Mark Catlin: Portsmouth still continuing to benefit from Michael Eisner's £10m investment

Mark Catlin has reiterated the ongoing influence of Tornante’s ring-fenced £10m investment.
Mark Catlin has highlighted the importance of Michael Eisner's initial £10m investment in Pompey. Picture: Joe PeplerMark Catlin has highlighted the importance of Michael Eisner's initial £10m investment in Pompey. Picture: Joe Pepler
Mark Catlin has highlighted the importance of Michael Eisner's initial £10m investment in Pompey. Picture: Joe Pepler

And he is adamant Pompey retain access to the separate account’s remaining £6m funds – to be utilised whenever the board see fit.

As part of Michael Eisner’s £5.67m takeover in August 2017, an additional £10m was invested in equity.

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With £3m of that figure spent on Fratton Park maintenance during the opening two seasons, the remaining £7m was moved into a separate bank account.

That prompted criticism from some supporters, who perceived the funds had been reclaimed by Tornante.

At the time, those accusations were denied by Catlin, who insisted the money had been switched to a separate interest-bearing account.

Pompey’s latest accounts, lodged at Companies House on Monday, show a £2.05m profit for the year ending June 30, 2019.

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They also detail the transfer of £1m of Tornante’s investment back into Pompey’s operating account for Fratton Park work.

And the remaining £6m continues to be at the Blues’ disposal.

Pompey’s chief executive said: ‘The initial £10m investment from Michael, over and above the money he paid out to shareholders, was always there as a sign of good faith for what he was going to invest, in regards of the stadium and the work required.

‘That £10m, which has already been severely dipped into, is being used for the stadium and additional purchases at the moment, as Michael said it always would be.

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‘That money was simply ring-fenced to maximise a return on it because it’s a large sum of money.

‘But, as has been made clear in the accounts, it is there at the disposal of the club, so remains under club control, of which I am a director.

‘Whether it’s in Barclays, Deloitte or wherever, it’s under the control of the club’s board of directors, of which I am one.

‘Predominantly it was initially put in for ground improvements, but it has always been made clear that money is there to assist the club in any way the directors feel would be beneficial.

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‘Of course it’s an investment, it was a key part of the deal.’

Meanwhile, Catlin has dismissed claims that last year’s £1.28m worth of work carried out at Fratton Park was partially funded by grants.

He added: ‘We’ve had zero grants. This is the danger of social media where someone states something as being a fact and they aren’t.

‘We’ve had zero grants towards the stadium works, absolutely zero.‘Michael has funded it, full stop.’

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