As Portsmouth FC prepares to enter administration, it has been estimated that the club’s debts total around £50m. This is considerably less than the £119m owed when Portsmouth went into administration in 2010.
There is a secured debt from former owner Balram Chainrai of £17m. There is a debt to Convers Sports Initiatives of about £10m. There is also the Company Voluntary Arrangement of the old company which is estimated at £16m.
As Portsmouth FC prepares to enter administration, it has been estimated that the club’s debts total around £50m. This is considerably less than the £119m owed when Portsmouth went into administration in 2010.
There is a secured debt from former owner Balram Chainrai of £17m. There is a debt to Convers Sports Initiatives of about £10m. There is also the Company Voluntary Arrangement of the old company which is estimated at £16m.
The Football League has accused former owner Vladimir Antonov of misleading the football authorities during his time at Fratton Park. In an e-mail reply to a Portsmouth supporter, the League said that it was not its fault that it had been misinformed over its checks before Antonov bought the club in June 2011.
The Football League was given proof of funding together with related business plans. The League stated, ‘It appears the evidence was at best misleading … with the League not being alone in accepting this evidence.’
The broader issue that is raised is whether the football authorities have the resources and expertise to properly carry out the fit and proper persons test.