Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Portsmouth's financial troubles laid bare

Wed 21st Apr 2010 | Money & Finance

The full scale of Portsmouth Football Club’s financial troubles were neatly summarised by the revelation that they owe Tottenham £1million for the sale of Asmir Begovic, despite the goalkeeper never having played for the club according to Football365.com.

The club released financial details on Wednesday that revealed debts of around £119million, and included a list of creditors that ran to 14 pages.

However, the most bizarre detail of the report was the sum owed to Spurs. When Portsmouth sold Younes Kaboul to Tottenham in January, the club negotiated a double deal which included Begovic.

The Bosnian keeper refused to move to White Hart Lane, preferring a transfer to Stoke, but the £1million sell-on clause included in the deal remained.

The report also revealed the club owes in the region of £9million to agents, including just over £2million to Pini Zahavi, and a further £2million to a company called 'PECO AG'.

A total of £38million is owed to assorted owners, including Sacha Gayadamak and Sulaiman al Fahim.

A list of fees still owed for player transfers is also included in the report, which makes for startling reading.

The club still owe a further £3.5million to Spurs for Kevin Prince Boateng and Jamie O'Hara's loan fee, a little over £3.3million to Udinese for Sulley Muntari, a figure that includes interest payments of £250,000 for late installments, £2.5million to Rennes for John Utaka, a little over £1million to Chelsea for Glen Johnson, and just shy of £3million to Lens for Nadir Belhadj and Aruna Dindane.

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

30 September: the other deadline day

Mon 18th Sep 2017 | Money & Finance

As of 30 September 2017, all football clubs, sports agencies and their intermediaries will fall within the remit of the Criminal Finances Act. Through this Act, criminal sanctions can be imposed on...

Crystal Palace team up with Twickets in fight against touts

Fri 25th Aug 2017 | Money & Finance

Crystal Palace have partnered with ticket re-sale service Twickets to enable its season ticket holders the opportunity to re-sell their seat for individual games they can no longer attend, at face...

Mats Hummels Joins Juan Mata For Common Goal

Thu 17th Aug 2017 | Money & Finance

Bayern Munich and Manchester United stars unite behind Common Goal #CommonGoal World Cup winner and Bayern Munich player Mats Hummels has become the second footballer to join Common Goal , pledging 1%...

Aldershot Town Gets Financial Support From Council

Tue 15th Aug 2017 | Money & Finance

Aldershot Town Football Club has confirmed that Rushmoor Borough Council has agreed to a package of financial support for the club, including rent and rates relief, until 2021. Following on-field...