Level of Portsmouth debts laid bare

Last updated : 22 April 2010 By Team Talk

 

 

 

 

Portsmouth have released their debt report to creditors, spelling out the entirety of the club's debts to be £119million.

Among the debts is the staggering revelation that Portsmouth owe money to Spurs over former goalkeeper Begovic - even though he never played for the north London club.

During the final days of the January transfer window it is thought that, when Portsmouth sold Younes Kaboul to Tottenham, the club negotiated a double deal which included Begovic.

Begovic snubbed a move to White Hart Lane, preferring a transfer to Stoke, but the £1million sell-on clause included in the deal remained despite the fact the Serbian has no connection with the north London outfit.

A 70-page document sent to the club's known creditors details how Portsmouth also owe £38.2million in unsecured loans to former owners and have a tax bill of £17.1million.

Portsmouth owe £17.3million in outstanding transfer fees. Rennes were receiving over £630,000 a month for John Utaka, while Glen Johnson's transfer fee from Chelsea was still being paid.

The club owe £10.35million to finance companies, who assisted with the signings of Johnson, Jermain Defoe and Sulley Muntari.

Portsmouth owe £9.76million to 26 agents, including just over £2million to the so-called super-agent Pini Zahavi.

Nine players, including Sol Campbell, Sulley Muntari and Niko Kranjcar who are no longer at the club, are owed a combined total of £3.04million in image rights.

Portsmouth also owe bonus payments to 28 players, including Peter Crouch and David James, totalling £1.86million.

The club are still owed money from the sale of Johnson to Liverpool, Defoe to Tottenham and Muntari to Inter Milan.

Portsmouth became the first Premier League club to be placed in administration earlier this year.

Source: Team Talk

Source: Team Talk