Daily Echo 22 April 2010
THE state of Portsmouth FC's perilous finances have been laid bare for all to see.
Administrators UHY Hacker Young have published a 70 page document, detailing what the club owes.
The headline figure is a total debt of £119m, as reported yesterday by the Daily Echo.
The club owes £17.3m in transfer fees, £9.7m to players' agents and scouts, £17.1m in unpaid tax and national insurance contributions and £38.2m in unsecured loans.
They also owe £35,000 to Saints and just under £42,000 to King Edward VI School in Southampton.
The document also reveals Fratton Park is officially valued at £7.7m - although the administrators consider it to be worth £15m while the club's playing squad is valued at a total of £30m.
All the non-playing staff at the club have agreed to defer wages in an attempt to help the club operate on a day-to-day basis, although no mention has been made of the players themselves.
The club also owes £3m to current and ex-players for so-called image rights.
The administrators predict that without any player sales or deferring of player wages, there will be a shortfall of £7m between the club entering administration and the end of the season.
Any buyers, could do a deal, do you think ?