Portsmouth deny administration claims
Portsmouth deny administration claims
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By Adam Leveridge. |  |
Thursday, 10, Dec 2009 10:48
By Alistair Potter.
Portsmouth have denied claims in the media this morning that the club are set to enter administration because of mounting debts.
The Fratton Park outfit's future has been the subject of much speculation recently, especially as stories emerged that players have frequently not been paid on time and transfer embargoes have been enforced because of unpaid debts to other clubs.
However, Pompey's owners have released a strongly-worded statement denying the rumours.
"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," the statement reads.
"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."
The statement goes on to claim that substantial debts of £2 million owed to HM Revenue and Customs have already been cleared this week, and blamed a lack of TV funding - which was used up in the summer - for the backlog in the finances.
It also confirmed that Peter Storries remains on the board as the club's chief executive, despite rumours he is quitting amid disillusionment with the new takeover.
"The new owner... and his associates have already invested substantial funds to keep the club operating and will continue to do so," the announcement continued.
"The owner remains committed to the club and has shown that through his investment to date.
"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."
After 15 games this season, Portsmouth are bottom of the Premier League table with just ten points and face the prospect of relegation unless the team sees a major upturn in fortunes in the second half of the campaign.