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Discuss this article (9 Comments)Portsmouth: New investors coming today
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 19 August 2009
Predicting the outcome of anything in football is a mug’s game. I strongly fancied Newcastle United to take a Champions League slot last season, and the season before put money on Arsenal winning the league.
So maybe I will be third time lucky with predicting how the saga will end at Portsmouth. As fans of the club know only too well, the Pompey pantomime shows no sign of ending.
In one camp is UAE tycoon Sulaiman Al Fahim, who on May 27 announced his intention to buy the club. In the other camp is current owner Sasha Gaydamak, who agreed to sell.
On July 20, they signed a terms of agreement document. Now it’s late August, and nothing much has happened.
Where is this all ending? I suspect the next 24 hours are about to see a lot of activity, which will bring this saga to its conclusion – and for PFC fans, a positive one that.
Here’s how I see things playing out. There has been much talk and rumour of Sasha Gaydamak having found a “plan B” group of investors to take over the club.
I envisage a new group, brought in by Peter Storrie, joining forces with Al Fahim. The terms of agreement signed on July 20 is torn up (which currently prevents PFC negotiating with other parties), and instead, a new one drawn up: the new investors, led by Storrie, will have a plus 50 percent stake in the club.
All this will be done by tomorrow night, just in the nick of time before the transfer window closes.
This, if you like, is a cocktail of Plan A and Plan B (or Plan AB if you like...)
The beauty of this set up is it means there is immediately cash coming into the club, which can be used to fund new players. Don’t forget, Al Fahim’s original deal included taking on the hefty liability of guaranteeing the club’s massive debts, including $30 million owed to Barclays and Standard Bank.
So in effect, all the shareholders are taking on a big chunk of financial liability, whether through guaranteeing debts or adding fresh funds.
Though all this may have seemed unlikely only a week ago, I actually think it will be the best possible outcome for the club: a mix of shareholders and investors, the debt taken care of, and cash to play with. Without relying on one single shareholder, the club’s future is far more secure. If things go well or badly, they all have options to buy each other out.
Al Fahim’s business strength has always been brand building, and he will concentrate on plans for a new stadium and developing the academy, while Storrie and Hart – backed by new investors and funds - quickly start bringing in new players.
Two weeks from now, the new team of owners will all be sitting together smiling in the directors box at Fratton Park. They will all be pals, the club will have been saved from oblivion, and you never know, Portsmouth might even win a few games.
Am I right? We will see in the next 24 hours...
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
24 hours
Posted by farjam, Mogadishu, Mongolia on Friday 21 August 2009 at 07:16 UAE time
No. You are wrong. We're now over 48 hours on.
With every passing second another little piece of Mr Fahim's reputation, such as it is, leaves this mortal coil.
Posted by farjam, Mogadishu, Mongolia on Friday 21 August 2009 at 07:16 UAE time
No. You are wrong. We're now over 48 hours on.
With every passing second another little piece of Mr Fahim's reputation, such as it is, leaves this mortal coil.
Storrie is welcome...SAF can go
Posted by SouthseaBlue on Wednesday 19 August 2009 at 17:43 UAE time
saf, you've wasted enough time and caused the backbone of our team to leave, only Peter has kept the club afloat...I hope he can complete this deal with his own backers and you can return to your self-publicising lifestyle and leave us alone.....grrrrrrr
Posted by SouthseaBlue on Wednesday 19 August 2009 at 17:43 UAE time
saf, you've wasted enough time and caused the backbone of our team to leave, only Peter has kept the club afloat...I hope he can complete this deal with his own backers and you can return to your self-publicising lifestyle and leave us alone.....grrrrrrr
Pompey Takeover
Posted by Adam Redman, Portsmouth, England on Wednesday 19 August 2009 at 16:46 UAE time
Although it sounds positive, it's typical Pompey in it's complexity!
Posted by Adam Redman, Portsmouth, England on Wednesday 19 August 2009 at 16:46 UAE time
Although it sounds positive, it's typical Pompey in it's complexity!
Portsmouth - New Investors Coming Today
Posted by OldFETinShacker, Newport Pagnell, UK on Wednesday 19 August 2009 at 16:46 UAE time
Al Fahim gave us hope for the future, the juice of life for football fans, so that we would be able to face that future together.
Now I believe, as do many other portsmouth supporters, that the time has come for Al Fahim to save face and do something positive.
Posted by OldFETinShacker, Newport Pagnell, UK on Wednesday 19 August 2009 at 16:46 UAE time
Al Fahim gave us hope for the future, the juice of life for football fans, so that we would be able to face that future together.
Now I believe, as do many other portsmouth supporters, that the time has come for Al Fahim to save face and do something positive.
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