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Credit crunch puts the breaks on Pompey's spending

Credit crunch puts the breaks on Pompey's spending

Peter Storrie has told The News that the current credit crisis has ended Pompey's summer spending - in as far as large amounts goes...

He also made reference to his 'we will sign 3 quality players' promise this summer, which he says was made pre the credit crunch: '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.'

Whilst I understand mainly where he is coming from, and do agree that the credit crunch is having an impact on all walks of life, and football despite all the millions involved in it is not exempt from this - football does not get special dispensation from this - as this is a situation that could go on for some time it will get tough. But this is where football - Pompey included - also needs to realise that it also impacts on us, so if costs spiral out of control we cannot afford to pay them either!

We will probably see the impact on the amount of money coming into football though advertisements, sponsorship, TV money etc. with this possibly decreasing as time goes on, so even if spending is not reigned in by choice the club have no other option...

The part I do disagree with really is Storrie saying that he made his comments before the credit crunch hit - as I know for a fact this was hitting long before the start of the summer, this saw a job fall through for me in the early stages of this year! Businesses - and football is a business - would clearly foresee situations like this as well?

He also went on to explain where the Sulley Muntari money has gone and called for realism, which is something we must do - you cannot keep spending and spending - so you do not always get the players you want. In theory it is easy, in practice it is a lot harder: '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.'

He finished with an attack on fans that have knocked the transfers we have made this summer: '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.'

Again I do agree with the sentiment that we cannot always get what we want and will not always pay what is asked - and why should we, plus some names mentioned are just unrealistic. I would also agree with the quality of the players we have, as I have often said recently that I am more than happy with what we have, as it is hard not to be.

But, and there is always a but, in many ways Storrie has brought some of this on himself as his 'promises' for players were something that we should not really have heard. It was not required, but did raise expectations and saw great things expected from many, realistically this was going to be tough but it might have initially blinkered us and sucked us into believing it in its entirety...

That said can we really be that unhappy with seeing Peter Crouch, Younes Kaboul, Glen Little and Ben Sahar - loan - arrive, despite the departure of Muntari?

I would still expect a few players to be moved on, but they will be replaced with decent players - and you do not always need to pay a fortune to get quality do you, you can find the odd gem at a bargain price, or if you work the loan market well that can be to your benefit...

People might say that we still have all the TV money etc. to play with but remember we have a multi million pound training complex to pay for and a wage bill in the millions per months - so although it might not all be used directly to buy players it is being used on the club, to see us ultimately benefit!


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Date:Wednesday August 13 2008
Time: 12:40PM


Happy enough with the squad...we will definately have a stronger side out on Sunday at Chelski than on the opening day of last season -at least up front. Thats got to be progress Short of abit of width on the right thats all Bound to pick up acouple of loans before the season starts to bolster squad depth. And if we progress in Europe then the transfer window opens again in January, the time when the squad is likely to be at it's most stretched (we'll still be chasing the quaddruple then :-) )
13/08/2008 13:03:00
lol nice optomism but yea i don't think anyone can be annoyed with what we got and the training ground will allow us to bring in the best altho parts of me think it would have been better to build the stadium 1st to increase revenue from tickets sale so we could afford the best lol
13/08/2008 13:34:00
In light of us ALL being affected by the credit crunch, Mr Storrie, will you please abandon the ludicrous Platinum ticket scheme which requires us to purchase tickets for games we may not be able to attend in order to purchase tickets for games we are able and want to attend (in some cases two and a half months before the game)? Or is it because of the credit crunch that you have roped us in to ease the club's cashflow? Or is that just cynical of me?
13/08/2008 13:42:00
The squad looks reasonably strong frankly. It's about gettting the balance of the team and the style of play right; over to you Harry, Joe and Tony. In some ways our "summer of discontent" was fuelled by Mr Storrie's comments which raised our expectations and, I have to correct him, were made several months AFTER the credit crisis had hit most of us who live in the real world.
13/08/2008 13:49:00
Can you remeber a few years ago when we were grateful to get anyone to sign for us. Remember a few years before that when them down the road looked down on us. Lets be grateful for what we have, not complain about what we would like but dont have
13/08/2008 13:51:00
funny with the Kaboul thing, one minute we didnt have the money and it was a no go then all of a sudden he is a Pompey player. Im happy enough with the squad and with the likes of Ritchie emerging things are looking good. Kaboul in for Sol for me for Sunday what does everyone think ?
13/08/2008 13:58:00
That's just what Harry trots out whenever anyone dare question where we're going or have high hopes that we might push on. Of course people remember, but that was THEN, this is NOW and yes we are grateful. With regard to the lot down the road, Lowe and Cowan had the opportunity a few years back to take that club to an established top 8 club but they bottled it and look at them now.
13/08/2008 14:01:00
Sorry...slow off the mark - that last comment is in response to pompeykenya.
13/08/2008 14:19:00
Well, nice to see Peter Storrie explaining the in's and the outs of the situation to stop people second guessing. Who knows though, potentially couldn't we still be bringing in Lopez, Hyland and Babayaro?? Even if they're not world class they'd be welcome additions to bulk the squad up for the coming campaign.
13/08/2008 15:46:00
When we were all in a tiz last week, someone quite righty pointed out that we did not know all the facts. Storrie can say what he likes, he still hasn't told us the facts. But hey, who cares! Wot pleases me most is this - the reason we don't have any more signings is because we can't afford them, rather than the last few years' scenario, when Harry had to go to potential players on bended knee. We were snubbed time and time again. I remember someone who snubbed us for Fulham - he said that they were bound to do better than us! Can't remember his name tho. Not been snubbed too many times this year eh? Now that's progress in my book!
13/08/2008 17:44:00
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