Pompey future secured
Chainrai takeover sees club come out of administration
Last Updated: 24/10/10 9:31am
Chainrai: Completed takeover
Portsmouth have emerged from administration after Balram Chainrai completed his takeover of the Championship club.
Pompey's future had appeared in doubt following an announcement on Friday night that they were 'likely' to be closed down and liquidated after a breakdown in negotiations with former owner Alexandre Gaydamak.
It was feared that the administrators would be unable to support Pompey any longer after a deal could not be reached with Gaydamak over unpaid debts.
However, Gaydamak has now signed an agreement with Portsmouth regarding the payment schedule of £2.2million owed to him and the club's future has been secured.
The deal with Gaydamak has allowed Chainrai to finalise his buy-out and has also ensured Portsmouth are no longer in administration.
A club statement read: "The administrators of Portsmouth City Football Club Ltd are pleased to announce that negotiations between the various parties concerning the sale of the club have now been satisfactorily concluded.
"Accordingly, the club has now been formally sold by the joint administrators, Messrs UHY Hacker Young, and will continue to trade outside of administration.
"The administrators would like to thank Mr Gaydamak for his co-operation and assistance in securing the future of the club and acknowledges that he has played an integral part in delivering its survival."
Portsmouth had become the first Premier League club to go into administration earlier this year and were subsequently relegated from the top flight.
Steve Cotterill took over as manager in the summer and, after a difficult start to the season, is starting to take Pompey up the Championship table.