Tornante plough a further £5m into Portsmouth to underline commitment to club
Pompey’s American owners Tornante has ploughed another £5m worth of investment into the club.
And that takes their total amount of investment into the Blues past the £30m mark following their takeover in 2017.
Their latest outlay takes the form of share capital – as detailed by Companies House – and will not be debted to the club.
It underlines chairman Michael Eisner’s continued commitment to building strong foundations for Pompey and completes an equity promise which was raised at the recent Tony Goodall Fans’ Conference.
The additional finance will help with the ongoing £11.5m redevelopment of Fratton Park, covering operation costs this term off the back of the Covid pandemic and further work on the training ground at ROKO.
Speaking at last month’s Tony Goodall Fan’s Conference, Pompey’s chief operating officer, Tony Brown detailed the level of investment undertaken by Eisner.
He said: ‘The investment in infrastructure over the past four years has been substantial – as has been the recent financial commitments in the stadium works and purchase of ROKO.
‘The club has already spent £5m on health and safety stadium works (South Stand cladding and roof, floodlights, North Stand roof).
‘There has been £2.5m spent on property acquisitions around the ground including the new shop, and a similar amount on the purchase of the Roko training ground site.
‘The operational cost of running the club during those four years was £3m – meaning a total spend to date of £13.5m.
‘Now the club has committed to an £11.4m redevelopment of Fratton Park and another £3m to run the club operationally this season due to the effects of the pandemic. With extra works required on the Roko site, the total cost commitment to date will soon be north of £30m.
‘All of the new investment will be via share capital and we remain debt-free.
‘The forms were sent to Michael last week for the next £5m tranche in share capital and will be published next month.’