Andronikou - Report is positive
Andrew Andronikou hopes a report sent out to Pompey's creditors will iron out some financial issues.
By James Riach
Last Updated: 21/04/10 6:52pm
Portsmouth administrator Andrew Andronikou has told Sky Sports News that he hopes a report sent out to creditors will iron out any differences between the club and other parties.
It has been revealed that cash-strapped Pompey's total debt is in excess of £120million, following a turbulent off-field spell at Fratton Park.
The club drew up a report to be sent out to creditors on Wednesday outlining the scale of Portsmouth's debts, with a meeting to be held on 6th May.
Andronikou admits the amounts outlined in the report may rise or fall, but insists the communication will be of benefit to the club.
"Once the report goes out to creditors, it will give the creditors an opportunity to write back and actually specify exactly what we do owe them so there may be a further variation in that figure," he said.
"It could go higher it could go lower. There is nothing better than having a third party confirm the exact balance between the club and the creditors.
"As far as I'm concerned the document is as accurate as we can get it to date.
"The process of sending out this report and the process of communicating back will certainly iron out any differences between the two parties."
Certain quarters have suggested that the Pompey administrator has deliberately inflated the club's debt in the report so as to strike a deal with the creditors sooner rather than later.
However, Andronikou firmly denied that accusation. When asked if he had done so, he added: "Not at all. I haven't got the ability of inflating the liabilities."
Local trade creditors could be the biggest losers in Portsmouth's spectacular collapse, but Andronikou is keen to ensure they are not hit too hard.
He remarked: "Obviously it's my responsibility to ensure that we maximise the return to that community of creditors.
"Portsmouth is very much a community club.
"By ensuring the club survives and continues to play football, the local supply base will have an opportunity to mitigate its historic losses."
One of the most remarkable revelations in the report is that Pompey could be forced to pay Tottenham £1million for the sale of goalkeeper Asmir Begovic, even though he has never played for the club.
Begovic was linked with a switch to Spurs when the transfer of Younes Kaboul from Fratton Park to White Hart Lane was going through in January, but the 22-year-old opted to join Stoke instead.
Even though the Bosnia international has never played for Tottenham, there could be a clause in his transfer deal that obliges Pompey to pay a fee to the North Londoners.
Asked why the club may have to stump up for the young keeper, Andronikou said: "I haven't got the answer yet, we'll be writing to Tottenham to actually get a better understanding of how this liability has arisen.
"I haven't seen the paperwork. I've seen an invoice from Tottenham in respect of the sale of the Portsmouth keeper to Stoke but I don't actually know how it relates to Tottenham.
"It may well be that Spurs had an option on the player and as a result of the club selling it to Stoke, a liability arose. We really need to speak to Spurs on the matter.
"It doesn't surprise me, I just don't understand it.
"(The club will pay £1million) only if Portsmouth PLC have an obligation to do so.
"There is documentation to support it, we need to understand how the liability arose."
Meanwhile, Andronikou revealed he has not heard anything back from Rob Lloyd, who is thought to be fronting an investor interested in buying the club, but expects some correspondence in the next few weeks.
"I've heard very little from him in the last week or so," he added. "I understand that his group will be writing to us with an offer and we await that correspondence.
"I've been told that I'll be receiving (an offer) in the next few weeks so we'll wait and see."