(GSM) Former Portsmouth manager and current Tottenham boss Harry Redknapp believes clubs must be cautious with their spending. Redknapp thinks Portsmouth s financial downfall should present a warning to those clubs that are tempted to take risks with cash to achieve quick success.
Redknapp led Pompey to FA Cup glory in 2008, but the club has since then suffered huge financial losses that have put them in risk of entering administration and made them slip to the bottom of the Premier League table in the process.
And Redknapp believes the owners need to take responsibility for their huge over-spending.
I don t know where it all goes, Redknapp said.
We all thought we built a terrific team there. But you re only relying on the owner.
They ve had four or five different owners and they need someone to come in and take it on and steady the ship really.
Redknapp brought the likes of Jermaine Defoe, Lassana Diarra, Glen Johnson and Peter Crouch to Fratton Park when the club was backed by Alexandre Gaydamak.
When Gaydamak sold Pompey they no longer had the financial power to invest, but they continued to pour money into the club.
They spent £4million on (Kevin-Prince) Boateng from Spurs, Redknapp said.
They bought (Nadir) Belhadj for £3million or £4million and he was only on loan before. How do you buy players when you don t have any money? And that was since Gaydamak went.
