The administrators in charge of Portsmouth Football Club have applied for a six-month extension to its administration.
PKF have this morning issued a progress report to the club’s creditors, setting out the money the firm is charging for its services, other costs incurred while it runs Pompey, and other issues the creditors need to be aware of.
Within the report PKF stated it needed to go to court to apply for an extension, which theoretically would see the club beginning two consecutive seasons in administration - which is against the Football League’s rules.
However, a spokesman for PKF said: ‘We had to go to the court in January because it was the one year anniversary of the club being in administration on February 17, so we had to ask for an extension.
‘The extension started on February 17, so takes us through to August 17, but we’re not expecting the administration to last that long.
‘The usual period to ask for is six months.’
The report also states that the administrators have run up fees of £2.16m, but PKF has said that figure might not necessarily represent the money that it ultimately gets paid.
The spokesman said: ‘We are required by law to keep a running total of how much time we spend working on the administration and the value of that time, based on PKF’s charge-out rates, which are broadly in line with those elsewhere in the industry.
‘For the ten-and-half month period to January 2, these are 7,295 hours and £2.16m respectively.
‘We are publishing the value of the time that we have spent on the project; it is not necessarily a reflection of the fees that will be paid out.
‘The distinction is important because administrators do not always request that creditors approve the full amount of the time costs, and creditors are not obliged to approve the administrators’ requests.’