The extent of Portsmouth's financial losses laid bare as fans question club's ambition
Pompey are haemorrhaging £700,000 per month as the savage impact of the coronavirus crisis on the club is laid bare.
Blues chief executive Mark Catlin has revealed the extent of the gaping hole left in the Blues’ finances from the curtailed football season and the game going behind closed doors.
Catlin remains adamant, however, the solution being forwarded by the EFL for this week’s vote on the introduction of a wage cap isn’t the right answer for the game.
Pompey continue to face criticism over sticking with Kenny Jackett as manager after his failure to gain promotion from League One at the third attempt.
There is also growing consternation at a perceived lack of ambition over recruitment, as Jackett reshapes his squad with a financial revolution looming for the game.
But Catlin, who has already revealed redundancies cannot be ruled out at Fratton Park, has now outlined the backdrop Pompey’s transfer business is taking place against.
And with matchday ticket sales and hospitality accounting for £7.44m of the Pompey’s £11.5m turnover in their most recent accounts, the damage is there for all to see.
Catlin said: ‘The pandemic not just at Portsmouth but football in general is having a massive effect.
‘With a club like Portsmouth we’re a very large club with a large cost base to support such a big fan base.
‘We’ve been operating with no gate receipts or revenue which make up to 50 to 60 per cent of our overall turnover in any normal season.
‘It’s having a devastating effect where we are losing in the region of £700,000 per month in lost revenue. That’s just because of the losses in matchday revenue.’
Catlin is continuing his campaign against the wage cap proposals currently on the table for this week’s vote in the EFL.
While advocating change to combat financial meltdown in the English game, he believes the current plans aren’t about sustainability for clubs - and the Pompey CEO feels his club’s rivals are in agreement with him.
Catlin added: ‘The feeling of all chief execs I’m talking to tends to be sympathy towards the larger clubs in the division and acceptance the salary cap isn’t perfect, but there’s feeling something needs to be done because many clubs are on the verge of financial disaster at this moment in time.
‘What they see, and I disagree with, is that with the way Portsmouth is being ran and still being able to go out and afford those prices, this is an excellent way to bring Portsmouth down to a level they can afford.
‘When I say to a lot of chief execs and owners this isn’t about sustainability this is about levelling the playing field, there’s a general shrugging of the shoulders and they say “yeh, that is the case”.
‘The argument is so compelling and there is no rationale against it. If owners can keep pumping in money up to the £2.5m cap but Portsmouth can afford to put in double but are being restricted in doing so, you can’t argue it’s about sustainability.’
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