Portsmouth's Debts Reach £138m
Thu 6th May 2010 | Football Club Administration
Portsmouth's administrators have revealed the relegated Premier League club's debts are now a staggering £138million.
It was initially disclosed in a report to creditors last month that the club were £120million in the red, but at the creditors' meeting on Thursday to discuss proposals at how they would be repaid, it has been revealed the debts have risen substantially.
The stricken South Coast club's creditors were invited to Fratton Park to approve the drafting of a debt-repayment plan that will enable Portsmouth to emerge from administration.
However, the full scale of their financial problems have been revealed to show the side are in even deeper trouble than first thought.
Portsmouth administrator Andrew Andronikou is hoping to agree a Company Voluntary Arrangement to decide how the debts will be repaid.
If the CVA proposals are accepted at the meeting, for which 75 per cent of creditors need to agree to, then the club will be able to exit administration.
The FA Cup finalists, who went into administration in February, are still searching for new owners with a deal yet to be struck with interested parties.
If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk
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