Portsmouth deny club is to enter administration
Thursday 10 December 2009
Portsmouth have responded to speculation over their financial state by insisting the club is not going into administration.
Speculation over Pompey's position has intensified since last week when it emerged players had been paid their wages late for a second time this season.
In a strongly-worded statement this morning, the troubled Barclays Premier League club reiterated new owner Ali Al Faraj's determination to tackle their financial problems.
They also insisted chief executive Peter Storrie was not leaving Fratton Park.
The statement read: "The owner and board of Portsmouth Football Club are disappointed at recent inaccurate media speculation regarding the club's finances and the threat of administration.
"Ali Al Faraj and his associates took over the running of the club and inherited a business that had substantial debts.
"Dealing with the finances has been the priority since Al Faraj came in to pay the players before taking over the club from Sulaiman Al Fahim.
"The club is not going into administration. If that were the case it would have happened at the end of September or early October.
"This week alone, HM Revenue and Customs were paid £2million and other historical arrears are being dealt with on an ongoing basis.
"The new owner has not had the benefit of TV revenue to aid the club, with the next major instalment due in January.
"However, he and his associates have already invested substantial funds to keep the club operating and will continue to do so.
"The owner remains committed to the club and has shown that through his investment to date.
"He will also provide manager Avram Grant with all the tools he needs to ensure the club reaches a position the players' performances deserve - away from the relegation zone.
"Despite media rumours Peter Storrie remains chief executive and has been holding talks on behalf of the club in other parts of the world.
"Much is happening behind the scenes but constant malicious rumours and speculation do not assist with the proposed major long-term funding that is currently being put in place.
"Finally, we would like to place on record our thanks for the unwavering support shown by our very loyal fans."
Portsmouth have endured a turbulent year with the ownership of the club changing hands twice.
Al Fahim's protracted takeover took three months to complete and then lasted just six weeks after players' wages for September were not paid on time.
Al Fahim sold 90% of his shares to Al Faraj in October but further administrative difficulties led to a second payment delay for last month.
Pompey are also currently the subject of a Premier League transfer embargo.
The problems have been reflected in results on the field with the team bottom of the Premier League after 15 games.
Manager Paul Hart paid the price for the club's poor start to the season with the sack last month.
His successor Avram Grant lost his first two matches in charge but then secured a crucial win over Burnley last weekend.
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