|HALL RIGHT NOW: The Pompey comedy is turning from tragedy to farce...|
Thu 07th Feb 2013 16:04 by Micah Hall
This would be hilarious if it wasnt so sad.
Keith Harris statement: Former Football League chairman Keith Harris has announced he will lead a consortium attempting to buy Portsmouth Football Club.Harris has made it clear that the consortium has the necessary finances and individuals to lead the League One club.He said: “I should first make clear that we would not have pursued this investment without sound financial backing and the right senior management. We have that.“Secondly, I should also be very clear that we will not be carrying forward any legacy issues associated with the recent past. We will be starting with a financial clean sheet."
- OK lets start here. A clean slate that it seems would leave the clubs one asset in the hands of Portpin. If there is the 'necessary finance' on what would it be secured without any assets?
“Personally, I had signalled to my colleagues at the investment bank Seymour Pierce that I intended over a reasonable period of time to broaden my career interests and, therefore, I stepped down from the bank’s operating board on 17 May 2011, nearly two years ago. Over that period I have reviewed a number of opportunities in football. This, to me, became the stand out opportunity.
- Seymour Pierce is going down the tubes after Ukrainian banker Denis Gorbunenko was refused permission to buy it because of his role in the collapse of Rodovid bank. Seymour Pierce need £3m which it seems they can't raise - yet he has managed to find someone who has the money to bankroll a bankrupt football club.
“We have the people with the ability to achieve solid progress over the next few years and bring much needed stability to the Club. No-one on the new team underestimates the scale of the task that lies ahead. We understand, of course, that the fans, the commercial partners and the staff will have many questions and we will address these over the immediate period ahead.”
- there will be no stability while the ground is owned by Portpin.
Their bid was confirmed by administrators PFK and comes a week before a High Court hearing to decide whether the club can be sold to the Portsmouth Supporters’ Trust (PST).The new consortium, which also includes professional investor Alan Hitchins and investment banker Pascal Najadi, has stated it is willing to offer “a stakeholding and participation” to the PST if it is successful with its bid.
- in other words, can we give fans money to the group in return for a share in the £1 worth of assets the new consortium would own, so they can pass it on to Portpin as rent. Errm NO.
Keith Harris is the proposed new Chairman of the club. The rest of the senior management team would comprise Steve Hamer as Managing Director and John Redgate as Chief Financial Officer. Redgate would be returning to his former post at Portsmouth.
- John Redgate will return to his post to which he was recruited by old business colleague Andrew Andronikou, retained by Portpin. The post in which he signed off the Hiroshima finance removal of season ticket money to Portpin, signed the administration forms at Portpins office after first helpfully altering the valuation of Fratton Park from £7.5m to £10m.
Two words sum this up: Laughably obvious.
Keith Harris did not return our calls.
Footnote: Harris has now claimed to Paul Kelso that the funds will not be debt and are in place to make the club debt free. So what he is now claiming is that someone has given him approx £10m and he now proposes to give it to us, no strings attached. Where did this money come from then? Who is our most generous saviour? Well, what is there to be sceptical about there?
Micah Hall wishes it to be known that he has received no legal threats and has simply been busy with trying to ensure the fans' takeover of the club is a success.
The views of Micah Hall are his own and don't necessarily reflect the editorial view of pompey-fans.com. Any proceeds of this column are donated to Action Aid.
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The Pompey Supporters' Trust is still seeking pledges from Pompey fans to back their bid. Information can be found here
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