Portsmouth FC reveals increased debts
Portsmouth’s debts have increased to £138m, it has emerged.
In April, administrator Andrew Andronikou announced debts of £120m as he published a long list of creditors.
However, that figure has now risen by almost £20m, and is reported to have been revealed by Andronikou during a creditors’ meeting at Fratton Park this morning.
Portsmouth were relegated to the Coca-Cola Championship after being deducted nine points by the Premier League, but have since gone on to reach the FA Cup final against Chelsea.
The financially-stricken south coast club are hoping to be able to finalise a Company Voluntary Arrangement, which will allow Pompey to come out of administration ahead of the new campaign, and so avoid further a points sanction - this time from the Football League.
Pompey’s creditors include the taxman as well as former owner Alexandre Gaydamak, and obtaining a CVA requires a 75% approval, with Andronikou reported to be ready to offer a settlement between 20p and 25p in the pound.
