in 2008 under manager Harry Redknapp
portsmouth football club won the FA cup
for the first time since nineteen
thirty-nine
just four years later the club had
suffered three relegations and
languished debt-ridden in lead to in
2006 Alexandra guy damac bought
portsmouth and heavily funded Redknapp's
vision of a rebuilt squad
almost immediately the club bought been
johnnie their new record signing and
over the next three seasons splashed out
on a number of expensive acquisitions
including Sol Campbell jermain defoe and
Peter Crouch the club spent heavily not
just on transfer fees but crucially on
wages in the 2007-2008 season portsmouth
spent over 55 million pound on player
wages and the club made a loss of 17
million they also had debts close to 60
million with over 40 being out to
standard bank and Barclays both
guaranteed by Damac the club was heavily
reliant on his owner but in 2008 guide a
mac withdrew all funding citing the
personal effects of the stock market
crash as his reasoning portsmouth unable
to fund their lavish squad and hit by
creditors suddenly wanting repayments
were forced to sell their high-earning
players shortly after the crash
Redknapp left Portsmouth for Tottenham
stating that the club had run out of
money he left tony adams his assistant
in charge and he was sacked after 16
games signaling the beginning of a
string of managerial changes over the
next four years
going back to took his leave selling the
club to the Emirati businessman Solomon
I'll fame
however the source of his financing was
unclear and it transpired that fahim
could not borrow the necessary funds
quickly enough to continue paying for
Portsmouth running costs following
significant unpaid wages and less than
50 days in charge the Premier League
forced him to sell to a group including
the saudi arabian property developer ali
al Farage however things just got worse
for the club for Rogers group was unable
to stabilize the finances and further
unpaid wages and debts led to the club
falling into administration and even
coming close to liquidation a deal to
maintain the club was agreed but
portsmouth incurred a nine-point penalty
for their administration and was
subsequently relegated to the
championship in 2010
Steve cultural was appointed manager
under new ownership before the club
changed hands again in 2011 sold to the
Russian Vladimir Antonov a string of
terrible owners got worse as a European
warrant for Anton's arrest was issued
later that year for his alleged
involvement in the asset stripping of a
collapsed lithuanian bank
unable to fund portsmouth to his legal
position the club fell into
administration for the second time in
two years in 2012 the administrators
revealed the Portsmouth had a total of
58 million pounds in debt to various
finances 3.5 million pound in wages and
bonuses and 2.3 million in tax the club
was relegated to league one and would
you to begin the following season with a
10-point deduction added to this the
entire playing squad left out summer
portsmouth them when on the 23 match
winless streak as the pumping Supporters
Trust signed a conditional agreement
with the administrators to take over the
club
this was finalized in 2013 shortly
before portsmouth were relegated again
to leak too after years of careless
ownership ports and football club are
now fan owned under manager Paul Cook
they face the challenges of Ligue 2 with
chairman and mcginnis at the helm and an
eye on promotion Pompey can finally play
up
the story of portsmouth football club is
of course very detailed and we were
unable to include everything in this
video if we neglected to mention
something important please add it to the
comments for discussion
we're also planning on creating a video
about for Smith's and ownership model
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like us to consider please let us know
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