Portsmouth say they are working hard to clear debt

Cash-strapped Portsmouth are bottom of the Premier League

Portsmouth chief executive Peter Storrie says the club are "working hard" to convince the Premier League that they are financially stable.

The Premier League said on Thursday it will give Portsmouth's £7m share of the latest money from the league's TV deal to the clubs Pompey owe money to.

Pompey's transfer embargo remains in place but they are hopeful it will be lifted before the end of the month.

"It's very disappointing of the Premier League," Storrie told BBC Sport.

"We feel we are doing everything we can at the moment to stabilise the situation and get the embargo lifted."

After a two-day meeting, the Premier League said the cash would be paid to "undisputed football creditors that were overdue at the time of meeting".

Portsmouth owe about £10m to clubs in the Premier League and abroad.

But Storrie says that all the Premier League clubs have now been paid and agreements are in place to pay instalments to two of the three foreign clubs owed money. Negotiations with the third foreign club are being "finalised".

And the club also told BBC Sport that they are working "extremely hard" to generate new revenue streams.

606: DEBATE Football is now big business and just as businesses go bust from time to time, so should football clubs. DQ

The Premier League said on Thursday it would continue to work with Portsmouth, who are £60m in debt overall, "to ensure that arrangements are in place to settle all club liabilities as and when they become due".

It is understood the unsettled accounts are spread across several deals, including the transfer of Glen Johnson, who has since been sold on to Liverpool for £18m, from Chelsea in August 2007.

Terms still have to be met over the moves of Younes Kaboul from Tottenham, Sulley Muntari, now at Inter Milan, from Udinese, John Utaka from Rennes and Nadir Belhadj and Aruna Dindane from Lens.

The French club are considering recalling Dindane with a view to selling him to another club.

The players are getting on with their jobs and playing their hearts out Peter Storrie

The Premier League's decision to use the £7m TV money means the club, which is also facing a winding-up order from HM Revenue & Customs (HMRC), still owes £3m in outstanding transfer fees.

Portsmouth's staff and players have also been hit by the club's financial problems with salaries failing to be paid on time in recent months.

But despite this, Storrie says morale at the club is still quite high.

"The players are being very good about it to be fair, they just want information from the owners and to be up to date of what the situation is," he said.

"But they are getting on with their jobs and playing their hearts out.

"It has affected the staff more than anything as their salary levels are much, much different to that of professional players. They tend to get hit hard with bank charges because of delayed payments and we try and help out as much as possible."