Football

Pompey debts increase

Published Add your comment

Football News
24/7

Portsmouth's debts have increased to £138million, it has emerged.

In April, administrator Andrew Andronikou announced debts of £120million as he published a long list of creditors.

However, that figure has now risen by almost £20million, and is reported to have been revealed by Andronikou during a creditors' meeting at Fratton Park on Thursday 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.

Copyright (c) PA Sport 2009, All Rights Reserved.

Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms

Topics:
Portsmouth
Football
Championship
Premier League

Article Comments

Report author of article

Please let us know if you believe this article is in violation of our editorial policy, please only report articles for one of the following reasons.

Report author

DISCLAIMER

This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of GiveMeSport.com or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. GiveMeSport.com and SportsNewMedia do not take any responsibility for the content of its contributors.

Want more content like this?

Like our GiveMeSport Facebook Page and you will get this directly to you.

Already Subscribed to Facebook, don't ask me again

Follow GiveMeSport on Twitter and you will get this directly to you.

Already Following, don't ask me again

Like our GiveMeSport Page and you will get this directly to you.

Already Subscribed to G+, don't ask me again