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Portsmouth chief irked over talk of misappropriation of money

Portsmouth chief executive Peter Storrie is fuming over insinuations that the club's cash has been misappropriated in some way. In an interview on ESPN's Soccernet Storrie slammed veiled allegations that something untoward has occurred at Fratton Park.

TV coverage over the weekend raised questions about the money generated by a club that won the FA Cup two years ago.

"If you want to know where the money has gone, look at the accounts," declared Storrie.

"It's no secret, we've had the report submitted to the courts. It's there for all to see.

"The bulk of the money has gone to the players in wages. The cost of the players' wages this year is £37million.

"Last season, when it was running at its height, it was £52million, and the year before it was £42million. The vast majority of the money over the last two to three years has gone on players' wages, and also on their transfer fees.

"It's all very well for Gary Lineker, Alan Hansen and Mark Lawrenson to look perplexed about where the money has gone by showing a chart of the players we've bought and looking at that £75million and adding that to £70million of debt and asking 'where's the £150million gone?'.

"In that period we bought £50million-plus worth of players and paid out their salaries. The list showed one player sold for £18million, but they never took off the £4million sell-on fee to Arsenal or the fact that we paid £4million for him, so in reality we were paid £10million not the £18million shown, and that is just one example.

"I am fed up with everyone highlighting the debts without ever bothering to look at the assets of this football club.

"The assets of this club are its players, their value in the transfer market, and there are some players who we would value very highly. There is then the potential for 100,000 square foot of supermarket. You can imagine what that would be worth."

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