Greg James, the South African businessman who may represent Portsmouth’s best hope for the future, was at a banquet in Johannesburg last night to celebrate the granting of mining licences to Central Rand Gold, the company of which he is chief executive officer. There could be another feast at Fratton Park if he is able to use his contacts to negotiate a buyout that will pay off the club’s debts and finance a new stadium — or a famine if he is unsuccessful, with the club forced to find other ways to make ends meet, including player sales aimed at trimming the wage bill.

A spokesman for Central Rand Gold (CRG) attempted to downplay James’s involvement in the club’s future yesterday. He confirmed that, as revealed exclusively in The Times yesterday, James met Alexandre Gaydamak, the club’s owner, in Portsmouth last weekend. But he said that James was simply acting as an adviser to Prosport International, a South Africa-based sports management agency, “in discussions with Portsmouth Football Club with regards to the upcoming transfer window in January 2009”.

Such an explanation of the meeting, which is also understood to have been attended by Pini Zahavi, the Israeli agent, defies belief and was greeted with scepticism in the South African business community yesterday. In fact, James’s JAG investment group became Prosport’s majority shareholder last December, but even so it is difficult to understand why a leading player on the world business stage such as James would take the time to broker the sales of South African players to a football club whose payroll cannot support any additions.

The statement from CRG denied that James or the company wanted to buy a football club, but James is certain to know wealthy people who will, either in South Africa or Switzerland, and a source close to last weekend’s talks confirmed that James was not present solely on his own account.

More likely his background in accountancy will have enabled him to judge whether Portsmouth — with debts estimated at £35 million, a wage bill that exceeds 90 percent of turnover and an antiquated stadium that holds fewer than 20,000 spectators — represent a sound investment for potential buyers.

It is known that there are wealthy South Africans keen to move into the English Premier League. Whether James agrees that a reported asking price of £70 million represents good business remains to be seen. He may also be able to knock the price down if he judges that Portsmouth are not in a position to turn down a lesser offer.

If a sale goes ahead, Zahavi could play a part in the running of the club, which could mean a return for Avram Grant as part of the management structure and might place the future of Tony Adams as manager in doubt.

Portsmouth made no official comment yesterday, although Peter Storrie, the executive chairman, said: “I’m bored, bored, bored with talking about this.”

However, Sylvain Distin, the French defender, revealed that the players are not blind or deaf to uncertainty surrounding the club.

“I came here and the club had a plan,” he said. “Right now I do not know what that plan is. Every day you think, ‘What is going to happen today?’ You can read in the newspaper every day that the club has some financial problem. I don’t know if it’s the truth or not.”

Some in South Africa were just as confused as to why James would want to be involved in football. He is a sportsman himself, having competed in the Hawaii Ironman triathlon, the Two Oceans Ultra-marathon and cycled with Lance Armstrong in the Tour of Courage in Canada, but one source in the South African mining business media did not see him retaining an interest once any takeover of the club was completed.

“It would be a surprise,” he said. “I’m very interested in soccer but he’s never spoken to me about it. I didn’t realise he had any interest. But I know he does a lot of charity work.” Just the sort of man that Portsmouth need, in other words.

Metgod replaces Jordan

Johnny Metgod, 50, the former Nottingham Forest, Tottenham Hotspur and Holland defender, has joined Portsmouth as first-team coach in succession to Joe Jordan, who followed Harry Redknapp to Tottenham on Friday. A cultured centre half, Metgod is also remembered for his ferocious shooting. Tony Adams, the Portsmouth manager, got to know Metgod when he studied training methods at Feyenoord. “He's been working for Feyenoord for 20 years in different capacities,” Adams said. “John's going to be a fantastic ally. He's a little bit older than me and has been around the block.”