Pompey reveal increased debts

Portsmouth's debts have increased to £138million, it has emerged.

In April, administrator Andrew Andronikou announced debts of £120million as he published a long list of creditors.

However, that figure has now risen by almost £20million, and is reported to have been revealed by Andronikou during a creditors' meeting at Fratton Park on Thursday morning.

Portsmouth were relegated to the Coca-Cola Championship after being deducted nine points by the Premier League, but have since gone on to reach the FA Cup final against Chelsea.

The financially-stricken south coast club are hoping to be able to finalise a Company Voluntary Arrangement, which will allow Pompey to come out of administration ahead of the new campaign, and so avoid further a points sanction - this time from the Football League.

Pompey's creditors include the taxman as well as former owner Alexandre Gaydamak, and obtaining a CVA requires a 75% approval, with Andronikou reported to be ready to offer a settlement between 20p and 25p in the pound.

It is understood the increase in Portsmouth's overall debt is due to charges from Her Majesty's Revenue & Customs, which is owed some £17.1million in taxes and National Insurance contributions.

Current owner Balram Chainrai has an outstanding £14.2million loan, which must be repaid in full, while Pompey's "football creditors" are also set to have their debts covered.

The club are also reported to be liable for some £50million to the Football League pension fund.

Portsmouth owe some £17million in transfer fees, while current and former players are short around £5million in bonuses, wages and image rights payments.