Portsmouth accounts reveal Fratton Park's £1.28m redevelopment bill

Fratton Park underwent more than £1m of maintenance and improvements last year, according to Pompey’s latest accounts.

Monday, 30th March 2020, 5:30 pm
Updated Monday, 30th March 2020, 5:41 pm
Pompey last season spent £1.28m on Fratton Park improvements, including South stand work, according to released accounts. Picture: Mike Hewitt/Getty Images

Figures filed at Companies House for the year ending June 30, 2019, reveal the full cost of ongoing work to the Blues’ 120-year-old home.

During that 12-month period, a total of £1.28m was spent on the South Stand and other essential health and safety maintenance, largely from March 2019.

Work on the Archibald Leitch-designed structure involved cladding the back of the stand and its roof, reinforcing steelwork, replacing guttering and installing new lights to the roof.

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Meanwhile, owners Tornante’s desire to redevelop the Milton End remain in place, with accounts showing £159,216 has so far been spent on the project, which remains without a concrete start date.

That reflects the costs of planning and consultation incurred to date for their Milton End vision, with planning permission last week lodged with Portsmouth City Council.

The club also spent £396,593 on buying up property around Fratton Park to aid potential development plans, maintaining a recent policy.

To fund stadium work, Tornante transferred across £1m from the remaining £7m of their initial financial injection.

Upon their August 2017 arrival, Michael Eisner’s company invested £10m in equity, in addition to the outlay of the £5.67m takeover.

Having utilised £3m of that in Tornante’s opening season of ownership, the remainder was switched to a separate interest-bearing account, with chief executive Mark Catlin previously revealing the sum continued to be at the club’s disposal when required.

Now a further £1m of the remaining £7m has been transferred back into Pompey's operating account to fund ongoing Fratton Park development and maintenance.

That ensures £6m is left available to the club, following that initial £10m injection.