it for the long haul - and that means serious, serious money behind them. This latest geezer looks like he doesn't have a pot to piss in or a window to throw it out of. Someone's got to take a look at the 'fit and proper' rules for God's sake - I mean, how can this tool have passed due diligence? The company I work for bought another company a couple of months ago - the bloody lawyers are STILL all over it with no end in sight. DD for their last takeover seemed to take about 20 minutes!
Not that I give much of a toss about Portsmouth (nasty little club, shitty ground, horrible fans) - but this just highlights the fact that football doesn't seem to adhere to any of the rules governing other businesses in this country.
is this the end of Portsmouth then??? Doesn't this transfor embargo work against them.. ie if they sell 1 or 2 players then they can pay off the tax they owe ??? Are the Premier League not doing them justice??
To be honest - with the Mandaric / Redknapp thing - the new owner, the other new owner - it's all been a bit strange down there for a while. I predict a firesale, relegation and they are the next club falling through the leagues
They really have been clutching at straws down there, first wanting to sue the PL (aren't they part of it????) and now claiming that there VAT rating is to high. Its all just delaying tactics. Guess Redknapp won't give a damn.
David Sullivan said that a Premier League Club would be going under before the end of the season because their debts are greater than their assets. Wonder who he could be talking about?
Sol Cambell is now reported to be suing Portsmouth for 1.7million that he is owed in image rights and bonus payments, things not looking at all good for portsmouth at the moment.
Comments
Independent says if they do the premier league will take over running of the club. Personally anyone with a quart brain should steer clear of Pompey, the guy who bought is unsound and whoever bails out is doing it for what? Pompey are in for years of big debt required to develop land and build a new ground. In two years time is there really going to be huge swathes of cash to wash over second rate teams who are outside the Prem and debt ridden? Liverpool generate millions are still the most popular team in SE Asia and will fill a stadium build that could generate millions of opportunity for rub my back debt vehicles and securities. Apart from someone like Paul Hart who might struggle getting a third tier team anyone with a rep would have to lunatic to manage or buy.
Quote:
Bookies William Hill have slashed the odds on Harry Redknapp leaving Spurs. a statement from their press office said:
“RUMOURS sweeping the football world that Harry Redknapp is about to quit his job as Spurs ‘ boss have seen the odds about him being the first Premiership boss to lose his job this season slashed from 40/1 to 5/1by William Hill. ‘It is probably a bandwagon effect as ususal, based on unsubstantiated gossip, but in volatile markets of this nature you can’t afford to take a chance and we are being inundated with calls from punters wanting to bet that Harry will be the first to go’ said Hill’s spokesman Graham Sharpe.
Hills make Paul Hart 11/10 to be the first out, with Phil Brown at 5/4 and Redknapp 5/1 third favourite.”
http://tottenhamblog.blogishness.com/uncategorized/bookies-s lash-odds-on-harry-leaving-spurs/
Convenient excuse?
--------------------------------------------------------------------------------
http://www.mirrorfootball.co.uk/news...cle197983.html
Portsmouth’s new owner Ali Al Faraj last night revealed he is NOT a billionaire and knows nothing about football.
He also plans to sell the Premier League's bottom club in six months time and said he was persuaded to buy the club when he was persuaded he could make a profit.
Al Faraj was billed as Pompey’s saviour when he bought them from fellow Middle East businessman Sulaiman Al Fahim earlier this month.
Manager Paul Hart believed he would get money to spend as he battled to lift them off the Premier League bottom spot.
But speaking for the first time since taking control, the Saudi Arabian property tycoon has admitted having to borrow £5 million to pay last month’s wages.
Al Faraj, who is looking for new investors to steer Pompey to financial stability, said: “We are going to purchase the remaining shares in the club by entry of additional partners, whether they are from the Gulf or Europe.
“Our plan is to stay at the club for a period of not less than six months, until the club stands again, benefiting the club as well as us.
“This is based on the fact that purchasing the club was purely investment and in the future we may sell it if we get additional gains.
“It’s not a secret to hide, we are investors and we have no relationship to sports, but at the same time we have an integrated team of legal and technical advisors.
“All are working at the club as executives and planners for more than five years and they know all the details and reasoning. This is natural in the business world.”
Portsmouth still owe £10 million to the Inland Revenue, agents and rival Premier League clubs despite wiping out £30 million worth of debts since the turn of the year.
there goes another one then......
Absolutely ridiculous.
Pompey are one of the dodgiest clubs in the english game FACT
Normally it'd be the party parting with the cash that would be using DD to ascertain whether the deal stands up. Usually all the sellers would be concerned with is whether there actually is money to complete the deal.
Maybe, but I'm not sure his money exists.
Not that I give much of a toss about Portsmouth (nasty little club, shitty ground, horrible fans) - but this just highlights the fact that football doesn't seem to adhere to any of the rules governing other businesses in this country.
"Portsmouth's attempt to block winding-up hearing fails in High Court".
He's scored 7 times in 3 years
Do they deserve to survive???
To be honest - with the Mandaric / Redknapp thing - the new owner, the other new owner - it's all been a bit strange down there for a while. I predict a firesale, relegation and they are the next club falling through the leagues
Is that the rule now. Thought it was only Football League?
£20m of that is to Sheff Utd
They still owe Curbs £2M.