However, a recent article on soccernet, where a Fratton Park insider spills the beans on how Pompey are attempting to solve their cash crisis, might make things clearer (or simply more complicated, depending on which way to look at it).
Here is a bullet point summary of the piece, the full article can be read here so I can take no credit (or miscredit if the info is wrong) for the contents:
- Pompey are looking for a major loan against the next two TV revenue payments. This could rise to up to £60 million but the figure will be halved if the club get relegated at the end of the season.
- Getting relegated would see Pompey lose £20-30 million in TV revenue, but still retain a similar amount because of parachute payments and TV revenue from Championship matches.
- Pompey are searching all around the world for this major loan, as no bank in the UK will grant the club such a large sum of money. Pompey have also reached their overdraft limit so simply have to secure additional finance from overseas.
- Pompey are due to be paid £7 million by the Premier League in January. However, Chelsea and Rennes are still owed £8 million for outstanding payments on the transfers of Glen Johnson and John Utaka from their respective clubs.
- Worst of all, Pompey still owe Sacha Gaydamak £33 million. £8 million of that is to be paid to Devondale Investments, a company linked to Gaydamak, by the end of January 2010 with the rest due in 2012.
- The new owners have poured £18 million into the club already, but there was £30 million of debt that had to be paid immediately.
- Pompey owe agents a "large amount of money" but these repayments have been restructured into increments over a period of time. However, the rumours that Pompey couldn't afford to pay Hampshire Police for matchday security are untrue.
- Pompey are behind in their payments to the inland revenue, like most other Premier League clubs. The club still owe money for October and a £1.5 million PAYE bill for November.
- The Premier League want clarification about the third party loan, received from Hong Kong businessman Balram Chainrai, used to pay the staff wages as well as to pay off other debts.
So, it seems like Pompey are playing a very dangerous game and staying in the Premier League will simply mean Pompey will borrow even more money to stay there.
The source said that Pompey "should be in a very strong position come next summer" but I'm not that confident. I get seriously worried when I think about what may happen if Pompey can't repay the loans because it could spell the end for Portsmouth Football Club as we know it.
I'm also intrigued as to what Peter Storrie's situation is with the club at the moment. He has vanished off the face of the earth (OK, he's gone to Australia, which is the same thing!) and Mark Jacobs has seemingly taken over the majority of his responsibilities, including the day-to-day running of the club.
Storrie was tracked down by the media but he declined to comment on the speculation, so it wouldn't surprise me if he was to announce his resignation once he returns from his holiday. However, it's believed that Storrie had meetings in Hong Kong en route to Australia and plans to have more whilst on his break, so who knows?
The most important thing right now is that the extra finance is secured so that transfer embargo is lifted and then Avram Grant can go shopping in January, because with up to six players going to Angola for the African Nations Cup, our squad will be robbed of its best players and thus need replacing.
Whatever happens, there is always going to be that niggling thought in the back of my mind that the proverbial is going to hit the fan and things are going to get worse before they get better.