It seems like daunting news, but it's still £7 million less than we lost the year before and the big-money transfer dealings of this season (08/09) have not been taken into account.
The club have received money from the increased Sky money, new sponsorship deals and the glorious FA Cup run last season which has helped reduce the loss but have also spent significantly on the new megastore and upgrading Fratton Park.
Pompey have stated that they aim to break even by 2011/2012 when Fratton Park is (hopefully) redeveloped into a 30,000 seater stadium when turnover then can be increased.
However, it remains that the owner is still reportedly up to £80 million in debt and that is the most significant figure that must be addressed before we go the same way as Southampton.
Still, if you are £16,599,999.99 in debt or less then you are officially richer than Portsmouth Football Club.