Source: Telegraph
Peter Storrie to jump ship from ailing Portsmouth
Fahim met supporters at Fratton Park on Friday night following reports that Portsmouth could become the first Premier League club to go into administration. Fahim told fans that he was working on a plan that would provide £50million within the next month, but admitted that current 'rumours' were threatening to undermine the club's viability. [LNB]A protest is also still being mooted for today's home match with Everton, with fans alarmed at Portsmouth's position at the bottom of the Premier League table. [LNB] Related ArticlesPaul Hart called to meetingPortsmouth v Everton: match previewSol Campbell: a tortured soulAl Fahim: Pompey can spend in JanDavid James told to 'knuckle down'Sport on televisionSpeaking at Friday's meeting to supporters, Fahim said: 'I saw the reports about the club possibly going into administration and I dropped everything to come here. As I sit here with you today, these reports and rumours are factually incorrect. [LNB]The continued rumours are also deeply misleading and damaging to the club's interests to the point where they are threatening to undermine the viability of the club and are damaging my efforts to secure financial stability. [LNB]'I can assure you that there is a plan in place backed by firm commitments that will bring £50million into the club over the next three to four weeks.'[LNB]Of greatest immediate concern, though, is the situation regarding Storrie, who will hold further crisis talks with Fahim but is expected to leave after this afternoon's match. [LNB]Storrie almost stepped down last month after putting together a consortium to buy out former owner Alexandre Gaydamak only to see Fahim finally complete his takeover. [LNB]However, the former West Ham chief executive has become disillusioned and has significant concerns about the ability of the Dubai-based property developer to meet various loan repayment deadlines over the coming weeks. [LNB]Storrie has played a pivotal role in easing the precarious financial situation during the past year and personally agreed several deals with other clubs to delay outstanding payments to them. It is understood that Portsmouth have repaid a £27million loan to Standard Bank, but still owe around £10million to another bank. Fahim has made few visits to Fratton Park outside match-days and was quoted in Spain this week suggesting there would be no January spending, despite the club making the worst start in Premier League history with no points from its six games. [LNB]Previously, he had announced that he had arranged new financing 'in principle' and that he planned to meet Paul Hart, the manager, to discuss January transfer targets. Portsmouth clearly need further investment to stand a realistic chance of avoiding relegation. [LNB]A bizarre 24 hours on the South Coast began with confirmation that Fahim had cancelled the planned engagement with 40 members of the Pompey Virtual Alliance — a group which represents supporters' websites. [LNB]He cited a concern that it could 'distract the players' even though none of the squad would have attended. Members of the Alliance reacted angrily and some called on him to resign. Fahim then performed another U-turn. [LNB]Alliance member Colin Farmery said: 'Some things we'd like to talk about, such as finance, may be uncomfortable to him. But there's a lot of common ground between what we want as fans and what he has said, such as wanting to overhaul the club's infrastructure.'[LNB]
