The takeover of Portsmouth FC by Sulaiman al-Fahim looks increasingly in doubt. It is thought that the main outstanding issue is the level of debt to Alexandre Gaydamak, the existing owner and to Barclays and Standard Bank – who are thought to be unwilling to transfer the debt to al-Fahim. The proceeds of the sales of Glen Johnson and Peter Crouch, along with the first tranche of the season’s television money, have gone into paying down the bank debt. Hence, administration is not an immediate threat.
The takeover of Portsmouth FC by Sulaiman al-Fahim looks increasingly in doubt. It is thought that the main outstanding issue is the level of debt to Alexandre Gaydamak, the existing owner and to Barclays and Standard Bank – who are thought to be unwilling to transfer the debt to al-Fahim. The proceeds of the sales of Glen Johnson and Peter Crouch, along with the first tranche of the season’s television money, have gone into paying down the bank debt. Hence, administration is not an immediate threat. But the gravity of Pompey’s financial situation is emphasised by the fact that Kanu has only signed a one month contract. The underlying structural problem is that the club serves one of the most relatively impoverished areas in southern England and does not have a big income, but it does have a large wage bill. The club has started its Premiership campaign with a threadbare squad and a 0-1 home defeat to Fulham. If the takeover does not take place, remaining player assets such as Sylvain Distin will have to be sold. However, supporters hope that there is a Plan B with an alternative owner waiting in the wings.