Portsmouth chief executive Peter Storrie has revealed that before the recent take over by Sulaiman Al Fahim, the club had twice been close to going in to administration.
New Pompey owner Sulaiman Al Fahim
Storrie said Pompey had been living ‘way outside our mean’s’ and had to sell a number of high profile players to keep afloat.
Despite some success under Harry Redknapp, including the 2008 FA Cup final win and qualification for the Uefa Cup, Portsmouth found it difficult to control their spiralling wage bill with only 20,000 fans coming through the terraces for home games.
Asked about going into administration, he told BBC Radio 5 live:
On a couple of occasions it got very close.
It’s something I was personally fighting very heavily against but at the end of the day you can only ask people so many times to give you a little longer to pay things.
Some of the football clubs and the revenue and agents were being absolutely fantastic, and doing a lot of it on my name really and saying ‘OK, we’ll do it for you Peter’.
They were being very, very understanding, but even they, rightly so, were getting to the point of saying ‘how many more times can we do this?’
I really do want to say a big ‘thank you’ to all those people who helped us so much to get us into this position so we’re now going forward.
I’ve enjoyed my seven-and-a-half years here and I feel there’s a job yet to be done.
I’m hoping this change of ownership will give us the funds, at long last, to do the stadium and the training ground.
I just want to see this through now, make sure we stay in the Premiership this year and push on with these two big capital projects.