Pompey debt hits £120 mln mark

Debts at Premier League crisis club Portsmouth were revealed to be around 120 million pounds (185 million dollars) in total on Wednesday – some 40 million pounds more than previously estimated.

Portsmouth, bottom of the table and already relegated after being deducted nine points last month for entering administration, sent a 70-page document to all their known creditors on Wednesday detailing their debts which include the 38.2 million owed to former owners in unsecured loans.

The club have passed through four owners this season in a series of moves that have done precious little for Portsmouth’s off-the-field stability.

Hong Kong-based businessman Balram Chainrai, the club’s most recent owner, is owed 14 million pounds, while Portsmouth’s total unpaid bill to British tax authorities amounts to 17.1 million pounds.

Portsmouth, whose Fratton Park ground now holds some 20,000 fans, have also been hard hit by transfer fees a club of their size could not afford without the support of an indulgent benefactor.

They owe 9.76 million pounds to 26 agents, including 2.3 million pounds which is due to one agent for just one deal, reported to be the transfer of Lassana Diarra.

Portsmouth are owed a total of 14 million pounds from Inter Milan, Liverpool and Tottenham for the respective sales of Sulley Muntari, Glen Johnson and Jermain Defoe.

But that money only reduces the club’s gross debt down to around 105 million pounds, substantially more than the figure of around 76 million pounds administrators had originally expected.

Premier League chief executive Richard Scudamore, speaking earlier Wednesday, said the way his organisation distributes revenue to top-flight clubs could not be blamed for Portsmouth’s plight

“I’m on record as saying in January that if a club, whilst in the Premier League, went into administration it would be down to bad management at the club. And it is,” Scudamore told BBC Radio.

“If you start the season knowing you’re going to get between 30 million pounds and 50 million pounds as a starter from the Premier League, through the year, it is entirely possible to get yourself organised so you don’t get into the difficulties that Portsmouth got into.”

Former manager Harry Redknapp, now at Tottenham Hotspur, has come under fire for the recruitment of several high-profile players even though it was under his guidance that Portsmouth won the FA Cup in 2008.

But, earlier this month, Redknapp – who worked closely with former Pompey chief executive Peter Storrie – denied his spending on players had plunged Portsmouth into debt.

“All I did was bring players in, do well in the Premier League, win the FA Cup, and then they sold them at a massive profit,” Redknapp said.

Despite their cash crisis, Portsmouth beat Redknapp’s Spurs 2-0 in the last four of the FA Cup this month and will face Premier League leaders Chelsea in the May 15 final at Wembley.