Pompey News

Credit crunch is affecting football transfers - Storrie

Yet another area of our lives has been affected by the credit crunch, Portsmouth chief executive has today said that its left Pompey's summer spending plans in tatters.

Originally Portsmouth had wanted to bring in three quality players however banks are getting tighter in their lending which has put a cap on spending meaning Portsmouth have had to sell to afford to buy new players. With several Premier League clubs not spending much this transfer window it seems like the crunch could be affecting other teams as well.

Portsmouth have spent around £60million on transfer fees since last summer bringing in quality players like Defoe, Diarra, Johnson and Crouch and with increased quality comes a larger wage bill.

Talking to The News Storrie said: 'I said we would like to bring in three quality players – but that was before the credit crunch.

'The credit crunch is there and everybody has been affected by it, we don't get away just because we are a football club.

'The banks are now tighter and not prepared to put debt on.

'You just cannot continue to increase debts.

'It's not as if we can ask for contributions from shareholders as there are none.

'Sacha is the owner and has already invested an incredible amount of money.

'We cannot keep spending the amount of money we have since the summer of 2007.

'Since then we have spent in excess of £60m on players alone.

'On top of that you have agents fees while the wage bill has gone up substantially.

'All that and with just 20,000 coming through the gates.
'It is incredible to have achieved what we have really.

'The Sulley Muntari money has gone towards the general amount spent on players since the summer of 2007.

'We are not in a position to keep spending money and people have to be realistic.

'A few more players might arrive but not for big money.'

Meanwhile, Storrie has hit back at fans who have criticised his transfer dealings this summer.

He added: 'I have read the ridiculous and silly comments from people in the papers.

'Do people think we are daft and pay the first figure given?
'We want to negotiate the best deal for this club.

'I do not know why people criticise.
'We have got more quality players than we have ever seen at Pompey.

'I find it very hard to understand – and so do Harry and the coaching staff.'

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