POMPEY’S administrator Trevor Birch says the situation at Fratton Park is ‘more serious’ than expected.
Mr Birch, a partner at PKF Accountants & business advisers and joint administrator of Portsmouth Football Club, said the club could run out of money in the next couple of months if drastic decisions are not taken.
These include today’s announcement that several staff have lost their jobs, including chief executive David Lampitt.
Mr Birch today made the following statement: ‘We have had no choice but to take the difficult decision to make a number of redundancies across all levels and departments within Portsmouth Football Club.
‘Additionally, we are asking certain employees to defer wages on an ongoing basis and are asking several members of staff to move from a full-time to a part-time role.
‘These measures are painful for everyone involved with the club, but they are essential for Portsmouth’s survival, which is our main objective.
‘They are in no way a reflection of the performance of the club’s hard-working staff, who have remained loyal and supportive throughout this difficult time.
‘Our initial analysis of the club’s financial position has revealed that the situation is more serious than many people had expected.
‘We have been brought in to try to rescue a business with significant financial problems. To put it bluntly, Portsmouth Football Club has a Premier League cost base but only Championship income. This is not a sustainable situation and one that needs to be addressed urgently if the club is to continue to exist.
‘As things stand, there is a serious risk that the club could run out of cash within the next couple of months. I recognise that this is not the news that anyone wants to hear but burying our heads in the sand will not help anyone.
‘Today’s redundancies will make a difference to the club’s financial position but there are sure to be further challenges ahead of us.
‘Portsmouth’s survival depends on us being able to find a buyer for the club before the money runs out.
‘This is a great club with a proud history. We will continue to do all we can to secure a long-term future for Portsmouth Football Club. I hope that with the support of the staff, players, supporters and the wider community we can achieve this aim.
‘Portsmouth needs the support of as many people as possible over the next few weeks and months. There are six home games coming up in the next five weeks so let’s make every single one a sell out – starting with Leeds on Saturday.
‘With this in mind, we have already started speaking to the supporters’ groups and are meeting with fans tonight.’