Reports are circulating that Ramon Vega, footballer turned entrepreneur,
turned possible new owner, is locking horns with Sacha Gaydamak over the Club's
valuation.
Vega ex of Spurs and a few others is now running a private equity firm and
also has interests in property development.
Just in case you don't know, most private equity firms take investors' money
on the back of the promise of big returns and to achieve these returns they
have to be ruthless. Vega interested in football? I doubt it. Vega spotting an
opportunity? That's more like it.
Not the type of owner at the top of my wish list given both of his business
focuses have been seen in less positive lights over the past few years.
Despite this, some are saying that Vega is the perfect candidate because of
his mix of football and business. I don't agree. The only people qualified to
run a Club are those that have done it before and that doesn't include an ex
footballer, with or without a few Swiss Francs shoved under his bed. And in
case you are wondering about the bed remark, it just so happens that Swiss
banks are in just a big a pickle as our own, if not more so.
If you don't follow the business press let me update you on a few
pertinent facts about the world economy and why Sacha Gaydamak is not alone in
finding himself short of a few bob and needing understandably to maximize the
price of what is possibly his largest asset.
In the past few months China has experienced a massive financial shock wave.
Over 20,000,000 workers have lost their jobs, with another 20,000,000 hanging
in the balance. To put this into perspective that is almost double the number
of people employed in the UK. Imagine the effect on the world economy if we all
stopped working and then you'll get an idea of what is happening overseas but
barely being reported here.
We can see the effects of the Chinese problem in the West. Because of their
sudden slowdown, oil is now in oversupply and as a result we have seen the
price drop simply because the Chinese have stopped buying it in quantity.
In Russia, the top 20 most wealthy men, Abramovich included, have seen their
wealth reduced by up to 60%. Not the 30% that some have claimed. Ok you might
be thinking ‘poor guys'. And you'd be right. But only because if you lose 60%
of your net worth the chances are you are suddenly very, very short of cash.
If you were thinking Chelsea has suddenly decided to try and make a profit
for the hell of it, think again. They are talking of selling players before they
buy new players simply because the boss may well run out of readies. And let's
face it, what was once a fun pastime suddenly becomes just a game and not
something to risk your ‘empire' on.
If you think I am exaggerating then read on. LDV Vans are on the verge of bankruptcy
and are begging for a handout from the British Government. Leaving aside the fact
that idiot British bankers have been promised a total of £750,000,000,000 (yes
$750bn) in bailouts, the Government are refusing to help out because LDV is
owned by Oleg Deripaska, often
described as Russia's richest man, yet unable to come up with the £30m small
change needed to keep LDV afloat.
In the US, Citigroup once the
world's largest bank is about to succumb to US Govt. ownership. This once huge
powerhouse is now so broke that it is in dire danger of failing. It's too big
to let die in the eyes of the politicians, hence yet another bail out.
Talking of US banks. In January,
Bank of America bought Merrill Lynch. Had they not, Merrill would have failed
and millions would have seen their personal investments and bank accounts freeze
in the New York winter.
‘Thanks' to Bank of America, Merrill
was saved but not before Uncle Sam injected $140bn into new owner Bank of America
in the form of loans and guarantees. Criminal? Sounds like it doesn't it? But
that dwells into insignificance when you hear that Merrill Lynch's executives
were paid $3.8bn in bonuses 30 days earlier than usual in order to receive the
cash prior to the takeover.
Yes you heard right. One of the
world's largest banks goes all but bust and as it burns, the bosses take the
silver. Then weeks later, the piranha like Bank of America consumes its prey
and promptly secures $140bn of US tax payer funding.
Same thing happened here. Banks
on the verge of bankruptcy acquired their biggest competitors then weeks later
received £billions in handouts.
As a final reminder that we live
amongst rogues and incompetents, the money promised to British banks hasn't
even been used for our benefit. Instead it's being sucked up like a rancid
sponge and underpinning the banks' balance sheets so that they survive even if blameless
customers like you and me don't.
Shocking isn't it? The world is in
financial meltdown and it's barley being reported and all we hear about is how
that clown in number 10 Downing Street reckons his ten years of incompetence as
Chancellor of the Exchequer somehow qualifies him to put himself forward as
running the international think tank charged with clearing this mess up.
Meanwhile back at Fratton Park,
Sacha Gaydamak invested very real and very welcome money into Portsmouth
Football Club and took it to places we only previously dreamed about. And now in
these very trying times, doesn't he have every right to try and maximize the
price he gets for the Club? Which incidentally is probably his largest and most
important asset.
Damn right he does and if needs
to open a street market on the pitch at Fratton Park every second Saturday to
make ends meet, I for one will be there supporting it.
This is the time for patience. We
have a good management team in place, albeit temporary and a good executive
team. Let them do their stuff and let us do ours, which in case some fans have
forgotten, is actually about supporting the team, not criticizing its every
move and at the same time calling for the owner to sell up to the first Tom, D:ck or Ramon that happens to show an interest.
Play up Pompey.