Premiership football club Portsmouth have denied that they are on the brink of financial ruin caused by debt management problems, after staff were paid late for a second time this year.

The club from the south coast issued a strongly-worded statement to reassure fans on their website after speculation as to the club’s financial future intensified.

Rumours about Pompey began to circulate after it emerged this week that premier league players, such as David James, hadn’t received their wages for a second time this season.

A statement on their site read: “The owner and board of Portsmouth are disappointed at recent inaccurate media speculation regarding the club’s finances. The club is not going into administration.”

“Peter Storrie remains chief executive and has been holding talks on behalf of the club in other parts of the world. Much is happening behind the scenes but malicious speculation do not assist with the proposed major long-term funding that is being put in place.”

The club added that the owner, Ali al-Faraj, has begun to pay off the debts he inherited when he bought the club from Sulaiman al-Fahim in October, and that he is determined to help the club to become solvent again.

“Dealing with the finances has been the priority since Al Faraj came in to pay the players before taking over the club from Sulaiman Al Fahim,” the Fratton Park club’s statement reported.

According to some experts, Portsmouth football club have debts of around £60 million, as a result of overinvesting in players and agreeing to pay wages they couldn’t afford.

They are also trying to reduce their risk of developing further debt problems by refinancing their outstanding debts, which has led to a transfer embargo due to unpaid transfers and taxes.

However the club maintains that their long-term future is not at stake.

Avram Grant’s Portsmouth face the team that defeated Aresenal last weekend in a critical match which could help Pompey maintain their premier league status and more importantly, the club’s financial future.

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