Pompey debts increase to £138million

06 May 2010 11:45
Portsmouth's administrators have revealed the relegated Premier League club's debts are now at a staggering £138million.[LNB] 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.[LNB]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.[LNB]However, the full scale of their financial problems have been revealed to show the side are in even deeper trouble than first thought.[LNB]Portsmouth administrator Andrew Andronikou is hoping to agree a Company Voluntary Arrangement to decide how the debts will be repaid.[LNB]If the CVA proposals are accepted at the meeting, for which 75% of creditors need to agree to, then the club will be able to exit administration.[LNB]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.

Source: Team_Talk