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Pompey creditors are offered 20p in the pound

Pompey's creditors were today told they could expect at least 20p in the pound by the club's administrators.

The news was broken as creditors met at Fratton Park to hear details of Mr Andronikou's proposals of a debt-repayment plan designed to enable the club to emerge from administration.

The club's total debt now stands at 138m after HMRC put in a last-minute claim to boost the amount it is owed to 35m.

It was said the extra 17m being claimed by HMRC includes money it may be owed from interest charges on Pompey's outstanding debts plus tax not paid on player's image rights.

Creditors also heard that the football league pension fund had put in a last-minute bid for 50m it says it is owed by the club.

But the administrator said 50m likely to be a nominal figure to 'mark his card' and the amount owed to the fund was more like 200,000.

The meeting also heard Pompey will get 48m in 'parchute payments' in yearly instlaments from the Premier League over the next four years.

The first year's payment of 17m is almost exactly what is owned to football creditors and so will be paid directly to them.

Subsequent payments will go to Pompey.

Creditors were told that in the first year, 20 per cent of all money made from player sales would go to creditors.

Over the course of the CVA, they could expect a minimum of 20p back for every pound owed.

The meeting also heard all creditors who are owed less than 2,500 and all charities owed money by the club are to be repaid in full.

Mr Andronikou said the 'good will gesture' has been pledged by Balram Chainrai, the Hong Kong businessman who took over the club and placed it in to administration in February.

 
 
 

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