Andronikou: Pompey debt over £70m

BY foxsports • February 28, 2010

The administrator in charge of Portsmouth expects the financially-stricken Premier League club's debt to total £78million.

But Andrew Andronikou has been led to believe there is still a chance of Pompey avoiding a nine-point penalty.

"The debt is going to be slightly more than £70million," Andronikou told Sportsweek on BBC Radio Five Live.

"We will know more towards the end of the week. There are lots of contingent creditors I need to look at.

"I will probably need another week to get to the bottom of it all and see the exact figures.

"I would imagine (the debts) will bottom around £78million."

Andronikou has been advised that Portsmouth may be able to challenge "the assumption" that the Premier League will impose a points penalty for going into administration.

The punishment would push Pompey, who are currently four points adrift at the foot of the table, to the brink of relegation.

"The assumption that there is an automatic deduction of points has never been tested before, but we will do our very best to avoid a deduction," Andronikou said.

"Our solicitors believe there may be a slight opportunity but I don't want to say anything more because that prejudices my position in achieving it.

"I would say everyone has taken for granted that there will be a deduction of nine points."

Andronikou is investigating every one of Portsmouth's transfers in the hope of discovering how the club found themselves in such a financial mess, despite raising around £100million in player sales over the last 20 months.

One line of inquiry is whether the money Pompey received for players was the same as the reported amounts.

"Everyone asks how Portsmouth can generate so many funds from player sales but be left with residual liabilities," Andronikou explained.

"I am going to go through every transfer on a one-by-one basis. The transfers that have been reported in the press, I am told, aren't actually the figures of the funds received by the club.

"The most difficult area to discuss at the moment are the cost, expenses, of selling each player.

"I will go through every single transaction and find out where each penny has been accounted for."


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