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Portsmouth owner is NOT a billionaire.
http://www.mancityforum.co.uk/forum/viewtopic.php?f=8&t=7471		 Page 1 of 3
Author:  Squidge [ Fri Oct 23, 2009 9:37 am ]
Post subject:  Portsmouth owner is NOT a billionaire.
Pompey's saviour is not a billionaire, he had to borrow the £5m to pay the players wages, and knows nothing about sports.

It's too good to be true. I'd feel sorry for them if it wasn't so funny :D

http://www.mirrorfootball.co.uk/news/New-Portsmouth-owner-is-NOT-a-billionaire-and-plans-to-sell-up-in-just-six-months-article197983.html

[SIZE="4"]New Portsmouth owner is NOT a billionaire and plans to sell up in just six months[/SIZE]

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.

Supporters had hoped Al Faraj would stump up the cash to allow manager Paul Hart to spend his way to Premier League survival in the January transfer window.

Al Faraj, who describes himself as rich but not a billionaire, added: “We did not have the £5 million pounds (to pay the wages) but we agreed with three banks to finance the acquisition.

“They approved it based on the club financial guarantees we provided, such as annual revenue from TV coverage, the income of the club real estate and other assets.

“We did not we give these banks any personal guarantee.”

Al Faraj also admitted he was reluctant to buy Pompey before being persuaded by legal advisor Mark Jacob he could make a profit.

“The British friend of my brother Ahmed had convinced me that the possibility of investing in the club is very large and all they have to do is to cover the club’s debts, and the gains will be in the short term.”
Author:  gibbonicus_andronicus [ Fri Oct 23, 2009 9:39 am ]
Post subject: 
oh dear.

fucked.

like the rabbit.

proper fucked.
Author:  Timpblue [ Fri Oct 23, 2009 9:43 am ]
Post subject: 
this is kharma for employing 'arry as boss, same with west ham

you watch, couple of years and spuds will be fucked too

i hates him my precious, nasty little hobbit
Author:  Zephyr [ Fri Oct 23, 2009 9:50 am ]
Post subject: 
I would not be surprised if Portsmouth went bottoms up, or at best went Leed's style.

Seriously screwed.
Author:  Squidge [ Fri Oct 23, 2009 9:52 am ]
Post subject: 
As good as it is to see a fair few clubs vying for the title that we have now vacated of "football's laughing stock". i'd hate to see them completely fucked. It's amusing now but i hope they don't fold. Bad news if that starts happening in professional footballer.
Author:  DarloBlue [ Fri Oct 23, 2009 10:02 am ]
Post subject: 
Squidge wrote:
As good as it is to see a fair few clubs vying for the title that we have now vacated of "football's laughing stock". i'd hate to see them completely fucked. It's amusing now but i hope they don't fold. Bad news if that starts happening in professional football.


Been to Accrington/Chester recently - they are in far worse situations.
Author:  Rikster74 [ Fri Oct 23, 2009 10:07 am ]
Post subject: 
Just hope the same happens to Liverpool the whinging scousers.
Author:  Bastard [ Fri Oct 23, 2009 11:30 am ]
Post subject: 
Rikster74 wrote:
Just hope the same happens to Liverpool the whinging scousers.


^^

No Champions League for them next season............
Author:  slart [ Fri Oct 23, 2009 12:00 pm ]
Post subject: 
If a football team asks the prick with their cash then they deserve to go under.

Happens in the eircom league all the time. Remember the Cork City idiots on here last year? This week their players refused to get into the team coach until their back wages were paid in cash.

Made me laugh.
Author:  PintoMcGuinness [ Wed Feb 10, 2010 11:59 am ]
Post subject: 
What happens if Portsmouth go under before they play all matches this season? Are all their results, this season to date, null and void?

I see they beat the dippers before Christmas 2-0 so if all matches played don't count then every team in the top 7 would lose points except Liverpool.
Doesn't seem fair, they are benefitting from being shite.

We've also got the down side of having played them twice so would lose 6 points.

Points won against Portsmouth this season to date
Chavs.......3
Rags.........6
Arsenal.....6
Dippers.....0
City..........6
Spuds.......3
Villa..........3

Could be a right bugger.
Author:  Emigre [ Wed Feb 10, 2010 12:01 pm ]
Post subject: 
PintoMcGuinness wrote:
What happens if Portsmouth go under before they play all matches this season? Are all their results, this season to date, null and void?

I see they beat the dippers before Christmas 2-0 so if all matches played don't count then every team in the top 7 would lose points except Liverpool.
Doesn't seem fair, they are benefitting from being shite.

We've also got the down side of having played them twice so would lose 6 points.

Points won against Portsmouth this season to date
Chavs.......3
Rags.........6
Arsenal.....6
Dippers.....0
City..........6
Spuds.......3
Villa..........3

Could be a right bugger.


No, they go in to administration surely. Which means they lose points but have to play out games. I don't think they will stop existing.
Author:  PintoMcGuinness [ Wed Feb 10, 2010 12:02 pm ]
Post subject: 
Apparently the judge can put them into liquidation today.
Author:  Squidge [ Wed Feb 10, 2010 12:03 pm ]
Post subject: 
Emigre wrote:
No, they go in to administration surely. Which means they lose points but have to play out games. I don't think they will stop existing.


They could do though.

According to Sky they have four options.

1) Pay the bill.

2) 28 day adjournment

3) Administration

4) Liquidation - cease existing today
Author:  Bert Trautmanns neck brace [ Wed Feb 10, 2010 12:04 pm ]
Post subject: 
PintoMcGuinness wrote:
What happens if Portsmouth go under before they play all matches this season? Are all their results, this season to date, null and void?

I see they beat the dippers before Christmas 2-0 so if all matches played don't count then every team in the top 7 would lose points except Liverpool.
Doesn't seem fair, they are benefitting from being shite.

We've also got the down side of having played them twice so would lose 6 points.

Points won against Portsmouth this season to date
Chavs.......3
Rags.........6
Arsenal.....6
Dippers.....0
City..........6
Spuds.......3
Villa..........3

Could be a right bugger.


you have to be fair and give everyone 6 points or 0 points preferably the latter and make it as though they never started the season.
What about someone who was sent off against them and missed 3 games when they did not exist?
Author:  Emigre [ Wed Feb 10, 2010 12:07 pm ]
Post subject: 
PintoMcGuinness wrote:
Apparently the judge can put them into liquidation today.


They won't do that though. Because then nobody will have a chance to get any money back so it makes sense to keep them going.
Author:  Squidge [ Wed Feb 10, 2010 12:08 pm ]
Post subject: 
Emigre wrote:
They won't do that though. Because then nobody will have a chance to get any money back so it makes sense to keep them going.


The hearing has been put back to 2pm as well. Perhaps more negotiation going on behind the scenes?

And yeah i can't see them being put into liquidation today either, but you never know.
Author:  Danny's Studs [ Wed Feb 10, 2010 1:33 pm ]
Post subject: 
I hate Portsmouth fans, and the club, and the ground but it will be absolutely criminal if they don't survive. Part of the appeal of the premier league (like any league) is that each club brings it's own flavour and brand to the league and it would be bad for football all round should clubs start going under. I know Wimbledon supporters who stopped following league football once they were basically terminated. That's pretty sad.

No club deserves these punk owners. Lost count of how many 'owners' Portsmouth have had in 18 months now but it is plainly obvious at least two of them had nowhere near the amount of cash available they implied.
Author:  Miggs [ Wed Feb 10, 2010 1:40 pm ]
Post subject: 
maybe the sheikh could buy them and give the club to someone in a raffle
Author:  slart [ Wed Feb 10, 2010 2:03 pm ]
Post subject: 
This is what happened when Dublin City FC ceased to exist mid-season a few years ago.

This is taken from wiki:


Quote:
Dublin City FC failed to cultivate a significant fan-base. Some very low attendances were reported at their games.[1] In addition to its small following, the club had no permanent home ground, playing at various times in Tolka Park, Dalymount Park, Morton Stadium, Richmond Park and Whitehall Stadium. As a result of these factors, the club experienced financial problems and as of July 19, 2006, Dublin City FC ceased trading and resigned from the Eircom League. The results of all their games to that point in the season were expunged from the record.


Portsmouth will only go into administration if there is some cash to keep them going. This doesn't seem to be the case. If the club cease to trade/ play, then the points won against them will be lost.
Author:  South East Citizen [ Wed Feb 10, 2010 2:07 pm ]
Post subject: 
It's outrageous you can buy a Premiership football club one day and sell it the next. Should have to sign up to some mininum period of ownership
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