Pompey have promised the money they receive from the sale of Jed Wallace to Wolves will be reinvested in the squad.
The full details of the deal that has seen the 21-year-old crowd favourite go to Molineux have not been made public, though there is a 'significant' sell-on clause in the contract.
But Blues CEO Mark Catlin says the proceeds from Wallace's transfer will go towards making the squad stronger, ready for a 2015-16 promotion bid.
‘The board and myself pretty much knew that should we not achieve promotion this season then Jed would be looking to progress to a club in a higher division,' he told The News.
‘It is disappointing he has left but we understand his reasons and wish him good luck for the future. Jed is 21 but I have never known anyone in or out of football as advanced in his years who cares about people and I know what this club and the fans mean to him.
‘It has been a big wrench for him to leave but he felt the right time was for him to go — and genuinely it wasn’t about the money. At least three clubs were seriously interested and it was Wolves who came out on top. There are significant sell-on clauses and add-ons as part of the deal, although both clubs want the precise details to remain confidential.
‘As we always said, we run a tight ship and money raised will always look to be invested back into the playing side of the business to give our fans the success they deserve. ‘That is precisely what we intend to do, enabling us to recruit players to give us the greatest chance of success on the pitch.’
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