Previous
SC Freiburg
Hertha Berlin
6:30 PM GMT
Game Details
Elche
Eibar
7:00 PM GMT
Game Details
Bordeaux
Evian Thonon Gaillard
6:30 PM GMT
Game Details
Real Salt Lake
Colorado Rapids
2:00 AM GMT
Game Details
Tijuana
Santos
2:30 AM GMT
Game Details
FC Arsenal Tula
Mordovia Saransk
4:00 PM GMT
Game Details
Elche
Eibar
7:00 PM GMT
Game Details
SC Freiburg
Hertha Berlin
6:30 PM GMT
Game Details
Bordeaux
Evian Thonon Gaillard
6:30 PM GMT
Game Details
Partick Thistle
St Mirren
6:45 PM GMT
Game Details
Carpi
Trapani
5:00 PM GMT
Game Details
Spezia
Virtus Entella
7:00 PM GMT
Game Details
FC Erzgebirge Aue
St Pauli
4:30 PM GMT
Game Details
TSV Eintracht Braunschweig
SV Darmstadt 98
4:30 PM GMT
Game Details
VfR Aalen
SV Sandhausen
4:30 PM GMT
Game Details
AJ Auxerre
AC Ajaccio
6:00 PM GMT
Game Details
Ajaccio GFCO
Dijon FCO
6:00 PM GMT
Game Details
Brest
Arles
6:00 PM GMT
Game Details
Chateauroux
AS Nancy Lorraine
6:00 PM GMT
Game Details
Créteil
Clermont Foot
6:00 PM GMT
Game Details
Niort
Valenciennes
6:00 PM GMT
Game Details
Sochaux
Nimes
6:00 PM GMT
Game Details
Stade Laval
Angers
6:00 PM GMT
Game Details
Tours
Orléans
6:00 PM GMT
Game Details
Willem II Tilburg
NAC Breda
6:00 PM GMT
Game Details
Achilles '29
FC Oss
6:00 PM GMT
Game Details
FC Den Bosch
Helmond Sport
6:00 PM GMT
Game Details
Fortuna Sittard
FC Eindhoven
6:00 PM GMT
Game Details
Jong PSV
Sparta Rotterdam
6:00 PM GMT
Game Details
MVV Maastricht
De Graafschap
6:00 PM GMT
Game Details
SC Stormvogels Telstar
Jong FC Twente
6:00 PM GMT
Game Details
VVV Venlo
Almere City
6:00 PM GMT
Game Details
Guimaraes
Paços de Ferreira
7:30 PM GMT
Game Details
FC Arsenal Tula
Mordovia Saransk
4:00 PM GMT
Game Details
Athlone Town FC
Bohemians
6:45 PM GMT
Game Details
Bray
St Patricks
6:45 PM GMT
Game Details
Dundalk
Derry City
6:45 PM GMT
Game Details
Real Salt Lake
Colorado Rapids
2:00 AM GMT
Game Details
Morelia
UNAM
2:30 AM GMT
Game Details
Tijuana
Santos
2:30 AM GMT
Game Details
Quilmes
Lanús
11:30 PM GMT
Game Details
Colón de Santa Fe
San Martín de San Juan
12:00 AM GMT
Game Details
Atlante
Mineros de Zacatecas
12:00 AM GMT
Game Details
Coras Tepic
Dorados de Sinaloa
1:30 AM GMT
Game Details
América RN
Portuguesa de Desportos
10:30 PM GMT
Game Details
Joinville
Goianiense
10:30 PM GMT
Game Details
Ceará
Avaí
12:50 AM GMT
Game Details
General Díaz
Guaraní
11:00 PM GMT
Game Details
Nagoya Grampus Eight
Vantforet Kofu
6:00 AM GMT
Game Details
Atlético Nacional
Deportivo Cali
12:45 AM GMT
Leg 2Aggregate: 2 - 1
Game Details
Next
Oct 29, 2009

Portsmouth cash crisis created by late payments

ESPN Soccernet can reveal that Portsmouth's current cash flow crisis revolves around a £1 million payment due to Chelsea and further complications over Lassana Diarra's move from Arsenal.

• Embargo placed on Portsmouth

Pompey owe £1 million to Chelsea over deferred payments on the purchase of Glen Johnson, and have a similar situation with Diarra, although the payments on his transfer from Arsenal are not actually due until the end of this month. The situation with Diarra is further complicated by a sell-on clause relating to his subsequent £20 million move to Real Madrid.

The Premier League have the power to pay a slice of Portsmouth's £12 million broadcast revenue due at the beginning of next year direct to any club that is still owed money if key debts have not been settled before January.

New owner Ali Al-Faraj is still in the process of restructuring the financial situation he inherited from the previous owners and, according to Peter Storrie will do so by the end of November.

A £15 million loan from Balram Chainrai and Levi Kushnir secured against assets of the club will cover the latest cash flow crisis for the late payment, plus cash needed to pay off debts to HM Revenue and Customs. Mark Jacob, Faraj's lawyer, has been accompanied at Portsmouth's last two matches by the two businessmen, with the club finally confirming their involvement.

Storrie told ESPN Soccernet: "They are providing a loan to the club. They will not be new owners as it is being suggested, this is well off target.

"The loan was in place when they were involved with trying to purchase the club originally, but the new owner plans to completely re-finance the business and that should be in place by the end of November."

The Premier League stepped in with a transfer embargo because it is a high priority that other clubs must be paid in full and on time. So too are debts to the Inland Revenue. Meanwhile, Storrie has been working relentlessly to reschedule payments due on player purchases.

Manager Paul Hart wanted to bring in free agent Eugen Bopp earlier this week but was refused permission, with the league arguing that it would be irresponsible to allow Portsmouth to take on further financial liabilities. The League also previously placed an embargo on Portsmouth in August, although that was subsequently lifted, allowing Hart to bring in players shortly before the transfer window closed.

Portsmouth are the only club that has been subjected to a transfer ban by the Premier League - as Chelsea's has been imposed by FIFA - but they are optimistic the sanction will be lifted shortly.

"This concerns unpaid money to other clubs," Portsmouth spokesman Gary Double said. "We are confident the situation will be sorted by the end of the week."

Clubs can agree to stagger payments over the balance of a player's contract, but there is now pressure to move back to the system in which 50% is paid up front and the remaining balance settled within a year.

Portsmouth have only paid off some of their debt to Revenue and Customs and, despite reducing their bank loans from £40 million to £10 million, they also remain in debt to Barclays.

The severity of Portsmouth's financial difficulties was highlighted when it emerged that the deal to acquire a 90% stake had cost Faraj nothing as it simply involved taking over the debt that had largely been build up under Alexandre Gaydamak.

Comments

Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment, and may be used on ESPN's media platforms. Learn more.