Portsmouth angrily deny administration talk
2009-12-10 - Added by
Premier League basement boys Portsmouth have issued strongly-worded statement denying that they are on the brink of going into administration, and labelled rumours to the contrary 'unhelpful'.
Last month Pompey failed to pay its players' wages for a second time this season, and there are reports that further delays in payments could follow amid uncertainty over the financial stability at the South Coast club.
Earlier on Thursday it was reported that the Fratton Park outfit would potentially miss out on all of the TV money that they would normally be due in January, as the Premier League may direct the windfall directly to the club's creditors.
Pompey are currently subject to a transfer embargo over debts which they owe to other clubs, while there are further rumours of unrest between chief executive Peter Storrie and the club's owner Ali Al-Faraj.
The club has endured a tumultuous few months on and off the field, having twice been subject to long drawn-out takeovers by Middle-Eastern businessmen, who have promised much but delivered very little.
Saudi tycoon Al-Faraj secured 90% of previous owner Sulaiman Al Fahim's shares in the club in October, after the latter's protracted takeover lasted just six weeks following the first failure to deliver the players' wages in time.
But the statement maintained that Al-Faraj had Pompey's best interests at heart, that he had already considerably improved the club's financial plight and would continue to do so as Avram Grant's side bid to avoid relegation.
It also declared that Peter Storrie was to remain as chief executive, having been unable to respond to media rumours to the contrary as he had been conducting negotiations for the club in other parts of the world.
"The club is not going into administration. If that were the case it would have happened at the end of September or early October," a club statement read.
"This week alone, HM Revenue and Customs were paid £2m 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.
"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."