Cash-strapped Portsmouth are confident that they will have paid off their debts to other clubs in time to sign new players in the January transfer window.
Pompey owe Chelsea and French club Rennes £10 million in installments on deals that took place more than two years ago, and have been placed under a transfer embargo from the Premier League which will only be lifted when the league are satisfied that the club have cleared their debts and have the finances in place to avoid a similar situation with any future signings.
But the club believe that they will be able to do business in the next window and a source at the club said: "The owner and his associates are working on refinancing the business in order to stabilise the club's finances and also remove the transfer embargo in time for the club to do business in the January window".
ESPN Soccernet has learned that new manager Avram Grant has already been promised the funds to sign at least two new players in January and, with five of his players on African Nations Cup duty, Grant has told the new owners it is imperative to invest in the squad.
One of his first targets appears to be Wigan's out-of-favour Frenchman Olivier Kapo. The former Juventus midfielder has struggled to impress at the DW stadium and Pompey would reportedly like to take him on loan for the rest of the season.
A source close to Grant said: "If Avram cannot sign the players he wants, the only thing left is to create a miracle if the club want to stay in the Premier League!"