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.
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

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.

Hide Ad
Hide Ad

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.

Hide Ad
Hide Ad

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

Hide Ad
Hide Ad

A message from the Editor, Mark Waldron

You can support our local team of expert Pompey writers by subscribing here for all the latest news from Fratton Park for 9p a day, thanks to our 30%-off transfer window deal.

Comment Guidelines

National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.