Portsmouth price cut as club desperately seek buyer

The club's debts are estimated at £40 million, but Storrie says that Portsmouth are now close to balancing the books at the end of a transfer window that saw both Lassana Diarra and Jermain Defoe leave. Current owner Alexandre Gaydamak is understood to be in negotiations with two potential new owners following the breakdown in talks with former Tottenham defender Ramon Vega.  Related ArticlesCrouch turns up volume at Fortress FrattonHarry Redknapps move to Tottenham suggests financial concerns at PortsmouthPortsmouth on brink of financial ruin as Alexandre Gaydamak looks to sell upSven-Goran Eriksson could combine Portsmouth and Mexico rolesTony Adams given dreaded vote of confidence at PortsmouthPortsmouth manager Tony Adams insists he is going nowhere"It's been a nightmare," said Storrie. "From when Sacha told me he couldn't put any more money in and had to sell, we were really working on keeping the club going. "We had £12.5m left to pay on transfer deals and had to sell players. We're operating on our income and it wasn't adding up. "We're close to having balanced books now and we don't have to sell players this summer, but if we don't get a new buyer by next season it doesn't bear thinking about." Storrie, though, was again dismissive of Vega's takeover proposals. "We laughed him out of the city," he said. "It would have been an unmitigated disaster." The FA Cup holders also claimed that Vega did not provide satisfactory proof that he could finance a proposed deal. Vega has been taken aback by Portsmouth's claims, believing negotiations had not reached a stage where there had been any request for proof of funding. The former Switzerland international, 37, has moved into property management since retiring in 2003, but is understood to have put forward a proposal that would have taken over the club's debt.  

Source: Telegraph