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Portsmouth owner 'to inject £50m'

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Portsmouth owner 'to inject £50m'

Post by Quiver on Sat Sep 26, 2009 2:10 am

Portsmouth owner Sulaiman Al Fahim has told the club's supporters he will inject £50m into the club within the next month, BBC Sport understands.

With chief executive Peter Storrie's future in doubt, Al Fahim said that reports that the club could soon enter administration were incorrect.

He believes such reports are "very damaging to the club's interests" and "undermine its viability".

It is likely the funds will largely be used to clear a reported £40m debt.

Al Fahim told Pompey's fans at a meeting on Friday he is committed to taking the club forward and that his strategy is to invest prudently in strengthening the squad and improving the club's infrastructure.

He said that the finance plan was guaranteed by international institutions and was backed by firm commitments.

The club have lost all six of their opening Premier League games, though Paul Hart's side did reach the fourth round of the Carling Cup this week after winning 3-1 away at Carlisle.

Hart is the bookmakers' favourite to be the next Premier League manager to be sacked, but he has Al Fahim's backing and will be given the opportunity to prove himself.

Al-Fahim completed a protracted takeover in August after parting with around £60m to take control of the club from Alexandre Gaydamak.

Earlier this month Storrie, who failed with his own separate takeover bid, revealed that Pompey came close to administration as discussions over its future ownership stalled.

The sale of big-name players over the past year continued right up until the last day of the transfer window as the club cashed in on many of its prized playing assets.

Midfielder Niko Kranjcar followed Lassana Diarra, Jermain Defoe, Glen Johnson and Peter Crouch out of Fratton Park after agreeing a switch to Tottenham on 1 September.

On Friday BBC Radio 5 live reported that Storrie is losing faith in whether Al Fahim has the finances to take the club forward.

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