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Page last updated at 17:12 GMT, Friday, 9 January 2009

Pompey quell fears over finances

Portsmouth manager Tony Adams
Adams says he has precious little to spend in the transfer window

Portsmouth have dismissed concern about their finances after the recent sales of Lassana Diarra and Jermain Defoe.

Those departures and owner Alexandre Gaydamak's wish to sell the club had prompted concern over Portsmouth's financial health.

But Gaydamak and executive chairman Peter Storrie said in a statement: "We have no further need to sell players.

"We are looking to offer new deals to players that (boss) Tony Adams sees as part of the future beyond this season."

In a joint statement to be published in the programme for Saturday's match against Manchester City, Gaydamak and Storrie added: "We are currently working on the permanent acquisition of three players along with two loan deals to the end of the season, one from the UK and one from abroad.

"We are not in a financial crisis as sections of the media would have you believe. We have simply adjusted the business to deal with the current climate until we move into the new stadium, when our revenue streams will be increased.

We are on course to achieve a turnaround from a loss-making business to a break-even position, which gives us a solid platform to recruit new players and move the business forward

Alexandre Gaydamak and Peter Storrie statement

"During this window the players that have left us are one who wanted to go and another who openly stated, on joining us, that one day he would leave for a bigger club. We have helped both achieve their ambitions."

Portsmouth have already underlined their position by agreeing a new four-and-a-half-year contract with defender Glen Johnson.

Gaydamak and Storrie admit the club has been affected by the global economic downtown but, strengthened by the sales of Diarra and Defoe for combined fees of 35m, they are confident of coming through in a healthy state.

The statement said: "As a result, we are on course to achieve a turnaround from a loss-making business to a break-even position, which gives us a solid platform to recruit new players to the squad and move the business forward.

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"We are now operating in a more volatile economic environment in the UK. This, together with the international nature of our player trading, leaves us susceptible to adverse movements in exchange rates.

"To counteract this we have reviewed all areas of the business, including salaries and overheads, with a view to making reductions where possible.

"Forefront in our minds will always be our Premier League status. The resultant changes will ensure that as a club we come through these difficult times for businesses and football clubs in a stronger position for the future."

Adams, however, told BBC Radio 5 Live that he would have precious little money to spend in the January transfer window.

The owner has already said he's not going to lose any more money into the club and I don't blame him

Portsmout manager Tony Adams

"I'm not going to see the Diarra money for some time because those payments are in instalments and we are still paying off the Younes Kaboul and Peter Crouch deals, while there was also money owed for Jermain.

"I needed to balance the books but there are a couple of little bits and we spent 4.4m on Nadir (Belhadj). There are a couple of little bits more but that's it.

"I will be looking around for a couple of loans. I've seen the budget, they (the club) have been really open and honest.

"The owner has already said he's not going to lose any more money into the club. He's put 80-100m into Portsmouth and refuses to do any more and I don't blame him.

"He said we've got to start making zero profit and balance the books and I'm up for that.

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see also
Johnson signs new Portsmouth deal
09 Jan 09 |  Portsmouth
Tottenham finalise Defoe transfer
09 Jan 09 |  Tottenham
Gaydamak ready to sell Portsmouth
07 Dec 08 |  Portsmouth
Pompey offers yet to materialise
20 Nov 08 |  Portsmouth
Gaydamak buys out Pompey chairman
19 Jul 06 |  Portsmouth


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