Portsmouth take out emergency loan to pay players

Executive directors act as they wait on funding from UAE tycoon Sulaiman Al Fahim.
Portsmouth take out emergency loan to pay players
By Neeraj Gangal
Fri 02 Oct 2009 10:39 AM

Portsmouth Football Club has been forced to arrange an emergency loan to cover players’ wages, officials have said in a statement.

The executive board of the club has urged the owner, UAE tycoon Sulaiman Al Fahim, to deliver on his promise to refinance the English premier league football club within the next fortnight.

Some players at the club were reportedly not paid as expected earlier in the week due to "a delay in the transfer of funds" following Al Fahim's recent takeover. It is understood that backroom staff have been paid as normal.

However, Portsmouth FC players are expected to be paid wages owed to them by the weekend, the club had confirmed in a statement on Thursday.

The three-person board — Peter Storrie, the chief executive, Tanya Robins, the finance director, and Roberto Avondo arranged the financing to cover the shortfall in payroll so that players can be paid [today] and the club can meet their obligations for the next 30 days, and assured Al Fahim of their support.

In a statement on the club's website, the board members 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.

"The extent to which the gains that have been realised from player sales were retained by the club's previous banking partner during a protracted takeover period creates a responsibility for the new ownership, one which we are committed to help resolve.

"In order to achieve this we will continue to work closely with the owner's lawyers and associates in delivering the finance that is needed over the next 10 to 14 days.”

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