Portsmouth’s administrators have revealed the club’s debts are now soared to £138million.
It was initially revealed last month that the club were £120million in the red, but at the creditors’ meeting on Thursday, it has emerged the debts have risen substantially.
The South Coast club’s creditors were invited to Fratton Park to approve the drafting of a debt-repayment plan that will enable Portsmouth to emerge from administration.
If approved, that plan, a Company Voluntary Arrangement (CVA), will be drawn up by the club’s administrators and distributed within five business days of Thursday’s meeting.
Another meeting will then be arranged within 14-28 days to approve the CVA. This will require the backing of 75% of the club’s unsecured creditors, whereas a straight majority will be enough on Thursday.
The FA Cup finalists, who went into administration in February, are still searching for new owners with a deal yet to be struck with interested parties.