Portsmouth FC made losses of £16.66 m in the 2007-8 financial year, despite winning the FA Cup. The loss was nearly £7m less than the previous year and the club anticipates a further reduction next year. It is hoped to break even by the 2010/11 season. In the meantime, no buyers have been found for the club which has a reported debt of £80m. Last month Pompey postponed ambitious plans to build a new waterside stadium and decided to redevelop Fratton Park, in part because of the global financial crisis.
Portsmouth FC made losses of £16.66 m in the 2007-8 financial year, despite winning the FA Cup. The loss was nearly £7m less than the previous year and the club anticipates a further reduction next year. It is hoped to break even by the 2010/11 season. In the meantime, no buyers have been found for the club which has a reported debt of £80m. Last month Pompey postponed ambitious plans to build a new waterside stadium and decided to redevelop Fratton Park, in part because of the global financial crisis. It is planned to build two new stands to increase the capacity of Fratton Park by 10,000 to 30,000. It is hoped that this would produce a 50 per cent increase in turnover. The new television deal with Sky helped to boost turnover for 2007-8 from £40m to £70m and there were increases in retail, sponsorship, match revenues and hospitality. To secure its future, the club needs to maintain its Premiership status. Even then it faces the challenge of its catchment area being made up of what is certainly the least prosperous city in Southern England.