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Pompey owners need cash solution.

Summary: Portsmouth have issued a statement highlighting the importance of new owner Sulaiman al Fahim finding a "permanent financing solution".

Portsmouth have issued a statement highlighting the importance of new owner Sulaiman al Fahim finding a "permanent financing solution".

Executive directors of the club are close to securing funding for wages owed to players - but Al Fahim has been told refinancing the club and paying staff on time is ultimately his responsibility.

Pompey's chaotic season took a new twist when some players were not paid this week, although they have been promised their money by the weekend, the latest episode in a takeover that has been surrounded by uncertainty.

The reason for the delay was explained as due to "a delay in the transfer of funds" after banks demanded the television receipts and profits from the last transfer window - meaning Al Fahim needs to refinance the club.

The Premier League are understood to be monitoring the situation and looking to see if Pompey fulfil the financial criteria set out to clubs, while the Professional Footballers' Association will deal with any contractual issues if players are not paid.

The Pompey statement said: "It is clear that in order to ensure that the club is able to secure its longer-term future, a more permanent financing solution needs to be found quickly as the executive directors consider it an obligation to the club's loyal employees and fans, who undoubtedly feel equally disappointed."

Independent Television News Limited 2009. All rights reserved.

Independent Television News Limited 2009. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Date:Oct 5, 2009
Words:263
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