The Pompey transfers in question are those of Collins Mbesuma, Benjani Mwaruwari and Aliou Cisse whilst two transfers from the club in Yakubu (to Middlesbrough) and Amdy Faye (to Newcastle) have also been named in the investigation.
The club have hit back at any potential allegations with a statement from the official website which says:
"We are not at all surprised that both the club and our officials have been exonerated from the Lord Stevens Quest report. Although there are transfers involving Portsmouth FC, the continuing investigations are into the agents and not the club. The club paid no agents fee to Pini Zahavi for the transfer of Collins Mbesuma and no agents fee to Willie McKay for the transfer of Benjani, indeed no fee was paid to any agent for this deal. The transfer of Aliou Cisse was the most straightforward of deals and involved the normal agents fee to Mr McKay.
We have always acted in accordance with Premier League rules and have co-operated fully with the investigation."
Pini Zahavi, Barry Silkman and Willie McKay are three of the agents who have been reportedly involved with Pompey's transfer dealings in the past and these three agents are also included in Lord Stevens' report either for refusing to co-operate with him or for transfer dealings under investigation.
So it looks like the club are innocent when it comes to bungs, and note that there isn't a single mention of Harry Redknapp in the reports relating to this story. The exact details of why the deals for Benjani, Cisse and Mbesuma were under scrutiny are not known but it's safe to say that we shouldn't be worried, for now at least.
The findings of Lord Stevens will be passed on to FIFA and the FA, and further action will be taken from there. On the face of it, it looks as if Portsmouth Football Club are innocent but there are some agents who won't be sleeping so easily tonight.