Eurosport - Thu, 01 Oct 12:27:00 2009
Portsmouth chief executive Peter Storrie has revealed the extent of the club's financial troubles in a week in which some players were not paid their wages.
Storrie, who almost quit the 2008 FA Cup winners before relenting to fan pleas for him to stay, also admitted the club flirted with administration "a few times" during the past year.
Some players and executive board members were not paid as expected due to "a delay in the transfer of funds" following the recent takeover by Sulaiman Al Fahim (pictured).
The club said in a statement that those who had not received salaries for September would do so "in the next 48 hours".
However, the situation has only highlighted the financial instability at Fratton Park with Al Fahim's promised £50 million cash injection yet to arrive.
Storrie told ESPN Soccernet: "All the money from all the player transfers and the Sky TV money, all of the £35 million from January, has gone straight to the Standard Bank. There is no money left.
"Whatever we spend on a monthly basis comes channelled through from the new owner. He has promised to re-finance, and he has shown me all the documentation, but I have no idea about the conditions of the £50 million he says will be arriving in a few weeks."
Storrie admitted that a cash injection was urgently needed from somewhere as soon as possible, but moved to allay fears that the Hampshire club was on the verge of going out of existence.
He said: "We need to re-finance, it is as simple as that. As for the players' wages for the last month I would imagine it's a blip and they will be paid, but I have spent the last nine to 10 months fighting fires on a daily basis, I'm not giving up.
"Yes, we have been very close to administration a few times in the last nine to 10 months, but I am not about to give up now.
"I've no idea of the timescale about how long this can go on. I don't want to frighten people. I am sure that if the re-financing that has been promised fails for some reason there will be other people ready to step in."
The behind-the-scenes travails are an extra worry for fans that have had to endure an exodus of leading players and a run of seven defeats from as many Premier League matches this season.
The club has brought in more than £80 million in the past 18 months from transfers including Jermain Defoe, Peter Crouch, Sylvain Distin, Sulley Muntari and Lassana Diarra.
Yet manager Paul Hart has been unable to buy players of equal quality and, if Storrie's comments are anything to go by, may still have his hands tied in January when the transfer window reopens.
Portsmouth released a statement earlier on Thursday regarding the non-payment of wages which read: "Portsmouth FC can confirm that the first-team squad and executive board was not paid on Wednesday.
"The club is currently being refinanced by the owner Sulaiman al Fahim following the recent completion of his takeover. There was a delay in the transfer of funds but the lawyers have received confirmation that this will happen on Thursday.
"This will enable the players to be paid within the next 24 to 48 hours. The players have all been informed of the situation.
"The executive board will continue to help the new owner in his efforts to refinance which has come about as a direct consequence of the banks' requirements to retain all television receipts and profits generated during the transfer windows."
Comment 62 - 81 of 81
Sheikh Fahim was admitted in a hospital yesterday. Am from Dubai so just read in it on a website here.
I wish pompey the best of luck! as a Cardiff city fan we also have a dodgy owner (Peter Ridsdale) who's track record speaks for it self! This Sulaiman Al Fahim guy sounds like he liked the idea-glamour of owning a premiership club...but now reality had kicked in financially! just hope you guys get this dreamer out asap.
Comment 61, what you fail to realise is that Redknapp might get his players on the cheap but the wages associated to it are far from that. The likes of Campbell, Johnson, Distin, Crouch and Defoe probably make up a vast majority of the debts we now owe.
I truly do not care about Spurs (or Saints for that matter even being a Pompey fan) but I am forced to compare Harry to Attila the Hun in the fact that weherever he passes, the grass does nt grow back (or something to that effect).
That said, I do not care if Pompey are in the Premier League or not (yeah, yeah, I know, easy to say now) but the fact is that I have actually never seen them in the Prem (I live abroad since the promotion season). No matter who we play, it will not change the fact that it is Pompey that will make up half the players on the pitch, whether we play Arsenal, Man Utd, Cardiff, Swansea, Bury or Accrington Stanley, this is something that will never change. Yes, it is great to have success and to be recognised but, at the end of the day, what really matters is who you support through thick and thin. I have not chosen Pompey, Pompey chose me, I was born there, I am attached to the city, to its spirit and the people that make up that spirit. If you fail to understand that, you have no grasp to what it means to be a fan, it is not about the winning, not about the glory, not about the trophies, it is about getting behind 11 players (+ subs) who not only try to push a leather round ball into the opposition's net but also defend the pride of the city you love. Not doing a great job so far I concede but, as long as they play with pride and determination and they do not let us down, I am behind the players and the club alike.
Sorry about the long post but, in these days and age, it seems that this is a feeling that many of us seem to have forgotten. As much as I loathe to agree with Roy Keane, he was kind of right in his prawn sandwiches assessment (as mentionned by an earlier post).
rickythebricky17, I'd like to know just how far you are going back, Because since like the mid 80's you've not topped 20000 and the average for top flight football has been vastly over that. As for Saints, they had bigger crowds in their dome than you. Of coourse i can't compare when they were in the 3/4th league as its been 50 years since. And like i said, this year in league 1 their attendances are actuallt higher than yours. Maybe you need a rethink!!
If pompey trust this Arab they deserve to be in the clarts. When a millionaire or billionaire buys a buisness its my experience the banks involved are rubbing there hands with glee, Portsmouth,s bank does not seem to trust This Arab neither. I would get out of that deal as soon as poss or the clarts will cover Pompey
Is there not a pattern to all this? REDKNAPP, SOUTHAMPTON, OVERSPENDING, UNDERACHIEVING, ADMINISTRATION, REDKNAPP, PORTSMOUTH, OVERSPENDING, UNDERACHIEVING, ADMINISTRATION?, REDKNAPP, TOTTENHAM, OVERSPENDING well look whats coming next... The one constant is that Harry the spiv gets richer while he spends money that these clubs obviously can't afford. The clubs he manages of course rise up the league but then shortly after go hurtling downwards with no money left. LOOK OUT TOTTENHAM!!
the iffy a rab who says he will put up the money is nothing more than shyster,as in darkie devil who will take portsmouth to extinction
ILL THROW PENNIES AT THE NEXT PORTSMOUTH FAN I SEE!!!!!!!!!!! LMFAO!!!!!!!!!!
61 so which 1 bothered you?!!
d.papas i think you need to read what i wrote & not what you think i wrote , are you a journalist perhaps ? i was talking back when not last year or last week, have another read
Rhobemsworth, see you got a lot of thumbs up for your idiotic statement to do away with transfer fees. You see, transfer fees after a contract has expired, was made illegal by the Bosman ruling. Yes,in the old days, when a player's contract expired, and he no longer had a contract, the club that used to hold his contract could still sell the player. Now players can only be sold if the are still under contract. So what you are saying is stop transfer fees. In fact there is no such thing as a transfer fee, it is a payment for allowing a player to end their contract with a club. Without that, a player at any time could just tell any club, bye bye, I'm leaving tomorrow. How would you feel about that if the whole of the first team of the club you support said they were leaving the next day? And going to you biggest rival. You see, you need to think before you make stupid statements. Typical ignorant football fan
I do not support Pompey but the away support they have is brilliant. I sincerely hope this guy is legit - the fans (often forgotten as neccessary evils) deserve much much much better.
As I said, I don't support Portsouth but PLAY UP POMPEY,PLAY UP
just grab that guy by the ankles and give him a shake, see if anything falls out, hehe
As a west brom fan I wish you all the best. But ding-dang-doo at least youve got mary as a fan
When Harry is there, Portsmouth do well, when he leaves they do badly. Check the facts
The problem at portsmouth is not the money that Harry Redknapp spent, but the fact that he left. He leaves you go to cr.p. He comes back you win the FA cup. He leaves you go to cr.ap again. The facts can't be changed
Of course, nobody can really blame a manager for over spending, but I remember all the articles in the local Portsmouth newspaper where Redknapp would be complaining that he didn't have good players in certain positions, the squad wasn't big enough & not enough balance. He was constantly putting pressure on Gaydamak to finance better players. He bemoaned the lack of finance before leaving Pompey but as soon as he got to Spurs he complained about their team and kept saying how he'd had a far better squad at Portsmouth. By January he had Levy spending a fortune even though Spurs already had a squad full of talent.
With the wages that we had at Pompey during the Redknapp years we should have been in the top 6 not finishing 8th or 9th. Storries and Gaydamak bought players from the big four clubs and allowed then to negotiate higher wages than they had been earning previously. It was great that we won the FA cup but we played poorly in every match and generally were a defensive side. O'Hara and Boateng have shown more attacking intent from midfield in 3 games than players like Diarra, Muntari and Kranjcar did in the entirety of the Redknapp era.
Excellent point, Martin!
do away with transfer fees, put all players on wage caps, and then lets see how many continue playing for the love of the game. greed is ruining the game completely.
So now some footballers are not going to be paid their ten thousand a week cos their company has gone bust. Welcome to the real world where the people who support them have lost their jobs but never got paid the ten thousand a week in the first place.
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