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Portsmouth to host firesale in desperate bid for funds

David JamesPortsmouth will have to make at least £6 million from player sales within the coming week or two in a desperate effort to avoid being declared bankrupt, according to The Sun. The revelations of Portsmouth’s financial woe has thrown the club into turmoil and will doubtless see the departures of important players like David James, Younes Kaboul and Kevin Prince-Boateng among others.

New owner Ali Al-Faraj and executive director Mark Jacob have already had talks with Premiership chief executive Richard Scudamore in an attempt to outline the club’s problems and plead their case. Jacob revealed

“The Premier League were incredibly supportive and are doing everything they can to help us through this difficult period.”

Portsmouth have been ordered to pay off £5.5 million of unpaid debt by February the 10th or be put out of business – a matter not helped by the fact that their £7 million Sky TV deal will all be owed to other clubs in transfer debts. Businessman Balram Chainrai has lent the club £10 million but the sum is being distributed on player wages and other key costs.

A source said

“The club is paying for its excesses of the past and living way beyond its means.”

The news of Portsmouth’s need to sell will interest a number of clubs with James and Nadir Belhadj having been linked to Tottenham, David Nugent having been linked to Burnley and the rest of the club’s important players sure to draw suitors.

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Article title: Portsmouth to host firesale in desperate bid for funds

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