Michael Eisner and Tornante's encouraging financial pledge to Portsmouth after posting £4m losses

Tornante have pledged to provide ‘further financial resources’ to ensure Pompey remain debt free.

Wednesday, 30th March 2022, 6:00 pm
Updated Wednesday, 30th March 2022, 6:14 pm

Pompey posted losses of £3.86m during the period, with turnover dropping by £3.9m and a loss of match-day income of around £6.5m.

However, a £6m injection from Tornante enabled the Blues to stay in the black, with £1.01m detailed in the club’s bank account.

According to a section under the title ‘Going concern’ on page 17 in Pompey’s accounts, additional investment ‘will be required’ in the future.

And it states Tornante, owned by Michael Eisner and also Fratton Park owners since August 2017, are prepared to continue funding when required.

Pompey’s financial statement said: ‘PCFC currently has no bank lending facilities in place and operates entirely from its bank current account to meet its commitments as they fall due, receiving further funding from the principal shareholder periodically to assist with working capital and continue investment in PFC’s infrastructure.

‘In assessing the appropriateness of the going concern assumption, PCFC have produced cash flow forecasts that extend to the end of the 2022-23 football season, taking into account several potential scenarios to reflect the inherent uncertainty of changes to PCFC’s league position.

Tornante owner Michael Eisner has been Pompey's chairman since August 2017. Picture: Joe Pepler

‘Within the scenarios forecasted, PCFC acknowledges that further financial resources will be required from the owners, and although such funding is not contracted at this time, the directors believe that sufficient funds will be made available as required.’

Of Tornante’s £6m injection detailed in the latest accounts, £4m came from the £10m share capital confirmed at the time of their purchase of Pompey.

With that £10m having now run out, the Blues’ owners also put in an extra £2m.

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