Portsmouth's administrators have revealed the extraordinary level
of the club's debts - with £1million owed to Tottenham for
Asmir Begovic.
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 in
January, 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.
