By Martin Morris
Owner says injection will stabilise club's finances, allowing it to move forward.
Portsmouth’s UAE-based owner, Sulaiman al-Fahim, has pledged to inject £50 million into the Premier League club within the next month as it looks to stabilise its finances and move forward.At a meeting with fans on Friday night al-Fahim also gave his backing to under fire manager Paul Hart.
Al Fahim attended the meeting as rumours circulated that the club was about to go into administration.
"As I sit here with you, these reports and rumours are factually incorrect. The continued rumours are also deeply misleading and damaging to the club's interests to the point where they are threatening to undermine the viability of the club and are damaging my efforts to secure financial stability.
''I can assure you that there is a plan in place backed by firm commitments that will bring £50 million into the club over the next three to four weeks. A large team of people is working on these arrangements as I speak. The credit facilities are backed by stand-by letters of credit from international institutions," the Guardian reported.
While the club has substantially eased its debt problems following player sales in the summer, including Peter Crouch, Glen Johnson and Niko Kranjcar, more work clearly needs to be done.For all the latest sports news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Regrettably, the takeover by Al-Fahim was too long happening. The result being a severely depleted ability to purchase top-class players during the transfer window...and an inability to win matches. The promised injection of Â£50 million, though necessary if Al-Fahim is to restructure the club's finances as he plans to do, has probably come too late to save the club from relegation...
Lets all take a reality check, if you want to own a premier league club such as Portsmouth you will need the following, Around 125 million for a new stadium, another 5 million at least for decent training facilities, along with another 25 to 50 million to buy players of real quality, the injection of 50 million is well short of what is really needed.