Pompey are apparently 48 hours from liquidation

He got himself a gravy contract, thats for sure.

 

Grabbed it once he took stock of it.

 

Anyway, getting back to the thread, do you think HMRC will suet?

 

Better ask Beef Dripping.

 

Like I said I don't think anything will happen.

(Despite the fact it should)

 

I have a question for Hotbovril concerning the ownership of Fratton Park and the surrounding land.

I'm assuming that the covenant on the land, that it can only be used for football/sport, will be redundant if PFC is liquidated so will the situation be similar to that in personal bankruptcies where the secured creditor is paid first then any profits used for the benefits of the creditors?

Chanria and Gaydamak between them own FP and the surrounding land - and I hate the thought that they could both sell to developers and go away with a big profit each.

 

A covenant surely will remain even if PFC go bust. That should limit it's use. Possibly making it available for a phoenix club...though rent may make that difficult.

 

Although feelings vary from sorry to ought to happen, I bet most people still feel that it can't happen. Very few clubs actually fold. I know when we were at our lowest ebb, I still knew it wouldn't happen. Just how human beings protect themselves I guess.

 

If Pompey are liquidated, Chanrai etc can write to the council to get the rules changed. Given that pompey would no longer exist this would make it easier to change. Looking how much money the council could make from having a Tesco etc i'm sure they would change it.

It really wouldn't take much to get rid of the only football can have this land rule tbh.

 

Well I can only answer generically as I am not privy to the exact ownership details but when you negotiate an arrangement with creditors, everything is thrown into the mix. That means all of your liabilities and all of your assets. You can't pick and chose as creditors would never agree to write off debt of any description if there were an asset in existence that would cover the debt or a larger chunk of it than the offer on the table in the arrangement. Therefore, if the land is legally a part of the club it will already be included within the CVA. If it isn't in the CVA it will be because there is no equity in it only a liability. This means that a mortgage would exist on the land and that in the event of a smelly outcome for the club, ownership would revert to the lender as selling it would achieve nothing. As far as I am aware, restrictive covenants are simply non-negotiable so the "it must be used for sport" covenant would remain in place regardless of the outcome.

 

If that happens, if those people actually benefit from the complete collapse of the club, well, that would be a very bad day for not just football, but sport as a whole.

 

It was in the pompey news a few months ago, when pompey were i trouble last time(if I can remember rightly). It had a mp or council member saying that if pompey went under. And the ground owner (chanrai) and the other guy that owns the land around it. Wanted to change the lands purpose there would have to be a vote with council members. He said the ruling inforce atm can be over turned, but it would be in very extreme circumstance. That would would have to be agreed by the majority.

 

That would would have to be agreed by the majority.

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That would be greed by the majority.

 

He also said if this happened the council would ask chanrai etc to offset the build with say a field or a playable green area for the public.

He then added should the council denie the rule to change Chanrai etc could go to the european courts to overturn it anyway.

 

Thanks for your responses.

Okay PM - that makes one of your "chance" cards - You have been done over again by crooks - go straight to jail!

And one of the "community chest" cards - No help from the local council - pay £1000 to get out of jail!