On this day in 2007, Sacha Gaydamak pledged to splash the cash in a bid to gatecrash the Premiership’s top four.
Pompey’s post-Christmas slump had seen aspirations of a Champions League spot fall away.
The Blues therefore wanted to relaunch a genuine challenge for the 2007-08 season.
Chief executive Peter Storrie had already been in talks to bring new players to Fratton Park.
A week previous, Harry Redknapp told The News signing two strikers and a goalscoring midfielder were his priorities for the summer.
Pompey were looking to spend big on transfer fees or attract stars by paying bigger wages, like they did to lure the likes of Sol Campbell, David James and Andy Cole.
And Storrie wanted the targets in place before pre-season kicked off.
He said: ‘Sacha’s the driving force. He desperately wants this football club to succeed and is prepared to help fund that.
‘We are confident we will finish in the top 10 this season and keep pushing for a European place.
‘But we don’t want to go back from that.
‘We’re already looking to next year and building on what has been achieved.
‘If you stand still you drop down a level and Sacha shares that view.
‘We’re currently speaking to a number of targets in preparation for next season and are actively looking for others.
‘We want more very good players to take the whole club to the next level.
‘We should have it all wrapped up much earlier than in previous years, most likely in time for pre-season training.
‘These are quality performers. Our policy is to continue to improve and look to make us stronger and stronger.
‘Next season we want to be challenging for European places and cups.
‘What we have done this season is tremendous but the people we have in mind will take us to the next level.’