The Fratton Park club have had four owners already this season

The full extent of Portsmouth's financial problems was revealed to the High Court on Wednesday.

Last week, the cash-strapped club survived a winding-up order on the condition that they provided a detailed statement of their finances.

Portsmouth said that statement was delivered to the court and Her Majesty's Revenue and Customs (HMRC) by the 1600 GMT deadline.

Pompey will return to court on 1 March over the winding-up petition.

The Premier League's bottom-placed club are understood to have debts of around £60m but are hoping to show they will be able to repay their debts.

The financial statement was prepared by accountancy and insolvency experts Vantis, which was appointed by the High Court to examine the club's accounts.

HMRC had taken Portsmouth to court over an unpaid tax bill amounting to £7.4m.

As well as the VAT bill Portsmouth is disputing with HMRC, it also owes £4.7m in unpaid PAYE and National Insurance which were not part of the court petition last week.

Hong Kong-based businessman Balram Chainrai recently became the club's fourth owner of the season after taking 90% of the club shares after the previous owner Ali Al Faraj defaulted on loan payments due to him.

Eight points from safety, the Premier League's basement club's financial woes have meant their players have been paid late on four occasions this season.

The club are also involved in a separate dispute with former owner Sacha Gaydamak over whether they have missed a deadline in paying a £9m chunk of the £28m they owe to him.

The Premier League recently withheld £2m of transfer payments and a £7m slice of television revenue to divert to Chelsea and Watford for the signings of Glen Johnson and Tommy Smith respectively.

The Fratton Park club are also being sued by former defender Sol Campbell for £1.7m for unpaid image rights.

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