Losses at troubled Portsmouth Football Club could be reduced by #23,000 each week if the recommendations of administrator Kidsons Impey are accepted, writes Lucinda Kemeny.
With the backing of the Co-Operative Bank, the firm has estimated that these savings will cut the club’s current weekly losses to #12,000 per week and stabilise its finances prior to sale.
Partner Tom Burton said: ‘We are quite positive. With the bank’s support, we can make these savings without having to sell players.’
The club hit trouble earlier this year when a second winding-up petition was brought by the Inland Revenue for debts of over #400,000. A previous claim had been successfully fought when Try Build, a construction firm, demanded unpaid fees of #435,000 for the building of the club’s Fratton Road stand.
A move to bring financial order by promoting former finance director and accountant Les Parris to chairman failed when he was made redundant last week.
Kidsons Impey has asked the management to reduce its salaries, while it is also planning to make cost savings in the areas of leasing, bonuses and overheads.
An advertisement placed in a national newspaper has generated more than 60 enquiries for information, and the firm is confident that the sale could be concluded by May.
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