Soccer · Portsmouth
Pompey announce reduction in losses
Tuesday, 7 April 2009 19:34Portsmouth have announced they made a £16.66 million loss for the 2007-08 financial year despite winning the FA Cup.
However, the loss was nearly £7 million less than the previous year.
The club anticipate another reduction for 2008-09 and are on track to break even by the time Fratton Park is redeveloped for the 2011-12 season.
A new three-year television deal with Sky helped turnover for 2007-08 to rise from around £40 million to £70 million, and there were increases in retail, sponsorship, match revenues and hospitality.
Much of this was aided by the FA Cup triumph over Cardiff at Wembley.
Once the stadium is redeveloped, Pompey expect turnover to increase by 50%.
