PORTSMOUTH have offered their creditors 20 pence of every pound they are owed.

This would mean the club would have to pay just twenty per cent of its massive £119m debt, over the next five years.

If the the majority of creditors accept the deal, Portsmouth will be able to come out of administration with a creditors' voluntary agreement (CVA).

The deal needs creditors who control at least 75 per cent of the club's unsecured debt between them to rubber stamp it.

Without the CVA, Pompey face yet more points deductions at the start of next season.

Portsmouth became the first Premier League side to go into administration back in February, with debts of around £60m.

By the end of the season this had virtually doubled.

Meanwhile, the club has sold less than 1,000 season tickets for the first season back in the Football League.

The tickets went on sale 10 days ago but the Fratton Park fans have yet to show much interest.

• Steve Cotterill has left Notts County, clearing the path for him to become manager at Portsmouth.