The Club can confirm that it has invoiced Portsmouth Football Club for £1m in respect of the failure of the joint transfer of Younes Kaboul and Asmir Begovic to Spurs and in accordance with the Agreement of 30 January 2010 between both Clubs.
The statement contained within the Administrator's report released yesterday (21/04/10) that it relates to a sell-on fee for Begovic, is inaccurate, as is the statement that the player was registered with Tottenham Hotspur Football Club.
Our original agreement with Portsmouth was for the purchase of two players for a combined, agreed price. The transfer of Younes Kaboul was completed and Portsmouth pressed for an immediate payment in order to alleviate their cashflow situation. We were assured that the transfer of Begovic would be completed before the end of the transfer window. In order to assist Portsmouth with their financial difficulties we paid Portsmouth an agreed sum of money, whilst at the same time concluding an agreement that, should Begovic be sold or loaned to any Club other than ourselves, we would be repaid the sum of £1m. Portsmouth were keen to openly and freely agree to this surety.
Our intention had been to assist a fellow Club in financial difficulties whilst at the same time protecting our commercial position. We shall continue to do the latter and trust that this statement clarifies the position.