Milan Mandaric statement

"Over the past two-and-a-half years the football club have currently paid £11.5million on transfer fees, loan fees and appearance payments to clubs for 25 players. We have also brought in 16 free transfers and three short-term loans.

"We have a further contracted potential liability of £3.5 million to clubs on player/match appearances and Portsmouth retaining their Premier League status. All these fees are documented with the various football authorities and are paid through the Football League transfer account.

"We have also during this time received £5.1million on transfer sales. This gives us a £10million on our transfer account. During this period the club have paid £3.4million to various agents covering 38 players.

"We have used 31 different agents and all documentation and payments go through the Football Association. Both transfer fees and agents' fees are dealt with in the club's annual accounts each year and audited by our accountants.

"In line with most clubs our former manager Harry Redknapp, selected the players he wished to bring to the club and that determined the agent. My chief executive Peter Storrie, with my help, negotiates the actual transfer and agents fees along with players contracts and I approve every transaction.

"Harry was never involved at any time on any transfer and contract negotiations throughout his period at the club. And at no time did I ever imply that there was any wrong doing by Harry Redknapp in these transactions and I was simply saying that agents take so much out of the game.

"I want, along with all my fellow Premier League chairman, to reduce their influence in all club finances.

"It is time to draw a line over the soap opera that surrounds the relationship between Harry Redknapp and myself. He has done a marvellous job in carrying this club from the lower regions of the old Division One to mid-table in the Premier League.

"To achieve what Harry has been able to achieve in moving our club to the position we are today as a Premier League club at a net cost of £10million is a phenomenal record in the football world. I along with all my supporters will be forever grateful to Harry for what he has achieved.

"I wish him every success in what he does for the future and it is now up to us to build on the platform he has given us. I am sure we will always remain friends and my phone will now be off for any more questions on this subject."