Author Topic: Portsmouth FC  (Read 2370 times)

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Kent

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Portsmouth FC
« on: February 17, 2012, 07:53:14 PM »
Now Back in to Administration.

http://www.bbc.co.uk/sport/0/football/16943651

Isn't it About Time that the Football Authorities/Government got together
and agreed some form of legislation that prevented Rouge Business People/ Parent companies
from taking money/assets from clubs.
After all, These clubs are an integral part of peoples Lives, and communities, and as such should be
protected from such, inept dealings.
 

Pete

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Re: Portsmouth FC
« Reply #1 on: February 17, 2012, 08:01:35 PM »
Totally agree! Football clubs are more than "just another business" as Kent says.

I started out with nothing and I've still got most of it left.

k4blades

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Re: Portsmouth FC
« Reply #2 on: February 17, 2012, 08:10:44 PM »
Agreed. Odd that some clubs are going bust, while others, running at a massive loss, don't go bust because their owners have deep pockets. Its not a level playing field, a bit like Portsmouths, ha ha.

Stuart

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Re: Portsmouth FC
« Reply #3 on: February 17, 2012, 08:14:11 PM »
Incredibly, the Football Authorities' Fit & Proper Persons Test relies on the honesty of the person being tested. The FL have today shrugged their shoulders and said that Pompey's previous "owner," the Russian named Antonov, lied to them.

It is good news for Pompey and their creditors that the administrator preferred by the owner before Antonov has been given the bum's rush by the courts, and that Trevor Birch has been appointed. It means there is a real chance that the owner-before-last will not receive any preferential status, which will mean millions more in the pot for the little guy.

Fly

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Re: Portsmouth FC
« Reply #4 on: February 17, 2012, 09:11:19 PM »
Is this the same scenario as when the Sheffield Steelers guy took over CFC,
Then nearly left them penniless.
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Stuart

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Re: Portsmouth FC
« Reply #5 on: February 17, 2012, 10:33:16 PM »
The Chesterfield story is one of a fairly obvious and clumsy fraud by an unintelligent criminal. The Pompey situation would have George Smiley walk away, scratching his head.

The club was bought out of administration by Milan Mandaric in 1998. Under him they prospered and were promoted to the Premiership in 2003. Under manager Harry Redknapp the club spent beyond its means to achieve success; Mandaric tolerated Redknapp's excesses and funded this for as long as he could, but sold the club to a Russian named Alexandre Gaydamak in 2006. Gaydamak was really no more than a front for his dad, a chap named Arcadi Gaydamak, Russian-Israeli an arms dealer who is wanted by the French for gun-running to Angola.

Make yourselves a cup of tea; I'll see you in five minutes.

Five minutes later...

Welcome back. For some reason, Alexandre Gaydemak's dad was sued in the Israeli courts for something like £17 million by a bloke named Balraim Chainrai, who won. It seems to me that Chainrai (who reckons to be a Hong-Kong based electrical products guy) was "given" Pompey in settlement of this debt, after Gaydemak was allowed to send in a clutch of unsavoury individuals to asset-strip the thing, including the discredited lawyer Daniel Azougy. There is no sign that a sum of money ever changed hands after the Israeli court case. Once Azougy had done his work and the remainder was worth "only" £17 million, Chainrai took possession of it and the club was "sold" to an Arab named Suleiman Al-Fahim, who was nice, but all talk. Quckly afterwards, it was sold to another Arab chap named Ali Al-Faraj, whose Wikipedia entry begins thus:

"Ali al-Faraj is a Saudi Businessman, and formerly the majority stakeholder in Portsmouth Football Club. It has been suggested that he may not exist."

Fans called him Al-Mirage, since he never showed up at games, could not be contacted by anyone at the club and his name initially turned nothing - absolutely nothing - up on Google.

A few months later Chainrai himself stepped in and took the club over. He put it into admin and was given preferred creditor status by his favourite administrator, Andrew Andronikou. Andronikou "sold" it back to Chainrai, who "sold" it to Convers Sports Initiatives last year. They went pop after the owner, Antonov, was implicated in a fraud case when his Lithuanian bank collapsed. Chainrai stepped back in and put the club into adminstration again. To the general satisfaction of every Pompey fan the judge basically said that having Chainrai's man as administrator again would be well dodgy, so the aforementioned Trevor Birch was appointed. The hope is that Chainrai's claim that he is owed millions will be proved to be groundless, if not fraudulent, and he'll scuttle away with nothing.

Phew!

Stuart

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Re: Portsmouth FC
« Reply #6 on: February 17, 2012, 10:34:50 PM »
Oh, I should add that every single one of these buggers passed the fit & proper persons test!!  ;D

therealjr

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Re: Portsmouth FC
« Reply #7 on: February 17, 2012, 11:59:49 PM »
One reason why Portsmouth is 'different' is because everyone knows that in the near future they get another of the so called parachute payments (the money they get as compensation for falling off the gravy train that is the Premier League) to the tune of about £17m
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Slacker

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Re: Portsmouth FC
« Reply #8 on: February 18, 2012, 08:26:18 AM »
just about any club in the Premiership could be in trouble if the rich backers decide to pull out.

Stuart

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Re: Portsmouth FC
« Reply #9 on: February 18, 2012, 09:32:39 AM »
One reason why Portsmouth is 'different' is because everyone knows that in the near future they get another of the so called parachute payments (the money they get as compensation for falling off the gravy train that is the Premier League) to the tune of about £17m
And Chainrai tends to pop up to reassert his ownership every time one of those is due, prior to the money disappearing. The most recent one was paid early (to all, not just Pompey) and is in the bank account that was frozen just before the club went into administration. I don't think the parachute payment that Pompey got amounts to much more than a million - I might have misread the figures but I recall they had a load of payments advanced during their last administration. Still,  that, some money from a transfer and gate money from their cup tie at Chelsea are sat in the account where it will receive a fairer distribution under the control of Trevor Birch than it would have done under the other clown.

 

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