Portsmouth's staggering debt crisis laid bare
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.
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.
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)