Pompey Report Reveals £58m Debt
A report published by administrators PKF has revealed that struggling Championship football side Portsmouth owe £58m in outstanding debts – £20m more than when the club came out of administration in October 2010.
£38m is owed for the purchase of the club from the previous administrators, UHY Hacker Young, while a further £10.5m investment made by Vladimir Antonov’s Convers Sports Initiatives (CSI) is still unpaid.
Players are due £3.5m in wages and bonuses for the last two seasons, £2.3m is owed to Revenue and Customs, and £3.7m is owed for general trade.
The report also revealed that over 1,600 hours has so far been spent on dealing with the administration – at a cost of £525,000 – for which they are yet to be paid.
Trevor Birch, chief administrator at PKF, stated earlier on Wednesday that no firm offers to buy the club had been received, and liquidation of the club was a real possibility.
