The reality of Portsmouth's transfer spending power to compete with Ipswich Town, Wigan Athletic, Sunderland, Sheffield Wednesday and Charlton Athletic over rest of window

The Pompey boss has outlined the difficulties he’s facing in assembling a competitive squad before the August 31 transfer deadline.

The News understands Cowley is also exploring sending members of his first-team set-up out on loan to create some space in his budget for wages.

He has made it clear he is still looking at free agents and loans to fill the remaining spaces in his squad.

Pompey were close to landing Jayden Stockley this summer, with a fee rising to £450,000 and wages of £5,000 per week linked with his arrival from Championship Preston.

Such wages would’ve made Stockley a top earner but could’ve been accommodated, although it’s understood the fee agreed was well below what was initially reported.

Cowley knows he’s operating in a testing market, and is looking predominantly at a few remaining free agents who will have a number of suitors before focus turns to the loan market.

He said: ‘It’s a very challenging window for us.

‘What we all have to understand is there’s only a very few free agents available to those who want to be at the top of League One.

‘Those free agents will come at a premium - and there’s a number of clubs paying that money.

‘We are in a position where we’re trying to sign some free agents, and we’ve managed to take some.

SUBSCRIBE today for the latest Pompey updates

‘We’re trying to find the very best free agents and the very best loans. We might be able to pay a small fee.

‘We paid £15,000 for young Liam Vincent, but we can’t pay significant fees for players.’

Much has been made of the level of spending in League One this summer, with Ipswich Town and Wigan Athletic both splashing cash on transfer fees and offering attractive deals.

The Tractor Boys and boss Paul Cook have responded to rival managers airing their views on what’s unfolding in the market, with Cowley himself highlighting ‘crazy’ spending.

The 42-year-old feels a perfect storm of takeovers and emotion has contributed towards some of the business which has taken place.

He added: ‘To be honest, it’s just a number of clubs being very competitive.

‘What’s actually happened is there’s been a number of clubs with new owners being really competitive.

‘Like it always does in football, that creates the emotion and other clubs then make emotional decisions and get dragged into it.

‘Then all of a sudden you have a number of clubs spending a significant amount of money. That’s just what it is.

‘We’re, given what happened at this club not too long ago, trying to do it in a really intelligent way and a sustainable way - and absolutely rightly so.’

A message from the Editor, Mark Waldron

The News has launched a subscription offer which gives you unlimited access to all of our Pompey coverage, starting at less than 14p a day.

You can subscribe here to get the latest news from Fratton Park - and to support our local team of expert Pompey writers.