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Storrie defends 1m-plus salary

Peter Storrie
Storrie expects cuts "at all levels" at Pompey

Portsmouth chief executive Peter Storrie has defended his £1m-plus salary but vowed to take a pay cut as the club prepares for administration.

Last year Storrie earned £1.2m, a 30% increase on his previous year's salary despite the club's reported £70m debt.

Storrie said: "I've seen £1.4m bandied around, but my basic salary is less than half of what's been reported."

Portsmouth will go into administration by Friday unless a buyer is found for the Premier League's bottom club.

Explaining his remuneration package at the financially-stricken club, Storrie told the Portsmouth News: "The rest of [my salary] has been a bonus given by former owner Sacha Gaydamak every year.

The administrator wants me to help him sell the club to the right person

Peter Storrie

"That's in recognition of me keeping the club going for him by selling players.

"I'm prepared to cut my basic [salary] quite substantially," added Storrie.

"I have already spoken to the administrator and he wants to keep things settled, which means me staying on.

"I will work with him and I believe he wants me to help him sell the club to the right person.

"There will be cuts at all levels. That's something for the administrator to do to make sure the club keeps going. I will be taking a big cut as well."

Andrew Andronikou of accountants Hacker Young has been engaged as Pompey's administrator by the crisis-hit club and is likely to officially take on the role if, as expected, no buyer emerges.

If Pompey enter administration they will be docked nine points, but the winding-up order against them due to be heard on 1 March will be suspended.

Eight points from top-flight safety, Pompey's financial woes have meant their players have been paid late on four occasions this season.

Entering administration would leave them 17 points from safety, with only 12 matches remaining to preserve their Premier League status.

MATT SLATER'S BLOG

The club are also involved in a separate dispute with Gaydamak over whether they have missed a deadline in paying a £9m chunk of the £28m they owe him.

The Premier League recently withheld £2m of transfer payments and a £7m slice of TV revenue to divert to Chelsea and Watford for the signings of Glen Johnson and Tommy Smith respectively.

The Fratton Park club are also being sued by former Pompey defender Sol Campbell for £1.7m for unpaid image rights.

Balram Chainrai recently became Portsmouth's fourth owner of the season, taking 90% of the club shares after the previous owner Ali Al Faraj defaulted on loan payments due to him.



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see also
Premiership clubs 'owe most cash'
24 Feb 10 |  Business
Pompey labelled 'dysfunctional'
26 Feb 10 |  Portsmouth
Pompey fans wary of share offer
22 Feb 10 |  Portsmouth
Portsmouth transfer plea rejected
20 Feb 10 |  Portsmouth
Portsmouth reveal financial state
17 Feb 10 |  Portsmouth
Pompey chairman denies debt claim
17 Feb 10 |  Portsmouth
Utaka hits out at salary reports
17 Feb 10 |  Portsmouth


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