Postponed. News coming out of Pompey in the last few minutes - confusion reigns - as it seems that PKF have asked for an adjournment to the court case (Thursday 13th/Friday 14th). Brendan Guilfoyle - who was involved in the Luton, Palace and Plymouth administrations is wanted by Chanrai to run the club until a buyer is found. If you're up and around apparently he and Bob Beech (SOS Pomey) will be on 5Live at 6.20am tomorrow (Thursday). Chanrai is NOT going to give up on his £12m. Wish he's piss off and chase Gaydamak for it. OR - the hearing will go ahead and Portpin are trying their luck - total confusion now - BBC etc. reporting on a press release from Guilfoyle apparently.
Sky & BBC reports/ http://www1.skysports.com/football/news/11719/8328976/Fresh-twist-in-Portsmouth-saga http://www.bbc.co.uk/sport/0/football/20706384
PST Spokesperson ‏@pompeytrust UPDATE: Court case goes ahead tomorrow with possible adjournment to be decided judge. Situation fluid, hoping for more information tomorrow. I need a drink. Preferably alcoholic.
Chanrai is trying to make out PKF haven't looked for a buyer hard enough. He is obviously trying to make out he could get more money for the creditors and ground(from a different buyer) with the admin he wants. This will make the judge feel that the amount PST value the ground at should be higher. He is playing hard ball and PKF are running scared.
This is so unfair in so many ways. While it is true that he did "invest" some money into purchasing and running the club the whole thing was based around his dispute with Gaydamak. What is so unfair though is that he placed the club into administration twice, screwing the local businesses, but he has maintained his stranglehold on the land. The problem with investment is, as we all know, the value of your investment can go down as well as up. His has well and truly disappeared. However we wil find out more tomorrow. If Chanrai gets his hands on the club once more then gates will be down to about 1000. Nearly everyone wants him out. What a palaver.
The amount offered to Chainrai has nothing to do with this.........Independent valuations put forward to any judge would determine what FP is worth......this in turn would relinquish the rediculous chargesheld over FP by Portpin for monies previously leant to non existent Owners....... Chainrai as usual has left it to the last moment to throw his last dice.......to disrupt the sale and try a last ditch effort to take control of PFC.......he FAILED the FPPT now his only chance of recouping more than 2.75m of the 18M invested is to have a judge rule that FP is actually worth what he wants......or find another buyer who will pay more than the PST...........now where is this going we wonder......oh hang on another mystery buyer? Another Asian or Arab based buyer who suddenly declares their undying lover for pompey.............give us a fricking break!!!!!!!!!!!!!!!! BP
The court case being adjourned has nothing to do with BC. All parties had no prior knowledge of last night and todays events thus far. According to Neil Allen who is up at the high courts, the issue is with Stuart Robinson. "Confusion over REL Ltd and just who is involved in them. Theory it is Robinson but not confirmed. #Pompey". Being as it's an issue with the PD, it does sound a bit worrying. Doing a little digging, I found that SR had another one of his companies dissolved REL LTD dissolved (common practice amongst business men). The new business is also called REL LTD. Much like the new PFC company, It's the same thing with a different name. That's all I know so far. I hope it is nothign to worry about, but the fact that it has caught everyone by surprise means something.
The solicitors have said there was a major problem with the case for allowing the ground to be purchased for the £2.5mn requested. all sounds very fishy to me, no pun intended, just a bit of gallows humour........
More information. Confusion is over REL limited. Turns out there are two property companies called REL. REL = R Estates (2010) Ltd. - Robinsons development company Share on twitterShare on google_plusone Share on emailMore Sharing Services Company number: 07457608 Company Name: R Estates (2010) Limited Credit Rating: Click to see credit ratings on all UK companies - FREE! Join '000s of bizzy users who get the facts first! Documents: Bizzy Comprehensive Credit Report * Credit rating and credit limit * Key Events history * Up to 3 years company accounts figures * CCJ information * Director Information View Sample £ 9.99 BUY NOW VALUE BUNDLE Bizzy Snapshot Credit Report plus LATEST Annual Accounts Group Of Companies' Accounts Made Up To 31/08/11 £ 6.99 BUY NOW Click to see all 11 documents available... Website: Click here to update your listing Telephone: Click here to update your listing Directors: Mr S.A. Robinson appointed 02 Dec 2010 also director of: Carlton Properties (Wokingham) Limited 07196973 Hackberry Conferences Limited 07196971 Hackberry Developments UK Limited 07196972 Stay Calm Marine Llp OC305903 X Properties Llp OC306369 Industry: Buying and selling of own real estate SIC: 68100 View the latest Crowers ranking for this industry Category: Private Limited with Share Capital Incorporated: 02 Dec 2010 Registered Office: Belmore Park, Upham, Hampshire, SO32 1HQ United Kingdom Map Data - Terms of Use Report a map error Map Satellite Filing Summary: Year End: 31-08 Group Latest Accounts: 31 Aug 2011 Latest Return: 02 Dec 2011 Pecking Order: UK Wide:1,142,484 Postal Area:3,138 What's this then? Last Updated: 08 Sep 2012 Refresh UK Companies A-Z: Re Page 340 The one that is not ran by Stuart Robinson is coincidentally ran by a lad from Pompey.
The PST have offered Chanrai £2.75m for FP. Not sure how they have valued the site, but given that it has a stipulation that it can only be used for sporting use, then that must rule our development potential. Thus the commercial value of the site must be based on income generation. If you assume that any "investor" in the property would look for a return of 6% on their investment, then at a purchase price of £2.75m @ 6% would give an annual rent for the stadium of £165,000. Does this seem fair? Coventry are in dispute with the people who own the Ricoh arena as they are paying £1.25 million a year rent, and the stadium owner also gets parking monies and the food franchise money. Clearly the Ricoh arena is larger, and a tad more modern than FP, so should command a higher rent. But, Chanrai lent the money when pompey were in thr EPL, so would have based his value on a higher rental income potential, He will argue its not his fault that pompey are now in L1, and should pay the market rent for the stadium. If a fair rent for a premiership club was £1,000,000, ( and that equates to under £50k per game assuming 20 games a year) and coventry were paying much more, then that would value FP at £16.7 million. TBH, I'm not sure the low valuation of FP is such a slam dunk as some fans believe.
The PST got the £2.3 mil valuation from 5 different independant valuers. They have offered £2.75 as we all know. Chanrai can never own the club having been rejected by the FAPPT. If he doesn't accept our offer then the club is liquidated and he gets even less. Because someone else is buying the surrounding land, FP and that do not go hand in hand, hence why the valuation is so low, although if anyone has been to Fratton £2.75mil is a bit high.
Sorted WP. If the valuation was £2.75 then I would have paid it. It's less than it cost me to get across the ferry FFS.
Live copverage of the High Court hearing starts at 2pm today. Here is the Snooze link..http://www.portsmouth.co.uk/news/bu...pointed-as-pompey-case-is-adjourned-1-4586430
Sky think its going to be adjourned. Not good news. It'll leave you in limbo for the transfer window.
