FORMER Pompey chief executive Peter Storrie has spoken out about what has happened to make the club sink from top flight football to be flirting with relegation to League 1.
Mr Storrie, who left the club after it was placed into administration in 2010, said he took responsibility for a succession of owners which proved not to have the finances to shore the debt-ridden club up.
But he also said if the banks had not called in their loans, Pompey could have had a very different past two years
He said: ‘In the 2007/2008 season when the club was really spending, there were losses of about £33m.
‘The bank borrowings were about £40m and they took about £30m of that back in a very quick time.
‘That’s over £60m that we got from player sales that had to go straight to the banks.
‘If the bank had actually left their money in the club, like we asked them to do, and reduced the debt over a number of years, it would have kept the club going.
‘We had a Players’ Valuation pot which could have reduced the debt over a number of years.’
Mr Storrie said the club broke even under owner Milan Mandaric, who took the Blues to the Premiership.
But it was Sasha Gaydamak who used loans secured on his assets to attempt to build the club up to even more success.
Mr Storrie said all was going well, and the banks were happy with the loans, until the credit crunch bit and Sasha was forced to sell.
He added: ‘He sold to Sulaiman Al Fahim on the understanding that he would get all his money back.
‘He had to go through two to three months of carrying out due diligence on the club. He had all the facts and figures.
‘The league did a certain amount [of due diligence on Mr Al Fahim] and the club did a certain amount, but the problem is it’s very, very difficult to know how much actually these people are worth.
‘He met fans and was waving around a document saying he was going to give £50m to the club in the next week.
‘Our alarm bells started ringing when we were only getting money in drips and drabs.’
Mr Storrie said it was at that time he thought of leaving the club, and it now had just under £100m of debts.
But then Ali Al Faraj bought the club, and all seemed to be well.
‘Once again all the checks were made on this guy and it appeared we were dealing with a multi-millionaire,’ he told talkSPORT radio.
‘I do take responsibility for it, I do.’
Mr Storrie now says the club has little option but to have Balram Chainrai taking the helm once again in order to find a new buyer to take the club forward.
And he added: ‘Maybe get the supporters trust involved as well because they’re doing great things.’
Mr Storrie, who lives in Hayling Island, says he is keen to get back into football after his two-year absence.
‘I’ve got 20 years of experience and I’ve got a lot to offer,’ he added.