Portsmouth debt is £119million, admits administrator Andrew Andronikou

By Sportsmail Reporter
Updated: 13:19, 20 April 2010

Administrator Andrew Andronikou has revealed Portsmouth's staggering level of debt  is actually around £119million, considerably worse than initially reported, but believes it won't deter any potential takeover offers.

Pompey are relegated from the Barclays Premier League following a nine-point deduction after the club was handed into the control of creditors by the crisis club's fourth - and last - owner of the season, Balram Chainrai, who is ALONE owed £14m.

That sum is included in the astonishing £105m outstanding to numerous creditors, with an added £14m that must be repaid to clubs for three past transfer dealings.

Hard up: Pompey administrator Andrew Andronikou has revealed £119m debts

The cash-strapped Fratton Park outfit are yet to pay a series of lenders for deals involving Sulley Muntari, Glen Johnson and Jermain Defoe.

But Andronikou, who is actively trying to sell the south coast club, is not surprised by the phenonemal levels of debt, despite figures being vastly higher than first reported.

'I do not believe that the figures will come as a surprise to anyone who has been interested in buying the club, when they do due diligence it is there for them to see,' he told ESPN Soccernet.

'So, for that reason, it is not unexpected, although, of course, the figures are vastly different from what has been reported.

'The size of the debt involved won't scare off potential buyers, far from it.

'We now have a business plan in place that is a projected target over the next three to five years to pay back the creditors, albeit with Xp in the pound.

'The creditors will get a percentage of their debts back over a number of years, rather than all in one go.'

Final hope: Portsmouth hope to end their horror season on a high at Wembley

Andronikou revealed a further £9m is owed to agents with an incredible £2.3m payment yet to be paid to one for a deal involving former midfielder Lassana Diarra, with super agent Pini Zahavi one of the biggest creditors according to the accounts.

'There are agents and scouts owed over £9 million,' he added.

'There are agents such as Pini Zahavi, who is owed £2 million, but there is one agent who is owed £2.3m for just one deal alone, the transfer of Diarra, it is staggering.

'There must be something like 15 agents owed money, which illustrates how the club were buying and selling so many big name players.'

The FA Cup finalists must move out of administration to have any chance of winning an appeal to play in the Europa League next term, and also to finalise takeover talks.

Interest: Property developer Rob Lloyd is one of Pompey's potential new owners

However Andronikou admitted the club are no nearer to finding a new owner with property developer Rob Lloyd yet to make a formal offer despite his publicised interest.

'We are no nearer to a buyer than we have been for the past two months,' said Andronikou.

 

'Will one be in place for the Cup final? Who knows? Rob Lloyd seems keen to make a formal offer, but he has yet to do so.

'There is one major sporting franchise group who approached me again the day after we won the semi-final. There are a few fishing around.