Credit Crunch Hits Portsmouth

Portsmouth admitted today that there would be no more ‘big money’ signings. Pompey recently completed the signing of French centre-back Younes Kaboul for a reported £5 million and many expected even more money to be spent.

Peter Storrie, Pompey’s Chief executive say’s that isn’t the case though and it’s all due to the dreaded credit crunch. He stated that club’s could no longer borrow money to finance expensive transfer deals but didn’t rule out Pompey making more signings this summer.

After the FA Cup success, Peter Storrie shouted from the rooftops that Pompey would sign three ‘big-name’ players. Pompey have so far signed five players including Glen Little, Ben Sahar, Peter Crouch, Omar Koroma and more recently Younes Kaboul.

Out of those signed you could say that Kaboul and Crouch are two big name players and players Redknapp had tracked for months on end before finally getting them. Two out of three isn’t too bad considering one of them will form one of the tastiest strike partnerships in the Premier League with hitman Jermain Defoe. However should some Pompey fans feel aggrieved that they won’t get that elusive third player?

Peter Storrie doesn’t seem to think so.

Storrie said, “The credit crunch is there and everyone has been affected by it. We don’t get away just because we’re a football club.”

“The banks are now tighter and not prepared to put debt on. You just cannot continue to increase debts. I did say we intended to bring in three top players but that was before the credit crunch.”

Portsmouth have spent a significant amount of money over the past few seasons, not just on the transfer fees but on the increasing wage bill as well. This summer they have spent £11 million on England international Peter Crouch so it’s no wonder they’re now taking a step back to check their finances.

One message that looks quite clear is that fans shouldn’t expect £30 million to be pumped into the squad every year and many should take a reality check.

“The owner has already invested an incredible amount of money but we cannot keep spending the amount we have spent since the summer of 2007 – in excess of £60 million on players alone .

“On top of that you have agent’s fees while the wage bill has gone up substantially. All that and with just 20,000 coming through the gates. People have to be realistic. A few players might arrive but not for big money.

“We have still got more quality players than we have ever seen at Pompey.”

Comment

Personally I feel this is a great approach by the club. It’s reassuring that the club is looking at their finances and aren’t doing a ‘Leeds’. It’s important that we don’t overspend and don’t make the wage bill to high. The squad has been improved since last year even with the loss of Muntari.

I think Harry will sign that right winger we’ve all been pining for. I don’t think it will be Wright-Phillips (….yet) but it could be someone that will be able to do a good job for us, at least a year’s worth. Harry has a knack of ‘getting the best out of players’ and anyone could come in and surprise us. Let’s not forget Little was brought here for a reason as well, maybe Harry’s thinking of using him more in his plans than most of us would have.

I think it was good that Storrie came out and said this now. Maybe now at least we can get on with the rest of the transfer window without people claiming to be ‘in the know’ regarding Wright-Phillips ‘proposed transfer’ even though he has come out and denied it. It should also stop people questioning if we’re ‘skint’ or not because the answer simply is yes (for the time being at least anyway.)

Knowing Pompey, it wouldn’t surprise me if a big money signing did happen towards the end of the window, however it would of course mean losing one or two players i.e Nugent, Davis, Hughes etc

I’m sure with Sasha, Harry and Peter, they will do what’s best for the club.