Portsmouth creditors to receive 20 pence offer this week

Portsmouth creditors will receive details of the club's offer to pay 20 pence in every pound this week, the club's admistrator has said. If the Company Voluntary Agreement (CVA) is accepted, it will allow Pompey to exit administration. The 20 pence offer is payable over five years, with 75% of unsecured creditors needing to support the CVA, reported the BBC. Administrator Andrew Andronikou said: "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." Last month, Portsmouth's administrators revealed that the relegated Premier League club's debts were £119m.