Portsmouth Football Club have offered to pay their creditors 20 pence for every pound that they are owed according to the club’s administrator.
The Company Voluntary Agreement (CVA) proposal will be sent to all creditors within the next 24 hours, and if this proposal is accepted Portsmouth Football Club will be allowed to exit administration.
The deal within this proposal is that the 20 pence offer is payable over five years, and to allow Portsmouth exit administration 75% of the creditors must accept the deal.
Portsmouth’s administrator Andrew Andronikou said the following “We hope to hold a creditors meeting to vote on the CVA on 18 June. We’ve had a dialogue with the major creditors, including Her Majesty’s Revenue and Customs to prepare the groundwork.”