MARK CATLIN has assured Pompey fans that Paul Cook’s buy-out clause has been met through club funds rather than an external source.
The 48-year-old was yesterday at Fratton Park as the Blues’ new manager, having made the long-anticipated switch from Chesterfield earlier in the day.
The fact the club has been prepared to pay compensation to secure the right man shows how highly the board regard Paul CookMark Catlin
In order to secure the highly-regarded Cook, Pompey were required to pay compensation believed to be around £150,000.
Catlin, though, has declined to reveal the precise figures involved.
Regardless, the requirement of compensation raised the possibility of members of the board putting additional money into the club to fund it.
If done in exchange for equity, that in turn would have watered down the number of Pompey Supporters’ Trust shares in the club.
However, the Blues’ chief executive insists the figure has instead been met solely though club funds.
Catlin said: ‘The fact the club has been prepared to pay compensation to secure the right man shows how highly the board regard Paul Cook.
‘The fans deserve the best and that is why we have recruited him.
‘The compensation has come from club funds, which have been raised off the back of a lot of hard work continuing to be put in behind the scenes.
‘With the financial year almost at an end, we have looked to self fund this and I can say no money has been put in by anyone.
‘However, I am not prepared to disclose the figures involved nor specific details of payment timescales.
‘That is confidential between ourselves and Chesterfield and it would not be right to disclose such figures.’