Portsmouth's financial troubles laid bare
Wed 21st Apr 2010 | Money & Finance
The full scale of Portsmouth Football Club’s financial troubles were neatly summarised by the revelation that they owe Tottenham £1million for the sale of Asmir Begovic, despite the goalkeeper never having played for the club according to Football365.com.
The club released financial details on Wednesday that revealed debts of around £119million, and included a list of creditors that ran to 14 pages.
However, the most bizarre detail of the report was the sum owed to Spurs. When Portsmouth sold Younes Kaboul to Tottenham in January, the club negotiated a double deal which included Begovic.
The Bosnian keeper refused to move to White Hart Lane, preferring a transfer to Stoke, but the £1million sell-on clause included in the deal remained.
The report also revealed the club owes in the region of £9million to agents, including just over £2million to Pini Zahavi, and a further £2million to a company called 'PECO AG'.
A total of £38million is owed to assorted owners, including Sacha Gayadamak and Sulaiman al Fahim.
A list of fees still owed for player transfers is also included in the report, which makes for startling reading.
The club still owe a further £3.5million to Spurs for Kevin Prince Boateng and Jamie O'Hara's loan fee, a little over £3.3million to Udinese for Sulley Muntari, a figure that includes interest payments of £250,000 for late installments, £2.5million to Rennes for John Utaka, a little over £1million to Chelsea for Glen Johnson, and just shy of £3million to Lens for Nadir Belhadj and Aruna Dindane.
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