22 Apr 2010

Portsmouth confirm huge debts

6:51 am on 22 April 2010

The FA Cup finalists Portsmouth confirmed their debts have reached nearly $260 million as the administrator released a 70-page report detailing the relegated Premier League football club's woes.

Andrew Andronikou is trying to secure a Company Voluntary Arrangement that would see Portsmouth's debts repaid at a reduced percentage rate over several years.

The club published his letter to creditors, which included the background to Portsmouth's current plight and all the figures, on its website and there'll be a creditors meeting on May 6.

When the south-coast club went into administration in February, Andronikou said he thought the total debt was about $170 million.