BusinessBusiness RecoveryPompey administrator to go for CVA

Pompey administrator to go for CVA

Creditors report details sorry state of Portsmouth FC's finances

Andrew Andronikou

Administrator Andrew Andronikou is to put a company voluntary arrangement to
creditors of Portsmouth Football Club at a meeting on 6 May, a report reveals.

The creditor report reveals that the club owes £17.3m in transfer fees,
agents fees of £9.7m, £38m in unsecured loands and around £17m in VAT, PAYE and
National Insurance contributions to HM Revenue & Customs. There is also
around £4m in trade debts.

The report also includes a list of liabilities to players, amounting £1.8m,
including £280,000 to England striker Peter Crouch and around £300,000 to French
defender Sylvain Distin.

The report estimates the players’ registration value to be £30m.

Altogether the club’s total debt is estimated to be around £92m. However, the
estimated shortfall to creditors, or the money that has to be made up from
somewhere depends on what course of course is chosen.

Andronikou believes as going concern the club as a shortfall of around £57m.
Deal with the club as a liquidation and the shortfall leaps to almost £90m.

Despite the club’s financial travails the club recently won a place in the
final of the FA Cup and beating Spurs.

Read more:

The
creditors report

Portsmouth
appoints CEO

HMRC
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