Monday 20 February 2017

Portsmouth's staggering debt crisis laid bare

Sam Wallace and Nick Harris

Published 21/04/2010 | 05:00

THE full scale of Portsmouth's financial crisis was laid bare last night in extraordinary, unprecedented detail when the club's administrator admitted that Pompey's true debts are £105m and published a document detailing every last penny owed.

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The "report to creditors" reveals money due to former owners, collectively owed £38.2m; to HM Revenue & Customs, owed £17.1m; and to a variety of Premier League and foreign clubs, owed £17.3m in outstanding transfer fees.

Agents and scouts from 26 different organisations are owed £9.76m between them, including £2.1m owed to "super agent" Pini Zahavi. Players and former players are owed historic bonuses of £1.86m and image rights cash of £3.04m, while "trade creditors", mostly local suppliers, are owed £4.4m. These are all "unsecured" creditors.

Portsmouth also owe £14m to the last owner, Balram Chainrai, in secured loans. One well-placed source said last night that the administrator, Andrew Andronikou of Hacker Young, is considering offering the unsecured creditors 23p in the pound to settle the debts; Andronikou said he is unable to comment and the amount has not been fixed yet.

numbers game

Who's owed what

£2.07m: Pini Zahavi, Israeli agent.

£9.76m: Total to agents.

£4.5m: Tottenham for Kevin Prince-Boateng (Aug '09) and Jamie O'Hara (loan).

£3.3m: Udinese for Sulley Muntari (July '07).

£2.54m: Rennes for John Utaka (July '07).

£2.4m: Watford for Tommy Smith (Aug 2009) and Mike Williamson (Sept '09).

£1.8m: Lens for Nadir Belhadj (Jan '09).

£1.02m: Chelsea for Glen Johnson (Aug '07).

£816,000: Lens, loan of Aruna Dindane (Aug '09).

£432,000: Benfica for the loan of Hassan Yebda.

£17.3m: Total owed to other clubs over transfer and loan deals.

£3.04m: Total owed to players in unpaid image rights.

£38m: Total in loans from previous club owners Sacha Gaydamak, Sulaiman al-Fahim and Ali al-Faraj. £17m: Unpaid tax.

Unpaid wages (£1.86m)

£338,400 to Sylvan Distin.

£282,000 to Peter Crouch.

£265,080 to Glen Johnson.

£263,952 to David James.

£122,670 to Hayden Mullins.

£84,600 to Papa Bouba Diop.

£84,600 to Hermann Hreidarsson.

£84,600 to Jamie O'Hara.

(© Independent News Service)

Irish Independent

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