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14 May 2010
Portsmouth administrators could see its debts fall by £4m, according to reports.
The Guardian revealed its sponsor and shirt supplier, Canterbury Europe, owes the club money - not the other way around.
Last month liabilities to Canterbury Europe totaled £1.99m with the company described as a trade creditor in Portsmouth administrators' report.
However, Canterbury Europe hit the wall and entered administration in the summer of 2009. A statement of affairs at Canterbury, prepared by KPMG at the end of last year, showed the business owed Portsmouth £1,862,724.67.
The Guardian contacted Portsmouth administrator Andrew Andronikou, partner at UHY Hacker Young, who said: "We have discovered that there is a debtor in our favour so the trade creditor figure will come down quite substantially."
JD Sports bought the majority of stock and staff at Canterbury Europe but is not listed as a Portsmouth creditor.
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Briefings
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