otid Posted July 24, 2012 Share Posted July 24, 2012 Borrowing this money like the Glazers did, should be illegal. Don't talk crap. The Glazers have pulled off yet another superb money making venture.....why should it be illegal.....Borrowing money like the Glazers did is business....it goes on every day of the week in every country in the world. How many people do you know with a mortgage?.....is that illegal too?.....because it's the closest business transaction to what has taken place at OT. Quite simply, they mortgaged ownership. If they fail to pay the interest on the debt (which clearly they haven't), they risk losing ownership to the funders. Difference at Pompey is that the people who mortgaged them were stupid enough to risk it all with no attractive assets to fall back on.......a bell that rings very close to home for Mr Corney! If the Glazers DID ever default.....which they won't.....there'd be :censored: loads of willing investors waiting to try their hand next. Football is business.....how many times have you heard the phrase "your investments can go down as well as up"......get used to it....it ain't gonna change! Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted July 24, 2012 Share Posted July 24, 2012 I think people look at Man U before and say, it wasn't in debt, though they were a PLC and when a decent offer comes in, they were duty bound to the shareholders. Quote Link to comment Share on other sites More sharing options...
PhilStarbucksSilkySkills Posted July 24, 2012 Share Posted July 24, 2012 I don't claim to understand it all properly, but is it the case that the Glazers borrowed money on behalf of the club in order to buy the club and that is why Manure are in debt. Please can someone tell me if this is correct, why it makes sense for the club to do this and why it is allowed. And if it is the case that it works just like a mortgage, then isn't it the Glazers who have the debt and not Man Utd? I wave the white flag of ignorance here . I really don't get it. If someone can explain it to me, i'd be grateful. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted July 24, 2012 Share Posted July 24, 2012 (edited) I don't claim to understand it all properly, but is it the case that the Glazers borrowed money on behalf of the club in order to buy the club and that is why Manure are in debt. Please can someone tell me if this is correct, why it makes sense for the club to do this and why it is allowed. And if it is the case that it works just like a mortgage, then isn't it the Glazers who have the debt and not Man Utd? I wave the white flag of ignorance here . I really don't get it. If someone can explain it to me, i'd be grateful. The Glazers own Manchester United. That business has big debts secured on it. The money was borrowed to enable the purchase. They service the debt using income from their business. If the Glaziers don't pay those debts the lenders can take ownership of the business, sell it off and recover the money owed. I own a nice house in middle-class suburbia. That house has a big debt secured on it. The money was borrowed to enable the purchase. I service the debt using income from my employment. If I don't pay the debts, the bank can take ownership of my home, sell it off and recover the money owed. Edited July 24, 2012 by opinions4u Quote Link to comment Share on other sites More sharing options...
Twisbrogan Posted July 24, 2012 Share Posted July 24, 2012 The Glazers own Manchester United. That business has big debts secured on it. The money was borrowed to enable the purchase. They service the debt using income from their business. If the Glaziers don't pay those debts the lenders can take ownership of the business, sell it off and recover the money owed. I own a nice house in middle-class suburbia. That house has a big debt secured on it. The money was borrowed to enable the purchase. I service the debt using income from my employment. If I don't pay the debts, the bank can take ownership of my home, sell it off and recover the money owed. The bit that always confuses me is how they were allowed to secure a loan on the business ahead of actually owning it. To my mind, it's like getting a second mortgage against property ahead of getting the first to complete the initial purchase. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted July 24, 2012 Share Posted July 24, 2012 (edited) The bit that always confuses me is how they were allowed to secure a loan on the business ahead of actually owning it. To my mind, it's like getting a second mortgage against property ahead of getting the first to complete the initial purchase. The loan and purchase complete simultaneously. Much the same as a mortgage to buy a house. It's a little more complex where there are multiple lenders, but the principles are much the same. Since then they've renegotiated many of their credit facilities and brought in new lenders too. Much like remortgaging and / or taking a different product from your bank. Edited July 24, 2012 by opinions4u Quote Link to comment Share on other sites More sharing options...
otid Posted July 24, 2012 Share Posted July 24, 2012 The loan and purchase complete simultaneously. Much the same as a mortgage to buy a house. It's a little more complex where there are multiple lenders, but the principles are much the same. Since then they've renegotiated many of their credit facilities and brought in new lenders too. Much like remortgaging and / or taking a different product from your bank. .....and the key being.....if you have a good track record of servicing debt.....you are making good profits for those that are lending you the money.....and there will be :censored: loads of lenders falling at your feet to let you do it again. The Glazers are experts at it and they make lots of money for their lenders.....lots of money for themselves and the world goes around. We can all argue whether or not manchester united is worth the $1bn they will likely sell it for but the fact is....if another investor is willing to pay the asking price, it's all fair game and no different from buying and selling property. Quote Link to comment Share on other sites More sharing options...
Dave_Og Posted July 24, 2012 Share Posted July 24, 2012 Doesn't there come a point when fans are better off eding the agony and starting from scratch? Say what you like about the MK Dons scenarioj but hose Wimbeledon fans who stuck with AFC must have had a heck of a lot more fun than they woudl have done if the old club had carried on limping along until the inevitable happened. Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted July 24, 2012 Share Posted July 24, 2012 If you look at what business leaders are saying, the problem with the economy is that businesses cannot get their hands on finance to develop and expand there business. As much as what the Glazers have done is hard to stomach for many, its good business. In terms of how it benefits the UK, any pension funds or companies that bought into United got a healthy payment for selling their shares. Quote Link to comment Share on other sites More sharing options...
the_mighty_bosh Posted July 24, 2012 Share Posted July 24, 2012 Doesn't there come a point when fans are better off eding the agony and starting from scratch? Say what you like about the MK Dons scenarioj but hose Wimbeledon fans who stuck with AFC must have had a heck of a lot more fun than they woudl have done if the old club had carried on limping along until the inevitable happened. +1. Obviously I'd have preferred every other team to have moved up a place to ensure that the franchise didn't exist but Wimbledon are a great example that just because the business ceases to exist doesn't mean that the spirit of the football club will too. Quote Link to comment Share on other sites More sharing options...
boboafc Posted August 6, 2012 Share Posted August 6, 2012 pompey only have 4full team members ?http://www.portsmouthfc.co.uk/squad/first-team.aspx Quote Link to comment Share on other sites More sharing options...
jsslatic Posted August 6, 2012 Share Posted August 6, 2012 And yet they still beat Bolton 3-0 at the weekend. Quote Link to comment Share on other sites More sharing options...
Gaz_Oafc Posted August 6, 2012 Share Posted August 6, 2012 And yet they still beat Bolton 3-0 at the weekend. There's a pic doing the rounds of the back of the match day programme. The squadlists show about 6 pompey players on one side and around 30 bolton players on the other! Quote Link to comment Share on other sites More sharing options...
laticdickovarmy Posted August 15, 2012 Author Share Posted August 15, 2012 Not a good start for Pompey last night 3-0 at league 2 club Quote Link to comment Share on other sites More sharing options...
oafcprozac Posted August 15, 2012 Share Posted August 15, 2012 Chanrai has now withdrawn his offer, that could be good news though. I know Sky are claiming they are staring liquidation in the face, but the Supporters trust have raised over £3m and secured a £1.45m loan from the council. Once any takeover goes through there's £11.5m in parachute payments apparently due to over the next year. I do hope they put out a similar team to last night on September 1st though... Quote Link to comment Share on other sites More sharing options...
laticdickovarmy Posted August 15, 2012 Author Share Posted August 15, 2012 Yeah did see that on Chanrai, be very happy win £90 if we beat them 1st september Quote Link to comment Share on other sites More sharing options...
boboafc Posted August 15, 2012 Share Posted August 15, 2012 not looking good for them as Chainrai has confirmed he is withdrawing his bid to buy Portsmouth to leave the troubled League One club in danger of liquidation. Quote Link to comment Share on other sites More sharing options...
oafcprozac Posted August 15, 2012 Share Posted August 15, 2012 They'll be fine Bob, Supporters Trust are preparing a bid. They'll have a team of kids but at least they'll control their own destiny Quote Link to comment Share on other sites More sharing options...
leeslover Posted August 15, 2012 Share Posted August 15, 2012 Wasn't there a random train station it's better to go for? Open returns from London for £32, not too bad. Quote Link to comment Share on other sites More sharing options...
oafc-latics Posted August 15, 2012 Share Posted August 15, 2012 what happens if they do go bust? is there a place less for relegation or play offs? hopefully won't come to that and Pompey can rebuild, Plymouth look to be on the up to give them hope. Quote Link to comment Share on other sites More sharing options...
oafcprozac Posted August 15, 2012 Share Posted August 15, 2012 Fratton - Quote Link to comment Share on other sites More sharing options...
leeslover Posted August 15, 2012 Share Posted August 15, 2012 Fratton - Cheers. Looks like the prices from London should be fixed so I'll wait till they decide if they are bust or not. Quote Link to comment Share on other sites More sharing options...
boboafc Posted August 15, 2012 Share Posted August 15, 2012 (edited) They'll be fine Bob, Supporters Trust are preparing a bid. They'll have a team of kids but at least they'll control their own destiny how much money does pompey own the inland revenue and others ? just read that they owe .120million pounds Edited August 15, 2012 by boboafc Quote Link to comment Share on other sites More sharing options...
Bristolatic Posted August 15, 2012 Share Posted August 15, 2012 They'll be fine Bob, Supporters Trust are preparing a bid. They'll have a team of kids but at least they'll control their own destiny Think on SSN they said 8(?) of the starting XI were 18 or under. And we think we've got a team of kids, poor sods. Quote Link to comment Share on other sites More sharing options...
longtimeblue Posted August 15, 2012 Share Posted August 15, 2012 It'll be the longest i've trekked for a pub crawl if it does go tits up Quote Link to comment Share on other sites More sharing options...
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