Portsmouth have lashed out at speculation claiming the club were on the verge of going into administration.
The Premier League outfit have suffered a difficult season on and off the field, with three owners and two managers already in the 2009-10 campaign.
Owner Ali Al Faraj took over from Sulaiman Al Fahim and has pledged to support new boss Avram Grant as he looks to guide the club away from the relegation zone.
There were reports in several national newspapers that the club were facing the threat of administration and that chief executive Peter Storrie had left his post.
But Pompey have issued a statement denying the reports and are confident that Al Faraj’s backing will help the club recover from their current position.
“The owner and board of Portsmouth football club are disappointed at recent inaccurate media speculation regarding the club’s finances and the threat of administration,” a statement on the club’s official website read.
“Ali Al Faraj and his associates took over the running of the club and inherited a business that had substantial debts. Dealing with the finances has been the priority since Al Faraj came in to pay the players before taking over the club from Sulaiman Al Fahim.
“The club is not going into administration. If that were the case it would have happened at the end of September or early October.
“This week alone, HM Revenue and Customs were paid £2m and other historical arrears are being dealt with on an ongoing basis.
“The new owner has not had the benefit of TV revenue to aid the club, with the next major instalment due in January. However, he and his associates have already invested substantial funds to keep the club operating and will continue to do so.
“The owner remains committed to the club and has shown that through his investment to date. He will also provide manager Avram Grant with all the tools he needs to ensure the club reaches a position the players’ performances deserve – away from the relegation zone.
“Despite media rumours Peter Storrie remains chief executive and has been holding talks on behalf of the club in other parts of the world.
“Much is happening behind the scenes but constant malicious rumours and speculation do not assist with the proposed major long-term funding that is currently being put in place.
“Finally, we would like to place on record our thanks for the unwavering support shown by our very loyal fans.”
Christmas special offer – Subscribe to World Soccer magazine today and Save up to 32%
