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They were also forced to sell key players in January, losing striker Jermain Defoe and midfielder Lassana Diarra.
BBC: Pompey begin new manager search
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Redknapp has already bolstered his defence with the signing of William Gallas and the club are reportedly in talks with Real Madrid's holding midfielder Lassana Diarra.
BBC: Jonathan Woodgate faces 'last chance' surgery
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Rather than enhancing his squad in January, Wenger actually reduced the numbers by agreeing to let highly rated midfielder Lassana Diarra, signed from Chelsea the previous summer, leave for Portsmouth.
BBC: Arsenal style earns scant reward
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Midfielder Niko Kranjcar followed Lassana Diarra, Jermain Defoe, Glen Johnson and Peter Crouch out of Fratton Park after agreeing a switch to Tottenham on 1 September.
BBC: Portsmouth owner 'to inject ?50m'