Equity not loans - Andy Cullen reveals extent of Michael Eisner's financial commitment in Portsmouth investment programme
Pompey’s infrastructure investment programme has been funded through equity – not loans.
That’s the message from Andy Cullen, who insists Tornante are not loading debt onto the club they have owned for almost four years.
Quite a time for Cullen to arrive, who has this week officially started work as Pompey’s chief executive following Mark Catlin’s departure.
And he has reassured the Fratton faithful about the details of Michael Eisner’s investment.
He told The News: ‘It is equity – and also with the stadium.
‘I think it’s important for people to understand that this is Michael Eisner’s commitment to the club - that’s what he wants to do.
‘He’s very much here for the long-term, he wants to make sure he’s doing the best for Pompey Football Club.
‘They are not here to take money out of the football club.
‘And I think it needs to be appreciated in terms of how they have funded the football club.’
The two major announcements have been embraced by Pompey fans, applauding the desire to improve the club’s infrastructure.
It is believed to be 1964 since the club last owned a training ground, when they sold a Tamworth Road site for £15,000 to pay off debts.
As for the Fratton Park project, the ambition is to expand the ground’s 20,000 capacity by firstly meeting essential health and safety criteria.
Cullen added: ‘Football clubs have made losses over the last year.
‘With Pompey, it has been run reasonably sustainably on a break-even basis over the last few years, which is an achievement in itself.
‘But the facts of the matter is this last year has put huge stresses on the business.
‘Yet the owners (Tornante) have funded those losses and, on top of that, have committed to a £10m investment at Fratton Park and the purchase of Roko.’
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