Items for discussion;
1) Ownership of PFC
2) Debt position of PFC
3) Future investment for PFC
4) Role of fan websites
5) Next steps
Colin Farmery began by outlining the purpose of the meeting and the PVA,
that being setting up a dialogue between the club and the websites, to
communicate and listen to each other. The PVA currently covers the
interests of thirteen Portsmouth FC fan websites, who are concerned at the
current situation of the club. It was stated the it had to be understood
that there were a variety of items which the club would be unable to answer
because of confidentiality.
Each attendee of the meeting then introduced themselves and, where
appropriate, which website they represented.
Colin then brought up the first item for discussion, the ownership of PFC.
Note that the resulting discussion also eventually incorporated items 2 and
3, so these are dealt with in one section in the minutes.
Peter Storrie;
- Has been at the club for around seven years and, in that time, no owner
has put equity into the business. Every owner has only increased club debt.
- Average turnover is £60 million, this year will be the first in which the
club is close to break even (£30-£40 million on wages, £20 million on other
costs). This leaves no money for transfers when previously club has lost
heavily each season.
- Has personally saved the club over the last year, but acknowledged the
help received from other Pompey staff.
- Has promised other clubs he will not leave Portsmouth so they know he is
in position to help player deals and payment
- Stated that banks could have called in money at any time, and still could.
As as result of having to reduce the loans to the Standard Bank this was
bringing the club down club down, hence players had to be sold.
- Banks compounded problem as club had to pay out loan fees immediately
instead of staging permanent transfer fees
- Portsmouth are still paying transfer fees for players who have left the
club but these will be cleared in January
- All Sky money received in August went straight to Standard Bank
- Club had to refinance so had to bring in owner who could put in equity
- Other clubs and agents have helped the club by putting back payments due
- Club can only break even additional finance is brought in with larger
stadium, so owner will have to provide the equity
Question from Mike Hall - Has Sulaiman Al Fahim completed his takeover and,
if so, where is his money?
Peter Storrie;
- In February, Peter was approached as Al Fahim was interested in buying the
club. Discussion took place then nothing else was heard
- In May, Peter received a call and subsequently met Al Fahim at the
Champions League Final in Rome. Memorandum of Understanding (MoU) was
signed.
- Situation dragged on over next few months, Al Fahim was fully aware of
effect on club
- Pini Zahavi approached Peter to raise awareness of the Al Farraj brothers
interest in the club. Meeting was held and interest confirmed, things then
moved quickly
- One member of Al Farraj consortium was suing Arcadi Gaydamak. Even after
the Al Farraj brothers withdrew him, Al Fahim's offer was completed after
he came up with the required money. This was driven by Arcadi Gaydamak. Al
Fahim owns the club
- Al Fahim has not refinanced the club as things stand, and it is unsure
whether he currently has the funds. Al Fahim has assets but all tied up in
business, no liquid assets. He is currently trying to raise new finace, but
we have not heard whether this has been successful yet
- Al Fahim has club at heart but has, so far, only talked. Peter not
getting answers on how to fund the club, and Al Fahim doesn't understand how
the club runs and how it relates to things like the Inland Revenue
Additional from Mike Hall - Are the Al Farraj brothers still interested?
Peter Storrie;
- Yes, proposals are being discussed, but nothing could happen unless Al
Fahim agrees as he is the sole owner of the club
- In response to a follow up on why Al Fahim is being resistant, have to
understand the individual, Al Fahim likes publicity
- Al Fahim will bring in his own people in time
Question from Scott McLachlan - Will he start releasing statements through
the club?
Peter Storrie;
- Al Fahim has to stop releasing statements in other media outlets, it is
concerning, especially as it has an effect on dealings with other clubs.
When Al Fahim mentions he would like to sign various players, other clubs
state that debts to them have to be paid before we sign those players
mentioned
- Al Fahim is in the States trying to try to get club refinanced
- Al Farraj brothers are ready and waiting. Whilst 50/50 partnership would
be legally improbable, share agreement could be discussed
Question from Colin Farmery - Are there any outstanding issues with Sacha
Gaydamak?
Peter Storrie;
- Gaydamak still sits on the board of the holding company (Miland 2004).
Pointed out that Gaydamak has written off £21m debts which the club had.
There is no impediment in the deal Al Fahim has done with Gaydamak, to
prevent him selling the club on.
Question from Mike Hall - Is there any news on Al Fahim's claimed £100
million bonus, and will this go into the club?
- Doesn't know about this, has just been told that Al Fahim is expecting a
bonus
Question from PVA (sorry, didn't catch who this was) - Can the club shed any
light on the supposed 48-page dossier?
Peter Storrie;
- Doesn't think this exists, and believes this was a publicity stunt
Question from Vern Rickman - Is Al Fahim listening to people regarding their
views on his statements and his publicity stunts?
Peter Storrie;
- Al Fahim is doing his own thing, he doesn't appreciate how it comes over
to fans, and doesn't really appreciate how things work
Question from Scott McLachlan - What can the club do to get confidence back
in the club after a summer of broken promises, there is no enthusiasm for
some people to come to Fratton Park?
Lucius Peart;
- The club has taken a kicking across the board, and everyone at the club
has suffered. The club understand how hard it is for the fans as people at
the club have found it hard work
Peter Storrie;
- Haven't got the finance to start the training ground as it stands, or to
start work on turning the ground. We have a fantastic new design for the
ground and this can be moved quickly with finance. Would like a 4,000 to
5,000 family enclosure. Also said that what doesn't help is other clubs
returning late tickets as Portsmouth have to sell these tickets at the same
price the returning club was charging.
Lucius Peart;
- As a thank you to STH’s he said the club are announcing two increases in
discount to Season Ticket Holders.
From now on STH will receive 20% off the launch prices of any replica kit
purchase. This means STH’s can get a S/S home adult shirt for as little as
£28.00. This offer is open until 30th November 2009 and should prove useful
with the home kit just being launched & the new 3rd kit being released on
Oct 7th.
Additionally, STH normal discount of 5% has been increased to 10% from today
(sat) and will run until May 31st 2010. This means any full priced item can
now be bought for 10% off in the PFC shops.
Question from Peter Corrigan - It's great to have players who want to be
here instead of the "overpaid, sulky" players we did have, but will Peter
Storrie be staying?
Peter Storrie;
- Yes, he has just bought a new house and turned down a huge offer from a
big club. Happenings do get him down but has been reassured by messages
from fans. Would like to see how club can get fans back to games who just
come to the one or two games a season
Comment from Jim Bonner - Has seen and talked to other fans who would love
to be in our position, in the top leagues having just won the FA Cup.
Peter Storrie;
- Partly the club's fault for allowing expectations to get too high.
Question from Dave Taylor - Could Portsmouth take advantage of the 20,000
students due in the city this year and look at discounts for them to help
fill the stadium and what do the club think of the Mirror article of the
12th which basically stated the fans were in revolt over unanswered
questions?
Lucius Peart;
- Yes, working with Portsmouth University and also sponsoring their athletic
teams. The club has very good relations with the fans.
Peter Storrie;
- Shocked by the number of supporting emails he has received over recent
times
Comment from Vern Rickman - Feels that Peter has had a good summer, and it
has shown how much he cares about the club, with what he has done and said.
The chairman then moved the discussion onto Point 4, role of fan websites.
What can the websites do for the club and how can we move forward?
Peter Storrie;
- Club has lowered prices on Milton End tickets and season ticket holders
are receiving discoounts on shirts until the end of November
- Try and quell expectations of Al Fahim, he is the way he is
- Promote ticket sales, let's get people back to Fratton Park
Comment from Scott McLachlan - If we are going down, all we want is to go
down fighting and we need to attack teams more
Peter Storrie;
- Paul Hart has never felt he had the players to play an attacking
formation, especially in midfield. Now has his own players
- Atmosphere on training ground is vastly improved, and players have
requested double sessions
Point 5, Next Steps
Peter Storrie confirmed he is happy to have these meetings every two months
Regular meetings will also be held with Johnny Moore and Chris Hayler on how
the club and websites can work together.
Meeting closed: 12.02