UHY Hacker Young released a 70-page document detailing the finances of the club on their website which can be viewed in full here. It's a lengthy document and there is an excellent summary page here, courtesy of the Pompey Supporters' Trust.
Most of us have all sighed (and probably laughed) at the revelation that Pompey owe Tottenham £1 million for Begovic, who ended up going to Stoke. It turns out that the deal for Kaboul was supposed to include Begovic too, but the Bosnian wanted to join the Potters and so Spurs want a million back from the fee they paid us in January.
There were other shocks in that report too, especially the amount we owe in agents fees. I'd be very surprised if any other club owes almost £10 million to agents, with almost a quarter of that sum for one transaction.
Some of the players who we owe image right payments to is a joke. Just what was Peter Storrie thinking when offering the likes of John Utaka, Lauren and Tal Ben-Haim this!? It beggars belief.
What astonishes me the most, however, is how laid back Andrew Andronikou seems to be about the whole situation. He even went as far as to say the report was "positive" and that the debt figure "could go higher or could go lower" once third parties confirm that the figures in the report are correct.
How is being in £120 million a positive thing? Did Andronikou expect there to be even more?
I wonder what's going to happen to us in the near future and if there is going to be some good news on the horizon. Takeover talk has gone cold and I'm not surprised. Who is going to buy a Championship club with little assets and a crippling debt?
The only "positive" I can think of when it comes to having such a huge debt is that HMRC on their own won't be able to influence the likelihood of Pompey coming out of administration via a CVA.
Pompey need a CVA if they are to avoid a further points deduction at the start of next season, and for a CVA to be granted, 75% of Pompey's creditors must agree to accept a certain portion of what they are owed, which is going to be significantly less than 100%.
HMRC are stubborn and will demand every single penny of the £17.1 million that they are owed. Obviously, £17.1 million does not equate to 25% of the total debt and so as long as everyone else can be convinced to accept a new deal, then HMRC won't be able to stop the CVA being granted.
Of course, persuading the rest of Pompey's creditors to accept a certain amount of pennies to every pound they are owed won't be easy, especially as some of Pompey's creditors are honest, hard working people who have every day jobs and will need every penny they can get.
Andronikou is due to meet Pompey's creditors in a meeting on May 6th where a clearer picture of the situation will be painted. But I do wonder if there is any way out of this mess or if Portsmouth Football Club is doomed to death.
Who knows? Maybe the FA Cup Final will be Pompey's last ever game if a resolution to this extortionate debt can't be found.