Paul Hart has warned Portsmouth fans that the imminent departure of Peter Crouch to Tottenham heralds the start of a "modest" future at Fratton Park.
Hart admitted that Crouch was on his way to Tottenham, with Harry Redknapp apparently succeeding in reuniting the striker with his former Pompey partner Jermain Defoe with a bid of around £10million.
"Obviously I'm disappointed to see Peter leave, but given the severe financial restraints in place here we had no choice but to accept an offer from Tottenham," he told the Daily Mirror.
"I think people need to realise that Pompey have been punching above their weight and could no longer sustain the level of spending that has gone on here over the last three years."
Hart also insisted that the takeover spearheaded by Dr Sulaiman Al Fahim would not lead to a Manchester City style spending spree.
"Even though a new owner is poised to come in our dealings in the market will be modest in comparison to the past," added Hart.
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