Portsmouth debt reaches £58m

Portsmouth debt reaches £58m
© PA Photos
Portsmouth's administrators reveal debts of £58m, £20m higher than the club's deficit when it last came out of administration in October 2010.

Portsmouth's debts have reached £58m, according to a report by administrators PKF.

The troubling figure is £20m higher than the club's deficit when it last came out of administration in October 2010.

A total of £38m is still owed from the acquisition of the club from previous administrators UHY Hacker Young, while a £10.5m investment from Vladimir Antonov's CSI is still outstanding.

Revenue and Customs are demanding £2.3m, and unpaid player wages and bonuses from the last two campaigns amount to £3.5m.

Pompey are a further £3.7m in the red through general trading costs, BBC Sport reports.

The club have invested 1,652 hours in the administration process at a cost of £525,000, which also remains unpaid.

Manager Michael Appleton admitted that the team are likely to spend next season in League One following Tuesday's 1-0 defeat at the hands of Millwall.

PKF chief administrator Trevor Birch said earlier today that no offers have been made for the club and liquidation remains a possibility.

Michael Appleton
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