Portsmouth - the next Leeds?

raveydavey · Posted: Fri Oct 02, 2009 5:30 pm Post subject: Portsmouth - the next Leeds?

http://www.timesonline.co.uk/tol/...gue/portsmouth/article6857655.ece

Civil war broke out in the Portsmouth boardroom yesterday after three executive directors were forced to arrange an emergency loan to cover players’ wages.

The executive board of the troubled Barclays Premier League club then challenged Sulaiman al-Fahim, the owner, to deliver on his promise to refinance the club within the next fortnight after they and the first-team squad did not receive their September pay-cheques.

Having hastily arranged financing to cover the £1.8 million shortfall in payroll so that players can be paid today and the club can meet their obligations for the next 30 days, the three-person board — Peter Storrie, the chief executive, Tanya Robins, the finance director, and Roberto Avondo — issued a strongly worded statement. The criticism of al-Fahim was only thinly veiled.

“Portsmouth Football Club’s executive directors fully support the club’s owner, Sulaiman al-Fahim, in his efforts to refinance the club and to stabilise the business,” it read.

“However, when the club needs to focus on a very important match [away to Wolverhampton Wanderers on Saturday] that will help determine its future, it is very disappointing to all of us that the players have for the first time had to wait for their contractual remuneration for reasons entirely outside the club’s control.

“It is through the joint efforts of the executive directors that we are in the final stages of securing funding that will allow the club to meet these contractual obligations.”

The statement then called for “a more permanent financing solution to be found quickly” and promised that “we will continue to work closely with the owner’s lawyers and associates in delivering the finance that is needed over the next 10 to 14 days.”

Tellingly, the statement ended: “Ultimately the responsibility to deliver this remains with the owner.”

The developments are being watched closely by the Professional Footballers’ Association and represent another blow to the credibility of al-Fahim.

His takeover of Portsmouth was first announced in May, but dragged on until August 26, the club selling players to make ends meet. When he did take over, there was no large injection of cash, although he announced last Friday that he had arranged £50 million of finance that would arrive “within weeks”. The statement appears to have broken the uneasy truce that has existed between al-Fahim and Storrie since the chief executive, impatient at the drawn-out takeover negotiations, put together a rival consortium whose bid to buy the club was not accepted by Alexandre Gaydamak, the previous owner.

Storrie had revealed yesterday morning that the club have no money because their share of TV revenue and the proceeds of the sales of Peter Crouch, Jermain Defoe, Lassana Diarra, Glen Johnson and Niko Kranjcar had been swallowed by bank debt.

“All the money from the player transfers and the Sky TV money, all of the £35 million from January, has gone straight to the Standard Bank,” Storrie told ESPN. “There is no money left. Whatever we spend on a monthly basis comes channelled through from the new owner. He has promised to refinance, and he has shown me all the documentation, but I have no idea about the conditions of the £50 million he says will be arriving in a few weeks. I’ve no idea of the timescale about how long this can go on. I don’t want to frighten people. I am sure that if the refinancing that has been promised fails for some reason, others will be ready to step in.”

That is likely to be taken as a hint that members of the consortium put together by Storrie could still be interested in investing — al-Fahim did not entirely rule that out at a meeting with supporters last Friday, and he might not be in a strong enough financial position to turn it down.

When al-Fahim’s takeover was announced, he claimed to have access to backing from Middle Eastern and Asian investors. However, when it was suggested in a number of quarters that Thaksin Shinawatra, the disgraced former Scumchester City owner, who has failed the Premier League’s fit and proper persons test, was among them, they melted away.

Paul Hart, the manager, was paid on time, but he has experienced financial difficulties at previous clubs and was able to retain some perspective. “Fighting fires, that is my analogy — put one out and another starts up in the corner, that’s how it’s been in my tenure as manager,” he said.

Tale of tortuous takeover

May 27 It is announced that Sulaiman al-Fahim is to buy out Alexandre Gaydamak, the Portsmouth chairman. He claims backing from the Middle East and Asia. A target date of late July is mentioned for completion of due diligence and the takeover.

July 1 Glen Johnson is sold to Liverpool for £18 million.

July 21 The Premier League says that al-Fahim has passed its fit and proper persons test and he becomes chairman.

August 26 Al-Fahim announces the completion of his takeover, that Paul Hart will stay as manager and Storrie has been invited to stay on as chief executive.

September 12 Portsmouth lose 3-2 at home to Bolton, their fifth defeat in a row and their worst-ever start.

September 25 Al-Fahim cancels a meeting with supporters, then calls it back on after fans express their outrage. At the meeting he reveals that he has negotiated a finance package worth £50 million, to be rolled out within a month.

September 26 Portsmouth lose 1-0 at home to Everton, their seventh defeat in a row in the Premier League.

September 30 The wages of the first-team squad and executive directors are not paid.

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30 Mill · Posted: Fri Oct 02, 2009 10:45 pm Post subject:

If clubs are that stupid / naive or just that feckin greedy - after what everyone saw happen to us, and the lack of support we go..... then I have "care factor" rating of less than zero

Stiff shit, as we say here

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Garp · Allan Clarke Joined: 06 May 2008 Posts: 694

Clubs like Portsmouth, Bolton, Hull, Stoke, Wigan etc.......Need I go on. Crappy little clubs who can't fill a small ground more than a couple of times a year. And they employ over paid average players and off set this against some Sky money....The game is fixed and fucked.

wewantourdarbyback · Posted: Mon Oct 05, 2009 2:22 pm Post subject:

I do enjoy watching Paul Hart fail Twisted Evil

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raveydavey · Posted: Mon Oct 05, 2009 4:42 pm Post subject:

I read somehwere over the weekend that the entire £35 million that Portsmouth got from $ky went immediately to the bank to pay off debts.

That is scary.

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The advert above is nowt to do with me!

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Gopher · Posted: Mon Oct 05, 2009 9:25 pm Post subject:

Don`t give a rats arse. Small club, and not run as badly as we were.

We still excell at fucking up on a bigger scale than anyone else.

It`s the Leeds way, blah blah blah. Rolling Eyes

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It was like that when I got here.

wewantourdarbyback · Posted: Wed Oct 07, 2009 2:34 pm Post subject:

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