Source: Telegraph
Portsmouth set to reveal staggering £119m debts in accounts
The figures were due to be made public on Tuesday after administrator Andrew Andronikou worked through the night to finalise them, but the stock market's end-of-day announcement arrived with no news forthcoming from Fratton Park.[LNB]It has been reported the results will show that as well as Portsmouth owing £105 million to numerous creditors, both secured and unsecured including some outstanding payments to agents, there is also some £14 million still due on transfers.[LNB] Related ArticlesPortsmouth 1 Aston Villa 2Wigan 0 Portsmouth 0Portsmouth 'do not deserve' to win appealPortsmouth fear Avram Grant exitPortsmouth eye European placePortsmouth forfeit Cup final bonusAndronikou, however, maintains the seemingly perilous state of the finances will not come as a shock to those looking to take over at Fratton Park.[LNB]''I do not believe that the figures will come as a surprise to anyone who has been interested in buying the club, when they do due diligence it is there for them to see,'' Andronikou said.[LNB]''So, for that reason, it is not unexpected, although of course the figures are vastly different from what has been reported.[LNB]''The size of the debt involved won't scare off potential buyers, far from it.[LNB]''We now have a business plan in place that is a projected target over the next three to five years to pay back the creditors, albeit with Xp in the pound. The creditors will get a percentage of their debts back over a number of years, rather than all in one go.[LNB]''You have also got to remember that £40 million of the debt involves the old shareholders, the previous owners. The shareholders are owed that amount of money because they put loans into the club, not their own money, it was all built on their loans.''[LNB]The accounts have been drawn up in preparation of a meeting with the club's creditors, which is set for May 6 to discuss the proposed Creditors' Voluntary Arrangement (CVA), which has to be in place for the club to exit administration - and so have a chance to apply for the necessary UEFA license to allow European football next season for the FA Cup finalists.[LNB]Andronikou continues his search for a new owner, with property tycoon Rob Lloyd fronting a takeover bid for an anonymous investor.[LNB]''We are no nearer to a buyer than we have been for the past two months,'' Andronikou said. ''Will one be in place for the cup final? Who knows?[LNB]''Rob Lloyd seems keen to make a formal offer, but he has yet to do so, and there is one major sporting franchise group who approached me again the day after we won the semi-final. There are a few fishing around.''[LNB]Meanwhile, Aruna Dindane looks set to be able to play for Portsmouth in the FA Cup final after an agreement was reached with French club Lens over the on-loan striker concerning an appearance clause.[LNB]
