Peter Storrie has announced to ESPN Soccernet that monies owed to Arsenal and Chelsea will be paid in full in the next seven days and he anticipates that the Premier League will then lift the transfer embargo currently placed on the club.
I can reveal that Portsmouth have installments due on the signings of Glen Johnson from Chelsea in the summer of 2007 and Lassana Diarra from Arsenal in January 2008, and that payments of £1.2 million and £700,000 are owed. In addition, Inland Revenue payments of £4 million will also be met.
Storrie told ESPN Soccernet: "My understanding is that we would expect the transfer ban to be lifted in good time for us to continue trading in January.
"Efforts have been made to stabilise the financial situation that had been allowed to develop. We owed money to one club in October and November, and to another in September and October, and we had fallen behind, but those outstanding installments will be paid next week.
"There has been problems with the Revenue but we are now keeping them up to date, too."
The issue of Pompey's late payments to Arsenal and Chelsea came to light when the Premier League prevented the under-pressure club from signing free agent Eugen Bopp, who played under manager Paul Hart at Nottingham Forest.
ESPN Soccernet exposed the true financial chaos at the club before Storrie helped lure Ali Al-Faraj, the third owner in a matter of months, to Fratton Park at the start of October.
Minority stakeholder Sulaiman al-Fahim also confirmed on Sunday that the ban would soon be lifted, stating: "(We) met with financial advisors of the consortium and the threat of the petition on the club is no longer there. The club has made the revenue payments and the embargo on the club will be cleared by Tuesday or Wednesday. The club has secured financing and will start to become stable by the end of this week."