Vital Football

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!


Join the Vital Pompey Debate

Vital Fantasy Football

Click here to join in the debate on the club forum.

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
Page 1/2
  1. 1
  2. 2

Login to post a comment

Best of Vital Network

Vital Boxing - Lewis Tips Joshua to Win

Vital F1 - Blog: Sochi Preview

Recent Portsmouth Articles

EFL Grounds Team Winners 2016/17

The Football League have this afternoon announced the divisional winners and runners up in this...

On this day in history...26th April

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 26th April.

Will Irish eyes be smiling?

Pompey will hope Irish eyes can indeed be smiling for former Aston Villa left back Enda Stevens with a call up to the Republic of Ireland squad coming as a Blues player.

On this day in history...25th April

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 25th April.

Archived Vital Pompey Articles

Vital Pompey articles from

Site Journalists

Editor email
Editor email
no email

Current Poll (see more polls)

Cambridge MotM
Suggested By:
Opoku Aborah63%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
P Doncaster 44 25 10 9 85 33
P Plymouth 44 25 8 11 83 24
P Portsmouth 44 24 9 11 81 33
4 Luton 44 18 17 9 71 22
5 Exeter 44 20 8 16 68 18
6 Blackpool 44 17 16 11 67 22
7 Stevenage 44 20 6 18 66 7
8 Mansfield 44 17 14 13 65 5
9 Wycombe 44 18 11 15 65 4
10 Carlisle 44 16 17 11 65 -1
11 Cambridge 44 18 9 17 63 7
12 Colchester 44 17 12 15 63 6
13 Accrington 44 16 14 14 62 3
14 Grimsby 44 17 10 17 61 -2
15 Barnet 44 13 15 16 54 -6
16 Notts County 44 15 8 21 53 -22
17 Crewe 44 13 13 18 52 -11
18 Morecambe 44 14 9 21 51 -18
19 Crawley 44 13 11 20 50 -16
20 Yeovil 44 11 16 17 49 -13
21 Cheltenham 44 11 14 19 47 -16
22 Newport 44 11 12 21 45 -22
23 Hartlepool 44 10 13 21 43 -21
R Leyton Orient 44 10 6 28 36 -36
Write for Vital Football
Latest F1 News
Latest Vital Boxing News
The Vital Football Members League

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

Apr 29 2017 3:00PM : Mansfield Town (a)
Sky Bet League Two
May 6 2017 5:30PM : Cheltenham Town (H)
Sky Bet League Two

Vital Members League Table

Vital Football Comment