Blog:Portsmouth losing fight against embargo
Mbts Portsmouth’s troubles deepened last night as it emerged that they are struggling to persuade the Premier League to lift the transfer embargo in time to strengthen their relegation-threatened squad next month.
The South Coast club have been bullish about Avram Grant’s prospects of reinforcing his new squad when the transfer window opens on January 1, but it has emerged that, in a meeting with Richard Scudamore, the Premier League chief executive, last week, the Portsmouth board were told that the embargo will remain in place unless they can find at least £10 million in order to satisfy the immediate demands of their list of creditors These include Chelsea, Tottenham Hotspur, Watford and at least two overseas clubs as well as Alexandre Gaydamak, the former owner, and HM Revenue & Customs.Mbt.com
Portsmouth owe money to Chelsea over the signing of Glen Johnson, since sold to Liverpool, and to Tottenham Hotspur over the acquisitions of Jermain Defoe and Younes Kaboul, but the Premier League says the payments due to Watford, over the summer signings of Mike Williamson and Tommy Smith, are the most pressing.
Scudamore has told Mark Jacob, Shoes Mbt the Portsmouth executive director, that it would be disastrous if a Football League club were forced into administration because a Premier League club could not afford to pay transfer fees due under the terms of an agreed contract.
Portsmouth, like other clubs, will receive £7 million in broadcast revenue from the Premier League at the end of the month, but, unless Ali Al-Faraj, their latest owner, can refinance their existing debts,Mbt shoes that money will have to go straight to their creditors and towards financing the club’s £2 million wage bill for next month.
Portsmouth would like to invest some of that money in Grant’s squad, but the Premier League, which imposed the embargo under the terms of its moves towards greater financial regulation, will not allow the club to register any new players until they have indicated an ability to pay the sums due to other clubs before January 31.Mbt shoes sale
