Portsmouth borrows money to pay players

English Portsmouth determined that the club will need to take out a loan in order to meet player salaries, The Times reports.

The executive board is criticizing owner Sulaiman al-Fahim over the fact that he has yet to provide the finances he claimed that he would give to the club. 

Chief executive Peter Storrie, along with Finance director Taynya Robins and Roberto Avondo issued a statement explaining that the board will be working with the owner over the next two weeks for a ‘more permanent financing solution.’ The statement went on to say that it is ultimately up to al-Fahim to ‘deliver’ what is necessary.

The loan is to cover the GBP 1.8 million in wages that Portsmouth is currently unable to pay to players. 

Al-Fahim’s takeover, announced in May, was not completed until nearly the end of August. The owner has yet to infuse funds to the club, which has Storrie frustrated. There was an announcement last week stating that Al-Fahim would inject GBP 50 million ‘within weeks.’ Storrie explained that all of the club’s revenue has been used to pay the Standard Bank, and that they are waiting for the owner to refinance.

He commented that others are likely to step in should the refinancing plan fall through. This raises speculation that Al-Fahim may not have the funds to meet the club’s financial demands and that other investors may be sought.