The impending transfer of Michael Jacobs to Ipswich will provide the Blues’ head coach with a timely financial windfall.
So far Pompey have spent just £15,000 on Liam Vincent this summer, with their nine other new signings being free transfers and loans.
It is understood Cowley has identified a Championship midfielder as his next recruit – in addition to free agent Louis Thompson.
However, it’s a move which will be financially challenging.
And Cowley believes Jacobs’ departure for the Tractor Boys will grant him greater muscle to ensure it happens.
He told The News: ‘It frees up finances and the board are brilliant, we know they will always give it back for us to use for transfer fees and salaries.
‘Michael was one of our highest earners and will also receive a fee.
‘Absolutely, they will allow us to use that money from any deal.
‘You have got to remember the club haven’t sold players for quite a long while. They did brilliantly selling Jamal Lowe and Matt Clarke, but now the transfer kitty isn’t as big as it was.
‘We know what we’ve got, we are working our hardest to try to find value.
‘Apart from Liam, they have been free agents and loans and we are pleased with those, but we need a bit of money.
‘We are hopeful now and the Michael situation has helped as well. Hopefully that now gives us the money to do what I want to do here.
‘We’re hoping we can buy a player, there’s a certain player that I would like.’
Cowley’s desire for another midfielder has been heightened following Shaun Williams’ back injury.
He was unable to play in Saturday’s 1-0 win at Fleetwood after pulling out during the warm up.
It leaves the Blues with just one senior central midfielder – yet with the finances to potentially allow him to secure another soon.
Cowley added: ‘We have a choice to make.
‘I don’t think we wanted to be in the position we were in for the first game of the season, but we couldn’t just sign players who aren’t good enough.
‘So do we hold and wait?
‘We decided to do it this way because, from our experience, we think missing the start of the season without a full complement of players is the best way.’
A message from the Editor, Mark Waldron
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