Pompey close in on Holland

Holland is headed back to the Premiership

Ipswich Town have accepted a £750,000 offer from Portsmouth for skipper Matt Holland.

The 29-year-old midfielder had been linked with a move to Charlton and Southampton but Pompey look to have won the chase for the Irish international.

Ipswich chairman David Sheepshanks said finance was the reason behind their decision to accept Portsmouth's offer.

He told the club's website: "Most regrettably and reluctantly we have been obliged to consider the transfer opportunities for our much admired and outstanding captain Matt Holland.

"For any club outside the Premiership, it is not just about transfer fees but also the size of wage commitments.

"Matt Holland was not on huge money by Premier League standards, but nevertheless on a level that is simply unaffordable in the First Division.

It is now up to Matt to discuss personal terms with Portsmouth

David Sheepshanks

"The state of the transfer market is such that while there is interest in a player of Matt's pedigree, the very best fee that we have been able to obtain is £750,000 from Portsmouth.

"This is particularly tough to digest when a year ago much higher values were being spoken of, and indeed in August 2002 we agreed a sale to Aston Villa for £4m.

"It is now up to Matt to discuss personal terms with Portsmouth. If he decides to go he will be a huge loss but by the same token we have every confidence in Joe Royle being able to replace Matt and build his Ipswich Town side for the future."

Holland is currently away on international duty with the Republic of Ireland, preparing for their Euro 2004 qualifiers against Albania and Georgia.

Meanwhile, Portsmouth have refused to comment on rumours linking them with a £1m swoop for Serbian international Dejan Stefanovic.

Former Sheffield Wednesday player Stefanovic - who won his 20th cap on Tuesday evening against England - had reportedly agreed a four-year contract with Pompey, according to the Express newspaper.

But Portsmouth chief executive Peter Storrie said the club had not signed the 28-year-old defender.

"We are looking at a lot of players and when something happens we will be the ones to announce it," he said.

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