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Premier League reject Portsmouth transfer request

Football is currently a secondary matter at Fratton Park © Getty Images

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Soccernet has been told that Portsmouth are on the verge of going bust after the Premier League refused to allow the club to sell players to raise the £4 million needed to pay this month's wage bill and last month's PAYE.

It is now understood by Soccernet that Pompey owner, Balram Chainrai, has taken possession of Fratton Park and the freehold of Portmouth's land in return for writing off £10 million of his £17 million loans.

Chief executive Peter Storrie approached the Premier League to ask permission to use a little-known emergency-only rule to sell players outside the window but, after initial indications that it could happen, the Premier League has now refused to grant the request. Pompey now have just nine days to save themselves.

A Premier League statement read: "The Premier League board can confirm they have been actively considering a request from Portsmouth to transfer players outside of the transfer window.

"We are grateful for positive assistance from FIFA and the FA but, having given the matter further consideration and taking into account all factors, the Premier League board have decided that this would not be an appropriate course of action at this time."

There was a wave of objections, notably from clubs at the foot of the table, against allowing Pompey to sell players. One relegation-threatened club, Hull City, pointed out that if a player sold by Portsmouth scored the winner against them that helped to send them down, that would be an injustice. It appears the league noted these complaints.

Storrie must now raise some cash within days as the club edges ever closer to the precipice. Soccernet has already disclosed that their accountants' statement of affairs has declared the club insolvent but, with this latest news, closure could come in just nine days.

On top of the £4 million required immediately, Pompey face £12.1 million of debt claimed by HM Revenue & Customs.

Storrie is now in overdrive to pull off a takeover of the club and to try to raise funds to save them from going out of business. Even administration seems to be a better option, but that might not be possible, depending on the outcome of the Revenue's reconvened winding-up order at the start of next month.

Storrie told ESPNsoccernet on Saturday: "Our big hope of survival rests with a takeover, and I am working round the clock to make it happen."

Pompey will go back to court on March 1 showing that the agents, who are owed £3 million, and the two owners - owed a combined £45 million, are all taking deferred payments once the club is sold on yet again.

An attempt to find the fifth owners of the season is still going through the usual due processes, with Storrie currently seeking proof of funds. He hopes to go to the courts in nine days showing that the debts can be repaid once the new owner is in place.

© ESPN Sports Media Ltd.