Portsmouth Football Club's (PFC) creditors could receive as much as 99p for every pound owed after a new offer was put forward by London-based insolvency experts Griffins.

The club's administrator, Andrew Andronikou of UHY Hacker Young, has proposed a maximum offer of 25p in the pound as part of efforts to secure a Company Voluntary Arrangement (CVA). However, the new offer put forward by Griffins will see creditors receive a minimum of 65p for every pound owed through all television, league and transfer fees owed to the club.

According to the insolvency practitioners, the offer could rise to 99p in the pound if former owner Sacha Gaydamak was to withdraw his £32m claim against the Coca Cola Championship club. In its proposed modifications to Andronikou's CVA proposal, Griffins said: "Mr Gaydamak could choose to withdraw his claim for any reason regardless of the terms of the proposals. It could be seen to be a generous act on his part.

"In doing so he would not prevent the company going into liquidation but if creditors were close to being paid in full it is very unlikely that a claim could be brought against him or any other director or owner." Image: Ben Hardinge/Flickr