Administrator Andrew Andronikou announced the huge scale of the financial problems that continue to grip the club at a meeting of creditors at Fratton Park.
Creditors have been told they can only expect about 20p in the pound as payment, although Andronikou hopes he will be able to pay in full anyone who is owed less than £2,500.
Relegated Pompey will receive £48m in ‘parachute payments’ over four years following their relegation.
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