Storrie takes Pompey pay cut
Peter Storrie has taken a pay cut after 85 Portsmouth redundancies, but no players will be released.
Last Updated: 10/03/10 10:28pm
Portsmouth chief executive Peter Storrie has taken a 40 per cent pay cut as 85 staff at the financially-crippled club were made redundant, but no players will be released.
Storrie, who has confirmed he will leave Fratton Park once a new owner is in place, has come under fire from some supporters unhappy with his role as the club slipped into administration.
Andrew Andronikou, spokesman for administrators UHY Hacker Young, revealed the cost-cutting measures with the 2008 FA Cup winners reported to be £70million in debt.
Andronikou claims he is receiving "enquiries on a daily basis" regarding a takeover and insisted the club will be able to stave off questions from Her Majesty's Revenue and Customs over the validity of the administration process.
The administrator said regarding Storrie: "He would like to make it known that he has taken a 40 per cent cut in his basic wage.
"Peter Storrie has tended his resignation, he is working to a timetable. He is still chief executive today. It may very well change.
"We are in a situation where we are having to adapt to an evolving story."
Andronikou admitted, though, that representation from the Professional Footballers' Association ruled out the possibility of releasing players to ease the wage bill and that he is reliant on individual players agreeing to wage cuts as a goodwill gesture.
"As regards the players, they are very much protected by the PFA. Unfortunately I am unable to make any cuts," he said.
"One or two have discussed the possibility of reviewing their situation with the club but unless the players want to come forward and talk to you, I can't really discuss the details."
The biggest spectre hanging over the club, of course, remains the High Court proceedings brought by HMRC, who have also raised objections to the process by which the club entered administration.
Andronikou said: "We had a very constructive meeting with HMRC yesterday afternoon. The club has now provided HMRC with a detailed analysis of its financial transactions with Portpin Ltd (owner Balu Chainrai's company).
"HMRC should now be satisfied that the said debenture is valid. We are hoping that this matter will be resolved shortly and are awaiting a written response."
On the prospect of a takeover, he added: "The relevant documentation, including NDAs - non-disclosure agreements - and a sales memorandum have now been produced with anticipation of taking negotiations to sell the club forward. We are receiving enquiries on a daily basis."
Regardless of the outcome of any talks, though, Andronikou maintained: "The club will certainly fulfil its fixture list this season and begin the new season in August 2010.
"We hope to meet with the Premier League in the very short term to discuss the matters that were left in abeyance last week (the imposition of a nine-point deduction for entering administration).
"The club will not be denied any money owed to it arising from its recent success in the FA Cup and will certainly take its place in the semi-finals."
He added: "Today is extremely difficult - there's always a day in the administration when you have to question whether you like the job you are doing, but it is a necessary job.
"We have unfortunately had to make 85 employees redundant today. The club had in its employment 166 full-time staff, including players, and 154 part-time staff - excluding weekend and matchday staff."