Portsmouth have announced losses of £16.66million for the 2007-08 financial year.
Club expect new to boost coffers with new stands
Portsmouth have announced losses of £16.66million for the 2007-08 financial year.
The heavy loss was recorded despite the club winning the FA Cup last season, however the loss was nearly £7million 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 helped turnover for 2007-08 to rise from around £40million to £70million, and there were increases in retail, sponsorship, match revenues and hospitality.
The club expect turnover to increase by 50 per cent once they have developed two new stands at Fratton Park although they insist plans to move to a new stadium are still alive.
