Portsmouth's administrator, Andrew Andronikou, has told creditors that the club's debt has increased to £138m, according to reports. When the club released its creditors report last month, the debt stood at £122.8m.

Andronikou, who has been at the club since it entered administration at the end of February, revealed the figure at today's creditors meeting at Fratton Park.

The creditors agreed a five-year company voluntary arrangement with a minimum payout of 20p in the pound, with small creditors and charities to be paid in full, according to the BBC.

Creditors will receive a letter next week detailing the value of the proposed settlement with another meeting to follow 28 days after that date to vote on it.

Rob Lloyd, who is conducting due diligence on Portsmouth for a mystery buyer, told the Observer this weekend that he planned to make a bid before today's meeting, though there has been no news of an offer for the club.

It is understood the increase in Portsmouth's overall debt is due to charges from Her Majesty's Revenue & Customs, which is owed some £17.1million in taxes and National Insurance contributions.