Pyramid a 'financial disaster' - Pompey owner Eisner

Michael Eisner completed his takeover of Portsmouth in 2017

Portsmouth owner Michael Eisner says the English football pyramid is a "financial disaster" for clubs at Championship level - but says the introduction of an independent regulator offers hope "extraordinary losses" will be a thing of the past.

The 83-year-old American billionaire and former Disney chief executive completed a takeover of Pompey in 2017 but, in rare public comments, has said running a Championship club is a "very difficult business".

Eisner said a restructure of the media rights arrangement between the English Football League (EFL) and Premier League was cause for hope for Championship clubs in the next 18 months.

After Saturday's 3-1 victory over Millwall ended a six-match winless streak, Eisner recorded a message for the Pompey Supporters' Trust meeting on Monday.

In the 14-minute video, he restated his long-term vision to return Pompey to the Premier League, claiming it would be "financially catastrophic" were they not to be promoted in the next eight years.

"We have the same ambition we've had since 2017, we want to be in the Premier League - that is our goal," he said. "We have patience, we had patience getting from League One to the Championship."

Portsmouth, FA Cup winners in 2008, finished 16th last season on their return to the second tier, having spent the previous 12 campaigns in the bottom two divisions of the EFL, a downturn sparked by a string of financial problems.

'Mo money, more problems'

Eisner says Pompey's transfer strategy was influenced by the unsuccessful signing of Mo Vaughn during his time with Major League Baseball side Anaheim Angels

Eisner said Pompey, who are 19th this season after 16 games, would be active in the January transfer window but vowed to continue "the path" of buying young players with a view to enhancing the team before being sold on to help offset losses.

On the topic of backing head coach John Mousinho with big-money buys, Eisner referenced the cautionary tale of the expensive signing of Major League Baseball (MLB) All-Star first baseman Mo Vaughn in 1999, during Eisner's time overseeing the Anaheim Angels as part of his role with Disney.

"I know there's a lot of talk about how we don't have the most expensive squad, but let me tell you, we owned a baseball team, the first year I had all the pressure from the fans and we bought a $100m first baseman," Eisner said.

"The first pitch of the first game of the year he fell into the dugout and was out for the season, the second season he had an accident, then he gained 40lbs.

"We decided we were going to go to new, young, aggressive players and it worked, we won the World Series (in 2002). It's going to work for us eventually on the pitch in Portsmouth."

Despite Pompey sitting just four points off the relegation zone in their second season after promotion from League One, Eisner assured fans they will not drop back into the third tier.

"Trust me, we will not be relegated, next year we will be way further up the table," he insisted.

"We have a good team, excellent management, the best CEO, a great coach and sporting director.

"We're going to keep to the path we're on. We're going to keep to young, aggressive players and use loans where we need them for the second half of the season.

"Players are coming back from injuries, now I think we are going to see a change [in fortunes]. We have pulled ourselves together after slow starts before.

"We do not want to be a yo-yo team, we don't want to go back down to League One - we want to move up the ladder, we want to be financially intelligent."

Portsmouth have invested in Fratton Park and the club's training ground, but will now focus their attention to 'on-field' investment, says Michael Eisner

'All teams are losing money - not a little, a lot'

Portsmouth have not yet filed their accounts for last season - their first back in the Championship - with Companies House, but in the year ending June 2024 they recorded losses of £5.6m as the club won promotion from League One.

Of the Championship clubs to have announced their financial results for last season, Norwich posted a deficit of £20.6m while Derby registered a loss of £11.3m.

"I am straight with everybody - the pyramid right now financially is a disaster, particularly in the Championship," Eisner added.

"All teams are losing money - not a little bit of money, a lot of money. At the moment it's a very difficult business, the losses are extraordinary."

But he added that the introduction of a Independent Football Regulator - after the Football Governance Act was passed by Parliament in July - was reason for general optimism.

"I think within 18 months there'll be more money for the EFL, we have to make sure it's spent correctly," Eisner added.

"That's one hope of correcting the financial problem, the other hope is eventually getting to the Premier League.

"We can't spend eight years getting there, that would be catastrophic financially."