Pomp And Circumstance

A lengthy document was sent out by the Portsmouth Supporters Trust in the past week detailing the club's current predicament and the offer from Michael Eisner and his Tornante vehicle. The document lists a number of things, but a subsequent club statement spelled out the stark message -

Fratton Park is falling down.

Compliance to keep Fratton Park up to capacity in line with the 'Green Guide' - the bible of operating a sports stadium - will cost the club £5million in the coming five years. The club say they have £900,000 of shareholder funds left and no prospect of funding the other work without dipping into the playing budget, meaning sections of the stadium would have to close.

Their story is a familiar one. "Recommended" works that were neglected in previous years by failing owners now became urgent and the funding required quickly added up. Instead of doing one years work in one year, you have ten years work to do in five.

A stadium that is the biggest asset of most clubs suddenly becomes the biggest liability also.

Portsmouth can ill afford to reduce capacity from the current 18,931. Average attendance this season is 16,771 - a lower end Championship average - and Saturday's final match against Cheltenham sold out nearly a month ago. The club has less than 10% of its capacity spare each game with the largest attendance just 300 under capacity.

With the news of the cash shortage, Eisner addressed supporters last night to lay out his proposal. Shareholders would effectively get their money back, the Trust would be removed from the Board in favour of a 'heritage' option, Eisner would put in an additional £10million, and the offer was take-it or leave-it.

The Supporters Trust then offered an alternative funding method, asking 8,000 supporters to put in £15 a month  - over £500 each over three years - to fund repair works. The Trust has not recommended an option, leaving it to the individual supporter to make up their mind.

The Pompey Supporters have a difficult decision but a Championship level club without a millionaire or billionaire backer is not going to compete at that level any more.