Portsmouth's staggering debt crisis laid bare
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)