Cala claims Pompey purchase could be wrapped up next week

Speaking to The News last night, Mr Cala said he was in lengthy discussions over buying the club yesterday but was unable to finalise a deal.

He added he hopes an agreement can be reached by Wednesday.

The News reported yesterday that the 50-year-old, who said he has ‘expertise’ in public company stocks, claimed to be the frontrunner to take over the club.

Mr Cala said if he is successful, he will audit the club before putting it on the US stock exchange.

He told The News he is willing to put in £20m of his own personal wealth into the club to take them to the Premier League.

Mr Cala added the company would attract more investors – and therefore more money – once it is in the top division.

He said: ‘I will not be losing my wealth because I will make the company public. I will own a lot of stock but then you are in the Premier League.

‘The key is to be in the Premier League.

‘If you don’t have the drive and the plan to be in the Premier League you are just going to be another club.

‘In the Premier League you already have £70m in TV rights and we should be able to get some terrific players with that kind of money.’

Mr Cala added more investors will be attracted by the club through increasing revenue.

He said revenue can continue to increase by remodelling Fratton Park with hotels and car parking, and through merchandising.

‘In a public company you have to keep increasing the revenue – it is a must,’ he said.

‘Forget about Joseph Cala or other owners, at the end of the day the club belongs to the city and each individual.’