BusinessBusiness RecoveryPompey receives £2m to cover running costs

Pompey receives £2m to cover running costs

Creditors report unveils payments to help with costs of administrations at Portsmouth FC

Troubled Premiership football club Portsmouth has received £2m to help with
the costs of administration and running of the club.

Joint administrator Peter Kubik, of UHY Hacker Young, said he could not
reveal where the “contribution to costs of administration” came from. The money
is to be used for the overall running of the club, however, Pompey still has a
shortfall of £5m.

The figures were revealed in the administrators’ creditors report, which
shows their time costs of more than £200,000, and solicitor fees in excess of
£270,000.

The firm’s auditors, Grant Thornton, are also creditors of the ailing club –
owed a total of £53,294.36.

Andrew Andronikou, Peter Kubik and Michael Kiely from UHY Hacker Young were
appointed joint administrators on 26 February 2010.

The administrators are proposing a company voluntary arrangement to
creditors, with Andronikou and Kiely to be supervisors.

Further reading:

Pompey
administrator to go for CVA

HMRC
to drop Andronikou challenge as Portsmouth administrator

UHY
Hacker Young wins Portsmouth administration

Vantis
helps Portsmouth FC

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